TCRLA_Public/090720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, July 20, 2009, Vol. 10, No. 141
                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Trail Delayed; Status Meeting Set for Aug. 17
STANFORD INT'L: Receiver Seeks to Hire Private Equity Firm
STANFORD INT'L: Investors Appeal to U.S. President for Help


B E R M U D A

CERBERUS FERN: Creditors' Proofs of Debt Due on July 27
CERBERUS FERN: Members to Receive Wind-Up Report on Aug. 17
CERBERUS FERN: Creditors' Proofs of Debt Due on July 27
CERBERUS FERN: Members to Receive Wind-Up Report on Aug. 17
DIRECTRADE LTD: Supreme Court Appoints Receiver as Liquidator

EMERALD FINANCIAL: Supreme Court Appoints Receiver as Liquidator
EMERALD INVESTMENT: Supreme Court Appoints Receiver as Liquidator
GREENFIELD HOLDINGS: Creditors' Proofs of Debt Due on July 24
GREENFIELD HOLDINGS: Members to Receive Wind-Up Report on Aug. 14
INSTITUTE OF MANAGEMENT: Creditors' Proofs of Debt Due on July 24

INSTITUTE OF MANAGEMENT: Members to Hear Wind-Up Report on Aug. 14
XL CAPITAL: Faces US$100Mln in Claims From Washington Metro Crash
XL CAPITAL: To Release Second Quarter Results on July 28
XL CAPITAL: Unit Names New Head of Technology E&O Products


B R A Z I L

ARACRUZ CELULOSE: Posts BRL595.5-Mln Net Income in Second Quarter
BANCO CITIBANK: Moody's Retains Review on 'Ba2' Deposit Rating
BANCO NACIONAL: To Invest in Oil and Gas Equity Fund
GERDAU AMERISTEEL: To Redeem 10-3/8% Senior Notes due at 2011
MAGNESITA REFRATARIOS: Chief Financial Officer Died in Plane Crash

TAM LINHAS: To Make First Public Issuance
VOTORANTIUM CELULOSE: Posts BRL533Mln Profit in Second Quarter


C A Y M A N  I S L A N D S

ADDIS HOLDINGS: Shareholders' Final Meeting Set for Aug. 7
ALVERSTOKE (CAYMAN): Shareholders' Final Meeting Set for Aug. 7
INVESTCORP EVENT: Shareholders' Final Meeting Set for July 24
INVESTCORP EVENT: Shareholders' Final Meeting Set for July 24
KAREN MARIE: Sole Shareholder to Hear Wind-Up Report on August 11

NESTOR 99: Shareholders' Final Meeting Set for July 30
NOMURA FUND: Members' Final Meeting Set for July 29
ONE EAST: Sole Shareholder to Hear Wind-Up Report on July 30
POLYA INVESTMENTS: Shareholders' Final Meeting Set for August 31
RAB AMERICAN: Shareholders' Final Meeting Set for August 7


C O L O M B I A

ECOPETROL SA: Bond Sale Met With Strong Demand, Source Says
EMPRESAS PUBLICAS: Fitch Assigns 'BB+' Rating on US$500 Mil. Notes


E C U A D O R

PERENCO CORP: Ecuador Gov't Orders Staff Not to Stop Production
PERENCO CORP: To Terminate 200 Ecuador Employees


J A M A I C A

CASH PLUS: Granted Extension of Asset Sale Deadline
SUGAR COMPANY: New Owners to Take Control of One Sugar Estate Soon
SUGAR COMPANY: Gov't Gets US$15Mln Funding for Sugar Factories


M E X I C O

HIPOTECARIA SU: Moody's Withdraws 'Caa2' Rating on Series C
SYNCORA GUARANTEE: Completes Restructuring; Fixes $4BB Deficit


P U E R T O  R I C O

POPULAR INC: Posts Fourth Straight Quarterly Loss


T R I N I D A D  &  T O B A G O

* TRININDAD & TOBAGO: Energy Sector Lost US$185MM in Investments


V E N E Z U E L A

CITGO PETROLEUM: Shutdowns Alkylation Unit After Fire


V I R G I N  I S L A N D S

DACOSTA MANNING: May Make 100 Jobs Redundant


X X X X X X X X

CABLE & WIRELESS: Plans More Cost Cuts to Protect Profit
* Fitch Reposts Poor Liquidity on Latin American Corporates
* BOND PRICING: For the Week July 13, 2009 to July 17, 2009


                         - - - - -


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


STANFORD INT'L: Trail Delayed; Status Meeting Set for Aug. 17
-------------------------------------------------------------
U.S. District Judge David Hittner has agreed to the request of
Robert Allen Stanford's attorneys to put aside his trial
previously set for August 25, Bloomberg News reports.  The report
relates the new date for the trial is not yet scheduled.

According to the report, in a joint motion Mr. Stanford Allen and
other defendants in the case -- Chief Investment Officer Laura
Pendergest-Holt, Chief Accounting Officer Gilberto Lopez and
global controller Mark Kuhrt -- said that due to the complexity of
the case, it would be "unreasonable to expect adequate
preparation" by August 25.  "We don't know how long it will be
before we can go to trial, but it is obviously going to take a lot
longer," Dick DeGuerin, Mr. Stanford's lawyer, was quoted by the
news agency as saying.

The report recalls Mr. DeGuerinn had previously said that he would
need a year to prepare for the trial, but it is not clear whether
the judge will agree to that.

Judge Hittner has set a status conference for August 17 to work
out the next schedule.

                 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).


STANFORD INT'L: Receiver Seeks to Hire Private Equity Firm
----------------------------------------------------------
Stanford Financial Group court-appointed receiver Ralph Janvey
wants to hire Park Hill Group LLC, a unit of the Blackstone Group
LP, to aid him to manage the estate's web of investments that
total about US$650 million, Reuters reports, citing Mr. Janvey's
lawyer in a court filing.  "The engagement of Park Hill Group will
provide the receiver with the necessary financial expertise to
properly manage these assets, assess their value and identify
potential buyers, thereby maximizing the value to the receivership
estate," the filing said, Reuters relates.

According to the report, citing the court filing with a court in
Dallas, so far, the receiver has identified debt and equity
investments with initial investment amounts totaling about $650
million.   Those investments were made in portfolio companies,
private equity and real estate funds, the filing added.

Reuters notes that Park Hill Group has agreed to accept an initial
US$375,000 retainer fee.

                     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).


STANFORD INT'L: Investors Appeal to U.S. President for Help
-----------------------------------------------------------
Investors of Robert Allen Stanford, the founder and owner of
Stanford International Bank Limited, has sought U.S. President
Barrack Obama's help for the recovery of their investment in an
alleged Ponzi scheme, CaribWorldNews reports.

According to the report, Stanford Victims Coalition members ran a
full-page, open letter ad in the D.C.-edition of the Wall Street
Journal.  "We are not asking for a bailout. We simply want to get
back what is rightfully ours," the members said in a letter
obtained by the news agency.  "The Stanford scandal has devastated
the lives of thousands of victims from around the world including
35 states in the US and 60 countries.  The victims are people who
did everything right and our life's savings totaling US$7.2
billion is now gone.  We are retired school teachers, war
veterans, small business owners, and honest, hard-working people
who took every possible step to ensure the safety of our
retirement funds.  We did not simply make bad investments. We
relied on the information provided by our financial regulators and
our licensed financial advisors -- all of which pointed to a
healthy and growing American financial institution," the members
added.

According to the report, the group also slams "multiple US
government agencies."   The report relates the group said the
agencies "had knowledge of Stanford's alleged fraudulent business
practices and corruption within the government of Antigua, yet
Stanford investors were never warned."

"We ask the U.S. government to explore all options to help
Stanford victims recover their losses and to address the
legislative need for compensation for those who suffer
catastrophic losses when compliance requirements are not
appropriately enforced by government regulators," the group's
letter added.

                   About Stanford International

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

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

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

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


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


CERBERUS FERN: Creditors' Proofs of Debt Due on July 27
-------------------------------------------------------
The creditors of Cerberus Fern Holdings II Ltd. are required to
file their proofs of debt by July 27, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

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


CERBERUS FERN: Members to Receive Wind-Up Report on Aug. 17
-----------------------------------------------------------
The members of Cerberus Fern Holdings II Ltd. will hold their
final general meeting on August 17, 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 9, 2009.

The company's liquidator is:

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


CERBERUS FERN: Creditors' Proofs of Debt Due on July 27
-------------------------------------------------------
The creditors of Cerberus Fern Holdings III Ltd. are required to
file their proofs of debt by July 27, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

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


CERBERUS FERN: Members to Receive Wind-Up Report on Aug. 17
-----------------------------------------------------------
The members of Cerberus Fern Holdings III Ltd. will hold their
final general meeting on August 17, 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 9, 2009.

The company's liquidator is:

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


DIRECTRADE LTD: Supreme Court Appoints Receiver as Liquidator
-------------------------------------------------------------
On July 1, 2009, the Supreme Court of Bermuda entered an order
appointing the official receiver as the provisional liquidator of
Directrade Ltd.


EMERALD FINANCIAL: Supreme Court Appoints Receiver as Liquidator
----------------------------------------------------------------
On July 1, 2009, the Supreme Court of Bermuda entered an order
appointing the official receiver as the provisional liquidator of
Emerald Financial Limited.


EMERALD INVESTMENT: Supreme Court Appoints Receiver as Liquidator
-----------------------------------------------------------------
On July 1, 2009, the Supreme Court of Bermuda entered an order
appointing the official receiver as the provisional liquidator of
Emerald Investment Management Limited.


GREENFIELD HOLDINGS: Creditors' Proofs of Debt Due on July 24
-------------------------------------------------------------
The creditors of Greenfield Holdings Limited are required to file
their proofs of debt by July 24, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 7, 2009.

The company's liquidator is:

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


GREENFIELD HOLDINGS: Members to Receive Wind-Up Report on Aug. 14
-----------------------------------------------------------------
The members of Greenfield Holdings Limited will hold their final
general meeting on August 14, 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 7, 2009.

The company's liquidator is:

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


INSTITUTE OF MANAGEMENT: Creditors' Proofs of Debt Due on July 24
-----------------------------------------------------------------
The creditors of Institute of Management Research Limited are
required to file their proofs of debt by July 24, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 8, 2009.

The company's liquidator is:

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


INSTITUTE OF MANAGEMENT: Members to Hear Wind-Up Report on Aug. 14
------------------------------------------------------------------
The members of Institute of Management Research Limited will hold
their final general meeting on August 14, 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 8, 2009.

The company's liquidator is:

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


XL CAPITAL: Faces US$100Mln in Claims From Washington Metro Crash
-----------------------------------------------------------------
XL Capital Group Limited, American International Group Inc. and
insurers at Lloyd's of London are among firms that may face a
combined total of more than US$100 million in claims tied to the
Washington Metro crash that killed nine people last month, Tian
Huang of Bloomberg News reports.

According to the report, the costs to the pool of insurers, which
also includes Warren Buffett's Berkshire Hathaway Inc., will
depend on estimates of medical care, loss of expected lifetime
earnings and the degree of negligence by the Washington
Metropolitan Area Transit Authority.

The cost "will easily exceed US$100 million", the report quotds
Peter Grenier, a lawyer at Washington-based Bode & Grenier LLP,
who negotiated a US$2.3 million settlement for a man who lost his
wife when she was struck by a Metro bus in 2007.

Bloomberg News says the train accident may weigh on results at
insurers after investment declines and falling rates pressured the
firms.

The June 22 Metro accident occurred when a computer-operated train
collided into another.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


XL CAPITAL: To Release Second Quarter Results on July 28
--------------------------------------------------------
XL Capital Limited will release its second quarter 2009 results
after the close of regular stock market trading hours on Tuesday,
July 28, 2009.  A conference call to discuss the Company's results
will be held at 10:00 a.m. Eastern Time on Wednesday, July 29,
2009.

The conference call can be accessed through a listen-only
dial-in number or through a live webcast.  To listen to the
conference call, please dial (877) 422-4657 or (706) 679-0474,
Conference ID# 1916647.  The webcast will be available at
http://www.xlcapital.com/and will be archived on XL's Web site
from approximately 1:00 p.m. Eastern Time on July 29, 2009,
through midnight Eastern Time on August 29, 2009.  A telephone
replay of the conference call will also be available beginning at
2:00 p.m. Eastern Time on July 29, 2009, until midnight Eastern
Time on August 20, 2009, by dialing (800) 642-1687 or (706) 645-
9291, Conference ID# 1916647.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


XL CAPITAL: Unit Names New Head of Technology E&O Products
----------------------------------------------------------
XL Insurance, XL Capital Ltd's global insurance operations, named
Scott Schleicher to manage its Select Professional unit's
Technology E&O book of business.  XL Insurance also disclosed the
build out of its miscellaneous professional liability underwriting
team with the addition of three Senior Underwriters -- Stephen
Adam and Craig Wild in Hartford, CT, and Steven Anderson in
Dallas, TX. Mr. Schleicher will be based in XL Insurance's Exton,
Pa. office.

According to Don Allard, Chief Underwriting Officer of XL
Insurance's Select Professional unit: "We are pleased to bring
together such a talented underwriting team. Our professional
liability coverages help protect service-providers' livelihoods
and thus need to be tailored to effectively meet their specific
risk management needs. Our clients will certainly benefit from our
teams' insight and extensive underwriting experience with the
specific service industries we serve."

XL Insurance's Select Professional unit works with brokers and
wholesalers to address the Errors & Omission (E&O) insurance needs
of small to mid-size service providers including lawyers,
consultants, TPAs, ad agencies, franchisers, real estate agents,
insurance agents, technology companies and non-medical service
providers.

"With businesses' reliance on technology, the issue of cyber
liability is becoming a bigger risk management issue for many of
our clients. Data loss, network hacking, or breaches of employee
or customer information are a few of the technology risks they
face," Mr. Allard added.  "Mr. Schleicher's experience will be
invaluable as he leads our efforts to address our clients' growing
tech risk management needs. His efforts are further supported by
Steven, Craig and Stephen, who also bring strong tech liability
underwriting experience."

Mr. Schleicher joins XL Insurance with two decades of broker and
underwriting experience including his most recent tenure with the
Technology Business Unit of ISG International, a division of
Arthur J. Gallagher.  He will be responsible for XL Insurance's
technology products which provide network security, privacy
liability and media liability coverage for various industries.

                          About XL Insurance

"XL Insurance" -- http://www.xlinsurance.com/-- is the global
brand used by member insurers of the XL Capital Ltd (NYSE: XL)
group of companies. Through its operating subsidiaries, XL Capital
Ltd is a leading provider of global insurance and reinsurance
coverage and services to industrial, commercial and professional
service firms, insurance companies, and other enterprises on a
worldwide basis.

                           About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd --
http://www.xlcapital.com/-- provides insurance and reinsurance
coverages through its operating subsidiaries to industrial,
commercial and professional service firms, insurance companies and
other enterprises on a worldwide basis.  As of December 31, 2008,
XL Capital Ltd reported total invested assets of US$34.3 billion
and shareholders' equity of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


ARACRUZ CELULOSE: Posts BRL595.5-Mln Net Income in Second Quarter
-----------------------------------------------------------------
Aracruz Celulose SA posted BRL595.5 million (US$308 million) net
income in the second quarter from BRL262.1 million in the year-
earlier period after a currency rally reduced debt and derivatives
costs, Carlos Caminada at Bloomberg News reports.

The Brazilian real jumped 19% in the quarter, the second-best
performer of 16 major currencies tracked by Bloomberg.  The report
relates this helped pare the value of the company's dollar-
denominated debt, interest payments and derivatives.

According to the report, the company said it booked a gain of
BRL894.7 million in the quarter because of the reduced local-
currency value of its foreign obligations, more than triple the
BRL241.9 million-real gain a year ago.  Net sales fell 12%$ to
BRL780.4 million in the quarter, Aracruz added.

Bloomberg News notes Aracruz’s total debt of BRL8.16 billion at
the end of June was 14% lower than at the end of March.

Aracruz’s debt, the report calls, ballooned after the company
settled a US$2.13 billion derivatives loss with banks.  The report
relates in January, banks holding more than 80 percent of the
US$2.63 billion owed by the company, including wrong-way currency
wagers, gave Aracruz up to nine years to repay it.

Meanwhile, Guillermo Parra-Bernal at Reuters relates Aracruz
Celulose expects favorable pulp prices and rising sales to help
generate enough cash flow to service its short-term debt.  "We
believe that prices and performance will help us generate the cash
to pay our debt," Joao Felipe Carsalade, Aracruz's sales director,
told was quoted by the report as saying.  Reuters relates
Mr. Carsalade added he did not expect a drastic slowdown in orders
from China this year, and the company would address its cash
holdings position once Aracruz is incorporated by local rival VCP,
which has agreed to buy it.

                       About Aracruz Celulose

Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp.  The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers.  The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                         *     *     *

As of July 19, 2009, the company continues to carry Standard and
Poor's BB LT Issuer Credit ratings.  The company also continues to
carry Firch BB- LT Issuer Default Ratings.


BANCO CITIBANK: Moody's Retains Review on 'Ba2' Deposit Rating
--------------------------------------------------------------
Moody's Investors Service confirmed the C- (C minus) bank
financial strength rating of Banco Citibank S.A.
(Citibank Brazil), with a stable outlook.  At the same time,
Moody's placed on review for possible upgrade the existing Baa3
foreign currency senior debt rating assigned to Citibank's
existing Brazil Risk Global Medium Term Note, in line with the
review of Brazil's sovereign ceiling for foreign currency debt,
announced July 6, 2009.  In addition, Moody's notes that the
foreign currency deposit rating of Ba2 remains on review for
possible upgrade, as a direct result of the sovereign rating
action.

The rating action concludes the review for possible downgrade of
the bank's BFSR, which was initiated in January 2009.  On March 3,
2009, the bank's baseline risk assessment was lowered to Baa2
following the rating action on its parent Citibank N.A.

In confirming the C- BFSR with a stable outlook, Moody's said
Citibank Brazil's entrenched domestic franchise appears resilient
to the stress at the parent company level, which is reflected in
its relatively stable funding and earnings generation.  The
Brazilian operation is a reliable contributor to the group's
earnings, and it is among Citigroup's core emerging market
subsidiaries.

The bank's established position as a wholesale lender and trading
house, and its dominance in transactional services should be
enhanced by a growing retail banking, centered on a sizable credit
card operation.  The successful expansion of Citi's consumer
finance business should reduce Moody's concerns about poor loan
granularity and earnings volatility -- both risk factors that have
limited the ratings.  Nevertheless, Citibank Brazil is challenged
by declining business volumes, fierce competition, and rising
delinquencies in a scenario of economic deceleration.

Moody's has applied stress scenarios to Citibank Brazil's
different asset classes, using expected credit losses to determine
the impact on its capital adequacy.  The rating agency noted that
the bank's capitalization is positioned to withstand potentially
higher credit losses over the near term at its current rating
level -- an assessment that is supported by high levels of
provisions and the banks' earnings generation capacity.  However,
further asset quality deterioration could be reported as Citibank
Brazil develops its credit card business.

The last rating action on Citibank Brazil was taken on July 7,
2009, when its long-term foreign currency deposit rating of Ba2
was placed on review for possible upgrade, following the sovereign
action announced on July 6, 2009, when Brazil's foreign currency
deposit ceiling was pleased on review for possible upgrade.

Banco Citibank S.A. is headquartered in Sao Paulo, Brazil.
Citibank's financial conglomerate had total assets of
R$47.8 billion (US$20.7 billion) and equity of R$4.5 billion
(US$1.95 billion), as of March 31, 2009.

This rating assigned to Banco Citibank was confirmed and placed on
stable outlook:

* Bank Financial Strength Rating: C-

This rating assigned to Banco Citibank was placed on review for
possible upgrade:

* Long-term foreign currency senior debt rating of Baa3

This rating assigned to Banco Citibank remains on review for
possible upgrade:

* Long-term foreign currency deposit rating of Ba2


BANCO NACIONAL: To Invest in Oil and Gas Equity Fund
----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA plans to
invest in the oil and gas industry by taking a minority share in
private equity funds, John Kolodziejski of Dow Jones Newswires
reports, citing Estado news.  The report relates Eduardo Sa,
director of the bank's department for investment funds, said BNDES
aims to issue a tender to choose the fund.

According to the report, Mr. Sa said BNDES will publish tender
details at the beginning of next week.  "I estimate there will be
several proposals with assets of between BRL500 million (US$259
million) and BRL1 billion," the report quoted Mr. Sa as saying.

Mr. Sa, Dow Jones Newswires notes, said that BNDES board approved
the bank's taking a minority share in a FIP fund, with good growth
potential in the oil and gas sector.  BNDES will choose who will
administer the fund between the end of August and early September,
Mr. Sa added.

                          About BNDES

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

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service


GERDAU AMERISTEEL: To Redeem 10-3/8% Senior Notes due at 2011
-------------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau Sa,
said it intends to fully redeem its US$405 million 10-3/8% Senior
Notes due 2011 on August 31, 2009.

The company has provided notice to U.S. Bank National Association,
the indenture trustee, of its election to redeem all of its
outstanding 10-3/8% Senior Notes due 2011 in the aggregate
principal amount of US$405 million, at a redemption price equal to
101.792% of the outstanding principal amount plus accrued interest
to the redemption date.  The company intends to fund the
Redemption Price with cash.  The notes will be redeemed in
accordance with their terms and the company expects the redemption
to occur on August 31, 2009.  The notice provided to US Bank by
the company may be cancelled by the company at any time prior to
July 31, 2009, the date on which notice of such redemption must be
mailed by US Bank to holders of the Notes in order for the
redemption to occur on the Redemption Date.  Upon payment of the
Redemption Price on the Redemption Date, all of the company's 10
3/8% Senior Notes due 2011 will have been paid in full.

                       About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


MAGNESITA REFRATARIOS: Chief Financial Officer Died in Plane Crash
------------------------------------------------------------------
Brazil-based Magnesita Refratarios SA's Chief Executive Officer
Mauricio Lustosa de Castro was confirmed dead after his plane
crashed on July 11, Alexander Ragir at Bloomberg News reports,
citing a company e-mail statement.  The report relates Mr. de
Castro's Beechcraft BE-36 Bonanza airplane crashed on its way to
Belo Horizonte.

As reported in the Troubled Company Repoter-Latin America on
July 15, 2009, Bloomberg News said that the plane with Mr. de
Castro on board was missing since July 11.  The report related
that CFO's plane made last contact over Venezuela at around 6 p.m.
Brasilia time on July 11.  According to the report, Enrique
Martin, a member of Venezuela’s Search and Rescue Association,
said the pilot checked in with air-traffic controllers in
Venezuela’s Bolivar state before the aircraft later sent out a
distress signal.

Magnesita Refratarios SA produces and markets refractory materials
and operates mines.  The company's product includes refractory
bricks, refractory tools for continous casting, and monolithic
refractories.  Magensia owns mineral deposits throughout Brazil.

                          *     *     *

As of July 14, 2009, the company continues to carry Moody's B2 LT
Corp Family rating and Ba2.br NSR LT Corp rating.  The company
also continues to carry Standard and Poor's BB- LT Issuer Credit
ratings.


TAM LINHAS: To Make First Public Issuance
-----------------------------------------
TAM Linhas Aereas S.A., a unit of Brazil-based TAM SA, will make
its first public issuance, which by restriction will only be
directed to qualified investors, in compliance with the Brazilian
Securities Commission's Instruction N. 476, from January 16, 2009,
consisting of 600 regular bonds, not convertible into shares, in a
single series, in cash with a real guarantee, with a unitary par
value of R$1,000,000.00, for a total amount of R$600,000,000.00,
on July 24, 2009 and which will expire July 24, 2013.

The bonds are guaranteed by fiduciary assignment of receivables
and by an additional surety guarantee, given by us, in favor of
the bondholders.

The par value of the Bonds will be amortized in 13 quarterly and
consecutive payments, to be made the 24th day of the months of
January, April, July and October of each year, with the first
payment due on July 24, 2010.  The bonds will pay established
remunerative interest, based on the accumulative variation of
126.50% of the Daily Interbank deposit rate, calculated
exponentially and cumulatively, pro-rated for the number of
business days.  The remunerative interest will be paid monthly on
the 24th day of the month, beginning August 24, 2009.

Planner DTVM Ltda. is the fiduciary agent for this Issuance.

BB - Banco de Investimento S.A. was also contracted as the leading
coordinator of this Issue, as well as Banco Bradesco S.A. as the
designated Issuance bank.

The monies obtained from this Issuance will be used to reinforce
the airline's working capital.

                     About TAM Linhas Aereas

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

                         *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


VOTORANTIUM CELULOSE: Posts BRL533Mln Profit in Second Quarter
--------------------------------------------------------------
Votorantim Celulose & Papel posted a BRL533 million profit
(US$276.7 million) in the second quarter from BRL135 million a
year earlier, after demand from China jumped, Carlos Caminada of
Bloomberg News reports.

According to the report, growing demand for pulp to supply paper
mills in China and closures of factories that produce the raw
material have boosted imports by the Asian nation.  The report
relates the company said China imported 66% more pulp this year
through May.

Votorantim Celulose e Papel SA -- http://www.vcp.com.br/-- is a
Brazil-based paper product company.  The company produces bleached
eucalyptus kraft pulp (BEKP), which is a variety of hardwood pulp.
During the year ended December 31, 2008, the Company sold 84% of
its pulp production to third parties, and the company uses the
remainder internally to manufacture a range of printing and
writing paper products, including coated and uncoated printing and
writing papers, thermal papers, carbonless papers and other
specialty papers.  The company produces a variety of pulp and
paper products.  The company produces pulp both for sale (market
pulp) and for use in its paper production.  VCP sells BEKP to both
the Brazilian domestic and export market.  VCP produce coated and
uncoated printing and writing paper and other specialty/chemical
papers.

                           *     *     *

As of July 19, 2009, the company continues to carry these low
ratings from the top rating agencies:

   -- Moody's Ba1 rating
   -- Standard and Poor's BB Issuer Credit ratings
   -- Fitch Ratings BB+ LT Issuer Default ratings


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


ADDIS HOLDINGS: Shareholders' Final Meeting Set for Aug. 7
----------------------------------------------------------
The shareholders of Addis Holdings Limited will hold their final
meeting on August 7, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Inna Mabelle
         Telephone: 011 41 22 319 01 88
         Facsimile: 011 41 22 319 01 02
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


ALVERSTOKE (CAYMAN): Shareholders' Final Meeting Set for Aug. 7
---------------------------------------------------------------
The shareholders of Alverstoke (Cayman) GP Ltd. will hold their
final meeting on August 7, 2009, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVESTCORP EVENT: Shareholders' Final Meeting Set for July 24
-------------------------------------------------------------
The shareholders of Investcorp Event Arbitrage Leveraged Master
Fund Limited SPC will hold their final meeting on July 24, 2009,
at 10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


INVESTCORP EVENT: Shareholders' Final Meeting Set for July 24
-------------------------------------------------------------
The shareholders of Investcorp Event Arbitrage Fund Limited SPC
will hold their final meeting on July 24, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KAREN MARIE: Sole Shareholder to Hear Wind-Up Report on August 11
-----------------------------------------------------------------
The sole shareholder of Karen Marie Limited will receive on
Aug. 11, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stefano Torcise, Jr.
          9350 South Dixie Highway
          Suite 1250, Miami, Florida 33156, USA
          Tel: (305) 670-9610
          Fax: (305) 670-6787


NESTOR 99: Shareholders' Final Meeting Set for July 30
------------------------------------------------------
The shareholders of Nestor 99 Limited will hold their final
meeting on July 30, 2009, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Massimo Longoni
          One Capital place
          P.O. Box 847, Grand Cayman
          Cayman Islands
          Telephone: +352 264 78777
          Facsimile: +35226432525


NOMURA FUND: Members' Final Meeting Set for July 29
---------------------------------------------------
The members of Nomura Fund Investments will hold their final
meeting on July 29, 2009, at 10:00 a.m, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Masahiko Kamio
         1-4, Hinode, Urayasu-shi
         Chiba, 279-0013, Japan


ONE EAST: Sole Shareholder to Hear Wind-Up Report on July 30
------------------------------------------------------------
The sole shareholder of One East Duration International, Ltd. will
receive on July 30, 2009, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          One East Capital Advisors, LP
          c/o Sina Toussi
          Telephone: 212.230.4500
          Facsimile: 212.230.4502


POLYA INVESTMENTS: Shareholders' Final Meeting Set for August 31
----------------------------------------------------------------
The shareholders of Polya Investments Ltd will hold their final
meeting on August 31, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter D. Anderson
          P. O. Box 897, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


RAB AMERICAN: Shareholders' Final Meeting Set for August 7
----------------------------------------------------------
The shareholders of RAB American Opportunities Fund Limited will
hold their final 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's liquidator is:

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


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


ECOPETROL SA: Bond Sale Met With Strong Demand, Source Says
-----------------------------------------------------------
Ecopetrol S.A.'s first foray into the world bond market was
welcomed with strong demand from institutional investors, Inti
Landauro at Dow Jones Newswires reports, citing an unnamed
syndicate source.

According to the report, the source said the company, on July 16,
sold US$1.5 billion in 10-year bonds at 99.642 to yield 7.677%.
The spread was 410 basis points over U.S. Treasurys, and demand
was "north of US$8 billion," the source added.  The report relates
the final spread was at the tighter end of initial guidance of
400-425 basis points over Treasurys.

"We expected 425 basis points over Treasurys; we have 410, which
still gives more than 100 basis points over local government
bonds," the report quoted Felipe Munoz, who manages a bond fund at
local brokerage Corredores Asociados and is buying those bonds, as
saying.

                     About Ecopetrol S.A.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009 , Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


EMPRESAS PUBLICAS: Fitch Assigns 'BB+' Rating on US$500 Mil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Empresas Publicas de
Medellin E.S.P.'s US$500 million proposed unsecured note issuance.
Proceeds from this issuance are expected to be used to finance
capital expenditures associated with the company's 2009-2012
growth strategy and for other general corporate expenses.

EPM's ratings reflect the company's natural monopoly position as
the main supplier of power and natural gas services to the
Medellin metropolitan area and the department of Antioquia.  The
ratings also incorporate the company's position as one of the
largest generators of electricity.  With nearly 25% of the
country's generation capacity, EPM is in a position to have stable
demand for the electricity it generates.  The company's credit
ratings also positively reflect EPM's diversified generation
assets, composed of both hydro and thermoelectric generation
plants.  This diversification minimizes hydrology risk, while
providing the benefits of low cost hydro production.  EPM also has
a strong market position in the water and wastewater sector, as
well as in the telecom industry in the metropolitan area of
Medellin and the country overall.  The company's diversified asset
portfolio provides it with a stable and predictable cash flow
stream that, for the most part, comes from regulated revenues.

The ratings also reflect the company's financial profile and its
aggressive growth strategy, both within the country and abroad.
Historically, the company's credit metrics have been characterized
by low leverage, healthy EBITDA margins, and strong liquidity and
interest coverage.  As of year-end 2008, the company reported a
total consolidated debt of approximately US$1.0 billion and a
leverage ratio, as measured by total debt-to-EBITDA of 0.8 times
(x), which is considered low for the rating category.  EPM's
consolidated adjusted EBITDA has been steadily increasing during
the past years to approximately US$1.2 billion in 2008 up from
US$1.0 billion in 2007.

EPM's aggressive growth strategy and large associated capital
expenditure program holds the potential to increase leverage and
weaken credit quality; EPM's ratings are expected to remain
consistent with the 'BB+' rating category despite the
deterioration in metric.  Over the medium term, free cash flow is
expected to be negative as the company funds its 10 year capex
budget of approximately US$4 billion.  These investments will lead
to an expansion by EPM both inside and outside of Colombia.  Fitch
expects EPM's debt to increase to approximately US$2.0 billion
over the next few years, weakening leverage ratios, which will
range between 2.0x and 2.5x.  Going forward, the company's
interest coverage ratios are expected to weaken to below 6.0x from
more than 10.0x historically.  The bond will have a covenant
package with a leverage restriction of 3.5x.

The company's adequate liquidity position is characterized by a
manageable maturity schedule and satisfactory cash on hand of
approximately US$300 million as of year-end 2008.  Of the
US$744 million of debt reported by the company at December 31,
2008, 13% was short-term debt.  Although 90% of EPM's debt is
denominated in hard currency, the company has hedged most of its
debt and only 38% of its holding company level debt is exposed to
foreign exchange risk.

EPM's ratings also incorporate the company's exposure to
regulatory changes and political interference.  EPM is a publicly
owned company that historically has been exposed to political
interference. This risk is somewhat mitigated, as the company and
the municipality of Medellin, EPM's sole owner, signed a public
letter of intent called 'General Agreement for Corporate
Governance', whereby the municipality limits its interference in
the company to only its legal channels, i.e. through the board of
directors.

EPM is located in Medellin, Colombia.  The municipality of
Medellin, Colombia's second largest city with 2.2 million people,
owns 100% of EPM's capital, and the Ministerio de Hacienda
regulates the company's debt levels and issuance process.  EPM
provides electricity, water and wastewater management, and natural
gas services to Medellin's metropolitan area and its surrounding
regions.  EPM also provides telecommunication services through
EE.PP.M Telecomunicaciones S.A. ESP (rated 'AAA' by DCR Colombia),
a wholly owned subsidiary.


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


PERENCO CORP: Ecuador Gov't Orders Staff Not to Stop Production
---------------------------------------------------------------
Perenco Corp.'s Latin America Manager Rodrigo Marquez said that
the Ecuador government has ordered the company's staff not to heed
its call to halt oil output, Benoit Faucon and Mercedes Alvaro,
Dow Jones Newswires reports.  The report relates Mr. Marquez said
the government's move is as "tantamount to a state takeover of its
local operations".

According to the report, Ecuador-owned Petroecuador confirmed that
the government warned the company's staff not to halt output, but
denied taking over its fields.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, Reuters said Perenco said it will temporarily halt
operations in Ecuador from July 16 over a fight with the
government concerning taxes.

A TCRLA report on July 16, related that 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.

                         About Perenco

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.


PERENCO CORP: To Terminate 200 Ecuador Employees
------------------------------------------------
Anglo-French company Perenco Corp. will start legal and
administrative steps to terminate around 200 workers in its
Ecuador unit Perenco Ecuador Limited, Mercedes Alvaro at Dow Jones
Newswires reports, citing Rodrigo Marquez, Latin American regional
manager for the Perenco Group.  "During the current situation in
which there is a confiscation without compensation, we don't have
any other option but to terminate our employees, and we will start
that process," Mr. Marquez told the news agency in a telephone
interview.

According to the report, Mr. Marquez said the company is
communicating this decision to the government and will continue
with the arbitration process against Ecuador at the International
Center for the Settlement of Investment Disputes, ICSID.  "Now the
claim will also have added to it this confiscation of our assets,"
the report quoted Mr. Marquez as saying.

According to the report, the current claim at ICSID is for about
US$400 million.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, 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.

                         About Perenco

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


CASH PLUS: Granted Extension of Asset Sale Deadline
---------------------------------------------------
Cash Plus Limited and its subsidiaries was granted an extension
for the sale of its real estate assets to attract prime bids for
the properties, RadioJamaica reports.  The report relates
interested bidders for the assets were given until Friday, July 17
to make the offers.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, RadioJamaica said Cash Plus's depositors and
creditors expect to get back some of their money soon, as
properties owned by the company were advertised for sale.   The
report said that according to an advertisement published in The
Sunday Gleaner, seven properties owned by Cash Plus Limited and
its subsidiaries and affiliates were advertised for sale:

   -- houses, with an estimated value of more
      than US$30 million each:

      * a town house in Armour Heights,
      * a town house on Cherry Drive,
      * a town house on Norbrook Drive, and
      * apartment at Waterworks Mews.

   -- property at Mainland International, March Pen,
      St Catherine;

   -- property on Old Harbour Road, St Catherine, and

   -- property in Kencot, St Andrew.

                        About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


SUGAR COMPANY: New Owners to Take Control of One Sugar Estate Soon
------------------------------------------------------------------
Sugar Company of Jamaica's St. Thomas Sugar Factory will
officially go into private hands soon, RadioJamaica reports.  The
report relates an agreement was signed at Jamaica House Thursday
for the formal transfer of control of the factory.

"The agreement for the St. Thomas facility that was purchased by
the consortium of Fred and Jones Estate Limited and Seprod has
been signed and they are to take possess of the facility this
weekend.  We're also about to ink Everglades Farm Company's take
over of the Trelawny Sugar Company which includes the Hampden and
Long Pond Sugar Estates, Agriculture Minister Dr. Christopher
Tufton was quoted by the report as saying.  "We're hoping that by
next week those two facilities will be in private hands," Mr.
Tufton added.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, citing RadioJamaica, the Jamaican government's plan
to divest SCJ's five sugar factories may face trouble if the
original owners of the Hampden Estate succeed in their legal
battle in the High Court.  The report related that Hampden has
sued the SCJ, the Trelawny Sugar Company which operated the
factory, and the former receiver/manager John Lee in its objection
to the divestment.  The Gleaner noted that SCJ's sugar factories
are now expected to be sold off to what has been described as a
"priority four investors."  The report related that sources said
the government failed to offload the company as a single entity.
The report noted the shortlisted four are:

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

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


SUGAR COMPANY: Gov't Gets US$15Mln Funding for Sugar Factories
--------------------------------------------------------------
The Jamaica government has negotiated a US$15 million (J$1.3
billion) interim funding with Italian firm, Eridania Suisse, to
ensure the continued operation of Sugar Company of Jamaica's three
sugar estates -- Frome in Westmoreland, Monymusk in Clarendon, and
Bernard Lodge in St Catherine, Catibbean Net News reports.  The
report relates the money will be used to undertake field
maintenance work on the three estates, as well as preparatory
works for the Frome and Monymusk factories.

According to the report, Agriculture and Fisheries Minister
Christopher Tufton said the Cabinet has approved the arrangement,
which should “effectively ensure” the factories’ sugar production
output for the 2009/10 crop year, while the process of divestment
continues.

Eridania and Energen Development Limited are the two short-listed
entities with which the administration is pursuing negotiations
toward the sale of the factories and Petrojam Ethanol Limited
(PEL), the report says.

Catibbean Net News notes that Mr. Tufton advised that the fund
will be used to undertake the necessary preparatory and field
maintenance work at the properties for the upcoming crop year,
inclusive of fertilization of the fields and installing the
appropriate irrigation infrastructure.

Mr. Tufton, the report says, said that, in return, the government
will supply Eridania with some 79,000 tonnes of raw sugar for the
2009/10 crop year.  Regarding the sale of the remaining estates
Eridania will share, on a 50 to 50 basis with the government, any
profit made on the final sale price, less agreed cost, Mr. Tufton
added.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, citing RadioJamaica, the Jamaican government's plan
to divest SCJ's five sugar factories may face trouble if the
original owners of the Hampden Estate succeed in their legal
battle in the High Court.  The report related that Hampden has
sued the SCJ, the Trelawny Sugar Company which operated the
factory, and the former receiver/manager John Lee in its objection
to the divestment.  The Gleaner noted that SCJ's sugar factories
are now expected to be sold off to what has been described as a
"priority four investors."  The report related that sources said
the government failed to offload the company as a single entity.
The report noted the shortlisted four are:

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

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


HIPOTECARIA SU: Moody's Withdraws 'Caa2' Rating on Series C
-----------------------------------------------------------
Moody's de Mexico has withdrawn the ratings of Caa2 (Global Scale,
Local Currency) and Caa2.mx (Mexican National Scale) of the Series
C certificates issued in connection with Hipotecaria Su Casita,
S.A. de C.V.  Sociedad Financiera de Objeto Múltiple E.N.R.'s
CASITCB02 construction loan securitization.  Moody's has withdrawn
these ratings for business reasons.

Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Múltiple E.N.R.

Issuer: The Bank of New York Mellon, S.A. Institución de Banca
Múltiple, acting solely in its capacity as trustee.

  -- CASITCB02 Series C certificates, Caa2 (Global Scale, Local
     Currency) and Caa2.mx (National Scale) ratings withdrawn.
     The last rating action occurred on October 29, 2002 when the
     ratings were originally assigned.


SYNCORA GUARANTEE: Completes Restructuring; Fixes $4BB Deficit
--------------------------------------------------------------
Syncora Holdings Ltd. said Friday its wholly owned New York
financial guarantee subsidiary, Syncora Guarantee Inc., completed
substantially all of the steps of its comprehensive restructuring.

On July 15, 2009, the Company closed substantially all the
transactions contemplated by the master transaction agreement --
2009 MTA -- between Syncora Guarantee and certain financial
counterparties to Syncora Guarantee's credit default swap and
financial guarantee policies and accepted the tender offer for
certain residential mortgage-backed securities insured by Syncora
Guarantee.

As a result, pending the closing and settlement of all related
transactions, the Company believes it will remediate its
policyholders' surplus deficit in the range of US$3.9 billion and
US$4.1 billion that is expected to be reported as of June 30,
2009. The restructuring will effectively relieve the Company of
approximately US$6.0 billion in losses and loss reserves.

The Company expects that the successful remediation of its
policyholders' surplus deficit will allow the Company to return to
compliance with the New York State Insurance Department's minimum
policyholders' surplus requirement of US$65 million.  Syncora
Guarantee is not currently writing new insurance business and,
along with its newly formed financial guarantee insurance
subsidiary, Syncora Capital Assurance Inc., will not resume
writing new insurance business.

The NYID approved the transactions relating to the restructuring
and directed that, upon the completion of each of the transactions
so approved, the Company will confirm to the NYID that such
closings have occurred and the impairment to its policyholders'
surplus has been removed.  The NYID will review such submission
and notify the Company when the restriction on claims payments
under the existing claims suspension order issued on April 10,
2009 is lifted so that the Company may recommence claim payments.
The one remaining transaction not yet closed or subject to binding
documentation and in settlement under the RMBS Tender Offer is
documented by an executed letter agreement providing for
negotiation of definitive agreements by July 31, 2009, failing
which the associated term sheet terminates.

"We are pleased to announce this very significant and
unprecedented restructuring in the financial guarantee industry.
We expect that the successful completion of all the various
transactions will restore Syncora Guarantee to positive
policyholders' surplus," commented Mike Esposito, Chairman of
Syncora's Board of Directors.

Acting Chief Executive Officer Susan Comparato added, "This result
would not have been possible without the hard work and dedication
of the Company's employees and its advisors. Thank you also to the
NYID for their ongoing oversight of the restructuring process,
which was essential in helping the Company achieve its goals. BSG
Markets LLC and Deutsche Bank Securities, as dealer managers for
the RMBS Tender Offer, should be commended for their efforts."

Following the closing of the 2009 MTA, Syncora Guarantee's
financial counterparties received 23,736,349 common shares of
Syncora and 6,332,700 of the common shares of Syncora that were
previously held in trust for the benefit of Syncora Guarantee were
cancelled.  As of July 15, 2009, Syncora had 59,339,343 total
common shares outstanding, with the financial counterparties
holding approximately 40% of the aggregate equity ownership.  In
addition, the financial counterparties received surplus notes of
an aggregate amount of $625 million issued by Syncora Guarantee.

Additionally, Syncora announced that in connection with the
closing of the 2009 MTA, Syncora Capital Assurance reinsures on a
cut-through basis substantially all of Syncora Guarantee's public
finance and selected global infrastructure business. Policyholders
reinsured by Syncora Capital Assurance will be notified of their
ability to make claims directly to Syncora Capital Assurance.
Syncora Capital Assurance also assumed, via novation from Syncora
Guarantee, substantially all of Syncora Guarantee's financial
guarantee insurance policies issued on any CDS contracts that were
not commuted under the 2009 MTA.

     -- Information Regarding Syncora Guarantee's Financial
        Position Following the Consummation of the 2009 MTA, the
        RMBS Tender Offer and Related Transactions

As of June 30, 2009, Syncora Guarantee expects to report a
policyholders' surplus deficit in the range of US$3.9 billion to
US$4.1 billion.  The comprehensive restructuring to remediate the
Company's policyholders' surplus deficit included three primary
components: (1) the commutation and restructuring of substantially
all of Syncora Guarantee's CDS portfolio; (2) the remediation of
expected losses on the Company's insured RMBS; and (3) the
creation of Syncora Capital Assurance.

The closing of the transactions related to the 2009 MTA
effectively commuted or restructured all of Syncora Guarantee's
US$56 billion of CDS exposure.  The 2009 MTA provided for the
effective commutation of the Company's financial guarantees of CDS
relating to collateralized debt obligations of asset-backed
securities -- ABS CDOs -- and other structured products with an
aggregate par approximating US$15 billion and case basis loss
reserves in accordance with statutory accounting principles as
permitted by the NYID approximating US$4.6 billion.  This
represents all of Syncora Guarantee's CDS exposure for which the
Company has reserves or expects losses with respect to ABS CDOs
and substantially all of Syncora Guarantee's financial guarantee
exposure to ABS CDOs with expected losses.

The RMBS Tender Offer closed on July 15, 2009 and, upon settlement
thereof, Syncora Guarantee will effectively commute approximately
US$3.8 billion of insured RMBS and approximately US$1.2 billion in
loss and loss reserves associated with Syncora Guarantee's RMBS
portfolio.  Syncora Guarantee achieved a total of 68.4 remediation
points, or 95% of the target amount, in the RMBS Tender Offer.
Along with the reinsurance of certain insured public finance and
selected global infrastructure bonds by Syncora Capital Assurance,
Syncora Guarantee has restructured or commuted in aggregate
approximately US $110 billion of par bonds insured.

On a SAP basis, after giving effect to the transactions
contemplated by the 2009 MTA, the RMBS Tender Offer and related
transactions on a pro forma basis as if they had been consummated
on June 30, 2009, Syncora Guarantee would expect to report total
policyholders' surplus at June 30, 2009 in the range of US$150
million to US$210 million, as compared to an expected
policyholders' surplus deficit (unaudited) at June 30, 2009 in the
range of US$3.9 to US$4.1 billion.  The policyholders' surplus of
Syncora Capital Assurance, reflecting its initial capitalization
and its assumption of certain business from Syncora Guarantee, is
expected to be in the range of US$265 million to US$295 million.

Combined projected pro forma summary balance sheet financial
information of Syncora Guarantee and Syncora Capital Assurance,
prepared in accordance with SAP, which gives effect to
transactions contemplated by the 2009 MTA, the RMBS Tender Offer
and related agreements as if they had been consummated on June 30,
2009:

                                        SYNCORA GUARANTEE

                                Expected
                                 to be
                                Reported    Pro Forma     Pro Forma
    ($ amounts in millions)     06/30/2009  Adjustments   06/30/2009
                                ----------  -----------   ----------
    Assets
        Cash, invested assets,
         and accrued investment
         income                  US$3,228   US$(542) (a)    US$391
                                               (364) (b)
                                             (1,249) (c)
                                               (572) (d)
                                               (111) (e)
        Investment in subsidiaries
            SGI-UK                      -        40  (f)        40
            SCAI                        -       542  (a)       281
                                        -      (261) (b)

        Other assets                  211       105  (d)       316
            Total Assets           $3,439   $(2,412)        $1,027

    Liabilities and Capital
     and Surplus
        Liabilities:
            Unpaid losses and loss
             adjustment expenses   $6,353   $(4,624) (c)       384
                                             (1,293) (d)
                                                (52) (e)
            Deferred premium
             revenue                  711      (438) (b)       273
            Mandatory contingency
             reserves                 296      (187) (b)        98
                                                 (2) (c)
                                                 (1) (d)
                                                 (7) (e)
             Other liabilities         77         5  (c)        91
                                        -         9  (e)         -
                Total liabilities   7,437    (6,590)           847

        Capital and Surplus:
            Surplus notes               -       625            625
            Preferred stock -
             Series B
             non-cumulative
             perpetual                200                      200
            Common stock and
             additional
             paid-in-capital        2,014                    2,014
            Accumulated deficit    (6,212)    2,747  (c)    (2,659)
                                                827  (d)
                                                (61) (e)
                                        -        40  (f)         -
                Total Capital
                 and Surplus       (3,998)    4,178            180
                Total Liabilities
                 and Capital and
                 Surplus         US$3,439 US$(2,412)      US$1,027


                            SYNCORA CAPITAL ASSURANCE

                                      Pro Forma
    ($ amounts in millions)           06/30/2009
                                      ----------
    Assets
        Cash, invested assets,
         and accrued investment
         income                     US$542 (a)
                                       364 (b)



        Investment in subsidiaries
            SGI-UK
            SCAI


        Other assets                     -
            Total Assets            US$905

    Liabilities and Capital
     and Surplus
        Liabilities:
            Unpaid losses and loss
             adjustment expenses        $-


            Deferred premium
             revenue                   438 (b)
            Mandatory contingency
             reserves                  187 (b)


             Other liabilities           -

                Total liabilities      625

        Capital and Surplus:
            Surplus notes              350 (a)
            Preferred stock -
             Series B
             non-cumulative
             perpetual
            Common stock and
             additional
             paid-in-capital           192
            Accumulated deficit       (261) (b)


                                         -
                Total Capital
                 and Surplus           280
                Total Liabilities
                 and Capital and
                 Surplus            US$905


The pro forma adjustments in the table below reflect the mid-point
of the range of pro forma policyholders' surplus.

     (a) To record capitalization of Syncora Capital Assurance.

     (b) To record reinsurance and novation of certain business to
         Syncora Capital Assurance from Syncora Guarantee.

     (c) To record the commutation of certain of Syncora
         Guarantee's CDS contracts and related insurance policies.

     (d) To record the in-substance defeasement of RMBS tendered
         in connection with the RMBS Transaction Agreement,
         resumption of RMBS claim payments and direct purchases of
         RMBS.

     (e) To record certain other transactions related to the 2009
         MTA.

     (f) To record permitted practice to admit the carrying value
         of Syncora Guarantee's UK subsidiary.

A summary of combined net par outstanding and loss estimates for
Syncora Guarantee and Syncora Capital Assurance expected as of
June 30, 2009 and on a pro forma basis giving effect to the
completion of the transactions contemplated by the 2009 MTA, the
RMBS Tender Offer and related transactions, as if they had been
completed on June 30, 2009:

               SYNCORA GUARANTEE AND SYNCORA CAPITAL ASSURANCE
                             ON A COMBINED BASIS

                        Expected                        Pro Forma
                         Net Par                         Net Par
                        Outstanding                     Outstanding
   Amounts in Millions  06/30/2009    Adjustments (1)   06/30/2009
                        -----------   ---------------   -----------
   Public Finance       US$53,065      US$(477)         US$52,588
   RMBS                     8,303       (3,870)             4,433
   ABS CDOs                14,117      (13,855)               262
   CDOs of CDOs             1,425       (1,119)               306
   All other               54,860         (379)            54,482
        Total            $131,771     $(19,700)          $112,071


                        Expected                         Pro Forma
                          Loss                             Loss
                        Reserves                         Reserves
                        06/30/2009    Adjustments (1)    06/30/2009
                        ----------    ---------------    ----------
   Public Finance           US$34         US$-              US$34
   RMBS                     1,588       (1,286)               302
   ABS CDOs                 4,318       (4,305)                13
   CDOs of CDOs               338         (328)                10
   All other                   75          (50)                25
        Total            US$6,353    US$(5,969)            US$384

      (1) Represents pro forma adjustments giving effect to the
          transactions contemplated by the 2009 MTA, the RMBS
          Tender Offer and related agreements as if they had been
          consummated on June 30, 2009.

                   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.


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


POPULAR INC: Posts Fourth Straight Quarterly Loss
-------------------------------------------------
Popular Inc, the parent of Banco Popular, reported a US$183.2
million net loss in the second quarter from a US$24.3 million in
the year-ago quarter, Reuters reports.  The report relates the
fourth straight quarterly loss was due to the deteriorating
housing market in Puerto Rico and an increase in bad loans.

According to the report, the loss from continuing operations was
US$176.6 million as Popular Inc's provision for bad loans
increased 85% to US$349.4 million.  Analysts expected the company
to post a loss of 44 cents a share, excluding items, according to
Reuters estimates.

Popular Inc, the report relates, is downsizing its U.S. banking
operations as it tries to navigate the economic downturn.  The
report recalls in May, it set plans to shed more than 20 percent
of its US branch network and focus on more profitable operations,
including New York.

                       About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.


                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2009, Standard & Poor's Ratings Services said that it
lowered its ratings on Popular Inc., including lowering the long-
term counterparty credit rating to 'BB-' from 'BB+' and the rating
on the company's preferred shares to 'C' from 'B-', and affirmed
the short-term counterparty credit rating at 'B'.


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


* TRININDAD & TOBAGO: Energy Sector Lost US$185MM in Investments
----------------------------------------------------------------
Trinidad and Tobago's energy sector lost US$185 million in planned
investment due to the economic crisis, Jamaica Observer reports.
The report relates companies that had planned to pump that money
into investments in the twin-island republic's energy industry
over a four-year period have now pulled out.

According to the report, Energy Minister Conrad Enill said it was
evidence that the country was feeling "the rumblings of the
toughened financing environment".  "Declining investments have
far-reaching implications, not only in T&T but worldwide, in terms
of energy security, global warming, economic growth and
technological developments," the report quoted Mr. Enill as
saying.

The Observer notes that Mr. Enill said, "the [International Energy
Agency] reports that the global upstream oil and gas investment
budgets through cutbacks in spending, project delays or
cancellations have been cut by 21% over that planned in 2008 or by
approximately US$100 billion."


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


CITGO PETROLEUM: Shutdowns Alkylation Unit After Fire
-----------------------------------------------------
Citgo Petroleum Corp's alkylation unit was shut following a
July 19 morning fire at its 163,000 barrel per day (bpd) Corpus
Christi, Texas, refinery, Erwin Seba at Reuters reports.

According to the report, an unnamed company spokesman said all
other units at the refinery continue to operate as a fire at the
alkylation unit continued to burn.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                          *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.


==========================
V I R G I N  I S L A N D S
==========================


DACOSTA MANNING: May Make 100 Jobs Redundant
--------------------------------------------
DaCosta Mannings may make 100 jobs redundant as its management
decided to close several businesses -- including the Speightstown
store, the Auto Centre at Warrens and the lumberyard on
Fontabelle, CBC.bb Bnews reports.  The report relates that an
unnamed company source said that while the economic slowdown has
not sparked these changes it has heightened the need for them.

Sources close to the discussions told the news agency in an
interview that the workers' union and the management have met but
no firm decisions were taken and they will resume talks next week.

CBC.bb News notes that the source added that while the company
would re-deploy some of the affected employees, but some would
lose their jobs.

Dacosta Mannings Inc. -- http://www.dacostamannings.com-- is one
of the leading Retailers in Barbados offering a diverse range of
goods and services ranging from Lumber and Builders Hardware, Home
Appliances and Furniture, Consumer Electronics, Horticulture,
Household items to Shipping Agency to the provision of services
such as the LP bottle gas distribution.  Dacosta Mannings Inc.
formed in October 1995 as a result of a merger of DaCosta Ltd.,
and Mannings, Wilkinson & Challenor, boasts of being a company
with a diverse range of goods and services.


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


CABLE & WIRELESS: Plans More Cost Cuts to Protect Profit
--------------------------------------------------------
Cable & Wireless Plc will cut more costs to safeguard
profitability as its Caribbean business suffers from the slowdown
of the local economy, Simon Thiel of Bloomberg News reports.

Fixed-line minutes in the Caribbean fell 9% in the first quarter
from the year-earlier period while average revenue per customer at
the mobile business declined 8%, the company said in an e-mailed
statement obtained by the news agency.  “In the face of this, we
are accelerating and stepping up our cost-reduction programs,” the
company added.

According to the report, the company said the slowdown in the
Caribbean is “intensifying” in several economies and the local
mobile business is also suffering from rising competition.

The company, the report notes, reiterated a forecast for EBITDA of
1.025 billion pounds in the 12 months to March 31, based on an
exchange rate of US$1.50 to GBP1.  The report relates Ebitda at
the worldwide unit will probably rise by 32% to GBP430 million,
compared with a 6% increase to US$935 million at the business in
the Caribbean, Panama and Macau.

                     About Cable & Wireless

Headquartered in London, 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.

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable
outlook.


* Fitch Reposts Poor Liquidity on Latin American Corporates
-----------------------------------------------------------
A Fitch Ratings review finds that the liquidity and cash flow
positions have deteriorated dramatically among lower speculative-
grade rated Latin America corporate issuers amid the severe global
economic slowdown.  Fitch's review covers 42 issuers across Latin
America with an Issuer Default Rating of 'B+' or below.

Among the 42 issuers, 19 have liquidity positions that have been
classified as either 'Below Average' or 'Poor'.  This is a sharp
increase from July 2008, when only six of 31 companies covered in
a similar review were deemed to be in a similar situation.  Of
those six companies, three defaulted during the second half of
2008.

Similarly, Fitch has categorized the cash flow trend of 26 of the
42 companies in this report to be either 'Below Average' or
'Poor'.  During 2008, eight companies out of 31 shared this
designation and four of them have now defaulted on their financial
obligations.

'Latin American corporates have, in general, suffered from weak
demand and lower prices in local markets,' said Joe Bormann,
Senior Director at Fitch.  'The sharp contraction of demand from
Europe and the United States has hit exporters especially hard.'

For 2009, Fitch projects the default rate for Latin American
corporates that have Fitch assigned IDRs to rise to approximately
9% from 3.2% during 2008, with a worst case scenario being 13%.


* BOND PRICING: For the Week July 13, 2009 to July 17, 2009
-----------------------------------------------------------

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

ARGENTINA

ALTO PALERMO SA       7.88            5/11/2017   USD       65.83
ARG BODEN                7            10/3/2015   USD       48.38
ARGENT-$DIS           8.28            12/31/2033  USD       53.67
ARGENT-$DIS           8.28            12/31/2033  USD       47.88
ARGENT-PAR            1.18            12/31/2038  ARS       26.39
ARGENT-=DIS           7.82            12/31/2033  EUR        41.4
ARGNT-BOCON PR13         2            3/15/2024   ARS       40.23
AUTOPISTAS DEL S      11.5            5/23/2017   USD       39.09
BANCO HIPOT SA        9.75            4/27/2016   USD       71.75
BANCO MACRO SA        9.75            12/18/2036  USD          65
BANCO MACRO SA         8.5            2/1/2017    USD          74
BONAR ARG $ V         10.5            6/12/2012   ARS        56.3
BONAR V                  7            3/28/2011   USD       73.75
BONAR VII                7            9/12/2013   USD       56.28
BONAR X                  7            4/17/2017   USD       56.91
BUENOS AIRE PROV      9.63            4/18/2028   USD        41.5
BUENOS AIRE PROV      9.38            9/14/2018   USD       43.62
BUENOS-$DIS           9.25            4/15/2017   USD        47.9
INDUSTRIAS METAL     11.25            10/22/2014  USD       63.64
INVERS REP Y SOC       8.5            2/2/2017    USD       69.38
MASTELLONE HERMA         8            6/30/2012   USD       44.88
MENDOZA PROVINCE       5.5            9/4/2018    USD       53.61
TRANSENER             8.88            12/15/2016  USD       68.93
TRANSPORT DE GAS      7.88            5/14/2017   USD       74.38


BRAZIL


CESP                  9.75            1/15/2015   BRL       53.69
COSAN SA INDUSTR      8.25            #N/A N Ap   USD        73.4
COSAN SA INDUSTR      8.25            #N/A N Ap   USD       73.46
REDE EMPRESAS        11.13            #N/A N Ap   USD       51.48
VIGOR                 9.25            2/23/2017   USD       69.75


CAYMAN ISLANDS


AIG SUNAMERICA        6.38            10/5/2020   GBP       62.71
BANCAJA INTL FIN       5.7            6/30/2022   EUR       66.98
BARION FUNDING        1.44            12/20/2056  GBP       25.85
BARION FUNDING        0.63            12/20/2056  GBP       13.99
BARION FUNDING        0.25            12/20/2056  USD        5.39
BARION FUNDING        0.25            12/20/2056  USD        5.39
BARION FUNDING        0.25            12/20/2056  USD        5.39
BARION FUNDING        0.25            12/20/2056  USD        5.39
BARION FUNDING        0.25            12/20/2056  USD        5.39
BARION FUNDING         0.1            12/20/2056  EUR        5.25
BARION FUNDING        0.25            12/20/2056  USD        5.44
BCP FINANCE CO        5.54            #N/A N Ap   EUR       76.88
BCP FINANCE CO        4.24            #N/A N Ap   EUR       76.45
BES FINANCE LTD        6.2            2/7/2035    EUR        52.4
BES FINANCE LTD       5.58            #N/A N Ap   EUR       76.97
BES FINANCE LTD        4.5            #N/A N Ap   EUR       74.69
BISHOPSGATE ASSE      4.81            8/14/2044   GBP       63.61
BLUE CITY CO 1       13.75            11/7/2013   USD       19.96
CHINA MED TECH           4            8/15/2013   USD       66.25
CHINA PROPERTIES      9.13            5/4/2014    USD       66.66
DUBAI HLDNG COMM      4.75            1/30/2014   EUR       63.57
DUBAI HLDNG COMM         6            2/1/2017    GBP       57.88
DWR CYMRU FIN         4.47            3/31/2057   GBP       69.32
EGE HAINA FINANC       9.5            4/26/2017   USD       67.52
ESFG INTERNATION      5.75            #N/A N Ap   EUR       64.71
GOL FINANCE            7.5            4/3/2017    USD       77.53
GOL FINANCE           8.75            #N/A N Ap   USD       64.17
IANSA OVERSEAS        7.25            7/28/2012   USD       67.05
JA SOLAR HOLD CO       4.5            5/15/2013   USD          75
LDK SOLAR CO LTD      4.75            4/15/2013   USD          69
MALACHITE FDG         0.63            12/21/2056  EUR       21.74
MAZARIN FDG LTD       0.25            9/20/2068   USD        4.11
MAZARIN FDG LTD       0.25            9/20/2068   USD        4.16
MAZARIN FDG LTD       0.25            9/20/2068   USD        4.11
MAZARIN FDG LTD       0.25            9/20/2068   USD        4.11
MAZARIN FDG LTD       0.25            9/20/2068   USD        4.11
MAZARIN FDG LTD       1.44            9/20/2068   GBP       23.89
MAZARIN FDG LTD       0.25            9/20/2068   USD        4.11
MAZARIN FDG LTD        0.1            9/20/2068   EUR        3.16
MAZARIN FDG LTD       0.63            9/20/2068   GBP       11.71
MINERVA OVERSE         9.5            2/1/2017    USD       58.96
MUFG CAP FIN 5         6.3            #N/A N Ap   GBP       73.77
PUBMASTER FIN         5.94            12/30/2024  GBP        65.9
PUBMASTER FIN         6.96            6/30/2028   GBP       48.44
REG DIV FUNDING       5.25            1/25/2036   USD       72.05
RESONA PFD GLOB       7.19            #N/A N Ap   USD       70.37
SHINSEI FIN CAYM      6.42            #N/A N Ap   USD       44.36
SMFG PREFERRED        6.16            #N/A N Ap   GBP       71.96
SUNAMER INST FND      6.15            10/14/2019  EUR       56.01
TAM CAPITAL INC       7.38            4/25/2017   USD        77.1
THPA FINANCE LTD      7.13            3/15/2024   GBP       69.11
VESTEL ELEC FIN       8.75            5/9/2012    USD       82.14
XL CAPITAL LTD        6.38            11/15/2024  USD       68.31
XL CAPITAL LTD        6.25            5/15/2027   USD          73
XL CAPITAL LTD         6.5            #N/A N Ap   USD        51.5


DOMINICAN REPUBLIC


DOMINICAN REPUBL      8.63            4/20/2027   USD          73


ECUADOR


REP OF ECUADOR        9.38            12/15/2015  USD       73.75
REP OF ECUADOR        9.38            12/15/2015  USD       72.01


JAMAICA


JAMAICA GOVT             8            3/15/2039   USD       73.42
JAMAICA GOVT           8.5            2/28/2036   USD          73
JAMAICA GOVT         13.38            4/27/2032   JMD        55.5
JAMAICA GOVT LRS        16            6/13/2022   JMD       69.48
JAMAICA GOVT LRS     16.15            6/21/2022   JMD       72.01
JAMAICA GOVT LRS     12.85            5/31/2022   JMD       56.71
JAMAICA GOVT LRS     16.15            6/12/2022   JMD        70.1
JAMAICA GOVT LRS     13.38            12/15/2021  JMD       59.25
JAMAICA GOVT LRS     16.25            5/22/2022   JMD       71.74
JAMAICA GOVT LRS        14            6/30/2021   JMD        62.2
JAMAICA GOVT LRS        15            11/15/2021  JMD       65.85
JAMAICA GOVT LRS      14.5            8/2/2017    JMD       69.86
JAMAICA GOVT LRS     15.75            8/22/2019   JMD        70.8
JAMAICA GOVT LRS        16            5/17/2017   JMD       74.86
JAMAICA GOVT LRS      14.5            6/28/2017   JMD       70.73
JAMAICA GOVT LRS     14.25            8/19/2015   JMD       72.07
JAMAICA GOVT LRS        15            7/31/2016   JMD       73.41
JAMAICA GOVT LRS       7.5            10/6/2012   JMD       67.09
JAMAICA GOVT LRS     13.63            6/23/2014   JMD       74.06
JAMAICA GOVT LRS     13.58            12/15/2026  JMD       56.74
JAMAICA GOVT LRS     16.25            5/22/2027   JMD       67.58
JAMAICA GOVT LRS     16.25            6/18/2027   JMD       70.09
JAMAICA GOVT LRS      14.4            8/3/2027    JMD       61.64
JAMAICA GOVT LRS      15.5            3/24/2028   JMD       64.39
JAMAICA GOVT LRS     16.13            8/21/2032   JMD       68.92
JAMAICA GOVT LRS     16.25            7/26/2032   JMD       67.47
JAMAICA GOVT LRS        15            8/30/2032   JMD       64.15
JAMAICA GOVT LRS     16.25            8/26/2032   JMD       69.45
JAMAICA GOVT LRS        16            12/6/2032   JMD       66.41
JAMAICA GOVT LRS        15            9/6/2032    JMD       63.99
JAMAICA GOVT LRS     12.75            6/29/2022   JMD       56.27
JAMAICA GOVT LRS     12.75            6/29/2022   JMD       56.29
JAMAICA GOVT LRS      16.5            6/14/2027   JMD        68.6
JAMAICA GOVT LRS        17            7/11/2023   JMD       72.97


PUERTO RICO


DORAL FINL CORP        7.1            4/26/2017   USD       43.25
DORAL FINL CORP       7.65            3/26/2016   USD       45.38
DORAL FINL CORP          7            4/26/2012   USD       47.25
DORAL FINL CORP       7.15            4/26/2022   USD       35.38
PUERTO RICO CONS       6.5            4/1/2016    USD       48.95
PUERTO RICO CONS       6.1            5/1/2012    USD        55.5


URUGUAY


URUGUAY                3.7            6/26/2037   UYU        70.5


VENEZUELA


PETROLEOS DE VEN      5.38            4/12/2027   USD        38.3
PETROLEOS DE VEN       5.5            4/12/2037   USD       37.99
PETROLEOS DE VEN      5.25            4/12/2017   USD       46.22
VENEZUELA                9            5/7/2023    USD       60.86
VENEZUELA             7.65            4/21/2025   USD       53.16
VENEZUELA             9.25            5/7/2028    USD       60.88
VENEZUELA             9.25            9/15/2027   USD       66.09
VENEZUELA              8.5            10/8/2014   USD       72.04
VENEZUELA                7            3/16/2015   EUR       64.31
VENEZUELA                7            3/16/2015   EUR        64.4
VENEZUELA             5.75            2/26/2016   USD       57.39
VENEZUELA                7            12/1/2018   USD       57.96
VENEZUELA                6            12/9/2020   USD       49.52
VENEZUELA                7            3/31/2038   USD       48.36
VENZOD - 189000       9.38            1/13/2034   USD       61.12



                            ***********

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., Marites O. Claro, Joy A. Agravente, 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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
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           * * * End of Transmission * * *