TCRLA_Public/090713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, July 13, 2009, Vol. 10, No. 136

                            Headlines

A N T I G U A  &  B A R B U D A

LIAT LIMITED: Shareholders to Debate Future Operations
STANFORD INT'L: Owner's Imprisonment "Draconian", Lawyer Says


B R A Z I L

BANCO NACIONAL: To Acquire Brazilian Firms' Overseas Operations
BANCO NACIONAL: Inks US$3.6-Bil. Debt Funding for Project
BANCO NACIONAL: Local Pension Funds Eye Bank's Stake in Oi
TELE NORTE: Local Pension Funds Eye BNDES' Stake in Oi
VALE SA: Moody's Rating Review on Brazil Won't Affect Ratings


C A Y M A N  I S L A N D S

ASHANTI GOLDFIELDS: Creditors' Proofs of Debt Due on July 16
ASHANTI GOLDFIELDS: Creditors' Proofs of Debt Due on July 16
ASHANTI WARRANTS: Creditors' Proofs of Debt Due on July 16
ATTICUS EMERGING: Creditors' Proofs of Debt Due on July 29
ATTICUS EMERGING: Creditors' Proofs of Debt Due on July 29

BLUE OAR: Creditors' Proofs of Debt Due on August 7
CAMCAP E-SPVI: Commences Wind-Up Proceedings
CZ 97 A: Placed Under Voluntary Wind-Up
GOLDEN OAK: Commences Wind-Up Proceedings
MELLON GLOBAL: Placed Under Voluntary Wind-Up

ROCK REAL: Creditors' Proofs of Debt Due on July 29
ROCK REAL: Creditors' Proofs of Debt Due on July 29
STYX CLO: Placed Under Voluntary Wind-Up
TYC COMPANY: Commences Wind-Up Proceedings


C O L O M B I A

ECOPETROL SA: Offers Benchmark Transaction of Debt Securities
ECOPETROL: Selects JPMorgan & Barclays as Bond Managers


E C U A D O R

* ECUADOR: To Receive US$480 Million FLAR Loan on July 20


J A M A I C A

JAMAICA ALUMINUM: U.S. Co-Owner Incurs US$454 Million Losses in 3Q


M E X I C O

CEMEX SAB: Customs Agency Gives RD$1.14 Million Fine to Unit


T R I N I D A D  &  T O B A G O

CL FIN'L: Dulal-Whiteway Is Managing Director
PETROLEUM CO. OF TRINIDAD: Inks US$40MM Voyager Oil & Gas Deal


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Invites Firms for Natural Gas Project
* VENEZUELA: Economy Posts Modest Growth in 1H, Pres. Chavez Says
* VENEZUELA: Public Sector Swings to US$3.58BB Deficit in Q1


X X X X X X X X

* BOND PRICING: For the Week July 6 to July 10, 2009


                         - - - - -


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


LIAT LIMITED: Shareholders to Debate Future Operations
------------------------------------------------------
LIAT Limited's future operations will be debated by its
shareholders at a meeting set for July 20 with Prime Minister
David Thompson, CBC.bb News reports.  The report relates the
troubled carrier has been in the headlines for sometime now,
especially with regard to its service and high airfares.

According to the report, Mr. Thompson said some definitive
decisions need to be made about the carrier and air transportation
as the whole in the region.

Headquartered in Antigua and Barbuda, LIAT Limited --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 30, 2009, Caribbean360.com News said Regional airline LIAT
is cutting routes as the world economic turbulence takes a toll on
their operations.  According to the report, the airline said the
current world economic crisis was impacting on travel patterns in
the Caribbean and the carrier would have to reduce the number of
daily flights in and out of Antigua and Barbuda, Barbados, Guyana,
and St. Kitts and Nevis.


STANFORD INT'L: Owner's Imprisonment "Draconian", Lawyer Says
-------------------------------------------------------------
Robert Allen Stanford's lawyer, Dick DeGuerin, asked U.S. District
Judge David Hittner to reconsider the terms of his client's
imprisonment describing them as "draconian," Reuters reports.

"The circumstances of Mr. Stanford's incarceration are draconian
and prohibit effective and meaningful consultation with his
lawyers," the report quotes Mr. DeGuerin as saying.

Mr. DeGuerin said his client is held some 40 miles north of
Houston and is not allowed to have visitors on Sundays; and Mr.
Stanford's hands are also kept in handcuffs shackled to his waist,
making it difficult to sign papers.

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

                 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
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


BANCO NACIONAL: To Acquire Brazilian Firms' Overseas Operations
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said it
plans to acquire equity stakes in joint ventures and subsidiaries
that Brazilian companies are setting up overseas, Laura Price and
Juan Pablo Spinetto of Bloomberg News report, citing Jaime
Gornsztejn, head of BNDES' London office.

The report relates Mr. Gornsztejn said the company may start
purchasing minority stakes by year-end after setting up its U.K.
unit, BNDES Limited, earlier this year.   Companies in the
pharmaceuticals, electronics and information technology industries
are priorities for the government and may be targets for BNDES
Limited, Mr. Gornsztej added.

The bank's expansion abroad follows a push by the bank to step up
lending, part of President Luiz Inacio Lula da Silva's plan to
spur a recovery in Brazil's economy amid the global recession.

                         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.


BANCO NACIONAL: Inks US$3.6-Bil. Debt Funding for Project
---------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA and five
private banks -- Banco do Brasil, Caixa Economica Federal, Banco
do Nordeste do Brasil, Itau-Unibanco and Bradesco -- have agreed
to provide R$7.2 billion (US$3.61 Billion) in debt funding for the
ongoing 3.3GW Jirau project in Brazil by a GDF Suez-led
consortium, Energia Sustentavel do Brasil, International Water
Power & Dam Constuction News reports.  The report relates GDF Suez
said that the finance facility would equate to 68.5% of the total
investment cost of the project.

According to the report, the joint venture comprises:

   * GDF Suez (50.1%),
   * electric utilities Eletrosul (20%),
   * Chesf (20%), and
   * construction group Camargo Correa (9.9%).

The project, the report says, is being built on the river Madeira,
and is part of the 6.45GW Madeira scheme that also includes the
3.15GW Santo Antonio project.  The report notes the concessionaire
has 30-year deals with electric power distributors to take 70% of
the electricity generated at Jirau.

                         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.


BANCO NACIONAL: Local Pension Funds Eye Bank's Stake in Oi
----------------------------------------------------------
Two Brazilian pension funds -- Funcef and Petros –– are planning
to jointly acquire a 15% stake in Telemar Participacoes SA (Oi)
from Banco Nacional de Desenvolvimento Economico e Social SA
through its investment arm, BNDESPar, Laura Price of Bloomberg
News reports, citing Folha de S. Paulo newspaper.

According to Bloomberg, Folha de S. Paulo reported that BNDESPar
will probably sell the stake of the holding company that controls
Tele Norte Leste for at least BRL824 million (US$410 million) by
the end of July.

According to Bloomberg, the newspaper said Petros and Funcef will
buy the shares to boost their stakes in Oi so they can each
appoint a board member.  The sale is the final stage in Tele
Norte’s takeover of phone carrier Brasil Telecom SA, Folha added.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Dow Jones Newswires said anti-trust regulators at
Brazil's Finance Ministry published a report that approved Tele
Norte Leste (Oi)'s plan to acquire Brasil Telecom without
restrictions.  Dow Jones related 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
related the regulator chose not to sanction or restrict the
company's broadband operations because of the relative ease with
which new competition can enter these markets.

                       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.


                            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
Investors Service's Ba2 foreign long-term bank deposit rating.


TELE NORTE: Local Pension Funds Eye BNDES' Stake in Oi
------------------------------------------------------
Two Brazilian pension funds -- Funcef and Petros –– are planning
to jointly acquire a 15% stake in Telemar Participacoes SA (Oi)
from Banco Nacional de Desenvolvimento Economico e Social SA
through its investment arm, BNDESPar, Laura Price of Bloomberg
News reports, citing Folha de S. Paulo newspaper.

According to Bloomberg, Folha de S. Paulo reported that BNDESPar
will probably sell the stake of the holding company that controls
Tele Norte Leste for at least BRL824 million (US$410 million) by
the end of July.

According to Bloomberg, the newspaper said Petros and Funcef will
buy the shares to boost their stakes in Oi so they can each
appoint a board member.  The sale is the final stage in Tele
Norte’s takeover of phone carrier Brasil Telecom SA, Folha added.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Dow Jones Newswires said anti-trust regulators at
Brazil's Finance Ministry published a report that approved Tele
Norte Leste (Oi)'s plan to acquire Brasil Telecom without
restrictions.  Dow Jones related 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
related the regulator chose not to sanction or restrict the
company's broadband operations because of the relative ease with
which new competition can enter these markets.

                            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
Investors Service's Ba2 foreign long-term bank deposit rating.

                         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.


VALE SA: Moody's Rating Review on Brazil Won't Affect Ratings
-------------------------------------------------------------
Moody's Investors Service commented that the review for possible
upgrade of Brazil's ratings, including the country's Ba1 foreign
and local currency government bond ratings and its Baa3 foreign
currency bond ceiling, will have no impact on the ratings of Vale
S.A. or its subsidiaries, Vale Overseas and Vale Inco.

The last rating action affecting Vale and its subsidiaries was
August 29, 2008 when Moody's upgraded Vale's global local currency
rating to Baa2 from Baa3 and upgraded the senior unsecured foreign
currency ratings of Vale Overseas (guaranteed by Vale) and Vale
Inco to Baa2 from Baa3.  Vale's Aaa.br Brazilian national scale
rating was affirmed.

Headquartered in Rio de Janeiro, Brazil, Vale is one of the
largest mining enterprises in the world, with substantive
positions in iron ore, nickel, alumina and aluminum, copper, and
coal, as well as supplemental positions in energy production and
logistics.  Net operating revenues in 2008 were $37.4 billion.



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

ASHANTI GOLDFIELDS: Creditors' Proofs of Debt Due on July 16
------------------------------------------------------------
The creditors of Ashanti Goldfields (Samax) Limited are required
to file their proofs of debt by July 16, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidator is:

         Hendrik Johannes Snyman
         12 Hollin Lane, Tromode Woods, Braddan
         Isle of Man


ASHANTI GOLDFIELDS: Creditors' Proofs of Debt Due on July 16
------------------------------------------------------------
The creditors of Ashanti Goldfields Teberebie Limited are required
to file their proofs of debt by July 16, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidator is:

         Hendrik Johannes Snyman
         12 Hollin Lane, Tromode Woods, Braddan
         Isle of Man


ASHANTI WARRANTS: Creditors' Proofs of Debt Due on July 16
----------------------------------------------------------
The creditors of Ashanti Warrants Limited are required to file
their proofs of debt by July 16, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidator is:

         Hendrik Johannes Snyman
         12 Hollin Lane, Tromode Woods, Braddan
         Isle of Man


ATTICUS EMERGING: Creditors' Proofs of Debt Due on July 29
----------------------------------------------------------
The creditors of Atticus Emerging Markets Ltd are required to file
their proofs of debt by July 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 10, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


ATTICUS EMERGING: Creditors' Proofs of Debt Due on July 29
----------------------------------------------------------
The creditors of Atticus Emerging Markets Fund Ltd are required to
file their proofs of debt by July 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 10, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


BLUE OAR: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------
The creditors of The Blue Oar Long Short UK Equity Master Fund are
required to file their proofs of debt by August 7, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 5, 2009.

The company's liquidator is:

          Stuart Sybersma
          Trudy-Ann Baines
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          email: tabaines@deloitte.com


CAMCAP E-SPVI: Commences Wind-Up Proceedings
--------------------------------------------
On June 16, 2009, the sole shareholder of CAMCAP E-SPVI Offshore
Fund, Ltd. passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Roland A. von Metzsch
          45 Coolidge Point
          Manchester, MA 01944, U.S.A.


CZ 97 A: Placed Under Voluntary Wind-Up
---------------------------------------
On June 9, 2009, the sole shareholder of CZ 97 A Limited passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Philip Sutcliffe
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


GOLDEN OAK: Commences Wind-Up Proceedings
-----------------------------------------
On June 12, 2009, the sole shareholder of Golden Oak Korea
Alternative Strategy Fund passed a written resolution that
voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


MELLON GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On June 12, 2009, the sole shareholder of Mellon Global
Opportunity Enhanced Alpha Fund, Ltd. passed a resolution that
voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman, KY1-9002
          Cayman Islands
          Telephone: (345) 914-6314


ROCK REAL: Creditors' Proofs of Debt Due on July 29
---------------------------------------------------
The creditors of Rock Real Estate Securities Fund are required to
file their proofs of debt by July 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidator is:

         Andrew D. Law
         Montague Sterling Centre
         East Bay Street, P.O. Box N-3924
         Nassau, The Bahamas
         Telephone: 242-677-8700
         Facsimile: 242-677-8701


ROCK REAL: Creditors' Proofs of Debt Due on July 29
---------------------------------------------------
The creditors of Rock Real Estate Securities Master Fund are
required to file their proofs of debt by July 29, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidator is:

         Andrew D. Law
         Montague Sterling Centre
         East Bay Street, P.O. Box N-3924
         Nassau, The Bahamas
         Telephone: 242-677-8700
         Facsimile: 242-677-8701


STYX CLO: Placed Under Voluntary Wind-Up
----------------------------------------
On June 17, 2009, the sole shareholder of STYX CLO Ltd. passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman, KY1-9002
          Cayman Islands
          Telephone: (345) 914-6314


TYC COMPANY: Commences Wind-Up Proceedings
------------------------------------------
On June 10, 2009, the sole shareholder of TYC Company Ltd passed a
written resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


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


ECOPETROL SA: Offers Benchmark Transaction of Debt Securities
-------------------------------------------------------------
Ecopetrol S.A. disclosed a benchmark offer of U.S. dollar
denominated debt securities in the international markets.  This
offering is part of the company's 2009 financing plan, and
proceeds will be used to fund the company´s investment plan.

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

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

                       *     *     *

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


ECOPETROL: Selects JPMorgan & Barclays as Bond Managers
-------------------------------------------------------
Ecopetrol S.A. is said to have selected JPMorgan and Barclays as
managers for its planned dollar bond in the second half of this
year, LatinFrance reports, citing DCM source.  The report relates
the company has been looking to boost the efficiency of its
balance sheet through dollar bonds, peso notes and loans.

According to the report, company shareholders have approved a
US$4.1 billion shelf for combined bond issuance in international
and local markets.  The report says a US$500 million plus 10-year
USD deal and local transaction of up to COP3trn in size, with
multiple tenors, are expected.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2009, Dow Jones Newswires said Ecopetrol plans to invest
more than US$6.22 billion this year in increasing production,
seeking new reserves and acquiring operations in Colombia and
abroad.  The report related Mr. Gutierrez said Ecopetrol will get
the financing partly by selling bonds and partly through loans
from commercial banks.  The company will also secure the financing
by the end of the first half of the year, he added.  DJ Newswires
noted Ecopetrol's shareholders recently approved plans to sell as
much as US$4 billion in local or foreign bonds, as part of a
broader US$8.1 billion debt program the company will need over the
next three years to finance its expansion.

                     About Ecopetrol S.A.

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

                       *     *     *

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


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


* ECUADOR: To Receive US$480 Million FLAR Loan on July 20
---------------------------------------------------------
Ecuador will receive a US$480 million loan from the Latin America
Reserve Fund on July 20, to finance public projects, Mercedes
Alvaro of Dow Jones Newswires reports, citing the Central Bank.

According to the report, the loan has a three-year maturity and
carries an annual interest rate of Libor plus four points.  The
report relates the loan is part of a package of US$1.5 billion
from multilateral lenders that Ecuador is seeking to cover the
fiscal deficit for 2009.

FLAR is a fund established by six Latin American governments for
balance of payments support to its member states.

                           *     *     *

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


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


JAMAICA ALUMINUM: U.S. Co-Owner Incurs US$454 Million Losses in 3Q
------------------------------------------------------------------
The US-based co-owner of Jamalco Plant in Clarendon, Aluminum
giant Alcoa Inc., incurred a net loss of US$454 million between
April and June which followed a net loss of US$497 million in the
previous three months, RadioJamaica reports.  The report relates
the economic downturn has significantly affected Alcoa as most of
its customers come from hard-hit sectors such as car
manufacturing, aerospace and construction.

According to the report, the company has responded to falling
demand for aluminum by cutting 13,500 jobs, raising US$1.3 billion
to help it get through the recession and cutting back production
by 20%.  The report notes the company's Jamaican subsidiary is
continuing production despite the decision by other alumina
companies to cease operations until the recession ends.

RadioJamaica says recorded output of 3.9 metric tons of alumina
per day, for the first six months of the year, exceeding the
projected daily target of 3.6 metric tons.

                        *     *     *

Aluminum giant Alcoa Inc holds 55% of the company, which has a
production capacity of 1.4 million tonnes of alumina.


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


CEMEX SAB: Customs Agency Gives RD$1.14 Million Fine to Unit
------------------------------------------------------------
The Customs Agency collected a total of RD$1.14 million in taxes
and fines on Cemex Dominicana, a unit of CEMEX, S.A.B. de C.V.,
and the power company Generadora Itabo, accusing them of being
involved in "serious practices related to fuel imports and
destinations which affect tax revenue.

According to the report, DGA charged Cemex RD$55.9 million for tax
evasion on the import of 40,724 metric tons of allegedly mineral
coal, and accused it of trying to undervalue freight manifests.
The report relates DGA said Itabo tried to transfer 644.78 metric
tons of the fuel petcoke to Cemex.  The report relates customs
decided to audit both companies during the last two years after it
faced with the irregularities.

Both companies denied all allegations against them.  “The company
at no time has acquired fuel from Itabo, having limited itself to
using their unloading facilities in the port at Haina," the report
quoted Cemex as saying.

                      About Cemex, S.A.B.

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings placed on 'Rating Watch Evolving',
Cemex's ratings, including its 'B' Foreign currency Issuer Default
Rating, and 'B' Local currency IDR.


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


CL FIN'L: Dulal-Whiteway Is Managing Director
---------------------------------------------
Republic Bank said that David Dulal- Whiteway is the managing
director of Republic Bank and not Ronald Harford, Trinidad and
Tobago Newday reports.  The bank wish to clarify a Newsday report
dated July 9.

CL Financial's unit, Clico Investment Bank (CIB)/ Colonial Life
Insurance Company Limited has a 55% stake in Republic Bank.

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.


PETROLEUM CO. OF TRINIDAD: Inks US$40MM Voyager Oil & Gas Deal
--------------------------------------------------------------
Petroleum Company of Trinidad and Tobago Limited signed off on a
US$40 million oil and gas exploration deal with Canadian company,
Voyager Energy Limited, CaribWorldNews reports.  The report
relates the four-year, onshore and offshore deal gives Voyager
access to the Shallow and Deep Horizons in the Guayaguayare Blocks
in the southeastern region of Trinidad and Tobago.

According to the report, Energy Minister Conrad Enill said that a
new bid round for five offshore blocks in shallow and average
water depths will take place early next year.

                      About Petrotrin

Petroleum Company of Trinidad and Tobago Limited --
http://www.petrotrin.com-- is an integrated Oil and Gas Company.
It is a limited liability company that is wholly owned by the
Government of the Republic of Trinidad and Tobago.  Its principal
activities are the exploration for, development of and production
of hydrocarbons and the manufacturing and marketing of petroleum
products.

The company was incorporated on January 21, 1993 to consolidate
and operate the petroleum producing, refining and marketing assets
of State-owned enterprises: Trinidad and Tobago Oil Company
Limited (Trintoc) and Trinidad and Tobago Petroleum Company
Limited (Trintopec).  In 2000, Petrotrin acquired the assets of
Texaco Inc. in the joint venture Trinmar Limited, making that
entity a part of its Exploration and Production operations.


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


PETROLEOS DE VENEZUELA: Invites Firms for Natural Gas Project
-------------------------------------------------------------
Petroleos de Venezuela is getting closer to finally develop its
large Mariscal Sucre oil field, having pre-selected a group of
private partners for planned joint ventures, Reuters reports,
citing Venezuela Oil Minister Rafael Ramirez.  The report relates
PDVSA in June invited a group of companies -- including Japan's
Marubeni, Mitsui, Mitsubishi and Itochu, Norway's Statoil,
Russia's Gazprom and Italy's ENI -- to consider taking part in the
project.

Mr. Ramirez told Reuters in an interview that the companies are
expected to cover the $800 million Venezuela is spending exploring
the field, which PDVSA believes holds 14.7 trillion cubic feet of
gas.  They will also be charged a premium to participate.  "It is
a premium that gives the right to access the gas reserves. We are
going to use this mechanism," Mr. Ramirez was quoted by the report
as saying.

According to the report, PDVSA has not specified how it will
select its final partners for Mariscal Sucre, but predicts the
investments in projects at the field will reach US$8.4 billion
between 2009-2015.  The report relates PDVSA forecasts that the
field will produce 1.2 billion cubic feet per day.

                         About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                         *     *     *

As reported in the Troubled Company Reporter–Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
and/or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


* VENEZUELA: Economy Posts Modest Growth in 1H, Pres. Chavez Says
-----------------------------------------------------------------
President Hugo Chavez said the Venezuelan economy posted a modest
expansion in the first half of the year, defying expectations the
country will likely suffer an economic contraction in 2009, Darcy
Crowe at Dow Jones Newswire reports. "We have a first half (of the
year) of growth, modest but with growth," the report quotes
President Chavez as saying.

According to the report, the Venezuelan economy grew 0.3% in the
first quarter, the lowest figure in five years.  The report
relates the central bank is not expected to release the second-
quarter figures until August.

                           *     *     *

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


* VENEZUELA: Public Sector Swings to US$3.58BB Deficit in Q1
------------------------------------------------------------
Venezuelan public sector posted a fiscal deficit of VEB7.7 billion
(US$3.58 billion), or 0.9% of gross domestic product, in the first
quarter from VEB7.3 billion surplus posted in the same quarter a
year ago, Darcy Crowe at Dow Jones Newswires reports, citing
figures from the Finance Ministry.  According to the report, state
income is being hampered by a decline in oil revenue.

According to the report, the Finance Ministry's record shows that
revenue was down to VEB31.8 billion in the first three months of
the year from VEB51 billion in the same period a year earlier.
The report notes contributions from operations by state-oil
company Petroleos de Venezuela SA fell to VEB6 billion from
VEB25.7 billion in the same period a year earlier.

Dow Jnes Newswires says Venezuela's public sector closed 2008 with
a 2.6% deficit, a figure that is expected to worsen because of the
decline in oil revenue.


                         *     *     *

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


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


* BOND PRICING: For the Week July 6 to July 10, 2009
----------------------------------------------------

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

ARGENTINA
--------
ALTO PALERMO SA        7.88        5/11/2017  USD         65.63
ARG BODEN                 7        10/3/2015  USD          49.1
BONAR X                   7        4/17/2017  USD         55.94
BONAR VII                 7        9/12/2013  USD         58.61
BONAR V                   7        3/28/2011  USD         71.07
ARGENT-=DIS            7.82        12/31/2033 EUR          41.4
ARGENT-$DIS            8.28        12/31/2033 USD         51.86
BANCO HIPOT SA         9.75        4/27/2016  USD         71.59
BANCO MACRO SA          8.5        2/1/2017   USD            74
BANCO MACRO SA         9.75        12/18/2036 USD            67
BUENOS-$DIS            9.25        4/15/2017  USD         47.08
BUENOS AIRE PROV       9.38        9/14/2018  USD         42.53
BUENOS AIRE PROV       9.63        4/18/2028  USD         41.02
AUTOPISTAS DEL S       11.5        5/23/2017  USD         38.97
INDUSTRIAS METAL      11.25        10/22/2014 USD         66.06
INVERS REP Y SOC        8.5        2/2/2017   USD         69.25
MENDOZA PROVINCE        5.5        9/4/2018   USD         54.24
TRANSPORT DE GAS       7.88        5/14/2017  USD         74.25
TRANSENER              8.88        12/15/2016 USD         69.59

BRAZIL
------
COSAN SA INDUSTR       8.25        #N/A N Ap  USD         73.15
COSAN SA INDUSTR       8.25        #N/A N Ap  USD         74.17
REDE EMPRESAS         11.13        #N/A N Ap  USD         50.38
VIGOR                  9.25        2/23/2017  USD         69.75

CAYMAN ISLAND
-------------
AES DOMINICANA           11        12/13/2015 USD         83.31
SUNAMER INST FND       6.15        10/14/2019 EUR         49.23
AIG SUNAMERICA         6.38        10/5/2020  GBP         62.87
BARION FUNDING          0.1        12/20/2056 EUR          5.16
BARION FUNDING         0.25        12/20/2056 USD           5.7
BARION FUNDING         0.25        12/20/2056 USD           5.7
BARION FUNDING         0.25        12/20/2056 USD           5.7
BARION FUNDING         0.25        12/20/2056 USD           5.7
BARION FUNDING         0.25        12/20/2056 USD           5.7
BARION FUNDING         0.25        12/20/2056 USD          5.75
BARION FUNDING         0.63        12/20/2056 GBP         14.09
BARION FUNDING         1.44        12/20/2056 GBP            26
BCP FINANCE CO         4.24        #N/A N Ap  EUR         73.58
BCP FINANCE CO         5.54        #N/A N Ap  EUR         76.12
BES FINANCE LTD         4.5        #N/A N Ap  EUR         74.45
BES FINANCE LTD        5.58        #N/A N Ap  EUR         75.55
BISHOPSGATE ASSE       4.81        8/14/2044  GBP         64.14
BANCAJA INTL FIN        5.7        6/30/2022  EUR         63.93
CHINA PROPERTIES       9.13        5/4/2014   USD         66.06
CHINA MED TECH            4        8/15/2013  USD         63.75
CHINA SUNERGY          4.75        6/15/2013  USD         45.53
DUBAI HLDNG COMM       4.75        1/30/2014  EUR         62.73
DUBAI HLDNG COMM          6        2/1/2017   GBP         57.74
ESFG INTERNATION       5.75        #N/A N Ap  EUR         66.69
DWR CYMRU FIN          4.47        3/31/2057  GBP         71.21
GOL FINANCE             7.5        4/3/2017   USD            75
GOL FINANCE            8.75        #N/A N Ap  USD         64.52
JA SOLAR HOLD CO        4.5        5/15/2013  USD            74
LDK SOLAR CO LTD       4.75        4/15/2013  USD          65.5
LDK SOLAR CO LTD       4.75        4/15/2013  USD         62.52
LUNAR FUNDING I        6.44        9/18/2032  GBP         58.48
MALACHITE FDG          0.63        12/21/2056 EUR         21.83
MAZARIN FDG LTD        0.25        9/20/2068  USD          4.31
MAZARIN FDG LTD        0.25        9/20/2068  USD          4.31
MAZARIN FDG LTD        0.25        9/20/2068  USD          4.36
MAZARIN FDG LTD        0.25        9/20/2068  USD          4.31
MAZARIN FDG LTD        0.25        9/20/2068  USD          4.31
MAZARIN FDG LTD        0.25        9/20/2068  USD          4.31
MAZARIN FDG LTD        0.63        9/20/2068  GBP         11.79
MAZARIN FDG LTD        1.44        9/20/2068  GBP         24.02
MINERVA OVERSE          9.5        2/1/2017   USD         56.55
MINERVA OVERSE          9.5        2/1/2017   USD         56.48
MIZUHO CAPITAL I       5.02        #N/A N Ap  EUR         75.11
MUFG CAP FIN2          4.85        #N/A N Ap  EUR         70.11
MUFG CAP FIN 5          6.3        #N/A N Ap  GBP         72.84
PUBMASTER FIN          5.94        12/30/2024 GBP         64.07
PUBMASTER FIN          6.96        6/30/2028  GBP         48.25
REG DIV FUNDING        5.25        1/25/2036  USD         74.88
RESONA PFD GLOB        7.19        #N/A N Ap  USD         69.35
SHINSEI FIN CAYM       6.42        #N/A N Ap  USD         41.58
SHINSEI FIN CAYM       6.42        #N/A N Ap  USD         40.95
SHINSEI FINANCE        7.16        #N/A N Ap  USD         41.58
SHINSEI FINANCE        7.16        #N/A N Ap  USD         41.99
SUNTECH POWER             3        3/15/2013  USD         75.11
SMFG PREFERRED         6.16        #N/A N Ap  GBP            70
TAM CAPITAL INC        7.38        4/25/2017  USD         74.38
THPA FINANCE LTD       7.13        3/15/2024  GBP         69.02
VESTEL ELEC FIN        8.75        5/9/2012   USD         82.16
XL CAPITAL LTD         6.25        5/15/2027  USD            68
XL CAPITAL LTD          6.5        #N/A N Ap  USD         52.56

DOMINICAN REPUBLIC
------------------
DOMINICAN REPUBL       8.63        4/20/2027  USD          73.5

ECUADOR
-------
REP OF ECUADOR         9.38        12/15/2015 USD         73.75
REP OF ECUADOR         9.38        12/15/2015 USD         73.85

JAMAICA
-------
JAMAICA GOVT              8        3/15/2039  USD         72.38
JAMAICA GOVT            8.5        2/28/2036  USD            73
JAMAICA GOVT LRS        7.5        10/6/2012  JMD         66.16
JAMAICA GOVT LRS      12.75        6/29/2022  JMD         54.88
JAMAICA GOVT LRS      12.75        6/29/2022  JMD          54.9
JAMAICA GOVT LRS      12.85        5/31/2022  JMD         55.31
JAMAICA GOVT LRS      13.38        12/15/2021 JMD         57.85
JAMAICA GOVT          13.38        4/27/2032  JMD         54.29
JAMAICA GOVT LRS      13.58        12/15/2026 JMD         55.24
JAMAICA GOVT LRS      13.63        6/23/2014  JMD         72.96
JAMAICA GOVT LRS         14        6/30/2021  JMD         60.81
JAMAICA GOVT LRS      14.25        8/19/2015  JMD         72.86
JAMAICA GOVT LRS      14.38        9/6/2014   JMD          74.5
JAMAICA GOVT LRS       14.4        8/3/2027   JMD         60.31
JAMAICA GOVT LRS       14.5        6/28/2017  JMD         69.49
JAMAICA GOVT LRS       14.5        8/2/2017   JMD         69.75
JAMAICA GOVT LRS         15        7/31/2016  JMD         72.13
JAMAICA GOVT LRS         15        8/30/2032  JMD          62.8
JAMAICA GOVT LRS         15        9/6/2032   JMD         63.87
JAMAICA GOVT LRS         15        11/15/2021 JMD         64.35
JAMAICA GOVT LRS       15.5        3/24/2028  JMD         62.98
JAMAICA GOVT LRS      15.75        8/22/2019  JMD         69.47
JAMAICA GOVT LRS       15.8        6/26/2017  JMD         74.28
JAMAICA GOVT LRS         16        6/13/2022  JMD         67.87
JAMAICA GOVT LRS         16        12/6/2032  JMD         64.98
JAMAICA GOVT LRS         16        5/17/2017  JMD         73.54
JAMAICA GOVT LRS      16.13        8/21/2032  JMD         67.47
JAMAICA GOVT LRS      16.15        6/21/2022  JMD         70.39
JAMAICA GOVT LRS      16.15        6/12/2022  JMD         68.48
JAMAICA GOVT LRS      16.25        5/22/2027  JMD         66.06
JAMAICA GOVT LRS      16.25        6/18/2027  JMD          69.8
JAMAICA GOVT LRS      16.25        8/26/2032  JMD         67.99
JAMAICA GOVT LRS      16.25        7/26/2032  JMD         65.99
JAMAICA GOVT LRS      16.25        5/22/2022  JMD         71.61
JAMAICA GOVT LRS       16.5        6/14/2027  JMD         67.08
JAMAICA GOVT LRS         17        7/11/2023  JMD         71.19

PUERTO RICO
-----------
DORAL FINL CORP           7        4/26/2012  USD         51.88
DORAL FINL CORP         7.1        4/26/2017  USD         48.63
DORAL FINL CORP        7.15        4/26/2022  USD          41.5
DORAL FINL CORP        7.65        3/26/2016  USD          52.5
PUERTO RICO CONS        6.1        5/1/2012   USD          55.5
PUERTO RICO CONS        6.5        4/1/2016   USD         48.95

URUGUAY
--------
URUGUAY                 3.7        6/26/2037  UYU         69.88

VENEZUELA
---------
PETROLEOS DE VEN       5.25        4/12/2017  USD         46.78
PETROLEOS DE VEN       5.38        4/12/2027  USD         38.74
PETROLEOS DE VEN        5.5        4/12/2037  USD          38.9
VENEZUELA              5.75        2/26/2016  USD         57.99
VENEZUELA                 6        12/9/2020  USD         49.75
VENEZUELA                 7        3/16/2015  EUR         64.27
VENEZUELA                 7        3/16/2015  EUR         64.61
VENEZUELA                 7        3/31/2038  USD          48.5
VENEZUELA                 7        12/1/2018  USD         58.61
VENEZUELA              7.65        4/21/2025  USD         53.73
VENEZUELA               8.5        10/8/2014  USD         72.21
VENEZUELA                 9        5/7/2023   USD         61.66
VENEZUELA              9.25        5/7/2028   USD         60.95
VENEZUELA              9.25        9/15/2027  USD         67.13
VENZOD - 189000        9.38        1/13/2034  USD         62.17


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *