TCRLA_Public/090723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, July 23, 2009, Vol. 10, No. 144

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner is Wrongly Jailed by U.S. Judge, Lawyer Says
STANFORD INT'L: Venezuelan Investor Sues Willis Group
STANFORD INT'L: SFG Receiver Seeks Sale of Private-Equity Stake


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Global Scale Rating
GAS ARGENTINO: Creditors' Proofs of Debt Due on October 7
* ARGENTINA: Seeks to Maintain Surpluses, Access Credit


B E R M U D A

BERNARD MADOFF: In Settlement Talks With Bermuda Fund Manager


B R A Z I L

BANCO BRADESCO: Rated “Buy” in New Coverage at Banco do Brasil
BANCO SANTANDER: Brazil Unit Mulls Stock Sale in IPO
FUNDO DE INVESTIMENTO: Moody's Downgrades Ratings on Senior Shares
GRUMA SAB: Creditors Agree to Extend Talks Until July 24
JBS SA: U.S. Unit Files US$2-Bil IPO on New York Stock Exchange

* BRAZIL: “Irrational” Rates May Hurt Banks, Watchdog Chief Says


C A Y M A N  I S L A N D S

ASPARTA FUND: Members' Final Meeting Set for July 28
ASPARTA MASTER: Members' Final Meeting Set for July 28
CASTLEVIEW 2 ASSET: Members' Final Meeting Set for August 7
CASTLEVIEW 3 ASSET: Members' Final Meeting Set for August 7
CASTLEVIEW ASSET: Members' Final Meeting Set for August 7

COTSWOLD: Members' Final Meeting Set for August 7
G SQUARE: Deutsche Trustee Appoints Receivers & Managers
KALLISTA ARBITRAGE: Members' Final Meeting Set for July 29
KALLISTA ARBITRAGE: Members' Final Meeting Set for July 29
KOROKAN FUND: Members' Final Meeting Set for July 28

TIDEN DESTINY: Members' Final Meeting Set for August 7


C O L O M B I A

EMPRESAS PUBLICAS: Sells US$500 Million of 10-Year Bonds


E C U A D O R

STANFORD INT'L: Local Investors To Take Over Local Units
* ECUADOR: Local Investors to Take Over Stanford Units, Gov't Says
* ECUADOR: Jan.-May Exports to Andean Countries Dropped 53%


J A M A I C A

CABLE & WIRELESS: LIME Chief Executive Officer Steps Down
CABLE & WIRELESS: Jamaican Workers Not Affected by Layoffs
CABLE & WIRELESS: 21.3% of Shareholders Reject Pay Policy


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: Owner is Wrongly Jailed by U.S. Judge, Lawyer Says
------------------------------------------------------------------
Robert Allen Stanford's lawyers said their client was wrongly
jailed by U.S. District Judge David Hittner, who relied on
inaccurate statements from federal prosecutors and ignored
evidence showing the Texas financier is not a flight risk, Reuters
reports, citing an appeal in court.

"As a matter of law, the district court erred in reversing the
magistrate judge's order, and as a result, a 59-year-old man
accused primarily of financial crimes sits in jail and cannot
effectively meet with his lawyers or otherwise prepare for his
defense," the report quoted Dick DeGuerin, one of Mr. Stanford's
lawyer, as saying.

According to the report, the filing said that evidence as a whole
does not support the conclusion that Stanford is a flight risk and
prosecutors made inaccurate statements to Judge Hittner regarding
the whereabouts of the financier's passport and his ties to the
community.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2009, Caribbean World News said Mr. Stanford, a financier
accused of orchestrating a multi-billion Ponzi Scheme, has his
attorneys busy taking an appeal from Judge Hittner's “no bail”
decision.  The report related Mr. Stanford's attorneys on June 21
filed an appeal with the 5th U.S. Circuit Court of Appeals in New
Orleans, asking for Judge Hittner's decision to be overturned.
According to a July 14 TCRLA report, citing Caribbean360.com, Mr.
DeGuerin's second attempt to obtain bail for Mr. Stanford --
founder of Stanford International Bank Limited –- was not granted
by Judge Hittner.  The report related Judge Hittner denied a
motion filed by Mr. DeGuerin for a review of the order he made on
June 30, revoking the US$500,000 bail given by U.S. Magistrate
Judge Frances Stacy.  Judge Hittner previously considered Mr.
Stanford a flight risk and ruled that the defendant will remain in
jail to await his trial.

                  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: Venezuelan Investor Sues Willis Group
-----------------------------------------------------
Venezuelan investor Reinaldo Ranni has sued Bermuda-based global
insurance broker Willis Group Holdings Limited over the collapse
of the Robert Allen Stanford's banking empire, saying he relied on
assurances from Willis Group that Stanford Group was sound, Jim
Loney of Reuters reports.  The report relates Mr. Ranni accused
Willis Group of fraud, negligence, misrepresentation and
violations of U.S. and Florida securities laws.

Willis Group "played an instrumental role in enabling Allen
Stanford and his companies to perpetrate a massive multi-billion
dollar fraud against scores of investors, largely Venezuelans and
other South Americans," the lawsuit said, Reuters notes.

According to the report, the lawsuit said that Willis Group
supplied the proof for Stanford, by issuing "safety and soundness"
letters to Stanford agents on Willis Group letterhead and signed
by a Willis Group executive which identified the insurance
policies underlying operations at Stanford International Bank in
Antigua and Barbuda.  "The letter proclaimed SIBL's employees to
be first class business people and claimed that SIBL had undergone
a stringent Risk Management Review by an outside audit firm," the
suit said.  It was all lies, the suit added.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Reuters said that several Mexican clients of
Stanford Financial Group are seeking more than US$1 billion in
damages from Willis Group, contending it was a willing participant
in a US$7-billion fraud at Stanford Financial, Reuters reports.
The report related that the lawsuit -- which was filed by law
firms Strasburger & Price LLP and Castillo Snyder PC. In Dallas --
said Willis Group "crossed the line from being mere insurance
brokers" to essentially acting as sales agents for Stanford
Financial.

                  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: SFG Receiver Seeks Sale of Private-Equity Stake
---------------------------------------------------------------
Stanford Financial Group court-appointed receiver Ralph Janvey
asked for emergency approval to sell Robert Allen Stanford's stake
in two limited partnerships by next week to avoid meeting cash
calls or diluting the investments, Laurel Brubaker Calkins of
Bloomberg News reports.  “The sale of these investments will allow
the receivership estate to avoid having to choose between
injecting millions of dollars worth of capital into the
partnerships or defaulting under the agreements,” Kevin Sadler, a
lawyer for receiver Mr. Janvey, said in court papers obtained by
the news agency.

According to the report, Mr. Sadler said in the filing that
Mr. Stanford’s companies are already past-due on US$2.5 million in
capital calls issued by two Israeli development funds since the
U.S. Securities and Exchange Commission sued Mr. Stanford and
seized his businesses.  If the stakes aren’t sold by July 27, Mr.
Stanford’s US$14.3 million investment in the two funds will shrink
to US$400,000, Mr. Sadler added.

Bloomberg News notes that Mr. Janvey’s advisers negotiated a sale
price of US$4.1 million for the stakes in Israel Opportunity
Fund I and II, which would generate US$1.6 million in cash for the
receivership estate.   The report relates that the remaining
US$2.5 million would go to cover the outstanding capital calls and
relieve the Stanford companies of US$61 million in future capital
commitments to the two funds.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Reuters said that Mr. 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.  "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.  The report, citing the court filing
with a court in Dallas, related that so far, the receiver has
identified debt and equity investments with initial investment
amounts totaling about US$650 million.   Those investments were
made in portfolio companies, private equity and real estate funds,
the filing 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).


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Global Scale Rating
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXX issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Caa2.ar (Argentine National
Scale) and Caa3 (Global Scale, Local Currency) to the Class B
Fixed Rate Securities; and ratings of C.ar (Argentine National
Scale) and C (Global Scale, Local Currency) to the subordinated
Certificates.

The assigned ratings are based on these factors:

  -- The credit quality of the securitized personal loans

  -- The ability and willingness of ANSES to make monthly pensions

  -- The ability of Banco Supervielle to act as the servicer of
     the pool

  -- The ability of Deutsche Bank to act as trustee in this
     transaction

  -- Initial credit enhancement provided through subordination

  -- The availability of various reserve accounts, and

  -- The legal structure of the transaction.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 19,307 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARG50,000,306.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent for this government entity and
deducts the monthly loan installment directly from the borrower's
paycheck.

                            Structure

Deutsche Bank S.A. (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class B Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 17%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 400 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 26% or lower
than 16%.  The Class B Fixed Rate Securities will bear a fixed
interest rate of 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

                           Rating Action

Originator: Banco Supervielle S.A.

  -- ARG18,000,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXX",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARG24,500,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXX",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARG5,000,000 in Class B Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXX",
     rated Caa2.ar (Argentine National Scale) and Caa3 (Global
     Scale, Local Currency)

  -- ARG2,500,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXX", rated C.ar (Argentine
     National Scale) and C (Global Scale, Local Currency)


GAS ARGENTINO: Creditors' Proofs of Debt Due on October 7
---------------------------------------------------------
The creditors of Gas Argentino SA may file their proofs of debt by
October 7, 2009, to be included in the company's dividend
distribution.

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

A creditors' hearing was set for July 17, 2010 at 11:00 a.m.

The company's trustee is:

         Estudio Herrera & Asociados
         Viamonte 1454, Piso 4,
         Buenos Aires, Argentina


* ARGENTINA: Seeks to Maintain Surpluses, Access Credit
-------------------------------------------------------
Argentine Economy Minister Amado Boudou said the government will
sustain trade and budget surpluses, and seek to return to credit
markets even as economists forecast a worsening outlook for the
country, Bill Faries at Bloomberg News reports.

“There’s a road map that we’re going forward with that includes
having access to international credit markets and sustaining
budget and trade surpluses,” the report quoted Mr. Boudou as
saying.  “We have a model that, despite the international
situation, is keeping us in surplus,” Mr. Boudou added.

According to the report, Argentina has depended on commodity
exports and increased consumer consumption to bolster revenue and
help finance government operations since 2001, when it defaulted
on US$95 billion in bonds.  The report relates lawsuits stemming
from that default block the country from accessing international
credit markets.

Bloomberg News notes Treasury Secretary Juan Carlos Pezoa said
that the June primary budget surplus, which doesn’t include
interest payments, fell 65% to 909.7 million pesos (US$238.7
million).  Including interest payments, the country reported a
deficit of 1.64 billion pesos, report says.

Argentina, the report recalls, had a trade surplus of US$1.5
billion last month, up from US$211 million a year earlier, after
imports fell 30% to US$3.6 billion.  The economy will contract 3.3
percent this year after growing 6.8 percent last year, according
to the median estimate of six economists surveyed by Bloomberg.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.


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


BERNARD MADOFF: In Settlement Talks With Bermuda Fund Manager
-------------------------------------------------------------
Bernard L. Madoff Investment Securities LLC trustee Irving Picard
told U.S. Bankruptcy Judge Burton Lifland that he is in settlement
talks with three Fairfield Greenwich Group hedge funds accused of
taking US$3.54 billion in fake profits from Bernard L. Madoff,
Erik Larson at Bloomberg News reports.  The report relates Mr.
Picard said that he is in similar talks with two funds run by
Bermuda-based Kingate Management Ltd., accused of withdrawing
US$255 million in fake profit from Madoff’s investment advisory
business before his Dec. 11 arrest.

According to the report, Judge Lifland granted Mr. Picard’s
request to give the Fairfield and Kingate funds extensions until
Sept. 21 and July 27, respectively, to respond to the lawsuits.
The extensions will let them “continue ongoing settlement
discussions,” the report quoted Mr. Picard as saying.

Bloomberg News recalls Mr. Picard sued Fairfield Sentry, Greenwich
Sentry and Greenwich Sentry Partners in May, over claims they
received “unrealistically high” returns on their investments.  The
report notes that Mr. Picard also claims that Fairfield’s
withdrawals over a six- year period are recoverable under U.S.
bankruptcy law.  The report relates the trustee also sued British
Virgin Islands-based Kingate Global Fund and Kingate Euro Fund in
April, accusing the Madoff “feeder funds” of withdrawing US$255
million from Madoff’s firm within 90 days of the arrest.  The
Kingate funds allegedly invested a total of US$1.73 billion with
Bernard L. Madoff Investment Securities LLC, the report adds.

                     About Bernard Madoff

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

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

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

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

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


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


BANCO BRADESCO: Rated “Buy” in New Coverage at Banco do Brasil
--------------------------------------------------------------
Banco Bradesco SA was rated “buy” in new coverage at Banco do
Brasil SA on the outlook for growth in its insurance and credit
card businesses, Paulo Winterstein at Bloomberg News reports.

Bradesco will benefit from Brazil’s economic recovery this year
and will likely expand credit by 20% annually “in coming years,”
wrote Nataniel Cezimbra, an analyst at the investment arm of
Brazil’s largest government-controlled bank, the report relates.

According to the report, Mr. Cezimbrathe wrote that the biggest
growth will likely come from its insurance business, which
provided 38% of net income in the first quarter.

                     About Banco Bradesco

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

                       *     *     *

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


BANCO SANTANDER: Brazil Unit Mulls Stock Sale in IPO
----------------------------------------------------
Banco Santander (Brasil) SA, the Brazilian unit of Spanish-based
Banco Santander SA, said it is considering selling new shares in
an initial public offering, Elzio Barreto of Reuters reports.  The
bank said it may sell a minority stake depending on market
conditions at the time, Banco Santander said in a securities
filing obtained by the news agency.

According to the report, Spain's Santander controls 98.4% of the
Brazilian unit's common shares and 97.4% of preferred shares.

Reuters says, citing Valor Economico newspaper, the unit may sell
up to 6 BRLbillion (US$3.15 billion) in stock in local capital
markets.  The report relates that the Daily said the sale is
planned for the second half of the year and is part of a drive by
Santander to bulk up its capital base in Brazil and increase
lending in the country.

                  About Banco Santander SA

Banco Santander (Brasil) SA -- http://www.santander.com.br/-- is
a Brazil-based bank integrating the international financial group
Banco Santander Espanha.  Its main business areas are the retail
banking, wholesale banking, asset management and insurance. The
Bank also provides crediting, financing, real estate crediting,
exchange, insurance and commercial savings services.  The Bank
directs its products and services to individual clients, small and
medium-sized companies, corporations, governmental agencies and
institutions.  During the year ended December, 2008, both ABN AMRO
Real SA and ABN AMRO Brasil Dois Participacoes SA joined Banco
Santander SA’s group of main subsidiaries, which includes Aymore
Credito, Financiamento e Investimento SA and Real Leasing SA
Arrendamento Mercantil.  In March 2009, Banco Santander SA
announced that it has acquired the outstanding 50% of Brazil
insurance group Real Tokio Marine Vida e Previdencia, affiliated
of Tokio Marine Holdings, Inc., which the Company did not yet own.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, Moody's Investors Service placed on review for
possible upgrade the Ba2 long-term foreign currency deposit rating
of Banco Santander Brasil S.A.


FUNDO DE INVESTIMENTO: Moody's Downgrades Ratings on Senior Shares
------------------------------------------------------------------
Moody's America Latina has downgraded the ratings of the senior
shares of Fundo de Investimento em Direitos Creditorios
Intermedium Creditos Consignados, Series 2007-1 and 2008-1, to B2
from Ba3 on the Global Scale, Local Currency, and to Baa3.br from
A2.br on the Brazilian National Scale.  This rating action
concludes the rating review.

Immediately following the rating action, Moody's will withdraw the
ratings on both Series for business reasons.

                         Rating Rationale

The downgrade reflects the decision of the originating bank, Banco
Intermedium, not to pursue the full transfer of servicing of the
securitized loans, including collection, reconciliation and
payments of funds to the FIDC, to a highly-rated financial
institution.

The last rating action on both Series occurred on March 31, 2009,
when the ratings were downgraded to Ba3 from Baa3 rating (Global
Scale, Local Currency) and to A2.br from Aaa.br rating (Brazilian
National Scale); and placed on review for possible further
downgrade.  At this time, Moody's had stated that the originator
was exploring the possibility of fully transferring servicing of
the collateral to a highly rated financial institution, and that
the review would focus on whether the full servicing transfer was
accomplished.  Subsequently, Banco Intermedium communicated to
Moody's its decision not to pursue such transfer.

The downgrade also reflects Moody's concerns about the dependence
of this securitization on the servicing and credit support
provided by the originating bank.  As Moody's mentioned in its
press release dated March 31, 2009, upon the potential financial
failure of the servicer, the processes of collection, transfer and
reconciliation of amounts deducted from borrowers could be halted
for a period of time, the duration of which is difficult to
predict.  Delays could potentially lead to a default of the FIDC's
obligations.  In a more stressful scenario, the servicer would
have to be replaced by another bank, thus requiring a new
servicing arrangement for the FIDC.  The degree of servicing
disruption would depend on the severity of the potential scenarios
regarding the bank's failure -- either intervention by the central
bank, liquidation of the bank or bankruptcy.

Moody's therefore believes that the ratings of these consigned
loan securitizations have become more closely aligned with the
credit quality of the originator and servicer, in this case, Banco
Intermedium.

In general Moody's assesses no probability of systemic support to
the local currency deposit ratings of Brazilian banks with modest
share in the deposit market and little importance to the Brazilian
payment system.  Moody's highlights that the consigned loan
transactions may also be supported by the originators in the form
of repurchase of delinquent assets, replacement of loans to avoid
the breach of transaction triggers, and cash advances to cover
shortfalls from prepaid loans.  A financial distress of the
originator would halt support to the securitization transaction,
and as a result the performance of the receivables could
deteriorate significantly.

                        Rating Methodology

The rating methodology used to rate consigned-loan backed
transactions is based on historical performance data, the deal's
structural features and qualitative assessments.  The performance
data includes, among others, historical information about the
origination of receivables, delinquencies, and prepayments.  The
qualitative assessment includes, among other factors, a review of
origination and credit approval processes and servicing.

Moody's estimates the expected loss of the securitized pool based
on the analysis of the originating bank's static pool data, which
is incorporated in a cash flow model to determine the expected
loss for the rated securities.  The cash flow model simulates a
wind-down scenario, which would occur under an early amortization.

Moody's considers the risk that a jurisdiction fails to transfer
to the servicer the cash flow coming from collections on the loan
installments deducted from employee's paychecks.  This risk is
usually the result of short-to-medium term liquidity pressures
observed at the jurisdiction level and it is expected to be
mitigated by the fund's eligibility criteria.  In order to test
the transaction for concentration per jurisdiction, Moody's runs a
simulation considering the worst possible portfolio composition,
given the concentration limits allowed in the transaction and the
expected losses assumed for each paying entity in the pool.  This
ensures that the expected loss on the pool, given the permitted
concentrations, is consistent with the expected loss from the
rated securities.

Moody's also analyzes structural features such as the triggers
present in the transaction and the availability of reserve
accounts.

The resulting expected losses for the securities deriving from the
cash flow model are ultimately mapped to a global rating.  Moody's
considers these results, together with the analysis of the
transaction's qualitative factors and structural features, to
arrive at a final rating in the global scale, which is further
mapped to an equivalent rating in the Brazilian national rating
scale.

                          Rating Action

The complete rating action is:

  -- Fundo de Investimento em Direitos Creditorios Intermedium
     Creditos Consignados, Series 2007-1 and

     -- 2008-1: senior shares downgraded to B2 from Ba3 rating
        (Global Scale, Local Currency) and to Baa3.br from A2.br
        rating (Brazilian National Scale); ratings subsequently
        withdrawn.

The last rating action on both Series occurred on March 31, 2009,
when the ratings were downgraded to Ba3 from Baa3 rating (Global
Scale, Local Currency) and to A2.br from Aaa.br rating (Brazilian
National Scale); and placed on review for possible further
downgrade.


GRUMA SAB: Creditors Agree to Extend Talks Until July 24
--------------------------------------------------------
Andres R. Martinez and Carlos Manuel Rodriguez at Bloomberg News
report that Gruma S.A.B. de C.V. said banks including JPMorgan
Chase agreed to extend talks until July 24, on the US$726.6
million in losses linked to foreign currency derivatives.  The
report relates the company may ask for another extension to allow
time to refinance existing loans and gain board approval.

“We believe that Gruma will reach an agreement with its
creditors,” the report quoted Eduardo Estrada Lopez, a Citigroup
Inc. analyst in Mexico City, as saying.  “A breakdown from the
talks will affect all the parties involved,” Mr. Estrada added.

According to the report, Gruma Sab said that Bancomext, a Mexican
state development bank, and the Mexican unit of Banco Bilboa
Vizcaya Argentaria SA, agreed to extend the maturity of two Gruma
loans due 2010.  The report relates a BBVA five-year syndicated
senior credit facility for US$250 million will be due 2014.

Gruma SAB, the report notes, said Bancomext extended the maturity
of a 3.367 billion-peso loan to 2019 with a three-year grace
period.  Gruma and London-based Barclays Plc reached an agreement
June 26 to close a derivatives position for US$21.5 million due
July 21, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, Bloomberg News said Gruma SAB expects to reach an
agreement with banks this month on US$668.3 million of loans
needed to cover derivatives losses and avoid bankruptcy.
According to the report, the company said in a U.S. regulatory
filing that it may be forced to file for bankruptcy because it
does "not currently have sufficient liquidity."  The report
related the company has a July 23 deadline to reach a loan accord
with Credit Suisse Group AG, Deutsche Bank AG and JPMorgan Chase &
Co., to pay them back for currency derivatives that plunged in
value after the peso dropped.

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

                        About Gruma, S.A.B.

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

                          *     *     *

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


JBS SA: U.S. Unit Files US$2-Bil IPO on New York Stock Exchange
---------------------------------------------------------------
JBS USA Holdings Inc., a unit of JBS SA, filed for an initial
public offering of up to US$2 billion on the New York Stock
Exchange, Phil Wahba at Reuters reports.  Jessica Brice and Dale
Crofts at Bloomberg News relate JBS USA also plans to sell
Brazilian depositary receipts.

According to Reuters, citing a prospectus filed with the U.S.
Securities and Exchange Commission, JBS USA, made up of its U.S.
and Australian plants, had sales of US$15.4 billion in 2008.  That
tally accounted for about 78 percent of JBS SA's gross revenue for
the first quarter of 2009, the filing said.

JBS USA, Reuters notes, said it plans to use the IPO's proceeds
for "substantial investments in order to significantly expand our
direct distribution."

Chief Executive Officer Joesley Mendonca Batista told Bloomberg
News in an interview that JBS SA aims to become the largest beef
distributor by the end of next year and has been approached by
companies seeking to be acquired.

                        About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                        *      *     *

As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.


* BRAZIL: “Irrational” Rates May Hurt Banks, Watchdog Chief Says
----------------------------------------------------------------
Brazilian Antitrust Agency Chief Arthur Badin said a move by
state-owned banks to cut interest rates in a bid to force others
to match lower borrowing costs threatens to hurt the banking
industry, Iuri Dantas at Bloomberg News reports.

“Public banks fulfill an important role in helping the economy
recover,” Mr. Badin told the news agency in an interview.  “It’s
also important that, under the pretext of increasing competition,
you don’t achieve the opposite in the long term, with irrational
pricing of interest rates when there exists the possibility for
effective competition,” Mr. Badin added.

According to the report, Brazilian officials have urged banks to
increase lending and cut borrowing costs after the credit crunch
last year.  The report relates Banco do Brasil SA Caixa Economica
Federal and state development bank BNDES have all slashed
borrowing costs over the past year.  “Decisions by public banks to
lower rates were mainly political and don’t solve structural
problems, such as default rates and future rate expectations,” the
report quoted Andre Perfeito, an economist at brokerage Gradual
CCTVM Ltda, as saying.  “It may produce results in the short term,
but in the long term it will cost more and won’t be very
effective,” Mr. Perfeito added.


                        *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.


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


ASPARTA FUND: Members' Final Meeting Set for July 28
----------------------------------------------------
The members of Asparta Fund will hold their final general meeting
on July 28, 2009, at 3:00 p.m., to receive the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Sylvia Solomon
          Tracy Thornewill
          c/o 1 Grosvenor Crescent,
          London, SW1X 7EF, United Kingdom


ASPARTA MASTER: Members' Final Meeting Set for July 28
------------------------------------------------------
The members of Asparta Master Fund will hold their final general
meeting on July 28, 2009, at 3:00 p.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Sylvia Solomon
          Tracy Thornewill
          c/o 1 Grosvenor Crescent,
          London, SW1X 7EF, United Kingdom


CASTLEVIEW 2 ASSET: Members' Final Meeting Set for August 7
-----------------------------------------------------------
The members of Castleview 2 Asset Management Ltd will hold their
final general meeting on August 7, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CASTLEVIEW 3 ASSET: Members' Final Meeting Set for August 7
-----------------------------------------------------------
The members of Castleview 3 Asset Management Ltd will hold their
final general meeting on August 7, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CASTLEVIEW ASSET: Members' Final Meeting Set for August 7
---------------------------------------------------------
The members of Castleview Asset Management Ltd will hold their
final general meeting on August 7, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


COTSWOLD: Members' Final Meeting Set for August 7
-------------------------------------------------
The members of Cotswold will hold their final general meeting on
August 7, 2009, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


G SQUARE: Deutsche Trustee Appoints Receivers & Managers
--------------------------------------------------------
Margaret E. Mills, Allan R. Bloom, and Stephen J. Harris at Ernst
& Young LLP, were appointed as receivers and managers of G Square
Finance Limited by Deutsche Trustee Company Limited on July 3,
2009.

The joint receivers and managers can be reached at:

   Ernst & Young LLP
   I More London Place
   London SEI 2AF
   IP Nos: 5318, 6462, 8624


KALLISTA ARBITRAGE: Members' Final Meeting Set for July 29
----------------------------------------------------------
The members of Kallista Arbitrage Strategies Fund Limited will
hold their final general 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:

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


KALLISTA ARBITRAGE: Members' Final Meeting Set for July 29
----------------------------------------------------------
The members of Kallista Arbitrage Strategies Master Fund Limited
will hold their final general 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:

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


KOROKAN FUND: Members' Final Meeting Set for July 28
----------------------------------------------------
The members of Korokan Fund Limited will hold their final general
meeting on July 28, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIDEN DESTINY: Members' Final Meeting Set for August 7
------------------------------------------------------
The members of Tiden Destiny Master Fund Limited will hold their
final general meeting on August 7, 2009, at 3:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


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


EMPRESAS PUBLICAS: Sells US$500 Million of 10-Year Bonds
--------------------------------------------------------
Empresas Publicas de Medellin SA sold US$500 million of 10-year
bonds, Andrea Jaramillo at Bloomberg News reports, citing a data
compiled by the news agency.  The report relates the company sold
the notes to yield 7.875%, or 432.5 basis points above similar-
maturity Treasuries.

According to the report, EPM plans to invest 5 trillion pesos
(US$2.5 billion) in the next four years in projects including a
wastewater treatment plant in Bello, Colombia, hydroelectric
plants and wind farms.

                        *     *     *

As of July 23, 2009, the company continues to carry Fitch ratings'
"BB+" LT FC issuer default and Senior Unsecured Debt ratings.



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


STANFORD INT'L: Local Investors To Take Over Local Units
--------------------------------------------------------
The Ecuador government said that a group of local Ecuadorian
investors will take over Stanford Financial Group's former units,
Mercedes Alvaro at Dow Jones Newswires reports.

Ecuador's security regulator has lifted its intervention that
began in February on the company's Ecuador units and has approved
the transfer of the units to a local group, chief of Ecuador's
stock market regulator Santiago Noboa told Dow Jones Newswires in
an interview.

According to the report, Mr. Noboa said a U.S. court-appointed
receiver, Ralph Janvey, has sold the shares of Stanford Ecuador to
a local group.  "The assets of Stanford Group will be transferred
to a local investors group next month," Mr. Noboa was quoted by
the report as saying.

The report notes sources with Ecuador's private company regulator
said former Stanford Group employees purchased the units.

Mr. Noboa said that the intervention aimed to defend the interests
of investors, Dow Jones Newswires adds.


* ECUADOR: Local Investors to Take Over Stanford Units, Gov't Says
------------------------------------------------------------------
The Ecuador government said that a group of local Ecuadorian
investors will take over Stanford Financial Group's former units,
Mercedes Alvaro at Dow Jones Newswires reports.

Ecuador's security regulator has lifted its intervention that
began in February on the company's Ecuador units and has approved
the transfer of the units to a local group, chief of Ecuador's
stock market regulator Santiago Noboa told Dow Jones Newswires in
an interview.

According to the report, Mr. Noboa said a U.S. court-appointed
receiver, Ralph Janvey, has sold the shares of Stanford Ecuador to
a local group.  "The assets of Stanford Group will be transferred
to a local investors group next month," Mr. Noboa was quoted by
the report as saying.

The report notes sources with Ecuador's private company regulator
said former Stanford Group employees purchased the units.

Mr. Noboa said that the intervention aimed to defend the interests
of investors, Dow Jones Newswires adds.



* ECUADOR: Jan.-May Exports to Andean Countries Dropped 53%
-----------------------------------------------------------
Ecuador's exports to Andean Countries dropped 53% to US$743
million between January and May from US$1.57 billion registered in
the same period of 2008, Mercedes Alvaro of Dow Jones Newswires
reports, citing the country's central bank.

According to the report, Ecuadorian imports from Andean countries
-- Bolivia, Colombia, Ecuador, Venezuela -- dropped 36% to US$1.06
billion in the same period from US$1.65 billion in the previous
year.

Central bank data gathered by Dow Jones showed:

  Country            Exports                  Imports
  -------            -------                  -------
  Colombia           US$261 million (35%)  US$593 million
  Peru               US$293 million (39%)  US$236 million
  Venezuela          US$186 million (25%)  US$226 million
  Bolivia            remaining             US$5 million

In 2008, the report notes Ecuador's exports to CAN totaled US$3.20
billion while imports from the group totaled US$4.67 billion.

                         *     *     *

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


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


CABLE & WIRELESS: LIME Chief Executive Officer Steps Down
---------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) Chief Executive Officer
of Richard Dodd will step down from his post, just after 18
months, Caribbean World News reports.  The report relates Mr. Dodd
will be replaced by David Shaw, LIME's current chief operating
officer.

“[I] decided to step down after leading LIME through the first
phase of the company's One Caribbean transformation program,
bringing together 13 separate operations into a single entity and
creating the foundation for a truly pan-Caribbean business,” the
report quoted Mr. Shaw as saying.  “Having successfully executed
the first phase of the program, he has decided to return to the
UK.”

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

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

                          *     *     *

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

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


CABLE & WIRELESS: Jamaican Workers Not Affected by Layoffs
----------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) said it plans more cuts
in its regional operations as a result of a slowdown in business
due to the global economic crisis, the Jamaica Observer reports,
citing a CMC report.

However, the report relates LIME's regional vice-president of
corporate communications, Errol Miller, said the pending cuts were
part of restructuring in the Caribbean that started last year.
"We had indicated from last year we are moving from 3,700 to 2,500
[employees].  The final cuts will be about September," the report
quoted Mr. Miller as saying.  "We have done about 60 per cent,"
Mr. Miller added.

According to the report, Mr. Miller said that Jamaican employees
would not be affected as the remaining numbers would come from the
other islands.

As reported in the Troubled Company Reporter-Latin America on
July 21, 2009, the Jamaica Gleaner said that Cable and Wireless
Plc said it plans more cuts in its Caribbean operations as a
result of a slowdown in business, due to the global economic
crisis.  The report related that the company said fixed-line
minutes in the Caribbean fell 9% in the first quarter this year,
while average revenue per customer at the mobile business declined
by eight per cent.  "In the face of this, we are accelerating and
stepping up our cost-reduction programs," the company was quoted
by the report as saying.  The company, the report noted, said the
slowdown in the Caribbean is "intensifying", adding that the
mobile business is also suffering from increased competition.

                   About Cable & Wireless

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

                          *     *     *

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

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


CABLE & WIRELESS: 21.3% of Shareholders Reject Pay Policy
---------------------------------------------------------
Andrew Parker at The Financial Times reports that some 21.3% of
Cable & Wireless plc's shareholders voted against the company's
pay policy at an annual meeting Friday last week.

According to the FT, 16.2 per cent of votes on the C&W
remuneration report abstained.

As reported in the Troubled Company Reporter-Europe on July 17,
2009, the FT said C&W wanted to extend the pay-out period for the
company's long-term incentive plan in a move that could increase
the cash going to its managers, led by John Pluthero, head of the
company’s UK business.  The FT disclosed the Association of
British Insurers, whose members account for almost 20 per cent of
investments in the UK stock market, objected to the proposed
extension of the long-term incentive plan to 2011.  The ABI, which
issued a "red top warning", objected to the fact that the share
awards have not been based on actual salaries this year, the FT
said.

The FT notes the long-term incentive scheme was due to pay out in
full next year, but following Friday's vote will be extended to
2011.  The company, the FT says, wanted to extend the scheme due
to capital market turmoil, which forced it to delay a demerger of
its UK and international operations.

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.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, 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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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