TCRLA_Public/090702.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, July 2, 2009, Vol. 10, No. 129

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: U.S. Court Permits Investors to See Own Accounts
STANFORD INT'L: Receiver Releases Report on Account Freeze Status
STANFORD INT'L: SFO Freezes Owner's US$100Mln Assets in UK


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
LILIUM SRL: Proofs of Claim Verification Due on September 3
SEGUROS PROVIDA: Moody's Raises Insurance Strength Rating to 'B3'

SNIAFA SAICFEI: Proofs of Claim Verification Due on August 18
TELE NORTE: Savings on Brasil Telecom Merger to Come "Quickly"
VINISA SA: Proofs of Claim Verification Due on September 1
YPF SA: China National to Revive Offer to Boost Stake
* ARGENTINA: Upgraded to Overweight at JPMorgan


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
SCOTTISH RE: Posts US$1.7 Bln Net Income in 3-Mos. Ended March 31
VALIDUS HOLDINGS: IPC Shareholders Supports Firm's Decision


B R A Z I L

BANCO BRADESCO: Seeks to Boost Bad Loan Provisions
BANCO DO BRASIL: To Record BRL1.4-Bln Gain on VisaNet Shares Sale
BANCO DO BRASIL: To Use Proceeds to Boost Bad Loan Provisions
COMPANHIA SIDERURGICA: Posts US$2.65 Trillion Net Income in 2008
GOL LINHAS: Currency Rally & Programs Expansion to Boost Earnings

TAM SA: Frequent-Flyer Program Expansion May Boost Revenue by 15%


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
CL FIN'L: CIMA Issues "Cease and Desist" Order to CLICO Unit
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


C H I L E

AES GENER: S&P Places Ratings on CreditWatch Negative


C O L O M B I A

AMERICAN INT'L: To Sell Consumer Finance Operations in Colombia
BANCOLOMBIA SA: Posts US$575,258,000 Net Income for 2008
ECOPETROL SA: Posts COP11.6 Trillion Net Income in 2008


D O M I N I C A N  R E P U B L I C

AES CORP: Itabo's Energy Production Cost Drops 40%


E L  S A L V A D O R

AES EL: Moody's Downgrades Senior Unsecured Debt Rating to 'Ba2'


J A M A I C A

DIGICEL LIMITED: Prices US$250 Million Placement of Senior Notes


M E X I C O

ASARCO LLC: Asks Court to Subordinate Parent's $516-Mil. Claim
CONTROLADORA COMERCIAL: Receives Restructuring Bid From Creditors
LEAR CORP: North American Operations Reach Bankruptcy Deal


P E R U

* PERU: Downgraded to Marketweight at JPMorgan


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Register US$3-Bln Bond Internationally


X X X X X X X X

BERNARD MADOFF: SIPC, Trustee Unveil $231MM in Funds for Customers
BERNARD MADOFF: Sentenced to 150 Years in Prison
CRABTREE & EVELYN: U.S. Group Seeks Bankruptcy Protection
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L: U.S. Court Permits Investors to See Own Accounts
----------------------------------------------------------------
Judge David Godbey of the United States District Court for the
Northern District of Texas, Dallas Division, has issued an order
allowing individual investors of Stanford International Bank
Limited owner Robert Allen Stanford -- whose brokerage accounts
were ordered frozen while being reviewed by SFG court-appointed
receiver Ralph Janvey -- access to their funds by August 3.

The Court set a deadline of August 3, 2009 for the Receiver to
complete his review of frozen customer brokerage accounts at
Stanford Group Company and frozen accounts at Stanford Trust
Company.   During that time, the Receiver is to assess whether to
assert "claw back" claims against individual investors and to
assert any such claims in a proceeding ancillary to the
Receivership case, together with claims for prejudgment
attachment.  Any Stanford Group Company and Stanford Trust Company
accounts as to which no such claim has been asserted by noon on
August 3, 2009 will be unfrozen and released.  With respect to
Stanford Group Company and Stanford Trust Company accounts as to
which any claim is filed by the Receiver before that time, the
Receiver will request the Court to continue the freeze until the
claim is resolved.

The Order does not affect accounts frozen because the owners are
former senior management of Stanford companies, former financial
advisors who appear to owe amounts to the Estate, or customers who
have not taken any action to repay an outstanding loan or debit
balance owed to the Estate.

"The Court finds that the freeze has lasted long enough to permit
the Receiver to assess whether he has viable claims against the
various individual investors, and that it is time now for those
claims to be asserted and tested.  The Receiver has estimated that
he needs an additional ten weeks to complete his review of
accounts.  In view of the hardship the freeze is causing the
individual investors, the Court cannot leave the freeze in place
that long," Judge Godbey said in his 2-page order.

Bloomberg News recalls John Little, the court-appointed examiner,
recommended that the court release the bank accounts belonging to
innocent investors who had been unable to reach an accord with Mr.
Janvey.

"The order gives the receiver five more weeks to determine whether
he will assert additional 'clawback’ claims against investors. I
expect he will do so," Mr. Little said in an e-mail obtained by
the news agency.  "The court will then have to determine whether
the pendency of those 'clawback’ claims justifies a continued
freeze on the assets of the investors the receiver decides to
pursue," Mr. Little added.

                 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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, R. Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

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.


STANFORD INT'L: Receiver Releases Report on Account Freeze Status
-----------------------------------------------------------------
Stanford Financial Group court-appointed receiver Ralph Janvey
filed with the United States District Court for the Northern
District of Texas, Dallas Division, a report on the status of the
account freeze and release process regarding Stanford Group
Company and Stanford Trust Company accounts.  As stated in the
receiver's report:

    * Approximately 20,416 customers of Stanford Group
      Company and Stanford Trust Company (Louisiana)
      have had their accounts at Pershing, J.P. Morgan
      or SEI released from the Court-ordered freeze;

    * 299 customers of Stanford Group Company have
      brokerage accounts that remain subject to the
      account freeze because the owners are former
      senior management of the Stanford companies, former
      financial advisors who appear to owe amounts to
      the Estate or customers who have not taken any
      action to repay an outstanding loan or debit
      balance owed to the Estate;

    * An additional 531 customers of Stanford Group
      Company have brokerage accounts at Pershing or
      JP Morgan that remain subject to the account freeze
      because they contain or appear to contain CD proceeds;

    * 203 of the 531 Stanford Group Company customers
      noted above have submitted applications for review
      and possible release and the resolution of those
      applications is in progress;

    * 28 Stanford Group Company customers have entered
      stipulations which have been filed with the
      Court and which have resulted in the release of
      funds in excess of the amount of CD proceeds in
      the account;

    * 110 customers of Stanford Trust Company have accounts
      at SEI that remain subject to the account freeze
      because they contain or appear to contain CD proceeds;

    * US$17.6 million in CD proceeds is being held by the
      Receiver in escrow pursuant to stipulations with
      account holders; and

    * An estimated US$196 million of the funds that remain
      frozen at Pershing, JP Morgan and SEI, plus an
      additional amount not yet determined, are proceeds
      related to CDs which the Receiver believes are
      funds that should be part of the Receivership Estate.

                 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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

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.


STANFORD INT'L: SFO Freezes Owner's US$100Mln Assets in UK
----------------------------------------------------------
The Serious Fraud Office said it had frozen more than US$100
million (GBP60 million) assets in the United Kingdom linked to
Stanford International Bank Limited owner Robert Allen Stanford,
Peter Taylor of Telegraph.co.uk News reports.  The report relates
SFO said it had frozen assets "at certain London financial
institutions" at the request of the U.S. Department of Justice
after securing an order from the Central Criminal Court in April.

The report recalls Judge Stephen Kramer QC granted the order --
which freezes the assets pending the outcome of the criminal
proceedings brought by the Department of Justice -- within five
hours of the SFO's application on April 7.

                 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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

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.



=================
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.


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.


SEGUROS PROVIDA: Moody's Raises Insurance Strength Rating to 'B3'
-----------------------------------------------------------------
Moody's Latin America has upgraded Seguros Provida's global local-
currency insurance financial strength rating to B3 from Caa1, and
the company's Bolivian national scale IFS rating to A1.bo from
A2.bo.  Both ratings now carry a stable outlook.

Seguros Provida, which is privately owned, is one of the two
companies that administer run-off provisional annuity funds in the
pay-out phase for pensioners in Bolivia, holding about 25% of the
market's reserves in this segment.  This type of insurance
coverage was created by Bolivia's Pension Funds Act in 1996.  The
company also distributes other types of life and annuity insurance
policies to the general population in Bolivia.

According to Moody's, the upgrade of Seguros Provida's ratings is
primarily driven by the company's continuing trend of strong
financial fundamentals as seen by its solid capitalization and
sustained levels of good profitability.  Provida's average return
on equity for the last five years has risen to 28%, the highest in
the Bolivian insurance market.  However, the company's strong
earnings have been boosted by the high investment returns
associated with Bolivian sovereign assets.  The company's
capitalization -- as measured by the equity-to-assets ratio -- has
shown a steady positive trend, rising from 10% in 2004 to 19% in
March 2009.  However, the rating agency added that a recent
negative trend in the company's surplus for local regulatory
capital requirements is a matter of concern.

Moody's also positively noted that Seguros Provida is still the
second largest life insurer in Bolivia, based both on assets and
shareholders' equity, despite its weak market position in terms of
new premiums.  Although the company has attempted to diversify its
business strategy to other segments other than provisional
annuity, the results to date have been only modestly successful.

Moody's noted that these credit strengths are tempered by several
negative factors: 1) Seguros Provida's current low market
position, based on new premiums written; 2) the company's
significant and concentrated investment risk in Bolivian
government bonds and local bank deposits, which is common for
every Bolivian insurer; 3) the volatility in the company's
business profile given the legal/regulatory changes in late 2006
which caused Seguros Provida's main business line to become a run-
off business.; 4) the company's asset-liability management
challenges given its inflation-adjusted annuities with spread
compression and reinvestment risk; and 5) the significant country-
specific risk of doing business in Bolivia.

Based in La Paz, Seguros Provida reported revenues of Bs$ 5.9
million in the fiscal quarter ending March 31, 2009, up 80% from
the Bs$ 3.3 million posted in the same period of the previous
year.  Shareholders' equity at the end of the quarter was Bs$ 155
million, rising 3.1% from the Bs$ 150 million reported as of
December 31, 2008.

NOTE: 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 Bolivian companies, national scale
ratings carry the identifier of ".bo".

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 (i.e. Bolivia), these ratings are the result of, among
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.


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


TELE NORTE: Savings on Brasil Telecom Merger to Come "Quickly"
-------------------------------------------------------------
The merger of Tele Norte Leste Participacoes S.A. aka Oi, with
Brasil Telecom SA will cause savings to come "rather quickly,"
Paulo Winterstein of Bloomberg News reports, citing Deutsche Bank
AG.

"Synergies should top BRL2 billion (US$1.02 billion)" which
represents about 15% of market value "and they could materialize
rather quickly," Analysts led by Rizwan Ali wrote in a note
obtained by the news agency.

According to the report, the analysts said both companies will
also benefit from declining interest rates as about 60% of debt is
linked to the benchmark Selic rate.  The report relates the
analysts said the rate, at a record 9.25%, may be cut by half a
percentage point to 8.75% at the central bank’s July 22 meeting.

                       About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. (aka Oi)-- http://www.telemar.com.br--
provides 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.

                          *     *     *

As of July 1, 2009, the company continues to carry Standard and
Poor's "BB+" long- term issuer credit 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.


YPF SA: China National to Revive Offer to Boost Stake
-----------------------------------------------------
China National Petroleum Corp. is seeking to revive a failed
attempt to buy stakes in Argentina-based YPF S.A., a unit of
Repsol YPF SA, Joost Akkermans of Bloomberg News reports, citing
South China Morning Post.

According to the report, the Post said CNPC's third attempt will
likely face strong political opposition in Argentina.

The report notes the Post said that CNPC may offer to buy as much
as 75% of YPF, valued at about US$17 billion, while Chinese rival
Cnooc Ltd. is interested in a 25% stake.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.


* ARGENTINA: Upgraded to Overweight at JPMorgan
-----------------------------------------------
JPMorgan has upgraded Argentina to overweight from marketweight,
LatinFrance reports.

According to the report, JPMorgan said it upgraded Argentina after
elections boosted the prospects of potential presidential
candidates that are more inclined to consensus building, pro-
business policies both outside and within the Peronist Party.

                            *     *     *

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

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



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

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.


SCOTTISH RE: Posts US$1.7 Bln Net Income in 3-Mos. Ended March 31
-----------------------------------------------------------------
Scottish Re Group Limited has posted to its web site its
consolidated unaudited financial statements for the three month
period ended March 31, 2009.  For the three month period ended
March 31, 2009, Scottish Re reported net income attributable to
ordinary shareholders of US$1,711 million, or US$7.84 per diluted
ordinary share, as compared to a net loss attributable to ordinary
shareholders of US$735 million, or (US$10.75) per diluted ordinary
share, for the prior year period.  The net income attributable to
ordinary shareholders was driven by a US$642 million gain
associated with the sale to Hannover Ruckversicherung AG
("Hannover Re") of a block of individual life reinsurance business
acquired by the Company from ING in 2004 and a US$1,150 million
non-cash gain generated by the de-consolidation of Ballantyne Re
plc ("Ballantyne Re") from the Company's consolidated financial
statements.

The sale of the block of individual life reinsurance business to
Hannover Re was completed on February 20, 2009 and was effective
as of January 1, 2009.  The gain associated with the sale was
principally driven by a US$1,469 million reduction in investments,
offset by a US$1,903 million release of reserves for future policy
benefits and a US$208 million decrease in other net liabilities.
The release of liabilities in excess of the assets transferred
generated a GAAP gain; however, the sale of the block of
individual life reinsurance business to Hannover Re did not
generate any cash proceeds and provided limited additional
liquidity for the Company.

Ballantyne Re is a special purpose reinsurance vehicle
incorporated under the laws of Ireland.  Effective January 1,
2009, Ballantyne Re no longer is consolidated within the financial
statements of Scottish Re.  The de-consolidation of Ballantyne Re
has reduced the Company's consolidated total assets and
liabilities by approximately US$885 million and US$2,035 million,
respectively, and resulted in a one-time non-cash de-consolidation
gain of US$1,150 million.  This gain has no impact on the
Company's current or future liquidity position.

                      About Scottish Re

Scottish Re Group Limited  (Pink Sheets:SKRRF) --
http:ww.scottishre.com/ -- is a global life reinsurance
specialist. Scottish Re has operating businesses in Bermuda,
Ireland and the United States.  Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd., and Scottish Re (U.S.), Inc.

                        *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings has downgraded Scottish Re Group Limited's Issuer
Default Rating to 'CC' from 'CCC'.  Fitch affirmed the Insurer
Financial Strength of Scottish Re (U.S.) Inc. at 'CCC'.  Fitch is
withdrawing all SKRRF ratings.  Fitch will not provide analytical
coverage on SKRRF or its subsidiaries.


VALIDUS HOLDINGS: IPC Shareholders Supports Firm's Decision
-----------------------------------------------------------
Validus Holdings, Ltd. has submitted to IPC Holdings, Ltd.
requisitions from shareholders with aggregate ownership of
approximately 54% of the outstanding common shares of IPC, showing
strong support for Validus' acquisition of IPC.  As Validus has
submitted requisitions to IPC from shareholders representing 10%
or more of the issued and outstanding common shares of IPC, the
IPC Board is required by Bermuda law to call a special meeting of
IPC shareholders.  At the special meeting, among other proposals
to be considered, Validus will seek to replace the IPC Board.

"We are pleased that IPC shareholders have taken quick and
decisive action to compel the IPC Board to call a special
meeting," said Ed Noonan, Validus’ Chairman and Chief Executive
Officer.  "The high level of requisitions, along with the
overwhelming rejection of the Max transaction, clearly
demonstrates that IPC shareholders want the attractive economics
of the Validus offer."

Under Validus’ offer, IPC shareholders would receive $3.75 in cash
and 1.1234 Validus voting common shares for each IPC common share
for a total consideration of $28.24 based on Validus’ closing
price on June 26, 2009.  The Validus offer provides IPC
shareholders with a 24.9% premium based on IPC’s and Validus’
closing prices on March 30, 2009, the last trading day before the
announcement of Validus’ initial offer.

Mr. Noonan continued, "Once again, we urge IPC’s Board to heed the
message sent by its shareholders and agree to Validus’ revised
Amalgamation Agreement without delay.  We have presented a very
attractive offer to IPC, which includes a full and fair price for
IPC shares, and have made a number of concessions to be responsive
to concerns expressed by the IPC Board. I f IPC executes Validus'
revised Amalgamation Agreement, IPC shareholders will have the
certainty of a transaction which is not subject to termination in
the event of major catastrophe losses.  IPC shareholders have
clearly spoken: the IPC Board should not further delay or attempt
to create roadblocks that prevent its shareholders from receiving
the attractive economics of the Validus offer and prolong the
uncertainty surrounding IPC's future direction."

In addition to seeking the replacement of the IPC Board with three
highly qualified candidates at the special meeting, Validus will
seek to eliminate or amend certain provisions in IPC’s bye-laws
and to bind IPC to its previously announced Scheme of Arrangement,
if appropriate.  While Validus believes that reaching a consensual
amalgamation transaction would be in the best interests of IPC and
its shareholders, Validus remains strongly committed to acquiring
IPC and will continue to pursue alternative paths to complete a
transaction, including its Exchange Offer and previously announced
Scheme of Arrangement.  With overwhelming evidence of IPC
shareholder support for calling a special meeting, Validus will be
submitting a new application with the Supreme Court of Bermuda to
seek its approval to convene a court-ordered meeting of IPC’s
shareholders in connection with the Scheme of Arrangement.

Validus also extended its Exchange Offer for all of the
outstanding common shares of IPC to 5:00 p.m., New York City time
(6:00 p.m., Atlantic time), on Monday, July 6, 2009, unless
extended.  As of 5:00 p.m., New York City time (6:00 p.m.,
Atlantic time), on June 26, 2009, the previously scheduled
expiration date, approximately 14,313,622 shares of IPC (including
approximately 1,488,126 IPC shares subject to guaranteed delivery
procedures) had been tendered in and not withdrawn from the
Exchange Offer.

                About Validus Holdings, Ltd.

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

                        *     *     *

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



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

BANCO BRADESCO: Seeks to Boost Bad Loan Provisions
--------------------------------------------------
Banco Bradesco S.A. said it will use some of the proceeds from the
listing of Visa Inc.’s Brazilian affiliate, Cia. Brasileira de
Meios de Pagamento (VisaNet), to boost bad loan provisions, Telma
Marotto and Laura Price of Bloomberg News report.

According to the report, Banco Bradesco cut its stake in VisaNet,
to 28.8% from 39.3%, which will yield a pretax gain of about
BRL2 billion (US$1 billion) in the second quarter.  The report
relates the bank increased provisions for defaults by BRL1.3
billion "to bear eventual cyclical scenarios and an increase in
the default rate."

Bloomberg News notes Brazil central bank said the default rate on
personal loans rose to a record in May as higher unemployment and
the economic slowdown made repaying debt more difficult for
consumers.  The rate increased to 8.6% from 8.4% in April and 7.4%
a year ago, the bank added.

                     About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                       *     *     *

As of July 1, 2009, the bank continues to carry Moody's Foreign LT
Bank Deposits ratings at Ba2.



BANCO DO BRASIL: To Record BRL1.4-Bln Gain on VisaNet Shares Sale
-----------------------------------------------------------------
Banco do Brasil SA said it will report a one-time gain of BRL1.4
billion (US$720 million) in the second-quarter due to the sale of
a 7.05% stake in VisaNet's initial public offering, Rogerio
Jelmayer of Dow Jones Newswires reports.  The report relates
company had a 32% stake in Visanet before the IPO.

According to the report, Banco do Brasil said it sold its stake in
VisaNet through subsidiary BB Banco de Investimento.

DJ Newswires recalls that last week, VisaNet's shareholders raised
BRL8.4 billion through the company's IPO.

Banco do Brasil, in the meantime, said that it reinforced its
provisions by BRL676 million in the second quarter, the report
says.

                     About Banco do Brasil

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

                       *     *     *

As of July 1, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


BANCO DO BRASIL: To Use Proceeds to Boost Bad Loan Provisions
-------------------------------------------------------------
Telma Marotto and Laura Price of Bloomberg News report that
Brazil-based Banco do Brasil SA will use some of the proceeds from
the listing of Visa Inc.’s Brazilian affiliate, Cia. Brasileira de
Meios de Pagamento (VisaNet), to boost bad loan provisions.

According to the report, Banco do Brasil will post a
BRL1.42 billion gain from the sale of VisaNet and set aside an
additional BRL676 million for bad loans.

Bloomberg News notes Brazil central bank said the default rate on
personal loans rose to a record in May as higher unemployment and
the economic slowdown made repaying debt more difficult for
consumers.  The rate increased to 8.6% from 8.4% in April and 7.4%
a year ago, the bank added.

                      About Banco do Brasil

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

                       *     *     *

As of July 1, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


COMPANHIA SIDERURGICA: Posts US$2.65 Trillion Net Income in 2008
----------------------------------------------
Companhia Siderurgica Nacional S.A. disclosed its financial
results for the year ended December 31, 2008.

For the year ended December 31, 2008, the company posted
US$2.65 trillion net income, higher compared to the US$1.70
trillion recorded for the same period last year.

The company posted a gross profit of US$3.61 trillion for the
year-ended December 31, 2008, higher compared to the US$2.44
trillion gross profit recorded for the same period in 2007.

As of December 2008, the company reported US$15.71 trillion in
total assets, US$3.81 in current liabilties, and US$8.58 trillion
in long-term liabilities, resulting in US$3,31 trillion in stock
holder's equity.

A copy of the Company's Annual Report with the SEC is available
for free at:

http://www.mzweb.com.br/csn/web/arquivos/CSN_2008_20F_form.pdf

                          About CSN

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

                        *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.



GOL LINHAS: Currency Rally & Programs Expansion to Boost Earnings
-----------------------------------------------------------------
Analysts said that a rally in the currency and the expansion of
Brazil-based airline GOL Intelligent Airlines (aka GOL Linhas
Areas Inteligentes S.A.)'s mileage programs will help bolster its
earnings, Heloiza Canassa and Flavia Bohone of Bloomberg News
report.

According to Bloomberg News, the Brazilian real gained 1.2% to
1.9296 per U.S. dollar yesterday, July 1, helping the airline to
reduce the cost to service dollar-based debt.  The report relates
the real is up 20% this year.  “The dollar is helping ...,” the
report quoted Vanessa Ferraz, an analyst at HSBC Holdings Plc in
Sao Paulo, as saying.  Almost all of the airline’s debt and about
50% of its expenses are linked to the dollar, Ms. Ferraz added.

The report notes Banco Santander SA analyst Caio Pereira Dias, in
a note to clients, said the airline's shares are also gaining
after it agreed with two banks to release co-branded credit cards.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2009, Bloomberg News said GOL Linhas 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.  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 related 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.

                       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.


TAM SA: Frequent-Flyer Program Expansion May Boost Revenue by 15%
-----------------------------------------------------------------
Analysts said that a rally in the currency and the expansion of
TAM SA's mileage programs will help bolster its earnings, Heloiza
Canassa and Flavia Bohone of Bloomberg News report.

The expansion of the airline's frequent-flyer program, Multiplus,
may boost revenue by 15%, Morgan Stanley wrote on June 28 note
obtained by the news agency.

According to Bloomberg News, the Brazilian real gained 1.2% to
1.9296 per U.S. dollar yesterday, July 1, helping the airline to
reduce the cost to service dollar-based debt.  The report relates
the real is up 20% this year.  “The dollar is helping . . . ,” the
report quoted Vanessa Ferraz, an analyst at HSBC Holdings Plc in
Sao Paulo, as saying.  Almost all of the airline’s debt and about
50% of its expenses are linked to the dollar, Ms. Ferraz added.

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

                          *     *     *

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



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


CL FIN'L: CIMA Issues "Cease and Desist" Order to CLICO Unit
------------------------------------------------------------
The Cayman Islands Monetary Authority issued a cease and desist
order prohibiting Colonial Life Insurance Company's unit, British
American Insurance Company Limited, from issuing new insurance
policies, Caribbean Net News reports.  The order significantly
expands BAICO's reporting requirements.  CLICO is a unit of CL
Financial Limited.

The report relates the order also asked BAICO to maintain all
assets in the Cayman Islands to ensure the satisfactory coverage
of all policy holder liabilities of BAICO and prohibits the
company from transferring any of its assets and funds to any
affiliated company without the Authority's prior written approval.

"The Authority has issued this cease and desist order to safeguard
the public interest and to protect the Company's policyholders
while the Authority continues its examination of BAICO's affairs,"
CIMA explained in a notice obtained by the news agency.  The
report relates the notice further advises that the Authority
expects BAICO "to continue to honour its obligations to its
policyholders; the ongoing examination of the Company by the
Authority does not preclude the Company from honouring these
obligations."

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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.


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



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

AES GENER: S&P Places Ratings on CreditWatch Negative
-----------------------------------------------------
On June 30, 2009, Standard & Poor's Ratings Services placed its
'BBB-' ratings on Gener on CreditWatch with negative implications.

The CreditWatch listing follows the Chilean Supreme Court's
decision to revoke the EIA of the company's 270MW coal-fired
Campiche power generation project, which was granted in April
2008, and to suspend its construction.  On June 22, 2009, the
Supreme Court upheld the January 2009 Valparaiso Court of Appeals
decision to revoke Campiche's project EIA, arguing that the V
Region Environmental Authority illegally granted the EIA, as the
municipal organization had not modified the zoning plan to permit
the installation of a power plant, as required by law.

The CreditWatch reflects the uncertainties regarding the
completion date of the Campiche project, originally expected for
May 2011, which could negatively affect the financials of the
project and those of Gener.

The ratings on Gener reflect its good market position as a
reliable power provider in Chile, with lower-than-average exposure
to droughts in its core market, its large power sales contracts
with solid offtakers in the Chilean Central Interconnected System,
and its good competitive position in the Chilean Northern
Interconnected System (SING) and in Colombia.  The offsetting
factors are Gener's higher-than-average power generation costs
under normal hydrological conditions compared with relatively
large hydroelectric generators in the SIC and severe natural-gas
supply shortages in Chile, which raise the company's generation
costs and/or the cost of its power purchases.

Gener's profit margin and cash flow generation highly depend on
the evolution of the node and spot electricity prices in the SIC,
where about 45% of the company's generation assets are located, on
the performance of its operations and gas availability in the
SING,  and on the performance of operations in Colombia (from the
100% owned power generator AES Chivor).  However, during 2007 and
2008, the SIC's contribution to the company's consolidated EBITDA
plunged to 16% and 18%, respectively, from 47% in 2006 because of
the significant increase in operating and power purchase costs,
only partly offset by the higher node price.  In addition, during
2008, EBITDA generation from the SING amounted to 42% (compared
with 45% in 2007) and 40% from Colombia (compared with 39% in
2007).  In the medium to long term, and depending on the
construction pace of projects, Gener's EBITDA generation mix is
expected to change, with a higher contribution from the operations
in the SIC, the entry of new contracts under more favorable terms
(given the conditions established by the Short Law II), and the
entry in operations of new more efficient capacity (Nueva Ventanas
and Campiche projects).  S&P expects Gener's operations in the SIC
to generate 30%-50% of consolidated EBITDA, 20%-30% in the SING,
and 30%-40% in Colombia.

Gener's financial risk profile is supported by adequate, but
volatile, cash flow generation, relatively low debt maturities
until 2014, and adequate financial flexibility.  These factors
somewhat mitigate the increased use of debt.  During 2008, despite
higher debt levels to finance investments, Gener's consolidated
debt service coverage ratios benefited from higher node prices
and sales in the spot market and to distribution companies without
contracts at very high spot prices in the SIC, and from AES
Chivor's higher capacity revenues and spot market sales.  As a
result, in the 12 months ended March 2009, Gener's consolidated
FFO interest coverage and FFO to total debt amounted to 3.7x and
21.5%, respectively, compared with 3.9x and 19.6%, respectively,
in 2008 (and 3.6x and 18.8% in 2007).  The above mentioned ratios
include "non-recourse" debt related to the development of Nueva
Ventanas and Angamos, for $399 million as of March 31, 2009.
Excluding non-recourse debt, in the 12 months ended March 2009,
Gener's FFO interest coverage and FFO to total debt ratios
amounted to 4.5x and 31%, respectively.

Gener has developed an ambitious expansion strategy in Chile
through these measures:

The construction of new thermal capacity for about 1,200 MW (Santa
Lidia 139 MW diesel, Nueva Ventanas 267 MW coal, Campiche 270 MW
coal, and Angamos 518 MW coal);

304 MW expansion by its 50%-owned Empresa Eléctrica Guacolda S.A.;
and Other planned projects, such as Alto Maipo 530 MW hydro and
Los Robles 750 MW coal in Chile, which S&P is not considering to
be developed in the next two years.

Gener accounts for about 20% of Chile's total generation capacity,
with an installed capacity of 2,698 MW.  The company is 70.7%
indirectly owned by the U.S.-based AES Corp. (BB-/Stable/--),
which is rated significantly lower than Gener (BBB-/Watch Neg/--).
Generally, Standard & Poor's will not rate the debt of a majority-
owned subsidiary higher than that of the parent.  However, S&P
make exceptions on the basis of the cumulative value provided by
enhancements, such as structural protections, covenants, and an
independent shareholder or director.  According to the company's
bylaws, Gener cannot make intercompany loans to its shareholders.
Gener can distribute dividends only if its FFO interest coverage
exceeds 2.4x, or has two investment-grade credit ratings, or it
obtains confirmation that the dividend payment will not affect
the ratings.  The enhancements in place for Gener, with certain
legal insulation provided by Chilean bankruptcy law, provide
sufficient comfort to allow for the current three-notch difference
between AES and Gener.

S&P views Gener's liquidity as adequate.  Despite the expected
significant increase in investments in new generation projects in
the next five years, which would result in higher debt levels, S&P
expects Gener to benefit from a cash position of more than
$100 million, low debt maturities until 2014, and a fluid access
to the financial markets, which includes access to committed bank
lines fully available for $130 million.  Evidence of the good
access to the markets is the increases in capital--$272 million in
June 2008, $246 million in February 2009, and $196 million bond
issuance in the domestic market in April 2009.

S&P expects to resolve the CreditWatch listing once S&P has
analyzed the construction delay's potential impact on Gener's
business and financial profile, the potential impact of Campiche's
ruling on other projects of the company and the impact on Gener's
contract portfolio.

          Ratings Affirmed; CreditWatch/Outlook Action

                          AES Gener S.A.

                               To                 From
                               --                 ----
Corporate Credit Rating        BBB-/Watch Neg/--  BBB-/Negative/--

                          AES Gener S.A.

                                        To                 From
                                        --                 ----
Senior Secured (1 issue)               BBB-/Watch Neg     BBB-



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

AMERICAN INT'L: To Sell Consumer Finance Operations in Colombia
---------------------------------------------------------------
American International Group, Inc. has agreed to sell 100 percent
of its ownership interests in Inversora Pichincha S.A. and
Interdinco S.A., which comprise AIG’s consumer finance operations
in Colombia, to Banco Pichincha C.A. of Ecuador and other parties.
Terms of the transaction were not disclosed.  The transaction is
subject to the satisfaction of certain conditions, including
approval by the Ecuador Superintendency of Finance
(Superintendencia de Bancos y Seguros de la Republica del Ecuador)
and the Colombia Superintendency of Finance (Superintendencia
Financiera de Colombia).

UBS Investment Bank acted as financial advisor and Kramer Levin
Naftalis & Frankel served as legal counsel to AIG on this
transaction.

                    About Inversora Pichincha

Inversora Pichincha S.A. is a leading provider of consumer finance
products in Colombia, offering vehicle financing, personal loans,
student loans, insurance premium financing, commercial loans,
credit cards and retail deposits.  Inversora Pichincha S.A. has
approximately 140,000 customers, 19 branches located in the main
urban centers of Colombia, and a distribution model that includes
agreements with more than 100 auto dealerships, 274 state entities
and 1,500 companies.

                          About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an $85
billion credit facility to enable AIG to meet increased collateral
obligations consequent to the ratings downgrade, in exchange for
the issuance of a stock warrant to the Fed for 79.9% of the equity
of AIG.  The credit facility was eventually increased to as much
as $182.5 billion.  AIG has sold a number of its subsidiaries and
other assets to pay down loans received, and continues to seek
buyers of its assets.

At March 31, 2009, AIG had $819.75 billion in total assets and
$765.53 billion in total liabilities.  At September 30, 2008, AIG
had $1.022 trillion in total assets and $950.9 billion in total
debts.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


BANCOLOMBIA SA: Posts US$575,258,000 Net Income for 2008
--------------------------------------------------------
Bancolombia S.A. disclosed its financial results for the year
ended December 31, 2008.

For the year ended December 31, 2008, the company posted a net
income of Ps 1,290,643,000,000 or US$575,258,000.

The Company's balance sheet as of December 31, 2008, showed total
assets of Ps 61,783,079,000,000 or US$27,537,598,000; total
liabilities of Ps 55,666,234,000,000 or US$24,811,233,000, and
total shareholder's equity of Ps 6,116,845,000,000 or
US$2,726,365,000.

As of December 31, 2008, Bancolombia’s liabilities reached Ps
55,666 billion, increasing 18.6% as compared to the end of 2007.
Liabilities denominated in pesos, which represent 69.8% of total
liabilities, increased 19.7% as compared to the end of 2007.
Bancolombia’s principal sources of funding are short-term
deposits, which are primarily composed of time deposits, checking
accounts, and savings accounts. The Bank experienced, during 2008,
a positive evolution of deposit growth which reached Ps 40,384
billion (65.4% of assets) by the end of the year, increasing 17.5%
as compared to the end of 2007. Deposits denominated in pesos,
which constituted 72.7% of the total deposits, increased 19.1% as
compared to the end of 2007.

Overall, the Bank’s funding structure did not change substantially
in 2008.  The Bank still relies on short term deposits as its
major source of funds as it has done in the past.  The Bank’s
strategy will continue to focus on maintaining a solid liquidity
position, taking advantage of the stable deposits derived from a
broad base of customers, ample geographical coverage, and diverse
alternative funding sources, which has enabled Bancolombia to
fulfill its contractual obligations.

Bancolombia’s management believes that the current level of
liquidity is adequate, and will seek to maintain its solid deposit
base and the access to alternative sources of funding such as
borrowings from domestic development banks, repurchase agreements,
bond issuances, overnight funds, and Central Bank funds, in light
of market conditions, interest rates, and the desired maturity
profile of liabilities.

A copy of the Company's Annual Report filed with the U.S.
Securities and Exchange Commission is available for free at:

                http://ResearchArchives.com/t/s?3e86

                      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.

                         *     *     *

In May 2009, Moody’s Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

On the other hand, Fitch Ratings affirmed on June 2009
Bancolombia's long- and short-term Issuer Default Ratings and
outstanding debt ratings as follows: Long-term foreign currency
IDR at 'BB+'; Short-term foreign currency IDR at 'B'; Long-term
local currency IDR at 'BB+'; Short-term local currency IDR at 'B';
Individual at 'C/D'; Support at '3'; Support Floor at 'BB-'. at
the same time the rating for Bancolombia's subordinated debt
maturing May 2017 was affirmed at 'BB'. The Rating Outlook is
Stable.


ECOPETROL SA: Posts COP11.6 Trillion Net Income in 2008
-------------------------------------------------------
Ecopetrol S.A. disclosed its financial results for the year ended
December 31, 2008.

For the year ended December 31, 2008, the company posted net
income of COP11,629,677,000,000, higher compared to the
COP5,179,792,000,000 recorded for the same period in 2007.

The company posted total revenue of COP33,896,669,000,000
for the year-ended December 31, 2008, higher compared to
COP22,332,320,000,000 for the same period in 2007.

The Company's balance sheet at December 31, 2008, showed total
assets of COP48,702,412,000,000; total liabilities of
COP13,839,744,000,000; minority interests of COP242,951,000,000
and total shareholder's equity of COP34,619,717,000,000.

As of December 31, 2008, the company's balance sheet showed total
current assets of COP15,704,900,000,000 available to pay total
current liabilities of COP6,699,772,000,000.

Ecopetrol says its principal sources of liquidity in 2008 "were
cash flows from operations amounting to Ps$11,792,900 million. In
addition, we received Ps$832,919 million as a result of additional
shares bought by investors pursuant to the installment option we
offered during our initial public offering in Colombia, which took
place during the third quarter of 2007. Our principal uses of
liquidity in 2008 were Ps$9,890,505 million in capital
expenditures, which included investments in natural and
environmental resources and reserves, additions to our property,
plant and equipment and dividend payments for the fiscal year 2007
amounting to Ps$4,654,340 million."

"At December 31, 2008, we had consolidated indebtedness of
Ps$289,499 million, which corresponded mainly to Propilco’s
indebtedness of Ps$278,107," the Company says in its report.

Ecopetrol relates that for 2009, "major cash needs include planned
capital expenditures amounting to approximately Ps$14,315,200
million, of which Ps$2,295,400 million correspond to exploration
activities and acquisition of reserves, Ps$6,244,500 million
correspond to production activities, Ps$1,872,200 million
correspond to refining activities, Ps$1,375,400 million for
transportation activities, Ps$526,700 million for other capital
expenditures, Ps$2,001,000 for acquisitions and Ps$8,122,918
million for dividend distributions.  In addition, we use cash to
finance the Government’s motor fuel subsidy program for which the
Government reimburses us in cash.  Under current market
conditions, we expect our existing and anticipated working capital
and capital expenditure requirements to be met through our cash
flows from operations and through debt proceeds raised in the
local and international financial markets."

Ecopetrol also relates it "recently entered into a Ps$2,200
billion (approximately US$1 billion) syndicated loan facility with
a syndicate of local banks in May 2009. This loan facility has a
term of seven years with a two year grace period. The interest
rate under the facility equals the fixed term deposit rate (DTF)
plus an additional 4% (the anticipated quarterly interest rate).
Amortization is bi-annual under the loan. In addition, as
guarantee for the loan, we pledged our stock in Refinería de
Cartagena S.A. (Reficar), Oleoducto Central S.A. (Ocensa) and
Propileno del Caribe (Propilco). We intend to use the proceeds
from this loan to finance our strategic plan."

"In addition, ODL, our indirect Panamanian subsidiary, through its
Colombian branch office, Oleoducto de los Llanos Orientales
Sucursal Colombia, entered into a Ps$520,000 million
(approximately US$200 million) loan facility with Banco de Bogota
S.A., Banco de Occidente S.A., Banco Popular S.A. and Banco AV
Villas S.A., which together comprise the Grupo Aval, in March
2009. This loan facility has a term of five years.  The interest
rate under the facility equals the fixed term deposit rate (DTF)
plus an additional 5% (the anticipated quarterly interest rate).
The principal amount will be amortized in 17 equal quarterly
payments, beginning in June 2010. In addition, as guarantee for
the loan, Oleoducto de los Llanos Orientales Sucursal Colombia
pledged its economic rights to the finance tariffs included in its
Ship-or-Pay Contracts. Oleoducto de los Llanos Orientales Sucursal
Colombia intends to use the proceeds from this loan to finance
part of the Rubiales pipeline."

A copy of the Company's Annual Report filed with the U.S.
Securities and Exchange Commission is available for free at:

                http://ResearchArchives.com/t/s?3e87

                      About Ecopetrol S.A.

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

                          *     *     *

As of July 1, 2009, the company continues to carry Fitch Ratings'
BB+ foreign currency issuer default ratings.



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

AES CORP: Itabo's Energy Production Cost Drops 40%
--------------------------------------------------
Dominican-based power company Itabo, which is 50% owned by AES
Dominicana, said that starting July 1 their energy production
costs would be 40% lower from 15.8 U.S cents per kWh hour to 10
U.S. cents per kWh, The Dominican Today reports.  AES Dominican is
a unit of The AES Corporation.

According to the report, AES Dominicana said Itabo's move will
save the electricity distributors who buy its energy around US$100
million dollars annually, contributing to reduce the sector's
financial deficit.

                     About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As of July 1, 2009, the company continues to carry these low
ratings from Moody's:

   -- Senior Secured Debt at Ba3
   -- LT Corp Family rating at Ba1
   -- Bank Loan Debt at Ba1
   -- Senior Unsecured Debt Rating at Ba1

from Fitch:

  -- LT Issuer Default Ratings at B+
  -- Senior Secured Debt Rating at BB+
  -- Bank Loan Debt Rating at BB+
  -- Senior Unsecured Debt rating at BB

AES Corp also continues to carry Standard and Poor's LT Issuer
Credit ratings at BB-.





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

AES EL: Moody's Downgrades Senior Unsecured Debt Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured long
debt rating and Corporate Family Rating of AES El Salvador Trust
to Ba2 from Ba1 concluding a review of the ratings initiated
January 30, 2009.  The rating outlook is negative.  The 6.75%
guaranteed senior global notes due 2016 are guaranteed by four
affiliated electric distribution subsidiaries that are 80% owned
by The AES Corporation (AES, B1 CFR).  These electric distribution
subsidiaries which also act as guarantors are Compania de
Alumbrado Electrico de San Salvador, Empresa Electrica de Oriente,
AES Clesa y Compania and Distribuidora Electrica de Usulutan.

"The change in the ratings is prompted by Moody's concern with the
significant and increasing reliance of the guarantors on the more
volatile spot market to procure their power requirements,
particularly after the high power spot prices observed in El
Salvador during the second half of 2008 and early 2009 despite the
significant worldwide drop in oil fuel prices since the peak in
the summer of 2008 and the good hydrology conditions in El
Salvador during the so called wet season, when hydrology
facilities are usually dispatched more often" said Natividad
Martel, an Analyst at Moody's.  These events exacerbated Moody's
previous concerns about the overall liquidity profile of the
guarantors when viewed within the context of the six-month
regulatory lag necessary to recover energy input costs coupled
with the full utilization of the guarantors' available credit
facilities at FYE 2008 to bridge the working capital gap and the
difficulty in executing new credit facilities.  The current
shortage of liquidity has affected a wide range of entities in the
country, including the El Salvadorian government.  Furthermore,
the rating action also takes into consideration weaker-than-
anticipated near-term financial metrics due to a combination of a
weaker than expected local economy and reduced revenues associated
with the company's new reduced tariff rate schedule that became
effective in April 2008.

The downgrade has been limited to one notch because Moody's
acknowledges that spot prices in El Salvador have started to
slowly decline since March 2009, and that the guarantors have been
able to begin recovering some of the significant build up of
regulatory assets that accumulated since oil prices began their
rapid upward rally end of 2007, as well as to repay certain
portions of their outstanding short term debt.  Current spot
market prices paid by the guarantors are below the energy
component included in the customers' tariffs (last semi-annual
reset in April 2009), enabling the guarantors to slowly collect
their previous undercollection from customers and generators.
Nevertheless, Moody's still has concerns with the uncertainties
around the spot prices derived from the current price setting
mechanism based on bids, in order to determine the merit order for
the dispatch of the generation facilities.  These concerns
combined with the apparent absence of real competition in the
wholesale power market, the resulting lack of incentives for the
generation companies to enter into power purchase agreements with
the guarantors and/or the potential for worldwide fuel oil prices
to soar again all of which could result in an increase in power
spot prices which would stress the cash flow and liquidity
position of the operating companies on a consolidated basis.

At the same time, Moody's believes that the guarantors' financial
and liquidity profile will benefit from the implementation of the
new spot price setting mechanism based on marginal costs which is
scheduled to become effective in January 2010.  This change will
also set in motion the regulatory requirement for the distribution
companies to enter into PPAs to cover certain established minimum
percentages of their energy needs while progressively reducing
their reliance on the spot markets and exposure to volatile spot
prices.  However, Moody's believes there is still some degree of
uncertainty in the successful implementation of these measures,
particularly given the lack of strong signs of significant
investments in new capacity in the country.  Moody's ratings also
factor in the decision of the guarantors' management to delay the
distribution of certain portions of the 2008 declared dividends by
keeping cash on balance sheet at FYE 2008 and 1st quarter 2009 and
optimizing payments made on outstanding power payables to help
bridge the operating companies' working capital gaps.  Moody's
expects a further continuation of this dividend distribution
policy until the guarantors' liquidity situation completely
stabilizes.  The negative outlook reflects the unlikely
modification by the regulatory authorities to shorten the
regulatory lag for recovery of energy charges from six to three
months.

The negative outlook also reflects Moody's concerns about the
overall impact of the worldwide economic crisis on the El
Salvadorian economy, and the guarantors' customers.  Moody's
acknowledges the operating companies' success so far in 2009 in
the cash collection of outstanding receivables but is particularly
concerned with the possible increase in delinquencies from the
commercial and industrial customers, in the wake of the
progressive elimination from their bills of the government's
subsidies to energy costs, when combined with the April 2009
adjustment of the energy cost component.  However, Moody's also
acknowledges the positive aspects for the guarantors of the
progressive reduction in cash flow from the State, in light of the
El Salvadorian government's difficulties to cope with subsidy
payments in late 2008 and early 2009.  Additionally, the negative
outlook considers the uncertainty that may be implemented by the
new government in El Salvador and the newly appointed top
positions within the SIGET (including the superintendente), which
could affect the current regulatory framework or the functioning
of the energy markets.

Moody's last rating action on Trustco was to place its ratings
under review for possible downgrade on January 30 2009.  This
rating action was driven by an apparent shortage in the country's
liquidity and the government's limited ability to fund its
electricity subsidies to residential consumers coupled with a 14%
tariff reduction for electricity distribution, and continued
regulatory lag.

Downgrades:

Issuer: AES El Salvador Trust

  -- Corporate Family Rating, Downgraded to Ba2 from Ba1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
     from Ba1

Outlook Actions:

Issuer: AES El Salvador Trust

  -- Outlook, Changed To Negative From Rating Under Review

Domiciled in Panama, Trustco is a trust set up to issue debt for
the benefit of four affiliated electrical distribution companies
in El Salvador that together account for 80% of the distribution
market share of approximately one million customers.  AES
Corporation in the U.S. owns and controls approximately 80% of
these distribution companies.  The U.S. company acquired AES CLESA
utilities in 1998 as part of the privatization effort of the El
Salvador government for the electrical distribution sector and the
rest of the companies in 2000, when AES acquired EDC in Venezuela.




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

DIGICEL LIMITED: Prices US$250 Million Placement of Senior Notes
----------------------------------------------------------------
Digicel Limited has priced the placement of US$250 million of 12%
senior notes due 2014.

The placement was priced at 99.5% and comprises $160 million
primary issuance and a further $90 million secondary offering of
existing 12% senior notes due 2014 currently held by Mr. Denis
O'Brien.

The use of proceeds of this offering will be for general corporate
purposes, including debt service and acquisitions, and allows the
company to increase its overall liquidity position.

The transaction is due to close on July 7, 2009.

The notes have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.

                          About Digicel

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 4, 2009, Moody's Investors Service has assigned a B1 rating
to new US$435 million (face amount) senior unsecured notes to be
issued by Digicel Limited, a wholly-owned subsidiary of Digicel
Group Limited.  In addition, Moody's affirmed DGL's corporate
family rating at B2, but changed the rating outlook to stable from
positive.



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

ASARCO LLC: Asks Court to Subordinate Parent's $516-Mil. Claim
--------------------------------------------------------------
ASARCO LLC initiated an adversary complaint against Americas
Mining Corporation and certain parties on June 5, 2009, seeking
subordination of Administrative Claim No. 18571, as amended by
Claim No. 19214, asserted by AMC and Asarco Incorporated for
US$516,200,000 for the Parent's alleged payment of postpetition
taxes purportedly on behalf of ASARCO LLC under a tax sharing
agreement.

The Parent amended the original claim with Claim No. 19214, with
a reduced the claim amount of US$161,718,015.  The Original Claim
was asserted for US$516,200,000.  ASARCO previously disputed the
allowance, priority and amount of the Parent Administrative Claim
in a separate formal written objection in early 2009.  The Claim
Objection has since been in the adversary proceeding by ASARCO
LLC against AMC and other defendants relating to Tax Sharing
Agreement.

Jack L. Kinzie, Esq., at Baker Botts L.L.P., in Dallas, Texas,
contends that to the extent the Parent has an allowable claim in
any amount, the Parent's entitlement to any portion of the Claim
must be equitably subordinated because the Parent has acted
inequitably to the detriment of ASARCO's creditors.

To the extent the U.S. Bankruptcy Court for the Southern District
of Texas finds in the AMC Adversary Proceeding that the Parent has
a claim, whether administrative or general unsecured, that is not
disallowed under Section 502(d) of the Bankruptcy Code, ASARCO
asserts an original complaint seeking the equitable subordination
of the Claim under Section 510(c) of the Bankruptcy Code.

Equitable subordination is not limited to unsecured or secured
claims, Mr. Kinzie elaborates.  He asserts that administrative
expense claims also are subject to equitable subordination,
citing United States v. Noland, 517 U.S. 535 (1996).  He adds
that "extraordinary circumstances" and "inequitable conduct"
warranting equitable subordination are present in the Debtors'
case pointing out to Grupo Mexico SAB de C.V.'s leveraged buyout
of ASARCO that saddled ASARCO with debt, including anUS$817
million loan from various banks.

In the midst of the global financial crisis that began as early
as 2001, Grupo Mexico decided that ASARCO should sell its
controlling interest in Southern Peru Copper Company, now known
as Southern Copper Corporation, to AMC, Mr. Kinzie relates.  The
Department of Justice filed a lawsuit to block the transaction
out of concern that ASARCO would be unable to pay the
environmental obligations on which it was already in default, as
well as substantial future remediation and clean-up costs.
The Government subsequently settled the lawsuit, dismissed its
injunction request, and provided ASARCO a three-year moratorium
on any attempt to seek judicial enforcement of environmental
liabilities, in exchange for aUS$100 million promissory note
assigned to an environmental trust.  In addition to funding the
trust as part of the SPCC transaction, AMC also paid ASARCOUS$500
million in cash, executed a note with a nominal value of US$123
million, and "forgave" intercompany debt of US$41.75 million.

In the end, however, Mr. Kinzie says, "ASARCO did not walk away
from the transaction with any cash.  In fact, the transaction
took substantial amounts of cash out of ASARCO."  Mr. Kinzie
argues that AMC forced ASARCO to use the cash for transactions
that benefited Grupo Mexico and AMC, including ASARCO's payment
of the Yankee Bonds.

The Parent is an adjudicated tortfeasor that cannot demonstrate
the good faith and fairness of its actions, Mr. Kinzie further
argues.  He points out that the Parent acted in an inequitable
manner to the detriment of ASARCO's creditors, and its conduct
was egregious enough to justify equitable subordination of the
Claim even if it were not an insider.  That AMC is ASARCO's
parent subjects AMC to more rigorous scrutiny, Mr. Kinzie says.
Consequently, he asserts that if the Court should find that the
Parent has any claim, whether unsecured or administrative, the
claim should be equitably subordinated.

Against this backdrop, ASARCO asks the Court to:

    (i) disallow the Parent Administrative Claim;

   (ii) if the Parent Claim is allowed, deny the Parent's
        request for administrative priority;

  (iii) if the Parent Claim is allowed, regardless of whether
        the Claim is entitled to administrative priority or is
        instead properly treated as a general unsecured claim,
        equitably subordinate the Claim under Section 510(c) to
        all allowed general unsecured claims; and

   (iv) grant ASARCO an award of reimbursement from the Parent
        of attorneys fees and costs to the fullest extent
        permissible under law.

                 Parent Wants Cases Consolidated

In light of ASARCO's new subordination complaint, the Parent asks
Judge Richard Schmidt to (i) to consolidate the equitable
subordination adversary proceeding and original adversary
proceeding regarding tax-related matters under the parties' Tax
Sharing Agreement, and (ii) to continue hearing on objections to
the Parent's Claim No. 18571.

Representing the Parent, Charles A. Beckham, Jr., Esq., at Haynes
and Boone, LLP, in Houston, Texas, contends that rather than seek
leave to amend the complaint in the Consolidated Tax Adversary,
ASARCO LLC instead chose to commence a new lawsuit despite
knowing that the issues and facts surrounding the Equitable
Subordination Adversary are identical to the issues and facts
surrounding the Tax Sharing Agreement Adversary Proceeding.

The Consolidated Tax Adversary is the culmination of a number of
related matters, including (i) the parties' competing claims to
an approximatelyUS$40 million tax refund, plus interest, (ii) the
Parent's renewed request for order compelling the Debtors to
assume or reject the TSA, and (iii) the Debtors' objection to
Administrative Claim No. 18571.  To seek to address a new legal
theory of equitable subordination in a separate proceeding makes
little judicial and economic sense, Mr. Beckham emphasizes.

In a supplemental brief supporting its consolidation request, the
Parent argues that ASARCO should not be permitted to unfairly
surprise the Parent with new objections and defenses to its
Administrative Claim at the eleventh hour.  Mr. Beckham points
out that ASARCO waived its equitable subordination claim by
failing to assert it defensively in the Consolidated Tax
Adversary.

Should the Court find that neither ASARCO's objection and defense
regarding the termination of the TSA, or its Equitable
Subordination Claim, have been waived, the Consolidated Tax
Adversary should be continued and consolidated, and tried, with
the Equitable Subordination Claim to avoid piecemeal litigation
and significant prejudice to the Parent, Mr. Beckham further
argues.

                       *     *     *

For reasons stated in open court at a hearing held on June 15,
2009, Judge Schmidt ruled that trial on the adversary proceeding
will take place after the disclosure statement hearing, which is
currently set for June 30, 2009.  Judge Schmidt previously
directed the parties "to contact the case manager to request two
days for this trial in July 2009."

The parties previously agreed to revise the scheduling order for
the TSA Adversary Proceeding to set the hearing for June 15.

                      About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
US$2.6 billion.  By October 2008, ASARCO LLC informed the Court
that Sterlite refused to close the proposed sale and thus, the
Original Plan could not be confirmed.  The parties has since
renewed their purchase and sale agreement and ASARCO LLC has
obtained Court approval of a settlement and release contained in
the new PSA for the sale of the ASARCO assets for US$1.1 billion
in cash and a US$600 million note.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors.  AMC offered provide up toUS$2.7 billion in cash and a
$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims.  AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CONTROLADORA COMERCIAL: Receives Restructuring Bid From Creditors
-----------------------------------------------------------------
Controladora Comercial Mexicana SAB de CV aka Comerci said it is
studying a restructuring proposal given by its bank lenders and
holders of bonds issued in Mexico and the United States, Jason
Lange of Bloomberg News reports, citing a statement to the Mexican
stock exchange.  The report relates the company did not provide
details on the proposal, saying only that it was "similar" to its
agreement in principle with key creditors.

According to the report, the company also said it had filed
countersuits in a New York court against several of its creditors,
all of which were part of the preliminary deal.  According to the
report, Comerci said its legal action against Merrill Lynch,
Goldman Sachs Group Inc. and Barclays Plc did not cancel its
preliminary deal with them.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, Bloomberg News said Comerci expects JPMorgan Chase
& Co. to join five other banks in approving a plan to restructure
more than US$1.5 billion of debt.  The report said Barclays,
Goldman Sachs, Bank of America Corp.'s Merrill Lynch, Banco
Santander SA and Citigroup Inc. agreed in principle to restructure
the company's peso derivative losses.

According to a TCRLA report on June 15, citing LatinFrance,
JPMorgan has chosen not to extend derivative talks with Comerci
unlike its other counterparties -- Merrill Lynch, Barclays and
Goldman Sachs -- because of a disagreement on the terms of the
ongoing settlement.  The derivative talks were extended until
July 10, the report related.  According to LatinFrance, JPMorgan
held its claim against the company in a New York court and Comerci
counter-claimed.  LatinFrance said banks, local bondholders and
international holders have some US$800 million worth of debt
alone, and the 4 investment banks have filed claims of US$2.2
billion in derivatives, which was countered with a US$1.08 billion
derivatives writedown by the company.

A TCR-LA report on April 3, citing Reuters, related that Comerci
defaulted in October after massive derivatives losses sent its
debt soaring above US$2 billion.  On Oct. 9, 2008, Comerci filed
for protection under Mexico's bankruptcy code Ley de Concurso
Mercantil.

                         About Comerci

Controladora Comercial Mexicana SAB de CV aka Comerci ---
http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                         *     *     *

As of July 1, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


LEAR CORP: North American Operations Reach Bankruptcy Deal
----------------------------------------------------------
Lear Corporation has reached an agreement in principle regarding a
consensual debt restructuring with steering committees
representing its secured lenders and its bondholders.  The Company
plans to commence shortly the proposed restructuring under court
supervision pursuant to a voluntary bankruptcy filing under
Chapter 11 of the United States Bankruptcy Code by the Company and
certain of its U.S. and Canadian subsidiaries.  The agreement in
principle provides that, subject to certain limited exceptions,
Lear's trade creditors will be paid in full.

The Company anticipates being in default under its 8.50% Senior
Notes due in 2013 and 8.75% Senior Notes due in 2016, as the
30-day grace period applicable to the semi-annual interest payment
due on such notes will expire on July 2, 2009.  In addition, in
light of the pending reorganization plan, the Company has not made
principal and interest payments due under its senior credit
facility on June 30.

            Operations Outside North American Excluded

Lear's subsidiaries outside the U.S. and Canada would not be part
of the bankruptcy filing.  The Company's operations outside the
United States and Canada are well-capitalized, well-positioned and
have a strong backlog of new business.

Given the unprecedented economic downturn and corresponding
decline in global automobile production volumes, as well as
continued difficult conditions in credit markets generally, Lear's
Board of Directors concluded that to protect the long-term
business interests of the Company, this protective action was the
fastest and most effective way to delever its capital structure.
During the reorganization process, Lear is committed to continuing
to deliver to its customers the superior quality, service and
innovation they expect.

The Company's restructuring plan has the support of a majority of
the members of a steering committee of the Company's secured
lenders and a steering committee of bondholders acting on behalf
of an ad hoc group of bondholders.  The Company is seeking support
for its restructuring plan from additional lenders and
bondholders.  However, no assurance can be given as to the level
of additional support for the restructuring the Company ultimately
will be able to obtain from its lenders and bondholders.

             US$500-Mil. DIP Loan from JPMorgan, Citi

The Company has received commitments from a syndicate of secured
lenders, led by J.P. Morgan and Citigroup, forUS$500 million in
new money debtor-in-possession financing.  The proposed DIP
financing, subject to customary conditions, provides additional
financial flexibility that supplements Lear's significant existing
cash balances.  Additionally, the DIP agreement provides that,
subject to certain conditions, the DIP financing will convert into
exit financing with a three-year term upon Lear's emergence from
Chapter 11.

Simpson Thacher & Bartlett LLP is representing JP Morgan as
administrative agent for Lear's senior secured lenders, including
pre-petition credit agreement lenders, DIP lenders and
exit/emergence lenders.  The Simpson Thacher team includes
bankruptcy partner Ken Ziman and financial services partner JT
Knight.

Bob Rossiter, Lear's Chairman, Chief Executive Officer and
President, said, "This restructuring is being undertaken to
maximize the long-term value of the Company.  Lear is a leading
global Tier 1 automotive supplier with excellent technical
capabilities in critical product lines -- seating systems, power
distribution and electronics, as well as a competitive, low-cost
footprint, a diverse customer base, a solid backlog of new
business and a strong cash position. With these strengths and the
additional flexibility we will have as a result of the proposed
DIP facility, we intend to complete the restructuring as quickly
as possible, and emerge as an even stronger and more competitive
partner to our customers."

Bob Rossiter continued, "We want to assure everyone -- customers,
suppliers, employees, and the communities of which we are a part
-- that Lear is committed to positioning our business for
sustainable success. We believe that the agreement in principle
with the steering committees of our secured lenders and
bondholders to support our plan of reorganization will enable us
to emerge expeditiously."

                         About Lear Corp.

Lear Corporation -- http://www.Lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products. The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.



=======
P E R U
=======

* PERU: Downgraded to Marketweight at JPMorgan
-----------------------------------------------
JPMorgan has knocked Peru down to marketweight from overweight,
LatinFrance reports.

According to the report, JPMorgan explained that it downgraded the
country's rating on deteriorating growth.   The report relates
JPMorgan has revised GDP growth for Peru in 2009 to 2.4% from
3.5%.
                          *     *     *

As reported by the Troubled Company Reporter on Aug. 21, 2008,
Moody's Investors Service upgraded the foreign-currency bond
rating of the government of Peru to Ba1 from Ba2 in light of
significant and sustained reductions in foreign-currency related
credit vulnerabilities.


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

PETROLEOS DE VENEZUELA: To Register US$3-Bln Bond Internationally
-----------------------------------------------------------------
State-owned Petroleos de Venezuela will register its US$3 billion
bond offering in international markets -- Euroclear or
Clearstream -- making it easier for investors to use the
securities to obtain dollars before they mature in 2011, Steven
Bodzin and Daniel Cancel of Bloomberg News reports.  The report
relates the zero-coupon, two-year bonds were initially to be
registered only in Venezuela.

The change will give buyers an “exit strategy,” making the bonds
more attractive, Russell Dallen, head of Caracas Capital Markets
at BBO Financial Services Inc., told Bloomberg News in a telephone
interview.  “It should help the market,” Mr. Dalle added.

Meanwhile, the report relates PDVSA said it will give investors an
extra day to buy the bonds, the second extension since the sale
was announced on June 25.  The report says buyers now have until
July 3 to make offers.

The results will be announced July 6 and bonds will be released
July 10, Bloomberg News notes.

                        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+



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

BERNARD MADOFF: SIPC, Trustee Unveil $231MM in Funds for Customers
------------------------------------------------------------------
A total of US$231 million in Securities Investor Protection
Corporation funds has been committed in the determination of 543
claims submitted by Bernard L. Madoff Investment Securities LLC
investors, according to Irving H. Picard, the court-appointed
trustee for the liquidation of BLMIS under the Securities Investor
Protection Act, and SIPC President Stephen Harbeck.

As such, the amount of SIPC funds committed in the Madoff
liquidation exceeds the total amount paid in the previous 11
largest SIPA liquidations.  The amount reflects major progress
since May 14, 2009, when Messrs. Picard and Harbeck announced a
total of US$61.4 million in SIPC funds committed in determination
letters sent to 125 BLMIS claimants.

These 543 determined customer claims have been allowed in the
total amount of US$2.972 billion, including US$2.741 billion in
allowed customer claims that exceed the statutory limit of SIPA
protection.  Under SIPA, customers with allowed claims share on a
pro-rata basis in customer property recovered by the Trustee.
SIPC-funded protection is only used to supplement the distribution
up to the statutory limit of US$500,000 per customer on allowed
claims.  For that purpose, SIPC maintains a special reserve fund
authorized by Congress to help investors at failed brokerage
firms.

The only source of payment for the portion of these and other
allowed claims in excess of the US$500,000 from SIPC is the
recovery of BLMIS property by the Trustee through the various
actions he has and will undertake, including avoidance actions and
other recoveries of BLMIS property.

It is the Trustee's intent, pursuant to SIPA, to submit a motion
at an appropriate time in the future for an order of the
Bankruptcy Court to allocate to the fund of customer property the
funds and other property he has recovered and will recover and to
distribute customer property pro rata among BLMIS customers with
allowed claims.

Messrs. Picard and Harbeck once again sought to dispel incorrect
information surrounding the BLMIS liquidation proceeding: They
stressed that trustee expenses are not paid out of customer
property.  Mr. Harbeck said: "Contrary to what has been suggested
by some entirely ill-informed parties, all of the expenses of this
work have been paid for by SIPC. Customer funds are never used to
pay for administrative expenses in a liquidation proceeding."

                       Last Minute Claims

Claims must be received on or before Thursday, July 2, 2009 by the
Trustee's claims agent, AlixPartners LLP.

To assure timely receipt, last-minute filers can deliver their
claims by hand to AlixPartners LLP c/o the Trustee's law firm,
Baker & Hostetler LLP, 45 Rockefeller Plaza, New York, NY 10111
until midnight, Thursday, July 2, 2009.

                            About SIPC

The Securities Investor Protection Corporation is the U.S.
investor's first line of defense in the event a brokerage firm
fails, owing customer cash and securities that are missing from
customer accounts. SIPC either acts as trustee or works with an
independent court-appointed trustee in a brokerage insolvency case
to recover funds.

The statute that created SIPC provides that customers of a failed
brokerage firm receive all non-negotiable securities - such as
stocks or bonds -- that are already registered in their names or
in the process of being registered. At the same time, funds from
the SIPC reserve are available to satisfy the remaining claims of
each customer up to a maximum of US$500,000. This figure includes
a maximum of US$100,000 on claims for cash. From the time Congress
created it in 1970 through December 2008, SIPC has advanced US$520
million in order to make possible the recovery of US$160 billion
in assets for an estimated 761,000 investors.

           About Bernard L. Madoff Investment Securities

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

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

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

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

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


BERNARD MADOFF: Sentenced to 150 Years in Prison
------------------------------------------------
Judge Denny Chin of the U.S. District Court for the Southern
District of New York has sentenced Bernard Madoff to 150 years
of life imprisonment for defrauding investors of at least
US$13 billion.  Judge Chin rejected a Madoff lawyer's claim that
victims of his Ponzi scheme wanted mob justice.  "This was not
merely a bloodless financial crime that occurred on paper, but one
that takes a staggering toll," the judge said.  The courtroom,
which had an audience of 250, erupted into applause following the
sentence.  Mr. Madoff, already 71, pleaded guilty in March for
defrauding investors.

Ira Sorkin, defense attorney, says that the US$13.3 billion in
losses by clients alleged by the U.S. government was overstated.
He said that the amount should be offset by US$1.3 billion held by
the trustee for Bernard L. Madoff Investment Securities LLC; by
US$1.3 billion already recovered by the trustee; and by letters
sent by the trustee seeking to "claw back" US$735 million from
Madoff investors.

           About Bernard L. Madoff Investment Securities

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

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

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

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

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


CRABTREE & EVELYN: U.S. Group Seeks Bankruptcy Protection
---------------------------------------------------------
Crabtree & Evelyn, Ltd. filed a voluntary petition under Chapter
11 of the U.S. Bankruptcy Code in the United States Bankruptcy
Court for the Southern District of New York.  Other members of the
Crabtree & Evelyn Group -- including affiliates in Canada, the
European Union, Hong Kong, Malaysia, Singapore and Australia --
have not filed for protection.

The Company will pursue a plan of reorganization to capitalize on
opportunities for future growth and profitability, including
evaluation of its real estate portfolio, strengthening brand
strategies and restructuring of its financial obligations.

Day-to-day operations and business will continue to operate
through the Company's wholesale, e-commerce --
http://www.crabtree-evelyn.com/-- and retail channels.  The
Company also intends to honor customer gift cards, returns and its
loyalty program.

The Company has received a commitment for a debtor-in-possession
financing facility that is sufficient to support the Company
during the chapter 11 process.

"The Crabtree & Evelyn brand remains strong," said Stephen
Bestwick, acting president of Crabtree & Evelyn, Ltd. "We are
confident that chapter 11 gives us the opportunity to restructure
the company with a business model that will be sustainable for
long-term growth." Mr. Bestwick continued, "We look forward to
continuing our relationships with customers and vendors to help
shape that growth."

                      About Crabtree & Evelyn

For more than 30 years, Crabtree & Evelyn makes bath, body and
home care products.  The Company, based in Woodstock, Connecticut,
currently services approximately 3,000 wholesale accounts and
operates 125 retail stores and an e-commerce site at
http://www.crabtree-evelyn.com/Other distribution channels
include hotel amenities.  Crabtree & Evelyn is available online
and in more than 40 countries, with approximately 6,000 wholesale
accounts and 500 retail locations worldwide.


* 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 * * *