TCRLA_Public/090701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, July 1, 2009, Vol. 10, No. 128

                            Headlines

A R G E N T I N A

AGUA MARINA: Proofs of Claim Verification Due on September 14
ANCASE SAICFEI: Proofs of Claim Verification Due on August 25
ANSA ARGENTINA: Proofs of Claim Verification Due on August 27
AUTOPISTAS DEL SOL: Extends Tender Offer for 2017 Notes
LILIUM SRL: Proofs of Claim Verification Due on September 3

SNIAFA SAICFEI: Proofs of Claim Verification Due on August 18
TELECOM ARGENTINA: Telecom Italia Gets Offers for Stake in Firm
VINISA SA: Proofs of Claim Verification Due on September 1
* ARGENTINA: Japanese Banks Seek JPY10.7-Billion Bond Debt


B A H A M A S

* BAHAMAS: Recession Has “Severe Impact” on Economy, Minister Says


B E R M U D A

CONOCO KHAZAR: Creditors' Proofs of Debt Due on July 10
CONOCO KHAZAR: Members' Final Meeting Set for July 28
CONOCO NORDIC: Creditors' Proofs of Debt Due on July 10
CONOCO NORDIC: Members' Final Meeting Set for July 28
FOUNDING PARTNERS: Court Enters Wind-Up Order

FOUNDING PARTNERS: Court to Hear Wind-Up Petition on July 17


B R A Z I L

BNDES: Issues BRL477-Million Fund to OHL Brasil
GOL LINHAS: To Receive BRL252 Million in Credit-Card Agreement
REDE ENERGIA: To Repurchase US$78 Million in Bond Tender


C A Y M A N  I S L A N D S

ABENOBASHI TERMINAL: Creditors' Proofs of Debt Due on July 15
AG DCS: Creditors' Proofs of Debt Due on July 14
ASPECT ADASTRA: Creditors' Proofs of Debt Due on July 23
ASPECT EQUITY: Creditors' Proofs of Debt Due on July 23
ASPECT EUROPEAN: Creditors' Proofs of Debt Due on July 23

ASPECT GLOBAL: Creditors' Proofs of Debt Due on July 23
ASPECT JAPANESE: Creditors' Proofs of Debt Due on July 23
ATALAYA SPC 1: Creditors' Proofs of Debt Due on July 14
BLOSSOM (CAYMAN): Creditors' Proofs of Debt Due on July 23
CHATHAM ASSET: Creditors' Proofs of Debt Due on July 14

CHATHAM ASSET: Creditors' Proofs of Debt Due on July 14
SARAJEVO PRIVATIZATION: Creditors' Proofs of Debt Due on July 22
TRIBECA GLOBAL: Creditors' Proofs of Debt Due on July 10
TROOB SPC: Creditors' Proofs of Debt Due on July 14
WEALTHMASTERS CURRENCY: Creditors' Proofs of Debt Due on Aug. 4


D O M I N I C A N  R E P U B L I C

PAWA: Starts Regular Flights After 14 Years


E L  S A L V A D O R

* EL SALVADOR: JPMorgan Lowers Debt to Underweight


J A M A I C A

AIR JAMAICA: Employees Show Concern on Upcoming Divestment
AIR JAMAICA: Divestment Committee Recommends Potential Investor
JPSCO: OUR Obtains Documents for Tariff Increase Review


M E X I C O

CEMEX SAB: Unveils Restructuring Proposal to Lenders
DIA BRAS: Unveils Restructuring Plan to Improve Financial Position


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Unit Lays Off 270 Workers on Q1 Loss
* VENEZUELA: No Need for OPEC to Lower Output, Minister Says


                         - - - - -


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

AGUA MARINA: Proofs of Claim Verification Due on September 14
-------------------------------------------------------------
Estudio Contable Kullahian, the court-appointed trustee for Agua
Marina SA's reorganization proceedings, will be verifying
creditors' proofs of claim until September 14, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:

          Estudio Contable Kullahian
          Diaz & Asociados
          Uruguay 750


ANCASE SAICFEI: Proofs of Claim Verification Due on August 25
-------------------------------------------------------------
The court-appointed trustee for Ancase S.A.I.C.F. e I.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 25, 2009.

The trustee will present the validated claims in court as
individual reports on October 6, 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 18, 2009.


ANSA ARGENTINA: Proofs of Claim Verification Due on August 27
-------------------------------------------------------------
The court-appointed trustee for Ansa Argentina S.A.'s bankruptcy
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.


AUTOPISTAS DEL SOL: Extends Tender Offer for 2017 Notes
-------------------------------------------------------
Autopistas del Sol S.A. said it has received tenders of $472,000
aggregate principal amount of its outstanding 11.50% Notes due
2017 pursuant to its cash tender offer.  The company has decided
to extend the withdrawal date and the expiration date of the
Tender Offer, until 5.00 P.M., New York City time, on June 30,
2009 and July 2, 2009, respectively.

The company also disclosed that, except for the extension of the
Withdrawal Date and the Expiration Date, all of the terms of the
Tender Offer previously announced remain the same.

Global Bondholder Services Corporation is the Information Agent
and the Depositary for the Tender Offer.

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                      *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poors' "CC" LT Foreign Issuer Credti rating.


LILIUM SRL: Proofs of Claim Verification Due on September 3
-----------------------------------------------------------
Jorge Edmundo Sahade, the court-appointed trustee for Lilium SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 3, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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.


SNIAFA SAICFEI: Proofs of Claim Verification Due on August 18
-------------------------------------------------------------
The court-appointed trustee for Sniafa SAICFEI's reorganization
proceedings, will be verifying creditors' proofs of claim until
August 18, 2009.

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

The trustee can be reached at:

          Estudio Palacio
          Finocchio y Asociados
          Montevideo 368
          Buenos Aires, Argentina


TELECOM ARGENTINA: Telecom Italia Gets Offers for Stake in Firm
---------------------------------------------------------------
Telecom Italia SpA's planned sale of its stake in Argentina-based
Telecom Argentina S.A. has received multiple expressions of
interest, Mary Lennighan of Total Telecom reports.

According to the report, citing Italian financial paper Il Sole 24
Ore, the sale of Telcom Argentina's stakes will depend on the size
of the bids.  The report relates Il Sole 24 Ore said no deadline
has been set for the submission of offers.

The news agency notes that Argentina's Werthein Group, Telecom
Italia's partner in Sofora and whose share it would have acquired
through the call option, said that it will buy Telecom Italia out,
should the opportunity arise.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2009, Dow Jones Newswires said Telecom Italia may sell
its stake in Telecom Argentina -- which analysts valued at around
EUR400 million – if interesting opportunities arise.  DJ Newswires
noted Telecom Italia owns a 50% stake in Sofora Telecomunicaciones
SA, which holds controlling interest in Telecom Argentina.  The
report related an ongoing antitrust investigation has blocked the
Italian company's ability to exercise a call option to take
control of Sofora.

According to a TCRLA report on April 23, citing Dow Jones
Newswires, the Argentine Competition Commission, the country's
antitrust agency, rejected an appeal filed by Telecom Italia that
challenged the agency's ruling earlier, locking Telecom Italia
directors from exercising voting powers in Telecom Argentina.
Bloomberg News recalled Telecom Italia's directors on Telecom
Argentina's board were told to abstain from exercising voting
powers while the regulator investigates Telco SpA's purchase of a
controlling stake in Telecom Italia.  According to Bloomberg News,
Telefonica SA, Assicurazioni Generali SpA, Intesa Sanpaolo SpA,
Mediobanca SpA and the Benetton family gained control of Telecom
Italia, through holding company Telco, in October 2007.  Telco
owns 24.5 percent of the Milan-based company.

                   About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                         *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


VINISA SA: Proofs of Claim Verification Due on September 1
----------------------------------------------------------
The court-appointed trustee for Vinisa S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 1, 2009.



* ARGENTINA: Japanese Banks Seek JPY10.7-Billion Bond Debt
----------------------------------------------------------
Three Japanese banks -- Mitsubishi UFJ Financial Group Inc.,
Shinsei Bank Ltd. and Mizuho Corporate Bank Ltd. -- have filed
suit against the Argentine government, claiming JPY10.7 billion
(US$111 million) owed from bond purchases, Takahiko Hyuga of
Bloomberg News reports, citing a bank statement published in the
Nikkei newspaper .

According to the report, the Nikkei newspaper said the three banks
are so-called commissioned companies for holders of the Samurai
bonds sold by the Argentine Republic from 1996 through 2000.  The
report relates the banks’ role is to ensure holders of the bonds
are paid.

According to Bloomberg News, the bank statement said the
government owed the banks:

   -- JPY3.855 billion on bonds sold in 1996,
   -- JPY500 million in 1999,
   -- JPY3.66 billion in 2000, and
   -- JPY2.68 billion in 2000.

“We’ve asked the republic to pay the principal voluntarily.
Unfortunately, the republic hasn’t responded,” the banks said in
the statement, the report notes.

                        *     *     *

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

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



=============
B A H A M A S
=============

* BAHAMAS: Recession Has “Severe Impact” on Economy, Minister Says
------------------------------------------------------------------
Dion Foulkes, Bahamas Leader of Government business in the Senate
and Minister for Labour and Social Development, said the global
economic recession has a continuous effect in the Bahamas economy,
Llonella Gilbert of the Caribbean Net News reports.  The report
relates Mr. Foulkes said that due to the global recession, the
real Gross Domestic Product of the country is projected to
contract by about 1.7% in 2008 from an expansions of 0.7% and
4.3% respectively in 2007 and 2006.

“This accelerated downturn in economic activity reflected weakened
tourism output characterized by lower occupancy levels, lower
hotel room rates and declines in both stopover and cruise
activity,” the report quoted Mr. Foulkes as saying.  “The
corresponding slump in foreign investment inflows further
suppressed construction activity, which adversely affected
employment conditions,” he added.

According to the report, Mr. Foulkes said that in the midst of the
global recession, the country's private sector credit expansion is
subdued and consumer spending has declined.  And, while increased
public sector investments provided some support to the economy,
pressures on the Government’s fiscal position continue to mount,
resulting in an extraordinary fall-off in revenue growth, he
added.

“Hence, the need to make the very difficult choices necessary to
respond to this financial emergency, the worst that any government
has had to respond to since independence,” the news agency quoted
Mr. Foulkes as saying.



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

CONOCO KHAZAR: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------------
The creditors of Conoco Khazar Ltd. are required to file their
proofs of debt by July 10, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

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


CONOCO KHAZAR: Members' Final Meeting Set for July 28
-----------------------------------------------------
The members of Conoco Khazar Ltd. will hold their final general
meeting on July 28, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

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


CONOCO NORDIC: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------------
The creditors of Conoco Nordic Limited are required to file their
proofs of debt by July 10, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

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


CONOCO NORDIC: Members' Final Meeting Set for July 28
-----------------------------------------------------
The members of Conoco Nordic Limited will hold their final general
meeting on July 28, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

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


FOUNDING PARTNERS: Court Enters Wind-Up Order
---------------------------------------------
On June 18, 2009, the Supreme Court of Bermuda entered an order to
appoint the official receiver as the provisional liquidator of
Founding Partners Capital (Bermuda) Limited.


FOUNDING PARTNERS: Court to Hear Wind-Up Petition on July 17
------------------------------------------------------------
A petition to have Founding Partners Capital (Bermuda) Limited's
operations wound up will be heard before the Supreme of Bermuda on
July 17, 2009, 9:30 a.m.

The official receiver was appointed as the provisional liquidator
of the company.



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

BNDES: Issues BRL477-Million Fund to OHL Brasil
-------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
disbursed BRL477 million (US$245 million) to highway
concessionaire OHL Brasil, Business News Americas reports.

According to the report, the proceeds will be allocated to OHL's
subsidiaries that operate federal highway concessions:

   -- BRL191 million for Autopista Regis Bittencourt,
   -- BRL140 million for  Autopista Fernao Dias, and
   -- BRL146 million for Autopista Litoral Sul

A company spokesman, the report relates, said BNDES has yet to
disburse an additional BRL280 million to which:

  -- Regis Bittencourt will receive BRL141 million,
  -- Fernao Dias will receive BRL64.3 million, and
  -- Litoral Sul will receive BRL74.8 million

The annual interest rates on the loans, which will cover 70% of
the investment amount needed for the highways during the first six
years, are from 2.8-3.58% above the long-term interest rate and
payments are quarterly.

Meanwhile, Business News Americas says that two other federal
concessions that are controlled by OHL are in line for funding
from BNDES.  The report relates loans for Autopista Planalto Sul
and Autopista Fluminense are at the approval stage and are just
awaiting the final signature.

The report discloses that for all five federal concessions,
financing from BNDES will total BRL1 billion reais.

                         About BNDES

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

                         *     *     *

As of June 25, 2009, the company continues to carry Moody's Ba2
foreign long-term bank deposit rating.



GOL LINHAS: To Receive BRL252 Million in Credit-Card Agreement
--------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
said it will receive BRL252 million (US$129 million) from Banco do
Brasil SA and Banco Bradesco SA in a co-branded credit-card
agreement, part of an effort to boost revenue, Heloiza Canassa and
Laura Price of Bloomberg News report.

According to the report, the airline sold miles from Banco do
Brasil and Banco Bradesco as part of an agreement to use its
Smiles airmiles logo on the banks’ credit cards.  The report
relates the lenders will pay 60% of the amount by the end of July,
22% by Jan. 31 and the remaining in installments in the next five
years.

“We are dedicating a substantial part of our time to form
partnerships” that will increase revenue, Gol Chief Financial
Officer Leonardo Pereira told Bloomberg News in an interview.
“Controlling costs is something everyone has to work on.  But
creating revenue is more important,” he added.

                       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.


REDE ENERGIA: To Repurchase US$78 Million in Bond Tender
--------------------------------------------------------
Brazil-based Rede Energia S.A disclosed the results of its cash
tender offer for the maximum aggregate principal amount of its
outstanding 11.125% Perpetual Notes (CUSIP No. 75734PAA7 and ISIN
No. USP8001VAD84) that it can purchase for US$154,083,205.  The
Tender Offer was conducted in accordance with a modified "Dutch
Auction" procedure, on the terms and subject to the conditions set
forth in its Offer to Purchase dated June 1, 2009 and the related
Letter of Transmittal.  The Tender Offer expired at 12:00
midnight, New York City time, on Friday, June 26, 2009.

The company said it has been advised by the depositary that, as of
12:00 midnight, New York City time, on the Expiration Date, of the
US$575.0 million in aggregate principal amount of the Notes
outstanding, US$78,404,000, or approximately 13.64%, had been
validly tendered and not validly withdrawn pursuant to the Tender
Offer.  Rede Energia has accepted for purchase all Notes validly
tendered and not validly withdrawn pursuant to the Tender Offer.

On the Settlement Date, which is expected to be July 1, 2009, Rede
will:

   (1) will pay holders who validly tendered and did
       not withdraw their Notes prior to or at 5:00 p.m.,
       New York City time, on Friday, June 12, 2009,
       the Total Consideration of US$530 for each
       US$1,000 principal amount of Notes, plus accrued
       and unpaid interest from the last interest payment
       date to, but excluding, the Settlement Date, and

   (2) pay holders who validly tendered and did not
       withdraw their Notes after 5:00 p.m., New York
       City time, on Friday, June 12, 2009, and at or
       prior to the Expiration Date the Tender Offer
       Consideration of US$480 for each US$1,000
       principal amount of Notes, plus the Accrued
       Interest.

Rede has retained Banc of America Securities LLC and Planner
Securities LLC to act as dealer managers in connection with the
Tender Offer.
                     About Rede Energia

Rede Energia S.A is a Brazilian electricity holding company and,
through its subsidiaries, engages in the distribution, generation
and trading of electricity in Brazil.  Rede's combined concession
areas are geographically the largest in Brazil, covering
approximately 34% of Brazil's land mass and with a total combined
population of approximately 16 million.

                       *     *     *

As of June 30, 2009, the company continues to carry Moody's Caa1
LT Corp Family rating and Caa3 Senior Unsecured debt rating.  The
company also continues to carry Fitch rating's CCC LT Issuer
default ratings.



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

ABENOBASHI TERMINAL: Creditors' Proofs of Debt Due on July 15
-------------------------------------------------------------
The creditors of Abenobashi Terminal Building Co., Ltd. are
required to file their proofs of debt by July 15, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2009.

The company's liquidators are:

          Victor Murray
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


AG DCS: Creditors' Proofs of Debt Due on July 14
------------------------------------------------
The creditors of AG DCS SPC are required to file their proofs of
debt by July 14, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 10, 2009.

The company's liquidators are:

          Victor Murray
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ASPECT ADASTRA: Creditors' Proofs of Debt Due on July 23
--------------------------------------------------------
The creditors of Aspect Adastra Diversified Fund are required to
file their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2009.

The company's liquidators are:

          Chris Marett
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ASPECT EQUITY: Creditors' Proofs of Debt Due on July 23
-------------------------------------------------------
The creditors of Aspect Equity Long Short Fund are required to
file their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2009.

The company's liquidators are:

          Chris Marett
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ASPECT EUROPEAN: Creditors' Proofs of Debt Due on July 23
---------------------------------------------------------
The creditors of Aspect European Equity Fund are required to file
their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 29, 2009.

The company's liquidators are:

          Chris Marett
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ASPECT GLOBAL: Creditors' Proofs of Debt Due on July 23
-------------------------------------------------------
The creditors of Aspect Global Equity Fund are required to file
their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2009.

The company's liquidators are:

          Chris Marett
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ASPECT JAPANESE: Creditors' Proofs of Debt Due on July 23
---------------------------------------------------------
The creditors of Aspect Japanese Equity Fund are required to file
their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 29, 2009.

The company's liquidators are:

          Chris Marett
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ATALAYA SPC 1: Creditors' Proofs of Debt Due on July 14
-------------------------------------------------------
The creditors of Atalaya SPC 1 are required to file their proofs
of debt by July 14, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 10, 2009.

The company's liquidators are:

           Victor Murray
           Jess Shakespeare
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


BLOSSOM (CAYMAN): Creditors' Proofs of Debt Due on July 23
----------------------------------------------------------
The creditors of Blossom (Cayman) 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 liquidation proceedings on June 12, 2009.

The company's liquidators are:

           Victor Murray
           Jess Shakespeare
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


CHATHAM ASSET: Creditors' Proofs of Debt Due on July 14
-------------------------------------------------------
The creditors of Chatham Asset Management SPC 2 are required to
file their proofs of debt by July 14, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2009.

The company's liquidators are:

           Victor Murray
           Jess Shakespeare
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


CHATHAM ASSET: Creditors' Proofs of Debt Due on July 14
-------------------------------------------------------
The creditors of Chatham Asset Management SPC 1 are required to
file their proofs of debt by July 14, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2009.

The company's liquidators are:

           Victor Murray
           Jess Shakespeare
           c/o Maples Finance Limited
           PO Box 1093, Boundary Hall
           Grand Cayman KY1-1102, Cayman Islands


SARAJEVO PRIVATIZATION: Creditors' Proofs of Debt Due on July 22
----------------------------------------------------------------
The creditors of Sarajevo Privatization Venture are required to
file their proofs of debt by July 22, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 3, 2009.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


TRIBECA GLOBAL: Creditors' Proofs of Debt Due on July 10
--------------------------------------------------------
The creditors of Tribeca Global Convertible Investments Ltd are
required to file their proofs of debt by July 10, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 16, 2008.

The company's liquidator is:

          Jan Neveril
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


TROOB SPC: Creditors' Proofs of Debt Due on July 14
---------------------------------------------------
The creditors of TROOB SPC are required to file their proofs of
debt by July 14, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 10, 2009.

The company's liquidators are:

          Victor Murray
          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


WEALTHMASTERS CURRENCY: Creditors' Proofs of Debt Due on Aug. 4
---------------------------------------------------------------
The creditors of Wealthmasters Currency Trading Fund Limited are
required to file their proofs of debt by Aug. 4, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 12, 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



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

PAWA: Starts Regular Flights After 14 Years
---------------------------------------------
Pan Am World Airways Dominicana began flights to another
destination on June 29, Monday, for the first time in 14 years,
after the country lost its international category to do so on a
regular schedule, The Dominican Today reports.

According to the report, the carrier will conduct is inaugural
flight to San Juan, Puerto Rico with wide body DC-9 airplanes,
marking the normalization of flights by Dominican airlines to and
from the United States.

Airline executives said the flight will cover the route Santo
Domingo and San Juan from the Las Americas International Airport.

                         About PAWA

Pan Am World Airways Dominicana (PAWA) is a Dominican airline
created as a subsidiary airline for Pan American World Airways.
It has some charter flights to other Caribbean islands and
domestic destinations within the Dominican Republic, but the
majority of flights are to Aguadilla and Punta Cana.  It currently
is the only Dominican Airline under Part 121 actually operating in
the Dominican Republic since May 2007.



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

* EL SALVADOR: JPMorgan Lowers Debt to Underweight
--------------------------------------------------
JPMorgan has cut El Salvador to underweight from marketweight in
its EMBIG model sovereign debt portfolio, following pressure from
declining remittances, a slump in external demand, weaker FDI
prospects, and a rising fiscal deficit, LatinFrance reports.

According to the report, the country has also been recently
downgraded by Fitch from BB+ to BB with a negative outlook, a move
that brought it in line with S&P’s rating, which is 2 notches
lower than Moody’s Baa3.  “Given El Salvador’s challenging
fundamental outlook and negative ratings momentum, we believe that
its investment grade rating from Moody’s may very well be in
jeopardy,” JP Morgan was quoted by the report as saying.

JPMorgan, the report relates, also notes that the Salvadoran
Congress has approved issuance of US$1.8 billion (7.9% of
projected 2009 GDP), considerably increasing supply risk.



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

AIR JAMAICA: Employees Show Concern on Upcoming Divestment
----------------------------------------------------------
State-owned Air Jamaica Limited's employees are concerned that the
Jamaican government still has not revealed the identities of the
airline's buyers and how they will be affected when Air Jamaica is
sold next month, RadioJamaica reports.

According to the report, Kavon Gayle, president-General of the
Bustamante Industrial Trade Union that represent some category pf
workers, said the government's silence is having a negative effect
on the industrial climate at Air Jamaica.  "We're concerned that
the silence is somewhat deafening as to who the possible investors
are and this whole debate of a divestment of Air Jamaica has put
some pressure on the staff because they are very concerned about
their won future.  We've not had an opportunity to have
discussions with the Government in relation to the future of Air
Jamaica in relation to the transformation that took place with the
divestment of the sugar entities," the report quoted Mr. Gayle as
saying.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica in
another two weeks.  The report related the sale is now scheduled
to be completed before the July 31 deadline which was set by the
Finance Ministry.

A TCRLA report on June 10, citing Jamaica Observer, related that
Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have
both expressed an interest in acquiring Air Jamaica.

Radio Jamaica said the airline has been hemorrhaging over US$150
million (JA$13.2 billion) per annum and the government has had to
foot the massive bill.  In addition, Radio Jamaica said, Air
Jamaica currently has over US$600 million (JA$52.8 billion) in
loans outstanding.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://
www.airjamaica.com/ -- was founded in 1969.  It flies passengers
and cargo to almost 30 destinations in the Caribbean, Europe, and
North America.  Air Jamaica offers vacation packages through Air
Jamaica Vacations.  The company closed its intra-island services
unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As of June 30, 2009, the company continues to carry Moody's LT
Corp Family rating and Senior Unsecured Debt rating at B2.  The
company also continues to carry Standard and Poor's LT Foreign
Issuer Credit Rating at B-.


AIR JAMAICA: Divestment Committee Recommends Potential Investor
---------------------------------------------------------------
The Air Jamaica Privatization Committee, which is working on the
airline's re-privatization effort, has recommended a potential
investor to the Jamaican government, Megan Kuhn of Air Transport
Intelligence news reports, citing Airline President CEO Bruce
Nobles.

"Now the proposal needs to be reviewed against various
alternatives and the [government of Jamaica] will decide what is
the best solution for Jamaica in due course.  The process will
likely take some time to complete," the report quotes Mr. Nobles
as saying.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica in
another two weeks.  The report related the sale is now scheduled
to be completed before the July 31 deadline which was set by the
Finance Ministry.

A TCRLA report on April 6, citing The Associated Press, recalled
that the Jamaican government has extended Air Jamaica's divestment
deadline to June 30 as it tries to attract buyers.  A TCRLA report
on March 19, citing RadioJamaica News, related the government will
not be meeting its March 31 deadline for the sale of Air Jamaica
despite earlier assurances by government officials that a deal
would have been reached with a buyer in March.  Radio Jamaica
noted the airline has been hemorraghing over US$150 million
(JA$13.2 billion) per annum and government has had to foot the
massive bill.  In addition, Radio Jamaica said, Air Jamaica
currently has loans outstanding of over US$600 million (JA$52.8
billion).

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://
www.airjamaica.com/ -- was founded in 1969.  It flies passengers
and cargo to almost 30 destinations in the Caribbean, Europe, and
North America.  Air Jamaica offers vacation packages through Air
Jamaica Vacations.  The company closed its intra-island services
unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As of June 30, 2009, the company continues to carry Moody's LT
Corp Family rating and Senior Unsecured Debt rating at B2.  The
company also continues to carry Standard and Poor's LT Foreign
Issuer Credit Rating at B-.


JPSCO: OUR Obtains Documents for Tariff Increase Review
-------------------------------------------------------
The Office of Utilities Regulation has received state-owned
Jamaica Public Service Company Limited's audited financial
statements needed to review the company's request for a tariff
increase, RadioJamaica reports.

According to the report, David Geddes, Director of Consumer and
Public Affairs at the OUR, said the next step is to pick apart the
document.  "Well basically what we will do now is review the
financial statements and also invite other persons who may wish to
review it to do so and submit their comments to us," the report
quoted Mr. Geddes as saying.

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.



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

CEMEX SAB: Unveils Restructuring Proposal to Lenders
----------------------------------------------------
Cemex, S.A.B. de C.V. said Tuesday it continues to make
significant progress with its core banks that represent a majority
of the Company’s outstanding bank debt.

Cemex presented its refinancing proposal to the Company’s full
syndicate of banks at a meeting held in New York on June 29.
Cemex will hold another scheduled meeting in Madrid today, July 1.

Cemex said a key component of the proposed refinancing plan is a
revised maturity schedule on a new facility encompassing US$14.5
billion in bank debt that would run through February 2014.  The
company said that this revised schedule would shift 2009-2011
maturities substantially into the future.

LatinFrance relates that the full details of the new structure has
not been disclosed but bank market participants said initial
impressions are that it is a reasonable offer, albeit at pricing
that is still below market.

According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report relates one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.

LatinFrance says the company's proposal is far from ideal for
creditors and it remains to be seen how smaller lenders, of which
there are more than 50 in total, will respond.  The report relates
market participants will also want an update on the loan
restructuring, especially since Cemex said earlier this year that
it had extended all of its H1 2009 maturities until June 30.

“CEMEX is working to finalize the terms of a comprehensive
refinancing plan with all our banks that would provide the Company
with greater flexibility and the ability to diversify sources of
financing,” CEMEX Chairman and CEO Lorenzo Zambrano said Tuesday.

As reported in the Troubled Company Reporter-Latin America on
May 6, 2009, Bloomberg News said Cemex is in negotiations with
Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA’s
Bancomer unit on loans to help it cover debt obligations due this
year.  A TCRLA March 11 report, citing Bloomberg News, related
Cemex started discussions with banks to renegotiate about US$14.5
billion of debt after postponing its bond sale.  Company spokesman
Jorge Perez, as cited by Bloomberg News, said the US$14.5 billion
is all of Cemex’s bank debt and doesn’t include any bonds.  At the
end of December, Cemex had total debt of US$18.8 billion, the
report noted.  According to Reuters, Cemex has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.

According to Forbes, to raise cash, the company is selling off
what it can.  The report recalled in December, Cemex divested
US$227 million in assets in the Canary Islands, and it has a
tentative deal to sell US$485 million in assets in Austria and
Hungary, part of its goal to raise at least US$2 billion in asset
sales this year.  According to a TCR-LA report on June 16, 2009,
citing MarketWatch News Cemex S.A.B. agreed to sell its Australian
operations to Switzerland-based Holcim Group for AU$2.02 billion
(US$1.63 billion).  The report related the sale includes Cemex's
25% stake in Cement Australia.  The deal reflects Cemex's effort
to save AU$900 million in recurrent costs, make capital spending
more efficient, and improve its debt profile, Cemex said in a
statement obtained by MarketWatch.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings has placed these ratings of Cemex,
S.A.B. de C.V., and its subsidiaries on Rating Watch Evolving:

Cemex

  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

  -- Long-term national scale rating 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program 'BB-(mex)';

  -- Senior unsecured debt obligations 'B+/RR3'';

  -- Unsecured debt issued through the Certificados Bursatiles
     program 'BB-(mex)';

  -- Short-term national scale rating 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program 'B (mex)'.


DIA BRAS: Unveils Restructuring Plan to Improve Financial Position
------------------------------------------------------------------
Dia Bras Exploration Inc. last week said it was undertaking a
comprehensive restructuring plan to reduce its negative working
capital by a combination of factors, such as rescheduling of its
current short-term liabilities, issuing new equity of the Company
and by increasing its revenues by commencing pilot-mining
activities at its Cusi silver project.

As of May 31, 2009, the Company had a working capital deficit of
(C$7.06 million), including a payable position of approximately
C$3.23 million (US$2.95 million) with MRI Trading resulting from a
short-term loan and the effect of a decrease in the market prices
of copper and zinc in 2008.

Dia Bras has approximately C$470,000 in cash on hand.  Management
believes that cash on hand and future cash flow from Bolivar's
pilot-mining activities are not sufficient to fund the Company's
currently budgeted requirements, including cash payments for
future property payments and necessary investments in Cusi pilot
mining.

As part of its restructuring plan, the Company reached an
understanding in June 2009 with its largest creditor, MRI Trading,
to limit the payments of the outstanding short-term debt.
Consequently, the balance of 2009 payments will be significantly
reduced from a monthly average of C$378,213 (US$330,000) to
C$128,363 (US$112,000) per month.  Under this new agreement, the
Company has made a commitment to sell exclusively to MRI its
future production of zinc, copper and silver-lead concentrates
from its Bolivar and Cusi properties up until December 2014. This
agreement will be revised in January 2010 with a view to resume
previous level of repayment.  This agreement is pending
formalization.

As of June 2, 2009, the Company reached agreements with its
transportation service providers and paid in part its outstanding
debt.  Transportation of mineralized rock from the Bolivar Mine to
the Malpaso mill resumed on June 9, 2009.

With outstanding short-term liabilities that exceed its short-term
assets, the Board of directors has approved, as part of its
restructuring plan together with restructuring its short-term debt
with MRI, a non-brokered private placement in the Company for
maximum gross proceeds of up to C$4 million at a price of C$0.055
per Unit.  Each Unit shall be comprised of one common share of the
Corporation and one Common Share purchase warrant.  Each Warrant
will entitle its holder to subscribe for one additional Common
Share at an exercise price of C$0.10 per share during a 18-month
period following closing of the Placement.  The Company's major
shareholder, Arias Resource Capital Fund LP, has expressed an
interest in subscribing for a large part of the Units offered
under the Placement.

The net proceeds from the sale of the Units will be used as:

   -- approximately C$452,000 (US$400,000) will be used for mine
      development activities at the Cusi silver project in view to
      restart the pilot-mining activities during August 2009;

   -- approximately C$1.25 million (US$1.1 million) will be used
      to build the cyanidation vats at the Malpaso facilities,
      including engineering, permitting, acquisition of components
      and construction;

   -- the balance will be used for working capital purposes.

The Management decision's to restart pilot mining activities at
its Cusi silver project, in August rather than in the four quarter
2009, is supported by recent positive results of metallurgical
testing on silver-mineralized rock received from the Centro de
Investigacion de Materiales Avanzados located in Chihuahua City,
Chihuahua and sufficient minable resources have now been
delineated at the Santa-Eduwiges mine to support pilot-mining
activities at a rate of 6,000 tonnes per month.

During the first phase, Dia Bras will process mineralized rock
from Santa-Eduwiges by the flotation method and stockpile the
flotation tails while cyanidation vats are being constructed. The
Company will produce more than 38,000 ounces of silver per month
at 60% recovery which will provide Dia Bras with additional
operating cash flow.

Construction of the cyanidation vats should be completed within
six months from the start and Dia Bras will produce silver at 85%
recovery by combined flotation and cyanidation methods.
Application for permits for cyanidation processing has been made,
and management expects approval soon.

The Company is also conducting similar metallurgical tests, as the
Santa-Eduwiges, mine on mineralized rock from the Promontorio mine
and management expects to initiate pilot mining of this sector
during the third quarter of 2010.

A number of insiders of the Corporation, including Arias, will
participate in the Private Placement by subscribing for Units.
Participation of each of these insiders will constitute a related
party transaction under Regulation 61-101 respecting protection of
minority security holders in special transactions and TSX Venture
Exchange Policy 5.9 - Protection of Minority Security Holders in
Special Transactions.  The Board of Directors of Dia Bras consists
of eight directors, four of whom are unrelated to Arias and the
other insiders participating in the Private Placement, and are
otherwise independent as determined pursuant to Part 7 of
Regulation 61-101.  The Related Party Transactions are exempt from
the requirement to obtain an independent valuation pursuant to
Section 5.5(b) of Regulation 61-101 as Dia Bras' shares are listed
only on the TSX Venture Exchange.  The Related Party Transactions
will also be exempt from the requirement to obtain minority
shareholder approval pursuant to Section 5.7(1)(e) of Regulation
61-101 on the basis that each of the Board of Directors and the
independent directors has determined, acting in good faith, that:
(i) Dia Bras is in serious financial difficulty; (ii) the proposed
Private Placement is designed to improve the financial position of
Dia Bras; and (iii) the terms of the proposed Private Placement
are reasonable in the circumstances. The urgent need for
additional funds requires that Dia Bras closes the proposed
Private Placement on an expedited basis. Consequently, Dia Bras
will file a material change report less than 21 days before the
closing of the proposed Private Placement.

Closing of the Placement is subject to approval of the TSX Venture
Exchange and the closing will occur as soon as practicable after
the receipt of such approval.  The Units, Common Shares, and
Warrants are subject to a four-month hold period from the date of
closing.

Moreover, the Company is actively investigating a number of
alternatives to raise additional capital with lenders or potential
investors to fund construction of the Bolivar mill at the mine
site to reduce operating cash costs.  Accordingly, management
decided to postpone the Rights Offering for a future date.  There
is no assurance that sufficient funds can or will be raised and
there can be no assurance, once a decision is made with respect to
future activities, that the Company will be able to execute its
plans.

                          About Dia Bras

Dia Bras Exploration Inc. is a Canadian exploration mining company
focused on precious and base metals in the State of Chihuahua, in
northern Mexico.  The Corporation is committed to developing and
adding value to its assets -- the Bolivar copper-zinc project and
the Cusi silver mining camp.  The Corporation trades on the TSX
Venture Exchange under the symbol "DIB".



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

PETROLEOS DE VENEZUELA: Unit Lays Off 270 Workers on Q1 Loss
------------------------------------------------------------
Hovensa LLC handed pink slips to 270 contract workers at its
500,000-barrel per day refinery in the Virgin Islands, as the
company incurred a “significant net operating loss” in the first
quarter Janet McGurty of Reuters reports, citing spokesman Alex
Moorhead.

According to the report, the refinery, which is jointly-owned by
Hess Corp and Petroleos de Venezuela SA, has about 1,400 workers
on its payroll, in addition to about 1,000 contract workers who
remain.

Reuters notes weak demand for gasoline and diesel have cut into
profit margins for refiners, forcing many to cut back on
production.

                         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 of June 30, 2009, the company continues to carry these low
investment ratings from the major rating agencies:

   * Moody's LC Curr Issuer Rating at B1
   * Standard and Poor's LT Issuer credit ratings at B+; and
   * Fitch Ratings LT Curr Issuer Default ratings at B+


* VENEZUELA: No Need for OPEC to Lower Output, Minister Says
------------------------------------------------------------
Venezuela's Oil Minister Rafael Ramirez said there was no need for
OPEC to cut production due to weak demand and US$75 a barrel crude
oil was a fair price for the second half of the year, Tahani
Karrar of Dow Jones Newswires reports.

"Demand is not back in the market and we are in full compliance
with our cut policy.  We don't believe OPEC have to increase
production, we are looking for a price of up to US$75 for the
second half," the report quoted Mr. Ramirez as saying.

                         *     *     *

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



                            ***********

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 * * *