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        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

               Tuesday, July 7, 2009, Vol. 10, No. 132

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua Liquidators Win Fight Over Assets
STANFORD INT'L: Owner's Passport Found; Lawyer to Re-appeal Bail


A R G E N T I N A

EVHIARCO SRL: Trustee Verifying Proofs of Claim Until August 12
FERIA DE LAS REVISTAS: Verifying Proofs of Claim Until August 24
GASTRONOMIA ROSARIO: Verifying Proofs of Claim Until September 14
ROSAC SA: Trustee Verifying Proofs of Claim Until August 20
SCAMOR SA: Trustee Verifying Proofs of Claim Until August 26

VIAATAS DE ALTURA: Verifying Proofs of Claim Until August 3
YPF SA: Parent in Talks With CNPC and CNOOC Group on Unit's Stake


B E R M U D A

CABLE & WIRELESS: To Invest US$10MM for Cable Network in Bermuda


B R A Z I L

REDE ENERGIA: Completes BRL300MM 1-year Promissory Note Issue


C A Y M A N  I S L A N D S

ABINGDON FINANCE: Members to Receive Wind-Up Report on August 5
AHL ISSUER: Shareholders to Hear Wind-Up Report on July 24
AHLG CAPITAL: Shareholders to Hear Wind-Up Report on July 24
CRISPS LIMITED: Shareholders to Receive Wind-Up Report on July 22
DB GANYMEDE: Shareholders to Hear Wind-Up Report on July 24

DRAGON BILLION: Shareholder to Hear Wind-Up Report on July 10
FIERA NORTH: Members to Receive Wind-Up Report on July 23
FIERA NORTH: Members to Receive Wind-Up Report on July 23
FORTIS US: Members to Hear Wind-Up Report on July 31
FORTIS US: Members to Hear Wind-Up Report on July 31

KUMAMOTO FAMILY: Members to Hear Wind-Up Report on July 23
QUICKSILVER EURO: Shareholders to Hear Wind-Up Report on July 24
TITIAN INVESTMENTS: Members to Hear Wind-Up Report on August 7
WASHINGTON CORNER: Members to Hear Wind-Up Report on July 23
ZAPP (PORTUGAL): Shareholders to Hear Wind-Up Report on July 23


H A I T I

* HAITI: Canada Forgives US$2 Million Debt


J A M A I C A

AIR JAMAICA: Indigo Partners & Oaktree Capital Buys Stake
HOUSING AGENCY: Taps National Housing Trust for Project Financing
JPSCO: Incurs JM$133 Million Loss in January to March Period
SCJ: Supreme Court to Rule on Sugar Injunction


M E X I C O

ASARCO LLC: To Send Competing Plans to Creditors for Voting
CEMEX SAB: May Sue Strabag for Withdrawing From Acquisition
COMERCI: To Restructure Debt This Year, Reuters Says
COMERICA INC: Fitch Cuts Individual Ratings to 'B/C' From 'B'
GRUMA SAB: To Reach Bank Deal This Month & Avert Bankruptcy

SIX FLAGS: Asks U.S. Court for August 12 Extension for Schedules


V E N E Z U E L A

* VENEZUELA: Assumes Control of Banco de Venezuela


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L: Antigua Liquidators Win Fight Over Assets
---------------------------------------------------------
On July 3, 2009, a trial court in the United Kingdom issued a
decision that recognized the Antiguan Liquidators as "foreign
representatives" in the U.K. for Stanford International Bank
Limited, and recognized the Antiguan liquidation proceeding for
SIBL as the "foreign main proceeding" for SIBL, at least so far as
UK law goes.  In the same decision, the court also recognized, as
a matter of U.K. law, the Receiver as the receiver for the other
defendants in the U.S. receivership.  If the decision is not
reversed on appeal, and ignoring any asset freezes, the decision
would give the Antiguan Liquidators powers over assets of SIB that
are located in the United Kingdom.

However, all assets of SIBL located in the United Kingdom have
been frozen under two separate orders issued by U.K. courts.  As a
result, the cash of SIB in the United Kingdom is required to
remain in place unless and until a UK court lifts or modifies the
freeze, or the requesting party agrees to a lifting or
modification of the freeze. One of these was issued at the request
of the SEC, and the other at the request of the U.K. Serious Fraud
Office (which in turn acted at the request of the U.S. Department
of Justice).  The order issued at the request of the UK Serious
Fraud Office was issued in April 2009, but was not publicly
disclosed until after the criminal indictments of Robert Allen
Stanford and others were returned in June 2009.

To the extent the U.K. decision recognizes the Antiguan
Liquidators and the Antiguan liquidation proceeding as superior to
the Receiver and the U.S. receivership, the Receiver believes it
is wrongly decided and should be reversed. The Receiver will
appeal the decision so it can be reviewed by a higher court.

                 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: Owner's Passport Found; Lawyer to Re-appeal Bail
----------------------------------------------------------------
Stanford International Bank Limited owner Robert Allen Stanford's
expired Antiguan passport was found among possessions seized by
Stanford Financial Group receiver, Ralph Janvey, three days after
prosecutors told U.S. District Judge David Hittner they didn't
know where it was, Andrew M. Harris and Laurel Brubaker Calkins of
Bloomberg News report.

According to the report, prosecutors argued that finding the
missing passport doesn't justify letting Stanford out of jail on
bail.  "Before July 1, Mr. Stanford's counsel had not asked the
receiver or his counsel about an expired Antiguan passport and
they had no reason to think an expired Antiguan passport was of
significance," Mr. Janvey's spokeswoman, Nancy Sims, said in an e-
mailed statement obtained by the news agency.  An attorney for Mr.
Janvey told a Stanford lawyer on July 1 that the receiver's
investigators had found the passport at Stanford's St Croix
premises, Ms. Sims added.

"I discovered [July 3] that the receiver/government has had the
passport all along," Dick DeGuerin, Mr. Stanford's criminal-
defense attorney, said in an e-mail obtained by the news agency.
"It's pretty clear the prosecutors were less than forthcoming
about it at the crucial time, during the hearings, especially when
they made such an important point of 'the missing passport.'"

Bloomberg notes Mr. DeGuerin said he plans to ask Judge Hittner to
reopen the hearing on whether Mr. Stanford deserved bail based "on
this and several other misrepresentations" made by prosecutors.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, the Associated Press said Mr. Stanford will remain
in jail while he awaits trial after Judge Hittner revoked a
magistrate judge's decision that allowed him bail.  A TCR-LA
report on June 30, 2009, citing Bloomberg News, related that
prosecutors urged Judge Hittner to revoke the US$500,000 bail
given by U.S. Magistrate Judge Frances Stacy to Mr. Stanford.
Prosecutors told Judge Hittner that Mr. Stanford is "an extreme
flight risk" and might flee to avoid trial on charges against him.
According to the report, prosecutors argued that Mr. Stanford's
dual citizenship and lifestyle of "hop-scotching the globe," would
make it easy for him to become a fugitive.

Agence France-Presse News said Mr. Stanford pleaded not guilty to
21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Bloomberg related Mr. Stanford's lawyer,
Dick DeGuerin, said his client should be released on bond because
he has no intention of fleeing before a trial.  According to
Bloomberg, Mr. DeGuerin said Mr. Stanford voluntarily surrendered
his passport two days after the U.S. Securities and Exchange
Commission sued him of fraud.

Assistant Attorney General Lanny Breuer, as cited by AFP,
said in a 57-page indictment that Mr. Stanford could face up to
250 years in prison if convicted on all charges.  RadioJamaica
related that Mr. Stanford surrendered to U.S. authorities after a
warrant was issued for his arrest on criminal charges.  MailOnline
News said Mr. Stanford was arrested in Fredricksburg, Virginia.

                 About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

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

EVHIARCO SRL: Trustee Verifying Proofs of Claim Until August 12
---------------------------------------------------------------
The court-appointed trustee for Evhiarco S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 12, 2009.

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


FERIA DE LAS REVISTAS: Verifying Proofs of Claim Until August 24
----------------------------------------------------------------
The court-appointed trustee for Feria de las Revistas S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 24, 2009.

The trustee will present the validated claims in court as
individual reports on October 5, 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 17, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 24, 2010.


GASTRONOMIA ROSARIO: Verifying Proofs of Claim Until September 14
-----------------------------------------------------------------
The court-appointed trustee for Gastronomia Rosario S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 14, 2009.

The trustee will present the validated claims in court as
individual reports on October 28, 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 11, 2009.


ROSAC SA: Trustee Verifying Proofs of Claim Until August 20
-----------------------------------------------------------
The court-appointed trustee for Rosac S.A. Servicios Empresarios's
bankruptcy proceedings will be verifying creditors' proofs of
claim until August 20, 2009.

The trustee will present the validated claims in court as
individual reports on October 19, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 1, 2009.


SCAMOR SA: Trustee Verifying Proofs of Claim Until August 26
------------------------------------------------------------
The court-appointed trustee for Scamor S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 26, 2009.


VIAATAS DE ALTURA: Verifying Proofs of Claim Until August 3
-----------------------------------------------------------
The court-appointed trustee for Viatas de Altura S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 3, 2009.

The trustee will present the validated claims in court as
individual reports on October 16, 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 15, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 29, 2010.


YPF SA: Parent in Talks With CNPC and CNOOC Group on Unit's Stake
-----------------------------------------------------------------
YPF S.A.'s parent firm, Spanish-based Repsol YPF SA, is in talks
with China National Petroleum Corp. and China National Offshore
Oil Corp. for a possible stake sale in the firm, Cathy Chan, Juan
Pablo Spinetto and Matthew Craze of Bloomberg News report, citing
unnamed sources.

According to the report, one source said China National Petroleum
may make an offer of about US$13 billion to US$14.5 billion for
Repsol's stake in YPF SA this month, while CNOOC Group is
preparing a rival bid to buy a minority stake in the unit.  The
report relates CNOOC Group hasn't decided whether its Chinese
parent or Hong Kong-listed unit will make the acquisition.

As reported in the Troubled Company Reporter-Latin America on
July 2, 2009, Bloomberg News said China National Petroleum Corp.
is seeking to revive a failed attempt to buy stakes in YPF S.A.
The report related CNPC's third attempt will likely face strong
political opposition in Argentina.  According to the report, CNPC
may offer to buy as much as 75% of YPF, while Chinese rival CNOOC
Ltd. is interested in a 25% stake.

According to a TCR-LA report on July 3, Bloomberg News said Chief
Executive Officer Antonio Brufau wants to cut Repsol's stake in
YPF after Argentine restrictions on natural gas exports and price
caps on crude reduced profitability.  The report related the
company also needs to raise funds for production, including in the
deepwater fields off Brazil where Brufau said last year Repsol
would spend at least US$1.5 billion developing deposits.  Repsol,
the report related, delayed a public offering of a stake in YPF in
November after paying US$15.5 billion for more than 80 percent of
YPF in 1999.  Last year Repsol sold a 15% stake in YPF SA for
US$2.2 billion to Argentine investor Enrique Eskenazi, the report
noted.  Bloomberg notes that China is taking advantage of a drop
in oil and stock prices to secure oil supplies through
acquisitions.

                          About YPF S.A.

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.



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

CABLE & WIRELESS: To Invest US$10MM for Cable Network in Bermuda
----------------------------------------------------------------
Cable & Wireless plc plans to invest US$10 million in Bermuda's
telecommunications infrastructure, Bermuda Sun reports.  According
to the report, the firm is close to landing its second big-budget
submarine cable system, CBUS, which is a joint project with a
number of partners.

The report relates CBUS will:

   -- connect Bermuda to Tortola in the British Virgin Isles;

   -- form part of a secure network ring along with Cable &
      Wireless Bermuda's Gemini Cable.

   -- will provide unparalleled resilience with high bandwidth
      services for local firms, bringing the island's undersea
      cable connections on a par with other global financial
      centers;

   -- offer 700 times the off-island capacity previously
      available; and

   -- directly link into Cable & Wireless' global transmission
      network.

The company, the report notes, said the new system is due to be
fully commissioned by the third quarter of 2009.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company also continues to Standard & Poor's "BB-" long-term
foreign and local issuer credit ratings and "B" short-term foreign
and local issuer credit ratings.



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

REDE ENERGIA: Completes BRL300MM 1-year Promissory Note Issue
-------------------------------------------------------------
Rede Energia S.A has completed a BRL300 million 1-year promissory
note issue at 120% of DI, LatinFrance reports.  The report relates
bookrunner Banco do Nordeste bought the entire issue.

According to the report, Rede Energia will use proceeds to finance
its buyback of up to US$300 million in outstanding perpetual bonds
that closed June 26.

Rede Energia, the report notes, will repurchase US$78.4 million of
the outstanding US$575 million in 11.125% of perpetuals, in a
process run by Banc of America and Planner Securities.

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.



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

ABINGDON FINANCE: Members to Receive Wind-Up Report on August 5
---------------------------------------------------------------
The members of Abingdon Finance Limited will hold their final
meeting on August 5, 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:

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


AHL ISSUER: Shareholders to Hear Wind-Up Report on July 24
----------------------------------------------------------
The shareholders of AHL Issuer Capital Funding Corporation will
hold their final meeting on July 24, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


AHLG CAPITAL: Shareholders to Hear Wind-Up Report on July 24
------------------------------------------------------------
The shareholders of AHLG Capital Funding Corporation will hold
their final meeting on July 24, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


CRISPS LIMITED: Shareholders to Receive Wind-Up Report on July 22
-----------------------------------------------------------------
The shareholders of Crisps Limited will hold their final meeting
on July 22, 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:

          Ellen J. Christian
          c/o Piccadilly Cayman Limited
          3rd Floor Royal Bank House
          Shedden Road, George Town, Grand Cayman
          Telephone: 345 945 9208
          Fax: 345 945 9210


DB GANYMEDE: Shareholders to Hear Wind-Up Report on July 24
-----------------------------------------------------------
The shareholders of DB Ganymede Corp. will hold their final
meeting on July 24, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


DRAGON BILLION: Shareholder to Hear Wind-Up Report on July 10
-------------------------------------------------------------
The shareholder of Dragon Billion Greater China Fund will receive
on July 10, 2009, at 12:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nigel Stead
          ManagementPlus (Singapore) Pte Ltd
          31 Club Street, #03-01 Emerald Garden
          Singapore 069468
          Telephone: (65) 3125 2180
          Facsimile: (65) 3125 2181


FIERA NORTH: Members to Receive Wind-Up Report on July 23
---------------------------------------------------------
The members of Fiera North American Market Neutral Fund A, Ltd
will hold their final meeting on July 23, 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:

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


FIERA NORTH: Members to Receive Wind-Up Report on July 23
---------------------------------------------------------
The members of Fiera North American Market Neutral Master Fund,
Ltd will hold their final meeting on July 23, 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:

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


FORTIS US: Members to Hear Wind-Up Report on July 31
----------------------------------------------------
The members of Fortis US Equity 130/30 Master Limited will hold
their final meeting on July 31, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FORTIS US: Members to Hear Wind-Up Report on July 31
----------------------------------------------------
The members of Fortis US Equity 130/30 Limited will hold their
final meeting on July 31, 2009, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KUMAMOTO FAMILY: Members to Hear Wind-Up Report on July 23
----------------------------------------------------------
The members of Kumamoto Family Preferred Capital Cayman Limited
will hold their final meeting on July 23, 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:

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


QUICKSILVER EURO: Shareholders to Hear Wind-Up Report on July 24
----------------------------------------------------------------
The shareholders of Quicksilver Euro CBO I (Cayman) Limited will
hold their final meeting on July 24, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


TITIAN INVESTMENTS: Members to Hear Wind-Up Report on August 7
--------------------------------------------------------------
The members of Titian Investments Ltd. will hold their final
meeting on August 7, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         J.A Priaulx
         c/o Maples and Calder, Attorneys at law
         PO Box 309 Ugland House, South Church Street
         Grand Cayman, Cayman Islands


WASHINGTON CORNER: Members to Hear Wind-Up Report on July 23
------------------------------------------------------------
The members of Washington Corner SPC will hold their final meeting
on July 23, 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:

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


ZAPP (PORTUGAL): Shareholders to Hear Wind-Up Report on July 23
---------------------------------------------------------------
The shareholders of Zapp (Portugal) Limited will hold their final
meeting on July 23, 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:

          Bruce David Mcnaught FCA
          Granary House, The Grange
          St. Peter Port, Guernsey, GY1 2QG
          Channel Islands



=========
H A I T I
=========

* HAITI: Canada Forgives US$2 Million Debt
------------------------------------------
Canada has forgiven CN$2.3 million or US$2 million in debt owed by
Haiti as part of the federal government's plan to relieve
impoverished and heavily indebted countries, The Associated Press
reports.

According to the report, Canadian Finance Minister Jim Flaherty
said the debt relief will let Haiti spend its scarce resources on
its priorities instead of its liabilities.

The report notes Canada has now canceled a total of CN$965 million
or US$835 million worth of debt owed by poor countries, including
all debt owed by Latin American and Caribbean nations.



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

AIR JAMAICA: Indigo Partners & Oaktree Capital Buys Stake
---------------------------------------------------------
The owners of Spirit Airlines, Indigo Partners and Oaktree
Capital, are said to be the new owners of Air Jamaica Limited
after buying the stakes in the country's national carrier, Janet
Silvera of the Jamaica Gleaner reports.  The report relates that
Air Jamaica's name might be changed to Spirit of Jamaica.

"Spirit is already mean and lean and that is exactly what Air
Jamaica needs in order to strategically grow," the report quoted
an unnamed hotelier as saying.  The routes plied by both carriers
might be complementary, the hotelier added.

The Gleaner relates, citing a media release, the minister said
that the Air Jamaica Privatization Committee, which is working on
the airline's re-privatization effort, had negotiated
strategically with the two top investor prospects and had made a
final recommendation for the signing of a document of agreed terms
with one party.  The terms, the report notes, include a provision
for the Government of Jamaica to maintain a minority equity stake
in the airline.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.  The
report related the sale is now scheduled to be completed before
the July 31 deadline which was set by the Finance Ministry.  A
TCR-LA report on June 10, citing Jamaica Observer, related that
Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have
both expressed an interest in acquiring Air Jamaica.  Radio
Jamaica said the airline has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.  In
addition, Radio Jamaica said, Air Jamaica currently has over
US$600 million in loans outstanding.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

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


HOUSING AGENCY: Taps National Housing Trust for Project Financing
-----------------------------------------------------------------
The Housing Agency of Jamaica has sought the aid of National
Housing Trust for an 80% of the financing for two new projects
this year, which is worth about JM$640 million based on the
estimated JM$800 million price tag on the projects, Jamaica
Gleaner reports.  The report relates the company move was due to
the tight credit market.

"These are large investments in a tight market and how we are
planning to do this is leverage our relationship with the NHT to
get low-cost funding," the report quoted HAJ Managing Director
Joseph Shoucair as saying.

According to the report, Mr. Shoucai said the other 20% financing
will come from purchasers of the real estate, who will be required
to make a downpayment of 20% on their acquisitions.

Mr. Shoucai, the report notes, said the NHT loan, with interest,
will be repaid from the sale proceeds of the units.

The Gleaner says HAJ will build 165 homes and 130 serviced lots in
Portmore, St. Catherine starting at the end of this summer.  The
report relates the project is estimated to worth JM$405 million.
The company, the Gleaner says, also struck a JM$316 million deal
with Pavement and Structures Limited for the construction of 65
two-bedroom homes in a development to be called the Palms of
Portmore.  Both projects are awaiting Cabinet's approval.

Housing Agency of Jamaica hopes to turn the corner on
profitability, aiming to lower this year's recorded deficit to
JM$900 million from JM$2.4 billion, the Gleaner notes.  The report
relates the company also has called on a JM$65 million subvention
from government to push its projects through.

                           About HAJ

The Housing Agency of Jamaica -- http://www.hajl.gov.jm-- is a
wholly owned government company formed in 1998 through the merger
of three entities; namely Caribbean Housing Finance Corporation
Limited, National Housing Corporation Limited and Operation PRIDE.
HAJ falls under the umbrella of the Ministry of Water and Housing
and is headed by a Managing Director. The Agency is governed by a
Board of Directors.  The core services offered by HAJ include
providing shelter solutions on the Open Market, Mortgage Servicing
and upgrading of informal settlements.


JPSCO: Incurs JM$133 Million Loss in January to March Period
------------------------------------------------------------
Jamaica Public Service Company Limited has incurred a US$1.5
million or JM$133 million loss in the first three months of this
year from a US$5.5 million profit in the same period last year,
RadioJamaica reports.

According to the report, the three-month loss was linked to a
US$67 million decline in revenue which amounted to US$158 million.

The company, the report notes, said it could see an increase in
revenue later this year if the Office of Utilities Regulation
grants its request for a tariff increase.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.  The proposed new tariffs will result in an
increase in the total bill of customers, ranging from 4.3% for a
Tier One (100 kWh/month or less) residential customer to 26.8% for
a Tier 4 (more than 2000 kWh/month) business customer, with an
overall average increase of 22.8% for all customer groups.  New
approved rates will be reflected in July bills.  The tariff review
will set base rates for the period 2009-2014.  It is being
conducted against the backdrop of JPS' poor financial results over
the 2004-2009 tariff period, during which the company made a loss
in three of the five years.

Energy Minister James Robertson had denied reports that the
government seeks to sell its 20% stake in the company to in order
to finance the budget.

                         About JPSCO

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

                          *     *     *

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


SCJ: Supreme Court to Rule on Sugar Injunction
----------------------------------------------
The Supreme Court is to rule whether an injunction barring the
sale of the Hampden Sugar Estate in Trelawny should be extended,
RadioJamaica reports.  The report relates the team overseeing the
divestment of state owned sugar factories will hear Friday if it
can proceed with the sale of one of the entities.

According to the report, the Divestment Committee said it would
await Friday's court ruling before proceeding with the transfer of
ownership.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, RadioJamaica said the court injunction, which
barred SCJ from selling its stake, was extended until July 2,
after the issue of the extension was not heard due to the
unavailability of the judge.  According to a TCR-LA report on
May 21, RadioJamaica said the Jamaican government's plan to divest
SCJ's five sugar factories may face trouble if the original owners
of the Hampden Estate succeed in their legal battle in the High
Court.  The report related that Hampden has sued the SCJ, the
Trelawny Sugar Company which operated the factory, and the former
receiver/manager John Lee in its objection to the divestment.
The Gleaner noted that SCJ's sugar factories are now expected to
be sold off to what has been described as a "priority four
investors."  The report related that sources said the government
failed to offload the company as a single entity.  The report
noted the shortlisted four are:

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

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

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

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



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

ASARCO LLC: To Send Competing Plans to Creditors for Voting
-----------------------------------------------------------
Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the
Southern District of Texas signed a written order, on July 2,
2009, approving the Joint Disclosure Statement explaining the
separate Chapter 11 plans of reorganization submitted by the
Debtors supporting the offer by Sterlite (USA), Inc.; Americas
Mining Corporation and ASARCO Incorporated; and Harbinger Capital
Partners Master Fund I, Ltd., and Citigroup Global Markets, Inc.

The Court held that the Joint Disclosure Statement contains
"adequate information" within the meaning of Section 1125 of the
Bankruptcy Code and thus, is approved in all respects.  The Court
held a Disclosure Statement Hearing on June 30, 2009, and another
hearing on July 2 to cure concerns relating to the Joint
Disclosure Statement.

Solicitation materials and documents are expected to be
distributed next week after the three Plan Sponsors finish
negotiations on the final offer details with respect to each of
their Plans, Steven Church of Bloomberg News reports.

The Joint Disclosure Statement has not yet been revealed while
the Plan Sponsors make final attempts to outbid each other.

The Disclosure Statement Order has authorized the Plan Sponsors
to make non-substantive changes to their respective Plans.  In
addition, the Debtors, in consultation with the Parent and
Harbinger, are authorized to make non-substantive changes to the
Joint Disclosure Statement, Ballots, Master Ballots, Confirmation
Hearing Notice, Solicitation and Tabulation Procedures, and
related documents without further Court order, including changes
to correct typographical and grammatical errors and to make
conforming changes prior to the documents' distribution.

"Hopefully there is going to be a new deal [this weekend,]"
Bloomberg News quoted Judge Schmidt as saying.  "And hopefully
the best deal is going to be solicited when it goes out on
Wednesday, [July 8, 2009]," Judge Schmidt added.

Pursuant to Rule 3017(d) of the Federal Rules of Bankruptcy
Procedure, the Voting Record Date for determining (i) the holders
of claims that are entitled to receive the Solicitation Package
pursuant to the Solicitation and Tabulation Procedures, and (ii)
holders of claims that are entitled to vote to accept or reject
the Plans will be July 2, 2009.

Any Objection to the confirmation of the Plans must be filed on
or before July 29, 2009.  Voting Deadline is on August 5.

Judge Schmidt previously scheduled the Confirmation Hearing to
take place August 10 to 14, 2009, with hearing extensions set for
August 17 through 19, if necessary.

The Court also approved the Solicitation and Tabulation
Procedures, the form of Ballots and Master Ballots, and the Joint
Voting Instructions, among others.

A full-text copy of the July 1 Disclosure Statement Order is
available for free at:

   http://bankrupt.com/misc/ASARCO_JointDS_Order_070209.pdf

                      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
$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 $1.1 billion in cash and a
$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 to $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)


CEMEX SAB: May Sue Strabag for Withdrawing From Acquisition
-----------------------------------------------------------
Thomas Black and Zoe Schneeweiss of Bloomberg News report that
Cemex S.A.B. de C.V. said it may take legal action after Vienna-
based Strabag SE withdrew from buying its Austrian and Hungarian
assets because it failed to gain antitrust approval.  The report
relates Cemex sent Strabag SE written notice that its withdrawal
from the acquisition was invalid and a breach of the July 2008
agreement to pay EUR310 million or US$434 million for the concrete
operations.

According to the report, the company's Austrian and Hungarian
operations are part of US$2.53 billion of assets that Cemex has
sold or is awaiting regulatory permission to sell since 2008 as
the Mexican company seeks to pare its US$22 billion of debt.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2009 Cemex SAB said it continues to make significant
progress with its core banks that represent a majority of the
Company's outstanding bank debt.  The report related Cemex
presented its refinancing proposal to the Company's full syndicate
of banks with a revised maturity schedule on a new facility
encompassing US$14.5 billion in bank debt that would run through
February 2014.  The company said that this revised schedule would
shift 2009-2011 maturities substantially into the future.
According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report relates one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.

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

                         About Cemex

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

                          *     *     *

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

Cemex

  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

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

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

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

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

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

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

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


COMERCI: To Restructure Debt This Year, Reuters Says
----------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci) expects to
restructure its liabilities by the end of the year, Hugh Collins
of Bloomberg News reports, citing Reuters.

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 related Barclays
Plc, Goldman Sachs Group Inc., 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 TCR-LA report on June 15, LatinFrance said JPMorgan
chose 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 disclosed that banks, local bondholders and
international holders have some US$800 million worth of debt
alone, and the four 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.

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

Comerci a.k.a Controladora Comercial Mexicana SAB de CV
(MXK:COMERCIUBC) --- 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 June 19, 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.


COMERICA INC: Fitch Cuts Individual Ratings to 'B/C' From 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings of
Comerica Incorporated and lead bank Comerica Bank to 'A' from
'A+'.  At the same time, Fitch has downgraded the Individual
ratings to 'B/C' from 'B,' and lowered the rating on preferred
securities to 'BBB+' from 'A.'  The Rating Outlook is Negative.  A
complete list of ratings follows at the end of this release.

Underlying the downgrade, Fitch expects it may be difficult for
CMA to be profitable in 2009 given higher credit costs and a
depressed net interest margin.  In addition, a deteriorating
economic environment could have a detrimental impact on the
company's commercial book, which will likely impact the
performance metrics of the company.  To reflect the weakened
profitability profile, Fitch has downgraded the ratings of CMA and
its subsidiary.  CMA's solid capital position, manageable credit
deterioration to date, sizeable noninterest bearing deposit base,
and liquid investment portfolio provide support for the ratings at
their new level.

Similar to others in the industry, CMA has faced credit quality
challenges, but CMA's performance has been relatively good to
date, reflecting the predominately commercial composition of the
loan book.  Non-performing asset growth in the first quarter of
2009 (1Q'09) was the fourth quarter in a row of lower problem
asset growth, and CMA has reported a comparatively low and stable
level of net charge-offs to date.  CMA's ratings incorporate the
expectation that problem assets and NCOs will increase during the
current credit cycle; however, that the level will remain
manageable.

The Negative Outlook considers that a deteriorating economic
environment will have an adverse impact on the company's
commercial book in the future.  If asset quality deterioration
materially worsens, this would likely result in a downgrade of
CMA's ratings, particularly if accompanied by a reduction in the
company's capital position or loan loss reserves.

Fitch has also widened the notching on CMA's outstanding hybrid
equity, which includes $2.3 billion of preferred stock issued
under the Capital Purchase Program and $500 million in capital
securities.  As discussed in Fitch's press release, 'Expectations
for Higher Loan Losses Driving U.S. Bank Ratings Review', dated
May 7, 2009, an analysis of the notching between IDRs and hybrid
equity instruments has been underway, and Fitch has taken similar
action on other issuers.

CMA, which moved its headquarters from Detroit, Michigan to
Dallas, Texas in 3Q'07, is one of the top 25 largest banking
companies in the U.S. with $67 billion in assets.  CMA has
operations in Michigan, California, Texas, Florida, as well as
Canada and Mexico.  CMA focuses on commercial banking, servicing a
broad customer base from small and middle market businesses to
large corporates.  Additionally, the company provides personal and
institutional wealth management services.

These ratings are downgraded and assigned a Negating Outlook:

Comerica Incorporated

  -- Long-term IDR to 'A' from 'A+';
  -- Senior debt to 'A' from 'A+';
  -- Subordinated debt to 'A-' from 'A';
  -- Individual to 'B/C' from 'B';
  -- Preferred stock to 'BBB+' from 'A'.

Comerica Bank

  -- Long-term IDR to 'A' from 'A+';
  -- Long-term deposits to 'A+' from 'AA-';
  -- Senior debt to 'A' from 'A+';
  -- Subordinated debt to 'A-' from 'A';
  -- Individual to 'B/C' from 'B'.

Imperial Bank

  -- Long-term deposits to 'A+' from 'AA-'.

Comerica Capital Trust II

  -- Capital securities to 'BBB+' from 'A'.

Fitch has affirmed these ratings:

Comerica Incorporated

  -- Short-term IDR at 'F1';
  -- Short-term debt at 'F1';
  -- Support at '5';
  -- Support floor 'NF'.

Comerica Bank

  -- Short-term IDR at 'F1';
  -- Short-term deposits at 'F1';
  -- Support at '4';
  -- Support floor 'B'.


GRUMA SAB: To Reach Bank Deal This Month & Avert Bankruptcy
-----------------------------------------------------------
Gruma SAB expects to reach an agreement with banks this month on
US$668.3 million of loans needed to cover derivatives losses and
avoid bankruptcy, Carlos Manuel Rodriguez of Bloomberg News
reports, citing company spokesman Fernando Solis.

According to the report, the company said in a U.S. regulatory
filing that it may be forced to file for bankruptcy because it
does "not currently have sufficient liquidity."  The report
relates the company has a July 23 deadline to reach a loan accord
with Credit Suisse Group AG, Deutsche Bank AG and JPMorgan Chase &
Co., to pay them back for currency derivatives that plunged in
value after the peso dropped.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009 Gruma SAB incurred a net loss of Ps.12,339,758 in
fiscal year ended December 31, 2008, and had obligations to its
derivative counterparties as of December 31, 2008 in the amount of
Ps.11,230,170.  In addition, the company had long-term debt in the
amount of Ps.11,728,068 as of December 31, 2008, some of which it
will be required to renegotiate in order to be able to finance its
obligations to its derivative counterparties on a long-term basis.
"These facts raise substantial doubt about the Company's ability
to continue as a going concern," PricewaterhouseCoopers LLP, in
Monterrey, Mexico, auditor of the Company, said.

On March 19, 2009, the Company entered into a term sheet that
provides for the financing of the obligations that would result
from the termination of all of its foreign exchange derivative
instruments that it had entered with Credit Suisse, Deutsche Bank
and JP Morgan Chase as counterparties.  On March 23, 2009, the
Company and the Derivative Counterparties agreed to terminate
certain additional derivative instruments and fixed the total
amount of obligations payable by the Company to the Derivative
Counterparties at US$668.3 million.  In connection with the Term
Sheet, the Company and the Derivative Counterparties have agreed
to negotiate in good faith to convert the Termination Amounts into
a secured term loan within 120 days of March 23, 2009.

As a condition of the Financing, the Term Sheet establishes a term
of 120 days for performing the following:

   (a) the Company and its counterparties should formalize this
       preliminary agreement,

   (b) the Company should enter into agreements to amend and
       restate its existing major credit facilities, and

   (c) the Company should settle the remaining derivative open
       positions.

If the Company, the Derivative Counterparties and its creditors
fail to enter into an agreement within the 120-day period
contemplated by the Term Sheet, the Termination Amount of US$668.3
million together with interest accrued will become immediately due
and payable.  In addition, if the Company fails to enter into the
agreement contemplated by the Term Sheet, certain other
indebtedness of the Company could become due and payable in the
event of the exercise by the creditors of their right to
accelerate repayment of these obligations under specified events
of default.

Management of the Company believes it will sign the final
agreement and will successfully renegotiate the bank loans subject
to this agreement.  If the Company is unable to successfully
consummate the Financing and the Credit Agreement Amendments, it
will attempt to restructure or refinance its existing financial
obligations, seek additional equity capital or sell assets since
it does not have sufficient liquidity to repay the US$668.3
million obligation owing to the Derivative Counterparties, and
other indebtedness that may become due at that time.  Although the
Company expects the successful consummation of the Financing and
the Credit Agreement Amendments, there can be no assurance that
this will be consummated.

                     About Gruma, S.A.B.

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                          *     *     *

As of July 1, 2009, the company continues to carry Standard and
Poor's B+ LT Issuer Credit ratings.  The company also continues to
carry Fitch Ratings' B+ LT Issuer Default ratings and B- Senior
Unsecured Debt ratings.


SIX FLAGS: Asks U.S. Court for August 12 Extension for Schedules
----------------------------------------------------------------
Pursuant to Rule 1007(b) and (c) of the Federal Rules of
Bankruptcy Procedure, Premier International Holdings, Inc., Six
Flags, Inc., and their debtor affiliates, are required to file
(i) schedules of assets and liabilities, (ii) schedules of
executory contracts and unexpired leases, and (iii) statements of
financial affairs by June 28, 2009.

Under Rule 1007-1(b) of the Local Rules of Bankruptcy Practice
and Procedure of the U.S. Bankruptcy Court for the District of
Delaware, the deadline for filing the schedules is automatically
extended for an additional 15 days if the Debtor has more than
200 creditors and the petition is accompanied by a list of
creditors.  The Debtors have more than 200 creditors and have
filed their list of creditors with the Court.

By this motion, the Debtors ask the Court to extend the date by
which the Schedules must be filed until August 12, 2009.

Recognizing the importance of the Schedules in these Bankruptcy
Cases, the Debtors intend to complete them as quickly as possible
under these circumstances, L. Katherine Good, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, tells the Court.
Completing the Schedules, however, requires the Debtors to
collect, review, and assemble a substantial amount of
information.  Due to the number of the Debtors' creditors, the
size and complexity of the Debtors' business, the diversity of
their operations and assets, and the limited staffing available
to gather, process, and complete the Schedules, the Debtors do
not believe the 30-day period provided under Rule 1007(c) and
Local Rule 1007-1(b) will be sufficient, Ms. Good contends.

Granting the Debtors additional time to bring their books and
records up to date and reconcile prepetition transactions will
aid the Debtors' efforts to make the Schedules as accurate as
possible, Ms. Good asserts.

The Court will convene a hearing on July 13, 2009, to consider
approval of the request.  Pursuant to Rule 9002-6 of the Local
Rules of Delaware, the Debtors' Schedules Filing Deadline is
automatically extended until the conclusion of that hearing.

                       About Six Flags Inc.

Headquartered in New York City, Six Flags, Inc., is the world's
largest regional theme park company with 20 parks across the
United States, Mexico and Canada.

Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr.
D. Del. Lead Case No. 09-12019).  Paul E. Harner, Esq., Steven T.
Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings,
Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors'
lead counsel.  Daniel J. DeFranceschi, Esq., and L. Katherine
Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, act as local counsel.  Cadwalader Wickersham & Taft LLP,
serves as special counsel.  Houlihan Lokey Howard & Zukin Capital
Inc., serves as financial advisors, while KPMG LLC acts as
accountants.  Kurtzman Carson Consultants LLC serves as claims and
notice agent.  As of March 31, 2009, Six Flags had $2,907,335,000
in total assets and $3,431,647,000 in total liabilities.

Bankruptcy Creditors' Service, Inc., publishes Six Flags
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Six Flags Inc. and its
various affiliates.  (http://bankrupt.com/newsstand/or 215/945-
7000).



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

* VENEZUELA: Assumes Control of Banco de Venezuela
--------------------------------------------------
Venezuela has taken formal control of Banco de Venezuela, which
was previously owned by Spain's Grupo Santander, Will Grant of BBC
News reports.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2009, BBC News said the Venezuelan government nationalised
Banco de Venezuela, after agreeing to pay US$1.05 billion.  The
report related the move follows months of negotiations between the
government and Santander.  According to the report, Venezuelan
Vice-President Ramon Carrizalez said the move would allow the
government to assert greater state control over the economy.

Banco de Venezuela President Michel Goguikian, the report noted,
said the deal was "very satisfactory" for both sides.  BBC News
said the government will pay Banco Santander an initial
US$630 million, with the remainder to be paid in two installments
in October and December.

                          *     *     *

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

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                        Total           Total
                                        Assets      Shareholders
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------

ARGENTINA

SOC COMERCIAL PL   CADN SW          147459909.97   -253108978.06
COMERCIAL PL-ADR   SCPDS LI         147459909.97   -253108978.06
SOC COMERCIAL PL   COME AR          147459909.97   -253108978.06
COMERCIAL PLA-BL   COMEB AR         147459909.97   -253108978.06
SOC COMERCIAL PL   CAD IX           147459909.97   -253108978.06
SNIAFA SA-B        SDAGF US          11489328.24      -840226.12
IMPSAT FIBER-$US   IMPTD AR            535007008       -17165000
COMERCIAL PLAT-$   COMED AR         147459909.97   -253108978.06
IMPSAT FIBER-BLK   IMPTB AR            535007008       -17165000
COMERCIAL PL-C/E   COMEC AR         147459909.97   -253108978.06
SNIAFA SA          SNIA AR           11489328.24      -840226.12
IMPSAT FIBER NET   IMPTQ US            535007008       -17165000
IMPSAT FIBER NET   XIMPT SM            535007008       -17165000
SOC COMERCIAL PL   CVVIF US         147459909.97   -253108978.06
IMPSAT FIBER-CED   IMPT AR             535007008       -17165000
IMPSAT FIBER-C/E   IMPTC AR            535007008       -17165000
IMPSAT FIBER NET   330902Q GR          535007008       -17165000
SNIAFA SA-B        SNIA5 AR          11489328.24      -840226.12
SOC COMERCIAL PL   SCDPF US         147459909.97   -253108978.06


BRAZIL

PARQUE TEM-RCT C   PQTM9 BZ          58692385.42   -188832203.73
GAZOLA SA-DVD CM   GAZO11 BZ         15610576.83    -42175190.26
TEXTEIS RENAUX     RENXPN BZ         43112153.13    -64315032.24
CTM CITRUS-RCT C   CTP5 BZ           38740523.05      -671039.81
TECEL S JOSE       SJOS3 BZ          17924946.14    -18569451.23
FABRICA RENAUX-P   FTRX4 BZ          53485265.61    -31264773.12
SCHLOSSER SA       SCHON BZ          10007791.94    -53599536.49
SCHLOSSER          SCLO3 BZ          10007791.94    -53599536.49
FER HAGA-PREF      HAGA4 BZ          11324601.97    -49777521.75
SCHLOSSER-PREF     SCLO4 BZ          10007791.94    -53599536.49
TELEBRAS-RTS CMN   RCTB1 BZ         185536520.68     -1054841.44
BOTUCATU TEXTIL    STRP3 BZ          25771113.88     -6735922.24
MINUPAR SA-PREF    MNPRPN BZ         77985985.08    -17398607.53
TEXTEIS RENAU-RT   TXRX1 BZ          43112153.13    -64315032.24
FER C ATL-RCT PF   VSPT10 BZ        893379731.09     -42150373.2
TELEBRAS-ADR       TBASY US         185536520.68     -1054841.44
TELEBRAS SA        TBASF US         185536520.68     -1054841.44
TELEBRAS-ADR       TBAPY US         185536520.68     -1054841.44
SANSUY             SNSY3 BZ         100279114.92    -45812488.77
SANESALTO          SNST3 BZ       20705801887.08   -466044305.79
BOTUCATU-PREF      STRP4 BZ          25771113.88     -6735922.24
ACO ALTONA SA      EAAON BZ          72616112.37     -8863784.58
SANSUY SA-PREF B   SNSYBN BZ        100279114.92    -45812488.77
SANSUY SA-PREF A   SNSYAN BZ        100279114.92    -45812488.77
MINUPAR SA         MNPRON BZ         77985985.08    -17398607.53
SANSUY-PREF A      SNSY5 BZ         100279114.92    -45812488.77
CAMBUCI SA-PREF    CAMB4 BZ          77853098.43    -18690214.78
TELEBRAS-CEDEA $   TEL4D AR         185536520.68     -1054841.44
PROMAN             PRMN3 BZ          10408605.71      -202138.27
ARTHUR LAN-DVD C   ARLA11 BZ         21333792.82    -16295577.05
TEC TOY SA-PREF    TOYB5 BZ          20577415.71     -7950050.37
PET MANG-RIGHTS    RPMG1 BZ          67915860.11   -166793076.45
TELEBRAS-CEDEA $   RCT4D AR         185536520.68     -1054841.44
TELEBRAS-PF RCPT   TBAPF US         185536520.68     -1054841.44
NOVA AMERICA-PRF   NOVA4B BZ            21287489   -183535527.21
PARQUE TEM-DV PF   PQT6 BZ           58692385.42   -188832203.73
GASCOIGNE EMP-PF   GASC4B BZ        656500097.92   -450029899.55
NOVA AMERICA-PRF   NOVAPN BZ            21287489   -183535527.21
PARQUE TEM-DV CM   PQT5 BZ           58692385.42   -188832203.73
CTM CITRUS-PREF    CTMPN BZ          38740523.05      -671039.81
TELEBRAS-ADR       TBRAY GR         185536520.68     -1054841.44
PARQUE TEM-RCT P   PQTM10 BZ         58692385.42   -188832203.73
PARQUE TEM-RT PF   PQTM2 BZ          58692385.42   -188832203.73
PETRO MANGUINHOS   RPMG3 BZ          67915860.11   -166793076.45
PET MANGUINH-PRF   RPMG4 BZ          67915860.11   -166793076.45
TEKA-PREF          TKTPF US         189819518.01   -244265715.17
PET MANG-RIGHTS    RPMG2 BZ          67915860.11   -166793076.45
RIOSULENSE SA-PR   RSUL4 BZ          50548850.21     -5456867.48
RIOSULENSE SA      RSULON BZ         50548850.21     -5456867.48
TEXTEIS RENA-RCT   TXRX9 BZ          43112153.13    -64315032.24
RIOSULENSE SA      RSUL3 BZ          50548850.21     -5456867.48
TELEBRAS-CM RCPT   RCTB30 BZ        185536520.68     -1054841.44
TEC TOY SA-PREF    TOYDF US          20577415.71     -7950050.37
TELEBRAS-CEDE PF   RCTB4 AR         185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB31 BZ        185536520.68     -1054841.44
TELEBRAS-CM RCPT   RCTB32 BZ        185536520.68     -1054841.44
GAZOLA             GAZO3 BZ          15610576.83    -42175190.26
TEXTEIS RENAUX     RENXON BZ         43112153.13    -64315032.24
TELEBRAS-PF RCPT   RCTB40 BZ        185536520.68     -1054841.44
TELEBRAS-PF RCPT   RCTB41 BZ        185536520.68     -1054841.44
TECTOY-RCPT PF B   TOYB12 BZ         20577415.71     -7950050.37
DOCAS IMBITUBA     IMBION BZ         89702642.66    -11135784.06
TEXTEIS RENAU-RT   TXRX2 BZ          43112153.13    -64315032.24
MMX MINERACAO      TRES3 BZ        1006114559.22    -43672069.56
STAROUP SA         STARON BZ         25771113.88     -6735922.24
BOMBRIL-RIGHTS     BOBR1 BZ         202399273.95   -205733462.83
VARIG SA           VAGV3 BZ         966298025.55  -4695211316.33
RENAUXVIEW SA      TXRX3 BZ          43112153.13    -64315032.24
TELEBRAS SA-PREF   TLBRPN BZ        185536520.68     -1054841.44
TECTOY             TOYB3 BZ          20577415.71     -7950050.37
TECTOY-PREF        TOYB4 BZ          20577415.71     -7950050.37
VARIG PART EM TR   VPTA3 BZ          49432124.18   -399290425.77
TECTOY-RT          TOYB2 BZ          20577415.71     -7950050.37
TECTOY SA          TOYBON BZ         20577415.71     -7950050.37
TELEBRAS-RCT       RCTB33 BZ        185536520.68     -1054841.44
ACO ALTONA         EALT3 BZ          72616112.37     -8863784.58
TECTOY-RCT ORD     TOYB9 BZ          20577415.71     -7950050.37
VARIG SA-PREF      VAGV4 BZ         966298025.55  -4695211316.33
FER C ATL-RCT CM   VSPT9 BZ         893379731.09     -42150373.2
WIEST              WISA3 BZ          39838113.86    -93371563.06
FERRAGENS HAGA     HAGAON BZ         11324601.97    -49777521.75
FER C ATLANT-PRF   VSPT4 BZ         893379731.09     -42150373.2
VARIG PART EM-PR   VPTA4 BZ          49432124.18   -399290425.77
MMX MINERACA-GDR   XMM CN          1006114559.22    -43672069.56
AZEVEDO E TRA-PR   AZEVPN BZ         47860887.41      -4389906.4
WIEST SA           WISAON BZ         39838113.86    -93371563.06
TEKA               TEKAON BZ        189819518.01   -244265715.17
GASCOIGNE EMPREE   1GASON BZ        656500097.92   -450029899.55
TELEBRAS-ADR       RTB US           185536520.68     -1054841.44
VARIG PART EM SE   VPSC3 BZ         101177852.25   -318442006.32
FERROVIA CEN-DVD   VSPT11 BZ        893379731.09     -42150373.2
FERROVIA CEN-DVD   VSPT12 BZ        893379731.09     -42150373.2
WIEST SA-PREF      WISAPN BZ         39838113.86    -93371563.06
DOC IMBITUBA-RTP   IMBI2 BZ          89702642.66    -11135784.06
TELEBRAS/W-I-ADR   TBH-W US         185536520.68     -1054841.44
DOCAS IMBITUB-PR   IMBIPN BZ         89702642.66    -11135784.06
TELEBRAS-RCT PRF   TELB10 BZ        185536520.68     -1054841.44
TELEBRAS-CED C/E   TEL4C AR         185536520.68     -1054841.44
TELEBRAS-CED C/E   RCT4C AR         185536520.68     -1054841.44
TELEBRAS SA-PREF   TELB4 BZ         185536520.68     -1054841.44
TELEBRAS-CEDE PF   TELB4 AR         185536520.68     -1054841.44
GAZOLA-RCPTS CMN   GAZO9 BZ          15610576.83    -42175190.26
TELEBRAS SA        TLBRON BZ        185536520.68     -1054841.44
TELEBRAS-RTS CMN   TCLP1 BZ         185536520.68     -1054841.44
TEKA               TEKA3 BZ         189819518.01   -244265715.17
HOPI HARI-PREF     PQTM4 BZ          58692385.42   -188832203.73
TELEBRAS-CM RCPT   TBRTF US         185536520.68     -1054841.44
TEKA-PREF          TEKAPN BZ        189819518.01   -244265715.17
TEKA-ADR           TEKAY US         189819518.01   -244265715.17
TEKA-PREF          TEKA4 BZ         189819518.01   -244265715.17
VARIG PART EM-PR   VPSC4 BZ         101177852.25   -318442006.32
TELEBRAS-PF BLCK   TELB40 BZ        185536520.68     -1054841.44
TELEBRAS-RECEIPT   TLBRUO BZ        185536520.68     -1054841.44
TELEBRAS-PF RCPT   TLBRUP BZ        185536520.68     -1054841.44
BUETTNER SA-RT P   BUET2 BZ          74895906.51    -28401073.82
RENAUXVIEW SA-PF   TXRX4 BZ          43112153.13    -64315032.24
TECTOY-RCT PREF    TOYB10 BZ         20577415.71     -7950050.37
TECTOY-PF-RTS5/6   TOYB11 BZ         20577415.71     -7950050.37
TELEBRAS-RTS PRF   TLCP2 BZ         185536520.68     -1054841.44
SANSUY SA          SNSYON BZ        100279114.92    -45812488.77
TELEBRAS-PF RCPT   TELE41 BZ        185536520.68     -1054841.44
MMX MINERACA-GDR   MMXMY US        1006114559.22    -43672069.56
CHIARELLI SA-PRF   CCHI4 BZ          22274026.77    -44537138.21
TELEBRAS-CM RCPT   TELE31 BZ        185536520.68     -1054841.44
BOMBRIL-RGTS PRE   BOBR2 BZ         202399273.95   -205733462.83
TEKA-ADR           TKTQY US         189819518.01   -244265715.17
PET MANG-RECEIPT   RPMG10 BZ         67915860.11   -166793076.45
PETRO MANGUINHOS   MANGON BZ         67915860.11   -166793076.45
BUETTNER SA        BUETON BZ         74895906.51    -28401073.82
DOCA INVESTI-PFD   DOCA4 BZ          88417960.92    -18059127.86
TELEBRAS SA-RT     TELB9 BZ         185536520.68     -1054841.44
CAMBUCI SA-PREF    CAMBPN BZ         77853098.43    -18690214.78
TELEBRAS-PF RCPT   CBRZF US         185536520.68     -1054841.44
TEC TOY SA-PF B    TOYB6 BZ          20577415.71     -7950050.37
RIOSULENSE SA-PR   RSULPN BZ         50548850.21     -5456867.48
CHIARELLI SA       CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHPN BZ          22274026.77    -44537138.21
TEXTEIS RENA-RCT   TXRX10 BZ         43112153.13    -64315032.24
CONST A LINDEN     CALI3 BZ          14038885.98    -11543314.46
SANSUY-PREF B      SNSY6 BZ         100279114.92    -45812488.77
CAF BRASILIA       CAFE3 BZ          15788426.91   -516549819.64
FABRICA RENAUX     FTRX3 BZ          53485265.61    -31264773.12
CAMBUCI SA         CAMBON BZ         77853098.43    -18690214.78
CONST A LIND-PRF   CALI4 BZ          14038885.98    -11543314.46
CTM CITRUS-RCT C   CTPC9 BZ          38740523.05      -671039.81
CAFE BRASILIA SA   CSBRON BZ         15788426.91   -516549819.64
MARAMBAIA-PREF     CTPC4 BZ          38740523.05      -671039.81
CAMBUCI SA         CAMB3 BZ          77853098.43    -18690214.78
CTM CITRUS- PR R   CTPC2 BZ          38740523.05      -671039.81
MARAMBAIA          CTPC3 BZ          38740523.05      -671039.81
TECEL S JOSE-PRF   FTSJPN BZ         17924946.14    -18569451.23
CHIARELLI SA       CCHI3 BZ          22274026.77    -44537138.21
CAMBUCI SA-PREF    CXDOF US          77853098.43    -18690214.78
DOCAS SA-RTS PRF   DOCA2 BZ          88417960.92    -18059127.86
CTM CITRUS-ADR     CTMMY US          38740523.05      -671039.81
CTM CITRUS SA      CTMON BZ          38740523.05      -671039.81
GAZOLA-PREF        GAZO4 BZ          15610576.83    -42175190.26
MARAMBAIA-PREF     CTMMF US          38740523.05      -671039.81
CTM CITRUS-COM R   CTPC1 BZ          38740523.05      -671039.81
MINUPAR            MNPR3 BZ          77985985.08    -17398607.53
SCHLOSSER SA-PRF   SCHPN BZ          10007791.94    -53599536.49
CTM CITRUS-RCT P   CTP6 BZ           38740523.05      -671039.81
TECTOY             TOYB13 BZ         20577415.71     -7950050.37
PROMAN             PRMN3B BZ         10408605.71      -202138.27
ARTHUR LAN-DVD P   ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ         21333792.82    -16295577.05
FABRICA RENAUX-P   FRNXPN BZ         53485265.61    -31264773.12
ARTHUR LANG-RC C   ARLA9 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE       ARLA3 BZ          21333792.82    -16295577.05
NOVA AMERICA-PRF   1NOVPN BZ            21287489   -183535527.21
AZEVEDO E TRAVAS   AZEVON BZ         47860887.41      -4389906.4
GASCOIGNE EMP-PF   1GASPN BZ        656500097.92   -450029899.55
NOVA AMERICA SA    1NOVON BZ            21287489   -183535527.21
TELECOMUNICA-ADR   81370Z BZ        185536520.68     -1054841.44
ARTHUR LANGE-PRF   ALICPN BZ         21333792.82    -16295577.05
TELEBRAS-ADR       TBX GR           185536520.68     -1054841.44
MMX MINERACA-GDR   3M11 GR         1006114559.22    -43672069.56
AZEVEDO            AZEV3 BZ          47860887.41      -4389906.4
BOMBRIL CIRIO SA   BOBRON BZ        202399273.95   -205733462.83
BOMBRIL CIRIO-PF   BOBRPN BZ        202399273.95   -205733462.83
BOMBRIL            BOBR3 BZ         202399273.95   -205733462.83
NORDON MET-RTS     NORD1 BZ          15650782.44    -14576030.17
NOVA AMERICA SA    NOVA3 BZ             21287489   -183535527.21
BUETTNER-PREF      BUET4 BZ          74895906.51    -28401073.82
BUETTNER SA-RTS    BUET1 BZ          74895906.51    -28401073.82
TELEBRAS-BLOCK     TELB30 BZ        185536520.68     -1054841.44
WIEST-PREF         WISA4 BZ          39838113.86    -93371563.06
BOMBRIL            BMBBF US         202399273.95   -205733462.83
AZEVEDO-PREF       AZEV4 BZ          47860887.41      -4389906.4
VARIG SA-PREF      VARGPN BZ        966298025.55  -4695211316.33
PET MANG-RECEIPT   RPMG9 BZ          67915860.11   -166793076.45
TEKA               TKTQF US         189819518.01   -244265715.17
BOMBRIL SA-ADR     BMBBY US         202399273.95   -205733462.83
TELEBRAS SA        TELB3 BZ         185536520.68     -1054841.44
TELEBRAS-COM RT    TELB1 BZ         185536520.68     -1054841.44
ARTHUR LANGE SA    ALICON BZ         21333792.82    -16295577.05
DOC IMBITUB-PREF   IMBI4 BZ          89702642.66    -11135784.06
CAF BRASILIA-PRF   CAFE4 BZ          15788426.91   -516549819.64
WETZEL SA-PREF     MWET4 BZ          62051686.19     -4312427.28
CONST A LIND-PRF   LINDPN BZ         14038885.98    -11543314.46
TEKA-ADR           TKTPY US         189819518.01   -244265715.17
VARIG SA           VARGON BZ        966298025.55  -4695211316.33
CONST A LINDEN     LINDON BZ         14038885.98    -11543314.46
HAGA               HAGA3 BZ          11324601.97    -49777521.75
TECTOY SA-PREF     TOYBPN BZ         20577415.71     -7950050.37
GAZOLA SA          GAZON BZ          15610576.83    -42175190.26
GAZOLA SA-PREF     GAZPN BZ          15610576.83    -42175190.26
FER C ATLANT       VSPT3 BZ         893379731.09     -42150373.2
TELEBRAS-ADR       TBH US           185536520.68     -1054841.44
DOC IMBITUBA       IMBI3 BZ          89702642.66    -11135784.06
FERRAGENS HAGA-P   HAGAPN BZ         11324601.97    -49777521.75
DOC IMBITUBA-RTC   IMBI1 BZ          89702642.66    -11135784.06
NOVA AMERICA SA    NOVAON BZ            21287489   -183535527.21
BOMBRIL-PREF       BOBR4 BZ         202399273.95   -205733462.83
WETZEL SA-PREF     MWELPN BZ         62051686.19     -4312427.28
WETZEL SA          MWET3 BZ          62051686.19     -4312427.28
NORDON MET         NORD3 BZ          15650782.44    -14576030.17
NOVA AMERICA SA    NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ             21287489   -183535527.21
NORDON METAL       NORDON BZ         15650782.44    -14576030.17
BUETTNER           BUET3 BZ          74895906.51    -28401073.82
MMX MINERACAO      MMXM3 BZ        1006114559.22    -43672069.56
HOPI HARI SA       PQTM3 BZ          58692385.42   -188832203.73
FABRICA RENAUX     FRNXON BZ         53485265.61    -31264773.12
MMX MINERACAO      MMXCF US        1006114559.22    -43672069.56
CTM CITRUS-RCT P   CTPC10 BZ         38740523.05      -671039.81
STAROUP SA-PREF    STARPN BZ         25771113.88     -6735922.24
WETZEL SA          MWELON BZ         62051686.19     -4312427.28
MINUPAR-PREF       MNPR4 BZ          77985985.08    -17398607.53
BUETTNER SA-PRF    BUETPN BZ         74895906.51    -28401073.82
CIMOB PARTIC SA    GAFP3 BZ          47025184.37    -40213320.95
PETRO MANGUIN-PF   MANGPN BZ         67915860.11   -166793076.45
ARTHUR LANGE-PRF   ARLA4 BZ          21333792.82    -16295577.05
ESTRELA SA         ESTRON BZ          50541924.7    -43741941.51
ESTRELA SA-PREF    ESTRPN BZ          50541924.7    -43741941.51
TECEL S JOSE       FTSJON BZ         17924946.14    -18569451.23
DOCA INVESTIMENT   DOCA3 BZ          88417960.92    -18059127.86
FABRICA TECID-RT   FTRX1 BZ          53485265.61    -31264773.12
CIMOB PARTIC SA    GAFON BZ          47025184.37    -40213320.95
ALL MALHA PAULIS   GASC3B BZ        656500097.92   -450029899.55
ACO ALTONA-PREF    EAAPN BZ          72616112.37     -8863784.58
DOCAS SA           DOCAON BZ         88417960.92    -18059127.86
ACO ALTONA-PREF    EALT4 BZ          72616112.37     -8863784.58
CAFE BRASILIA-PR   CSBRPN BZ         15788426.91   -516549819.64
DOCAS SA-PREF      DOCAPN BZ         88417960.92    -18059127.86
TELEBRAS-CEDE BL   RCT4B AR         185536520.68     -1054841.44
TELEBRAS-RTS PRF   RCTB2 BZ         185536520.68     -1054841.44
ALL MALHA PAULIS   GASC3 BZ         656500097.92   -450029899.55
PARQUE TEM-RT CM   PQTM1 BZ          58692385.42   -188832203.73
GAZOLA-RCPT PREF   GAZO10 BZ         15610576.83    -42175190.26
TECEL S JOSE-PRF   SJOS4 BZ          17924946.14    -18569451.23
GAZOLA SA-DVD PF   GAZO12 BZ         15610576.83    -42175190.26
TELEBRAS-PF RCPT   RCTB42 BZ        185536520.68     -1054841.44
GASCOIGNE EMP-PF   GASC4 BZ         656500097.92   -450029899.55
ESTRELA SA         ESTR3 BZ           50541924.7    -43741941.51
TRESSEM PART SA    1TSSON BZ       1006114559.22    -43672069.56
CIMOB PART-PREF    GAFPN BZ          47025184.37    -40213320.95
CIMOB PART-PREF    GAFP4 BZ          47025184.37    -40213320.95
BOMBRIL SA-ADR     BMBPY US         202399273.95   -205733462.83
ESTRELA SA-PREF    ESTR4 BZ           50541924.7    -43741941.51

COLOMBIA

CHILESAT CO-RTS    CHISATOS CI      344183089.19    -23898527.41
CHILESAT CORP SA   TELEX CI         344183089.19    -23898527.41
TELMEX CORP-ADR    CSAOY US         344183089.19    -23898527.41
TELEX-RTS          TELEXO CI        344183089.19    -23898527.41
TELEX-A            TELEXA CI        344183089.19    -23898527.41
TELMEX CORP SA     CHILESAT CI      344183089.19    -23898527.41
CHILESAT CO-ADR    TL US            344183089.19    -23898527.41



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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