TCRLA_Public/090708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, July 8, 2009, Vol. 10, No. 133

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Clients Sue Willis Group, Seek US$1BB in Damages
STANFORD INT'L: Florida Regulators Were Lax on Local Operations
STANFORD INT'L: Prosecutors Violating Owner's Rights in Fee Fight


A R G E N T I N A

COMPANIA ATLETICA: Asks for Opening of Preventive Contest
GRUPO CAMPOS: Asks for Opening of Preventive Contest
LES FRANCAISES: Asks for Opening of Preventive Contest
MEGANET SA: Requests for Opening of Preventive Contest
TELECOM ARGENTINA: Telecom Italia Hires Credit Suisse


B R A Z I L

BANCO NACIONAL: Approves BRL1.5 Billion Credit Line to Gerdau SA
BANCO VOTORANTIM: Manages Votorantim Financas Note Sale
CAIXA ECONOMICO: Sees Mortgage Credit Increase by 75%
GERDAU SA: Secures BRL1.5 Billion Credit Line From BNDES
GOL LINHAS: June Data Shows Focus on Profitability, Itau Says

INDEPENDENCIA SA: To Unveil Restructuring Proposal by July 13
PERDIGAO SA: Plans to Sell 155 Million Shares at Discount
TAM SA: Stocks Upgraded to “Sector perform” From “Underperform”
TAM SA: Unit Inks Technological Platform Deal With Oracle Siebel
TELE NORTE: Brazil Regulators Approve Oi/Brasil Telecom Deal

* Moody's Reviews Brazil's 'Ba1' Government Bond Ratings


C A Y M A N  I S L A N D S

DRAGON BILLION: Shareholders' Final Meeting Set for July 10
DRAGON BILLION: Shareholders' Final Meeting Set for July 10
INVESTCORP LIQUIDITY: Shareholders' Final Meeting Set for July 13
ROSCO LIMITED: Shareholder to Receive Wind-Up Report on July 22
SALT CREEK: Fitch Puts Ratings on Five Notes on Negative Watch

WEALTHMASTERS CURRENCY: Final Meeting Set for October 7


C H I L E

EMPRESA ELECTRICA: Signs US$50MM 2-Year Loan With Banco Santander
* CHILE: Economic Activity Contracted 4.4% in May


E C U A D O R

PERENCO ECUADOR: Threatens to Sue Buyer of Seized Crude Oil
* ECUADOR: Jan.-April Exports to Andean Countries Dropped 51%
* ECUADOR: Withdraws From World Bank Arbitration Tribunal


J A M A I C A

AIR JAMAICA: Divestment Deal Not Yet Signed, Government Says
OLINT TCI: Liquidator's Request Request Gets “Lukewarm Response”


T R I N I D A D  & T O B A G O

CL FIN'L: Attorney General Will Deal With CLICO, Minister Says


M E X I C O

LEAR CORP: Case Summary & 50 Largest Unsecured Creditors


V E N E Z U E L A

* VENEZUELA: June Car Sales Drops 51%


X X X X X X X X

ADMINISTRACION NACIONAL: S&P Puts 'BB-' Rating on WatchNeg
EMPRESA DE ENERGIA: S&P Puts Negative Outlook on 'BB+' Rating
INTERCONEXION ELECTRICA: S&P Keeps 'BB+' Corp. Credit Rating
ISA CAPITAL: S&P Keeps 'BB' Senior Unsecured Debt Rating


                         - - - - -

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

STANFORD INT'L: Clients Sue Willis Group, Seek US$1BB in Damages
----------------------------------------------------------------
Several Mexican clients of Stanford Financial Group are seeking
more than US$1 billion in damages from Bermuda-based Willis Group
Holdings Limited, contending it was a willing participant in a
US$7-billion fraud at Stanford Financial, Reuters reports.  The
report relates that the lawsuit -- which was filed by law firms
Strasburger & Price LLP and Castillo Snyder PC. In Dallas -- said
Willis Group "crossed the line from being mere insurance brokers"
to essentially acting as sales agents for Stanford Financial.

According to the report, the lawsuit contends that Willis Group
and other defendants provided Stanford Financial with certain
"safe and soundness" letters that were intended to be used for
marketing purposes to attract Stanford clients.  Willis Group lent
recognition and credibility to Stanford's business, the lawsuit
added.

"We intend to prove that the defendants willfully misrepresented
the safety of the financial products offered by Stanford,"
Attorney David Cibrian, one of the lawyers who brought the case,
said in a statement obtained by the news agency.

                   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: Florida Regulators Were Lax on Local Operations
---------------------------------------------------------------
Florida regulators were not very strict in implementing
regulations for Stanford International Bank Limited owner Robert
Allen Stanford's operations in Miami, Reuters reports, citing the
Miami Herald newspaper.  According to the report, the regulators
seldom check Mr. Stanford's Miami operations after giving him the
green light to send cash overseas and sell investment securities.

According to the report, the Herald said that since 1999, Mr.
Stanford had clearance from Florida bank regulators to move money
from a Florida office to Antigua without filing reports to
government agencies and to sell certificates of deposit to wealthy
investors without fraud checks.  "Over objections by the state's
chief banking lawyer -- including concerns that Mr. Stanford was
laundering money -- regulators granted sweeping powers never given
to a private company," the newspaper was quoted by Reuters as
saying.

Reuters relates the newspaper said: "In the first six years, the
office -- known as Stanford Fiduciary Investor Services -- took in
$600 million from customers, state records show."

The newspaper, the report relates, said that the Miami offices,
unlike other Stanford companies elsewhere in the United States,
bypassed rules requiring regular reports to officials of the
amounts of money sent overseas.  "In fact, employees shredded
records of the trust agreements and (certificate of deposit)
purchases once the original documents were sent to Antigua, state
records show," the newspaper added.

                  About Stanford International

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

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, 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: Prosecutors Violating Owner's Rights in Fee Fight
-----------------------------------------------------------------
Dick DeGuerin -- counsel to Stanford International Bank Limited
owner Robert Allen Stanford -- said federal prosecutors are
trampling his client's rights in their fight to cut off his access
to funds for legal defense, Anna Driver of Reuters reports.

"The government's unfettered, and thus far successful, attempts to
prevent Mr. Stanford from being able to mount a defense in his
criminal proceedings amount to a deprivation of both his Sixth
Amendment right to counsel and his Fifth Amendment privilege
against self-incrimination," Mr. DeGuerin wrote in a court filing
obtained by the news agency.  The government should take whatever
steps necessary to release funds so Mr. Stanford can pay for his
defense or the government should drop its 21-count indictment,
DeGuerin argued in the filing, Mr. DeGuerin added.

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.

                 About Stanford International

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



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

COMPANIA ATLETICA: Asks for Opening of Preventive Contest
---------------------------------------------------------
Compania Atletica SA asked for the opening of preventive contest.
The company stoppped making payments last May 26.


GRUPO CAMPOS: Asks for Opening of Preventive Contest
----------------------------------------------------
Grupo Campos Verdes SA asked for the opening of preventive
contest.


LES FRANCAISES: Asks for Opening of Preventive Contest
------------------------------------------------------
Les Francaises SRL asked for the opening of preventive contest.
The company stoppped making payments last February.


MEGANET SA: Requests for Opening of Preventive Contest
------------------------------------------------------
Meganet SA requsted for its preventive contest.  The company
stoppped making payments on May 19, 2008.


TELECOM ARGENTINA: Telecom Italia Hires Credit Suisse
-----------------------------------------------------
Telecom Italia SpA said it hired Credit Suisse Group AG to analyze
options including the sale of Telecom Argentina S.A. after tighter
regulations hurt its ability to control the unit, Drew Benson of
Bloomberg News reports.  “In the past few months the Argentine
telecommunications regulatory and antitrust authorities have made
arbitrary decisions that impair the disposition and exercising of
rights by Telecom Italia,” the company said in a letter filed with
the Buenos Aires Stock Exchange by Telecom Argentina, the report
relates.

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

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

                   About Telecom Argentina

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

                         *     *     *

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



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

BANCO NACIONAL: Approves BRL1.5 Billion Credit Line to Gerdau SA
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said it
has approved a BRL1.5 billion credit loan to steelmaker company
Gerdau SA, Cesar Bianconi of Reuters reports.

According to the report, the bank said Gerdau will use the funds
on "reform and modernization" at subsidiaries Gerdau Acominas,
Gerdau Acos Longos, Gerdau Acos Especiais and Acos Villares.  The
report relates this part of Gerdau's US$3.6 billion 2009-2013
investment plan.

Gerdau SA Chief Executive Andre Gerdau Johannpeter told Reuters in
an interview that steel demand had shown signs of improvement in
the last couple of months but a full recovery in consumption would
not occur before 2010.

                         About BNDES

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

                         *     *     *

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

                      About Gerdau S.A.

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

                         *     *     *

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


BANCO VOTORANTIM: Manages Votorantim Financas Note Sale
-------------------------------------------------------
Banco Votorantim is managing the sale of BRL1.05 billion of
promissory notes issued by Votorantim Financas, according to
LatinFrance.

According to the report, the 180-day paper pays interest at 109%
of the DI rate.  Votorantim Financas will use the proceeds to pay
outstanding promissory notes, which will mature later this month.

Brazilian regulators have approved the issuance.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2009, Standard & Poor's Ratings Services said that it
affirmed its 'BB+/ B' global scale counterparty credit rating and
its 'brAA+/brA-1' Brazil national scale rating on Banco Votorantim
S.A.


CAIXA ECONOMICO: Sees Mortgage Credit Increase by 75%
-----------------------------------------------------
Caixa Economica Federal Director Jorge Hereda said that the bank
saw the demand for mortgage credit grow 75% in the first half of
2009, despite the economic slowdown, Alastair Stewart of Dow Jones
Newswires reports, citing Estado newswire.

The report relates Mr. Hereda said the bank's credit portfolio
rose to BRL17.5 billion (US$8.9 billion).

According to the report, Brazil's real estate credit is
underdeveloped, but latent demand could be unleashed by falling
interest rates.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


GERDAU SA: Secures BRL1.5 Billion Credit Line From BNDES
--------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said it
has approved a BRL1.5 billion credit loan to steelmaker company
Gerdau SA, Cesar Bianconi of Reuters reports.

According to the report, the bank said Gerdau will use the funds
on "reform and modernization" at subsidiaries Gerdau Acominas,
Gerdau Acos Longos, Gerdau Acos Especiais and Acos Villares.  The
report relates this part of Gerdau's US$3.6 billion 2009-2013
investment plan.

Gerdau SA Chief Executive Andre Gerdau Johannpeter told Reuters in
an interview that steel demand had shown signs of improvement in
the last couple of months but a full recovery in consumption would
not occur before 2010.

                         About BNDES

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

                         *     *     *

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

                      About Gerdau S.A.

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

                         *     *     *

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


GOL LINHAS: June Data Shows Focus on Profitability, Itau Says
-------------------------------------------------------------
Gol Linhas Aereas Inteligentes SA’s June traffic data shows that
the airline is focusing on profitability rather than expanding
market share, Paulo Winterstein of Bloomberg News reports, citing
Itau Corretora.

Revenue per passenger per kilometer “remained stable,” and yields
were in line with those reported in the previous quarter and in
the year-earlier quarter, analyst Victor Mizusaki wrote in a note
obtained by the news agency.

“Although the yield for June 2009 came in below the R$19.43 cents
reported in 2Q08, the 2Q09 consolidated yield was between R$19.43
cents and the R$21.93 cents reported in 1Q08,” Mr. Mizusaki wrote,
the report relates.   “This result confirms our view that the
Brazilian airlines are focusing on profitability and not on
gaining market share,” he added.

                     June Traffic Figures

The airline's June 2009 data reflected the beginning of activities
related to the gradual and planned increase in the utilization of
the company's operational fleet, an important factor in diluting
operating costs.  This is taking place in a sustainable manner,
given that the second half is seasonally characterized by higher
demand than the first six months.  In June, for the first time in
2009, the average number of hours during which GOL's fleet was
operating (measured in block hours) was around 12 hours per day.

Thus, although the supply of total system seats
(measured in ASK -- available seat kilometers) suffered an
apparent reduction of 1.2% over May 2009, the daily average ASK
(adjusted for the difference in days between the two months: 30 in
June and 31 in May) moved up by 2%.  In year-over-year terms,
however, ASK fell by 4.9%, due to GOL's strategic
repositioning -- in mid-2008, it discontinued flights between
Brazil and all destinations outside South America.

In line with its focus on increasing the profitability of its
route network, most supply was directed towards the domestic
market, where ASK dipped by 0.7% between May and June (but moved
up 2.6% in daily average terms) and climbed by 3% over June 2008.

In addition to GOL's competitive advantages in terms of cost
leadership and greater frequency of flights between Brazil's
leading airports, the SMILES mileage program and the new fare
packages made a positive contribution to increasing the Company's
air traffic.

June's traffic figures reflected the impact of a series of
promotions in recent months, including special fare offers and
SMILES promotions, designed to attract passengers and improve the
Company's position in this low, pre-vacation season.

As result, total system traffic (measured in RPK -- revenue
passenger kilometers) increased by 0.8% over June 2008 and 9.3%
over May 2009, the peak of the low season.  International traffic
recorded a similar month-over-month trajectory, moving up by 3.8%,
but dropped by 44.6% year-over-year due to the elimination of the
long-haul routes.

Consequently, GOL recorded a consolidated load factor of 63.8%,
1.6 percentage point down on the 65.4% registered in June 2008 and
5.8 percentage points above the 57.9% recorded in the previous
month. The domestic load factor stood at 65.6% and the
international one at 51.4%, both of which still below the same
month last year and substantially higher than in May 2009.

This seasonal positioning reflected the strategic reduction in
yield, which reached its lowest level of the year in June, below
the R$ 19.43 cents recorded in 2Q08.  For the second quarter as a
whole, yield increased in year-over-year terms but was below the
R$ 21.93 cents posted in the first quarter, albeit within the
Company's expectations.

                       About GOL Linhas

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

                          *     *     *

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


INDEPENDENCIA SA: To Unveil Restructuring Proposal by July 13
-------------------------------------------------------------
Independencia SA's bonds are “attractive” as it prepares to unveil
a restructuring proposal in Brazil's bankruptcy courts next week,
Lester Pimentel and Catarina Saraiva of Bloomberg News reports,
citing a Barclays Plc's report.  Bloomberg says Antonio Costa
Filho, an outside spokesman for Arsenal Investimentos,
Independencia’s financial adviser, said Independencia will present
its debt plan by July 13.

“We expect Independencia to be able to operate at a reduced
installed capacity level, and generate sufficient cash to support
a debt structure that will translate into an attractive recovery
level for bondholders,” Barclays analyst Juan Cruz wrote in a
report obtained by Bloomberg News.  “We believe that the risk
reward relationship on the bonds remains good and we see recovery
in the mid-20s-30 range,” Mr. Cruz added.

According to the report, citing court documents, the company has
US$525 million in bond issues that are privately placed, and were
issued outside Brazil, including in the U.S.  The report relates
the bonds include 9.875% notes due 2015 and the 9.875% notes due
2017, Bloomberg News adds.

                       *     *     *

According to Bloomberg News, Independencia SA -- Brazil's fourth
largest meat exporter -- filed for bankrupcy protection earlier
this year after the global economic crisis caused exports to
slump.  Independencia S.A. filed its Chapter 15 petition on March
27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).  Paul R.
DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the Debtor's
counsel.


PERDIGAO SA: Plans to Sell 155 Million Shares at Discount
---------------------------------------------------------
Perdigao SA plans to sell as many as 155 million shares, valued at
BRL6.2 billion (US$3.1 billion) using the July 3 closing price,
Carlos Caminada of Bloomberg News reports.  The report relates
ING Investment Management SA, which oversees US$12 billion in
emerging-market assets, said the new shares are at a 10% discount
to market value for its US$1.8 billion acquisition of Sadia SA.

According to the report, Eric Conrads of ING said investors may
demand a discount because the Sadia SA acquisition will more than
double the company's debt at a time when poultry sales are
slowing.  A prospectus, the report notes, said Perdigao SA will
begin promoting the share sale to international investors this
week.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction.  After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -- a
holding company formed by investors who have more than 51% of
Sadia’s voting stock -- Perdigao said in a statement obtained
by the news agency.

Bloomberg News says Perdigao’s biggest shareholders, Brazilian
pension funds Previ and Petros, said they plan to buy just enough
shares to maintain their stakes in BRF Brasil Foods.  The report
relates Brazil’s state development bank BNDES President Luciano
Coutinho said the bank will also buy shares in the offering.

                      About Perdigao SA

Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the
largest food processors in Latin America, with a focus on poultry,
pork, beef, milk and processed products, including dairy.  With
revenues of BRL 10.3 billion for the last twelve months ending on
September 30th, 2008, Perdigao is one of the leaders in the
domestic market and exports over 40% of its sales to over 100
countries and 850 customers around the world.

                         *     *     *

As of June 25, 2009, the company continues to carry Moody's LT
Corp rating at Ba1 and Standard and Poor's LT Issuer Credit
Ratings at BB+


TAM SA: Stocks Upgraded to “Sector perform” From “Underperform”
---------------------------------------------------------------
TAM S.A.'s stocks were upgraded to “sector perform” from
“underperform” at Itau Corretora on signs that the airline
industry may start to “gradually” recover, Heloiza Canassa of
Bloomberg News reports.

“This sector upgrade reflects our view that the fundamentals of
the Brazilian airline industry may start to recover gradually in
the second half of 2009,” analyst Victor Mizusaki wrote in a note
obtained by the news agency.

Bloomberg News says Mr. Mizusaki cited a recovery in the Brazilian
economy, more “rational price competition,” and lower volatility
in oil and foreign exchange markets for the upgrades.  The report
notes Mr. Mizusaki said he prefers Gol over Tam as the second-
largest carrier “may close the operational gap” with its rival.

                         About TAM SA

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

                          *     *     *

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


TAM SA: Unit Inks Technological Platform Deal With Oracle Siebel
----------------------------------------------------------------
Multiplus Fidelidade, the new business unit at TAM SA, and Oracle
have signed a contract to implement the technological platform
using the Oracle Siebel Call Center and Oracle Siebel CRM Loyalty
solutions, which will link the loyalty programs of companies
representing diverse industries -- from an airline company to gas
stations, phone companies, supermarkets, hotels, bookstores, movie
theaters, banks, credit cards, internet service providers,
automobile manufacturers, and more -- and integrate them into a
network of loyalty initiative programs.

"We decided to invest in a top quality global technology that has
been proven to have the flexibility and versatility to efficiently
manage the network of Multiplus Fidelidade programs, which has
several companies across different industries as members, and each
one of them with their own regulations," states Libano Barroso,
TAM's Vice President of Finances, Management and IT, explaining
the reasons that led them to choose the Oracle platform.

The Multiplus Fidelidade Operations Director, Luiz Eduardo
Ritzmann, confirms that the technologies of 13 companies that
participated in the selection process were evaluated, requiring
the analysis of 110 technical requirements.  "We came to the
conclusion that the loyalty programs platform developed by Oracle
with globally proven effectiveness, including those developed for
airline companies, is the most appropriate due to its flexibility,
which allows the connectivity of all programs belonging to the
Multiplus Fidelidade network," Mr. Ritzmann said.  Oracle's global
operation was another relevant attribute, considering that in the
first quarter of 2010 TAM will complete the membership process
with the Star Alliance, the largest global commercial aviation
alliance.

This flexibility will allow Multiplus Fidelidade members to
concentrate on a single points account that will accumulate with
airline ticket purchases as well as daily spending with gas
stations, cell phone companies, supermarkets and bookstores that
participate in the network, as well as companies in other
industries. Consumers may access Multiplus Fidelidade via the
internet to redeem accumulated points for rewards offered by the
participating companies' loyalty programs -- from TAM Viagens
tours to products and services from the other partners.

According to Mr. Ritzmann, the other decisive factor in the
decision process, the Oracle platform's scalability, allows "the
number of partners in the network and especially the number of
Multiplus Fidelidade members to be multiplied without limiting its
future expansion."  The TAM Fidelidade program alone, which will
continue being TAM's frequent fliers program, currently, has 5.9
million members.

Oracle Siebel CRM Loyalty is a scalable open solution based on
market standards and guarantees flexibility and agility in the
inclusion of new partners, in addition to ensuring a 360 degree
view of the client by complete client mapping of transaction
history, services required, purchases made, preferences, etc. "TAM
is our first client in the aviation industry.  The airline's
proposal is innovative and will ensure a qualitative boost for the
company with respect to its clients," says Elisabete Waller, Vice
President of Oracle Applications in Brazil.

                         About TAM SA

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

                          *     *     *

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


TELE NORTE: Brazil Regulators Approve Oi/Brasil Telecom Deal
------------------------------------------------------------
Anti-trust regulators at Brazil's Finance Ministry published a
report that approved Tele Norte Leste Participacoes (Oi)'s plan to
acquire Brasil Telecom Participacoes without restrictions,
Alastair Stewart of Dow Jones Newswires reports.

According to DJ Newswires, the regulators' study focused on the
broadband Internet market, and it detailed concerns about the
merged company's dominance in certain areas.  However, the report
relates it chose not to sanction or restrict the company's
broadband operations because of the relative ease with which new
competition can enter these markets.

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

                       About Tele Norte

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

                          *     *     *

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


* Moody's Reviews Brazil's 'Ba1' Government Bond Ratings
--------------------------------------------------------
Moody's Investors Service has placed Brazil's Ba1 foreign- and
local-currency government bond ratings on review for possible
upgrade.  The review was prompted by the economy's demonstrated
resilience to shocks over the past year.

Brazil's Baa3 country ceiling for foreign-currency bonds and Ba2
country ceiling for foreign-currency bank deposits were also
placed under review for possible upgrade. Brazil's local-currency
deposit ceiling and local-currency bond ceiling are not affected
by the review.

"As a result of a negative turn of events in the international
arena, Brazil has experienced the equivalent of a severe stress
test of major proportions in the past several months," said Mauro
Leos, Moody's Regional Credit Officer for Latin America.

Leos noted that the crisis uncovered underlying structural
strengths that Brazil built up over the last decade that, until
recently, had remained untested given the favorable global
environment of recent years.

Confronted with a wide array of adverse conditions, the Brazilian
authorities' policy response has been effective in containing the
impact of the global crisis, thus providing evidence of increased
resilience to shocks, a characteristic integral to an investment-
grade credit profile.

Even though the economy will be reporting negative GDP growth and
the fiscal accounts are expected to deteriorate with respect to
previous years, Brazil's overall performance has exceeded initial
expectations relative to a number of other countries with similar
or higher sovereign ratings.

The review will assess the country's medium-term credit prospects,
placing particular emphasis on the fiscal outlook and the
conditions that will be required to assure sustainable growth.

"The review will also examine the authorities' commitment and
ability to implement actions required to restrain fiscal deficits
and further reduce debt ratios in the coming years," said Leos.
"From a sovereign credit perspective, the latter will be
particularly critical given that the debt metrics of the Brazilian
government are expected to continue to exceed the corresponding
mean for Baa-rated countries."

The last change in Brazil's ratings was implemented on August 23,
2007, when Moody's upgraded the government's foreign and local-
currency bond ratings to Ba1 from Ba2.  Brazil's country ceiling
for foreign-currency bonds was also upgraded to Baa3 from Ba1 and
the country ceiling for foreign-currency bank deposits was raised
to Ba2 from Ba3.



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

DRAGON BILLION: Shareholders' Final Meeting Set for July 10
-----------------------------------------------------------
The shareholders of Dragon Billion Greater China Master Fund will
hold their final meeting on July 10, 2009, at 12:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DRAGON BILLION: Shareholders' Final Meeting Set for July 10
-----------------------------------------------------------
The shareholders of Dragon Billion Greater China U.S. Feeder Fund
will hold their final meeting on July 10, 2009, at 12:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INVESTCORP LIQUIDITY: Shareholders' Final Meeting Set for July 13
-----------------------------------------------------------------
The shareholders of Investcorp Liquidity Management Limited will
hold their final meeting on July 13, 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:

          Paget-Brown Trust Company Ltd
          c/o Evania Ebanks
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


ROSCO LIMITED: Shareholder to Receive Wind-Up Report on July 22
---------------------------------------------------------------
The sole shareholder of Rosco Limited will receive on July 22,
2009, at 3:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Alex Watkins
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4421
          Facsimile: 345-949-7164


SALT CREEK: Fitch Puts Ratings on Five Notes on Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed five classes of notes issued by Salt
Creek High Yield CSO 2005-1 Ltd. on Rating Watch Negative:

  -- US$34,000,000 class A-1$L notes 'AAA';
  -- EUR5,000,000 class A-1EL notes 'AAA';
  -- US$20,000,000 class A-2$L notes 'AA+';
  -- EUR20,000,000 class A-2EF notes 'AA+';
  -- US$30,000,000 class A-4$L notes 'AA-'.

These seven classes issued by Salt Creek remain on Watch Negative:

  -- US$1,000,000 class A-6$L notes 'A';
  -- EUR3,000,000 class A-6EL-1 notes 'A';
  -- US$15,000,000 class A-7$L notes 'A-'
  -- US$5,000,000 class B-2$L notes 'BBB';
  -- US$3,000,000 class B-3$L notes 'BBB-';
  -- US$500,000 class B-5$L notes 'BB-';
  -- US$2,000,000 class B-6$L notes 'B+'.

The Negative Watch status reflects Fitch's view that the credit
risk of the notes is worsening given the deterioration in the
reference portfolio.  Since the previous rating action in February
2009, the notes have suffered approximately 5% loss in credit
enhancement due to trading losses and exposure to several credit
events.  In addition, 48.1% of the reference portfolio has
experienced negative credit migration since February 2009,
including 4.8% with ratings downgraded to 'D'.  Currently, 36.5%
of the portfolio has a Negative Outlook, with an additional 4.2%
on Watch Negative.  Assets with a Fitch derived rating in the
'CCC' bucket or below comprise 29.5% of the portfolio.

Salt Creek is a synthetic collateralized debt obligation that
matures in March 2010 and is managed by TCW Asset Management Co.
Salt Creek provides investors leveraged access to the credit risk
of a portfolio of credit default swaps referencing primarily non-
investment-grade corporate obligations.  Salt Creek gains access
to the credit risk of the portfolio via a credit default swap
between Salt Creek and J.P. Morgan Securities Ltd., as swap
counterparty.

This transaction was reviewed in accordance with Fitch's current
criteria for corporate CDOs.  Fitch's revised criteria report for
rating corporate CDOs was released on April 30, 2008.


WEALTHMASTERS CURRENCY: Final Meeting Set for October 7
-------------------------------------------------------
The members of Wealthmasters Currency Trading Fund Limited will
hold their final meeting on October 7, 2009, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Chris Johnson is the company's liquidator.



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

EMPRESA ELECTRICA: Signs US$50MM 2-Year Loan With Banco Santander
-----------------------------------------------------------------
Empresa Electrica del Norte Grande SA has signed a US$50 million,
two-year loan with Banco Santander SA to pre-pay part of a loan
from ABN AMRO bank, Julian Dowling of Dow Jones Newswires reports,
citing a company filing to the Santiago Stock Market.  The report
relates the filing said the pre-payment of the loan will have a
positive impact of US$1.9 million on the company's results.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2009, Dow Jones Newswires said Edelnor plans to take out
a US$50 million short-term bank loan.  The report related the
company will use the loan to help pay a US$187 million debt with
ABN AMRO bank.  According to the report, Edelnor plans to pay the
whole debt with its own funds and the bank loan.  DJ Newwires
recalled the company contracted the debt in 2002.

                        About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                         *     *     *

As of June 18, 2009, the company continues to carry Moody's Ba3
rating.  The company also continues to carry Standard and Poor's
LT Issuer Credit ratings at BB-.


* CHILE: Economic Activity Contracted 4.4% in May
-------------------------------------------------
Chile's economic activity index fell 4.4% in May from a year
earlier and 0.1% from a month earlier on a seasonally adjusted
basis, Sebastian Boyd of Bloomberg News reports, citing the
central bank.  The report relates the results -- which is higher
than the 4% analysts forecast -- was due to the decline in factory
output and weaker consumer demand.

According to the report, the country's economy is in its deepest
slump in a decade as recession in major economies worldwide
reduces demand and prices for exports such as copper, leading to
higher unemployment and diminished consumer spending at home.  The
economy shrank by the most since 1999 in April and consumer prices
fell in May for the sixth month since October, the report notes.

Bloomberg News relates Juan Pablo Castro, an economist at
Santander Investments in Santiago, said Chile’s economy will
probably contract 3.5% in the second quarter from the same period
a year earlier.

Meanwhile, the report notes that according to research from
Goldman Sachs Group Inc. Chile's gross domestic product has fallen
for three straight quarters, quarter-on-quarter.



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

PERENCO ECUADOR: Threatens to Sue Buyer of Seized Crude Oil
-----------------------------------------------------------
Perenco Ecuador Limited said it is prepared to take legal action
against any company that purchases or transports crude oil the
Ecuadorian Government has unlawfully seized.

Perenco Ecuador is the Operator of Blocks 7 and 21 in Ecuador.  On
February 19, 2009, the Republic of Ecuador and its oil company,
Empresa Estatal Petroleos del Ecuador, commenced a coercive
process to collect from Perenco approximately US$327 million they
claimed were due under a 2006 Ecuadorian law by which the
Government asserts a right to 99% of the oil revenues above an
arbitrary "reference price."  In March 2009, Petroecuador began
seizing crude oil produced by Perenco and its consortium partner,
Burlington Resources Oriente Ltd from Blocks 7 and 21 in Ecuador
to satisfy the alleged Law 42 debt.

However, on May 8, 2009, a three member international arbitration
tribunal constituted under the auspices of the International
Centre for the Settlement of Investment disputes unanimously
ordered that the Republic of Ecuador and Petroecuador were
restrained from "instituting or further pursuing any action" --
including oil seizures -- "to collect from Perenco any payments
[they] claim are owed... pursuant to Law 42."  The tribunal made
clear that such orders "are binding on the party to which they are
directed" and that the parties "are under an international
obligation to comply" with them.

Despite these ICSID tribunal orders, the Ecuadorian Government has
announced that it plans to go forward with a July 3 auction of the
crude oil it has seized from Perenco and Burlington.  The
Government first attempted to sell the seized oil at an earlier
auction in May, but no buyers materialized.  Now it is trying
again.

With the second auction looming and a third scheduled for later
this month, Perenco Ecuador has indicated that it will take a firm
stand to protect its rights.  According to Rodrigo Marquez, Latin
American Regional Manager for the Perenco Group, "Anyone who
purchases the seized crude oil under the circumstances is buying
property that Ecuador and Petroecuador are not entitled to sell.
The arbitration tribunals' orders establish that Perenco and
Burlington continue to have the right to sell that oil, and that
the disputed portion of the sale price should be placed into
escrow. Consequently, anyone who buys at the Government auction
may be liable for conversion or other misdeeds. Perenco is
prepared to enforce its rights wherever it becomes necessary to do
so."

At the same time, Perenco has continued to support a negotiated
resolution of its dispute with Ecuador and Petroecuador.  "We
remain open to negotiations with the Government about fair terms
for continued operations in Ecuador," said Mr. Marquez.  He noted,
"Perenco has consistently made clear to the Government that we
prefer to have an agreement rather than an arbitration.  That
remains true today."

                    About Perenco Ecuado

Perenco –- http://www.perenco.com/–- is an exploration and
production company dedicated to developing oil and natural gas
potential.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, Reuters said Ecuador will freeze the income of
720,000 barrels of oil produced by Perenco after the French oil
company failed to settle EUR350 million in late taxes.  Reuters
noted under Ecuadorean law, the state could temporarily seize
assets or freeze accounts of a company to force payment.


* ECUADOR: Jan.-April Exports to Andean Countries Dropped 51%
-------------------------------------------------------------
Ecuador's exports to Andean countries dropped 51% to US$562
million between January and April from US$1.14 billion registered
in the same month last year, Mercedes Alvaro of Dow Jones
Newswires reports, citing the country's central bank.

According to the report, Ecuadorian imports from Andean countries
-- Bolivia, Colombia, Ecuador, Venezuela –- totaled US$845 million
in the same period, down 36% from US$1.33 billion registered in
the previous year.

Central bank data gathered by Dow Jones showed:

  Country            Exports                  Imports
  -------            -------                  -------
  Colombia           US$212 million (38%)  US$463 million
  Peru               US$201 million (36%)  US$185 million
  Venezuela          US$146 million (26%)  US$193 million
  Bolivia              US$3 million          US$4 million

                       *     *     *

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-'.


* ECUADOR: Withdraws From World Bank Arbitration Tribunal
---------------------------------------------------------
The Ecuadorain government said it has withdrawn from the World
Bank body that arbitrates between countries and private companies,
Alexandra Valencia of Reuters reports.  The report relates leftist
Ecuadorean President Rafael Correa issued a decree "condemning and
therefore terminating the Convention on the Settlement of
Investment Disputes between States and Nationals of Other States."

The report recalls Ecuador joined the World Bank's International
Center for Investment Disputes in 1986, allowing foreign investors
to file for arbitration at the institution if they disagreed with
the country's policies.

However, the report notes that President Correa has lashed out at
the ICSID in the past for considering demands from oil companies
operating in Ecuador, including Spain's Repsol-YPF and France's
Perenco.  Reuters relates President Correa has even threatened
companies with expulsion from the OPEC nation if they file for
arbitration at the ICSID.

                           *     *     *

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

AIR JAMAICA: Divestment Deal Not Yet Signed, Government Says
------------------------------------------------------------
The Jamaican cabinet was expected to discuss and sign off
yesterday, July 7, a recommendation for Air Jamaica Limited to be
sold to Spirit Airlines's owners, Indigo Partners and Oaktree
Capital, according to Jamaica Gleaner.  The report relates Don
Wehby, the minister without portfolio in the finance ministry, has
received the recommendation and is expected to table it at
yesterday's cabinet meeting.

According to the Jamaica Observer, an unnamed Air Jamaica board
member denied Jamaica Gleaner's report that the state airline was
already sold.  "We are still talking to interested parties and the
matter has not yet gone to Cabinet," the Observer quoted the
unnamed board member as saying.  The Observer relates that an
unnamed government official reiterated that the Privatisation
Committee, chaired by Dennis Lalor, had submitted to Mr. Wehby the
evaluation and recommendation report on the privatisation of the
national carrier but Mr. Wehby had not yet discussed the report
with the prime minister and will not be able to do so this week.

"There has been no sale as yet," the official was quoted by the
report as saying.  "The recommendation still has to go to the
Cabinet and the board of Air Jamaica before a decision is taken,"
the unnamed official was quoted by the report as saying.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.  The
report related the sale is 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.

Meanwhile, CaribWorldNews relates that the airline's union
representatives are “hopping mad” over reports that the carrier's
name has been changed following its sale to Spirit Airlines.  The
report relates, citing RadioJamaica, Vice President of the
National Workers Union, Granville Valentine said the move is
unacceptable, since the Air Jamaica brand is known worldwide.

“It is unfortunate that the Steering Committee which was in place
and which included the unions, was not aware of the bidders (or)
of the final decision, and to hear it publicly tells us how
somewhat of how the Government does business.  It is not
democratic, it is not something that people of this country has
any say in . . . it tells us that it is the private sector that is
running this country,” the report quoted Mr. Valentine as saying.
“How can you have two of the leading unions within the union as a
party to this process and we know nothing of what transpired,”
Mr. Valentine added.

According to CaribWorldNews, President General of the Bustamante
Industrial Trade Union Kavon Gayle added: “At this stage of the
game, it is still a recommendation that is supposed to go before
Cabinet but Cabinet and the Government must make a decision.  The
first concern is what changes are going to be made to Air Jamaica
since Spirit is a low cost airline.  We have seen where the
trimming of staff started as part of the business plan but we
don't know to what extent the changes are going to be made and how
any changes will impact on the workforce.”

                       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-.


OLINT TCI: Liquidator's Request Request Gets “Lukewarm Response”
----------------------------------------------------------------
The request of Olint TCI Corporation Limited liquidator, Joseph P.
Connolly of PricewaterhouseCoopers Limited, for creditors to
submit information outlining how much they invested in the failed
scheme was received with a “lukewarm response,” RadioJamaica
reports.  The report relates, citing a Turks and Caicos Islands
newspaper, only 100 of an estimated 6,000 investors have come
forward to date.

According to the report, Mr. Connolly explained that information
is needed on the amount owed by Olint investors to determine how
much can be disbursed if a pay out deal is arrived at.

As reported in the Troubled Company Reporter-Latin America on
June 19, 2009, the court-appointed liquidator said it has begun
the process to ascertain the assets and liabilities of Olint TCI.
To date, the liquidator says the only assets of Olint TCI
identified are monetary assets which have been frozen by the
authorities in the United States of  America and the Turks and
Caicos Islands totalling approximately  US$13 Million.  The
liquidator said is not in possession of these funds and is not at
this time in a position to state if and when these assets will be
recovered for the estate of Olint TCI.

The initial finding of the liquidator is that there will be a
significant shortfall in the assets available to meet the claims
of customers of Olint TCI.  The task of identifying the reasons
for the failure of Olint TCI, the identification and recovery of
additional assets, the identification and the verification of
claims from customers/investors/creditors -- claimants -- is
likely to be a difficult and time consuming task.  The liquidator
has indicated that there is no likelihood of an early distribution
to claimants.

In the interim, to assist the liquidator, claimants of Olint TCI
are being requested to forward their claim along with the
following information about their account(s):

    * Name(s) of account holder and beneficiary

    * Customer account number and member ID number

    * Contact information, including address,
      telephone number, facsimile, and email,

    * Copies of all Contracts or Agreements

    * Documentation showing funds placed with and
      withdrawn from Olint TCI e.g. copies of cheques,
      banker's drafts or wire transfer instructions,

    * Statements received from Olint TCI, and

    * Any other document that may substantiate a claim
      against Olint TCI

RadioJamaica notes that Mr. Connolly, in an interview with the
Turks and Caicos Weekly News, disclosed that the amount invested
in the TCI branch alone amounted to US$220 million of which, less
than 6% has been identified.  The winding up process could be
extremely lengthy, he added.



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

CL FIN'L: Attorney General Will Deal With CLICO, Minister Says
--------------------------------------------------------------
Trinidad and Tobago Finance Minister Karen Nunez-Tesheira said
Attorney General John Jeremie will deal with any criminal or civil
matters which could arise from forensic audits of Colonial Life
Insurance Company, a unit of CL Financial Limited, by Canadian
forensic accountant Bob Lindquist and KPMG International, Clint
Chan Tack of Trinidad and Tobago newsday reports.  The report
relates Ms. Nunez-Tesheira's statement followed Law Association’s
no-confidence vote against Mr. Jeremie and after Mr. Jeremie
himself vowed to be “extremely aggressively” in his pursuit of the
firm.

According to the report, Ms. Nunez-Tesheira said the audits fell
under the purview of the Central Bank and that she had no
information on their status.  Governor Ewart Williams would
communicate with Jeremie if there is “any need to pursue any kind
of criminal or civil proceedings,” Ms. Nunez-Tesheira added.

                      About CL Financial

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


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

LEAR CORP: Case Summary & 50 Largest Unsecured Creditors
--------------------------------------------------------

Debtor: Lear Corporation
        21557 Telegraph Road
        Southfield, MI 48033

Bankruptcy Case No.: 09-14326

Debtor-affiliates filing separate to Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Lear South Africa Limited                          09-14325
Lear #50 Holdings, LLC                             09-14327
Lear Argentine Holdings Corporation #2             09-14328
Lear Automotive Dearborn, Inc.                     09-14329
Lear Automotive Manufacturing, LLC                 09-14330
Lear Canada                                        09-14331
Lear Canada Investments Ltd.                       09-14332
Lear Corporation (Germany) Ltd.                    09-14333
Lear Corporation Canada Ltd.                       09-14334
Lear Corporation EEDS and Interiors                09-14335
Lear Corporation Global Development, Inc.          09-14336
Lear EEDS Holdings, LLC                            09-14337
Lear European Operations Corporation               09-14338
Lear Holdings, LLC                                 09-14339
Lear Investments Company, LLC                      09-14340
Lear Mexican Holdings Corporation                  09-14341
Lear Mexican Holdings, LLC                         09-14342
Lear Mexican Seating Corporation                   09-14343
Lear Operations Corporation                        09-14344
Lear Seating Holdings Corp. #50                    09-14345
Lear South American Holdings Corporation           09-14346
Lear Trim L.P.                                     09-14347
Renosol Seating, LLC                               09-14348

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

Chapter 11 Petition Date: July 7, 2009

Court: Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtors' Counsel:  James H.M. Sprayregen, Esq.
                   Marc Kieselstein, Esq.
                   Ryan Blaine Bennett, Esq.
                   Paul Wierbicki, Esq.
                   Kirkland & Ellis LLP
                   Citigroup Center
                   601 Lexington Avenue
                   New York, NY 10022
                   Tel: (212) 446-4800
                   Fax: (212) 446-4900
                   http://www.kirkland.com/

Debtors' Creditors
Arrangement Act
Counsel:           Joel Scoler, Esq.
                   Kevin McElcheran, Esq.
                   McCarthy Tetrault LLP
                   Suite 5300, TD Bank Tower
                   Toronto Dominion Centre
                   Toronto, ON M5K 1E2
                   Tel: (877) 244-7711
                   Fax: (416) 868-0673
                   http://www.mccarthy.ca/

Special Counsel:   Winston & Strawn LLP
                   200 Park Avenue
                   New York, New York 10166-4193
                   Tel: (212) 294-6700
                   Fax: (212) 294-4700
                   http://www.winston.com/

Restructuring
Advisors:          Alvarez & Marsal North America LLC
                   Global HQ, 6th Floor
                   600 Lexington Avenue
                   New York, NY 10022
                   Tel: (212) 759-4433
                   Fax: (212) 759-5532
                   http://www.alvarezandmarsal.com/

Special Michigan
and Other Counsel: Bodman LLP
                   201 West Big Beaver Road, Suite 500
                   Troy, Michigan 48084
                   Tel: (248) 743-6000
                   Fax: (248) 743-6002
                   http://www.bodmanllp.com/

Special Counsel:   Brooks Kushman P.C.
                   1000 Town Center
                   Twenty-Second Floor
                   Southfield, Michigan 48075-1238
                   Tel: (248) 358-4400
                   Fax: (248) 358-3351
                   http://www.brookskushman.com/

Auditors and Tax
Advisors:          Ernst & Young LLP
                   One Kennedy Square, Suite 1000
                   777 Woodward Avenue
                   Detroit, MI 48226
                   Tel: (313) 628 7100
                   Fax: (313) 628 7013
                   http://www.ey.com/

Notice and Claims
Agent:             Kurtzman Carson Consultants LLC
                   2335 Alaska Avenue
                   El Segundo, CA 90245
                   Tel: (866) 927-7093
                   http://www.kccllc.net/

The Debtors' financial condition as of May 30, 2009:

Total Assets: $1,270,800,000

Total Debts: $4,536,000,000

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
The Bank of New York Mellon    Bond Debt         $589,250,000
Trust Company, N.A.,
Indenture Trust
Attn: Roxane J. Ellwanger
2016 Indenture
480 Washington Blvd, 27th Floor
Jersey City, NJ 07310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

The Bank of New York Mellon    Bond Debt         $399,524,000
Trust Company, N.A.,
Indenture Trust
Attn: Roxane J. Ellwanger
2016 Indenture
480 Washington Blvd, 27th Floor
Jersey City, NJ 07310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

The Bank of New York Mellon    Bond Debt         $298,000,000
Trust Company, N.A.,
Indenture Trust
Attn: Roxane J. Ellwanger
2016 Indenture
480 Washington Blvd, 27th Floor
Jersey City, NJ 07310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

Johnson Controls, Inc.         Trade Payable     $5,076,686
Attn: Larry Mathias, Vice
President
48200 Halyard Drive
Plymouth, MI 48170
United States
Tel: (616) 283-2365
Fax: (734) 254-5222

CRH-DAS, L.L.C.                Trade Payable     $4,655,165
Attn: Dean Lenane, President
24800 Warner Ave
Warren, MI 48091
United States
Tel: (586) 757-0000
Fax: (586) 620-7300

Rozmor Land Co.                Promissory Note   $4,151,741
Attn: Lowell D. Salesin
28400 Northwestern Highway
Third Floor
Southfield, MI 48034-1839
United States
Tel: (248) 827-1889
Fax: (248) 359-6189

Tyco Electronics Corp.         Trade Payable     $3,763,893
Attn: Tom Lynch, Chief
Executive Officer
1050 Westlakes Dr.
Berwyn, PA 19312
United States
Tel: (610) 893-9800
Fax: (717) 986-7575

Porter Engineered Systems Inc  Trade Payable     $3,034,901
Attn: John Ball, President
and Chief Executive Officer
28700 Cabot Drive, Suite 800
Novi, MI 48377
United States
Tel: (248) 994-8105
Fax: (248) 994-8102

Jay Industries, Inc.           Trade Payable     $2,996,559
Attn: Rick Taylor, President
150 E. Longview Avenue
Mansfield, OH 44903
United States
Tel: (734) 994-8800 x15
Fax: (419) 521-0121

TK Holdings, Inc               Trade Payable     $2,718,257
Attn: Kevin Kennedy, Vice
President Sales
2500 Takata Drive
Auburn Hills, MI 48326
United States
Tel: (248) 377-6127
Fax: (248) 475-2414

Sumitomo Mitsui Banking                          $2,500,000
Corporation
Attn: CBDA-1
277 Park Avenue, 6th Floor
New York, NY 10172
United States
Tel: (212) 224-4000
Fax: (212) 593-9514

Woodbridge Corporation         Trade Payable     $2,362,645
Attn: Richard J. Jocsak
Senior Vice President and
Chief Financial Officer
4240 Sherwoodtowne Boulevard
Mississauga, ON L4Z 2G6
Canada
Tel: (905) 896-3882 ext. 447
Fax: (905) 896-3558

Autoliv Inc.                   Trade Payable     $2,326,320
Attn: William Campbell, Chief
Financial Officer
3350 Airport road
Odgen, UT 84405
United States
Tel: (801) 620-8272
Fax: (801) 625-8236

Canadian General Tower Ltd.    Trade Payable     $2,128,658
Attn: Jan Chaplin, President
and Chief Executive Officer
52 Middelton Street
Cambridge, ON N1R5T6
Canada
Tel: (519) 623-1633
Fax: (519) 623-5803

International Automotive       Trade Payable     $2,579,212
Components Group North
America, Inc.
Attn: James Kamsickas
President & CEO
5300 Auto Club Drive
Dearborn, MI 48126
United States
Tel: (313) 240-3000
Fax: (313) 240-3100

Robert Bosch LLC               Trade Payable     $1,878,963
Attn: Danny Hyman, Regional
President
15000 Haggerty Road
Plymouth, MI 481740
United States
Tel: (734) 979-3290
Fax: (734) 979-3820

Four-Way Tool & Die Inc.       Trade Payable     $1,848,830
Attn: Larry Erickson - CEO
239 Indusco Ct
Troy, MI 48083
United States
Tel: (248) 585-8255
Fax: (248) 585-3846

The Bank of Tokyo Mitsubishi                     $1,700,000
UFJ, Ltd.
Attn: Mr. Kawabata, Japanese
Corporate Finance
227 W. Monroe Street
Suite 2300
Chicago, IL 60606
United States
Tel: (312) 696-4603
Fax: (312) 696-4534

Leoni Kabel GMBH               Trade Payable     $1,652,727
Attn: Wolfgang Losch, Chief
Executive Officer
Stieberstrasse 5
Roth, 91154
Germany
Tel: (499171) 804-2391
Fax: (499171) 804-2190

Yazaki North America Inc.      Trade Payable     $1,525,425
Attn: George Perry, President
and Chief Executive Officer
6801 Haggerty Road
Canton, MI 48187
United States
Tel: (734) 983-1000
Fax: (734) 983-2843

Grammer Industries, Inc.       Trade Payable     $1,197,712
Attn: Dimitri Moustakeas, VP
Sales and Engineering
201 Forrester Dr. Suite C6
Forrester Industrial Pk.
Greenville, SC 29607
United States
Tel: (248) 530-1245
Fax: (248) 530-1221

Delphi Corporation             Trade Payable     $1,154,122
Attn: Rodney O'Neal, President
and Chief Executive Officer
5725 Delphi Drive
Troy, MI 48098
United States
Tel: (248) 813-2557
Fax: (248) 813-2333

John Wm. Butler Jr., Partner
John K. Lyons, Partner
Ron E. Meisler, Partner
Skadden, Arps, Slate,
Meagher & Flom LLP
333 West Wacker Drive
Suite 2100
Chicago, IL 60606
Tel: (800) 718-5305
Fax: (312) 407-0411

Molex, Inc.                    Trade Payable     $1,142,421
Attn: Martin P. Slark, Vice
Chairman and Chief Executive
Officer
2222 Wellington Ct
Lisle, IL 60532
United States
Tel: (630) 969-4550
Fax: (630) 416-4918

Fisher & Company, Inc.         Trade Payable     $1,097,471
Attn: Michael Fisher
President
33180 Freeway Drive
St. Clair Shores, MI 48082
United States
Tel: (586) 746-2000
Fax: (586) 746-3301

Aunde Group                    Trade Payable     $1,061,157
Attn: Gerwald Meilen, Vice
President
3000 Town Center
Suite 1385
Southfield, MI 48075
United States
Tel: (248) 358-0810
Fax: (248) 358-0815

Faurecia                       Trade Payable     $1,055,216
Attn: Robert Scales, Vice
President
2380 Meijer Drive
Troy, MI 48084
United States
Tel: (248) 288-8482
Fax: (248) 288-1074

Draka Philippines Inc.         Trade Payable     $1,049,358
Attn: Dr. Martina Lupberger
President
Mactan Economic Zone II
Basak
Lapu Lapu, 6015
Phillipines
Tel: (01149202) 296-2517
Fax: (01149202) 296-2000

Diversified Technologies       Trade Payable     $985,082
International
Attn: Chris Wiegel, Chief
Operating Officer
32969 Glendale Ave.
Livonia, MI 48150
United States
Tel: (734) 524-1450
Fax: (734) 524-1449

Omron Automotive Electronics   Trade Payable     $881,374
Inc.
Attn: Mike Van Gendt, President
2270 Bristol Circle
Oakville, ON L6H 5S3
Canada
Tel: (905) 829-0136
Fax: (905) 829-0432

Kenwal Steel Corporation       Trade Payable     $876,527
Attn: David Bazzy, President
8223 W. Warren
Detroit, MI 48126
United States
Tel: (313) 739-1000
Fax: (313) 739-2325

Hatch Stamping Company         Trade Payable     $875,513
Attn: Daniel Craig, President
and Chief Operating Officer
635 E. Industrial Drive
Chelsea, MI 48118
United States
Tel: (734) 475-6242
Fax: (734) 475-6255

The Bank of New York Mellon    Bond Debt         $816,000
Trust Company, N.A., Indenture
Trust
480 Washington Blvd
27th Floor
Jersey City, NJ 7310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

Key Safety Systems, Inc.       Trade Payable     $785,718
Attn: David M. Smith, Sr.
Vice President and Chief
Financial Officer
World Headquarters
7000 Nineteen Mile Road
Sterling Heights, MI 48314
United States
Tel: (586) 726-4107
Fax: (586) 997-4670

W.E.T. Automotive Systems Ltd. Trade Payable     $767,682
Attn: Robert O. Klein
Managing Director
9472 Twin Oaks Drive
Windsor, ON N8N 5B8
Canada
Tel: (519) 739-4104
Fax: (519) 735-5239

Pullman De Puebla              Trade Payable     $737,986
S.A. DE C.V.
Attn: Daniel Fernandez
Operations Director
Carr.QRO-SAN LIUS POTOSI
KM.26.5 LT.25-2 MZA SANTA ROSA
Santiago, Queretaro,
Mexico
Tel: (5222) 273-7606
Fax: (5222) 273-7603

Keyang Electric Machinery Co.  Trade Payable     $732,405
Attn: Mr. Lee, Hyoung Ho
President
161 Dohari Sunghwan-eup
Cheonan Choongnam, 330-802
Korea
Tel: (8241) 580-0543
Fax: (8241) 580-0549

IEE Automotive Usa, Inc        Trade Payable     $716,896
Attn: Mr. Scott Whetter
President
1121 Centre Road
Auburn Hills, MI 48326
United States
Tel: (248) 364-0101
Fax: (248) 373-9924

Foamex International Inc.      Trade Payable     $711,971
Attn: John G Johnson, Jr.
President and Chief Executive
Officer
Rose Tree Corporate Center II
1400 N. Providence Rd.
Suite 2000
Media, PA 19063-2076
United States
Tel: (610) 744-2107
Fax: (610) 744-2190

Milliken & Co.                 Trade Payable     $711,883
Attn: Ashely Allen, President
and Chief Executive Officer
295 Broadcast DR.
Spartanburg, SC 29303
United States
Tel: (864) 503-2141
Fax: (864) 503-1304

Celestica Philippines Inc.     Trade Payable     $698,795
Attn: Andy Smith, Senior VP
and General Manager
1612 Specht Point Road
Suite 119
Fort Collins, CO 80525-4300
United States
Tel: (970) 225-0039
Fax: (970) 225-0039

Panasonic Electric Works Asia  Trade Payable     $669,803
Attn: Yojiro Yamamoto -
General Manager
629 Central Ave
New Providence, NJ 07974-1526
United States
Tel: (908) 464-3550 ext 2021
Fax: (908) 771-5658

Manufacturers Industrial       Trade Payable     $644,492
Group, LLC
Attn: Andre Gist - CEO
659 Natchez Trace Drive
Lexington, TN 38351
United States
Tel: (731) 967-0001
Fax: (731) 968-3320

Bridge Of Weir Leather Co Ltd  Trade Payable      $631,445
Attn: Karen Marshall, Director
Baltic Works
Kilbarchan Road
Renfrewshire, PA11 3RH
Scotland
Tel: (44150) 561-2132
Fax: (44150) 561-4964

C. Rob. Hammerstein GMBH & Co. Trade Payable     $619,367
KG / CRH NORTH AMERICA
Attn: Robert Houston
President
24800 Warner Ave.
Warren, MI 48091
United States
Tel: (586) 620-7273
Fax: (586) 620-7300

Dixie wire AFL                 Trade Payable     $608,660
Autom/Hondura
c/o Alcoa Electrical &
Electronic Solutions
Attn: William C. Brown, VP
Developing Markets
36555 Corporate Drive
Suite 185, MD 3W
Farmington Hills, MI 48331
United States
Tel: (248) 489-4705
Fax: (248) 489-4722

Serviacero Planos              Trade Payable     $603,717
S.A. DE C.V.
Attn: Benjamin Zermeno
Vice President
Blvd. Hermanos Aldama No. 4002
Col. Ciudad Industrial
Leon, GTO, 37490
Mexico
Tel: (477) 152-6000
Fax: (477) 152-6010

Cosma International, Inc       Trade Payable     $544,828
c/o Autoteck Mexico
S.A. DE C.V.
Attn: Eric Wilds, Exec, VP
Sales & Marketing
1807 E. Maple Rd
Troy, MI 48083
United States
Tel: (248) 524-5300
Fax: (248) 524-4674

Circuit Controls Corp          Trade Payable     $543,702
Attn: Ms. Lisa Whatley
Senior Sales Manager
6801 Haggerty Road
Canton, MI 48187
United States
Tel: (734) 502-6993
Fax: (734) 983-2843

Pension Benefit Guaranty Corp. pension liability undetermined
Attn: Jack Butler, Financial
Analyst
Corporate Finance and
Restructuring Group
1200 K Street, N.W.
Suite 270
Washington, DC 20005-4026
United States
Tel: (202) 326-4070
Fax: (202) 842-2643

The Debtors' Five Largest Secured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
JP Morgan Chase Bank, N.A.     revolving         $1,192,003,208
Loan and Agency Services Group facility
1111 Fannin, 10th Floor
Houston, Texas 77002

JP Morgan Chase Bank, N.A.     term loan         $985,000,000
Loan and Agency Services Group
1111 Fannin, 10th Floor
Houston, Texas 77002

Bank of America, N.A.                            unknown
Attn: Capital Markets
Documentation
100 N. Tryon St.
NC1-007-13-01
Charlotte, NC 28255
Fax: (704) 386-4113

Banque Paribas; BNP Paribas                      unknown
Attn: BFI/Boltit
20 Boulevard des Italiens
Paris, 75009 France

BNP Paribas
Attn: Legal and Transaction
Management Group
10 Harewood Avenue
London NW1 6AA, England
Fax: (212) 471-8078

Credit Suisse                                    unknown
Attn: Credit Suisse
International
One Cabot Square
London, E14 4QJ England
Fax: (917) 326-8603

The petition was signed by Matthew J. Simoncini.



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

* VENEZUELA: June Car Sales Drops 51%
-------------------------------------
Venezuela's car sales dropped 51% to 10,518 in June from the same
month in 2008, Darcy Crowe of Dow Jones Newswires reports, citing
the Cavenez automobile trade group.  The report relates in the
first half of the year sales are down 47.5% against the same
period in 2008.

According to the report, the Venezuela's car sales continued to
plummet as the industry is being roiled by a curb in dollar sales
by the government that manufacturers say is hampering their
operations.

The trade group, the report relates, said sales of imported cars,
are down 85% to 82,481 units in the first half of 2009 due to the
government regulations placing quotas on car imports.  The report
recalls the quotas were first imposed in 2008 in a bid to push
auto makers to assemble their cars in the country.
DJ Newswires notes industry representatives said car companies are
also having difficulty with production in Venezuela as government
restrictions in dollar sales at the official exchange rate of 2.15
bolivars limits their capacity to import needed auto parts.

A decline in oil revenue in Venezuela has made it increasingly
difficult for the government to sell dollars for imports at the
official rate, the report says.

                       *     *     *

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

ADMINISTRACION NACIONAL: S&P Puts 'BB-' Rating on WatchNeg
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
ratings on several Latin American government-related entities
following the revision of its methodology and assumptions for
rating GREs.

S&P is revising the outlook on one issuer to stable from negative.
In addition, S&P is placing the issuer credit ratings on two
entities on CreditWatch with negative implications and three on
CreditWatch with positive implications.  S&P is also placing a
subsidiary of a GRE on CreditWatch with positive implications.
Please see the ratings list below for full details of the rating
actions.

The changes to S&P's criteria are designed to achieve a more
granular analysis of the range of GREs across sectors and regions.
S&P believes these changes will provide more transparency in S&P's
rating approach.

S&P expects to resolve the CreditWatch placements within three
months.  Detailed reasons behind the rating actions will be
published shortly.  S&P intends to complete its review of all
other Latin American issuers affected by this updated criteria
within the next three to six months.

                           Ratings List

                    CreditWatch/Outlook Action

    Administracion Nacional de Combustibles Alcohol y Portland

  Corporate Credit Rating      BB-/Watch Neg/--     BB-/Stable/--

               Comision Federal De Electricidad (CFE)

Corporate Credit Rating
Local Currency               A-/Watch Pos/--       A-/Negative/--

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

Corporate Credit Rating       BB+/Stable/--        BB+/Negative/--

             Interconexion Electrica S.A. E.S.P. (ISA)

Corporate Credit Rating
Local Currency               BBB-/Watch Neg/--     BBB-/Stable/--

          National Gas Co. of Trinidad & Tobago Ltd. (The)

Corporate Credit Rating    BBB+/Watch Pos/--    BBB+/Watch Neg/--
Senior Unsecured           BBB+/Watch Pos       BBB+/Watch Neg

                    Petroleos Mexicanos (PEMEX)

Corporate Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                    Kot Insurance Company A.G.

Counterparty Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--
Financial Strength Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                         Ratings Affirmed

              Comision Federal De Electricidad (CFE)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                      Fideicomiso Petacalco
                   Monterrey Power, S.A. de C.V.
                 Proyectos de Energia, S.A. de C.V.

            Senior Secured Debt          BBB+/Negative

             Interconexion Electrica S.A. E.S.P. (ISA)

            Corporate Credit Rating
            Foreign Currency             BB+/Stable/--

                    Isa Capital do Brasil S.A.

           Corporate Credit Rating       BB+/Stable/--
           Senior Unsecured Debt         BB

                   Petroleos Mexicanos (PEMEX)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--
          Senior Unsecured Debt        BBB+

                Pemex Project Funding Master Trust

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                       Conproca S.A. De C.V

            Senior Secured Debt
            Foreign Currency             BBB+/Negative

                          RepConLux S.A.

                Senior Unsecured Debt        BBB+

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

                Senior Unsecured             BB


EMPRESA DE ENERGIA: S&P Puts Negative Outlook on 'BB+' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
ratings on several Latin American government-related entities
following the revision of its methodology and assumptions for
rating GREs.

S&P is revising the outlook on one issuer to stable from negative.
In addition, S&P is placing the issuer credit ratings on two
entities on CreditWatch with negative implications and three on
CreditWatch with positive implications.  S&P is also placing a
subsidiary of a GRE on CreditWatch with positive implications.
Please see the ratings list below for full details of the rating
actions.

The changes to S&P's criteria are designed to achieve a more
granular analysis of the range of GREs across sectors and regions.
S&P believes these changes will provide more transparency in S&P's
rating approach.

S&P expects to resolve the CreditWatch placements within three
months.  Detailed reasons behind the rating actions will be
published shortly.  S&P intends to complete its review of all
other Latin American issuers affected by this updated criteria
within the next three to six months.

                           Ratings List

                    CreditWatch/Outlook Action

    Administracion Nacional de Combustibles Alcohol y Portland

  Corporate Credit Rating      BB-/Watch Neg/--     BB-/Stable/--

               Comision Federal De Electricidad (CFE)

Corporate Credit Rating
Local Currency               A-/Watch Pos/--       A-/Negative/--

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

Corporate Credit Rating       BB+/Stable/--        BB+/Negative/--

             Interconexion Electrica S.A. E.S.P. (ISA)

Corporate Credit Rating
Local Currency               BBB-/Watch Neg/--     BBB-/Stable/--

          National Gas Co. of Trinidad & Tobago Ltd. (The)

Corporate Credit Rating    BBB+/Watch Pos/--    BBB+/Watch Neg/--
Senior Unsecured           BBB+/Watch Pos       BBB+/Watch Neg

                    Petroleos Mexicanos (PEMEX)

Corporate Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                    Kot Insurance Company A.G.

Counterparty Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--
Financial Strength Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                         Ratings Affirmed

              Comision Federal De Electricidad (CFE)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                      Fideicomiso Petacalco
                   Monterrey Power, S.A. de C.V.
                 Proyectos de Energia, S.A. de C.V.

            Senior Secured Debt          BBB+/Negative

             Interconexion Electrica S.A. E.S.P. (ISA)

            Corporate Credit Rating
            Foreign Currency             BB+/Stable/--

                    Isa Capital do Brasil S.A.

           Corporate Credit Rating       BB+/Stable/--
           Senior Unsecured Debt         BB

                   Petroleos Mexicanos (PEMEX)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--
          Senior Unsecured Debt        BBB+

                Pemex Project Funding Master Trust

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                       Conproca S.A. De C.V

            Senior Secured Debt
            Foreign Currency             BBB+/Negative

                          RepConLux S.A.

                Senior Unsecured Debt        BBB+

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

                Senior Unsecured             BB


INTERCONEXION ELECTRICA: S&P Keeps 'BB+' Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
ratings on several Latin American government-related entities
following the revision of its methodology and assumptions for
rating GREs.

S&P is revising the outlook on one issuer to stable from negative.
In addition, S&P is placing the issuer credit ratings on two
entities on CreditWatch with negative implications and three on
CreditWatch with positive implications.  S&P is also placing a
subsidiary of a GRE on CreditWatch with positive implications.
Please see the ratings list below for full details of the rating
actions.

The changes to S&P's criteria are designed to achieve a more
granular analysis of the range of GREs across sectors and regions.
S&P believes these changes will provide more transparency in S&P's
rating approach.

S&P expects to resolve the CreditWatch placements within three
months.  Detailed reasons behind the rating actions will be
published shortly.  S&P intends to complete its review of all
other Latin American issuers affected by this updated criteria
within the next three to six months.

                           Ratings List

                    CreditWatch/Outlook Action

    Administracion Nacional de Combustibles Alcohol y Portland

  Corporate Credit Rating      BB-/Watch Neg/--     BB-/Stable/--

               Comision Federal De Electricidad (CFE)

Corporate Credit Rating
Local Currency               A-/Watch Pos/--       A-/Negative/--

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

Corporate Credit Rating       BB+/Stable/--        BB+/Negative/--

             Interconexion Electrica S.A. E.S.P. (ISA)

Corporate Credit Rating
Local Currency               BBB-/Watch Neg/--     BBB-/Stable/--

          National Gas Co. of Trinidad & Tobago Ltd. (The)

Corporate Credit Rating    BBB+/Watch Pos/--    BBB+/Watch Neg/--
Senior Unsecured           BBB+/Watch Pos       BBB+/Watch Neg

                    Petroleos Mexicanos (PEMEX)

Corporate Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                    Kot Insurance Company A.G.

Counterparty Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--
Financial Strength Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                         Ratings Affirmed

              Comision Federal De Electricidad (CFE)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                      Fideicomiso Petacalco
                   Monterrey Power, S.A. de C.V.
                 Proyectos de Energia, S.A. de C.V.

            Senior Secured Debt          BBB+/Negative

             Interconexion Electrica S.A. E.S.P. (ISA)

            Corporate Credit Rating
            Foreign Currency             BB+/Stable/--

                    Isa Capital do Brasil S.A.

           Corporate Credit Rating       BB+/Stable/--
           Senior Unsecured Debt         BB

                   Petroleos Mexicanos (PEMEX)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--
          Senior Unsecured Debt        BBB+

                Pemex Project Funding Master Trust

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                       Conproca S.A. De C.V

            Senior Secured Debt
            Foreign Currency             BBB+/Negative

                          RepConLux S.A.

                Senior Unsecured Debt        BBB+

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

                Senior Unsecured             BB


ISA CAPITAL: S&P Keeps 'BB' Senior Unsecured Debt Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
ratings on several Latin American government-related entities
following the revision of its methodology and assumptions for
rating GREs.

S&P is revising the outlook on one issuer to stable from negative.
In addition, S&P is placing the issuer credit ratings on two
entities on CreditWatch with negative implications and three on
CreditWatch with positive implications.  S&P is also placing a
subsidiary of a GRE on CreditWatch with positive implications.
Please see the ratings list below for full details of the rating
actions.

The changes to S&P's criteria are designed to achieve a more
granular analysis of the range of GREs across sectors and regions.
S&P believes these changes will provide more transparency in S&P's
rating approach.

S&P expects to resolve the CreditWatch placements within three
months.  Detailed reasons behind the rating actions will be
published shortly.  S&P intends to complete its review of all
other Latin American issuers affected by this updated criteria
within the next three to six months.

                           Ratings List

                    CreditWatch/Outlook Action

    Administracion Nacional de Combustibles Alcohol y Portland

  Corporate Credit Rating      BB-/Watch Neg/--     BB-/Stable/--

               Comision Federal De Electricidad (CFE)

Corporate Credit Rating
Local Currency               A-/Watch Pos/--       A-/Negative/--

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

Corporate Credit Rating       BB+/Stable/--        BB+/Negative/--

             Interconexion Electrica S.A. E.S.P. (ISA)

Corporate Credit Rating
Local Currency               BBB-/Watch Neg/--     BBB-/Stable/--

          National Gas Co. of Trinidad & Tobago Ltd. (The)

Corporate Credit Rating    BBB+/Watch Pos/--    BBB+/Watch Neg/--
Senior Unsecured           BBB+/Watch Pos       BBB+/Watch Neg

                    Petroleos Mexicanos (PEMEX)

Corporate Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                    Kot Insurance Company A.G.

Counterparty Credit Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--
Financial Strength Rating
Local Currency              A-/Watch Pos/--       A-/Negative/--

                         Ratings Affirmed

              Comision Federal De Electricidad (CFE)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                      Fideicomiso Petacalco
                   Monterrey Power, S.A. de C.V.
                 Proyectos de Energia, S.A. de C.V.

            Senior Secured Debt          BBB+/Negative

             Interconexion Electrica S.A. E.S.P. (ISA)

            Corporate Credit Rating
            Foreign Currency             BB+/Stable/--

                    Isa Capital do Brasil S.A.

           Corporate Credit Rating       BB+/Stable/--
           Senior Unsecured Debt         BB

                   Petroleos Mexicanos (PEMEX)

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--
          Senior Unsecured Debt        BBB+

                Pemex Project Funding Master Trust

          Corporate Credit Rating
          Foreign Currency             BBB+/Negative/--

                       Conproca S.A. De C.V

            Senior Secured Debt
            Foreign Currency             BBB+/Negative

                          RepConLux S.A.

                Senior Unsecured Debt        BBB+

          Empresa de Energia de Bogota S.A.E.S.P. (EEB)

                Senior Unsecured             BB


                            ***********

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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