TCRLA_Public/090729.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, July 29, 2009, Vol. 10, No. 148

                            Headlines

A R G E N T I N A

DEL PLATA: Requests for Opening of Preventive Contest
MEVACO SRL: Asks for Opening of Preventive Contest
TECNOPRACTICA SA: Requests Opening of Preventive Contest
TELECOM ARGENTINA: Court Rejects Antitrust Ruling Against Parent
TURISMO ZINGARO: Proofs of Claim Verification Due on August 21

UNION GEOFISICA: Asks for Opening of Preventive Contest


B E R M U D A

CONTINUUM GROUP: Creditors' Proofs of Debt Due on August 14
CONTINUUM GROUP: Members to Receive Wind-Up Report on September 2
CUPAC TECHNOLOGY: Court to Hear Wind-Up Petition on August 21
FBR PEGASUS: Members' Final General Meeting Set for August 27


B O L I V I A

GOLDEN EAGLE: To Foreclose on Lien Against Jerritt Canyon Mill


B R A Z I L

BANCO BRADESCO: To Release First Half Results on August 4
BANCO FIBRA: S&P Affirms 'BB-/B' Counterparty Credit Ratings
GAFISA SA: Raised to “Hold” at Banco Santander
GERDAU AMERISTEEL: Downgraded to "Neutral" at Goldman Sachs


C A Y M A N  I S L A N D S

BLUE SKY: Commences Liquidation Proceedings
DIAMOND FUND: Commences Liquidation Proceedings
FORTIS IFICO: Creditors' Proofs of Debt Due on August 20
IFOH LIMITED: Creditors' Proofs of Debt Due on August 17
MARATHON CAMEROON: Creditors' Proofs of Debt Due on August 10

MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due on August 10
SALDANI LTD: Commences Wind-Up Proceedings
SHEFFIELD CDO: Moody's Downgrades Ratings on Various Classes
SOUTHERN CONE: Commences Wind-Up Proceedings
VISION CAPITAL: Commences Wind-Up Proceedings

VISION ONE: Commences Wind-Up Proceedings


C O L O M B I A

ECOPETROL SA: To Release 2nd Quarter Results on August 3


E L  S A L V A D O R

PACIFIC RIM: Posts US$6.3 Million Net Loss in FY Ended April 30


J A M A I C A

JAMAICA PUBLIC SERVICE: OUR to Reveal Tariff Decision Soon


M E X I C O

ALESTRA SA: To Sell US$200 Million of 5-Year Notes Overseas
ALESTRA S: Fitch Assigns 'BB-/RR3' Rating on US$200 Mil. Notes
ALESTRA S: Moody's Assigns Initial Corporate Family Rating at 'B1'
ALESTRA S: S&P Assigns 'B+' Long-Term Corporate Credit Rating
ASARCO LLC: Grupo Mexico Amends Plan to Provide Recovery Options

CEMEX SAB: Croatian Unit Signs CBA With Union
EMPRESAS ICA: Sees “Limited Impact” From Government Budget Cuts
GRUMA SAB: Talks with Derivatives Trade Counterparties Continue
LEAR CORP: Canada Units Obtain CCAA Stay Order
PILGRIM'S PRIDE: To Idle 2 Plants in United States

SERVICIOS CORPORATIVOS: Fitch Assigns 'BB-/RR3' Rating on Notes
SERVICIOS CORPORATIVOS: Moody's Assigns 'Ba3' Rating on Sr. Debt
VITRO SAB: Lowers Ebitda Forecast, Sets Debt-Plan Schedule


P E R U

DOE RUN PERU: Workers Postpone Strike Until August 20


P U E R T O  R I C O

NUTRITIONAL SOURCING: Aims at August Plan Confirmation in U.S.


S T  L U C I A

* ST LUCIA: IMF Board Approves US$10.7 Million Disbursement


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Used Bail-out Fund Responsibly, Chairman Says


V E N E Z U E L A

* VENEZUELA: Resolving Problems on Dollar Supply With Central Bank
* VENEZUELA: Postpones Auction for Orinoco Belt Contracts


X X X X X X X X

* Last Week's 3 Defaults Raise S&P Tally to 184
* Weakest Links Ease to 285 as Defaults Mount, S&P Article Says


                         - - - - -


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


DEL PLATA: Requests for Opening of Preventive Contest
-----------------------------------------------------
Del Plata Salud SA requested for the opening of preventive
contest.

The company stopped making payments in November 2008.


MEVACO SRL: Asks for Opening of Preventive Contest
--------------------------------------------------
Mevaco SRL asked for the opening of preventive contest.


TECNOPRACTICA SA: Requests Opening of Preventive Contest
--------------------------------------------------------
Tecnopractica SA asked for the opening of its preventive contest.

The company stopped making payments on April 30.


TELECOM ARGENTINA: Court Rejects Antitrust Ruling Against Parent
----------------------------------------------------------------
An Argentine court has ruled against a decision by the nation’s
antitrust agency that stripped Telecom Italia SpA of its voting
rights at Telecom Argentina SA, Drew Benson at Bloomberg News
reports.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Bloomberg News said Telecom Italia hired Credit
Suisse Group AG to analyze options including the sale of Telecom
Argentina after tighter regulations hurt its ability to control
the unit.  Dow Jones Newswires related Telecom Italia said it may
sell its stake in Telecom Argentina -- which analysts valued at
around EUR400 million -- if interesting opportunities arise.  DJ
Newswires noted Telecom Italia owns a 50% stake in Sofora
Telecomunicaciones SA, which holds controlling interest in Telecom
Argentina.  The report related an ongoing antitrust investigation
has blocked the Italian company's ability to exercise a call
option to take control of Sofora.

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

                       About Telecom Argentina

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

                         *     *     *

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


TURISMO ZINGARO: Proofs of Claim Verification Due on August 21
--------------------------------------------------------------
The court-appointed trustee for Turismo Zingaro S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until August 21, 2009.

The trustee will present the validated claims in court as
individual reports on October 2, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 13, 2009.


UNION GEOFISICA: Asks for Opening of Preventive Contest
-------------------------------------------------------
Union Geofisica Argentina SA asked for the opening of preventive
contest.


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


CONTINUUM GROUP: Creditors' Proofs of Debt Due on August 14
-----------------------------------------------------------
The creditors of Continuum Group Limited are required to file
their proofs of debt by August 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 24, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


CONTINUUM GROUP: Members to Receive Wind-Up Report on September 2
-----------------------------------------------------------------
The members of Continuum Group Limited will hold their meeting on
September 2, 2009, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 24, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


CUPAC TECHNOLOGY: Court to Hear Wind-Up Petition on August 21
-------------------------------------------------------------
A petition to have Cupac Technology Limited's operations wound up
will be heard before the High Court of Bermuda on August 21, 2009,
at 9:30 a.m.


FBR PEGASUS: Members' Final General Meeting Set for August 27
-------------------------------------------------------------
The members of FBR Pegasus Fund of Funds, Ltd. will hold their
final general meeting on August 27, 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 24, 2009.

The company's liquidator is:

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


=============
B O L I V I A
=============


GOLDEN EAGLE: To Foreclose on Lien Against Jerritt Canyon Mill
--------------------------------------------------------------
Terry C. Turner, President and Chief Executive Officer of Golden
Eagle International, Inc., said the Company on July 15, 2009,
recorded a Notice of Mechanics/Materialmen's Lien and a Notice of
Mill Lien against the Jerritt Canyon mill located 50 miles north
of Elko, Nevada, in the total amount of US$1,307,813 in the
official records of the Elko County Recorder, State of Nevada.
Notice of the liens was served on Queenstake Resources, USA and
Yukon-Nevada Gold Corp. pursuant to Nevada State law by certified
or registered mail on July 15 and 16, 2009.

On July 17, 2009, the Company filed an Amended Answer,
Counterclaim and Third-Party Complaints seeking to foreclose on
the Liens, as well as maintaining the causes of action originally
set out in the pleading filed on July 9, 2009, in the matter of
Queenstake Resources USA, Inc.(Plaintiff) v. Golden Eagle
International, Inc (Defendant).; Golden Eagle International, Inc.
(Counterclaimant) v. Queenstake Resources USA, Inc. (Counter
Defendant); Golden Eagle International, Inc. (Third Party
Plaintiff) v. Francois Marland, John Does 1-10, Queenstake
Resources, Ltd. and Yukon-Nevada Gold Corp. (Third-Party
Defendants), CV-C-09-544, in the Fourth Judicial District Court
for Nevada, In and For the County of Elko.

"Our Amended Answer specifically continues to deny those
allegations made in the Complaint filed (but never served on us)
by Queenstake USA on June 10, 2009," Ms. Turner said.

"In the Complaint, Queenstake alleges that we breached an
agreement between the parties with respect to the operation of the
Jerritt Canyon mill; breached an implied covenant of good faith
and fair dealing; and committed negligence in the operation of the
mill.  Further, in the Complaint Queenstake has sought a
declaratory judgment that the Company is obligated to leave the
mill site and cease operating the mill.

"We believed then, and continue to believe, that Queenstake USA's
allegations are without merit."

The Amended Counterclaim against Queenstake USA, Ms. Turner said,
continues to allege that by a pattern of fraud, misrepresentation,
material omissions and deceptive business practices Queenstake USA
induced Golden Eagle to enter into a mill operating agreement on
October 14, 2008, which called for Golden Eagle to operate the
Jerritt Canyon gold mill located 50 miles north of Elko, Nevada,
for a 5-year period and provide extensive services to prepare the
mill for operations and bring it into environmental compliance.

The Amended Counterclaim further continues to allege that
Queenstake USA continued between October 2008 and June 2009,
through fraudulent and deceptive means, to induce Golden Eagle to
continue to provide its administrative services and contract with
up to 82 employees, providers, suppliers and third-party
contractors, which resulted in a liability for costs incurred by
Golden Eagle, and administrative fees owed to Golden Eagle, in
excess of US$2.23 million.

Other allegations in the amended pleading include the fact that
Yukon-Nevada and Marland concluded that Golden Eagle's contract
was "too lucrative" and then tortiously interfered with the mill
operating agreement between Golden Eagle and Queenstake USA by
compelling Queenstake USA to breach its agreement and covenant of
good faith and fair dealing with Golden Eagle on June 10, 2009.
This breach, based on the Amended Counterclaim and Third Party
Complaints, caused Golden Eagle to lose the "benefit of the
bargain," or lost profit from the agreement, in excess of
$40 million based on Queenstake USA's own calculations and
representations to Golden Eagle and the Nevada Division of
Environmental Protection.

"We also allege in our Amended Counterclaim that the mill
operating agreement between the parties had all of the
characteristics of a lease, putting Golden Eagle in possession of
the mill property and its full use; ensuring Golden Eagle's quiet
enjoyment of the premises; requiring Golden Eagle to maintain and
repair the property; granting Golden Eagle access to the "common
areas" on the mill complex, etc.  As a result of these lease
characteristics, we have sought statutory relief under the Nevada
Forcible Entry and Detainer statutes and seek an order of the
court based on those statutes putting Golden Eagle back in
immediate possession of the mill property," Ms. Terry said.

"We further continue to allege in our Amended Counterclaim and
Third-Party Complaints that Queenstake USA, Yukon-Nevada and
Marland have caused us irreparable harm.  As a result, we ask the
court for a Declaratory Judgment and a Writ of Mandamus which
order that Golden Eagle be allowed full possession of the mill
property so that it may complete its contract term of 5 years.

"We continue to claim in our Amended Counterclaim and Third-Party
Complaints that Queenstake USA, Yukon-Nevada and Marland have
committed acts of oppression, fraud or malice, express or implied,
and that Golden Eagle is entitled under Nevada law to recover
punitive damages, which are calculated as three times the amount
of compensatory damages.

"Finally, we continue to allege in our Amended Counterclaim and
Third-Party Complaints that Queenstake Canada unconditionally
guaranteed the agreement between Golden Eagle and Queenstake USA,
and furthermore, unconditionally guaranteed the covenant of good
faith and fair dealing between the parties.  As a result,
Queenstake Canada was also named as a Third-Party Defendant
sharing joint liability with its wholly owned subsidiary,
Queenstake USA.

A full-text copy of Golden Eagle's Amended Answer, Counterclaim
and Third-Party Complaints is available at no charge at:

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

                        About Golden Eagle

Headquartered in Salt Lake City, Utah, Golden Eagle International,
Inc., is engaged in contract gold milling operations in the state
of Nevada in the United States.  It has also been involved in the
business of minerals exploration, mining and milling operations in
Bolivia through its Bolivian-based wholly owned subsidiary, Golden
Eagle International, Inc. (Bolivia); however it is engaged in no
operations in Bolivia at this time as certain of those operations
are suspended pending changes in the social/political and mine
taxing environments in Bolivia while the Company has terminated
its interest in other Bolivian projects.  The Company has entered
into an agreement with Queenstake Resources USA, Inc., a wholly
owned subsidiary of Yukon-Nevada Gold Corp., to operate the
Jerritt Canyon gold mill located 50 miles north of Elko, Nevada.

The 2008 audit opinion included an explanatory paragraph from the
Company's auditors indicating a substantial doubt about the
Company's ability to continue as a going concern.  At March 31,
2009, the Company has US$6,176,268 in total assets, US$1,709,303
in total liabilities, and US$56,907,285 in accumulated deficit.


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


BANCO BRADESCO: To Release First Half Results on August 4
--------------------------------------------------------
Banco Bradesco S.A. will release its first half 2009 earnings
results on Tuesday, August 4, 2009 at 10:30 AM ET.  Interested
persons will need to log in at http://www.bradesco.com.br/iror

Contact:

   Jean Philippe Leroy
   Ivani Benazzi de Andrade
   Banco Bradesco S/A
   55 11 2178.6201
   55 11 2178.6218

                     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 FIBRA: S&P Affirms 'BB-/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB-/B' global scale counterparty credit ratings on Banco Fibra
S.A.  The outlook is stable.  S&P also affirmed the 'brA-/brA-2'
Brazil national scale counterparty credit ratings on the bank with
a revised outlook to positive from stable.  At the same time S&P
also affirmed its 'BB-' foreign currency rating on Banco Fibra's
senior unsecured notes.

"Our ratings on Fibra incorporate the risks that a midsized bank
faces in this more difficult economic environment, with rising
delinquencies and funding vulnerabilities.  Such funding has
proven wholesale in nature--concentrated and volatile in periods
of stress.  The rating benefits from Fibra's successful track
record in upper-middle-market and low-end corporate segments with
its good credit-risk management practices, conservative liquidity
management, and financial flexibility arising from its strong
majority shareholder: Vicunha Group," said Standard & Poor's
credit analyst Marcelo Peixoto.

S&P believes its asset quality compares well with other Brazilian
niche banks, with its well-established credit policies in
wholesale and advanced information technology tools in retail
credit.  Although there has been some recent deterioration in
asset quality, that is a general industry trend, and S&P considers
Fibra's asset quality to be good and one of its strengths.
Nonperforming loans reached 4.4% in March 2009 (3.4% in 2008, 2.4%
in 2007), while its coverage ratio by provisions increased to 152%
(148% in 2008 and 116% in 2007).  While S&P believes asset quality
could be affected as the bank moves towards riskier segments, S&P
think the bank will benefit from higher spreads.

Funding remains a vulnerability for midsized banks in general and
for Fibra in particular.  Despite diversification efforts through
successful international issuance during the first half of 2008,
Fibra's funding remains concentrated, dependent on institutional
investors, and volatile during economically stressful times.
Although S&P does not see the bank as strategically important to
Vicunha Group, and thus do not incorporate any support to Fibra's
ratings, S&P believes the bank benefits from the group's financial
flexibility and implicit support (indeed, the bank received a
capital injection of R$ 275 million in June 2008 from the Vicunha
Group and minority shareholder, International Finance Corp.).
Having IFC as a minority shareholder reinforces and demonstrates
Fibra's commitment to its best corporate practices, in S&P's view.

The stable outlook on the global scale rating incorporates S&P's
expectation that the Fibra will maintain asset quality close to
current levels, even in a more adverse economic scenario,
maintaining its NPLs at better levels than the industry average.
It also reflects the bank's adequate capitalization and return on
average assets of 1% ROAA.  S&P could revise the outlook to
negative or lower the ratings if: Fibra's asset quality ratios
deteriorate significantly compared with the Brazilian industry
average; the bank's liquidity position is pressured; or lack of
adequate capitalization prevents growth.  On the other hand, S&P
could revise the outlook to positive or raise the ratings if the
bank delivers a consistent and successful growth strategy for the
longer term, with consequent improvement in profitability.

The positive outlook on the Brazil national scale rating reflects
Fibra's credit risk management practices, which have led to good
and above-industry-average asset quality ratios.  S&P could
upgrade the national scale rating if Fibra shows sustainable
growth, while keeping sound asset quality and better-than-industry
average ratios.  Conversely, S&P could revise the outlook to
stable or downgrade the Brazil national scale rating if the bank's
asset quality deteriorates, becoming worse than the industry
average -- a signal that it has revised downward its credit
underwriting standards in search of growth.


GAFISA SA: Raised to “Hold” at Banco Santander
----------------------------------------------
Gafisa SA was raised to “hold” from “underperform” by Banco
Santander SA on the outlook sales are improving, Paulo Winterstein
at Bloomberg News reports.

The company’s contracted sales may reach BRL3.1 billion (US$1.6
billion) this year, “largely due” to a government stimulus package
for low-income housing that will benefit recently acquired
Construtora Tenda SA, Santander analyst Marcello Milman wrote in a
note obtianed by the news agency.  Earnings before interest,
taxes, depreciation and amortization may reach US$201 million in
2009, compared with a previous estimate of $173 million, Mr.
Milman added.

“Gafisa’s mid- to high-end operations seem reasonably valued,”
while “Tenda trades at a sizable discount to low- income peers,”
with a price equal to about 1.5 times book value, Mr. Milman,
Bloomberg News notes.  Gafisa SA’s “inexpensive relative valuation
and improving sales momentum” may push the stock to BRL30 by the
end of next year, Mr. Milman added.

                      About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last
twelve months ending on March 31, 2008.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2009, Moody's has affirmed Gafisa's Ba2 local
currency corporate family rating, but changed the outlook to
negative from stable.  At the same time, Gafisa's Brazilian
national scale corporate family rating was downgraded to A1.br
from Aa3.br.


GERDAU AMERISTEEL: Downgraded to "Neutral" at Goldman Sachs
-----------------------------------------------------------
Gerdau Ameristeel Corporation was downgraded to "Neutral" from
"Buy" by Goldman Sachs analyst Sal Tharani, saying the impact of
federal stimulus spending on nonresidential construction will not
be felt until next year, The Associated Press reports.  The report
relates Mr. Tharani also cut price target to $9 from $8.

According to the report, Mr. Tharani reduced his fourth-quarter
earnings-per-share estimate to break-even from 15 cents per share;
and cut his estimate to 50 cents per share from 60 cents per share
for next year.  Analysts, the report notes, expect Gerdau
AmeriSteel to earn 7 cents per share in the fourth quarter and 89
cents per share for 2010.

The nonresidential sector is "under severe stress" as indicated by
companies in their second-quarter earnings results "and we expect
this to continue," Mr. Tharani said in a note obtained by the news
agency.  "Infrastructure stimulus spending keeps getting delayed.
So far, there have been no meaningful signs of any infrastructure
spending," Mr. Tharani added.

The AP notes that Mr.Tharani said spending could be delayed until
2010 and even then may partially be undermined by cost-cutting by
states that are pressed by reduced tax revenue.  In addition, the
report says, Gerdau AmeriSteel has little exposure to flat steel,
where Mr. Tharani said he expects demand and prices to remain
strong in the near term.

                     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.


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


BLUE SKY: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting held on June 30, 2009, the
members of Blue Sky Wireless Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road, PO Box 2499
          Grand Cayman, KY1-1104


DIAMOND FUND: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on June 30, 2009, the
members of Diamond Fund, Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Pacific Alternative Asset Management Company, LLC
          c/o Michael Makridakis
          Walkers, Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9001, Cayman Islands


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

The company commenced wind-up proceedings on July 2, 2009.

The company's liqudator 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


IFOH LIMITED: Creditors' Proofs of Debt Due on August 17
--------------------------------------------------------
The creditors of IFOH Limited are required to file their proofs of
debt by August 17, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 2, 2009.

The company's liqudator is:

          Westport Services Ltd.
          c/o Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


MARATHON CAMEROON: Creditors' Proofs of Debt Due on August 10
-------------------------------------------------------------
The creditors of Marathon Cameroon Limited are required to file
their proofs of debt by August 10, 2009, to be included in the
company's dividend distribution,

The company's liqudator is:

          Y. R. Kunetka
          5555 San Felipe St., Houston
          Texas 77056, U.S.A.


MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due on August 10
------------------------------------------------------------------
The creditors of Marathon International Holding Limited are
required to file their proofs of debt by August 10, 2009, to be
included in the company's dividend distribution,

The company's liqudator is:

          Y. R. Kunetka
          5555 San Felipe St., Houston
          Texas 77056, U.S.A.


SALDANI LTD: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on July 8, 2009, the
shareholder of Saldani Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


SHEFFIELD CDO: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of five classes of notes issued by Sheffield CDO, Ltd.

The transaction is a cashflow CDO backed mainly by US CLO assets.
Currently 22.37% of the collateral portfolio by volume is rated
Caa1 or below.  The rating actions are a response to credit
deterioration in the underlying portfolio due, in a significant
proportion, to expectations of increased losses in the underlying
CLO assets.

Moody's monitors this transaction using primarily the methodology
and its supplements for ABS CDOs as described in Moody's Special
Reports:

  -- Moody's Approach to Rating SF CDOs, March 2009

The rating actions are:

Sheffield CDO, Limited:

(1) US$105,250,000 Class A-1 Senior Secured Floating Rate Notes
    due 2046

  -- Current Rating: Ba3

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Date: 09 June 2009, Baa2 placed under review for
     possible downgrade

(2) US$60,000,000 Class A-1D Delayed Draw Senior Secured Floating
    Rate Note due 2046

  -- Current Rating: Ba3

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Date: 09 June 2009, Baa2 placed under review for
     possible downgrade

(3) EUR 25,200,000 Class A-2 Senior Secured Floating Rate Notes
    due 2046

  -- Current Rating: Caa2

  -- Prior Rating: B1, on review for possible downgrade

  -- Prior Rating Date: 09 June 2009, B1 placed under review for
     possible downgrade

(4) US$43,000,000 Class B Senior Secured Floating Rate Notes due
    2046

  -- Current Rating: Caa3

  -- Prior Rating: Caa1, on review for possible downgrade

  -- Prior Rating Date: 09 June 2009, Caa1 placed under review for
     possible downgrade

(5) US$20,000,000 Class T Combination Notes due 2046

  -- Current Rating: Ca

  -- Prior Rating: Caa2, on review for possible downgrade

  -- Prior Rating Date: 09 June 2009, Caa2 placed under review for
     possible downgrade


SOUTHERN CONE: Commences Wind-Up Proceedings
--------------------------------------------
On June 19, 2009, the sole shareholder of Southern Cone Timber
Investors Limited passed a resolution that voluntarily winds up
the company's operations.

The company's liquidator is:

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


VISION CAPITAL: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on July 3, 2009, the
shareholders of Vision Capital Corporation resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Nobuaki Hagura
          c/o Takehiko Negishi of Mori Hamada and
          Matsumoto of Marunouchi Park Building, 2-6-1
          Marunouchi, Chiyodaku, Tokyo 100-8222, Japan
          Telephone: +81-3-5220-1838
          Facsimile: +81-3-5220-1738


VISION ONE: Commences Wind-Up Proceedings
-----------------------------------------
At an extraordinary general meeting held on July 3, 2009, the
shareholder of Vision One Inc. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Nobuaki Hagura
          c/o Takehiko Negishi of Mori Hamada and
          Matsumoto of Marunouchi Park Building, 2-6-1
          Marunouchi, Chiyodaku, Tokyo 100-8222, Japan
          Telephone: +81-3-5220-1838
          Facsimile: +81-3-5220-1738


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


ECOPETROL SA: To Release 2nd Quarter Results on August 3
--------------------------------------------------------
Ecopetrol SA will release its second quarter 2009 results after
the markets close on Monday, August 3, 2009.  The earnings release
will be available on the Company's Web site:
http://www.ecopetrol.com.co

On Tuesday, August 4, Ecopetrol's senior management will host two
webcasts to review the performance in the second quarter of 2009:

    In Spanish                     In English
    August 4, 2009                 August 4, 2009
    8:00 a.m. Bogota               10:00 a.m. Bogota
    (9:00 a.m. New York)           (11:00 a.m. New York)

The webcast will be available on Ecopetrol's Web site:
www.ecopetrol.com.co and at the following links:

http://phx.corporate-ir.net/playerlink.zhtml?c=218606&s=wm&e=2317454

(English)

http://phx.corporate-ir.net/playerlink.zhtml?c=218606&s=wm&e=2330943

(Spanish)

                       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.


====================
E L  S A L V A D O R
====================


PACIFIC RIM: Posts US$6.3 Million Net Loss in FY Ended April 30
---------------------------------------------------------------
Pacific Rim Mining Corp. reports its financial and operating
results for the twelve months ended April 30, 2009.

At April 30, 2009, the Company's summarized statement of cash
flows showed total assets of US$8.1 million, total liabilities of
US$1.6 million and working capital of US$1,982,000.

For the fiscal year ended April 30, 2009, Pacific Rim recorded a
loss for the period of US$6.3 million, compared to a loss of
US$12.7 million for the fiscal year ended April 30, 2008, and
US$9.4 million for the fiscal year ended April 30, 2007.  The
US$6.4 million decrease in net loss for fiscal 2009 compared to
fiscal 2008 is related to significantly decreased exploration
expenses and an increase in the net income from the Denton-Rawhide
joint venture as a result of the sale by the Company of its
interest in the joint venture during fiscal 2009.  The
US$3.4 million increase in net loss for fiscal 2008 compared to
fiscal 2007 is a result of increases in exploration and general
and administrative costs combined with a reduction in income from
the Denton-Rawhide Joint Venture year over year.

                  Liquidity and Capital Resources

During fiscal 2009 the Company's cash and cash equivalents
decreased by US$600,000 from US$1.9 million at April 30, 2008, to
US$1.3 million at April 30, 2009.  The total of cash and cash
equivalents, short term investments and bullion inventory was
US$2.5 million at April 30, 2009, compared to US$6.1 million at
April 30, 2008, a decrease of US$3.6 million.  This decrease
reflects ongoing, though reduced, expenditures related to the
Company's exploration projects and the general and administrative
costs of maintaining a public company, offset in part by proceeds
from the sale of the Denton-Rawhide asset.

At April 30, 2009, the book value of the Company's current assets
stood at US$2.6 million, compared to US$7.7 million at April 30,
2008, a reduction of US$5.1 million.  The decrease in current
assets is a result of redemptions of short term investments and
subsequent cash expenditures as outlined above.  Property, plant
and equipment balances at April 30, 2009, were unchanged from the
April 30, 2008, balance of US$5.6 million.

At April 30, 2009, the Company had current liabilities of
US$600,000 compared to US$2.9 million at April 30, 2008.  The
US$2.3 million year over year decrease in current liabilities is
due to a US$800,000  decrease in accounts payable and a US$1.5
million decrease in current liabilities associated with the
discontinued operations.

The Company relates that its ability to continue operations and
exploration activities as a going concern is dependent upon its
ability to obtain additional funding.  The Company will need to
raise sufficient funds to fund ongoing exploration and
administration expenses well as its costs under its Central
America-Dominican Republic-United States of America Free Trade
Agreement arbitration.  The Company has no assurance that the
financing will be available or be available on favorable terms.
Factors that could affect the availability of financing include
the progress and results of the El Dorado project and its
permitting application, the resolution of international
arbitration proceedings over the non-issuance of permits in El
Salvador, the state of international debt and equity markets,
investor perceptions and expectations and the worldwide financial
and metals markets.  The Company will have to obtain additional
financing through, but not limited to, the issuance of additional
equity.

Pacific Rim will be holding its annual general meeting on Aug. 26,
2009 in Vancouver, Canada.

A full-text copy of the company's financial results is available
for free at http://ResearchArchives.com/t/s?4001

                         About Pacific Rim

Pacific Rim Mining Corp. (TSX: PMU) (NYSE Amex: NYX) is an
exploration company focused on high grade, clean gold deposits in
the Americas.  Pacific Rim's primary asset and focus of its growth
strategy is the vein-hosted El Dorado gold project in El Salvador.
The Company owns several similar grassroots gold projects in El
Salvador.  Pacific Rim's shares trade under the symbol on both the
Toronto Stock Exchange.


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


JAMAICA PUBLIC SERVICE: OUR to Reveal Tariff Decision Soon
----------------------------------------------------------
The Office of Utilities Regulations could shortly make known its
final decision on the rate increase being sought by the Jamaica
Public Service Company, Go-Jamaica reports.

According to the report, Director of Consumer and Public Affairs,
David Geddes said the OUR’s review of the JPS tariff application
is far advanced.  The report notes Mr. Geddes said this process
has been delayed by some misunderstandings in the account
statement submitted by the JPS.  Mr. Geddes, the report relates,
added that OUR is now awaiting the outcome of meetings between its
technical team and consultants representing the JPSCO before it
goes forward with its decision.

Go-Jamaica says that if its request is granted, small residential
customers could see an increase of between five and six per cent
in their electricity bills while the bills for large commercial
customers could go as high as 30%.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.  The proposed new tariffs will result in an
increase in the total bill of customers, ranging from 4.3% for a
Tier One (100 kWh/month or less) residential customer to 26.8% for
a Tier 4 (more than 2000 kWh/month) business customer, with an
overall average increase of 22.8% for all customer groups.  New
approved rates will be reflected in July bills.

The tariff review will set base rates for the period 2009-2014.
It is being conducted against the backdrop of JPS’ poor financial
results over the 2004-2009 tariff period, during which the company
made a loss in three of the five years.

                         About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


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


ALESTRA SA: To Sell US$200 Million of 5-Year Notes Overseas
-----------------------------------------------------------
Alestra SA, which is 49% owned by AT&T Inc., plans to sell US$200
million of five-year bonds as soon as next week, Lester Pimentel
at Bloomberg News reports, citing a person familiar with the
transaction.

According to the report, the unnamed source said the company
tapped Citigroup Inc. and Morgan Stanley to arrange the bond sale.

Company spokesman Jose Chimal, the report relates, declined to
comment beyond saying that the company has begun the process of
refinancing its debt.

Alestra SA offers telecommunications services.  The company offers
long distance services, broadband, and data communications
services in Mexico.

                         *     *     *

As of July 29, 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 credit ratings and BB- Senior
Unsecured Debt rating.


ALESTRA S: Fitch Assigns 'BB-/RR3' Rating on US$200 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR3' rating to Alestra, S. de
R.L. de C.V.'s proposed US$200 million senior unsecured note
issuance due 2014.  Proceeds from the proposed issuance are
expected to be used for refinancing Alestra's 2010 senior notes
and general corporate uses.

Fitch currently rates Alestra:

  -- Local currency Issuer Default Rating (IDR) 'B+';
  -- Foreign currency IDR 'B+';
  -- Senior notes due 2010 'BB-/RR3';

The Rating Outlook is Stable.

Alestra's ratings reflect its lower business risk profile, stable
cash flow generation, continued positive free cash flow and sound
credit metrics.  The ratings are tempered by currency mismatch
between debt and cash flows, refinancing risk regarding it 2010
notes, challenges in the long distance market and increased
competition in data, internet and local services.  Improved
revenues and cash flow mix over the past few years driven by
growth in DILS has lowered the company's exposure to the riskier
long distance segment, resulting in lower business risk and stable
cash flow generation.  Continued stable operating performance and
moderate capital expenditures have resulted in free cash flow that
has been used to reduce indebtedness, strengthening the company's
credit metrics.  The 'BB-/RR3' rating of the proposed notes and
2010 senior notes reflects good recovery prospects in the range of
50-70% given default.

Alestra's operations reflect its business position as a niche
provider of DILS and long-distance.  DILS growth continues to
compensate for revenues and cash flows declines from long distance
services.  Alestra's business strategy is focused on growing
revenues from its enterprise and consumer customers by offering
value added services.  Fitch expects that over the next few years,
the company should continue growing and introducing convergent
services, such as IP telephony, security, hosting, managed
services and VPNs to offer integrated solutions to corporate
customers, which accounts for approximately 75% of revenues and
85% of cash flow.  The company also looks to increase contribution
of consumer revenue with growth from VOIP services.

Negative long distance business fundamental trends are expected to
continue.  Competition in the international and domestic business
remains intense as price pressures continue.  In addition, the
entrance of international and national long distance calling party
pays had a negative effect on this segment as costs increased and
traffic declined.  Alestra has showed ability to offset the loss
in revenue from this segment with incremental revenues from DILS,
which have resulted in stable to slight growth in EBIDTA over the
past few years.

Alestra continues to face competitive challenges in the corporate
segment primarily from the incumbent telecommunications operator,
Telefonos de Mexico, and by CLEC Axtel.  The entrance of number
portability added competition to the residential market. However,
Alestra has resulted one of the main beneficiaries with
approximately 15 thousand total additions since its introduction
in July 2008, mostly related to the consumer segment.  Other
beneficiaries are cable companies offering voice services, which
targets the residential market.

Alestra's business risk continues to moderate as EBITDA generated
by DILS accounts for slightly more than 80% of consolidated
EBITDA, favorably compared to past few years where EBITDA from
long distance was more important to cash flow than DILS.  On a
consolidated basis, EBITDA continues to moderately grow despite
long distance revenue declines, driven by the company strategy to
grow higher margin DILS in its business mix.  For the twelve
months ended June 30, 2009, total consolidated EBITDA grew 4.5%
when compared to the same period of the previous year, as
consolidated revenues declined 4.5%.  DILS revenue growth was
insufficient to outpace decline in long distance revenues.

Credit protection measures have remained relatively stable over
the past few years and are strong for the rating category.  For
the 12 months ended June 30, 2009, total debt to EBITDA and EBITDA
to interest expense were 2.1 times(x) and 4.6x, respectively.
However, Alestra is exposed to currency mismatch between debt and
cash flow and faces liquidity and refinancing risks.  As of
June 30, 2009 91% of total debt or MXN2,719 million was registered
as short-term against MXN246 million of cash and marketable
securities.  The proposed US$200 million offering, if successful,
should eliminate any refinancing or short-term liquidity risk.
Conversely, inability to refinance this maturity should pressure
the ratings as they approach June 30, 2010.  Approximately 93% of
short-term debt or US$193 million is comprised by the 2010 senior
notes maturing US$19.7 million on December 30, 2009 and
US$173.3 million on June 30, 2010.

Alestra provides data, internet, local and long distance services
in Mexico and is 51% owned by Alfa and 49% by AT&T.  For the 12
months ended June 30, 2009 it registered revenue and EBTIDA of
MXN4,777 million and MXN1,433 million, respectively.


ALESTRA S: Moody's Assigns Initial Corporate Family Rating at 'B1'
------------------------------------------------------------------
Moody's Investors Services assigned a provisional (P) B1 Corporate
Family Rating to Alestra, S. de R.L. de C.V., and to its
US$200 million proposed senior unsecured global notes due in 2014.
The ratings are provisional, meaning that it is highly likely that
the ratings will become final after the notes are issued into the
market.

Proceeds from the proposed global notes will be used to prepay, in
2009, US$193 million in global notes due in 2009 and 2010 as well
as for general corporate purposes.  The ratings assume that the
terms and conditions of the new notes will be in line with those
prevailing in the indenture of the current outstanding notes.

"The ratings reflect Alestra's small revenue size, a strong
competitive environment, its solid operating margins and customer
base as well as its robust technological platform", said Nymia
Almeida, Moody's senior analyst.  The ratings outlook is stable.
Alestra's small revenue size, relative to the telecommunications
market in Mexico, weighs down the ratings; the company's small
size is illustrated by its small market share of 11% of the
Mexican value-added services market and 1.6% of the Mexican total
telecom market (excluding pay TV), as of 2008.  In addition,
because Alestra operates only in large Mexican cities, the company
has limited geographic and business diversity, which increases the
risk of abrupt revenue losses in a business downturn and reduces
its ability to absorb a temporary disruption or an unexpectedly
low return on its capital investments.  Alestra's transformation
over the course of this decade from a provider of primarily long
distance telecom services to a provider of primarily VAS telecom
services supports the ratings.  The company's move stemmed from
pressure on global long distance voice providers, as excess
capacity and competition from mobile, fixed line and broadband
services dramatically reduced the profitability of LD services. As
a result, Alestra has substantially increased its focus on VAS
offerings, such as Virtual Private Networks, Internet, data
hosting, IP telephony and network security.  In 1999, LD
represented 93% of sales and most of EBITDA; LD represents 30% of
revenues and 17% of EBITDA. This move was positive since sale of
bundled VAS boosted the company's adjusted EBITDA margin from 24%
in 2004 to 30% in 2005, with stable margins thereafter.  In
addition, the VAS market has solid growth prospects going forward
due to increasing demand for data services, which should be
supportive of Alestra's revenue growth and margins. For instance,
in 2008 and so far in 2009, Alestra's VAS revenues grew by 12% and
15%, respectively.

Alestra's operating cash flow growth is dependent on overall
market growth and on its ability to take market share from Telmex
and Axtel.  Telmex (rated A3, Stable) had sales of US$9.4 billion
during last twelve months ended in June 30, 2009, while Axtel
(rated Ba2, Stable) posted sales of US$880 million in the same
period.  Because telecom operators in Mexico are focusing their
marketing efforts on data services and away from voice services,
competition in Alestra's core VAS market is and will continue to
be stiff in the foreseeable future, placing negative pressure on
Alestra's revenues and margins.  However, Moody's believes that
the company's relationship with AT&T and its robust technological
platform somewhat mitigate competition risk.  Alestra benefits
from its end-to-end network infrastructure, with over 60% of
revenues generated on-net.  The company owns 3,120 miles of
optical fiber, 53 point-to-multi point base stations in the 10.5
GHz spectrum and 3,000+ wireless last mile accesses in 7, 15 and
23 GHz.  To date, the company's has invested US$1 billion in its
network.

In addition, a strong customer base, formed mostly of medium and
large corporates and high-end residential customers, has supported
and should continue to support Alestra's stable and solid EBITDA
margins.  The strength of its customer base is evidenced by a
healthy collection profile and the long-term nature of the vast
majority of its sales contracts.  Margins also reflect a more
profitable product mix, increasingly dependent on VAS as opposed
to LD.  Moody's believes that Alestra's margins could improve
slightly in the medium term if management is able to realize
expected savings from its new capital investments.  In addition,
interconnection costs could decrease further when i) pending
decisions from Mexican legal instances on injunctions about
tariffs to fixed line and mobile operators are implemented and ii)
the dominant state-owned electricity generation utility, CFE,
starts offering fiber network for rental.  However, foreign
exchange risk is a constraint to Alestra's ratings: the company
largely relies on its revenues to provide a natural hedge for
foreign currency denominated obligations.  However, Alestra
demonstrated limited ability to increase revenues during late 2008
and early 2009 after a significant devaluation of the Mexican
peso.

Pro-forma for the new notes, almost all of the company's debt will
be in foreign currency, while 30% of revenues are in foreign
currency.  The company has pursued a financial hedging strategy in
the past to cover 12 months of foreign currency debt service, but
does not currently maintain any financial hedges.

Moody's adjusts Alestra's debt to include operating leases as debt
and to exclude effects from foreign exchange fluctuations, both of
which are Moody's standard adjustments.  Since 2006, Alestra's
adjusted debt leverage has fluctuated around a moderate level of
about 2.5 times EBITDA.  Going forward and pro-forma for the
proposed notes, Moody's expects that leverage should remain stable
at close to 3 times.

From 2004 to 2007, Alestra's free cash flow generation had been
positive at an average of 12% of total debt.  However, higher
capex in 2008, aimed at increasing the number of direct accesses
as well as improving and expanding its network, reduced FCF
generation to 5% of debt.  Going forward, however, Moody's expects
that Alestra will maintain capex at an average of 16% of revenues,
which is considered adequate but should result in limited FCF
until 2011.  This increases the likelihood that the proposed 5-
year notes will need to be refinanced at maturity.

In June 2005, Alestra signed a Cooperation Agreement with AT&T,
which expires in June 2010.  This is not an exclusivity agreement
but describes the working relationship with the local subsidiaries
of AT&T's multinational customers.  Alestra is AT&T's service
provider of choice in Mexico.  As of July 27, 2009, about 20% of
Alestra's total revenues come from AT&T's multinational customers
with operations in Mexico.  Because of this agreement, Alestra has
a profitable and seamless relationship with AT&T for operation,
billing, cross-payments and cross-selling.  The agreement renewal
process started on June 10, 2009 and Moody's expects it to be
completed by year-end.

Alestra's liquidity is adequate pro-forma for the proposed US$200
million note issuance.  Going forward to the end of 2010, Alestra
should be able to use EBITDA, cash and proceeds from the proposed
notes to repay the 2010 notes, fund capex and fulfill cash
obligations such as interest payments, working capital and taxes.
In its assessment of Alestra's liquidity, Moody's assumes that the
company will continue to refrain from distributing dividends to
its shareholders in the medium term and manage its capital
expenditures program to maintain sufficient liquidity.  The
company has substantial headroom under its current debt leverage
covenant (incurrence).  As is generally the practice for non-
financial corporates in Latin America, Alestra does not maintain
committed revolving credit facilities.  In 2002, Alestra defaulted
in its US$569.7 million global notes due 2002, which in 2003 were
restructured with a 15% loss to bondholders.

Because of weak economic fundamentals in Mexico in 2009 and 2010,
the stable outlook on Alestra's ratings is based on Moody's
expectations that the company's revenues will at least remain
stable and operating margins will not experience significant
deterioration, with both supported by relatively stable demand
from the company's enterprise portfolio.  Alestra's resilience is
supported by i) its strong customer base focused on the business
segment; ii) the long-term nature of its sales contracts; and iii)
relatively inelastic business enterprise demand for telecom
services, although Alestra may be forced to lower prices in some
cases.

The ratings or outlook could be upgraded if Alestra shows solid
revenue growth and stable margins, such that adjusted leverage
falls back to below 2.5 times (close to 3 times as of LTM ending
June 2009, pro-forma for the new notes) and free cash flow
generation vis-à-vis debt burden reaches 10%.

The ratings or outlook could be downgraded if weak economic
fundamentals in Mexico have a greater than expected impact on
Alestra's revenues or margins.  Quantitatively, downward pressure
would likely result from negative free cash flow of above 10%,
causing leverage to increase above 3.5 times.

The last rating action on Alestra was on October 3, 2007, when
Moody's upgraded Alestra's ratings to B2 from Ca, which were
subsequently withdrawn due to business reasons.

Alestra, which started operations in 1996, is a local Mexican
telecommunications company providing bundled products including
voice, data and Internet services.  The company is owned 49% by
AT&T Telecom Mexico, Inc., a wholly owned subsidiary of AT&T Inc.
and 51% by Alfa, S.A.B. de C.V., a major Mexican conglomerate.
Alestra's business strategy is focused on offering VAS to its
business clients.  In addition, Alestra provides wholesale
communications services to cable TV and other telecom carriers.
Other important customer segments are government entities and
offices, call centers and hotel chains.  The company also has a
legacy base of high-income residential customers with internet
access and local telephony services, which total about 10% of the
company's revenues.  During the last twelve months ending on
June 30, 2009, Alestra's revenues and adjusted EBITDA amounted to
US$389 million and US$131million, respectively.


ALESTRA S: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Mexican telecommunications
company Alestra S. de R.L. de C.V.

S&P also assigned its 'B+' rating to Alestra's proposed issuance
of approximately $200 million in 144A long-term senior unsecured
notes due in 2014, with a recovery rating of '3', indicating S&P's
expectation of meaningful (50% to 70%) recovery in the event of a
payment default.  The company plans to use proceeds from the
proposed notes offering to prepay existing senior unsecured notes
due in 2010.

The outlook is stable.

"The ratings on Alestra are contingent upon its successful
completion of the refinancing of its existing senior notes," said
Standard & Poor's credit analyst Marcela Duenas.  "They reflect
the risks of competing with larger and better capitalized
telecoms, primarily incumbent Teléfonos de México S.A.B. de C.V.,
in an industry subject to growing price pressure, and a decline
in revenue from traditional long-distance services."

The ratings also consider Alestra's exposure to foreign-exchange
risk from all of its debt being denominated in U.S. dollars, and
the June 2010 maturity of its joint-venture agreement with 49%
stakeholder AT&T.  An expiration of this agreement could hurt
customer retention.

The company should be able to offset the decline in long-distance
revenues somewhat by capturing growth in value-added services in
Mexico.

Further tempering factors include Alestra's niche competitive
strategy of targeting services to multinational companies, large
and midsize enterprises, and high-end residential users; support
from equity owners Alfa S.A.B. de C.V. and AT&T México (both
unrated); the company's well-established network with a
significant footprint in Mexico, and its margin stability and
positive free operating cash flow.

Alestra's network covers approximately 200 cities interconnected
for long-distance services across Mexico, 30 cities with Alestra's
own local service infrastructure, and 50 cities with a domestic
virtual private network and Internet services.  Its fiber optic
backbone provides transparent access to AT&T's global network.


ASARCO LLC: Grupo Mexico Amends Plan to Provide Recovery Options
----------------------------------------------------------------
Grupo Mexico said its subsidiary Americas Mining Corporation
submitted a supplement to its Reorganization Plan designed to
provide ASARCO's creditors with enhanced flexibility, more
certainty and superior value.

The new terms relate to the litigation pending in Brownsville,
Texas and offer greater choice to creditors designed to correspond
specifically to their needs.  AMC is convinced that the judgment
against it will be reversed on appeal.  However, while some
creditors want a higher immediate cash recovery not dependant on
the outcome of the Brownsville litigation, others believe that the
merits of a judgment against AMC in the Brownsville proceedings
would be sufficient to satisfy 100% of their claims plus interest
accruing since August 10, 2005, the date of ASARCO's bankruptcy
filing.  For that reason, to satisfy the various payment
preferences among the creditors, the new Plan offers creditors the
option of choosing between:

     (A) AMC's current Plan, which consists of the payment in full
         of the principal amount of the claims and a projected 97%
         cash recovery on close; or

     (B) the same terms and conditions available under the
         Debtors' Plan, which preserves their litigation rights in
         connection with the Brownsville proceedings, with two
         significant improvements.

In addition to the Brownsville litigation rights, the AMC Plan
additionally offers the litigation rights against Sterlite for its
breach of its US$2.6 billion cash contract to buy ASARCO, and
second, it will offer additional cash at close in the amount that
would be generated by converting the 9-year non-interest bearing
promissory note under the Debtors' Plan to its present cash value.

                  AMC to Pursue Brownsville Appeal

AMC intends to pursue its appeal of the Brownsville litigation
until there is a final adjudication to determine whether AMC is
liable.  In the event that the decision is unfavorable, it will
offer creditors up to 100% of the value of the claims as allowed
by the bankruptcy judge plus postpetition interest, amounting to
payment estimated to be a maximum of US$428 million.

In sum, each creditor that votes for the AMC Plan (subject to
confirmation) will be able to choose one of the three
alternatives:

     (A) Original AMC Plan: Recover 100% of the value of the
         claims: 97% in the form of payments in cash and
         equivalents, consisting of US$3.152 billion, as well as
         the remaining 3% from amounts recovered from various
         litigation proceedings, including against Sterlite.

     (B) Debtors' Plan with Improvements: AMC is offering
         precisely the same terms as the Debtors' Plan, with
         additional improvements. This option consists of a
         payment of US$1.1 billion on the closing date of the
         confirmed Plan, plus a 9-year promissory note in the
         amount of US$770 million paying no interest which the
         Debtors assert has a present value of US$309 million,
         amounting to US$2.809 billion, plus recoveries against
         the Parent under the Brownsville litigation up to full
         principal plus post-petition interest.

         Importantly in addition, this alternative also offers
         litigation rights against Sterlite for the aforementioned
         breach of contract claim and, unlike the promissory note
         solely from Sterlite under the Debtors' Plan, the
         promissory note under the AMC Plan will be guaranteed by
         AMC.

     (C) Debtors' Plan in Cash: The option offers the same terms
         as (B) but gives creditors the option of converting their
         back-loaded 9 year recovery under the US$770 million 0%
         interest promissory note through a cash exchange on the
         closing date. The present value of this note is
         US$309 million.

AMC continues to believe that the bankruptcy Plan it has filed for
ASARCO offers greater value and more immediate cash than the Plan
filed by the Debtors.  To preclude any possibility that a creditor
could consider the Debtor's Plan to be superior, however, AMC has
determined not only to match the terms of the Debtors' Plan, but
to improve upon those terms by first contributing the breach of
contract claims against Sterlite and also offering cash instead of
the non-interest bearing Sterlite "copper note."

In addition, after lengthy negotiation with creditor constituents,
AMC has made US$125 million in cash immediately forfeitable
through sale of stock in a good faith escrow if AMC withdraws or
adversely amends its Plan, and US$1.3 billion in cash fully
forfeitable if it does not meet the strict conditions of its Plan
after confirmation.  Grupo Mexico, with US$1.4 billion in cash on
its balance sheet, has also signed an agreement with AMC to
provide any cash necessary to fund the AMC Plan.  According to
Grupo Mexico, Sterlite has only US$125 million at stake to support
its Plan and its corporate parent is offering no guaranty of its
"copper note" and no support for the cash requirements under the
Debtors' Plan.

With this amendment of its Plan, Grupo Mexico meets the individual
objectives of each one of ASARCO's creditors, demonstrating its
commitment to offer these creditors the highest value and the best
recovery alternatives in its continued resolve to successfully
reorganize its subsidiary, ASARCO.

                         About ASARCO LLC

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

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

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

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

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

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

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

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

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

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


CEMEX SAB: Croatian Unit Signs CBA With Union
---------------------------------------------
CEMEX Dalmacijacement Head Trpimir Renic signed a collective
bargaining agreement with Dalmacijacement union head Klaudio
Zegarac, Croatian Times reports.  The report relates the agreement
guarantees workers’ wages at the present level for the next year.

According to the report, such agreements have been rare in
Croatia, especially in Split-Dalmatia county, because numerous
companies faces financial problems there.

Mr. Renic, the report relates, said the company was not sure it
would have enough money for the 13th month Christmas bonus this
year but otherwise promised all workers regular payment of their
wages.  Mr. Renic told the Croatian Times in an interview that
kind of agreement at a time of financial crisis was a great
success.

                  About CEMEX Dalmacijacement

CEMEX Dalmacijacement is a holding company primarily engaged
through its operating subsidiaries in the production, distribution
and marketing of cement.  The company is a subsidiary of CEMEX,
S.A.B. de C.V.

                      About Cemex, S.A.B.

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

                          *     *     *

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


EMPRESAS ICA: Sees “Limited Impact” From Government Budget Cuts
---------------------------------------------------------------
Empresas ICA, S.A.B de C.V. expects “limited impact” from
government budget cuts of MXN50 billion (US$3.8 billion), Thomas
Black at Bloomberg News reports, citing Company Chief Financial
Officer Alonso Quintana.

“Very little of these cuts are going to go into infrastructure,”
the report quoted Mr. Quintana as saying.  “We expect very limited
impact on our business,” Mr. Quintana added.

According to the report, the Mexican government announced July 23
it would reduce spending as an economic downturn slows tax
collection.  The report relates Mr. Quintana said the budget
reductions at the transportation ministry won’t affect contracts
for highway concessions, such as toll roads the company operates,
because the builder finances and runs the projects for profit
without costing the government.

Bloomberg News notes Mr. Quintana said state-owned Petroleos
Mexicanos is unlikely to cut projects “in the immediate future.”
Pemex is building a new refinery and reducing pollutants in
gasoline, the report adds.

Mr. Quintana, the report says, said Pemex will account for about
half of the $12 billion of government work that ICA expects the
government to put out for bids.

                     About Empresas ICA

Empresas ICA, S.A.B de C.V. -- http://www.ica.com.mx/-- the
largest engineering, construction, and procurement company in
Mexico, was founded in 1947. ICA has completed construction and
engineering projects in 21 countries. ICA's principal business
units include civil construction and industrial construction.
Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *     *     *

As of July 28, 2009, the company continues to carry Standard and
Poor's BB- LT Issuer Credit ratings.


GRUMA SAB: Talks with Derivatives Trade Counterparties Continue
---------------------------------------------------------------
Gruma, S.A.B. de C.V. said it has extended to Aug. 24 the deadline
for completing debt negotiations with counterparties of US$727
million in derivatives trades, Jason Lange at Bloomberg News
reports.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Bloomberg News said the company said banks
including JPMorgan Chase agreed to extend until July 24 talks on
the losses linked to foreign currency derivatives.  The report
related the company may ask for another extension to allow time to
refinance existing loans and gain board approval.

Anthony Harrup at Dow Jones Newswires relates the agreements seek
to swap the derivatives debts into a series of medium- and long-
term loans, which include accords to exchange:

   -- US$13.9 million in derivatives liabilities with
      the Royal Bank of Scotland Group PLC,

   -- US$22.9 million with Standard Chartered Bank
      PLC (SCZ.ZM),

   -- US$21.5 million with Barclays PLC for three-year
      loans, and

   -- another to swap US$668.3 million in currency losses
      with Credit Suisse Group, Deutsche Bank AG and
      JPMorgan Chase & Co. for a 7.5-year loan.

Reuters adds that the company, citing a statement to the Mexico
Stock Exchange, said Gruma SAB needs to successfully refinance a
5-year revolving credit line with Bancomer and a 3.4 billion-peso
loan from government export bank Bancomext in order to sign on to
a long-term payment plan.

A TCRLA report on July 7, 2009, citing Bloomberg News, recalled
that 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 creditors 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.


LEAR CORP: Canada Units Obtain CCAA Stay Order
----------------------------------------------
The Honorable Madam Justice Sarah Pepall of the Ontario Superior
Court of Justice, Commercial List, has recognized the proceedings
commenced by Lear Canada, Lear Canada Investments Ltd., Lear
Canada Corporation Ltd., and the non-Canadian applicants as a
"foreign proceeding" as defined in Subsection 18.6.1 of the
Companies' Creditors Arrangement Act.  The Canadian Court also
recognized all the Orders entered by the U.S. Bankruptcy Court
for the Southern District of New York.

Madam Justice Pepall stayed all proceedings, actions and suits
against the Applicants or their property through August 7, 2009.
During the Stay Period, the Canadian Court prohibits all persons
from discontinuing, altering, interfering with, repudiating,
ceasing to perform any right, renewal right, contract agreement,
license or permit in favor of the Applicants, except with the
written consent of the Applicants, or leave of the Canadian
Court.

The lending institutions led by J.P. Morgan Chase Bank N.A.,
acting as general administrative agent under the Credit
Agreement, will not be obligated to advance or re-advance any
amount or otherwise extend any credit to the Applicants under the
Credit Agreement.

Moreover, Madam Justice Pepall prohibits the Canadian Applicants
from:

  * making any advances or transfers of funds to any of the
    Applicants or any of their affiliates by way of loan or
    otherwise except that the Canadian Applicants may pay for
    goods or services in the ordinary course of business and in
    accordance with existing practices;

  * granting security or otherwise encumber or release the
    Property, including by way of incurring indebtedness to
    other Applicants as permitted by the Cash Management Order,
    except in respect of the purchase of goods or services in
    the ordinary course of business and in accordance with
    existing practices; and

  * paying current service and special payments as required
    under the Pension Benefits Act in respect of its facilities
    at Ajax, St., Thomas, Kitchener and Whitby and its former
    facilities at Maple.

The Canadian Court held that during the Stay Period, no
proceeding may be commenced or continued against any of the
former, current or future directors or officers of the Canadian
Applicants with respect to any claim that arose before July 9,
2009 and that relates to any obligations of the Canadian
Applicants whereby the directors or officers are alleged under
any law to be liable in their capacity as directors or officers
for the payment or performance of those obligations, until the
later of the termination of the CCAA proceeding or the U.S.
Proceedings, or until further order of the Canadian Court.

Madam Justice Pepall has directed the Canadian Applicants to
indemnify their directors and officers from all claims, costs,
charges and expenses in respect of any liabilities and
obligations that arise or are incurred, after July 9, 2009, in
relation to their capacities as directors.  The directors and
officers of the Canadian Applicants are granted a charge on the
Property, which charge will not exceed US$9,000,000, as security
for the indemnity.

The Canadian Court also appointed RSM Richter Inc., as the
Canadian Applicants' information officer.

RSM Richter, counsel to RSM Richter and Canadian Applicants'
counsel to the Applicants will be paid by the Applicants as part
of the costs of the CCAA proceeding on a monthly basis.  The
Information Officer, counsel to the Information Officer and the
Applicants' Canadian counsel are granted a charge on the
Property, which charge will not exceed US$750,000 as security for
their professional fees and disbursements incurred at normal
rates and charges.

Furthermore, the Canadian Court authorized the Applicants to
retain McCarthy Tetrault LLP as their counsel.

Lear Canada Investments Ltd., Lear Corporation Canada Ltd., are
each wholly-owned indirect subsidiaries of Lear Corporation.
Both Lear Canada Investments and Lear Corporation Canada are
corporations incorporated pursuant to the laws of Alberta.

As of May 31, 2009, Lear Canada had total liabilities of
US$54,000,000.  The May Financials show that for the year to date
in 2009, Lear Canada has a net loss of US$66,000,000 on total
sales of about US$115,000,000.  Lear Canada's balance sheet
includes an intercompany loan payable to Lear Canada by its parent
Lear Corporation of approximately US$82,000,000 as of May 31,
2009.

Due to the integration of Lear's North American operations and
the commencement of the U.S. Proceedings, the Applicants believe
it is necessary to obtain recognition of the US Proceedings as
Foreign Proceedings in Canada.

                         About Lear Corp.

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

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

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

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

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


PILGRIM'S PRIDE: To Idle 2 Plants in United States
--------------------------------------------------
Pilgrim's Pride Corporation plans to idle its chicken processing
plant in Athens, Ala., and one of its two plants in Athens, Ga.,
within 60-75 days as part of its continuing effort to improve
capacity utilization and reduce costs.

Production from the Athens, Ala., plant will be consolidated into
two other Pilgrim's Pride complexes, bringing those facilities to
full capacity.  The hatchery in Moulton, Ala., the feed mill in
Falkville, Ala., and other live production operations associated
with the Athens plant will continue to operate.

Approximately 640 employees who work at the Athens, Ala.,
processing plant will be affected by the plant idling.  Pilgrim's
Pride expects to be able to offer positions at other facilities to
many of these employees.  The Company will provide transition
programs to employees who are not retained to assist them in
securing new employment, filing for unemployment and obtaining
other applicable benefits.

Production from the company's Athens, Ga., plant on Oneta St. will
be consolidated at the neighboring Barber St. plant as well as at
several other company complexes in north Georgia, bringing those
facilities to full capacity.  The live production operations,
including hatcheries and feed mills, will continue to operate.
Pilgrim's Pride expects to be able to offer positions to most of
the approximately 330 employees at the Oneta St. location by the
time the plant is idled.  The Company will provide transition
programs to any employees who are not retained after the
consolidation.

The company does not expect any significant reduction in the
number of Pilgrim's Pride contract growers in either Athens, Ala.,
or Athens, Ga., as a direct result of idling these plants.  Most
growers will be transitioned to supplying other complexes.

Since production from these two plants will be consolidated into
other complexes, the idling of these two facilities will not
result in any decrease in the company's overall production or in
any change in product mix.  There will be no disruption in the
supply of product to Pilgrim's Pride's customers.  The Company
said it would consider restarting the two plants in the future
should market conditions justify it.

"As we work to restructure Pilgrim's Pride as a market-driven
company, we must continue to look for ways to reduce our costs and
operate more efficiently," said Don Jackson, president and chief
executive officer.  "A key component of that effort is improving
our capacity utilization through plant consolidation and other
operational changes.  While the decision to idle a plant and
eliminate jobs is always painful -- and we regret that it is
necessary -- it is absolutely critical to the future of Pilgrim's
Pride that we make better use of our assets.  We are taking these
actions now to protect the jobs of our 41,000 employees and 4,500
growers so that we can emerge from Chapter 11 as a stronger, more
efficient company."

                       About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  The Debtors have also tapped Baker &
McKenzie LLP as special counsel.  Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer.  The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.

A nine-member committee of unsecured creditors has been appointed
in the case.

As of December 27, 2008, the Company had US$3,215,103,000 in total
assets, US$612,682,000 in total current liabilities,
US$225,991,000 in total long-term debt and other liabilities, and
US$2,253,391,000 in liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.


SERVICIOS CORPORATIVOS: Fitch Assigns 'BB-/RR3' Rating on Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR3' rating to the proposed
senior notes due 2014 of up to US$200 million of Servicios
Corporativos Javer, S.A.P.I. de C.V.  Proceeds from the issuance
will be used to refinance current debt, repay around US$39 million
holding company debt (Proyectos del Noreste, S.A. de C.V.) via
dividend payment and for general corporate purposes.

Additionally, Fitch has assigned these ratings:

  -- Local currency Issuer Default Rating at 'B+';
  -- Foreign currency IDR at 'B+'.

The Rating Outlook is Stable.

The ratings are based on Javer's important market position in the
state of Nuevo Leon; its geographic and product diversification;
its significant land reserve and its good financial profile.  The
ratings also consider the payment of a dividend to the holding
company Proyectos del Noreste, S.A. de C.V., which will be used to
pay down its debt.  On the other hand, the ratings are constrained
by a more challenging operating environment, high dependency of
financing of government-related mortgage funding of low-income
homes and important working capital requirements related to the
company's operation.  The 'BB-/RR3' rating to the proposed senior
notes reflects good recovery prospects in the range of 50%-70%
given default.

In 2009, the company adopted in advance the Mexican Accounting
Standards Board rule 'INIF 14: Construction Contracts, Sale of
Real Estate and Rendering of Related Services'.  With this
adoption, Javer ceased to use the percentage of completion method
for revenue recognition and moved towards recognizing revenues
when the contract for the sale of a housing unit is notarized and
actual, legal title passes to the buyer.  INIF 14 requires the
entity adopts its provisions retroactively, as a result Javer's
Financial Statements for 2006, 2007, 2008 and first quarter of
2008 have been restated for comparative purposes.

In Fitch's opinion, the geographic diversification strategy
undertaken by the company, enlarging its operating scope to four
Mexican states (Nuevo Leon, Aguascalientes, Jalisco and
Tamaulipas) has allowed to gradually diminish the concentration
Javer had in Nuevo Leon, which provides flexibility in the event
of adverse regional events.  Despite the aforementioned, a high
concentration in construction and sales is still present in the
state of Nuevo Leon, which at 2008 year-end represented
approximately 80% of units sold and 75% of total revenues.
Conversely, the operating orientation towards different customer
segments: low income, middle income and residential, substantially
mitigates the inherent risks of commercializing one type of
product.  However, a high dependence on the sector lender
Infonavit (the major Institute to grant mortgage loans for low
income housing segment) is observed within the home sales mix,
hovering around 85%.

At March 31, 2009, Javer maintained an important land bank
representing around six years of operations, which in Fitch's
view, is high in relation to the current volume of homes sold.
The company has managed two acquisition schemes, direct land
purchase and joint-agreements (off-balance), representing each one
50%, which Fitch believes broadens the company's leeway by
reducing working capital needs under the joint-agreements,
reducing risks related to property ownership and allowing for
higher disposal of free cash flow for other purposes.

Considering the information with the new NIF 14, the company has
shown sustained growth during the last three years in terms of
number of houses sold increasing from 6,417 in 2006 to 13,904 at
year-end 2008.  This growth resulted in important revenue and
operating EBITDA increases, achieving during the same periods real
compounded annual growth rates of 46.7% and 84.9% respectively.
With respect to EBITDA margins, these have shown an improvement
moving from 15.5% in 2006 to 24.6% in 2008, development that
reflects the administration strategy by catering to different
market segments, higher participation of commercial lots sales,
and a strict control over costs and expenses.  Fitch believes that
in 2009 this margin will remain in similar levels to the first
quarter of this year (19.7%), given the greater focus of Javer's
management to develop the low income segment.  For the next years,
Fitch's expectation points to lower revenue growth rates and
pressure on margins in relation to historical levels, given the
company's strategy to target its sales primarily to the housing
segments of lesser value.

During the 2006-2008 periods (information with new NIF 14),
interest coverage and debt to EBITDA ratios showed a positive
trend moving from 1.9 times (x) to 4.3x and from 5.1x to 2.0x
respectively. For the last 12 months ended March 31, 2009 the
interest coverage ratio decreased to 3.7x as a result of an
increase in the interest expenses due to higher average debt along
with a stable EBITDA.  On the other hand, the debt to EBITDA ratio
was 1.9x, similar to the past two years. Fitch estimates the last
indicator (total debt to EBITDA) will remain stable during the
next few quarters, and holds the expectation that for 2010 will
show a gradual strengthening, which if not achieved could affect
the current ratings.

As of March 31, 2009, the company had a total debt of
MXP$2,046 million, an increase of 47% with respect to the same
date of 2008 as a result of higher working capital needs.  At the
same date, Javer had an adequate debt profile, being 26% short
term, which in Fitch's view grants flexibility in the event of
adverse economic conditions.  Also, this issuance will allow the
company to improve significantly its conditions and the debt
maturity profile.  Fitch included in its analysis that the
resources from this notes will be used to refinance the current
debt, for general corporate purposes, and to pay a dividend to its
holding company (Proyectos del Noreste, S.A. de C.V.) for around
US$39 million.  Javer's liquidity is adequate with cash and cash
equivalents of MXP$466 million at June 30, 2009.

Javer is a leading homebuilder in northeastern Mexico,
particularly in the state of Nuevo Leon.  Through a targeted
expansion strategy, Javer continues to expand its presence and
play an increasingly important role in other attractive states
such as Aguascalientes, Jalisco and Tamaulipas.  The company
primarily attends the affordable entry level, middle income and to
a lesser extent the residential home segments.  During 2008 it
generated MXP$4,473 million of revenues and registered sales of
13,904 units.


SERVICIOS CORPORATIVOS: Moody's Assigns 'Ba3' Rating on Sr. Debt
----------------------------------------------------------------
Moody's has assigned a long-term Ba3 global scale foreign currency
rating to Servicios Corporativos Javer's, S.A.P.I. de C.V.,
proposed US$160 million to US$200 million senior unsecured debt
issuance.  This is the first time Moody's has rated Javer.  The
new notes will have a maturity of 5 years.  In addition, the
company will hedge the interest and a portion of the principal
against foreign exchange risk.  The company specializes in the
construction and commercialization of affordable entry-level,
middle income, and residential housing units in Mexico.  Javer is
one of the largest privately-owned homebuilders in Mexico in terms
of housing units sold and has a leading presence in northeastern
Mexico, particularly in Nuevo Leon with approximately 21% market
share in the construction of all houses for which INFONAVIT
provides loans in the state.  The rating outlook is stable.

According to Moody's, the rating reflects Javer's position as one
of the largest home developers in Mexico with more than 35 years
of real estate experience.  This strength is complemented by
Mexican housing supply and demand dynamics that remain favorable
coupled with solid earnings growth, a solid fixed charge coverage
and low effective leverage.  Furthermore, Javer targets low- and
low -- to middle-income buyers, which are thriving demographic
sectors.  The company also has efficient controls and construction
expertise with a well executed land reserve strategy.  Javer
enjoys brand recognition in its key markets.

Javer's primary credit challenges are its significant revenue
concentration in the State of Nuevo Leon.  The company's business
also has a large reliance on the Mexican economic and political
environment, given the important role the government plays in
supporting housing policy.  Furthermore, the housing development
market is fragmented, and homes are built on a predominately
speculative basis, since Javer and other home developers have the
risk of finding homebuyers.  The high costs of land and land
development present further challenges for Javer.  The funding of
homes remains concentrated with Sociedad Hipotecaria Federal,
INFONAVIT and FOVISSSTE -- all government-related entities -- and
the timing of receipt of the mortgages funded by them can range
from three to twelve months.  Furthermore, Javer is a privately-
owned developer, which may result less disclosure than its public
peers.  However, senior management consists of all professional
individuals.  Finally, 100% of Javer's corporate debt will be in
U.S. dollars while Javer generates cash in MX pesos which, despite
the partial hedge, creates foreign exchange risk.

Moody's stated that Javer's leverage and capital structure remain
solid for its rating category, while the company continues to use
a prudent capital strategy.  As of March 31, 2009, Javer's cash to
short-term debt ratio was 1.61x, however upon completion of the
unsecured bond issuance the company is expected to pay down all
its short and medium term maturities.  This issuance will push all
of Javer's maturities to 2014, which will significantly enhance
the firm's liquidity position.  Javer's total debt as a percentage
of gross assets as of March 31, 2009, was approximately 38%, while
Debt/EBITDA was 2.32x.  After backing out cash on hand, Net
Debt/EBITDA was 2.14x. These metrics incorporate the new INIF-14
accounting rules on revenue recognition.  A combination of cash
and bank lines are used primarily to fund construction and the
company's liquidity remains solid.

The stable rating outlook is based on Moody's determination that
Javer's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that Javer has solid franchise value, with a well-recognized brand
and a valuable land reserve strategy.  The stable outlook also
reflects Moody's expectation that Javer will at least maintain its
fixed charge coverage and effective leverage ratios, improve
efficiency in land development, continue to access the public
capital markets, and reduce its reliance on funding from
government-sponsored entities.  Furthermore, Moody's also expects
that Javer will continue to focus on targeting its current product
mix, while maintaining high quality construction.

Rating improvements will be based on Javer increasing its
franchise value while maintaining its solid credit statistics,
which Moody's believes will take time.  Negative rating pressure
will result from a weakening of the company's credit statistics:
EBITDA margins falling below 15%; Debt/EBITDA moving closer to 3x;
and fixed charge coverage below 2.5x. Shifts in governmental
housing policies combined with a substantial increase in interest
rates would also place negative pressure on the ratings.

These ratings were assigned with a stable outlook:

* Servicios Corporativos Javer, S.A.P.I. de C.V. -- proposed long-
  term Ba3 global scale foreign currency senior unsecured debt
  rating

Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico.  The firm
reported assets of $5,380 million Mx pesos and equity of
$1,883 million Mx pesos at March 31, 2009.


VITRO SAB: Lowers Ebitda Forecast, Sets Debt-Plan Schedule
----------------------------------------------------------
Vitro, S.A.B. de C.V. estimated 2009 earnings before interest,
taxes, depreciation and amortization will be in a range of US$210
million to US$220 million, which is US$20 million lower on each
end than a March forecast, Thomas Black at Bloomberg News reports,
citing a company e-mail statement.  The report relates the company
said it will present a debt restructuring plan to creditors in the
first week of August.

According to the report, Vitro SAB reported second-quarter sales
in dollars fell 36% from a year earlier to US$464 million, while
in pesos, sales fell 17% to 6.23 billion pesos.  “Sales
performance again reflected the weak economic environment with the
decline aggravated by the depreciation of the Mexican peso,” Chief
Financial Officer Hugo Lara said in the statement obtained by the
news agency.

The report notes Mr. Lara said the company has made US$111 million
of annualized cost cuts in response to the drop in profit.  Ebitda
during the quarter dropped 33% to US$57 million from a year ago,
Mr. Lara added.

The company's net income, Bloomberg News relates, was 1.09 billion
pesos, up from 40.9 million pesos a year ago helped by a 1.4
billion peso gain from foreign currency fluctuations.

The company had total debt of US$1.49 billion at the end of June,
the report adds.

                        About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                        *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


=======
P E R U
=======


DOE RUN PERU: Workers Postpone Strike Until August 20
-----------------------------------------------------
Doe Run Peru's workers have postponed a strike until August 20,
Isabel Guerra at LivinginPeru.com reports, citing union's
representatives.  The report relates the decision was made after a
meeting with Junin's Regional President, Vladimiro Huaroc,
Congressman Ricardo Pando, and more than 200,000 workers.

According to the report, Roberto Guzman, the Union's General
Secretary, declared to Radio Programas del Peru (RPP) that this is
intended to give the government more time to deal with the
company's financial and environmental issues.  The report relates
Mr. Guzman emphasized that on the mentioned date union leaders
will hold a further meeting with Peru's Labor Minister and Energy
and Mines Minister.  "Since we are postponing our strike we are
not blocking the Central Highway either, to people can travel with
complete tranquility," the report quoted Mr. Guzman as saying.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2009, Reuters said Doe Run Peru is not doing enough to
avert collapse and present a viable rescue plan to the government
and creditors.  According to a TCRLA report on June 4, 2009,
citing Bloomberg News, Doe Run Peru shut all its smelter
operations after failing to reach an agreement with banks and
mining suppliers.  The report related Mining Federation General
Secretary Luis Castillo said the company, a unit of New York Renco
Group Inc., is unable to pay its 3,700 workers and has no cash for
metal supplies for its La Oroya zinc and lead smelter.

A TCRLA report on July 27, 2009, citing LivinginPeru.com, related
that Peru President Alan Garcia said the government “is willing to
be flexible and to extend" Doe Run's deadline to complete the
environmental cleanup, provided the company presents “a financial
guarantee, including shares.”  The report, however, noted that
Jose Mogrovejo, Doe Run Peru's Vice President for Environmental
Affairs, remarked that the company would inject the capital
required to operate again only if the government gave it a
deadline extension of 30 months.

                         About Doe Run

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


NUTRITIONAL SOURCING: Aims at August Plan Confirmation in U.S.
--------------------------------------------------------------
Nutritional Sourcing Corp., the former owner of 23 supermarkets in
Puerto Rico, hopes it will have better success at the August 31
confirmation hearing where it will make a second effort to win
confirmation for a Chapter 11 plan, Bill Rochelle at Bloomberg
News said.

The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware approved a disclosure statement describing
first amended Chapter 11 joint plan of liquidation filed by
Nutritional Sourcing Corp. and its debtor-affiliates.

According to the Troubled Company Reporter on June 17, 2009, under
the amended plan, holders of the Debtors' other priority and other
secured claims, and mirror loan note claims are expected to
recover 100% of their claims.  Changes in recovery percentages
from the amended plan to previous plan:

                          Estimated Recovery  Estimated Recovery
  Type of Claim           under Amended Plan  under Previous Plan
  -------------           ------------------  -------------------
Senior Secured                   25.0%               32.3%
Pueblo Trade                     98.0%              100.0%
Pueblo General Unsecured          7.6%                7.8%
FLBN General Unsecured           18.9%               25.2%
PBGC Recovery                    37.8%               42.0%
Keon and O'Leary Recovery        35.2%               44.8%

All holders of the Debtors' penalty and subordinated claims, and
equity securities interest will get nothing under the plan.

A full-text copy of the Debtors' disclosure statement is available
for free at http://ResearchArchives.com/t/s?3de9

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

The Debtors first filed their Joint Plan of Liquidation on
September 4, 2008.  Judge Walsh, however, denied confirmation of
the earlier plan version.  According to the Troubled Company
Reporter on October 30, 2008, Judge Walsh sought clarification on
the proposed distributions to the various classes of claims.

The First Amended Plan incorporates several changes to address the
Court's concerns.  According to NetDocketsBlog.com, the material
modifications to the Amended Plan include:

    * The definition of Pueblo Trade Claim was modified from:

      "the Allowed Claims of trade creditors who provided (i)
      grocery and other merchandise to Pueblo for ultimate sale by
      Pueblo or (ii) services that were directly related to or
      incorporated into grocery and other merchandise for ultimate
      sale by Pueblo . . ." to

      "the Allowed Claims of trade creditors who provided goods
      and services to Pueblo in the ordinary course of Pueblo's
      business . . ."

    * The recovery to Holders of Class 4A Pueblo Trade Claims will
      be reduced from 100% to 98% of the Allowed amount of such
      Claims.

    * The Mirror Loan Transfer will take place on the Effective
      Date as opposed to the final Distribution Date.

    * The FLBN Allowed Trade Claim will be reduced from
      US$2,000,000 to US$600,000 and the FLBN - Pueblo Allowed
      Intercompany General Unsecured Claim will be increased from
      US$47,520,000 to US$48,920,000.

    * The bonus to be paid to Mr. Keon and Mr. O'Leary was
      modified from a wholly incentive bonus based on recoveries
      to creditors to a bonus based in part on confirmation of the
      Plan, with the remainder based on recovery to creditors.

                   About Nutritional Sourcing

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba Pueblo
Xtra International, Inc. -- http://www.puebloxtra.com/-- owns and
operates supermarkets and video rental shops in Puerto Rico and
the US Virgin Islands.  The company and two affiliates, Pueblo
International, L.L.C., and F.L.B.N., L.L.C., filed for Chapter 11
protection on August 3, 2007 (Bankr. D. Del. Case Nos. 07-11038
through 07-11040).  Kay Scholer LLC represents the Debtors in
their restructuring efforts.  Pepper Hamilton LLP serves as their
Delaware counsel.  The U.S. Trustee for Region 3 appointed eight
creditors to serve on an Official Committee of Unsecured
Creditors.  Skadden, Arps, Slate, Meagher & Flom LLP represent
the Official Committee of Unsecured Creditors.  The Company has
disclosed US$130.8 million in assets and debt totaling
US$266.5 million with the Court.


==============
S T  L U C I A
==============


* ST LUCIA: IMF Board Approves US$10.7 Million Disbursement
-----------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
disbursement of SDR6.89 million (about US$10.7 million) to St.
Lucia under the rapid-access component of the Exogenous Shocks
Facility.

The global economic slowdown has strongly affected the tourism
activity in the Caribbean region. The impact in St. Lucia has been
considerable, since government tax revenue, foreign exchange
reserves and employment are all closely linked to the tourism
industry.  The arrangement will help mitigate the impact of the
global crisis on the country’s economy.

Following the Executive Board discussion, Mr. Murilo Portugal,
Deputy Managing Director and Acting Chair, issued the following
statement:

“St. Lucia has been severely affected by the global economic and
financial crisis. Sharp declines in tourism, foreign direct
investment (FDI), and remittances from abroad have led to
significant pressure on St. Lucia’s fiscal and balance of payments
positions.  Real GDP growth is projected to contract by as much as
2 1/2 percent and unemployment to increase substantially in 2009.”

“The authorities’ response to the crisis has been broad-based. The
fiscal program for FY 2009–10 aims at maintaining macroeconomic
stability while protecting social spending, with measures to
enhance tax revenue and control expenditures.  Among the measures
on the revenue side are the introduction of a flexible petroleum
pricing mechanism, the implementation of a market-valuation based
property tax, and the introduction of a value-added tax in 2010.
On the expenditure side, the authorities intend to prioritize
spending, control costs, and only implement projects for which
funding is available.  Fund financing will help ease the balance
of payments pressures, shore up external reserves, and catalyze
support from the international donor community.”

“The authorities are committed to placing public debt on a
downward path, and to fostering the private sector by improving
the business environment and infrastructure.  They are committed
to strengthening the regulation and supervision of the nonbank
financial sector through a package of supportive legislation and
the establishment of a Financial Regulatory Supervisory
Authority.”

“The authorities’ implementation of prudent policies, together
with support from the international donor community, will help
position St. Lucia for a solid recovery once the global recession
bottoms out.”


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


CL FINANCIAL: CLICO Used Bail-out Fund Responsibly, Chairman Says
-----------------------------------------------------------------
Colonial Life Insurance Co Ltd Chairman Shafeek Sultan-Khan
convinced the Cabinet that the cash-strapped insurance company has
been responsibly managing the millions of taxpayers' dollars it
received in financial assistance, Juhel Browne of Trinindad and
Tobago Express reports.  CLICO is a unit of CL Financial Limited.

According to the report, CLICO CEO Khan, Claude Musaib-Ali, and
other board members delivered a presentation to the Cabinet so the
company could formalize a commitment it made in the government's
Memorandum of Understanding (MOU) with its parent company, CL
Financial, to provide an initial TT$1.3 billion bail out.  The
report relates the Cabinet decided to formalize the commitment to
CLICO during a special meeting at the Office of the Prime Minister
in St Clair.

Finance Minister Karen Nunez-Tesheira told the Express in an
interview that while the government did not agree to any
additional funding for CLICO, its presentation was vital to any
future assistance it could end up receiving from the State.

The Express says that the Cabinet made the decision although
Central Bank Governor Ewart Williams is still awaiting the results
of a forensic audit of the company's operations and that of CL
Financial subsidiary CLICO Investment Bank (CIB).

Ms. Nunez-Tesheira maintained the Government's position that
CLICO's collapse posed a systemic risk to the nation's entire
financial system and it had to intervene to protect its policy
holders and investors, the report adds.

                       About CL Financial

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

                         *     *     *

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


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


* VENEZUELA: Resolving Problems on Dollar Supply With Central Bank
------------------------------------------------------------------
The Venezuelan government is working with the central bank to
resolve problems with the supply of dollars after the price of oil
doubled since February, Matthew Walter at Bloomberg News reports,
citing Finance Minister Ali Rodriguez.  The report relates foreign
companies operating in Venezuela and importers have reported
delays in obtaining dollars at the official exchange rate this
year, causing a 19.3% drop in the bolivar in the country’s
parallel, unofficial currency market.

“The fact that the situation has improved has allowed for us,
together with the Central Bank of Venezuela, to start a process of
solution,” the report quoted Mr. Rodriguez as saying.

According to the report, Venezuelans have increasingly turned to
the parallel, unofficial currency market because of delays in
obtaining permission from the government to buy foreign currency
at the official exchange rate of VEB2.15 per dollar.

Bloomberg News says Venezuela depends on oil export revenue to
finance half the government’s budget, and earlier this year
President Hugo Chavez reduced spending and the reference price for
oil used to calculate the budget.

                         *     *     *

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


* VENEZUELA: Postpones Auction for Orinoco Belt Contracts
---------------------------------------------------------
Venezuela is postponing bidding among foreign oil companies for
contracts to exploit seven areas within its heavy-oil-producing
Orinoco belt because "the companies need more time for their
analysis," The Associated Press reports, citing Oil Minister
Rafael Ramirez.  The report relates the bidding was expected to
begin on July 28.

According to the report, Mr. Ramirez did not offer a new timetable
for the process during a visit to the Orinoco belt.

The report recalls that faced with cash flow problems, Venezuela
decided last year to invite foreign oil companies to consider
taking minority stakes in seven projects run by state oil company
Petroleos de Venezuela.

The Orinoco belt, the AP adds, is expected to pump 400,000 barrels
of crude per day by 2011 and double that output by 2015.

                         *     *     *

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


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


* Last Week's 3 Defaults Raise S&P Tally to 184
-----------------------------------------------
Three global corporate issuers defaulted in the week of July 17,
bringing the 2009 year-to-date tally to 184 issuers -- nearly 4x
the 48 defaults at this time in 2008, said an article published
July 24 by Standard & Poor's, titled "Global Corporate Default
Update (July 17 - 23, 2009) (Premium)."

The three defaults were spread equally among the U.S., Europe,
and the emerging markets, bringing the default tallies by region
to 131 issuers in the U.S., 10 in Europe, 31 in the emerging
markets, and 12 in the other developed region (Australia, Canada,
Japan, and New Zealand).

"All three defaults this week were the results of distressed
exchanges, upping the distressed exchange tally to 54 issuers so
far this year," said Diane Vazza, head of Standard & Poor's Global
Fixed Income Research Group.

"Distressed exchanges have surged this year, with the midyear 2009
tally at more than 3x the full-year 2008 total and almost 14x the
count of four issuers in 2007."

Bankruptcy filings remain at 51 issuers, which is more than the
full-year 2008 total of 49 bankruptcy-related defaults.  The sharp
increase in corporate bankruptcies brings with it significant
difficulties to private equity investors, particularly for those
whose buyout activities in the past several years placed much of
their risks squarely in the speculative-grade domain.

Indeed, more than half of the defaulters this year either had or
continue to have private equity involvement, which presents both
challenges and opportunities to private equity investors during
restructuring and reorganization.

Of the global corporate defaulters so far this year, 41% of issues
with available recovery ratings had recovery ratings of '6'
(indicating our expectation for negligible recovery of 0%-10%),
17% of issues had recovery ratings of '5' (modest recovery
prospects of 10%-30%), 12% had recovery ratings of '4' (average
recovery prospects of 30%-50%), and 10% had recovery ratings of
'3' (meaningful recovery prospects of 50%-70%).  And for the
remaining two rating categories, 12% of issues had recovery
ratings of '2' (substantial recovery prospects of 70%-90%) and 8%
of issues had recovery ratings of '1' (very high recovery
prospects of 90%-100%).

The precipitous increase in defaults reflects a pronounced decline
in economic fundamentals and earnings prospects, as well as the
continued unfavorable environment for the lowest rungs of the
ratings latter, effectively halting lending to low-rated
speculative-grade borrowers.  A large number of defaults likely
will be concentrated in the first two or three quarters of 2009 as
a result of these factors, coupled with distressed exchange
offers.  Four other factors make the current environment more
conducive to defaults: deep recessionary conditions in the U.S., a
record-high proportion of issuers with speculative-grade ratings,
the highest volume of low-rated issuance since 2003, and the
seasoning of much of the debt rated 'B-' or lower issued in the
past several years.

Because of these factors, our current 12-month-trailing U.S.
corporate speculative-grade default rate forecast is 13.9% by mid-
2010, with a pessimistic scenario of 18% and an optimistic
scenario of 11.4%.

This article is part of S&P's premium Global Fixed Income Research
content, which is available to premium subscribers to
RatingsDirect, at http://www.ratingsdirect.com/ Ratings
information can also be found on Standard & Poor's public Web site
at http://www.standardandpoors.com/; under Ratings in the left
navigation bar, select Find a Rating. Members of the media may
request a copy of this report by contacting the media
representative provided.

Global Fixed Income Research:
    Diane Vazza, New York
    (1) 212-438-2760;
    diane_vazza@standardandpoors.com

Media Contact:
    Mimi Barker, New York
    (1) 212-438-5054;
    mimi_barker@standardandpoors.com


* Weakest Links Ease to 285 as Defaults Mount, S&P Article Says
---------------------------------------------------------------
The number of global weakest links continued to decline to 285 as
of July 17, 2009, from 290 in June and a record high of 300 in
April.  The decline was largely attributable to the sharp rise
in defaults, many of which were weakest links, said an article
published July 27 by Standard & Poor's.

"This is a trend that likely will continue for some time," said
Diane Vazza, head of Standard & Poor's Global Fixed Income
Research Group.  "Eroding credit quality leads to lower ratings
and more entities with negative outlooks or with ratings on
CreditWatch with negative implications as well as increased
vulnerability to default."

The 285 weakest links have combined rated debt worth
$397.8 billion.  By sector, media and entertainment, forest
products and building materials, and retail and restaurants were
the most vulnerable, with the highest concentrations of weakest
links, according to the article, titled "Global Bond
Markets' Weakest Links And Monthly Default Rates (Premium)."

Weakest links are defined as issuers rated 'B-' or lower with
either a negative outlook or with ratings on CreditWatch with
negative implications, and they are at greater risk of default.
Corporate defaults continue to rise rapidly in 2009, already
surpassing the number in all of 2008.  Through July 17, 2009, 179
issuers defaulted, affecting debt worth US$424.44 billion. By
comparison, 126 defaults were recorded in all of 2008, affecting
debt worth US$433 billion.

The 12-month-trailing global corporate speculative-grade bond
default rate increased to 8.25% in June 2009 from 7.3% in May and
is now more than 10x the 25-year low of 0.79% recorded in November
2007.

The standard version of this article is part of S&P's standard
Global Fixed Income Research content.  The premium version
contains expanded analysis of the article's most significant
points, typically broken out by sector and region.

Also in the premium version are in-depth charts and tables, the
underlying data of which are available for download.  Ratings
information can also be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Ratings in the left navigation
bar, select Find a Rating.  Members of the media may request a
copy of this report by contacting the media representative
provided.

Global Fixed Income Research:
    Diane Vazza, New York
    (1) 212-438-2760;
    diane_vazza@standardandpoors.com

Media Contact:
    Mimi Barker, New York
    (1) 212-438-5054;
    mimi_barker@standardandpoors.com


                            ***********

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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