TCRLA_Public/090716.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, July 16, 2009, Vol. 10, No. 139

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: CEO's “Re-Arraignment” Proceeding Set on Aug. 6


A R G E N T I N A

DYNAMOTIVE ENERGY: Net Loss Rises to US$1.6MM in First Quarter
FORD MOTOR: Could Be Pulled Down by Rising Debt, Says Report
MERISANT WORLDWIDE: Denies Non-Compete Breach in Heartland Pact


B E R M U D A

AMBROSE INSURANCE: Creditors' Proofs of Debt Due on July 17
AMBROSE INSURANCE: Members to Hear Wind-Up Report on Aug. 7
AQUABULK MANAGEMENT: Members to Hear Wind-Up Report on Aug. 4
PLATINUM GROVE: Creditors' Proofs of Debt Due on July 22
PLATINUM GROVE: Members to Receive Wind-Up Report on August 10

SCHRODER INTERNATIONAL: Creditors' Proofs of Debt Due on July 15
SCHRODER INTERNATIONAL: Members to Hear Wind-Up Report on Aug. 6
SYNCORA GUARANTEE: BCP to Waive Condition to RMBS Exchange Offer
VALIDUS HOLDINGS: Impact of Takeover on IPC Jobs Still Unclear
VALIDUS HOLDINGS: AM Best Places Ratings Under Review


B R A Z I L

AMERICAN AXLE: Mulling Restructuring Options in U.S.
BANCO BRADESCO: Reshuffles Board After 3 Executives Resign
BANCO NACIONAL: Provides BRL691.6 Million Loan to America Latina
BEARINGPOINT INC: Inks Pact to Sell Brazilian Unit to CSC
CITIGROUP INC: Executive Who Stressed Staff Retention Resigns

GENERAL MOTORS: Brazilian Unit In Talks With Gov't Banks for Loans
INDEPENDENCIA SA: Submits Judicial Recovery Plan
INDEPENDENCIA SA: Cancels Lease Deal of Slaughter Unit


C A Y M A N  I S L A N D S

AHFP WESSEX: Creditors' Proofs of Debt Due on August 7
BERNARD MADOFF: Picard Sues HSBC, Herald Fund for US$578 Million
BIRINYI LEVERAGED: Creditors' Proofs of Debt Due on August 7
BRAZILIAN EQUITY: Creditors' Proofs of Debt Due on August 7
CDC MOBILE: Creditors' Proofs of Debt Due on August 7

FORTIS HEDGE: Creditors' Proofs of Debt Due on August 7
FORTIS HEDGE: Creditors' Proofs of Debt Due on August 7
FORTIS HEDGE: Creditors' Proofs of Debt Due on August 7
IMAGINE CAPITAL: Creditors' Proofs of Debt Due on August 7
LEEWARD DEVELOPMENT: Creditors' Proofs of Debt Due on July 31

MAGELAN MULTI-STRATEGY: Creditors' Proofs of Debt Due on August 30
NEREUS LIMITED: Creditors' Proofs of Debt Due on August 20
RAB-NORTHWEST: Creditors' Proofs of Debt Due on August 7
STANFIELD STRUCTURED: Creditors' Proofs of Debt Due on August 7
WHITEBEAM CREDIT: Creditors' Proofs of Debt Due on August 7

C O L O M B I A


* COLOMBIA: Government May Sue Ecuador on Trade Safeguards

D O M I N I C A N  R E P U B L I C


TRICOM SA: Files Further Revisions to Proposed Ch. 11 Plan

* DOMINCAN REPUBLIC: Government Seeks to Issue US$1BB Bonds


E C U A D O R

PERENCO LIMITED: Close to Stopping Ecuador Output Amid Dispute


J A M A I C A

CABLE & WIRELESS: LIME Pumps Up US$5MM for Internet Upgrade
* JAMAICA: First Half Remittances Drop 17%, World Bank Reveals


M E X I C O

ASARCO LLC: Harbinger and Citigroup Favor Debtor Plan
LEAR CORP: U.S. Parent to Continue Loans to Foreign Units


P U E R T O  R I C O

ORIENTAL FINANCIAL: S&P Gives Negative Outlook; Keeps 'BB+' Rating


T U R K S  &  C A I C O S  I S L A N D S

DORAL FINANCIAL: Unit Sues Turks and Caicos Gov't Over Debts
* TURKS & CAICOS: Doral Corp Unit Sues Government Over Debts


U R U G U A Y

HSBC BANK: Fitch Affirms Issuer Default Rating at 'BB+'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Ensco Int'l Writes Off Value of Seized Rig
PETROLEOS DE VENEZUELA: Inks Energy Cooperation Deal With Belarus


X X X X X X X X

CIT GROUP: Default Poses Risks to 1,881 Rated CDOs, Says S&P
FUJITSU LIMITED: Consolidates Overseas Business Subsidiaries
* Int'l Airplane Industry Deflating, Fairtheworld Says
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: CEO's “Re-Arraignment” Proceeding Set on Aug. 6
---------------------------------------------------------------
U.S. District Judge David Hittner has scheduled Stanford Group
Co. Chief Executive Officer James "Jim" M. Davis's “re-
arraignment” proceeding on August 6, Andrew M. Harris at Bloomberg
News reports.  The report relates Mr. Davis, accused by
prosecutors of aiding Stanford International Bank Limited founder
Robert Allen Stanford perpetrate a multi-billion fraud, will
change his plea of not guilty on that date.

According to the report, citing a separate order, Judge Hittner
said that victims wishing to be heard at the “plea hearing” must
tell prosecutors no later than July 31.

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Bloomberg News said Mr. Davis pleaded not guilty to
criminal charges against him in a U.S. court.  The report related
Mr. Davis was released by U.S. Magistrate Judge Calvin Botley on
US$500,000 bond with a US$5,000 cash deposit, with his in-laws and
son as co-signers.  Mr. Davis, the report pointed out, was charged
with conspiracy to commit mail, wire and securities fraud, as well
as mail fraud and conspiracy to obstruct a U.S. Securities and
Exchange Commission investigation.  “Mr. Davis plans to plead
guilty to all three counts, which carry a combined statutory
maximum sentence of thirty years, pursuant to a plea agreement
with the United States,” prosecutors said in a July 9 court filing
obtained by the news agency.

According to a TCRLA April 14 report, Mr. Finn said his client has
been cooperating with investigators and expects to enter into
talks that could settle civil charges and any possible criminal
charges.

The criminal complaint is U.S. v. Davis, H-09-335, U.S.
District Court, Southern District of Texas (Houston).

                 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).


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


DYNAMOTIVE ENERGY: Net Loss Rises to US$1.6MM in First Quarter
--------------------------------------------------------------
Dynamotive Energy Systems Corporation reported its financial
results for the three months ended March 31, 2009.

At March 31, 2009, the Company's balance sheet showed total assets
of US$33,247,363, total liabilities of US$12,933,207 and
shareholders' equity of US$20,314,156.

For the three months ended March 31, 2009, the Company posted a
net loss of US$1,691,199 compared with a net loss of US$1,432,819
for the same period in the previous year.

In a Form 20-F filed with the Securities and Exchange Commission
on July 7, 2009, the Company related that the ability of the
Company to continue as a going concern is in substantial doubt and
is dependent on achieving profitable operations, commercializing
its BioOil production technology and obtaining the necessary
financing in order to develop this technology.  The outcome of
these matters cannot be predicted at this time.  The Company said
its future operations are dependent on the market's acceptance of
its products in order to ultimately generate future profitable
operations, and the Company's ability to secure sufficient
financing to fund future operations.  There can be no assurance
that the Company's products will be able to secure market
acceptance.  Management plans to raise additional equity financing
to enable the Company to complete its development plans.

A full-text copy of the financial result for three months ended
March 31, 2009, is available for free at:

               http://ResearchArchives.com/t/s?3f1d

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider
headquartered in Vancouver, Canada, with offices in the United
States, United Kingdom and Argentina.  Its carbon/greenhouse gas
neutral fast pyrolysis technology uses medium temperatures and
oxygen-less conditions to turn dry waste biomass and energy crops
into BioOil(TM) for power and heat generation.  BioOil(TM) can be
further converted into vehicle fuels and chemicals.


FORD MOTOR: Could Be Pulled Down by Rising Debt, Says Report
------------------------------------------------------------
Brent Snavely at Free Press Business reports that Ford Motor
Company's increasing debt load could pull the Company down, even
if it reaches all of its targets by 2011.

Ford has about US$25.8 billion in automotive debt, much of which
was accumulated to raise cash so that the Company could survive
the economic downturn.

Citing Citibank analyst Itay Michaeli, Free Press states that
Ford's debt level could reach US$36 billion -- about four times
more than Ford's expected earnings -- by 2011.  Free Press notes
that with that high level of debt to earnings, Ford's debt could
strain its finances as payments on it become due.  Ford's high
level of debt compared with competitors is a concern, and "that
creates somewhat of a disadvantage with respect of cost of capital
and financial flexibility," the report states, citing Mood's
Investors Service senior vice president Bruce Clark.

According to Free Press, Ford must find a way to maintain investor
confidence between now and 2011, a period in which it expects to
burn through more cash than it is taking in before making a profit
in that year.

Ford President and Chief Executive Officer Alan Mulally, Free
Press relates, said that the Company hopes to maintain investor
confidence by showing improvement every quarter between now and
2011.  "We gave guidance that our cash burn was US$3.7 billion in
the first quarter, which was substantially less than the fourth
quarter, and we gave guidance that every quarter this year, it
will get lower and lower and lower.  That gives everybody
confidence that we are on a positive track," the report quoted Mr.
Mulally as saying.

Analysts, accoridng Free Press, said that Ford will lose 57 cents
per share for the three months ended June 30, which according to
Free Press equates to a loss of about
US$1.5 billion, excluding onetime charges.

Ford's positive relationship with the UAW is also a factor in
adding confidence in the Company, Free Press states.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


MERISANT WORLDWIDE: Denies Non-Compete Breach in Heartland Pact
---------------------------------------------------------------
Heartland Sweeteners LLC asks the U.S. Bankruptcy for the District
of Delaware to lift the automatic stay to allow it to serve
notices of potential violations by Merisant U.S., Inc., of their
tolling agreement.

Like Merisant, Heartland is engaged in the business of
manufacturing and distributing artificial sweeteners.  However,
Heartland's products include sucralose as the key ingredient.  The
Heartland sweeteners are marketed and sold using either private
label packaging or packaging that bears the Nevella(R) trademark
owned by Heartland.

Pursuant to a toll agreement scheduled to expire Dec. 31, 2009,
Merisant has agreed to provide certain manufacturing services for
Heartland in the production of some Heartland products.  Under a
distribution agreement, the parties agreed to a  joint marketing
and distribution of the Heartland and Merisant sweeteners.

According to Heartland, both agreements provide for non compete
covenants, under which Merisant may not solicit or sell tabletop
sweetener products containing sucralose in the United States.
Heartland is concerned that Merisant is actively attempting to and
is selling tabletop sweeteners containing sucralose in the United
States. Heartland is further concerned that Merisant's strategy
and plan to exit bankruptcy relies upon selling tabletop sucralose
products in violation of its agreements with Heartland.

Merisant is also obligated to keep certain information from and
about Heartland confidential. Heartland has received reports that
Merisant representatives have disclosed information about
Heartland which Heartland believes is covered by the
confidentiality agreements in place.

According to  Raymond H. Lemisch, Esq., at Benesch, Friedlander,
Coplan & Aronoff, LLP, "cause" exists for lifting the automatic
stay because Heartland merely seeks authority to deliver notices
consistent with the terms of the Toll Agreement and Distribution
Agreement, and it is well settled that a bankruptcy filing does
not enlarge the debtor's contract rights.

                        Merisant's Response

Merisant says that the Distribution Agreement was rescinded on
July 29, 2008, and thus there exists no agremeent pursuant to
which Heartland could properly sent notice.  Merisant also says
that the Toll Agreement was properly terminated on April 29, 2009.

Merisant has commenced an adversary proceeding with the Bankruptcy
Court, seeking a judgment that it has not violated any of the
agreements with Heartland.  Merisant says that Heartland's lift
stay request should be denied since the adversary proceeding will
determine all the issues raised by Heartland.

In the adversary proceeding, Merisant contends that  after
Heartland failed to perform its obligations under the Distribution
Agreement for nearly ayear and then expressly repudiated the
agreement in July 2008, Merisant exercised its legal right to
rescind the Distribution Agreement. Merisant's rescission
extinguished that agreement, and it was excused form performing
under the contract, says Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor, LLP.

                     About Merisant Worldwide

Headquartered in Chicago, Illinois, Merisant Worldwide Inc. --
http://www.merisant.com/-- sells low-calorie tabletop sweetener.
The Debtor's brands are Equal(R) and Canderel(R).  The Debtor has
principal regional offices in Mexico City, Mexico; Neuchatel,
Switzerland; Paris, France; and Singapore.  In addition, the
Debtor owns and operates manufacturing facilities in Manteno,
Illinois, and Zarate, Argentina, and own processing lines that are
operated exclusively for the Debtor at plants located in Bergisch
and Stendal, Germany and Bangkrason, Thailand.

As of March 28, 2008, the Debtor has 20 active direct and indirect
subsidiaries, including five subsidiaries in the United States,
six subsidiaries in Europe, five subsidiaries in Mexico, Central
America and South America, and three subsidiaries in the Asia
Pacific region, including Australia and India.  Furthermore, the
Debtor's Swiss subsidiary holds a 50% interest in a joint
venture in the Philippines.  Merisant Worldwide holds 100%
interest in Merisant Company.

Merisant Worldwide and five of its units filed for Chapter 11
protection on January 9, 2009 (Bankr. D. Del. Lead Case No.
09-10059).  Sidley Austin LLP represents the Debtors in their
restructuring efforts.  Young, Conaway, Stargatt & Taylor LLP
represents the Debtors' as co-counsel.  Blackstone Advisory
Services LLP is the Debtors' financial advisor.  Epiq Bankruptcy
Solutions, LLC, is the Debtors' Claims and Noticing Agent.
Winston & Strawn LLP represents the official committee of
unsecured creditors as counsel.  Ashby & Geddes, P.A., is the
Committee's Delaware counsel.  The Debtors had US$331,077,041 in
total assets and US$560,742,486 in total debts as of November 30,
2008.


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


AMBROSE INSURANCE: Creditors' Proofs of Debt Due on July 17
-----------------------------------------------------------
The creditors of Ambrose Insurance Group, Ltd. are required to
file their proofs of debt by July 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 1, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


AMBROSE INSURANCE: Members to Hear Wind-Up Report on Aug. 7
-----------------------------------------------------------
The members of Ambrose Insurance Group, Ltd. will hold their
meeting on August 7, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 1, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


AQUABULK MANAGEMENT: Members to Hear Wind-Up Report on Aug. 4
-------------------------------------------------------------
The members of Aquabulk Management Limited will hold their meeting
on August 4, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 29, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


PLATINUM GROVE: Creditors' Proofs of Debt Due on July 22
--------------------------------------------------------
The creditors of Platinum Grove Special Holdings Ltd. are required
to file their proofs of debt by July 22, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 29, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


PLATINUM GROVE: Members to Receive Wind-Up Report on August 10
--------------------------------------------------------------
The members of Platinum Grove Special Holdings Ltd. will hold
their meeting on August 10, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 29, 2009.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


SCHRODER INTERNATIONAL: Creditors' Proofs of Debt Due on July 15
----------------------------------------------------------------
The creditors of Schroder International Trust Company Limited are
required to file their proofs of debt by July 15, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 26, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SCHRODER INTERNATIONAL: Members to Hear Wind-Up Report on Aug. 6
----------------------------------------------------------------
The members of Schroder International Trust Company Limited will
hold their meeting on August 6, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 26, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SYNCORA GUARANTEE: BCP to Waive Condition to RMBS Exchange Offer
----------------------------------------------------------------
The BCP Voyager Master Funds SPC, Ltd., acting on behalf of and
for the account of the Distressed Opportunities Master Segregated
Portfolio, said yesterday in connection with the Fund's offer for
55 classes of residential mortgage backed securities insured by
Syncora Guarantee Inc. that it does not expect that at least 72
remediation points will be tendered into or otherwise committed
through alternative settlements and purchases to the offer.

The Fund intends to waive that condition to the offer, subject to
Syncora Guarantee receiving the consent of certain counterparties
to Syncora Guarantee's credit default swap transactions and
financial guarantee insurance policies to the waiver of a
comparable condition in the master transaction agreement entered
into between Syncora Guarantee and such counterparties.  The offer
was slated to expire at 4:59 p.m., New York City time, July 14,
2009, unless extended.

The offer and related financing are also conditioned on the
consummation of an agreement entered into between Syncora
Guarantee and certain counterparties to Syncora Guarantee's credit
default swap transactions and financial guarantee insurance
policies, the tender of a minimum amount of RMBS, approval of the
New York Department of Insurance and certain other conditions.
Holders of RMBS that have tendered or will tender their RMBS into
the offer are no longer able to withdraw their tendered RMBS.

The offer by the Fund and any transactions with Syncora Guarantee
are being conducted only with qualified institutional buyers and
are exempt from registration under Section 4(2) of the Securities
Act of 1933, as amended. Any securities that may be issued
pursuant to such transactions have not been and, at the time of
the closing of the transaction, will not be registered under the
Securities Act or any state securities laws. The securities may
not be offered or sold in the United States absent registration
under, or an applicable exemption from, the registration
requirements of the Securities Act and applicable state securities
laws.

                   About Syncora Guarantee Inc.

Syncora Guarantee Inc. -- http://www.syncora.com/-- is a wholly
owned subsidiary of Syncora Holdings Ltd.  Syncora Holdings Ltd.
is a Bermuda-domiciled holding company.

In April 2009, Standard & Poor's Ratings Services revised its
financial strength and financial enhancement ratings on Syncora
Guarantee Inc. to 'R' from 'CC'.  Standard & Poor's also revised
its counterparty credit rating on Syncora to 'D' from 'CC'.  An
insurer rated 'R' is under regulatory supervision because of its
financial condition.  The 'CC' counterparty credit, financial
strength, and financial enhancement ratings on Syncora Guarantee
U.K. Ltd. are unchanged because at this time, that company is not
subject to any regulatory orders that mandate the suspension of
claims payments.


VALIDUS HOLDINGS: Impact of Takeover on IPC Jobs Still Unclear
--------------------------------------------------------------
The effect of Validus Holdings Limited's takeover of IPC Holdings
Limited on IPC's 31 employees is still unclear, Jonathan Kent at
The Royal Gazette reports, citing Validus Holdings Chairman and
Chief Executive Officer Ed Noonan.  The report relates Mr. Noonan
said the future of IPC Holdings's staff would become clearer as
work on the merging of the two companies progress.

Mr. Noonan told The Gazette in an interview that the deal was
expected to close within a time frame of six to eight weeks; and
the impact of jobs was not yet clear.  "Through this process, we
did not get the chance to spend much time with the management of
IPC," the report quoted Mr. Noonan as saying.  "It is clear that
IPC is a small operation that has outsourced some key functions.
We have frozen any outside hiring and any positions that do become
available, we'd like them to go to IPC employees.  "As we go
through the transaction, things will become clearer," Mr. Noonan
added.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Validus Holdings and IPC Holdings' board of
directors have approved a definitive amalgamation agreement that
will create a leading Bermuda carrier in the short-tail
reinsurance and insurance market.  Under the terms of the
agreement, IPC shareholders will receive US$7.50 in cash and
0.9727 Validus voting common shares for each IPC common share.
The Validus consideration provides IPC shareholders with a 24.9%
premium and US$31.73 per share based on IPC's and Validus' closing
stock prices on March 30, 2009, the last trading day before the
announcement of Validus' initial offer.  Completion of the
transaction, which is expected to take place in the third quarter
of 2009, is subject to customary closing conditions, including
Validus and IPC shareholder approvals.

                    About Validus Holdings, Ltd.

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


VALIDUS HOLDINGS: AM Best Places Ratings Under Review
-----------------------------------------------------
A.M. Best Co. has placed the financial strength rating of A-
(Excellent) and issuer credit rating (ICR) of "a-" of Validus
Reinsurance Ltd. (Validus) (Bermuda) under review with negative
implications.  A.M. Best also has placed the ICR of "bbb-" and the
indicative ratings of "bbb-" on senior debt, "bb+" on subordinated
debt and "bb" on the preferred stock of Validus Holdings, Ltd
(Validus Holdings) (Bermuda) [NYSE:VR] under review with negative
implications.

On July 9, 2009, Validus Holdings signed a definitive agreement to
acquire the outstanding stock of IPC Holdings Ltd (IPC) (Bermuda)
[NYSE:IPCR] in exchange for a .9727 common voting share of Validus
Holdings for each IPC common share and cash consideration of
US$7.50 per share.  The under review status reflects the
uncertainties associated with this transaction including the
execution risk in completing the deal as well as integrating both
companies.  Additionally, A.M. Best remains concerned with the
heightened risk profile of the combined entity due to the
significant property catastrophe business written by Validus
Holdings and IPC.  This concern is exacerbated by the timing of
the transaction during the Atlantic wind storm season, which may
result in undesirable correlations in a severe event.

                  About Validus Holdings, Ltd.

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

                        *     *     *

As reported in the Troubled Company Reporter on July 14, 2009,
Validus Holdings Limited and IPC Holdings Limited's board of
directors have approved a definitive amalgamation agreement that
will create a leading Bermuda carrier in the short-tail
reinsurance and insurance market.  Under the terms of the
agreement, IPC shareholders will receive US$7.50 in cash and
0.9727 Validus voting common shares for each IP common share.


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


AMERICAN AXLE: Mulling Restructuring Options in U.S.
----------------------------------------------------
American Axle & Manufacturing Holdings, Inc., is working with law
firm Shearman & Sterling as it considers restructuring options
including filing for bankruptcy, Jui Chakravorty Das and Soyoung
Kim at Reuters reported, citing people familiar with the matter.

According to Reuters, American Axle said that its long-term
relationship with Shearman & Sterling, which has included work on
securities law and litigation, was broadened to include advice on
restructuring.  The report quoted American Axle spokesperson Chris
Son as saying, "Shearman & Sterling is our outside legal counsel
and one of the advisers and consultants advising on a
comprehensive restructuring of our company."

As reported by the Troubled Company Reporter on July 10, 2009,
J.P. Morgan said that American Axle might be the next auto
supplier to file for bankruptcy protection.  J.P. Morgan sees
these possibilities for American Axle:

     -- covenant extensions,
     -- aid from General Motors Corp., and
     -- CEO Dick Dauch fighting to avoid Chapter 11.

Reuters also reported that two sources said that American Axle has
also reached out to GM for assistance.

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- is a world
leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and
modules, chassis systems and metal-formed products for trucks,
sport utility vehicles, passenger cars and crossover utility
vehicles.  In addition to locations in the United States
(Michigan, New York, Ohio and Indiana), the Company also has
offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, South Korea, Thailand and the United
Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter on June 11, 2009,
Fitch Ratings said its 'CCC' issuer default ratings on American
Axle & remain on Watch Negative.

According to the TCR on May 14, 2009, Moody's Investors Service
lowered American Axle's Probability of Default Rating to Caa3 from
Caa1, and its Corporate Family Rating to Ca from Caa1.  In a
related action Moody's also lowered the rating on the Company's
secured bank credit facilities to Caa2 from B2, lowered the rating
on the unsecured guaranteed notes to Ca from Caa2, and lowered the
rating on the unsecured convertible notes to Ca from Caa2.  The
Speculative Grade Liquidity Rating was affirmed at SGL-4.  The
outlook is negative.

Deloitte & Touche LLP, American Axle's auditor, has raised
substantial doubt about the ability of the Company to continue as
a going concern.  Deloitte noted the significant downturn in the
domestic automotive industry which has an adverse impact on
American Axle's two largest customers.

American Axle had assets of US$2.073 billion against debts of
US$2.525 billion as of March 31, 2009.


BANCO BRADESCO: Reshuffles Board After 3 Executives Resign
----------------------------------------------------------
Banco Bradesco S.A. has named Candido Leonelli and Mauricio
Machado de Minas as executive directors after the departure of
three long-serving directors -- Paulo Isola, in charge of the
cards operations and the consumer finance arm; Armando Trivelato
Filho; and Luiz Pasteur Machado -- Telma Marotto at Bloomberg News
reports, citing a company spokesman.

According to the report, the changes in the company follow four
months after Luiz Carlos Trabuco Cappi became chief executive
officer.  The report relates last month Milton Vargas resigned as
one of the bank’s vice presidents, and was replaced by Marcio
Artur Laurelli Cypriano.

“If the market sees it as a move toward renovation it would be
something very positive,” the report quoted Joao Pedro Brugger, an
analyst at Leme Investimentos in Brazil, as saying.  “It would be
welcome if Bradesco becomes more aggressive in terms of
acquisitions and regaining leadership,” Mr. Brugger added.

                      About Banco Bradesco

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

                       *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO NACIONAL: Provides BRL691.6 Million Loan to America Latina
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
provided logistics company America Latina Logistica with a
loan worth BRL691.6 million (US$351 million), Rogerio Jelmayer at
Dow Jones Newswires reports.  The report relates the loan, which
will mature in 20 years, will be used by ALL to finance the
construction, operation, commercial exploration and conservation
of the stretch of rail connecting the cities of Alto Araguaia and
Rondonopolis in Mato Grosso state.

According to the report, BNDES' loans are attractive because the
bank offers lower interest rates than private banks.  BNDES loans
are calculated in accordance with the government's long-term
interest rate, known as the TJLP, which is 6%, plus an average
spread of 2%.

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.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.  The rating was
assigned in August 2007.


BEARINGPOINT INC: Inks Pact to Sell Brazilian Unit to CSC
---------------------------------------------------------
CSC has entered into an agreement to acquire BearingPoint's
Brazilian operations, which specialize in consulting and systems
integration services.

Financial terms of the transaction were not disclosed.  The
transaction is expected to be complete by July 31, 2009, and is
subject to the satisfaction of customary closing conditions and
the approval of the court overseeing BearingPoint's corporate
reorganization.

With 550 employees, a strong leadership team and offices in Sao
Paulo, Rio de Janeiro and Brasilia, the operation will enhance
CSC's ability to support existing customers with a presence in
Brazil, adding a robust set of new clients, and positions CSC to
pursue and win new business in the region.  Approximately two-
thirds of the staff are qualified to implement and support SAP
solutions.  Additional horizontal capabilities include project
management, strategy consulting and applications management.
Language capabilities include English and Spanish, in addition to
Portuguese.

The acquisition supports CSC's multi-year strategic growth plan by
expanding the company's presence in Brazil, the world's ninth-
largest economy, and adding key horizontal capabilities and
vertical industry expertise.

The acquisition will also expand CSC's industry vertical expertise
and clientele in its Chemical, Energy and Natural Resources and
Technology and Consumer sectors.  Clients of the Brazilian
business include some of the world's largest producers of oil and
gas, and iron ore, as well as some of the world's most respected
brands in other sectors.

"When completed, this acquisition will mark a milestone in our
strategic growth plan and the expansion of our service delivery
capabilities in high-growth geographies," said CSC Chairman,
President and Chief Executive Officer Michael W. Laphen.  "With
this step, we will establish a meaningful foothold in one of the
world's largest emerging markets, add capabilities that extend and
complement our own and position CSC for increased success both
internationally and domestically."

                             About CSC

CSC -- http://www.csc.com/-- provides technology-enabled
solutions and services through three primary lines of business.
These include Business Solutions and Services, the Managed
Services Sector and the North American Public Sector.  CSC's
advanced capabilities include systems design and integration,
information technology and business process outsourcing,
applications software development, Web and application hosting,
mission support and management consulting.  Headquartered in Falls
Church, Va., CSC has approximately 92,000 employees and reported
revenue of US$16.74 billion for the 12 months ended April 3, 2009.
CSC's Latin American presence also includes existing operations in
Argentina, Chile, Colombia, Costa Rica, Guatemala, Peru and
Mexico.

                      About BearingPoint Inc.

BearingPoint, Inc. -- http://www.BearingPoint.com/-- was one of
the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP
-- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
The Company's service offerings are designed to help clients
generate revenue, increase cost-effectiveness, manage regulatory
compliance, integrate information and transition to "next-
generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D. N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, in Houston; Marcia J. Goldstein, Esq.,
Ronit J. Berkovich, Esq., and Jose R. Alcantar, Esq., at Weil
Gotshal & Manges LLP, in New York, represent the Debtors as
restructuring counsel.  AlixPartners, LLP is the Debtors'
restructuring advisors.  Greenhill & Co., LLC is the Debtor's
financial advisor & investment banker.  Jeffrey S. Sabin, Esq., at
Bingham McCutchen LLP, represent the Creditors' Committee as
counsel.

BearingPoint disclosed total assets of US$1,762,689,000, and debts
of US$2,231,839,000 as of September 30, 2008.

Contemporaneous with their bankruptcy petitions, the Debtors filed
a pre-packaged Joint Plan of Reorganization under
Chapter 11 to implement the terms of their agreement with the
secured lenders.  BearingPoint intended a traditional
reorganization by proposing to issue new stock to unsecured
creditors and holders of US$690 million in subordinated notes,
pursuant to a Chapter 11 plan.

The Debtors, however, changed their course and sold off their
units.  PricewaterhouseCoopers LLP has purchased majority of
BearingPoint's North American Commercial Services Practice,
Bearingpoint's equity interests in a China unit for US$25 million.
Deloitte LLP bought BearingPoint's North American Public Services
business for US$350 million.


CITIGROUP INC: Executive Who Stressed Staff Retention Resigns
-------------------------------------------------------------
Ricardo Lacerda, head of Citigroup Inc.'s Brazilian
investment-banking unit, will resign from his post less than two
months after saying retaining talent was the “No. 1 concern,”
Telma Marotto at Bloomberg News reports.  Mr. Lacerda is pursuing
“other personal and professional interests,” Citigroup said in an
e-mailed statement obtained by the news agency.

According to the report, the bank said Mr. Lacerda will be
replaced by Fabio Bicudo, Otavio Guazzelli and Jairo Loureiro,
managing directors at the Brazilian investment banking unit.

Mr. Lacerda told Bloomberg News in a May 29 interview that
retaining talent in Citigroup’s Brazilian unit was the “No. 1
concern” and that he hadn’t been approached by another company
trying to recruit him.  “As an international player we need to
deal with a global situation which is very difficult but a local
market that is extremely heated,” Mr. Lacerda was quoted by the
news agency as saying.  “Therefore, retaining talent is a huge
concern for us,” Mr. Lacerda added.

                         About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citigroup had US$2.0 trillion in
total assets on US$1.9 trillion in total liabilities as of
September 30, 2008.

On November 25, 2008, the U.S. government entered into an
agreement with Citigroup to provide a package of guarantees,
liquidity access, and capital.  As part of the agreement, the U.S.
Treasury and the Federal Deposit Insurance Corporation will
provide protection against the possibility of unusually large
losses on an asset pool of approximately US$306 billion of loans
and securities backed by residential and commercial real estate
and other such assets, which will remain on Citigroup's balance
sheet.  As a fee for this arrangement, Citigroup issued preferred
shares to the Treasury and FDIC.  The Federal Reserve agreed to
backstop residual risk in the asset pool through a non-recourse
loan.

According to results of the U.S. government's stress test,
Citigroup needs more capital.


GENERAL MOTORS: Brazilian Unit In Talks With Gov't Banks for Loans
------------------------------------------------------------------
General Motors do Brasil Ltda, a Brazil unit of General Motors
Corp., is in talks with two government banks -- Banco Regional de
Desenvolvimento Economico and Banco Nacional de Desenvolvimento
Economico e Social SA -- to finish off its planned three-year,
US$2.5 billion investment strategy, Kenneth Rapoza of Dow Jones
Newswires reports.  The report relates the company said it signed
on to a roughly US$172 million loan with state-run Rio Grande do
Sul Development Bank.

According to the report, Company CEO Jaime Ardilla revealed
another US$1 billion investment on yesterday, July 15.  The report
relates the total completes the planned US$2.5 billion announced
already this year, and will go to the creation of two new compact
and mid-sized vehicles to be built in Rio Grande do Sul state,
Brazil's southern-most state.  The total US$2.5 billion investment
is for a revamp of the assembly lines in Sao Paulo and a redesign
and upgrade of 18 Chevrolet models, Dow Jones Newswires says.

The report says almost half of the capital needs have come from
the local unit and none of the financing is coming from U.S.
corporate headquarters or private lenders.

“The Brazilian subsidiary is financially independent from the
troubled Detroit auto maker and hasn't tapped corporate
headquarters for cash in more than three years," the news agency
quoted Mr. Ardilla as saying.

                        About General Motors

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

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

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

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

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


INDEPENDENCIA SA: Submits Judicial Recovery Plan
------------------------------------------------
Independencia S.A. -- jointly with its subsidiary company, Nova
Carne Industria de Alimentos Ltda. -- submitted to the District
Court of the County of Cajamar a joint judicial reorganization
plan as provided under the Company Bankruptcy and Reorganization
Law.

The proposed plan, which has been discussed with the major
creditors since the onset of the judicial reorganization, and
which has taken on its final form after incorporating the issues
brought up by the creditors, represents a viable alternative for a
sustained and orderly payment of the liabilities of Independencia
and of Nova Carne, whereby the productive activities, the job
posts and the interests of the creditors are ensured, while at the
same time preserving the Independencia Group, its social function
and stimulating economic activity.

The Plan confers to each creditor an orderly flow of payments
which will ensure it a better income than that which it might
receive in the event of liquidation of the companies.  The
Independencia Group proposes to pay the sum total of its
liabilities, top priority being ensured to cattle raisers,
suppliers and creditors of Exchange Agreement Advance Payments, in
addition to completing the professionalization of its management.

In short, the main aspects of the plan are:

   -- Corporate restructuring, involving the takeover of
      subsidiary companies and the possible organization
      of a new company to be named Nova Independencia S.A.,
      to which assets of Independencia and the total
      debts will be contribute, amounting to approximately
      R$1.1 billion, including 100% of the debt arising
      from ACC holders; 100% of the debts payable to cattle
      raisers and suppliers; 100% of the debt with secured
      guarantees, and approximately 25% of the unsecured
      financial debt.  Independencia will hold 66% of
      the capital of Nova Independencia, while the
      remainder shall be held by the Russo family and
      BNDESPAR.

   -- Conversion of the remaining 75% of the unsecured
      financial debt, to an approximate amount of
      R$2 billion, i.e., some 2/3 of the total
      outstanding debt, into a perpetual subordinate
      debt, to be paid only in the case of a liquidity
      event, basically defined as the disposal of
      the control over Nova Independencia or over
      Independencia itself.

   -- Securing of a new loan in the amount of
      R$330 million, as per Article 67 of the LFR, meant
      to allow for the payment of cattle raiser and
      supplier claims, the payment of the ACC claims,
      and to bolster the working capital of
      Nova Independencia.

   -- Payment flow under the following terms and
      conditions:

      (a) As for labor creditors, 100% of the labor claims
          shall be paid (i) to the amount of R$1.5 million,
          within 30 days after confirmation of the Plan
          and the granting of judicial reorganization,
          allotted pro rata among the creditors that
          have qualified as such up to the actual date
          of payment; and (ii) the outstanding balance
          to be paid in 11 months, in equal and
          successive installments;

      (b) As for the ACC creditors adhering to the
          plan, 100% of the claims will be paid, plus
          a 5% yearly interest: (i) interests
          with monthly payments to be reckoned as
          from 1.1.2011, the first payment to be made
          on January 2, 2011; and (ii) payment of the
          principal in 60 equal and successive monthly
          installments, after the completion of a
          38-month grace period to be reckoned from the
          date on which the DIP Funding is disbursed.

      (c) As for the cattle-raisers and suppliers
          creditors 100% of their claims will be paid:
          (i) payment of up to R$80.000,00 to each
          creditor, limited to the amount of the
          respective claim, within 30 days as from the date
          on which the DIP Financing is disbursed;
          (ii) payment of the remaining balance in 36
          monthly and successive equal installments.

      (d) As for the financial secured creditors there
          will be semi-annual interest payments at
          the annual rate of 7% per year, as of
          January 2, 2011, capitalized until the first
          payment date which would occur in 12 (twelve) as
          of the disbursement date of the DIP Financing.
          Payment of principal would be due in a sole
          demandable installment 100 months after the
          disbursement of the DIP Financing.

      (e) For the unsecured financial credits there will
          be a pro rata split-off of the respective credit,
          for payment: (e.1.) an estimated amount of 25%
          of the total claims will be paid in 3 annual
          installments (the first and second installments
          will correspond to 25% of the debt and the third
          installment to 50%), the first installment due
          within 75 months after the disbursement of th DIP
          Financing.  There will be an interest at 8%
          per year, as from January 1, 2011, for payment
          with the principal amount; (e.2.) an estimated
          amount of 75% of the total claims will be
          renewed into unsecured and perpetual financial
          credits, and the payment of such credits
          will only be due upon occurrence of a liquidity
          event.  The payment will be limited to the amount
          obtained in the liquidity event.

   -- Modification in the corporate governance structure
      in order to create a Board of Directors composed
      by seven members, of which two would be from the Russo
      family, two would be professionals and independent
      members appointed by the Russo family; two members
      appointed by the financial creditors, and one member
      appointed by BNDESPAR.

                     About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
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.


INDEPENDENCIA SA: Cancels Lease Deal of Slaughter Unit
------------------------------------------------------
Independencia SA is cancelling the lease agreement of its
slaughter unit located in Colider, Mato Grosso Cajamar effective
end of July 2009.

Following the return of the unit, Independencia will maintain no
industrial activities in Colider.  This measure is part of the
operational restructuring plan of Independencia, as lined out in
the Judicial Reorganization Plan, and is strategic, as it seeks to
preserve the cash position of Independencia during its
restructuring.

Independencia says it “continues to align its operations to the
reality of the market through a variety of actions, including
maximization of its installed capacity utilization.”

“Independencia is strongly committed to continue its activities
and maintain its business relationships with customers and
suppliers, as it seeks to adapt its operations to the current
economic reality.  Furthermore, Independencia reaffirms its pledge
to transparency in providing information to the market and
undertakes to update the market about any new developments to its
current situation,” the company said in a statement.

                     About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
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.


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


AHFP WESSEX: Creditors' Proofs of Debt Due on August 7
------------------------------------------------------
The creditors of AHFP Wessex 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 18, 2009.

The company's liquidator is:

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


BERNARD MADOFF: Picard Sues HSBC, Herald Fund for US$578 Million
----------------------------------------------------------------
Irving H. Picard, the trustee for the liquidation of the business
of Bernard L. Madoff Investment Securities LLC, has filed before
the U.S. Bankruptcy Court for the Southern District of New York a
complaint against HSBC Holdings Plc and a Cayman Islands-based
hedge fund Herald Fund SPC.

According to Mr. Picard, Herald Fund knew or should have known
that Madoff's investment advisory business was predicated on
fraud.  Hedge funds and funds of funds like Herald Fund were
sophisticated investors that accepted fees from their customers
based on purported assets under management or stock performance in
consideration for the diligence they were expected to exercise in
selecting and monitoring investment managers like Madoff.  Herald
Fund failed to exercise reasonable due diligence of BLMIS and its
auditors in connection with the Ponzi scheme, Marc E. Hirschfield,
Esq., at Baker & Hostetler LLP, in New York, asserts.

On October 2, 2008, BLMIS wired US$113,000,000 from the BLMIS Bank
Account to HSBC. On or about November 4, 2008, BLMIS wired another
US$423,000,000 from the BLMIS Bank Account to HSBC.  Additionally,
during the months of September, October and November 2008, BLMIS
withdrew funds from the Herald Fund Account on 40 occasions and
made tax payments to the appropriate tax authorities on behalf of
Herald Fund totaling US$1,487,933. Together, these 42 transfers,
all of which were apparently done for the benefit of Herald Fund,
totaled US$537,487,933 and took place within 90 days of the Filing
Date.  According to Mr. Hirschfield, the 90-Day Transfers are
avoidable and recoverable under sections 547, 550(a)(1) and 551 of
the Bankruptcy Code and applicable provisions of SIPA,
particularly 15 U.S.C. Sec.8fff-2(c)(3).

On January 9, 2008, BLMIS wired US$20,000,000 from the BLMIS Bank
Account to HSBC. Additionally, between December 2006 and August
2008, BLMIS withdrew funds from the Herald Fund Account on 214
occasions to make tax payments to the appropriate tax authorities
on behalf of Herald Fund totaling US$5,823,339.  These transfers,
combined with the 90-Day Transfers, all of which were apparently
done for the benefit of Herald Fund, totaled US$563,311,273 and
took place within two years of the Filing Date.  According to Mr.
Hirschfield, the Two-Year Transfers are avoidable and recoverable
under Sections 548(a), 550(a)(1) and 551 of the Bankruptcy Code
and applicable provisions of SIPA, particularly 15 U.S.C. Sec.
78fff-2(c)(3).

On September 9, 2004, BLMIS wired US$11,800,000 from the BLMIS
Bank Account to HSBC. Additionally, between June 2004 and December
2006, BLMIS withdrew funds from the Herald Fund Account on 278
occasions to make tax payments to the appropriate tax authorities
on behalf of Herald Fund totaling US$2,922,574.  These transfers,
combined with the 90-Day and Two-Year Transfers, all of which were
apparently done for the benefit of Herald Fund, totaled
US$578,033,847 and were made during the six years prior to the
Filing Date.  According to Mr. Hirschfield, the Six-Year Transfers
are avoidable and recoverable under sections 544, 550(a)(1) and
551 of the Bankruptcy Code, applicable provisions of SIPA,
particularly 15 U.S.C. Sec. 78fff-2(c)(3), and applicable
provisions of N.Y. Debt. & Cred. Sec. 273–276.

                    About Bernard Madoff

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

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

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

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

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


BIRINYI LEVERAGED: Creditors' Proofs of Debt Due on August 7
------------------------------------------------------------
The creditors of Birinyi Leveraged Fund, Ltd. 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 10, 2009.

The company's liquidator is:

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


BRAZILIAN EQUITY: Creditors' Proofs of Debt Due on August 7
-----------------------------------------------------------
The creditors of Brazilian Equity Ltd 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 23, 2009.

The company's liquidators are:

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


CDC MOBILE: Creditors' Proofs of Debt Due on August 7
-----------------------------------------------------
The creditors of CDC Mobile Holdings Limited 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 February 11, 2008.

The company's liquidator is:

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


FORTIS HEDGE: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------
The creditors of Fortis Hedge (Cayman) L/S Japan Limited 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 15, 2009.

The company's liquidator is:

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


FORTIS HEDGE: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------
The creditors of Fortis Hedge L/S Europe Small Cap Master Limited
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 15, 2009.

The company's liquidator is:

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


FORTIS HEDGE: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------
The creditors of Fortis Hedge L/S Japan Master Limited 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 15, 2009.

The company's liquidator is:

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


IMAGINE CAPITAL: Creditors' Proofs of Debt Due on August 7
----------------------------------------------------------
The creditors of Imagine Capital Holdings Inc. 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 22, 2009.

The company's liquidator is:

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


LEEWARD DEVELOPMENT: Creditors' Proofs of Debt Due on July 31
-------------------------------------------------------------
The creditors of Leeward Development Company Ltd. are required to
file their proofs of debt by July 31, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2009.

The company's liquidators are:

          Mark S. Kay
          Philip Mosely
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Tel: (345) 949 4018
          Fax: (345) 949 7891
          e-mail: general@caymanmanagement.ky


MAGELAN MULTI-STRATEGY: Creditors' Proofs of Debt Due on August 30
------------------------------------------------------------------
The creditors of Magelan Multi-Strategy Fund are required to file
their proofs of debt by August 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidator is:

          Paul Travers
          PO Box 1569, George Town
          Grand Cayman KY1-1110, Cayman Islands
          Tel: +1 345 949 4018
          Fax: +1 345 949 7891
          email: general@caymanmanagement.ky


NEREUS LIMITED: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------------
The creditors of Nereus Limited are required to file their proofs
of debt by August 20, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidators are:

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


RAB-NORTHWEST: Creditors' Proofs of Debt Due on August 7
--------------------------------------------------------
The creditors of RAB-Northwest Global Fund Limited 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 25, 2009.

The company's liquidators are:

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


STANFIELD STRUCTURED: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------------------
The creditors of Stanfield Structured Opportunity Fund, Ltd. 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 22, 2009.

The company's liquidator is:

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


WHITEBEAM CREDIT: Creditors' Proofs of Debt Due on August 7
-----------------------------------------------------------
The creditors of Whitebeam Credit 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 25, 2009.

The company's liquidator is:

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


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


* COLOMBIA: Government May Sue Ecuador on Trade Safeguards
----------------------------------------------------------
The Colombian government plans to sue Ecuador in the Andean
Community of Nations and the World Trade Organization if Ecuador
won't lift safeguards imposed on products imported from Colombia,
Inti Landauro at Dow Jones Newswires reports, citing Colombia
Trade Minister Luis Guillermo Plata.  Ecuador imposed the
safeguards on 1,400 products made in Colombia, including cars,
textiles, shoes, dairy and meat among other goods.

According to the report, the Ecuadorian government imposed
punitive tariffs on Colombian goods on July 11; citing the need to
protect the country's industry from the competition of a weaker
currency in the northern country.  Except that the Colombian peso
actually appreciated, Mr. Plata said, the report relates.  So far
this year, the Colombian peso strengthened 10% compared to the
U.S. dollar, which is used as legal tender in Ecuador, Mr. Plata
added.

According to Dow Jones Newswires, Mr. Plata said the Colombian
government will continue negotiating with Ecuador to lift the new
duties and will start legal proceedings in the Andean Community of
Nations and the WTO if the dialogue doesn't produce any results.
The report relates the Colombian government may enforce
retaliation against Ecuador's goods as a measure of last resort,
Plata said.

The Ecuadorian government imposed safeguards in January to limit
imports from all countries, but lifted them for Andean countries
following a request from the Andean Community, the report recalls.
Dow Jones Newswires says more recently Ecuador enforced new
harsher safeguards against Colombian goods.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).


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


TRICOM SA: Files Further Revisions to Proposed Ch. 11 Plan
----------------------------------------------------------
TRICOM S.A. and its debtor-affiliates delivered to the Hon.
Stuart M. Bernstein in the U.S. Bankruptcy Court for the Southern
District of New York a disclosure statement describing a first
modified second amended Chapter 11 prepackaged joint Chapter 11
plan of reorganization.

According to the disclosure statement, upon the effective date of
the plan, the holders of the Credit Suisse existing secured claims
will receive pro rata shares of the Credit Suisse New Secured Debt
to be issued by Tricom in the aggregate principal amount of
US$25,529,781, BankruptcyData.com reports.  The loan will be
guaranteed by Tricom USA and TCN Dominicana S.A., in exchange for
all of the Credit Suisse existing secured claims, will have a
maturity date of seven years from the effective date of the Plan,
and will carry an interest rate of 11%, the report says.

The Debtors were able to reach a settlement with Banco Leon to
reduce original claims of US$166 million down to US$42.5 million,
to be consummated in connection with the Plan and treated as
unsecured financial claims, BankruptcyData.com relates.  The
Debtors were also able to reach a settlement with Bancredito
Panama to reduce claims of US$92 million down to US$29 million.

The Debtors believe the Bancredit Cayman claims of roughly
$149 million are unsubstantiated and are the subject of a lengthy
dispute, BankruptcyData.com notes.

Consequently, the Debtors expect to have no obligation to pay
these claims.  With respect to the settlement of the claims
asserted against the Debtors by Banco Leon and Bancredito Panama
and various payments made during the Chapter 11 Cases, the
approximate aggregate amount of the allowed unsecured financial
claims treated under the Plan is US$695.3 million inclusive of
principal and interest, calculated by reference to the applicable
contract or non-default rates of interest.  In addition, the
Debtors' secured debt obligations under the Plan total
approximately US$30.1 million, BankruptcyData.com relates.

A full-text copy of the Debtors' disclosure statement is available
for free at http://ResearchArchives.com/t/s?3f0d

A full-text copy of the Debtors' amended plan is available for
free at http://ResearchArchives.com/t/s?3f0e

                      About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.  Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors' filed
for protection from their creditors, they listed total assets of
US$327,600,000 and total debts of US$764,600,000.

                             *   *   *

According to the Troubled Company Reporter on June 30, 2009, the
Court extended the Debtors' exclusive period to solicit and obtain
acceptances of their first amended prepackaged joint plan of
reorganization, as amended, until August 31, 2009.


* DOMINCAN REPUBLIC: Government Seeks to Issue US$1BB Bonds
-----------------------------------------------------------
The Dominican Republic's executive branch asked Congress to
approve the issuance of US$1 billion in bonds to be placed in the
international capitals market, The Dominican Today reports.  The
report relates it also requested approval of US$48.7 million in
loans for the construction of the roadway project Duarte Corridor.

According to the report, the request stated that the global
financial crisis has brought about a world-wide economic
recession, which has led to reduced revenue in the country.  The
report relates the executive branch also noted that sagging
international oil prices have decreased the funds derived from the
Petrocaribe crude deal with Venezuela.

                       *     *     *

The country continues to carry Moody's B2 currency ratings.


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


PERENCO LIMITED: Close to Stopping Ecuador Output Amid Dispute
--------------------------------------------------------------
Perenco Ecuador Limited and its consortium partner, Burlington
Resources Oriente Limited, disclosed that suspension of their
participation contracts with Ecuador is imminent unless the
Government of Ecuador complies with orders of two international
arbitration tribunals that prohibit the government from seizing
oil produced by the consortium.

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 Ecuador 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 Ecuador and Burlington from
Blocks 7 and 21 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 "are binding on the party to which
they are directed" and that the parties "are under an
international obligation to comply" with them.  On June 29, 2009,
a different international arbitration tribunal in a separate ICSID
arbitration commenced by Burlington issued a similar provisional
measures order.

Despite the ICSID tribunal orders, Petroecuador carried out three
auctions of the crude oil it has seized from Perenco Ecuador and
Burlington.  No buyers materialized at the first auction held in
May. The second and third auctions were held on July 3 and
July 8.  In the final hour of each of those two recent auctions,
Petroecuador emerged as the sole bidder.  As sole bidder,
Petroecuador purchased from itself approximately 2.5 million
barrels of seized crude at about half the current market price.

Prior to last week's auctions, Perenco Ecuador and Burlington
warned Ecuador that defiance of the tribunals' orders could likely
result in suspension of operations at the Blocks.  Perenco Ecuador
and Burlington notified the Government of Ecuador that suspension
is now imminent.

According to Rodrigo Marquez, Latin American Regional Manager for
the Perenco Group, "The Government's conduct in violation of the
tribunals' orders has left Perenco Ecuador and Burlington exposed
to all the cost and risk of operations at Blocks 7 and 21 with no
corresponding revenues.  This situation is unsustainable.  The
consortium cannot be expected to produce oil for the sole benefit
of the Government of Ecuador.  Accordingly, not only will Perenco
Ecuador contemplate the possibility of enforcing its rights
against buyers of the seized crude, but Perenco Ecuador and
Burlington have today informed the Government that they imminently
will suspend operations unless the Government complies with the
tribunals' orders."

Mr. Marquez said, "Even at this late date we encourage the
Government to change course and honor the tribunals' orders.
Those orders were issued through fair procedures in which all
parties' views were considered.  While the orders prohibit
continued oil seizures, they call for certain disputed amounts to
be placed in a escrow during the pendency of the disputes, which
is a reasonable and balanced solution."

                       About Perenco Ecuador

Perenco –- http://www.perenco.com/–- is an exploration and
production company dedicated to developing oil and natural gas
potential.  Perenco Ecuador Limited is part of a privately held
upstream oil and gas company and is the operator of Blocks 7 and
21 in Ecuador.

                          *     *     *

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.


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


CABLE & WIRELESS: LIME Pumps Up US$5MM for Internet Upgrade
-----------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of  Cable &
Wireless plc, has pumped US$5million into a major upgrade of its
internet infrastructure to bring its customers faster speeds and
more reliable service, Jamaica Observer reports.  The report
relates the upgrade project, which will run from now until
September, will allow LIME to begin offering an 8MB service
package in Portmore, Montego Bay and communities across Kingston
and St. Andrew.

"LIME is now offering 8MB in selected areas and by the time our
upgrade project is finished in September we will be offering 8MB
in most of the residential areas where we have high internet
traffic and this will give our customers more than enough speed
for all their favourite online activities," the report quoted
Geoff Houston, Country Manager for LIME in Jamaica, as saying.
"We are making a major investment to improve our internet backbone
to give our customers world class internet service with faster
speeds and consistent, reliable connectivity," Mr. Houston added.

                      About Cable & Wireless

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

                          *     *     *

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

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


* JAMAICA: First Half Remittances Drop 17%, World Bank Reveals
--------------------------------------------------------------
The Jamaican government's total remittances in the first half of
this year has dropped 17%, RadioJamaica says, citing a report by
the World Bank.  The report relates the results was a further drop
from the 15% fall-off reported by the Planning Institute of
Jamaica for the January to March period.

According to RadioJamaica, the World Bank's report shows signs
that the country could be hit with a balance of payments crisis.

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, the World Bank said remittance flows to developing
countries are expected to reach US$304 billion in 2009, down from
an estimated US$328 billion in 2008.  Remittance flows to Latin
America have been falling in large part because of a slowdown in
the US construction sector.  The new forecasts show a -6.9%
decline in remittances for the Latin America and Caribbean region.

                         *     *     *

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


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


ASARCO LLC: Harbinger and Citigroup Favor Debtor Plan
-----------------------------------------------------
Harbinger Capital Partners Master Fund I Ltd. has filed a proposed
Chapter 11 plan for Asarco LLC, which plan was among three plans
sent to creditors for voting.

Nevertheless, Harbinger and Citigroup Global Markets Inc. have
written a letter urging creditors to vote for the Company's plan,
and not to vote on parent Grupo Mexico SAB's proposed plan.

According to Harbinger, the Debtors' Plan provides for maximum
recoveries to, and expeditious and equitable treatment of, all
holders of claims, including holders of bond claims.  Harbinger
and Citigroup, which own two-thirds of Asarco's bonds and
debentures, say that the Parent Plan may be non-confirmable as it
deprives creditors of the right to collect US$500 million in post-
bankruptcy interest.  The bondhoders say they proposed their own
plan just in case Asarco's plan couldn't be confirmed "for some
unforeseeable reason."

Asarco LLC, in its letter urging creditors to vote for its own
plan, promises creditors a recovery of 75% to 87% plus a realistic
possibility of being paid in full from the multi-billion dollar
judgment obtained by the Debtors against their Parent.  It notes
that, in contrast, the Parent Plan (i) offers an uncertain
prospect of collecting 95% of their claims under a plan that may
be neither confirmable nor feasible, and which caps creditor
recoveries by insisting that creditors release that multi- billion
dollar judgment against the Parent, (ii) does not provide for a
prospect that creditors may recover over US$500 million in post-
petition interest.

Grupo Mexico, through affiliate ASARCO Inc., wants creditors to
vote against the two other plans.  It insists its Plan provides
for better value, as among other things, the Plan offers greater
cash consideration and distribution to creditors:

    -- The Parent Plan offers more than US$1.52 billion in cash at
       close, and distributes 97% of the allowed amounts of
       general unsecured claims on the effective date.

    -- The Debtor's Plan offers only US$1.1 billion upfront and
       offers 76% recovery, in cash, in a best case scenario; and

    -- The Harbinger Plan offers only US$500 million upfront, and
       offers to pay 61% of the allowed amounts, in cash, on the
       effective date.

The official committee of unsecured creditors recommends that
creditors vote in favor of Asarco LLC's plan.  It says that the
Parent Plan may not be confirmable if the Parent fails to achieve
a collective bargaining agreement with unions.

The official committee of asbestos claimants in Asarco LLC's case
supports both the Parent's and the Debtors' Plans.  It opposes the
Harbinger Plan as it does not provide for a Section 524(g) trust
to compensate current and future victims of asbestos disease.

Copies of the disclosure statement explaining the three plans, as
divided into five parts, are available for free at:

    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_01.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_02.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_03.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_04.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_05.pdf

                         About ASARCO LLC

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

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

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

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

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

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

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

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

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

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


LEAR CORP: U.S. Parent to Continue Loans to Foreign Units
---------------------------------------------------------
Lear Corp. and its non-debtor foreign affiliates engage in
certain usual and customary business practices in the ordinary
course of their businesses that govern the various intercompany
relationships among them, including, among other practices:

  * participating in certain intercompany trading relationships,
    like certain Non-Debtor Foreign Affiliates' manufacturing
    component parts for assembly by certain Debtors;

  * utilizing certain Debtors' intellectual property and
    corporate resources; and

  * making capital or equity contributions, dividend
    distributions and intercompany loans.

Intercompany Loans are made by and among both the Debtors and
Non-Debtor Foreign Affiliates in the ordinary course of business
to fund operations and to fund capital expenditures.  The Debtors
and Non-Debtor Foreign Affiliates are also in the process of
undertaking certain closures and transfers as part of their
ongoing operational restructuring program, which require
additional funding.

While the Debtors expect that other Non-Debtor Foreign Affiliates
will attempt to assist in providing required short-term financing
to the Non-Debtor Foreign Affiliates who require assistance,
those amounts may not be sufficient to meet all needs, and the
Debtors must be able to provide short-term financing themselves.

Furthermore, under applicable foreign law governing their
jurisdictions, some of the Non-Debtor Foreign Affiliates could be
restricted from providing that financing.

The Debtors forecast that the peak funding requirements of
certain Non-Debtor Foreign Affiliates in 2009 will include, among
others:

  (a) approximately US$126 million for Lear Corporation GmbH, a
      German subsidiary;

  (b) approximately US$16 million for Lear Corporation Holdings
      Spain S.L., a Spanish subsidiary; and

  (c) approximately US$33 million for Lear Corporation (Shanghai)
      Limited, a Chinese subsidiary.

In addition to the Intercompany Loans, the Debtors relate that
they owe net prepetition payables to the Non-Debtor Foreign
Affiliates of approximately US$19.2 million.  The Prepetition
Payables are the result of intercompany transactions made in the
ordinary course of business between the Debtors and the Non-
Debtor Foreign Affiliates, including, among others, minimal
receipts from customers accepted by the Debtors on behalf of Non-
Debtor Foreign Affiliates and payments for services rendered or
products supplied by the Non-Debtor Foreign Affiliates to the
Debtors.  The Debtors relate that payment of the Prepetition
Payables will preserve the Non-Debtor Foreign Affiliates' EBITDAR
and the equity interests of the Debtors in the Non-Debtor Foreign
Affiliates.

According to Marc Kieselstein, Esq., at Kirkland & Ellis LLP, in
New York, without the ability to timely continue the Debtors'
current intercompany practices or pay the Prepetition Payables,
the Debtors may be forced to shut down certain Non-Debtor
Foreign Affiliates because those Non-Debtor Foreign Affiliates
may be unable to procure goods and services from their vendors.
Those foreign vendors may also commence involuntary insolvency
proceedings against the Non-Debtor Foreign Affiliates upon
default of payment obligations, Mr. Kieselstein adds.  The
shutdown of any of the Non-Debtor Foreign Affiliates could
profoundly impact the Debtors' relationships with various
significant customers and impede their reorganization efforts,
Mr. Kieselstein asserts.

Additionally, the inability to provide short-term financing may
cause a number of services currently provided to the Debtors at
reasonable or nominal costs to be disrupted.  Finally, should one
Non-Debtor Foreign Affiliate, due to the commencement of an
insolvency filing or in an attempt to prevent that insolvency
filing, seek the payment of intercompany receivables from a Non-
Debtor Foreign Affiliate in another jurisdiction, that action
could trigger a domino effect throughout the Non-Debtor Foreign
Affiliates.

Accordingly, the Debtors sought and obtained the Court's
authority to continue their Intercompany Practices, on an interim
basis.

A final hearing on the request will be held on July 30, 2009.
Objection deadline is on July 23.

                         About Lear Corp.

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

Lear Corporation and its affiliates filed for Chapter 11 on
July 7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part
of the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tappes as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restrcturing advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of US$1,270,800,000 against
debts of US$4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp. (http://bankrupt.com/newsstand/or 215/945-7000)


====================
P U E R T O  R I C O
====================


ORIENTAL FINANCIAL: S&P Gives Negative Outlook; Keeps 'BB+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Oriental Financial Group and subsidiary to negative from stable.
At the same time, Standard & Poor's affirmed its 'BB+' long-term
counterparty credit rating on Oriental Financial Group and 'BBB-'
long term counterparty credit rating on Oriental Bank & Trust.

"The negative outlook reflects S&P's heightened concern about
collateral performance underlying some securities in the AFS
securities portfolio," said Standard & Poor's credit analyst Lidia
Parfeniuk.  Specifically, non-agency CMOs and structured credit
investments comprised about 14% of the company's investment
securities portfolio as of March 31, 2009.  This higher-risk
securities exposure along with rising provisions for loan losses
to reflect the protracted recession in Puerto Rico, in S&P's view,
will affect operating earnings," Ms Parfeniuk added.

The rating on Oriental Financial Group reflects S&P's view of its
heavy reliance on wholesale funding to support its significant
concentration in investment securities and its geographically
concentrated lending business in Puerto Rico.  The rating also
takes into account what S&P considers moderate credit risk profile
in the loan book, robust capital ratios, and favorable cost
structure, reflecting the company's wholesale funding.

Oriental's profitability is largely a function of the spread
income it earns on its relatively large investment portfolio
(almost 80% of earnings assets), which is repo funded and
sensitive to interest rate movements.  Profitability also reflects
in S&P's view strong fee income business that helps diversify the
revenue stream, and limited credit exposure in the loan book.  S&P
views Oriental's credit risk profile as moderate, albeit
deteriorating, given the small relative size of the residential
mortgage portfolio while the credit sensitive exposures in the
investment portfolio are high in relation to Oriental's earnings,
which in 2008 were negatively affected by securities impairment
charges of US$59 million.  S&P notes that the company's unrealized
securities losses have grown to US$171 million (at first-quarter
2009, net unrealized securities losses were US$93 million), which
in S&P's view is very large and limits financial flexibility.

The negative outlook reflects S&P's belief that the rating will
remain under pressure in the current environment. S&P expects
Oriental's provisions for loan losses to rise and affect
profitability.  S&P also expects further deterioration in
collateral credit performance underlying some securities in the
AFS portfolio.  S&P expects the company to remain profitable this
year and next; however, if earnings and capital deteriorate beyond
S&P's expectations as a result of outsized securities losses
and/or heightened sensitivities to interest rates, S&P would lower
the rating.  Conversely, S&P could revise the outlook to stable if
asset quality in the loan and investment book stabilizes, although
S&P views this scenario as less likely in the near term, given the
general weak economy and volatile capital markets.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


DORAL FINANCIAL: Unit Sues Turks and Caicos Gov't Over Debts
------------------------------------------------------------
Southern Health Network, a Doral Financial Corp. company, has
filed a lawsuit in a Miami-Dade Circuit Court against the Turks
and Caicos government.  John Dorschner at the Miami Herald reports
that the company alleged that the distressed British colony has
not paid US$16 million in South Florida medical bills for its
citizens.

According to the report, Southern Health had a contract to arrange
healthcare for Turks and Caicos citizens who couldn't get proper
treatment in the islands.  "I've gone down there twice personally
and appealed to the new premier," the report quoted Henry Givens,
president of Southern Health, as saying.  “And they just haven't
responded,” Mr. Givens added.

The Herald notes that the dispute illustrates the downside of
South Florida's aggressive attempts to expand its healthcare
industry through international medical tourism: When payments
aren't made, it can be hard to collect across borders.

Baptist Health South Florida, the Herald relates, said that the
government still owes the firm several million dollars.  The
system is not accepting new Turks and Caicos patients "until the
payment schedule has been approved by the T & C government.  We
expect this is to happen soon," Baptist spokeswoman Jo Baxter was
quoted by the report as saying.  The Herald notes the Turks and
Caicos government also owed Miami Children's Hospital US$125,000.

Meanwhile, two healthcare providers -- SkyeMed Pharmacy and
Infusion Services and John A. I. Grossman, a South Dade plastic
surgeon –- have sued Southern Health, complaining about lack of
payment.  The report relates Mr. Grossman is demanding more than
US$50,000 for a performed surgery; while SkyeMed Pharmacy is suing
for US$76,000 for 46 unpaid claims.

The Herald points out that Southern Health said its contracts
specified it would arrange for the providers to get paid, but
didn't itself guarantee to pay the claims.

Turks and Caicos Director of Health Services Rufus W. Ewing, The
Herald recalls, on April 1, sent Southern Health Network a letter
terminating the "formal and informal relationship."  Mr. Ewing
promised to "continue to work to address these issues
expeditiously," the report notes.

                    About Doral Financial

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.

Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                          *     *     *

As of July 14, 2009, the company continues to carry Moody's B2
Senior Unssecured Debt rating.  The company also continues to
carry Standard and Poor's B+ LT Issuer Credit ratings.


* TURKS & CAICOS: Doral Corp Unit Sues Government Over Debts
------------------------------------------------------------
Southern Health Network, a Doral Financial Corp. company, has
filed a lawsuit in a Miami-Dade Circuit Court against the Turks
and Caicos government.  John Dorschner at the Miami Herald reports
that the company alleged that the distressed British colony has
not paid US$16 million in South Florida medical bills for its
citizens.

According to the report, Southern Health had a contract to arrange
healthcare for Turks and Caicos citizens who couldn't get proper
treatment in the islands.  "I've gone down there twice personally
and appealed to the new premier," the report quoted Henry Givens,
president of Southern Health, as saying.  “And they just haven't
responded,” Mr. Givens added.

The Herald notes that the dispute illustrates the downside of
South Florida's aggressive attempts to expand its healthcare
industry through international medical tourism: When payments
aren't made, it can be hard to collect across borders.

Baptist Health South Florida, the Herald relates, said that the
government still owes the firm several million dollars.  The
system is not accepting new Turks and Caicos patients "until the
payment schedule has been approved by the T & C government.  We
expect this is to happen soon," Baptist spokeswoman Jo Baxter was
quoted by the report as saying.  The Herald notes the Turks and
Caicos government also owed Miami Children's Hospital US$125,000.

Meanwhile, two healthcare providers -- SkyeMed Pharmacy and
Infusion Services and John A. I. Grossman, a South Dade plastic
surgeon –- have sued Southern Health, complaining about lack of
payment.  The report relates Mr. Grossman is demanding more than
US$50,000 for a performed surgery; while SkyeMed Pharmacy is suing
for US$76,000 for 46 unpaid claims.

The Herald points out that Southern Health said its contracts
specified it would arrange for the providers to get paid, but
didn't itself guarantee to pay the claims.

Turks and Caicos Director of Health Services Rufus W. Ewing, The
Herald recalls, on April 1, sent Southern Health Network a letter
terminating the "formal and informal relationship."  Mr. Ewing
promised to "continue to work to address these issues
expeditiously," the report notes.


=============
U R U G U A Y
=============


HSBC BANK: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed HSBC Bank (Uruguay) S.A.'s ratings:

  -- Foreign currency Issuer Default Rating at 'BB+';
  -- Local currency IDR at 'BBB-';
  -- National long-term rating at 'AAA(uy)';
  -- Support rating at 3.

In addition, the Outlook on the IDRs is revised to Positive from
Stable following the same action taken by Fitch on Uruguay's
Sovereign ratings on July 13, 2009.  The Rating Outlook on the
National long term rating is Stable.

The international ratings of HSBC Bank (Uruguay) are constrained
by those of the sovereign.  The bank's foreign currency IDR is at
the country ceiling, while its local currency IDR is two notches
above that of the Uruguayan sovereign.  These ratings, along with
the bank's support rating, reflect the bank's solid ownership
structure and its shareholder's strong commitment to the bank.

HSBC (Uruguay) is wholly owned by HSBC Latin America Holdings (UK)
Limited, which in turn is a subsidiary of HSBC Holdings Plc.  HSBC
Uruguay has traditionally offered retail and commercial banking
services to non-resident individuals and to Argentine and
Uruguayan companies, as well as to multinational clients of the
HSBC group.  In addition, it has recently decided to expand its
activity with residents.


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


PETROLEOS DE VENEZUELA: Ensco Int'l Writes Off Value of Seized Rig
------------------------------------------------------------------
Ensco International Incorporated updated its Rig Contract Status
Report.  Updates this month include the status of ENSCO 69, which
now is classified as discontinued operations.

On June 8, 2009, Ensco reported that second quarter 2009 earnings
would be reduced by approximately US$0.15 per diluted share to
fully reserve the remaining ENSCO 69 drilling contract net
receivable from Petrosucre, a subsidiary of Petroleos de Venezuela
S.A., the national oil company of Venezuela, and write off a
related deferred tax asset.

Despite the termination of the ENSCO 69 drilling contract, the rig
continues to be controlled by Petrosucre.  Due to Petrosucre's
failure to satisfy its contractual obligations and meet payment
commitments, Ensco management believes it is remote that ENSCO 69
will be returned.  As a result, an additional pre-tax loss of
approximately US$18.1 million was recognized during the second
quarter 2009 consisting of the net book value of ENSCO 69 of
US$17.3 million and other assets of approximately US$0.8 million.
In total, second quarter 2009 earnings will be reduced by
approximately $0.26 per diluted share for items related to the
discontinued operations of ENSCO 69.

An insurance claim has been filed under Ensco’s package policy,
which includes coverage for certain political risks.  The claim
process is in the early stages, therefore, no related insurance
recoveries will be recorded in second quarter 2009.  Ensco is
evaluating legal remedies against Petrosucre for contractual and
other damages related to ENSCO 69.

                    About Ensco International

Ensco International Incorporated --
http://www.enscointernational.com.–- brings energy to the world
as a global provider of offshore drilling services to the
petroleum industry.  With a fleet of ultra-deepwater
semisubmersible and premium jackup drilling rigs, Ensco serves
customers with high-quality equipment, a well-trained workforce
and a strong record of safety and reliability.

                           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'


PETROLEOS DE VENEZUELA: Inks Energy Cooperation Deal With Belarus
-----------------------------------------------------------------
Minister of People’s Power for Energy and Petroleum and Petroleos
de Venezuela President Rafael Ramirez met with the President of
the Republic of Belarus, Alexander Lukashenko, to review ongoing
bilateral cooperation agreements.

Before the meeting with the Belarus head of state, Minister
Ramirez and Belorusneft CEO Alexander Liakhau executed two memos
of understanding between PDVSA and the Belarus’ state-run oil
company:

   -- to conduct a feasibility study on a joint venture
      to provide services for drilling, reconditioning and
      workover of oilfields and another to screen
      onshore and offshore prospecting areas in the
      Bolivarian Republic of Venezuela; and

   -- the prospective development of non-associated
      natural gas would be assessed in these areas.

A Technological Cooperation Agreement was entered into by PDVSA
Intevep and Belorusneft to strengthen their scientific and
technological relations, and also for staff training.

In addition, Mr. Ramirez signed a Resolution on Delimitation of
Areas to allot the fields Ostra, Oritupano Norte and Lagunillas
(Block II) to Mixed Company Bielovenezolana, S. A.
The Venezuelan minister of Energy voiced satisfaction for the
progress made with the European nation.  The Minister reported
that the current output level with Belarus amounts to 10,000 bpd,
which could increase to 20,000 bpd.

                          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'


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


CIT GROUP: Default Poses Risks to 1,881 Rated CDOs, Says S&P
------------------------------------------------------------
Standard & Poor's Ratings Services stated July 14 that 1,881 rated
synthetic collateralized debt obligation transactions have
exposure to CIT Group Inc.  S&P prepared a table that outlines, by
region, the number of synthetic transactions and tranches with
exposure to CIT.  S&P downgraded CIT to CCC+/Watch Neg/C on
July 13, 2009.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

               Synthetic CDO Exposure to CIT

                                            Asia-Pacific
                           U.S.    Europe  (excl. Japan)   Japan
                           ---     -----   ------------    -----
No. of transactions       701     977      99             104
No. of tranches           1,003   1,182    129            156


Headquartered in New York, CIT (NYSE: CIT) is a bank holding
company with more than US$60 billion in finance and leasing
assets.  For more than 100 years, CIT has provided lending,
advisory, and leasing services to small and middle market
businesses guided by unparalleled industry expertise and focus.

CIT operates CIT Bank, a full service Utah state bank, which is
regulated by the Utah Department of Financial Institutions and the
FDIC.  The bank has financing operations in Argentina, Brazil,
Mexico, Chile, and Puerto Rico.


                        *     *     *

As reported by the TCR on July 13, 2009, CIT Group Inc. has hired
bankruptcy specialist Skadden, Arps, Slate, Meagher & Flom, LLP,
as an adviser.  According to Bloomberg News and The Wall Street
Journal, CIT Group hired Skadden after it was unable to persuade
the Federal Deposit Insurance Corp. to guarantee its debt sales.
The Journal said the engagement comes as CIT prepares for a
possible bankruptcy filing.

CIT Group reported US$75.7 billion in assets and US$68.2 billion
in liabilities, including US$3 billion in deposits, at the end of
the first quarter of 2009.


FUJITSU LIMITED: Consolidates Overseas Business Subsidiaries
------------------------------------------------------------
Fujitsu Limited's Caribbean operations are now wholly owned
subsidiaries of Fujitsu America Inc as part of the company's
business restructuring in executing its global business strategy
to consolidate key business units outside of Japan, The Jamaica
Observer reports.

According to the report, Fujitsu America, the new parent company
of Fujitsu Caribbean, represents the combined IT strengths of
Fujitsu Transaction Solutions Inc, Fujitsu Consulting Inc and
Fujitsu Computer Systems Corporation, under a unified corporate
structure.   The report relates as part of this transition, the
Caribbean operations have changed their legal names to Fujitsu
Caribbean (Country) Limited in its respective locations Jamaica,
Barbados, Trinidad and The Bahamas.

"Our current reporting structure remains and there are no changes
to our business management and governance," the report quoted
Mervyn Eyre, President/CEO of Fujitsu Caribbean, as saying.  "As
part of a larger integrated business, Fujitsu Caribbean will
realize economies of scale by leveraging on its parent company's
strengths now under one structure through a simplified engagement
model with improved accountability and greater access to the
complete suite of integrated Fujitsu offerings.  This augurs well
for regional organizations with global connections or requiring
support from Fujitsu beyond the Caribbean and outside of the
region.  The benefits of a business of this scale include improved
responsiveness to client needs, faster time-to-market with
integrated value-added solutions, greater market presence,
improved operational efficiencies and additional support from
Fujitsu's key alliance partners," Mr. Eyre added.

The Observer says Fujitsu Caribbean's expansion plans include
investments in new infrastructure-based capabilities.

Fujitsu Limited is managed by a regional executive team, and has
offices in Jamaica, Barbados and Trinidad; including business
agents in The Bahamas, St Vincent, Haiti, Anguilla, Antigua,
Dominican Republic and Grenada, to serve the entire region.

                    About Fujitsu Limited

Fujitsu Limited -- http://jp.fujitsu.com/-- is a Japan-based
company engaged in the information technology (IT) business.  The
Company has three business segments.  The Technology Solution
segment manufactures and sells products such as main frame
servers, UNIX servers, storage systems, various types of software,
network management systems and optical transport systems, as well
as the provision of system integrations services, network services
and system support services.  The Ubiquitous Product Solution
segment offers products such as personal computers, mobile phones,
compact hard disk drives (HDDs), as well as optical transmitter
and receiver modules.  The Device Solution segment manufactures
and sells large scale integrations (LSIs), semiconductor packages,
relays and connectors, among others.


                         *     *     *

As of July 15, 2009, the company continues to carry these low
ratings from Mikuni Credit Rating:

  -- "BB" Mortgage Debt
  -- "BB" Senior Debt


* Int'l Airplane Industry Deflating, Fairtheworld Says
------------------------------------------------------
Just as the bankruptcy of U.S. auto giants set off a chain of
reactions, in the civil aviation manufacturing area, the shrinking
orders of Boeing and Airbus will probably pose a risk to the whole
supply chain.

Fairtheworld.com points out that the financial crisis has cut
international transactions and tourism activities sharply, worse
still, there's the impact of H1N1 flu pandemic and recent air
crash incidents.  Combined, these factors have dragged down the
number of travelers and the business of airline companies.  Also,
the continued hike of aviation oil products is stressing the
operational cost of airline companies.  Sharp business shrinkage
and rising cost have jointly deal a blow to airline companies,
most of which are now losing money.  This has forced them to
reduce, delay or cancel plane purchasing plans, throwing the evil
to airplane manufactures.

The International Air Transport Association said early in June
that, the passenger traffic of international airlines this year
will be down 8% and the freight volume down 17%.  About a
$9 billion loss is forecasted for the international airline
transportation industry in the year.  In addition, figures show
that Boeing and Airbus got a lean order amount in the first half
of the year.  Bar those cancelled orders, the newly-acquired order
was 66 units for Airbus and, pitifully, 1 unit for Boeing.

Fairtheworld.com predicts that the global aero manufacturing
industry will be affected; the aero parts makers will produce less
as customers order less.  It bodes ill for the aero parts
manufacturing industry.  Meanwhile the Chinese are lavishing their
strong interest and hiked enthusiasm on big planes.  It is
estimated that at least 50% of the planned airplanes by Chinese
manufactures will need global sourcing.  China is yet to develop
capacities to produce large plane engines and avionic devices.
This presents good opportunity to the global aero manufacturing
industry.  Making early entry into the Chinese market and seizing
cooperative opportunities will help buffer the impact of financial
crisis on these enterprises and will provide a gateway into the
supply chain of a country which is set to become the third largest
airplane manufacturer.

China's Big Plane Plan and its huge helicopter shortfall offer
wide market space for global aircraft manufacturers.  The "Fair N
Fair" 3D Virtual Expo platform, developed by Fairtheworld.com, is
providing a connecting platform for these manufactures, linking
airplane manufactures, aero parts makers, airline companies and
other airplane purchasers together.  Fairtheworld, with its brand-
new concept of "e-commerce matrix" and its strength to integrate
industrial chains, will invite global aero manufacturers to share
the Chinese cake.

On the Net: http://fairtheworld.com/


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *