TCRLA_Public/090625.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

              Thursday, June 25, 2009, Vol. 10, No. 124

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Stanford AG Sells Zurich Building for US$22MM
STANFORD INT'L BANK: Has No Assets to Redeem Sold CDs
STANFORD INT'L BANK: Owner's Bail Hearing Set Today
STANFORD INT'L BANK: Antigua Fires Regulator for Accepting Bribe


A R G E N T I N A

AGENCIA DE INVESTIGACIONES: Proofs of Debt Due on September 17
AGUA MARINA: Proofs of Claim Verification Due on Sept. 14
COMPAATIA ARGENTINA: Proofs of Claim Verification Due on Aug. 10
EMPRESAS NIGRO: Proofs of Debt Due on October 1
GAS ARGENTINO: Proofs of Claim Verification Due on October 7

HILANDERIA Y TEJEDURIA: Proofs of Claim Verification Due on Aug. 3
HSBC NEW: Moody's Affirms 'B2' Insurance Financial Strength Rating
LA TERESA: Proofs of Claim Verification Due on August 27
LISEMAR SA: Proofs of Claim Verification Due on August 31
MOLINO NUEVO: Proofs of Claim Verification Due on October 23

NOVAMAR SA: Proofs of Claim Verification Due on October 8
PIRELLI NEUMATICOS: Moody's Withdraws 'B1' Global Corporate Rating
ROCCO VALENTI: Proofs of Claim Verification Due on August 11
SECURE WAY: Proofs of Claim Verification Due on August 19


B E R M U D A

XL CAPITAL: Unit Names Kiffer as Asst. VP and Senior Underwriter


B R A Z I L

BRACOL HOLDING: Moody's Reviews 'B1' Ratings for Possible Cuts
BR MALLS: May Issue BRL1-Billion Shares
GERDAU SA: May “Suffer” From BNDES Equity Sale, Deutsche Says
GOL LINHAS: To Add Caribbean Flights; Expand Across Brazil
MARFRIG ALIMENTOS: To Acquire Doux Frangosul’s Turkey Assets

TELE NORTE: Buys Brasil Telecom's Remaining Shares for BRL2.66-Bln


C A Y M A N  I S L A N D S

ALVERSTOKE OPPORTUNITIES: Placed Under Voluntary Wind-Up
CRATOS CLO: Placed Under Voluntary Wind-Up
DD GROWTH: Placed Under Voluntary Wind-Up
DD GROWTH: Court Enters Wind-Up Order
MCT SPECIAL: Placed Under Voluntary Wind-Up

MGS CORPORATION: Creditors' Proofs of Debt Due on July 22
RAMIUS MERGER: Placed Under Voluntary Wind-Up
RANGE MARITIME: Creditors' Proofs of Debt Due on July 22
SCM CHINA: Creditors' Proofs of Debt Due on July 18
SECURITY CAPITAL: Commences Wind-Up Proceedings

SQUIRE INVESTMENTS: Creditors' Proofs of Debt Due on May 28
THAMES RIVER: Creditors' Proofs of Debt Due on July 14
TOP RESULT: Creditors' Proofs of Debt Due on July 23
VELVET HILL: Creditors' Proofs of Debt Due on July 20
YORK INVESTMENTS: Creditors' Proofs of Debt Due on May 28


C H I L E

COMPANIA SUD: S&P Retains Negative CreditWatch on 'B-' Rating
COMPANIA SUD: S&P Keeps Negative Watch on 'B-' Counterparty Rating


C O L O M B I A

BANCOLOMBIA SA: Board OKs Amendment of Ordinary Notes' Terms


C O S T A  R I C A

CHIQUITA BRANDS: Says Eastwind Bankruptcy Won't Impact Operations


D O M I N I C A N  R E P U B L I C

* PERAVIA INDUSTRIAL: Charged With Selling Unfit Foods


J A M A I C A

JPSCO: OUR Still Has No Decision on Tariff Increase Request
RBTT BANK: Strike Averted; Management Agrees to Worker's Demands
SCJ: Government Sells Duckenfield & Long Pond Sugar Factories
* JAMAICA: PAC Resumes Deliberations on US$375-Million CWC Debt


M E X I C O

CERVECERIA NACIONAL: S&P Gives Negative Outlook; Keeps 'B+' Rating
HIPOTECARIA CREDITO: Moody's Downgrades National Rating to 'C'


P U E R T O  R I C O

CARIBE MEDIA: Moody's Downgrades Corporate Family Rating to 'B3'


T R I N I D A D  &  T O B A G O

CL FIN'L: 68 Firms Affiliated With Ex-Chairman Gets Subpoena


V E N E Z U E L A

GENERAL MOTORS: Venezuelan Gov't Denies Fault in Plant Closures
PDVSA: Venezuela Reviews Possible Bond Sale
PDVSA: 2,600 Workers in Lake Maracaibo Joins Company


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L BANK: Stanford AG Sells Zurich Building for US$22MM
------------------------------------------------------------------
Stanford Group Suisse AG, after the institution of the
Receivership, faced a severe liquidity crisis, as its customers
withdrew the assets the entity had been managing.  The withdrawals
deprived the entity of its only significant source of revenue.  As
a result, Stanford AG was behind in payments to creditors and
employees, creating a substantial risk it would be placed
imminently into a forced liquidation under Swiss law.

To address the liquidity issue, the board and management of
Stanford AG made an urgent request to the Receiver for a
substantial cash infusion, but the Receiver concluded that that
was not a good use of Estate funds.  The board and management then
decided to seek a buyer for the Zurich office building, Stanford
AG’s only significant asset.  After receiving several offers, they
chose the highest offer, for 24 million Swiss francs
(approximately US$22 million).  In addition to being the highest
offer, that offer was also from a bidder who could act quickly and
who was willing to invest 5 million Swiss francs in Stanford AG
upon signing the purchase agreement, which would allow Stanford AG
to avoid a forced liquidation.  Avoiding a forced liquidation was
desirable because a sale of the building in liquidation, where the
principal focus would simply be to satisfy creditors, likely would
have generated a lower sales price.  The sales price received by
Stanford AG exceeded the appraised value under both a recent
appraisal and a year-old appraisal.

The sale transaction was initiated, authorized and implemented by
the directors and management of Stanford AG.  Representatives of
the Receiver were consulted regarding the transaction, and they
reviewed and commented on the related documents and on the sale
process.  Approval of the sale by the Dallas Federal Court was not
necessary, because Stanford AG, not the Receiver, controlled the
transaction.  In light of Swiss legal requirements and other
reasons, the Receiver concluded it was not possible in the short
time available for the Receiver to take control of the board of
directors of Stanford AG. in a timely enough fashion in order to
avoid liquidation.  Further, the Receiver concluded that the
actions taken by the board and management were reasonable and
proper and that such actions maximized the return to the estate.

After the agreement was signed, Stanford AG entered a voluntary,
and orderly, liquidation to wind up its affairs.  The Estate is
entitled to receive the net proceeds remaining after liquidation
of assets and satisfaction of claims of creditors as required by
Swiss law.

                  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.

                       *     *     *

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Robert Allen Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include Stanford International Bank Limited, Stanford
Group Co, and investment adviser Stanford Capital Management.
According to a TCR-LA report on April 8, citing Bloomberg News,
U.S. District Judge David Godbey seized all of Mr. Stanford’s
corporate and personal assets and placed them under the control
SFG court-appointed receiver, Ralph Janvey.


STANFORD INT'L BANK: Has No Assets to Redeem Sold CDs
-----------------------------------------------------
The Receiver has continued to receive many inquiries from
investors who purchased certificates of deposit issued by Stanford
International Bank, Ltd. ("SIBL").  Unfortunately, as the Receiver
has said since early in the case, the news for CD investors is not
good.  Both the Receiver and the liquidators appointed by the
Antiguan court have concluded that SIBL does not have the assets
required to redeem any significant portion of the CDs it sold, nor
to pay interest on those CDs.  Investors in CDs will likely
recover only a fraction of the amounts invested in those CDs, and
the Receiver cannot predict what that recovery might be nor when
investors might receive that recovery.

A number of CD investors have contacted the Receiver to ask when
their CDs will be "released."  Many of these investors appear to
believe that the reason they cannot access their money is that the
Receiver has frozen their CD accounts.  Those requests have often
been accompanied by accounts of the hardships that investors are
suffering because they cannot access the funds they paid to
purchase CDs.  The Receiver recognizes that investors are
suffering through hardships because of their investment in SIBL
CDs.

However, in the case of CDs, there is no account to “release.”
Put simply, the problem is that the assets available to SIBL are
not sufficient to pay any significant portion of the amount owed
on the outstanding CDs.

Unlike funds put into brokerage accounts, the funds that were
transferred by investors to SIB to purchase CDs were not held, and
are not held, in segregated accounts for the individual investors.
Instead, the CDs were simply debt obligations on the part of SIBL
(to pay interest and, upon redemption, principal) to the CD
holders.  SIBL cannot meet those obligations.  It appears that
funds paid to purchase CDs were used by SIB and other Stanford
entities to buy other assets and/or for other purposes.  The U.S.
Securities and Exchange Comission has alleged that CDs were sold
in a Ponzi scheme through which the proceeds of newer CD sales
were used to make payments on older CDs or diverted to other uses
unrelated to the CDs.

The Receiver is working to identify and secure assets that can be
applied to the claims of CD holders and other creditors.  That
process will likely take a considerable period of time, and is
unlikely to result in anything approaching a complete recovery for
CD holders.

                   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.

                          *     *     *

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Robert Allen Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include Stanford International Bank Limited, Stanford
Group Co, and investment adviser Stanford Capital Management.
According to a TCR-LA report on April 8, citing Bloomberg News,
U.S. District Judge David Godbey seized all of Mr. Stanford’s
corporate and personal assets and placed them under the control
SFG court-appointed receiver, Ralph Janvey.


STANFORD INT'L BANK: Owner's Bail Hearing Set Today
---------------------------------------------------
Stanford Internation Bank Limited (SIBL) owner Robert Allen
Stanford's bail hearing is set today, June 25, 2009, now that he
has been criminally charged with fraud, Caribbean360.com reports.
The report relates Mr. Stanford is being held in the Montgomery
County Jail pending his hearing.

According to the report, Mr. Stanford is due to appear in a
federal court in Houston.

As reported in the Troubled Company Reporter-Latin America on
June 24, 2009, Agence France-Presse News said Mr. 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.  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 noted the
indictment came from a grand jury in Houston, Texas that had been
investigating Stanford Financial Group.

A TCRLA report on June 23, citing RadioJamaica, related that Mr.
Stanford surrendered to U.S. authorities after a warrant was
issued for his arrest on criminal charges.  MailOnline News said
Mr. Stanford was arrested in Fredricksburg, Virginia.

                 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: Antigua Fires Regulator for Accepting Bribe
----------------------------------------------------------------
Antigua and Barbuda fired its Chief Financial Regulator Leroy King
four days after U.S. prosecutors charged that he accepted more
than $100,000 in bribes to help Stanford International Bank
Limited (SIBL) owner Robert Allen Stanford with an alleged multi-
billion swindle, Associated Press reports.

According to the report, Attorney General Justin Simon said the
government accepted the recommendation of the country's Financial
Services Regulatory Commission that Mr. King "be dismissed from
the commission with immediate effect."

AP notes prosecutors said Mr. King, who was the Caribbean islands'
top regulator, should have caught the fraud but instead took
bribes to let it continue.

As reported in the Troubled Company Reporter-Latin America on
June 24, 2009, Agence France-Presse News said Mr. 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.  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.

                    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 Debt Due on September 17
--------------------------------------------------------------
Ana Maria Lopez, the court-appointed trustee for Agencia de
Investigaciones Cipol SACEI's bankruptcy proceedings, will be
verifying creditors' proofs of claim until September 17, 2009.

Ms. Lopez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 2 in
Buenos Aires, with the assistance of Clerk No. 3, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Ana Maria Lopez
          Jose Cubas 3680
          Buenos Aires, Argentina


AGUA MARINA: Proofs of Claim Verification Due on Sept. 14
---------------------------------------------------------
The court-appointed trustee for Agua Marina S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
September 14, 2009.

The trustee will present the validated claims in court as
individual reports on October 27, 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 9, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 16, 2010.


COMPAATIA ARGENTINA: Proofs of Claim Verification Due on Aug. 10
----------------------------------------------------------------
The court-appointed trustee for Compaatia Argentina de Semillas
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until August 10, 2009.


EMPRESAS NIGRO: Proofs of Debt Due on October 1
-----------------------------------------------
Luis Aristides Traversa, the court-appointed trustee for Empresas
Nigro SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 1, 2009.

Mr. Traversa will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Luis Aristides Traversa
          Reconquista 642
          Buenos Aires, Argentina


GAS ARGENTINO: Proofs of Claim Verification Due on October 7
------------------------------------------------------------
The court-appointed trustee for Gas Argentino S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 7, 2009.

The trustee will present the validated claims in court as
individual reports on November 19, 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 4, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 7, 2010.


HILANDERIA Y TEJEDURIA: Proofs of Claim Verification Due on Aug. 3
------------------------------------------------------------------
The court-appointed trustee for Hilanderia y Tejeduria Tuyuti
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 3, 2009.


HSBC NEW: Moody's Affirms 'B2' Insurance Financial Strength Rating
------------------------------------------------------------------
Moody's Latin America affirmed the B2/stable outlook global local-
currency insurance financial strength rating and its A1.ar/stable
outlook IFS rating on Argentina's national scale of HSBC New York
Life Seguros de Retiro and has withdrawn these ratings for
business reasons.  The ratings withdrawal does not reflect a
change in HSBC NYL Retiro's creditworthiness.

Based in Buenos Aires, HSBC-New York Life Seguros de Retiro is
jointly owned by HSBC Holdings and New York Life Insurance
Company, and engaged in the retirement business in Argentina.  It
reported shareholders' equity of AR$346.6 million at March 31,
2009.

Moody´s national scale insurance financial strength ratings rank
an enterprise's financial strength on a relative basis in
comparison with other firms' within the same country.  Such
ratings are designed for use at the local (national) level, and
they are not globally comparable.  For Argentine companies,
national scale ratings carry the identifier of ".ar".  In
contrast, global local-currency insurance-financial strength
ratings indicate the relative credit risk of an insurance company
on a globally comparable scale.  In the case of ratings of
insurers domiciled in a country with a speculative grade sovereign
rating, such as Argentina, these ratings are the result of several
factors: the political risk; the risk of a generalized debt
moratorium; the weakness of the legal environment or framework;
and the risk of interference in the functioning of the financial
system.  Taken together, the national scale and global local-
currency ratings provide a more comprehensive opinion about the
credit risk of the company.  Moody's insurance financial strength
ratings are opinions about the ability of insurance companies to
punctually pay senior policyholder claims and obligations.


LA TERESA: Proofs of Claim Verification Due on August 27
--------------------------------------------------------
The court-appointed trustee for La Teresa S.A.C.I.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 27, 2009.

The trustee will present the validated claims in court as
individual reports on October 8, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 20, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 3, 2010.


LISEMAR SA: Proofs of Claim Verification Due on August 31
---------------------------------------------------------
The court-appointed trustee for Lisemar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 31, 2009.

The trustee will present the validated claims in court as
individual reports on October 9, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 24, 2009.


MOLINO NUEVO: Proofs of Claim Verification Due on October 23
------------------------------------------------------------
Estudio Battaglia, the court-appointed trustee for Molino Nuevo
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until October 23, 2009.

Mr. Battaglia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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 July 2, 2010.


NOVAMAR SA: Proofs of Claim Verification Due on October 8
---------------------------------------------------------
The court-appointed trustee for Novamar S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 8, 2009.

The trustee will present the validated claims in court as
individual reports on November 20, 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 5, 2010.

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


PIRELLI NEUMATICOS: Moody's Withdraws 'B1' Global Corporate Rating
------------------------------------------------------------------
Moody's Latin America has withdrawn its B1 global scale and Aa3.ar
Argentina National Scale corporate family ratings for Pirelli
Neumaticos S.A. for business reasons.

Headquartered in Buenos Aires, Pirelli Neumaticos S.A. is the
Argentine subsidiary of Pirelli SPA, one of the global tire
providers for the auto industry.  Pirelli Neumaticos had 2008
revenues of approximately US$250 million.


ROCCO VALENTI: Proofs of Claim Verification Due on August 11
------------------------------------------------------------
The court-appointed trustee for Rocco Valenti S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 11, 2009.

The trustee will present the validated claims in court as
individual reports on September 23, 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 5, 2009.


SECURE WAY: Proofs of Claim Verification Due on August 19
---------------------------------------------------------
The court-appointed trustee for Secure Way S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 19, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 12, 2009.



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

XL CAPITAL: Unit Names Kiffer as Asst. VP and Senior Underwriter
----------------------------------------------------------------
XL Capital Ltd's global insurance operations, XL Insurance, has
appointed Tracy Ann Kiffer as Assistant Vice President and Senior
Underwriter -- Excess Liability in its Marine & Offshore Energy
(MOE) unit.

Christopher Smith, XL Insurance's Chief Marine and Offshore Energy
Underwriter in the US, said: "Like many industries, the marine
industry is facing challenging times in today's economy and risk
management efforts need to offer strong protection.  To ensure
that our clients' marine interests are well-protected, we rely on
our underwriters' skill and insight into the industries they
serve.  With nearly two decades of marine insurance experience and
a maritime education, Tracy's extensive marine expertise enhances
our ability to deliver effective marine insurance.  We're very
pleased to have her onboard."

Ms. Kiffer joins XL Insurance from ACE Marine, New York where she
was responsible for a regional book of marine liability business.
She has held management, broker and underwriting positions with
Aon Risk Services, CNA's marine division -- Marine Office of
America Company (MOAC), Jardine Insurance Brokers and St. Paul
Fire & Marine Insurance Company.

                      About XL Insurance

XL Insurance -- http://www.xlinsurance.com.-- is the global brand
used by member insurers of the XL Capital Ltd.

                         About XL Capital

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

                          *     *     *

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



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

BRACOL HOLDING: Moody's Reviews 'B1' Ratings for Possible Cuts
--------------------------------------------------------------
Moody's placed the B1 ratings of Bracol Holding Ltda. (formerly
Bertin Ltda.), 72% owner of unrated Bertin S.A., on review for
possible downgrade.

"The rating action was primarily due to Bracol's weaker liquidity
profile as a result of its lower cash balances observed at the end
of its first quarter ended in March 31st, 2009 due to substantial
outflows related to: high working capital needs, capital
expenditures, dividend payout and debt servicing," explained
Moody's Vice-President Senior Analyst, Soummo Mukherjee.  "These
cash outflows led Bracol to report negative cash flow from
operations and free cash flow in Q109 and for the last twelve
months ended in March 31st, 2009," added Mr. Mukherjee.

On March 31st, 2009, Bracol's cash and cash equivalent position
reduced to BRL 1.2 billion from its BRL 2.6 billion at the end of
December, 31st 2008 compared to BRL 2.0 billion of adjusted short-
term debt (including interest-bearing refinanced taxes; the
remaining amount due for the acquisitions of Vigor and of the
Pimenta Bueno plant; vendor transactions; advances on export
contracts and financial leases).  While the company's expected
disbursements due to past acquisitions and ongoing working capital
outflows and capital expenditures due to its growth plans were
expected to reduce its cash balance, the magnitude of the
reduction of BRL 1.4 billion was greater than expected and raises
concerns about the company's liquidity, especially in this current
credit environment where traditional export trade-finance lines
are not being 100% roll-over by all banks.

Meanwhile, Brazilian fresh beef and leather export revenues in BRL
according to the Brazilian Foreign Commerce Secreteriat dropped by
11% and 42%, respectively in the first 5 months of 2009 compared
to the same period in 2008, thus showing a continued challenging
environment for the export markets of these two segments that are
important to Bracol.  Moody's notes, however, that Bracol through
its 72% owned subsidiary, Bertin, has improved its market-share
position in its fresh, processed beef, and leather segments in the
first quareter of 2009.

Moody's review will focus on Bracol's immediate plans to address
its liquidity situation in this current economic and operating
environment together with its ability and willingness to manage
its dividends, working capital and capex to generate positive cash
flow from operations and free cash flow.

Ratings placed under review for possible downgrade:

  -- Bracol Holding Ltda.'s Corporate Family Rating: B1

  -- US$350 million 10.25% senior unsecured guaranteed notes due
     2016: B1

Vigor's B2 rating and stable outlook remain unchanged at this
point in time.

Moody's last rating action on Bracol was on May 8, 2009, when
Moody's downgraded the company's rating to B1 from Ba3 and
assigned a negative outlook.

Bracol Holding Ltda., headquartered in Lins, SP, Brazil, is an
operational holding company that controls Bertin and also owns
cattle feeding operations, biodiesel plants, industrial hygiene
and cleaning products, production of animal feed, general labor
services to third parties and lease of machinery and equipment.
Bertin S.A., headquartered in São Paulo, SP, Brazil, is one of the
largest beef processing and leather exporting companies in Latin
America.  In addition, the company also produces a diverse range
of dairy and vegetable oil products, hygiene, beauty and pet
products.


BR MALLS: May Issue BRL1-Billion Shares
---------------------------------------
Brazil-based BR Malls Participacoes S.A. could issue over BRL1
billionworth of primary and secondary shares once its follow-on,
scheduled to price on July 1, is wrapped up, LatinFrance reports.

According to the report, the company, in filing, said it plans to
offer 30 million primary and 18 million secondary shares.  The
report relates that if market conditions permit, the company and
its underwriters could sell an additional 17 million shares, all
of which could top BRL1 billion in value using a BRL16.50 per
share price.

Proceeds of the primary offering are for general corporate
purposes, the report says.

LatinFrance notes that the firm's shareholders are also hoping for
a liquidity event, estimated at BRL300 million.  The report
relates the shareholders include GP Investments, through its
Private Equity Partners A and B funds, BR Malls board president
Richard Paul Matheson, and Dy1 Empreendimentos e Participacoes.

The deal will be led by Itau BBA, with UBS Pactual, Santander and
Citi as joint bookrunners, the report adds.

                       About BR Malls

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. is the largest integrated shopping mall company in Brazil
with a portfolio of 34 malls, representing 985.2 thousand square
meters in total Gross Leasable Area (GLA) and 429.1 thousand
square meters in owned GLA.
                         *     *     *

As of June 24, 2009, the company continues to carry Standard and
Poor's "BB-" LT Issuer Credit ratings.  The company also continues
to carry Fitch Ratings' "BB-" LT Issuer Default ratings and "BB-"
Senior Secured debt ratings.


GERDAU SA: May “Suffer” From BNDES Equity Sale, Deutsche Says
-------------------------------------------------------------
Brazil-based Gerdau SA may “suffer” should Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES) sell its equity
stakes in the company, Paulo Winterstein of Bloomberg News
reports.

BNDES is Brazil’s biggest shareholder, owning stock in 134
companies, Deutsche Bank strategist Guilherme Paiva wrote in a
note obtained by the news agency.  The report relates BNDES
President Luciano Coutinho said the bank will likely sell stocks
this year as the market rallies.

According to the report, Mr. Paiva said that in the “unlikely”
case that BNDES sold all of its stake in the companies it owns,
the stocks that would “suffer” most would be the common shares
Gerdau.

Mr. Paiva, the report notes, said the companies, which BNDES has
equity stakes, are “more vulnerable” based on the number of days
needed to remove excess shares from the market.  The report
relates Mr. Paiva cited the average daily trading volume and the
size of BNDES’s holdings as a factor.

                         About Gerdau S.A.

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

                         *     *     *

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


GOL LINHAS: To Add Caribbean Flights; Expand Across Brazil
----------------------------------------------------------
Brazil-based Gol Linhas Aereas Inteligentes SA is adding routes to
the Caribbean and smaller domestic cities while scaling back
flights in the rest of South America as demand slows, Fabiola
Moura and Heloiza Canassa of Bloomberg News report, citing Chief
Executive Officer Constantino de Oliveira Jr.

According to the report, the airline will start flights next month
to Punta Cana in the Dominican Republic and the islands of Curacao
and Aruba in the Netherlands Antilles.  The report relates the
airline also plans to begin operations to the Brazilian cities of
Bauru, about 300 kilometers (187 miles) west of Sao Paulo, as well
as Aracatuba and Montes Claros.

Mr. Oliveira, the report notes, said Gol Linhas is reorganizing
its routes after posting losses every quarter last year because of
costs related to the takeover of Varig in March 2007, and the more
than doubling of oil prices between the acquisition and July 2008.
Gol, which already dropped flights to Europe and North America,
suspended its flights to Lima, the capital of Peru, and reduced
the frequency of its flights to Santiago, Chile, he added.

Bloomberg News says Gol Linhas expects to report profits this year
after shifting routes and offering additional services as a way to
diversify revenue sources and keep fares low.

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  The
company was founded in 2001.

                          *     *     *

As of May 19, 2009, the company continues to carry Moody's B1 LT
Corp Family ratings.  The company also continues to carry Fitch's
B+ Issuer Credit Ratings and B Senior Unsecured Rating and
Preferred Stock ratings.


MARFRIG ALIMENTOS: To Acquire Doux Frangosul’s Turkey Assets
------------------------------------------------------------
Marfrig Alimentos SA will acquire Doux Frangosul’s Brazil turkey
processing assets for BRL65 million in cash, LatinFrance reports.

The report relates the company's acquisition includes:

   -- a slaughter plant Rio Grande do Sul with daily
      capacity of 30,000 turkeys;
   -- a feed plant,
   -- an incubation facility, and
   -- four farms with about a million birds for
      slaughter and 50,000 birds for the production
      of fertile eggs, as well as more than
      300 integrated producers to supply birds.

According to the report, Barclays Capital said it sees the deal as
positive for Marfig, as “it provides diversification at a
relatively low price.”

Banco do Brasil advised Marfrig on the Doux deal, the report say.

                     About Marfrig Alimentos

Marfrig Alimentos SA processes food.  The Company processes beef,
pork, lamb, and poultry; and produces frozen vegetables, canned
meats, fish, ready meals, and pasta.  The company operates in
Southern America, the united states, and Europe.

                        *     *     *

As of June 24, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


TELE NORTE: Buys Brasil Telecom's Remaining Shares for BRL2.66-Bln
------------------------------------------------------------------
Brazil-based Tele Norte Leste Participacoes S.A. (aka Oi)
purchased Brasil Telecom SA's remaining outstanding shares through
a mandatory tender offer for BRL2.66 billion (US$1.34 billion),
Rogerio Jelmayer of Dow Jones Newswires reports.  The report
relates the company recently acquired Brasil Telecom.

As reported in the Troubled Company Reporter-Latin America on
Dec. 1, 2008, Reuters said Oi planned an issuance of R$2 billion
(US$877.6 million) in promissory notes to acquire stake in Brasi
Telecom.  According to a TCRLA report on November 24, 2008, citing
the Financial Times, Oi agreed to buy Brasil Telecom for R$5.9
billion (US$3.5 billion) and to make an offer to minority
shareholders which, if completed, would raise the total purchase
price to about R$12.4 billion.

                        About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. (aka Oi)-- http://www.telemar.com.br-- is a
provider of fixed-line telecommunications services in South
America.  The company markets its services under its Telemar brand
name.  Tele Norte's subsidiaries include Telemar Norte Leste SA;
TNL PCS SA; Telemar Internet Ltda.; and Companhia AIX
Participacoes SA.

                          *     *     *

The company continues to carry Standard and Poors's “BB+” long-
term issuer credit rating.


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

ALVERSTOKE OPPORTUNITIES: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On June 4, 2009, the sole shareholder of Alverstoke Opportunities
Fund (Cayman) Ltd. resolved to voluntarily wind 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


CRATOS CLO: Placed Under Voluntary Wind-Up
------------------------------------------
On June 8, 2009, the sole shareholder of Cratos CLO II Ltd.
resolved to voluntarily wind 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


DD GROWTH: Placed Under Voluntary Wind-Up
-----------------------------------------
On March 20, 2009, DD Growth Premium Fund commenced wind-up
proceedings.

The company's liquidators are:

          G. James Cleaver
          Richard Fogerty
          c/o Zolfo Cooper
          Telephone: 345 946 0081
          Facsimile: 345 946 0082
          PO Box 1102, 4th Floor, Bermuda House
          George Town, Grand Cayman, Cayman Islands


DD GROWTH: Court Enters Wind-Up Order
-------------------------------------
On May 29, 2009, DD Growth Premium x2 Fund commenced wind-up
proceedings.

The company's liquidators are:

          G. James Cleaver
          Richard Fogerty
          c/o Zolfo Cooper
          Telephone: 345 946 0081
          Facsimile: 345 946 0082
          PO Box 1102, 4th Floor, Bermuda House
          George Town, Grand Cayman, Cayman Islands


MCT SPECIAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 22, 2009, the sole shareholder of MCT Special Situations
Fund resolved to voluntarily wind 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


MGS CORPORATION: Creditors' Proofs of Debt Due on July 22
---------------------------------------------------------
The creditors of MGS Corporation 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 May 29, 2009.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


RAMIUS MERGER: Placed Under Voluntary Wind-Up
---------------------------------------------
On June 4, 2009, the sole shareholder of Ramius Merger Arbitrage
Fund Ltd. resolved to voluntarily wind 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


RANGE MARITIME: Creditors' Proofs of Debt Due on July 22
--------------------------------------------------------
The creditors of Range Maritime Fund Limited 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 4, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


SCM CHINA: Creditors' Proofs of Debt Due on July 18
---------------------------------------------------
The creditors of SCM China Limited 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 30, 2009.

The company's liquidator is:

          Benjamin K. Y. Lee
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


SECURITY CAPITAL: Commences Wind-Up Proceedings
-----------------------------------------------
On May 28, 2009, the Grand Court entered an order to have Security
Capital Limited's operations wound up.

The company's liquidators are:

          Geoffrey Varga
          William Cleghorn
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands; and

          Kinetic Partners LLP
          One London Wall, Level 10
          London, EC2Y 5HB


SQUIRE INVESTMENTS: Creditors' Proofs of Debt Due on May 28
-----------------------------------------------------------
The creditors of Squire Investments Limited are required to file
their proofs of debt by May 28, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


THAMES RIVER: Creditors' Proofs of Debt Due on July 14
------------------------------------------------------
The creditors of Thames River Kingsway Plus Fund Limited are
required to file their proofs of debt by July 14, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


TOP RESULT: Creditors' Proofs of Debt Due on July 23
----------------------------------------------------
The creditors of Top Result Interactive Limited are required to
file their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Stephen Wong Hon Chiu
          c/o WONG Hon Chiu, Stephen
          Admiralty Centre, 22nd Floor
          Tower 2, 18 Harcourt Road
          Hong Kong


VELVET HILL: Creditors' Proofs of Debt Due on July 20
-----------------------------------------------------
The creditors of Velvet Hill Fund SPC are required to file their
proofs of debt by July 20, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidator is:

          Chris Johnson
          c/o John D'Cunha
          Chris Johnson Associates Limited
          80 Shedden Road, PO Box 2499
          Grand Cayman KY1-1104


YORK INVESTMENTS: Creditors' Proofs of Debt Due on May 28
---------------------------------------------------------
The creditors of York Investments Limited are required to file
their proofs of debt by May 28, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Buchanan Limited
          c/o Ingrid McIntosh
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360



=========
C H I L E
=========

COMPANIA SUD: S&P Retains Negative CreditWatch on 'B-' Rating
-------------------------------------------------------------
On June 23, 2009, Standard & Poor's Rating Services said that its
'B-' counterparty credit rating on Compania Sud Americana de
Vapores remained on CreditWatch with negative implications.
The continuing CreditWatch listing reflects the very challenging
conditions for the industry that, in S&P's opinion, are likely to
continue to hurt the company's operating performance in 2009 and
probably 2010.  S&P acknowledges that CSAV has recently reached a
very important milestone for the near future by reaching an
agreement with its main lessors.  S&P expects this agreement to
help it improve profitability starting in second-quarter 2009.
However, in S&P's opinion, the company is still reliant on some
announced equity increases to improve its short-term financial
flexibility until it gets full benefit from the measures it has
taken to improve profitability.

The agreement with lessors states the company's commitment to put
in place three equity contributions, the first to be closed by the
end of June for up to $130 million, the second likely in the
second half of 2009 for up to $220 million, and the third (not
before 2010) for up to $360 million.  The third equity
contribution entails a commitment from the company's lessors of
vessels to subscribe to any unsold portion of the shares of this
third and last capital increase.  Lessors have also committed to
significantly reducing their leasing fees.

Standard & Poor's believes this agreement could lead to material
improvements in the company's credit quality in the medium term,
enhancing its operating performance, financial flexibility, and
liquidity position.  S&P also expect CSAV's operating performance
to benefit from the cutoff of the largely unprofitable Asia-
Northern Europe services.  Nevertheless, because of the company's
recent and expected financial performance, S&P focuses on short-
term financial flexibility, which S&P believes relies heavily on
the first two equity contributions.  S&P will give credit to the
capital increases only when they are completed, and depending on
the total amounts collected and their use.

The ratings on CSAV reflect its weak business risk profile and
highly leveraged financial profile.  The company's modest business
position in the volatile container-shipping market is the result
of its weak operating efficiency, particularly on the most
competitive long hauls, such as the east-west trade routes.  It
also has an aggressive ship management strategy, involving heavy
use of a chartered fleet in a higher-than-average risk industry.
These negatives lead to very volatile profits and cash flow
generation.  Also, CSAV's heavy use of off-balance-sheet financing
and its active investment program have contributed to reducing the
company's financial flexibility.  CSAV's strong position on the
South American west coast routes stemming from its long-standing
relationships with major Chilean exporters, and the port services
operations in Chile's major ports that provide CSAV with a
relatively predictable stream of profits, partially mitigate the
negative factors.

CSAV is a Chilean shipping company founded in 1872 and
traditionally involved in the container ship industry.  With total
revenues of $4.9 billion for fiscal 2008 and worldwide operations,
CSAV covers the routes that link the east and west coasts of South
America with North America and Europe, and travels the competitive
east-west routes among Northern Europe, the Mediterranean, the
Persian Gulf, Asia, and North America.  The Claro Group, a
diversified business group in Chile, controls CSAV.  CSAV's
liquidity is still weak. As of March 31, 2009, the company's cash
holdings totaled $179 million, while short-term debt amounted to
$55 million.  In first-quarter 2009, CSAV's free operating cash
flow had a shortfall of $41 million.  S&P's base case for 2009
assumes a total cash shortfall of no less than $200 million, part
of which the company will finance through committed debt--as is
the case with new capacity ordered.  Under this scenario, capital
contributions in excess of $200 million are important to securing
the company's ability to meet its financial obligations and
improving its financial flexibility.

Going forward, assuming a successful implementation of the capital
infusions, a material reduction in the company's annual lease
payments, and a slightly better business performance for 2010, S&P
believes CSAV's credit quality has potential for improvement.

The continuing CreditWatch placement reflects the company's need
for fresh money to improve its cash position, which would in turn
enhance its financial flexibility and help it to weather industry
conditions until the company gets the full benefit of the measures
it has taken to improve profits.  Failure to get substantial
capital inflows in the next few quarters -- if this infusion is
lower than expected or delayed -- would likely result in
additional downgrades.  Conversely, a successful first equity
contribution, combined with second-quarter results that exceed
S&P's expectations, would likely support a ratings affirmation.

                 Ratings Remaining On CreditWatch

                Compania Sud Americana de Vapores

      Corporate Credit Rating                B-/Watch Neg/--
      Senior Unsecured                       B-/Watch Neg


COMPANIA SUD: S&P Keeps Negative Watch on 'B-' Counterparty Rating
------------------------------------------------------------------
Standard & Poor's Rating Services said that its 'B-' counterparty
credit rating on Compania Sud Americana de Vapores remained on
CreditWatch with negative implications.

"The continuing CreditWatch listing reflects the very challenging
conditions for the industry," said Standard & Poor's credit
analyst Diego Ocampo.  "In S&P's opinion, these are likely to
continue to hurt the company's operating performance in 2009 and
probably 2010."

S&P acknowledges that CSAV has recently reached a very important
milestone for the near future by reaching an agreement with its
main lessors.  S&P expects this agreement to help it improve
profitability starting in second-quarter 2009.

However, in S&P's opinion, the company is still reliant on some
announced equity increases to improve its short-term financial
flexibility until it gets full benefit from the measures it has
taken to improve profitability.

The agreement with lessors states the company's commitment to put
in place three equity contributions, the first to be closed by the
end of June for up to $130 million, the second likely in the
second half of 2009 for up to $220 million, and the third (not
before 2010) for up to $360 million.  The third equity
contribution entails a commitment from the company's lessors of
vessels to subscribe to any unsold portion of the shares of this
third and last capital increase.  Lessors have also committed to
significantly reducing their leasing fees.

Standard & Poor's believes this agreement could lead to material
improvements in the company's credit quality in the medium term,
enhancing its operating performance, financial flexibility, and
liquidity position.  S&P also expects CSAV's operating performance
to benefit from the cutoff of the largely unprofitable Asia-
Northern Europe services.

Nevertheless, because of the company's recent and expected
financial performance, S&P focus on short-term financial
flexibility, which S&P believes relies heavily on the first two
equity contributions.  S&P will give credit to the capital
increases only when they are completed, and depending on the total
amounts collected and their use.

The ratings on CSAV reflect its weak business risk profile and
highly leveraged financial profile.  The company's modest business
position in the volatile container-shipping market is the result
of its weak operating efficiency, particularly on the most
competitive long hauls, such as the east-west trade routes.  It
also has an aggressive ship management strategy, involving heavy
use of a chartered fleet in a higher-than-average risk industry.

These negatives lead to very volatile profits and cash flow
generation.  Also, CSAV's heavy use of off-balance-sheet financing
and its active investment program have contributed to reducing the
company's financial flexibility.

CSAV's strong position on the South American west coast routes
stemming from its long-standing relationships with major Chilean
exporters, and the port services operations in Chile's major ports
that provide CSAV with a relatively predictable stream of profits,
partially mitigate the negative factors.

CSAV is a Chilean shipping company founded in 1872 and
traditionally involved in the container ship industry.



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

BANCOLOMBIA SA: Board OKs Amendment of Ordinary Notes' Terms
------------------------------------------------------------
Bancolombia S.A.'s board of directors approved an amendment to
Reglamento de Emision y Colocacion de Multiples y Sucesivas
Emisiones de Bonos Ordinarias con Cargo a un Cupo Global (the
"Ordinary Notes Terms") which incorporates a new series which will
be pegged to the IBR (Indicador Bancario de Referencia) index
rate.

The Ordinary Notes Terms that had been approved at a meeting of
the board of directors of Bancolombia held on December 18, 2006
govern the financial terms and maximum interest rates of the
ordinary notes to be issued from time to time by Bancolombia in
the Colombian local markets.

The board of directors of Bancolombia authorized the legal
representative of Bancolombia to carry out all actions and request
the necessary permits that may be required for the implementation
of this amendment

                        About Bancolombia

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

                         *     *     *

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



==================
C O S T A  R I C A
==================

CHIQUITA BRANDS: Says Eastwind Bankruptcy Won't Impact Operations
-----------------------------------------------------------------
Eastwind Maritime Inc. filed a voluntary Chapter 7 petition for
liquidation of the company and most of its subsidiaries in the
U.S. Bankruptcy Court of the Southern District of New York.  An
estate administrator is expected to be appointed by the Court
shortly.  The Company did not provide a reason for the filing.

More than 50 affiliates, including Kura Shipping Ltd. and Probulk
Inc., also filed for Chapter 7.

Eastwind Maritime is a Marshall Islands domiciled shipping
company, operating refrigerated ships.  The Debtors listed assets
and liabilities between $500 million and $1 billion.  Judge Allan
Gropper handles the cases.

Chiquita Brands International, Inc., meanwhile, said it does not
expect Eastwind Maritime's bankruptcy filing to adversely affect
service to Chiquita customers and the delivery of its bananas and
other fresh fruit products.  All of the 12 oceangoing ships that
the company sold in 2007 remain under long-term charter to
Chiquita, including the four ships sold to Eastwind.

"We are taking appropriate steps to protect Chiquita's interests
under these long-term charters," said Waheed Zaman, senior vice
president, product supply organization.  "While Chiquita's
shipping operations represent only a comparatively small part of
Eastwind's business, we have been monitoring developments closely
and are working with the other parties involved in the chartering
relationships to help assure ongoing and timely service to our
customers."

                        About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's pricipal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                           *     *     *

As reported by the Troubled Company Reporter on April 1, 2009,
Moody's Investors Service changed the rating outlook of Chiquita
Brands International to stable from negative, based on improved
credit metrics in fiscal 2008 due to better pricing in both of its
major segments and higher volumes in North American bananas.  The
company's ratings, including its B3 corporate family and
probability of default ratings, were affirmed.



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

* PERAVIA INDUSTRIAL: Charged With Selling Unfit Foods
------------------------------------------------------
Major food company, Peravia Industrial, has been accused by the
Consumer Rights Protection Institute (Proconsumidor) of selling
and donating products not fit for human consumption and discarded
from the market, The Dominican Today reports, citing
diariolibre.com.  The report relates Proconsumidor filed charges
againts the company and its products La Famosa in the
corresponding jurisdiction of the city Bani (south), 24 days ago.

According to the report, Proconsumidor Executive Director Carmen
Melendez said they had detected the markeing and donation of
poorly packaged products and with expired dates.

Ms. Melendez, the report notes, said the case is made public after
the company told the institutions which benefit from the donations
that they were suspended because Proconsumidor was opposed to it,
without stating the real reason.  At no time did they opposed the
donations, but instead from the poor state of the products
donated, she added.



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

JPSCO: OUR Still Has No Decision on Tariff Increase Request
-----------------------------------------------------------
Jamaica-based Jamaica Public Service Company Limited (JPSCO)'s
request for a tariff increase is still pending at the Office of
Utilities Regulation (OUR), RadioJamaica reports.

According to the report, OUR is yet to decide on the level of
increase JPSCO should pass on to customers.  The report relates
OUR said it needs the audited financial statements of the JPS
before deciding.

"[The firm] had publicly indicated that their latest audited
financial statements would be available on June 1 but subsequent
to that, the company informed the OUR that the latest audited
financial statements will now be available on June 25, the report
quoted Mr.Geddes as saying.  "We intend to review those financial
statements which are in US dollars and then make a decision on the
tariff as it is only prudent to do so before committing on the
tariff," he added.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.  The proposed new tariffs will result in an
increase in the total bill of customers, ranging from 4.3% for a
Tier One (100 kWh/month or less) residential customer to 26.8% for
a Tier 4 (more than 2000 kWh/month) business customer, with an
overall average increase of 22.8% for all customer groups.  New
approved rates will be reflected in July bills.

The tariff review will set base rates for the period 2009-2014.
It is being conducted against the backdrop of JPS’ poor financial
results over the 2004-2009 tariff period, during which the company
made a loss in three of the five years.

                         About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.


RBTT BANK: Strike Averted; Management Agrees to Worker's Demands
----------------------------------------------------------------
RBTT Bank Jamaica Limited (formerly Union Bank of Jamaica Limited)
has averted an industrial action by its employees after the
management reportedly agreed to the workers' demand for improved
wages, during June 22's meeting, RadioJamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Jun 19, 2009, RadioJamaica said the Bustamante Industrial Trade
Union (BITU) -- which represents around 1,200 RBTT Bank Jamaica
Limited employees --  gave RBTT Bank's management until
next month to make merit payments due to more than one thousand
employees.  According to a TCRLA report on March 31, citing
RadioJamaica, BITU is awaiting a response from the bank's
management regarding a counterproposal presented following a
recent call for a wage freeze.

BITU President-General Kavon Gayle, as cited by RadioJamaica, said
RBTT has placed a wage offer on the table.  "The bank has agreed
to pay the merit payment due to the workers based on the
projections they had met.  Those payments would be effective April
1,” the report quoted Mr. Gayle as saying.  "In terms of the
salaries a proposal has been made.  Effective July 1 the bank has
proposed a 6% increase.  What the bank is asking us to do is give
up some of the months of the contract which would have been
effective January 2009," he added.

According to RadioJamaica, the parties will meet again on Monday,
June 29, to continue negotiations.

                       About RBTT Bank

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


SCJ: Government Sells Duckenfield & Long Pond Sugar Factories
-------------------------------------------------------------
The Jamaican government has finally sold its Duckenfield Sugar
Factory in St. Thomas and the Long Pond Sugar Factory in Trelawny,
two of the four companies that were short listed when the bidding
process was reopened in February, RadioJamaica reports, citing
Agriculture Minister Dr. Christopher Tufton.  The report relates
the St. Thomas factory has been sold to a consortium between Fred
and Jones Estate Limited and Seprod; while the Trelawny Sugar
Company factory has gone to Everglades Farm Company.

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, citing the Jamaica Gleaner, SCJ's sugar factories
are now expected to be sold off to what has been described as a
"priority four investors."  The report recalled sources said the
government failed to offload the company as a single entity.  The
report noted the shortlisted four are:

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

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

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

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

According to RadioJamaica, under the agreement the sugar factories
and all attendant facilities will be sold while the sugar cane
lands will be leased for fifty years with an option to renew every
25 years.

The consortium, the report notes, will have to fork out US$500,000
for the St. Thomas factory and surrounding lands which amounts to
10.5 hectares and another US$53 per hectare per annum to lease the
1,127 hectares of cane lands at that factory.  The report relates
the purchaser has agreed to pay US$250,000 upfront with the
remainder to be paid when the deal is concluded in July.

Meanwhile, RadioJamaica says for the Trelawny factory, Evergaldes
Farm will pay US$1.5 million for the 33.8 hectares and another
US$40 per hectare per annum for lease of the 7,100 hectares of
cane lands for the first 10 years.  The report relates Everglades
will pay US$300,000 up front with the remaining funds to be handed
over in September.

Dr. Tufton, as cited by the news agency, said that both entities
have agreed to upgrade facilities at the two sugar estates.  "In
the case of Trelawney, the commitment is for a US$6.3 million
expansion and modernization programme over the next five years
(and) for St. Thomas, the entity proposes to invest US$2.7 million
over the next two years.  Both entities will have to commit to
maintain at least 60% of the leased lands suitable for sugar cane
cultivation, in the production of sugar cane or sugar related
products for at least 15 years," the report quoted Dr. Tufton as
saying.


* JAMAICA: PAC Resumes Deliberations on US$375-Million CWC Debt
---------------------------------------------------------------
The Parliament's Public Accounts Committee (PAC)resumed on June 23
deliberations on the multi-million dollar debt that the country
has incurred from hosting the ICC Cricket World Cup in 2007,
RadioJamaica reports.

According to the report, efforts by the PAC to get details from
the company at the forefront of Jamaica's staging of the event
were thwarted on June 9.  The report relates Chairman of Jamaica
Cricket 2007 Dr. Wayne Reid had been summoned by the Committee to
respond to concerns raised during the previous sitting, however,
he was unable to appear.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009,  RadioJamaica said that during a PAC's meeting, an
ex-senior manager of Jamaica Cricket 2007 Limited revealed that
Jamaica has incurred a US$375 million debt from hosting the ICC
Cricket World Cup in 2007.  The report related the debt will have
to be written off.  According to the report, PAC was told that
Jamaica Cricket 2007 cannot honour its obligations to pay off its
loans and efforts are being made to wind it up.  The report
recalled Jamaica Cricket, which was set up five years ago
to steer Jamaica's involvement in the world cup games, is saddled
with debts totalling US$4.2 million.  The figure, RadioJamaica
disclosed, comprises commercial loans that were sought to build a
new cricket stadium and other facilities to host the games.

                        *     *     *

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



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

CERVECERIA NACIONAL: S&P Gives Negative Outlook; Keeps 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Cerveceria Nacional Dominicana to negative from stable.
At the same time, S&P affirmed its ratings on the company,
including the 'B+' corporate credit rating.

"The outlook revision reflects CND's inability to achieve its
targeted deleveraging path, given weaker-than-expected results in
2008," said Standard & Poor's credit analyst Marcela Duenas.  "We
expect similar financial performance in 2009 on deteriorating
economic conditions and raw material price volatility."

"The outlook revision also reflects S&P's concerns about the cap
on the company's debt, dividends, and investments because it lacks
headroom under one of its financial covenants," she added.

The ratings on CND reflect its financial policy of using debt
aggressively to finance its corporate restructuring, the
challenges of operating in the Dominican Republic and exposure to
the nation's economic cycles, and the vulnerability to external
shocks.  The ratings also incorporate business constraints
associated with CND's geographic concentration, and intense
industry competition throughout the region that could limit the
company's ability to expand its business in international markets.

These challenges are partially offset by CND's leading position in
the Dominican beer and malt markets.  The ratings further consider
Standard & Poor's expectation that CND will continue to fund its
growth strategy and capital investment plans through internally
generated cash, with an annual budget of approximately
$30 million.  Also, CND benefits from its strong distribution
capabilities in a fragmented retailer system, solid and long-
standing brand recognition, and the improving acceptance of CND's
products in international markets.

With revenues of $460 million and EBITDA of $135 million for the
12 months ended March 2009, CND is the leading beer and malt
producer and distributor in the Dominican Republic, engaged in the
brewing, marketing, and distributing of beer and malt.


HIPOTECARIA CREDITO: Moody's Downgrades National Rating to 'C'
--------------------------------------------------------------
Moody's de Mexico downgraded Hipotecaria Credito y Casa, S.A. de
C.V.'s national scale issuer rating to C.mx from Ca.mx (C global
scale local currency issuer rating from Ca).  Concurrently,
Moody's also affirmed CyC's MX-4 short-term national scale rating
(Not Prime global scale local currency short-term rating).

The downgrade reflects continued operating difficulties at CyC,
particularly with respect to its past-due loan portfolio which has
reached 29.5% of total loans as of 1Q 2009.  In addition, since
CyC's announcement on April 29th, 2009 that due to the credit
crisis and the contraction of the commercial paper and
securitization debt markets the company would not be able to pay
$327 million Mexican pesos in commercial paper debt maturities due
April 29th the company has missed an additional $568 million
Mexican pesos in commercial paper amortization payments.
Furthermore, CyC is in the process of restructuring all of its
debt obligations in order to avoid a default, which according to
Moody's policy is considered to be a distressed exchange.  The
current C rating implies that Moody's expects significant losses.
Including these maturities, CyC has $1.6 billion Mexican pesos in
commercial paper due in 2009.

Finally, Moody's notes that it will monitor the type of additional
support that Sociedad Hipotecaria Federal may provide to Credito y
Casa in the future.

These ratings were downgraded:

* Hipotecaria Credito y Casa -- national scale issuer rating to
  C.mx, from Ca.mx, national scale senior unsecured long-term debt
  shelf rating to C.mx, from Ca.mx, global scale local currency
  issuer rating to C, from Ca, and global scale local currency
  senior unsecured long-term debt rating on an MTN Program to
  (P)C, from (P)Ca.

These ratings were affirmed:

* Hipotecaria Credito y Casa -- short-term national scale rating
  at MX-4, short-term global local currency rating at Not Prime

Moody's last rating action with respect to Credito y Casa was on
April 29th, 2009, when Moody's de Mexico downgraded Hipotecaria
Credito y Casa's, short-term national scale rating to MX-4 from
MX-3 and lowered the national scale issuer rating to Ca.mx from
Baa2.mx (Ca global scale local currency issuer rating from B1).
Concurrently, Moody's also affirmed CyC's Not Prime global local
currency short-term rating.  The issuer ratings were placed under
review for possible downgrade.

* Hipotecaria Credito y Casa, based in Culiacan, Sinaloa, Mexico,
  started operations in 1997 as a non-bank financial
  institution/Sofol Mortgage Company. CyC's main activity consists
  of extending mortgages financed by monies from SHF to low income
  households.  As of March 31, 2009, the company reported assets
  of $17,533 million Mexican pesos and $1,257 million Mexican
  pesos in equity.

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



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

CARIBE MEDIA: Moody's Downgrades Corporate Family Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service has downgraded Caribe Media, Inc.'s
Corporate Family Rating and Probability of Default Rating, each to
B3 from B2, and changed the rating outlook to negative.  The
downgrades reflect Moody's concern that recessionary market
conditions will worsen in Puerto Rico- Caribe's principal market,
causing advertising sales to decline closer to the double-digit
range experienced by a number of large incumbent yellow pages
publishers in the mainland U.S.

Details of the rating action are:

Ratings downgraded:

* Corporate Family rating -- to B3 from B2

* Probability of Default rating -- to B3 from B2

* $10 million senior secured revolving credit facility due 2012 --
  to B2, LGD3, 35% from B1, LGD3, 37%

* $126 million senior secured term loan due 2013 -- to B2, LGD3,
  35% from B1, LGD3, 37%

The rating outlook is negative.

Moody's does not rate Caribe's $45 million subordinated notes due
2014.

The downgrade of the CFR to B3 is prompted by Moody's concern that
weakening economic conditions will take a tighter hold on Caribe's
served markets, forcing the company's largely small and medium-
sized business customers in Puerto Rico and the Dominican Republic
to cut spending on yellow pages advertising substantially below
current levels.  Although Caribe's served markets appear to have
thus far been spared the brunt of the recessionary downturn in
market spending on print advertising, Moody's considers that, over
the near-to-intermediate-term, the company will face a decline in
advertising sales closer to the double digit reductions recently
experienced by a number of yellow pages publishers in the mainland
U.S., as well as the double-digit declines being suffered by most
other companies operating in the broader print-based advertising
sector, including newspaper and magazine publishers.

The negative outlook expresses Moody's concern that a
deterioration of sales will result in growing susceptibility to
potential non-compliance with tightening financial maintenance
covenants over the near-to-intermediate-term rating horizon.
Ratings reflect Caribe's small size (around US$110 million in
sales), its relatively high debt burden and leverage (debt-to-
EBITDA in excess of 5 times), modest free cash flow ($16 million
in 2008 after minority interest payments), and the overhang of the
heavy debt burden and potential cash funding requirements of
affiliated companies.  In addition, ratings incorporate the
company's reliance upon yellow pages advertising spending in
Puerto Rico (and to a lesser degree in the Dominican Republic) for
all of its business.  Ratings are supported, however, by the
dominant position held by Caribe's publications in their served
markets, and the positive free cash flow generation and value
ascribed to the long-term publishing rights agreement with Puerto
Rico Telephone Company which expires in 2046.

While lenders receive a pledge of the stock of Caribe and an
assignment of contractual payments under the publishing rights
agreement with Puerto Rico Telephone Company, they do not benefit
from a security interest in the assets or stock of Axesa (which is
a joint venture 60% owned by Caribe and 40% owned by Truvo USA).
Moody's last rating on Caribe occurred on June 2, 2008 when it
affirmed the company's B2 CFR and PDR.

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

Caribe Media, Inc., based in Puerto Rico, owns directory
publishing operating subsidiaries in two Caribbean nations.  In
Puerto Rico, Caribe owns 60% of Axesa Servicios de Informacion S.
en C. and Axesa Servicios de Informacion Inc., and in the
Dominican Republic Caribe owns 100% of Caribe Servicios de
Informacion Dominicana S.A.  The company reported revenues of
approximately $106 million for the LTM period ended March 31,
2009.



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

CL FIN'L: 68 Firms Affiliated With Ex-Chairman Gets Subpoena
------------------------------------------------------------
Companies affiliated with former CL Financial Limited Chairman
Lawrence Duprey have reportedly received subpoenas as CLICO
Bahamas Limited's liquidator explores various avenues in an
attempt to recover millions of dollars in loans and investments,
Candia Dames of The Freeport News reports.  The report relates the
subpoenas are in relation to legal action the liquidator took in
Florida, related to a real estate investment funded by a CLICO
Bahamas loan.

According to the report, the 68 companies subpoenaed are
reportedly either linked directly to Duprey or to Wellington
Preserve Limited, the real estate project in Florida that
benefited from the US$70 million loan.

Meanwhile, the report relates, citing the Nassau Guardian, local
insurance firm Generali has been invited to purchase a portion of
the portfolio of CLICO Bahamas, however, the firm has no intention
to buy any portion of CLICO.  The report relates Atlantic Medical,
British American, ColinaImperial and Family Guardian are also
reportedly interested.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, CaribWorldNews said the Bahamian Supreme Court
granted a request from the islands government to liquidate Clico
Bahamas for the protection of company shareholders.  The report
related Craig Gomez of Baker Tilley Gomez was appointed as the
liquidator of the company.  Mr. Ingraham, as cited by Caribbean
Net News, said Clico (Bahamas) went into liquidation because it
was unable to pay US$2.6 billion to policyholders.

According to TCRLA report on April 1, citing Trinidad and Tobago
Express, the liabilities of CLICO Bahamas exceed its assets by
US$18 million.  The report related CLICO Bahamas's total assets at
US$116,965,096 and total liabilities at US$135,085,964.  According
to the report, the company had a "considerable amount of critical
claims", which were being reviewed, including death benefits,
emergency surgeries, cancer patient treatments and HIV patient
treatments.  In addition, Trinidad and Tobago Express noted, Mr.
Gomez said CLICO Bahamas can't recover the US$73 million it loaned
to CLICO Enterprises Ltd as part of a Florida real estate deal
because of the downturn in the US real estate market.  Meanwhile,
Trinidad and Tobago Express added CLICO Guyana and CLICO
Suriname are claiming policy packages of US$34 million and US$15.5
million respectively with CLICO Bahamas.

Prime Minister Hubert Ingraham, as cited by The Freeport News,
said that the interested insurance companies are unwilling to
purchase CLICO's policies and assume the possible exposure of $30
million without a government guarantee.

                      About CL Financial

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

                         *     *     *

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

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



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

GENERAL MOTORS: Venezuelan Gov't Denies Fault in Plant Closures
---------------------------------------------------------------
The Venezuela government said General Motors plant closures in the
country are more due to the company's insolvency than an alleged
delay by the Commission of Administration of Foreign Currency to
deliver dollars, Inside Costa Rica reports.

According to the report, General Motors communique of June 15
indicated that it would close its plants in Venezuela until next
September claiming lack of foreign currency for the purchase of
raw materials abroad and for paying its debts.

However, the report notes Vice Minister of Science, Technology and
Industry, Efren Marin explained that it is "an interim situation
that is being solved" and the closing should be seen within the
context of serious economic problems of the United States home
base.  The report relates Mr. Marin, in an interviewed with
Ultimas Noticias daily, insisted that General Motors should tell
the truth since it has received US$1.3 billion dollars since 2008
and is one of the car manufacturers that has received the largest
amount of foreign currency ever delivered.

The report says Mr. Marin pointed out that in 2008 the company
received 968,482,095 dollars for regular imports and 397,762,641
dollars for the agreement of Latin American Integration
Association (ALADI).

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  In 2007, nearly
9.37 million GM cars and trucks were sold globally under brands
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.  GM Europe is based in Zurich, Switzerland,
while General Motors Latin America, Africa and Middle East is
headquartered in Miramar, Florida.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, is the
Debtors' restructuring officer.  GM is also represented by Jenner
& Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsels.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

As of March 31, 2009, GM had US$82.2 billion in total assets and
US$172.8 billion in total liabilities, resulting in a
US$90.5 billion stockholders' deficit.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11
restructuring proceedings commenced by General Motors Corporation
and its affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


PDVSA: Venezuela Reviews Possible Bond Sale
-------------------------------------------
The Venezuela government is reviewing the possibility of allowing
Petroleos de Venezuela SA (PDVSA) to issue bonds this year,
Matthew Walter of Bloomberg News reports.

According to the report, PDVSA is behind on payments to oilfield
services contractors after oil prices plunged in 2008, and last
month the company started seizing assets from at least 74 firms.

Bloomberg News notes, Miguel Carpio, an economist at Banco Federal
CA in Caracas, said the bond, which is expected to be denominated
in dollars and offered in local currency, may help strengthen the
bolivar.  “This is going to relieve tension in the market because
there will be another instrument to obtain dollars,” the report
quoted Mr. Carpio as saying.

PDVSA, the report recalls, sold US$7.5 billion in dollar bonds to
local investors, who could buy the securities with bolivars, in
April 2007.

                        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: 2,600 Workers in Lake Maracaibo Joins Company
----------------------------------------------------
Venezuelan President Hugo Chavez explained that the Revolution
nationalized related activities on the Eastern Coast of Lake
Maracaibo to the benefit of the Venezuelan people and of more than
8,000 workers who had been exploited by private contractors, which
denied their social and labor security.  President Chavez
stressed that 2,600 of them were already released and form part of
the labor force of Petróleos de Venezuela.  This process
continues.

In this regard, Minister of People’s Power for Energy and
Petroleum and PDVSA President Rafael Ramirez said that after the
nationalization of the whole sector in Lake Maracaibo, PDVSA is
saving in operating costs thousand million dollars a year. This
amount will be used for the development of social and production
projects.

Further, Minister Ramirez reported that the activities of
transportation began in some ports around Lake Maracaibo. “Today,
we will start carrying PDVAL’s foodstuffs through all the ports in
the area with a view to taking products from the southern part to
the northern part of the Lake, and we will carry input for
construction, because here we have the nationalized cement maker
and will include gas canisters.”

                      Productive Lands

Minister Ramirez reported that PDVSA is working on development
projects to make productive the lands affected by oil operations
on the Eastern Coast of Lake Maracaibo.

“We have identified 67,900 hectares, which have been split into
four areas.  In Area No. 1, encompassing the areas near to the Oro
Negro field, 300 hectares were identified for the purposes of
agriculture and cattle breeding,” said the Energy Minister.

President Chavez ordered that all these areas identified by the
oil industry should become “a great hub of agricultural, fishing
and industrial development.”

“We are in the ABC of socialism; we are just starting to wage this
battle. All these companies should turn into real social property
enterprises,” said the Venezuelan head of state.

                         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.



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *