TCRLA_Public/090706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, July 6, 2009, Vol. 10, No. 131

                            Headlines

A R G E N T I N A

AGROSIL SA: Proofs of Claim Verification Due on October 14
AVENGER SRL: Proofs of Claim Verification Due on September 7
CADENA PAIS: Proofs of Claim Verification Due on Sept. 9
MICROSTAR SA: Proofs of Claim Verification Due on August 20
PHARMA PARAGUAY: Proofs of Claim Verification Due on August 28

POLIPETROL SA: Proofs of Claim Verification Due on Sept. 8
* ARGENTINA: IDB Approves 5-Year US$850 Million Loan


B E R M U D A

VALIDUS HOLDINGS: Has Under US$3-Mil. Exposure to Michael Jackson


B R A Z I L

REDE ENERGIA: Completes BRL320 Million Promissory Notes Issue
GENERAL MOTORS: Brazil Unit's Car Sales Soared in June


C A Y M A N  I S L A N D S

ASIAN ACCELERATION: Member to Hear Wind-Up Report on July 29
ATLANTIC PARTNERS: Members to Receive Wind-Up Report on July 22
AVENUE ASIA: Shareholders' Final Meeting Set for July 22
AVENUE ASIA: Shareholders' Final Meeting Set for July 22
AVENUE EVENT: Shareholders' Final Meeting Set for July 22

AVENUE EVENT: Shareholders' Final Meeting Set for July 22
AVENUE STRATEGIC: Shareholders' Final Meeting Set for July 22
BLUE RIVER: Shareholder to Hear Wind-Up Report on August 22
CAZENOVE WORLDWIDE: Shareholders' Final Meeting Set for August 10
FIRST ENERGY: Shareholders' Final Meeting Set for July 24

GLOBAL STRATEGY: Shareholders' Final Meeting Set for Aug. 24
GREAT OFFSHORE: Shareholders' Final Meeting Set for July 17
INVESTCORP AMPERSAND: Shareholders' Final Meeting Set for Aug. 24
MIDAS LTD: Members to Receive Wind-Up Report on July 22
MODENA HOLDINGS: Shareholders' Final Meeting Set for July 31

OLD MUTUAL: Shareholders' Final Meeting Set for August 10
OLD MUTUAL: Shareholders' Final Meeting Set for August 10
SMART LIMITED: Shareholders' Final Meeting Set for July 24
TCM SELECT: Shareholders' Final Meeting Set for July 17
WINEHAM PROPERTIES: Members to Receive Wind-Up Report on July 20


C O L O M B I A

ECOPETROL: Pacific Rubiales Discloses Drilling Update


E C U A D O R

* ECUADOR: Obama Administration Extends Trade Terms


J A M A I C A

JAMAICA MORTGAGE: Debt Recovery Manager Tapped to Fix JM$1BB Debt
* JAMAICA: Revenue Collection Drops JM$5.5 Billion


M E X I C O

CONTROLADORA COMERCIAL: S&P Withdraws 'D' Corporate Credit Rating


V E N E Z U E L A

* VENEZUELA: May Sign New Loan-for-Oil Accord With China Dev't


X X X X X X X X

* BOND PRICING: For the Week June 29 to July 3, 2009


                         - - - - -



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

AGROSIL SA: Proofs of Claim Verification Due on October 14
----------------------------------------------------------
The court-appointed trustee for Agrosil S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 14, 2009.

The trustee will present the validated claims in court as
individual reports on November 25, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 10, 2010.


AVENGER SRL: Proofs of Claim Verification Due on September 7
------------------------------------------------------------
The court-appointed trustee for Avenger S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 7, 2009.


CADENA PAIS: Proofs of Claim Verification Due on Sept. 9
--------------------------------------------------------
The court-appointed trustee for Cadena Pais Producciones
Publicitarias S.A.'s reorganization proceedings, will be verifying
creditors' proofs of claim until September 9, 2009.

The trustee will present the validated claims in court as
individual reports on October 21, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 2, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 9, 2010.


MICROSTAR SA: Proofs of Claim Verification Due on August 20
-----------------------------------------------------------
The court-appointed trustee for Microstar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 20, 2009.


PHARMA PARAGUAY: Proofs of Claim Verification Due on August 28
--------------------------------------------------------------
The court-appointed trustee for Pharma Paraguay S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 28, 2009.


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

The trustee will present the validated claims in court as
individual reports on October 21, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 2, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 11, 2010.


* ARGENTINA: IDB Approves 5-Year US$850 Million Loan
----------------------------------------------------
The Inter-American Development Bank has approved a US$850 million
loan for Argentina for the access improvement to healthcare and
education, LatinFrance reports.

According to the report, the IDB loan is the first phase of a
multiphase lending project to be implemented in about 5 years.

The report relates the loan has:

   -- an amortization period of 25 years,
   -- 18-month grace period, and
   -- a Libor-based interest rate.

                        *     *     *

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

VALIDUS HOLDINGS: Has Under US$3-Mil. Exposure to Michael Jackson
-----------------------------------------------------------------
Validus Holdings Ltd. said it has "limited potential exposure" of
less than US$3 million to the death of singer Michael Jackson,
Bloomberg News reports.  The report relates the company -- in
response to speculation about potential losses from cancellation
of Mr. Jackson's concert -- said its Talbot Holdings Ltd. unit was
not the lead underwriter of Mr. Jackson's planned series of
concerts in London.

Reportedly Anschutz Entertainment Group promoted the shows.

Michael Jackson was set to embark in a concert tour, beginning in
London, after more than a decade.  The King of Pop died June 25.
He was 50.

According to the report, Talbot wrote the coverage through Lloyd's
of London.  "Some insurance" for the concerts was placed at
Lloyd's and that "any losses are not likely to be significant,"
Lloyd's said in an e-mailed statement obtained by the news agency.

Mr. Jackson's death may cause massive refunds by some of the about
one million fans that bought tickets, the report notes.

The report says promoter AEG Live will announce refund details in
due course.  A unit of Allianz SE, as well as Talbot, is among
those who issued policies for the promoter and ticket sellers, the
report adds.

                  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
===========

REDE ENERGIA: Completes BRL320 Million Promissory Notes Issue
-------------------------------------------------------------
Rede Energia S.A has completed its promissory notes issue worth
BRL320 million (US$165 million), Rogerio Jelmayer of Dow Jones
Newswires reports.  The report relates the notes will mature in
360 days, and the company will pay an annual interest rate of 20
basis points over the local interbank rate.

According to the report, Banco do Nordeste coordinated the
operation.

Rede Energia, the report says, will use the proceeds to finance
its buyback program of up to US$300 million of its outstanding
perpetual bonds, announced earlier this month.

                     About Rede Energia

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

                       *     *     *

Moody's Investors Service downgraded to Ca from Caa3 the senior
unsecured US$575 million perpetual bonds issued by Rede Energia
S.A.  At the same time, Moody's confirmed Rede's Caa1 local
currency corporate family rating and assigned a negative outlook.
In addition, Moody's confirmed the issuer ratings for Rede's
operating companies, and changed the outlook to negative.  This
concludes the review for downgrade initiated on April 23 2009.


GENERAL MOTORS: Brazil Unit's Car Sales Soared in June
------------------------------------------------------
The car sales of General Motors Corp.'s Brazil unit soared to
55.629 vehicles in June, the highest monthly sales volume in the
company's 84-year history in Brazil, Mercopress reports.  The
report relates the company attributed the results to Brazilian
government's continued tax breaks for automakers.

According to the report, part of the gains come from consumers
that expected the beneficial tax break to end in June and rushed
to buy before prices of new cars rose by as much as 7%.

The report notes carmakers in Brazil have been exempted from an
industrial production tax.  The report relates those tax savings
were transferred onto consumers, who saw sticker prices on new
cars drop since November.  The tax break last week has been
extended to October 31, the report says.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

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

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



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

ASIAN ACCELERATION: Member to Hear Wind-Up Report on July 29
------------------------------------------------------------
The member of Asian Acceleration Fund I Limited will receive on
July 29, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hogi Hyun
          1 Robinson Road, AIA Tower #22-01
          Singapore 048542


ATLANTIC PARTNERS: Members to Receive Wind-Up Report on July 22
---------------------------------------------------------------
The members of Atlantic Partners Global Fund will hold their final
meeting on July 22, 2009, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AVENUE ASIA: Shareholders' Final Meeting Set for July 22
--------------------------------------------------------
The shareholders of Avenue Asia Equity International Master
Genpar, Ltd. will hold their final meeting on July 22, 2009, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marc Lasry
          535 Madison Avenue
          New York, NY 10022, U.S.A.


AVENUE ASIA: Shareholders' Final Meeting Set for July 22
--------------------------------------------------------
The shareholders of Avenue Asia Equity Master Fund, Ltd. will hold
their final meeting on July 22, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Lasry
          535 Madison Avenue
          New York, NY 10022, U.S.A.


AVENUE EVENT: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------
The shareholders of Avenue Event Driven Master Fund, Ltd. will
hold their final meeting on July 22, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Lasry
          535 Madison Avenue
          New York, NY 10022, U.S.A.


AVENUE EVENT: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------
The shareholders of Avenue Event Driven, Ltd. will hold their
final meeting on July 22, 2009, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Lasry
          535 Madison Avenue
          New York, NY 10022, U.S.A.


AVENUE STRATEGIC: Shareholders' Final Meeting Set for July 22
-------------------------------------------------------------
The shareholders of Avenue Strategic Partners Master Genpar, Ltd.
will hold their final meeting on July 22, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Lasry
          535 Madison Avenue
          New York, NY 10022, U.S.A.


BLUE RIVER: Shareholder to Hear Wind-Up Report on August 22
-----------------------------------------------------------
The shareholder of Blue River Assets Limited will receive on
August 22, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Corporate Services Limited
          c/o Latasha Nixon
          P.O. Box 484GT, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


CAZENOVE WORLDWIDE: Shareholders' Final Meeting Set for August 10
-----------------------------------------------------------------
The shareholders of Cazenove Worldwide Absolute Return Fund
Limited will hold their final meeting on August 10, 2009, at
9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


FIRST ENERGY: Shareholders' Final Meeting Set for July 24
---------------------------------------------------------
The shareholders of First Energy will hold their final meeting on
July 24, 2009, at 11:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


GLOBAL STRATEGY: Shareholders' Final Meeting Set for Aug. 24
------------------------------------------------------------
The shareholders of Global Strategy Limited will hold their final
meeting on August 24, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd
          c/o Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


GREAT OFFSHORE: Shareholders' Final Meeting Set for July 17
-----------------------------------------------------------
The shareholders of Great Offshore (Cayman Islands) Limited will
hold their final meeting on July 17, 2009, at 10:30 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801


INVESTCORP AMPERSAND: Shareholders' Final Meeting Set for Aug. 24
-----------------------------------------------------------------
The shareholders of Investcorp Ampersand I limited will hold their
final meeting on August 24, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd
          c/o Bonnie Willkom
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


MIDAS LTD: Members to Receive Wind-Up Report on July 22
-------------------------------------------------------
The members of Midas Ltd. will hold their final meeting on
July 22, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MODENA HOLDINGS: Shareholders' Final Meeting Set for July 31
------------------------------------------------------------
The shareholders of Modena Holdings Limited will hold their final
meeting on July 31, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


OLD MUTUAL: Shareholders' Final Meeting Set for August 10
---------------------------------------------------------
The shareholders of Old Mutual Al SAQR Fund Limited will hold
their final meeting on August 10, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


OLD MUTUAL: Shareholders' Final Meeting Set for August 10
---------------------------------------------------------
The shareholders of Old Mutual Al SAQR Master Fund Limited will
hold their final meeting on August 10, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


SMART LIMITED: Shareholders' Final Meeting Set for July 24
----------------------------------------------------------
The shareholders of Smart Limited will hold their final meeting on
July 24, 2009, at 11:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TCM SELECT: Shareholders' Final Meeting Set for July 17
-------------------------------------------------------
The shareholders of TCM Select Opportunities Fund (Offshore) Ltd
will hold their final meeting on July 17, 2009, at 10:00 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801


WINEHAM PROPERTIES: Members to Receive Wind-Up Report on July 20
----------------------------------------------------------------
The members of Wineham Properties Limited will hold their final
meeting on July 20, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jessica Turnbull, Deloitte & Touche
         P.O. Box 1787GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258



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

ECOPETROL: Pacific Rubiales Discloses Drilling Update
-----------------------------------------------------
Pacific Rubiales Energy Corp. discloses results from its ongoing
exploration program at the Rubiales field and at the Quifa Block.
Three new wells have been drilled at Rubiales and the Quifa I-9
exploration well has been spudded.

The three new appraisal wells, identified as RUB-221, RUB-222 and
RUB-224, were drilled in the southwestern area of the Rubiales
Block in the "Buffer Zone".  Two of the wells were drilled at 60
meters and 1300 meters from the Quifa contract boundary.  The
petrophysical evaluation of the wells indicates a net pay zone of
20, 33 and 22 feet respectively, with porosities in the range of
30%.  The wells were completed as vertical producers and they are
presently under production test evaluation.  The positive results
of these wells, in conjunction with the results of the wells RUB-
51 and RUB-52 drilled during 2008 in the same area, enables the
company to request the declaration of commercial potential of this
portion of the block.  This would allow for the extension of the
existing Rubiales field towards the Quifa Block.

Pacific Rubiales, on July 2, spudded the Quifa I-9 well on the
boundary between the Quifa and the Rubiales blocks, which will
deviate 1400 meters horizontally to the top of the reservoir.  The
well will be drilled with an initial angle of 80 degrees in a
westerly direction and it will reach a final incline of 45 degrees
to reach the target at a measured depth of 2701 feet.  This
exploration well is located on Prospect "I", which the company
believes to be the geological extension of the Rubiales reservoir
toward the southwest.  The company forecasts it will take
approximately 15 days to reach the final depth and evaluate the
well. Prospect "I" is the third prospect to be drilled on the
Quifa block, after the successful results obtained on prospects
"D" and "E", drilled during 2008.

The Quifa Block is an exploratory block that almost completely
surrounds the Rubiales/Piriri Field.  The company holds a 60%
interest in this block in association with Ecopetrol SA(40%).  The
Quifa contract gives Pacific Rubiales the right to develop any
discovery until 2031.  This block has an area three
times larger than the Rubiales field, and in addition to the
prospects named above, has six other prospects that have been
identified.  These other prospects will be drilled during the
2009-2010 exploration campaign.

                      About Pacific Rubiales

Pacific Rubiales, a Canadian-based company and producer of natural
gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp.,
a Colombian oil operator which operates the Rubiales and Piriri
oil fields in the Llanos Basin in association with Ecopetrol S.A.
The company is focused on identifying opportunities primarily
within the eastern Llanos Basin of Colombia as well as in other
areas in Colombia and northern Peru.  Pacific Rubiales has a
current net production of approximately 34,000 barrels of oil
equivalent per day, with working interests in 34 blocks in
Colombia and Peru.

                       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.



=============
E C U A D O R
=============

* ECUADOR: Obama Administration Extends Trade Terms
---------------------------------------------------
The Obama administration extended favorable trade terms to Ecuador
despite a plea from Chevron, MarketWatch reports.  The report
relates the U.S. Trade Representatives Office Ecuador will
continue to receive duty-free treatment and other preferential
treatment under the Andean Trade Preference Act.

According to Reuters, four senators have written to U.S. Trade
Representative Ron Kirk, criticizing what they understand is a
push by Chevron Corp to cut trade benefits for Ecuador, where the
oil company faces a US$27 billion claim in court.  "We request
that you allow the legal proceedings in Ecuador to take their
course without any undue intervention from the U.S. government,"
the senators said in a letter obtained by the news agency.

Reuters notes a ruling in the long-running case over pollution of
the Ecuadorean jungle has been expected some time this year, but
the company has argued that public criticism of Chevron by Ecuador
President Rafael Correa makes a fair trial impossible.  "It is our
understanding that Chevron is seeking the threatened withdrawal of
the Andean Trade Preference Benefits for Ecuador if this lawsuit
moves forward," the letter said, which was seen by Reuters.

As reported in the Troubled Company Reporter-Latin America on
August 27, 2008, Reuters said President Correa said he plans to
meet with Chevron Corp. officials and lawyers for 30,000 jungle
residents who are suing the U.S. oil giant for up to US$16 billion
over environmental damages.  Reuters related peasants and Indians
are suing the U.S. Company in an Ecuadorian court over charges its
Texaco unit polluted the jungle and damaged their health by
dumping 18 billion gallons (68 billion liters) of oil-laden water
from 1972 to 1992.  According to Reuters, Chevron said it was open
to reaching an amicable solution to resolve the suit after Ecuador
said it was willing to mediate an out-of-court settlement.
Meanwhile, the Reuters said, Texaco denies the charges adding the
company was released from liability because it paid US$40 million
for an environmental cleanup in the 1990s.

The four senators, as cited by Reuters, also said that it was
their understanding that Chevron earlier this decade had urged a
federal U.S. court to transfer the case to Ecuador, "submitting 14
sworn affidavits from experts praising the courts of Ecuador as
fair and adequate."

Reuters says Chevron said it is facing a "trial lawyer"-led
campaign to force it to settle in the case, including a
shareholder proposal for an environmental protection report that
received about 7% of the vote at its annual meeting at Chevron
headquarters in San Ramon, California.

Meanwhile, New York Attorney General Andrew Cuomo has asked
Chevron to disclose information to investors about its potential
liability in Ecuador.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



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

JAMAICA MORTGAGE: Debt Recovery Manager Tapped to Fix JM$1BB Debt
-----------------------------------------------------------------
State-run Jamaica Mortgage Bank is struggling with more than
JM$1 billion in bad debt that led a Debt Recovery Manager to be
brought in to address the problem, RadioJamaica reports, citing
Housing Minister Dr. Horace Chang.

According to the report, Dr. Chang said that efforts are now being
made to eliminate the high level of non-performing loans.  "The
outstanding deficit of that agency amounts to some JM$1.5 billion.
We've engaged the services and experience of a Debt Recovery
Manager and he has in fact resolved a significant number of these
bad debts," the report quoted Dr. Chang as saying.

Dr. Chang, the report relates, said that the Mortgage Bank's
funding needs are being met by issuing shelter bonds.

The Jamaica Mortgage Bank -- http://www.jamaicamortgagebank.com/
-- was established on June 2, 1971, as a private limited liability
company under the Companies Act of 1965 with an authorized share
capital of JM$5 million.  On June 5, 1973, under Act of Parliament
No. 16 of 1973, the Bank was converted into a Statutory
Corporation.


* JAMAICA: Revenue Collection Drops JM$5.5 Billion
--------------------------------------------------
Jamaica's revenue collection dropped by JM$5.5 billion for the
first two months of the 2009/2010 fiscal year, RadioJamaica
reports, citing a statement from the Finance Minister.

According to the report, between April and May, JM$37.7 billion
was collected in revenues and grants instead of the JM$43.2
billion which was projected by the Finance Ministry.  The report
relates the fall-off occurred despite the new tax measures that
were implemented in May.

The report notes a breakdown of the figures showed:

   -- General Consumption Tax fell at JM$1 billion
      behind target,
   -- international trade collections down JM$2.3 billion.
   -- Custom Duty was down JM$437 million,
   -- PAYE intake declined by JM$220 million, and
   -- Stamp Duty inflows fell by JM$208 million.

During the two months, the report says public expenditure was
reduced by JM$3.4 billion to under JM$60 billion as the Government
grappled with the gaping hole in the budget.

RadioJamaica adds that two-point-eight billion dollars was slashed
from housekeeping expenses and state programmes.

                           *     *     *

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



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

CONTROLADORA COMERCIAL: S&P Withdraws 'D' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'D'
corporate credit rating on Controladora Comercial Mexicana S.A.B.
de C.V.

Standard & Poor's also said that it withdrew its 'D' rating on the
company's $200 million, 6.625% senior note issue (due 2015) and
its 'D' long- and short-term national-scale credit ratings on
Comerci.

The rating action reflects the lack of sufficient information to
conduct surveillance on the ratings.

"We had revised the ratings on Comerci to 'D' after the company's
failure to make its Oct. 9, 2008, payment of 400 million Mexican
pesos of short-term debt obligations," noted Standard & Poor's
credit analyst Juan Pablo Becerra.



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

* VENEZUELA: May Sign New Loan-for-Oil Accord With China Dev't
--------------------------------------------------------------
The Venezuela government and China Development Bank Corp. are
discussing a third US$4 billion infrastructure loan to be paid in
oil, Steven Bodzin of Bloomberg News reports, citing Venenzuela
President Hugo Chavez.

According to the report, President Chavez is seeking closer ties
with developing nations such as China, Russia, India and Brazil to
reduce dependence on the U.S., which consumes more than half of
Venezuela’s oil exports.

China, the report recalls, previously made two US$4 billion loans
to finance infrastructure projects in Venezuela.  The report
relates state-owned Petroleos de Venezuela said Venezuela’s
government repays the loan with as much as 230,000 barrels a day
of oil provided to China National Petroleum Corp.

                           *     *     *

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



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

* BOND PRICING: For the Week June 29 to July 3, 2009
----------------------------------------------------

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

ARGENTINA
--------
ARG BODEN                7         10/3/2015   USD        50.51
ARGENT-$DIS           8.28         12/31/2033  USD        52.91
ARGENT-PAR            1.18         12/31/2038  ARS        28.15
ARGENT-=DIS           7.82         12/31/2033  EUR        42.75
ARGNT-BOCON PR13         2         3/15/2024   ARS        44.38
ARGNT-BOCON PRE8         2         1/3/2010    ARS         30.3
BANCO MACRO SA         8.5         2/1/2017    USD        74.75
BANCO MACRO SA        9.75         12/18/2036  USD        65.04
BONAR V                  7         3/28/2011   USD        72.56
BONAR VII                7         9/12/2013   USD        59.38
BONAR X                  7         4/17/2017   USD         58.6
BUENOS AIRE PROV      9.63         4/18/2028   USD        41.86
BUENOS AIRE PROV      9.38         9/14/2018   USD        42.47
BUENOS-$DIS           9.25         4/15/2017   USD        47.88
INDUSTRIAS METAL     11.25         10/22/2014  USD         62.5
MENDOZA PROVINCE       5.5         9/4/2018    USD        52.54
TRANSENER             8.88         12/15/2016  USD        68.23

BRAZIL
------
COSAN SA INDUSTR      8.25         #N/A N Ap   USD        73.81
RBS-ZERO HORA ED     11.25         6/15/2017   BRL        74.63
REDE EMPRESAS        11.13         #N/A N Ap   USD        50.74

CAYMAN ISLAND
-------------
AES DOMINICANA          11         12/13/2015  USD        80.13
AIG SUNAMERICA        6.38         10/5/2020   GBP        62.39
ASIF II               5.13         1/28/2013   GBP        75.21
BANCAJA INTL FIN       5.7         6/30/2022   EUR        62.05
BARION FUNDING         0.1         12/20/2056  EUR         4.94
BARION FUNDING        0.25         12/20/2056  USD         5.65
BARION FUNDING        0.25         12/20/2056  USD         5.65
BARION FUNDING        0.25         12/20/2056  USD         5.65
BARION FUNDING        0.25         12/20/2056  USD         5.65
BARION FUNDING        0.25         12/20/2056  USD          5.7
BARION FUNDING        0.63         12/20/2056  GBP        13.49
BARION FUNDING        1.44         12/20/2056  GBP        25.17
BARION FUNDING        0.25         12/20/2056  USD         5.65
BCP FINANCE CO        5.54         #N/A N Ap   EUR        74.55
BCP FINANCE CO        4.24         #N/A N Ap   EUR        74.42
BES FINANCE LTD       5.58         #N/A N Ap   EUR        74.71
BES FINANCE LTD        4.5         #N/A N Ap   EUR        74.96
BISHOPSGATE ASSE      4.81         8/14/2044   GBP        64.02
CHINA MED TECH           4         8/15/2013   USD         63.9
CHINA PROPERTIES      9.13         5/4/2014    USD        67.58
DUBAI HLDNG COMM         6         2/1/2017    GBP        58.17
DUBAI HLDNG COMM      4.75         1/30/2014   EUR        64.06
DWR CYMRU FIN         4.47         3/31/2057   GBP        66.42
ESFG INTERNATION      5.75         #N/A N Ap   EUR        66.44
GOL FINANCE            7.5         4/3/2017    USD        72.55
GOL FINANCE           8.75         #N/A N Ap   USD        60.17
JA SOLAR HOLD CO       4.5         5/15/2013   USD           73
LDK SOLAR CO LTD      4.75         4/15/2013   USD           69
LUNAR FUNDING I       6.44         9/18/2032   GBP        58.49
MALACHITE FDG         0.63         12/21/2056  EUR        20.63
MAZARIN FDG LTD       0.25         9/20/2068   USD         4.28
MAZARIN FDG LTD       0.63         9/20/2068   GBP        11.34
MAZARIN FDG LTD       0.25         9/20/2068   USD         4.28
MAZARIN FDG LTD       0.25         9/20/2068   USD         4.33
MAZARIN FDG LTD       0.25         9/20/2068   USD         4.28
MAZARIN FDG LTD       0.25         9/20/2068   USD         4.28
MAZARIN FDG LTD       0.25         9/20/2068   USD         4.28
MAZARIN FDG LTD       1.44         9/20/2068   GBP        23.32
MINERVA OVERSE         9.5         2/1/2017    USD        56.93
MINERVA OVERSE         9.5         2/1/2017    USD        56.47
MIZUHO CAP INV 1      6.69         #N/A N Ap   USD        74.87
MUFG CAP FIN 5         6.3         #N/A N Ap   GBP        71.08
MUFG CAP FIN2         4.85         #N/A N Ap   EUR        70.82
PUBMASTER FIN         5.94         12/30/2024  GBP        66.99
PUBMASTER FIN         6.96         6/30/2028   GBP        51.29
REG DIV FUNDING       5.25         1/25/2036   USD         73.3
RESONA PFD GLOB       7.19         #N/A N Ap   USD        69.76
SHINSEI FINANCE       7.16         #N/A N Ap   USD        42.04
SMFG PREFERRED        6.16         #N/A N Ap   GBP        69.28
STB FINANCE           5.83         #N/A N Ap   GBP        74.72
SUNTECH POWER            3         3/15/2013   USD         73.5
TAM CAPITAL INC       7.38         4/25/2017   USD           76
XL CAPITAL LTD         6.5         #N/A N Ap   USD           49
XL CAPITAL LTD        6.25         5/15/2027   USD           68

ECUADOR
-------
REP OF ECUADOR        9.38         12/15/2015  USD        70.98
REP OF ECUADOR        9.38         12/15/2015  USD        73.29

JAMAICA
------
JAMAICA GOVT           8.5         2/28/2036   USD        73.25
JAMAICA GOVT             8         3/15/2039   USD        73.13
JAMAICA GOVT         13.38         4/27/2032   JMD           54
JAMAICA GOVT LRS        15         8/30/2032   JMD        62.47
JAMAICA GOVT LRS        15         7/31/2016   JMD        71.71
JAMAICA GOVT LRS     16.25         8/26/2032   JMD        67.64
JAMAICA GOVT LRS     16.13         8/21/2032   JMD        67.12
JAMAICA GOVT LRS     16.25         7/26/2032   JMD        65.63
JAMAICA GOVT LRS      14.4         8/3/2027    JMD        59.99
JAMAICA GOVT LRS      15.5         3/24/2028   JMD        62.63
JAMAICA GOVT LRS      16.5         6/14/2027   JMD        66.73
JAMAICA GOVT LRS     16.25         6/18/2027   JMD        69.64
JAMAICA GOVT LRS     13.58         12/15/2026  JMD        54.94
JAMAICA GOVT LRS     16.25         5/22/2027   JMD         65.7
JAMAICA GOVT LRS     12.75         6/29/2022   JMD        54.58
JAMAICA GOVT LRS        17         7/11/2023   JMD         70.7
JAMAICA GOVT LRS     16.15         6/21/2022   JMD           70
JAMAICA GOVT LRS     12.75         6/29/2022   JMD        54.56
JAMAICA GOVT LRS     16.15         6/12/2022   JMD         68.1
JAMAICA GOVT LRS        16         6/13/2022   JMD        67.49
JAMAICA GOVT LRS     16.25         5/22/2022   JMD        71.66
JAMAICA GOVT LRS     12.85         5/31/2022   JMD        54.98
JAMAICA GOVT LRS     13.63         6/23/2014   JMD         72.6
JAMAICA GOVT LRS       7.5         10/6/2012   JMD        65.79
JAMAICA GOVT LRS     14.38         9/6/2014    JMD        74.13
JAMAICA GOVT LRS     14.38         6/28/2014   JMD        74.73
JAMAICA GOVT LRS        15         11/15/2021  JMD        63.98
JAMAICA GOVT LRS     13.38         12/15/2021  JMD        57.52
JAMAICA GOVT LRS     15.75         8/22/2019   JMD        69.07
JAMAICA GOVT LRS        14         6/30/2021   JMD        60.46
JAMAICA GOVT LRS      14.5         6/28/2017   JMD         69.1
JAMAICA GOVT LRS      14.5         8/2/2017    JMD        69.76
JAMAICA GOVT LRS        16         5/17/2017   JMD        73.11
JAMAICA GOVT LRS      15.8         6/26/2017   JMD        73.87
JAMAICA GOVT LRS        16         12/6/2032   JMD        64.64
JAMAICA GOVT LRS     14.25         8/19/2015   JMD        72.63
JAMAICA GOVT LRS        15         9/6/2032    JMD        63.31

PUERTO RICO
-----------
NEWLAND INT PROP       9.5         11/15/2014  USD        69.73
DORAL FINL CORP          7         4/26/2012   USD         54.5
DORAL FINL CORP       7.15         4/26/2022   USD        54.38
DORAL FINL CORP       7.65         3/26/2016   USD        59.63
DORAL FINL CORP        7.1         4/26/2017   USD        56.75
PUERTO RICO CONS       6.1         5/1/2012    USD         55.5

URUGUAY
--------
URUGUAY                3.7         6/26/2037   UYU           70

VENEZUELA
---------
PETROLEOS DE VEN       5.5         4/12/2037   USD        38.95
PETROLEOS DE VEN      5.38         4/12/2027   USD        39.04
PETROLEOS DE VEN      5.25         4/12/2017   USD        47.55
VENEZUELA                7         12/1/2018   USD        58.83
VENEZUELA                6         12/9/2020   USD        50.74
VENEZUELA                9         5/7/2023    USD        62.39
VENEZUELA             7.65         4/21/2025   USD        54.14
VENEZUELA             9.25         9/15/2027   USD        67.79
VENEZUELA             9.25         5/7/2028    USD        62.03
VENEZUELA              8.5         10/8/2014   USD        72.25
VENEZUELA                7         3/16/2015   EUR        65.18
VENEZUELA                7         3/16/2015   EUR        64.22
VENEZUELA             5.75         2/26/2016   USD        58.14
VENEZUELA                7         3/31/2038   USD        48.72
VENZOD - 189000       9.38         1/13/2034   USD        63.04



                            ***********

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 * * *