TCRLA_Public/090731.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

             Friday, July 31, 2009, Vol. 10, No. 150

                            Headlines

A R G E N T I N A

CONTRERAS HERMANOS: Moody's Withdraws 'B3' Corporate Family Rating


B A H A M A S

BAC BAHAMAS: S&P Withdraws 'BB/Stable/B' Counterparty Ratings


B A R B A D O S

DIGICEL LIMITED: Barbados Gov't OKs Cingular Wireless Acquisition


B E R M U D A

VALIDUS HOLDINGS: Posts $137.6-Million Net Income in 2nd Quarter
VALIDUS HOLDINGS: Names Conan Ward as CEO for Validus Reinsurance
XL CAPITAL: 2nd Quarter Drops 26% to $79.9 Million


B R A Z I L

BANCO NACIONAL: To Sign BRL25-Billion Finance Deal With Petrobras
GERDAU AMERISTEEL: Seeks Rescue Funds From Oklahoma State
JBS SA: Unit Relocates Packerland Officials to the Swift Division
* BRAZIL: Lending Rises in June, Defaults Up


C A Y M A N  I S L A N D S

DD STRATEGIC: Creditors' Proofs of Debt Due on August 11
ERICA OVERSEAS: Creditors' Proofs of Debt Due on October 8
MARATHON ENERGY: Creditors' Proofs of Debt Due on August 20
ORCA VENTURES: Creditors' Proofs of Debt Due on October 1
PERCEPTION INVESTMENTS: Creditors' Proofs of Debt Due on August 20

RE LTD: Creditors' Proofs of Debt Due on August 10
SALISBURY INTERNATIONAL: S&P Cuts Ratings on Three Tranches to 'D'
SMILE OPPORTUNITIES: Creditors' Proofs of Debt Due on September 28
TOURADJI DEEPROCK: Creditors' Proofs of Debt Due on August 12
VLASOV GLOBAL: Commences Liquidation Proceedings

VLASOV MARINE: Commences Liquidation Proceedings


C H I L E

* CHILE: Industrial Production Falls 8.3%; Sales Fall 6.6% in June


C O L O M B I A

* COLOMBIA: PDVSA May Cut Its Gasoline Supplies to the Country


J A M A I C A

AIR JAMAICA: “Nitebird” Loads at 86% in July
* JAMAICA: Discusses Debt Reconfiguration With Local Banks


M E X I C O

VITRO SAB: Second Quarter Sales Drop 36% to US$464 Million
* MEXICO: Economy to Shrink 8% This Year Amid Crisis


P E R U

DOE RUN PERU: Says Peru Gov't Not Inclined to Reach an Accord


T R I N I D A D  &  T O B A G O

BRITISH WEST: Shareholders Make Counter-Offer to Government
CL FINANCIAL: Republic Bank Won't Reduce Prime Lending


V E N E Z U E L A

PETROLEOS DE VENEZUELA: May Cut Gasoline Supplies to Colombia


V I R G I N  I S L A N D S

FAIRFIELD SENTRY: B.V.I. High Court Appoints Joint Liquidators


                         - - - - -


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


CONTRERAS HERMANOS: Moody's Withdraws 'B3' Corporate Family Rating
------------------------------------------------------------------
Moody's Latin America has withdrawn its B3 global scale Corporate
Family rating and A3.ar Argentina National Scale rating for
Contreras Hermanos S.A.

The rating has been withdrawn because Moody's believes it lacks
adequate information to maintain a rating.

Headquartered in Buenos Aires, Argentina, Contreras is a family-
owned construction company, focused principally on the oil and gas
sector, but with additional projects in the civil and industrial
infrastructure segments.  Contreras had 2008 consolidated revenues
of approximately US$250 million (ARS 920 million).


=============
B A H A M A S
=============


BAC BAHAMAS: S&P Withdraws 'BB/Stable/B' Counterparty Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
ratings, including its 'BB/Stable/B' counterparty credit ratings,
on BAC Bahamas Bank at the company's request.  At the time of the
withdrawal, the outlook was stable.

There is no rated outstanding debt.


===============
B A R B A D O S
===============


DIGICEL LIMITED: Barbados Gov't OKs Cingular Wireless Acquisition
-----------------------------------------------------------------
The Barbados Fair Trade Commission has approved Digicel Limited’s
acquisition of Cingular Wireless' mobile operations on the island,
Telegeography News reports, citing the Jamaican Observer
newspaper.

According to the report, the trade commission ruled that the deal
would not adversely affect competition to the detriment of
consumers because the combined market share of Digicel and
Cingular on the island is less than 40%.

The company, the report notes, launched in the Barbadian market in
February 2004, and applied to acquire Cingular's operations there
in October 2008.  The report relates the Digicel Group has already
acquired Cingular's operations in Anguilla, Antigua, Bermuda,
Dominica and St. Kitts.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.

                          *     *     *

As of July 9, the company continues to carry these low ratings
from Moody's Investors Service:

   -- B2 LT Corp Family rating
   -- Caa1 senior unsecured debt
   -- Ba2 probability of default


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


VALIDUS HOLDINGS: Posts $137.6-Million Net Income in 2nd Quarter
----------------------------------------------------------------
Validus Holdings, Ltd. reported net income of $137.6 million for
the three months ended June 30, 2009, compared with net income of
$75.9 million for the three months ended June 30, 2008.  Net
income for the six months ended June 30, 2009 was $232.5 million
compared with $142.4 million for the six months ended June 30,
2008.

Net operating income for the three months ended June 30, 2009 was
$110.4 million compared with net operating income of $111.7
million for the three months ended June 30, 2008.  Net operating
income for the six months ended June 30, 2009 was $210.8 million
compared with net operating income of $177.2 million for the six
months ended June 30, 2008.

Net operating income, a non-GAAP financial measure, is defined as
net income excluding net realized and unrealized gains or losses
on investments, foreign exchange gains and losses and non-
recurring items.  Reconciliations of this measure to net income,
the most directly comparable GAAP measure, are presented at the
end of this release.

Commenting on second quarter results and 2009 business conditions,
Validus' Chairman and Chief Executive Officer Ed Noonan stated:
"We are very pleased with our financial, strategic and operational
achievements in the quarter.  We produced an annualized operating
return on average shareholders' equity of 21.2%, diluted EPS of
$1.74 and diluted operating EPS of $1.40.  Our diluted book value
per common share at June 30, 2009 reached $26.08 and, inclusive of
our $0.20 quarterly dividend, we increased diluted book value per
common share by 6.6%.  We benefited from favorable investment
markets, continued strong premium growth and a near absence of
notable worldwide catastrophes and other loss events.  Subsequent
to quarter end, we furthered our efforts to acquire IPC Holdings,
Ltd. by agreeing with the board of directors of IPC to sign an
Agreement and Plan of Amalgamation with IPC."

                Second Quarter 2009 Results

Highlights for the second quarter include:

    --  Gross premiums written of $425.0 million compared
        to $379.9 million for the same quarter last year,
        an increase of $45.1 million or 11.9%;

    --  Net premiums earned of $328.2 million compared
        to $309.3 million for the same quarter last year,
        an increase of $18.9 million or 6.1%;

    --  Combined ratio of 71.9% which included $13.2 million
        of favorable prior year loss reserve development,
        benefiting the loss ratio by 4.0 percentage points;

    --  $11.0 million of loss expense attributable to
        Air France which represented 3.4 percentage points
        on the loss ratio;

    --  Net operating income of $110.4 million, a decrease
        of $1.3 million or 1.1% from net operating income
        of $111.7 million in the second quarter of 2008,
        primarily reflecting increased contribution from
        underwriting income of $2.6 million and lower
        finance charges of $2.0 million, offset by lower
        investment income of $9.5 million;

    --  Net income of $137.6 million, an increase of
        $61.6 million or 81.2% from net income of
        $75.9 million in the second quarter of 2008,
        reflecting a small reduction in operating income,
        an increase in net unrealized investment gains of
        $80.2 million, an increase in foreign exchange gains
        of $7.5 million, offset in part by non-recurring IPC
        related expenses of $15.9 million;

    --  Annualized return on average equity of 26.4% and
        annualized operating return on average equity of
        21.2%.

Highlights for the six months ended June 30, 2009 include:

    --  Gross premiums written of $1,034.9 million
        compared to $901.5 million for the same period
        last year, an increase of $133.4 million or 14.8%;

    --  Net premiums earned of $647.0 million compared
        to $601.2 million for the same period last year,
        an increase of $45.8 million or 7.6%;

    --  Combined ratio of 73.5% which included $21.3 million
        of favorable prior year loss reserve development,
        benefiting the loss ratio by 3.3 percentage points;

    --  Net operating income of $210.8 million, an increase
        of $33.6 million or 19.0% from net operating
        income of $177.2 million for the six months ended
        June 30, 2008, primarily reflecting increased
        contribution from underwriting income of $31.1 million
        and lower finance charges of $15.8 million, offset
        by lower investment income of $18.7 million;

    --  Net income of $232.5 million, an increase of
        $90.1 million or 63.3% from net income of
        $142.4 million for the six months ended June 30,
        2008, reflecting growth in operating income of
        $33.6 million, an increase in net unrealized
        investment gains of $117.4 million, offset in part
        by a change in net realized losses on investments
        of $31.4 million and IPC related expenses of $15.9
        million;

    --  Annualized return on average equity of 22.8% and
        annualized operating return on average equity
        of 20.7%.

                    Validus Re Segment Results

Gross premiums written during the second quarter of 2009 were
$199.6 million, an increase of $11.8 million or 6.3% from $187.8
million in the second quarter of 2008.  Gross premiums written
comprised $183.9 million of property premiums, $4.0 million of
marine premiums and $11.7 million of specialty premiums compared
to $171.3 million of property premiums, $8.7 million of marine
premiums and $7.8 million of specialty premiums in the second
quarter of 2008.

Net premiums earned for the second quarter of 2009 were $163.7
million compared to $164.1 million for the second quarter of 2008,
a decrease of $0.4 million or 0.3%.

The combined ratio for the quarter increased to 52.5% from 52.1%
in the second quarter of 2008.  The loss ratio of 25.1% included
favorable prior year loss reserve development of $3.0 million
(representing 1.8 percentage points on the loss ratio).  The
reduction in the loss ratio from 29.7% in the second quarter of
2008 was due to a lower incidence of significant second quarter
property and other loss events in the second quarter of 2009,
which added 6.2% to the second quarter 2008 loss ratio.

Gross premiums written during the first six months of 2009 were
$609.7 million, an increase of $90.8 million or 17.5% from $518.9
million in the first six months of 2008.  Gross premiums written
comprised $418.6 million of property premiums, $125.5 million of
marine premiums and $65.6 million of specialty premiums compared
to $374.4 million of property premiums, $92.8 million of marine
premiums and $51.7 million of specialty premiums in the first six
months of 2008.

Net premiums earned for the first six months of 2009 were $338.1
million compared to $307.8 million for the first six months of
2008, an increase of $30.3 million or 9.8%.

The combined ratio decreased to 54.9% from 57.0% in the first six
months of 2008.  The loss ratio of 28.6% included favorable prior
year loss reserve development of $4.8 million (representing 1.4
percentage points on the loss ratio).

                       Talbot Segment Results

Gross premiums written during the second quarter of 2009 were
$235.1 million, compared to $197.2 million for the second quarter
of 2008, an increase of $37.9 million or 19.2%.  Gross premiums
written comprised $78.8 million of property premiums, $82.6
million of marine premiums and $73.7 million of specialty premiums
compared to $47.4 million of property premiums, $73.1 million of
marine premiums and $76.7 million of specialty premiums in the
second quarter of 2008.

Net premiums earned for the second quarter of 2009 were $164.5
million compared to $145.2 million for the second quarter of 2008,
an increase of $19.3 million or 13.3%.

The combined ratio increased to 87.5% from 86.4% in the second
quarter of 2008.  The loss ratio of 50.9% included favorable prior
year loss reserve development of $10.3 million (representing 6.2
percentage points on the loss ratio).

Gross premiums written during the first six months of 2009 were
$463.0 million, compared to $399.0 million for the first six
months of 2008, an increase of $64.0 million or 16.0%.  Gross
premiums written comprised $139.5 million of property premiums,
$175.0 million of marine premiums and $148.5 million of specialty
premiums compared to $87.8 million of property premiums, $164.1
million of marine premiums and $147.1 million of specialty
premiums the first six months of 2008.

Net premiums earned for the first six months of 2009 were $308.8
million compared to $293.4 million for the first six months of
2008, an increase of $15.4 million or 5.3%.

The combined ratio decreased to 89.3% from 90.3% in the first six
months of 2008.  The loss ratio of 51.8% included favorable prior
year loss reserve development of $16.5 million (representing 5.3
percentage points on the loss ratio).

                     Corporate Segment Results

Corporate results are comprised of executive and board expenses,
internal and external audit expenses, interest and costs incurred
in connection with the Company's junior subordinated deferrable
debentures and other costs relating to the Company as a whole.
General and administrative expenses for the three months ended
June 30, 2009 were $5.1 million compared to $4.2 million for the
three months ended June 30, 2008.  Additionally, there were $15.9
million of non-recurring costs relating to the IPC transaction in
the quarter.  Share compensation expenses for the three months
ended June 30, 2009 were $2.0 million compared to $4.5 million for
the three months ended June 30, 2008.  The decrease of $2.5
million was due to the vesting of a tranche of restricted stock to
senior executives during the first quarter of 2009.

General and administrative expenses for the six months ended
June 30, 2009 were $9.2 million compared to $11.0 million for the
six months ended June 30, 2008.  Share compensation expenses for
the six months ended June 30, 2009 were $5.3 million compared to
$8.9 million for the six months ended June 30, 2008.

                         Investments

Investment income was $27.0 million in the second quarter of 2009
compared to $36.4 million in the second quarter of 2008.
Investment income was $53.7 million in the first six months of
2009 compared to $72.5 million in the first six months of 2008.
Net investment income decreased as a result of reduced market
yields and higher average cash balances.  Net realized losses on
investments in the quarter were $2.7 million, compared to $2.4
million of net realized losses in the second quarter of 2008.  Net
realized losses on investments in the six months ended June 30,
2009 were $26.1 million, compared to $5.3 million of net realized
gains in the six months ended June 30, 2008.

The Company recorded $37.2 million of net unrealized gains in the
three months ended June 30, 2009 and $59.4 million in the six
months ended June 30, 2009.  The Company recorded $43.0 million of
net unrealized losses in the three months ended June 30, 2008 and
$58.0 million in the six months ended June 30, 2008.  The net
unrealized gains in the three months ended June 30, 2009 resulted
primarily from unrealized gains in non-agency RMBS and corporate
bonds sectors, partially offset by unrealized losses in US
government and government agency securities.  At June 30, 2009,
the unrealized gain on investments was $20.6 million, which
represented 0.6% of total investments and cash.

                        Finance Expenses

Finance expenses for the three months ended June 30, 2009 were
$10.8 million, decreasing from $12.8 million in the three months
ended June 30, 2008.  Finance expenses consisted principally of
interest on the Company's junior subordinated deferrable
debentures and third-party capital costs for Talbot.  The decrease
primarily related to the termination of third-party capital for
Talbot commencing with the 2008 year of account.

Finance expenses for the six months ended June 30, 2009 were $18.5
million, decreasing from $34.3 million in the six months ended
June 30, 2008.  Finance expenses consisted principally of interest
on the Company's junior subordinated deferrable debentures and
third-party capital costs for Talbot.  The decrease primarily
related to the termination of third-party capital for Talbot
commencing with the 2008 year of account.

              Shareholders' Equity and Capitalization

At June 30, 2009, shareholders' equity was $2.2 billion.  Diluted
book value per common share was $26.08 compared to $24.65 at March
31, 2009. Diluted book value per common share is a non-GAAP
financial measure.  A reconciliation of this measure to
shareholders' equity is presented at the end of this release.

Total capitalization at June 30, 2009 was $2.5 billion, including
$304.3 million of junior subordinated deferrable debentures.

                    About Validus Holdings, Ltd.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, A.M. Best Co. has placed the indicative ratings of
"bb+" on subordinated debt and "bb" on the preferred stock of
Validus Holdings, Ltd (Validus Holdings) under review with
negative implications.


VALIDUS HOLDINGS: Names Conan Ward as CEO for Validus Reinsurance
-----------------------------------------------------------------
Validus Holdings, Ltd. appointed Conan M. Ward as Chief Executive
Officer of Validus’ wholly owned subsidiary Validus Reinsurance,
Ltd., and Kean D. Driscoll as Chief Underwriting Officer of
Validus Re.

Mr. Ward's and Mr. Driscoll’s new roles are effective immediately,
subject to approval by the Bermuda Department of Immigration.

“We are pleased to announce the well-deserved promotions of Conan
and Kean to these important roles at Validus Re,” stated Ed
Noonan, Validus’ Chairman and Chief Executive Officer.  “Both
individuals are talented executives who have been instrumental in
building the Validus franchise.  We look forward to their
continued contributions and leadership as we grow our business and
take advantage of the attractive conditions in the short-tail
reinsurance market.”

                   About Validus Holdings, Ltd.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, A.M. Best Co. has placed the indicative ratings of
"bb+" on subordinated debt and "bb" on the preferred stock of
Validus Holdings, Ltd (Validus Holdings) under review with
negative implications.


XL CAPITAL: 2nd Quarter Drops 26% to $79.9 Million
--------------------------------------------------
XL Capital Limited's second quarter income dropped 26% to $79.9
million from $237.9 million in the year-earlier period, as policy
sales dropped and investment income fell, The Royal Gazette
reports.  The report relates the company's operating income was 47
cents a share, missing the 62-cent estimate of 13 analysts
surveyed by Bloomberg.

According to the report, XL Capital's book value rocketed by
26% to $18.89 from $15.02 at the end of the first quarter, as the
company's investments gained value in a rally on the financial
markets.

The report notes policy sales are falling as customers scale back
purchases amid the recession.  The report relates lower prices
have cut into income as insurers compete for market share.

XL Capital, The Gazette notes, had a 15% decline in property and
casualty revenue in the second quarter.

XL Chief Executive Officer McGavick said the fluctuating value of
the dollar had been a major factor in the decline in net income,
the report says.   "The income statement impact of foreign
exchange movements was an after tax loss of $132.6 million and
this was the principal contributor to the reduction of net income
and operating income from the prior year quarter," the report
quoted Mr. McGavick as saying.  "Excluding this item, operating
income increased from the prior year quarter reflecting the
strength of our core business," Mr. McGavick added.

Joshua Shanker, an analyst at Citigroup Inc., told the news agency
in an interview that before the results were released that "XL is
losing business.  The marketplace in general right now is writing
business at a level that is probably below necessary
profitability.  The combination of business leaving for any
various reason and people buying less coverage in the recession,
this affects XL."

                        About XL Capital

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

                          *     *     *

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


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B R A Z I L
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BANCO NACIONAL: To Sign BRL25-Billion Finance Deal With Petrobras
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA and
Petroleo Brasileiro SA were slated to finalize a BRL25 billion
(US$12.4 billion) financing deal later Thursday, Jeff Fick of Dow
Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
Jul 17, 2009, Reuters said BNDES will lend Petrobras funds
denominated in local Treasury notes.  According to the report,
Valor, citing Petrobras CEO Almir Barbassa, said that under the
transaction, the National Treasury will issue the notes and
transfer them to BNDES, which will, in turn, lend them to
Petrobras.  The report related the oil company will distribute the
notes among its ten pension funds, which will sell them to raise
cash to pay for investments and other expenditures.

A TCRLA report on May 13, 2009, citing Dow Jones Newswires,
related that Petrobras said it would receive funds from the BNDES
to help aid the company's planned investments of US$28.6 billion.
According to the report, Mr. Barbassa said Petrobras also raised
US$6.5 billion in a bridge loan from a consortium of local and
international banks to help fund the planned investments.

                            About BNDES

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

                          *     *     *

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


GERDAU AMERISTEEL: Seeks Rescue Funds From Oklahoma State
---------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau SA,
is waiting on a rescue package from Oklahoma state before deciding
whether to close its Sand Springs steel mill and lay off nearly
300 people, Kyle Arnold at Tulsa World reports.  The report
relates Gerdau spokesman Santiago Fittipaldi said its executives
and the officials from Oklahoma Department of Commerce and the
state Treasurer's Office met last July 9, and now the it is
waiting to hear back from state officials.

According to Tulsa World, the company officials said it was
considering closing the mill, as it has done with two plants in
New Jersey, including the closure of the Sand Springs plant,
aiming to save between US$15 million and US$30 million.

The report notes the state has the option of offering tax breaks
for upgrading the mill to meet tighter environmental standards
that will take effect soon.  The report relates Beth Schmidt, a
spokeswoman for the Commerce Department, said it could also offer
up to US$500 a year for any new job the mill creates.

Meanwhile, the report says local union officials, legislators and
business officials are rallying for support to keep the plant
open.  "We still have a lot of workers in the plant. I'm one of
around 290," Troy Zickefoose, vice president of the local United
Steelworkers union and a worker at the plant, was quoted by the
report as saying.  "There's a lot of other impact that will close
if we shut down, like suppliers and anybody we work with," Mr.
Zickefoose added.

                     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.


JBS SA: Unit Relocates Packerland Officials to the Swift Division
-----------------------------------------------------------------
JBS USA, a unit of Brazil-based JBS SA, is relocating executives
from the company's JBS Packerland division in Green Bay, Wis., to
its JBS Swift division in Greeley, Colo., where JBS USA is
headquartered, Rod Smith at Feedstuff News reports.

According to the report, the company said Rich Vesta, who has been
chief executive officer at JBS Packerland, will become chief
operating officer for U.S. beef operations at JBS USA.  The report
relates the company said its Green Bay packing plant will remain
in operation.

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

                         *      *     *

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


* BRAZIL: Lending Rises in June, Defaults Up
--------------------------------------------
Bank lending in Brazil rose in June, rebounding after two months
of declines as banks pumped more cash into corporate loans even as
defaults climbed to a record, Isabel Versiani at Reuters reports,
citing a central bank data.  The report relates the bank report
showed new loans rose an average 3.6% in June after declining
2.1% in May.

According to the report, new corporate loans rose by an average
5.1% last month, led by an increase in credit for working capital
and short-term lending, while consumer loans rose 1.1% as
automobile credit surged 21.1%.  However, the report relates
outstanding loans in Brazil's banking system were up 1.3% in June
from May to BRL1.28 trillion (US$678 billion) as state development
bank BNDES loaned more funds to local businesses and mortgages
grew.

"The process of recovery in credit markets continued in June,
reflecting mainly, expansion in transactions by the BNDES and in
the main consumer segments, within which real estate loans stand
out," the central bank said in a report obtained by the news
agency.

President Luiz Inacio Lula da Silva, Reuters says, has instructed
government banks such as BNDES, Banco do Brasil and Caixa
Economica Federal to increase credit volumes and speed up loan
approvals to help lift Brazil's economy out of recession.

The report points out that despite the increase in overall
lending, default rates on total bank loans rose for a seventh
straight month to an all-time high.  The report relates defaults
rose to 5.7% from 5.5% in May, while corporate loan defaults rose
to 3.4% from 3.2% in May, while delinquencies on consumer loans
were unchanged in June from May at 8.6%.

"Obviously, that reflects the crisis," the report quoted Altamir
Lopes, head of the central bank's economics research department,
as saying.   "In three months, the data should show a decline" in
defaults, Ms. Lopes added.

                        *     *     *

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


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


DD STRATEGIC: Creditors' Proofs of Debt Due on August 11
--------------------------------------------------------
The creditors of DD Strategic Opportunities Master Fund are
required to file their proofs of debt by August 11, 2009, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Hugh Dickson
          Stephen Akers
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


ERICA OVERSEAS: Creditors' Proofs of Debt Due on October 8
----------------------------------------------------------
The creditors of Erica Overseas Ltd. are required to file their
proofs of debt by October 8, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


MARATHON ENERGY: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------------
The creditors of Marathon Energy Nigeria are required to file
their proofs of debt by August 20, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


ORCA VENTURES: Creditors' Proofs of Debt Due on October 1
---------------------------------------------------------
The creditors of Orca Ventures Ltd. are required to file their
proofs of debt by October 1, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


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

The company commenced wind-up proceedings on July 3, 2009.

The company's liquidator is:

          Lion International Corporate Services Limited
          c/o Lindsay Cox
          P.O. Box 484GT, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949 7755
          Facsimile: (345) 949-7634


RE LTD: Creditors' Proofs of Debt Due on August 10
--------------------------------------------------
The creditors of RE Ltd. are required to file their proofs of debt
by August 10, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 3, 2009.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          South Church Street, PO Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986


SALISBURY INTERNATIONAL: S&P Cuts Ratings on Three Tranches to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' and withdrew its
credit ratings on three tranches issued by Cloverie PLC and three
issued by Salisbury International Investments Ltd., related to the
"Onyx" portfolio.

The downgrades follow the trustee's confirmation that losses from
credit events in the underlying "Onyx" portfolio have exceeded the
available credit enhancement for these six collateralized debt
obligations.  This means that, on the termination date,
noteholders suffered a principal loss.

S&P subsequently withdrew the ratings assigned to these notes,
having recently received confirmation that they terminated in June
2009.

The underlying portfolio is static and references U.S. home equity
line-of-credit residential mortgage-backed securities originated
in 2004 and 2005.

Ratings List

               Ratings Lowered To 'D' And Withdrawn

                           Cloverie PLC
$15 Million Class C Secured Floating-Rate Portfolio-Linked Notes
                          Series 2005-46

                           Ratings
                           -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

                           Cloverie PLC
$15 Million Class C Secured Floating-Rate Portfolio-Linked Notes
                          Series 2005-47

                           Ratings
                           -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

                           Cloverie PLC
$15 Million Class C Secured Floating-Rate Portfolio-Linked Notes
                          Series 2005-48

                           Ratings
                           -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

             Salisbury International Investments Ltd.
           $18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-10

                           Ratings
                           -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

             Salisbury International Investments Ltd.
           $18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-11

                           Ratings
                           -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

             Salisbury International Investments Ltd.
           $18.75 Million Class C Secured Floating-Rate
                  Portfolio-Linked Notes (Onyx)
                          Series 2005-12

                           Ratings
                           -------
                     To                From
                     --                ----
                     D                 CCC-
                     NR                D

                         NR -- Not rated.


SMILE OPPORTUNITIES: Creditors' Proofs of Debt Due on September 28
------------------------------------------------------------------
The creditors of Smile Opportunities Ltd. are required to file
their proofs of debt by September 28, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


TOURADJI DEEPROCK: Creditors' Proofs of Debt Due on August 12
-------------------------------------------------------------
The creditors of Touradji Deeprock Offshore Fund, Ltd. are
required to file their proofs of debt by August 12, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2009.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          South Church Street, PO Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986


VLASOV GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on April 1, 2009, the
members of Vlasov Global Securities Corporation resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Serge Marino
          L'Aigue Marine
          24 Av. De Fontvieille
          Monaco;

and

          Mauro Terrevazzi
          L'Aigue Marine
          24 Av. De Fontvieille
          Monaco


VLASOV MARINE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on April 1, 2009, the
members of Vlasov Marine Holdings Corporation resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Serge Marino
          L'Aigue Marine
          24 Av. De Fontvieille
          Monaco;

and

          Mauro Terrevazzi
          L'Aigue Marine
          24 Av. De Fontvieille
          Monaco


=========
C H I L E
=========


* CHILE: Industrial Production Falls 8.3%; Sales Fall 6.6% in June
------------------------------------------------------------------
Chilean industrial output fell less than expected in June,
suggesting that the country’s economy is pulling out of its
deepest recession in a decade, Sebastian Boyd at Bloomberg News
reports.  The report relates the National Statistics Institute
said production fell 8.3% from a year earlier, while industrial
sales fell 6.6%.

According to the report, Central Bank President Jose De Gregorio
said Chile may be starting to stabilize after shrinking faster
than expected in the first half of the year.  “The worst activity
data has passed and although we are still in negative territory,
the pace of contraction has slowed,” economists at Santiago-based
broker BCI Corredor de Bolsa SA wrote in a note obtained by the
news agency.

Bloomberg News says the institute said nationwide, joblessness
rose to 10.7% in the second quarter, the highest since October
2004, after the economy shed 35,000 jobs.

Bloomberg News adds that in the first six months of the year,
output declined 9.6% from the same period a year earlier.


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


* COLOMBIA: PDVSA May Cut Its Gasoline Supplies to the Country
--------------------------------------------------------------
Petroleos de Venezuela SA may reduce the amount of gasoline it
supplies to Colombia, in line with a threat by President Hugo
Chavez to suspend trade with its neighbor, Dan Molinski at Dow
Jones Newswires reports.  The report relates Venezuelan Oil
Minister Rafael Ramirez said that, for the time being, all of
PdVSA's agreements to supply Colombia with gasoline remain in
place, "but the accords are being studied . . . as we await
presidential instructions."

According to the report, much of the gasoline Venezuela provides
to Colombia is along the border region -- part of an effort to
reduce fuel smuggling by Colombians who cross into Venezuela to
buy it dirt-cheap, then bring it back to their own country to sell
it at a premium.  The report notes PDVSA sends 4.5 million gallons
of gasoline a month to Colombia.

Mr. Chavez, the report says, recently recalled Venezuela's
ambassador in Bogota, following accusations from officials in
Colombia's capital that Swedish-made rocket launchers sold to
Venezuela were found in the hands of the rebel Revolutionary Armed
Forces of Colombia (FARC).

                         *     *     *

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


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


AIR JAMAICA: “Nitebird” Loads at 86% in July
--------------------------------------------
Air Jamaica Limited said the performance of its Nitebird flight on
the New York route has been stellar this month, Julian Richardson
at the Jamaica Observer reports.  The report relates Air Jamaica
said its load factor from New York to Kingston on the Nitebird,
July 1 to 27, was 86% and the return is the same for the same
dates.

According to the report, Air Jamaica reintroduced the 'Nitebird'
flight on the New York route on June 25, bringing to four the
number of daily flights between Jamaica and the U.S. city.

"This flight allows Air Jamaica to offer more flights in summer
when traffic between New York and Jamaica is at its peak, with
better utilisation of equipment," the report quoted Joy Schaaffe,
Air Jamaica's marketing director, as saying.  "It also allows a
schedule of four daily flights between New York and Jamaica
accommodating departure throughout the day/night,” Ms. Schaaffe
added.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As of June 30, 2009, the company continues to carry Moody's LT
Corp Family rating and Senior Unsecured Debt rating at B2.  The
company also continues to carry Standard and Poor's LT Foreign
Issuer Credit Rating at B-.


* JAMAICA: Discusses Debt Reconfiguration With Local Banks
----------------------------------------------------------
Jamaica Prime Minister Bruce Golding said he expects to receive an
update on discussions with financial institutions on reconfiguring
the national debt, by the end of this week, Caribbean360.com
reports.  The report relates Mr. Golding said that the discussions
are being held with the banks and the financial sector towards a
liability management program which involves some reconfiguring of
the debt but will depend on the agreement of the financial
institutions.

"We can't repudiate the debt, nor can we unilaterally alter the
terms and conditions of the debt.  That would have to come from
voluntary adjustments that are agreed to by the holders of the
debt.  They will indicate that that also involves the concurrence
of the persons on whose behalf they hold that debt. Those
discussions are continuing," the report quoted Mr. Golding as
saying.

According to the report, Mr. Golding said he believes the
discussions will be fruitful, but suggested that they must be
aggressive if there is to be any impact.

Jamaica, the report notes, has already started discussion with the
International Monetary Fund as it seeks to get up to US$1.2
billion under a standby agreement.  The report relates Mr. Golding
said that the standby arrangement with the IMF would see Jamaica
involved for one to two years and the country was hoping to make a
quick exit once the economy was back on track.

                           *     *     *

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


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


VITRO SAB: Second Quarter Sales Drop 36% to US$464 Million
----------------------------------------------------------
Vitro, S.A.B. de C.V.'s second-quarter net profit rose to US$62
million from US$5 million a year ago on lower financial costs,
while sales and operating profits were lower, Anthony Harrup at
Dow Jones Newswires reports.  The report relates the company said
sales fell 36% to $464 million, with flat glass sales down 35.1%
to US$210 million and glass container sales down 36.4% to US$249
million.

According to the report, the company's operating profit fell 42%
to US$25 million, while earnings before interest, taxes,
depreciation and amortization (Ebitda) fell 33% to $57 million.

Dow Jones Newswires notes that Vitro SAB cut its expectation for
full-year Ebitda to US$210 million-US$220 million from the
previous US$230 million-US$240 million, while keeping its planned
capital expenditure for the year at US$74 million.  The report
says the company had a foreign exchange gain of US$104 million in
the second quarter.

The company, which defaulted on debt earlier this year, said its
negotiations with derivatives counterparties and bondholders are
continuing and that it expects to submit a restructuring proposal
to creditors in the first week of August, the report says.

"As anticipated, sales performance again reflected the weak
economic environment with the decline aggravated by the
depreciation of the Mexican peso," the report quoted Chief
Executive Hugo Lara as saying.  "While there is limited visibility
in our markets as we look ahead, we continue to maintain
operations as usual and to make progress in the implementation of
our cost control initiatives and productivity programs developed
to adjust production to the current levels of demand," Ms. Lara
added.

                         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.


* MEXICO: Economy to Shrink 8% This Year Amid Crisis
----------------------------------------------------
The Organization for Economic Cooperation and Development said
Mexico’s economy may shrink 8% this year amid the global economic
slump, Jens Erik Gould at Bloomberg News reports.  The news
agency, citing OECD's report, relates that falling industrial
production and consumer confidence will raise the unemployment
rate to 5.7% in 2009.  A further weakening of the economy may lead
the central bank to cut the benchmark interest rate, which is
currently 4.5%, the OECD added in a report obtained by the news
agency.

According to Bloomberg News, OECD said Mexico should take measures
to increase non-oil tax collection and let gasoline prices move in
line with international costs to compensate for falling output at
state-owned oil company Petroleos Mexicanos (Pemex).  “The
government is well aware of the need for further tax reform to
replace declining oil revenues over time, and it should undertake
action as early as when the budget for next year is submitted to
Congress in September 2009,” OECD was quoted by the report as
saying.

Mexico's central bank, the report notes, urged the country to
adopt measures to boost public finances, saying that delaying such
moves would “increase the vulnerability of the economy.”
Bloomberg News relates the country is seeking such changes after
Standard & Poor’s cut its outlook on the country’s foreign debt to
negative from stable in May.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2009, Bloomberg News said Mexico's first quarter 2009
gross domestic product fell 8.2% from the same period last year,
as the global financial crisis and the outbreak of swine flu cut
demand.  The report related Mexican Finance Minister
Agustin Carstens said GDP may shrink as much as 5.5% this year.
According to Bloomberg News, Mexico’s economy is reeling from the
effects of the global slump, particularly the recession in the
U.S., and the swine flu out break, which further eroded economic
output.



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


DOE RUN PERU: Says Peru Gov't Not Inclined to Reach an Accord
-------------------------------------------------------------
Juan Carlos Huyhua GM of Doe Run Peru said the Peru government has
shown no will to reach an accord in negotiations to reopen the
company’s shuttered zinc and lead smelter, Bloomberg News reports,
citing the Mining Journal.  The report relates Mr. Huyhua said
that the company needs the government to extend an October 31
environmental clean up deadline by 30 months before the smelter
can reopen.

"The government is sending contradictory messages, threatening to
shut us down definitively.  This is a complex problem with
multiple stakeholders and requires a flexible solution," the news
agency quoted Mr. Mr Huyhua as saying.  The company needs to
invest a further USD 160 million to cut sulphur emissions,
Mr. Huyhua added.

As reported in the Troubled Company Reporter-Latin America on
June 4, 2009, Bloomberg News said 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.

According to Reuters, the company said it would present a revised
rescue plan, but has yet to announce one.

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.

Reuters says that the government has also asked Doe Run's parent
company to inject US$100-million into its Peru unit and put 100
percent of its shares in escrow as a guarantee that it will finish
the environmental clean up program.

                          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.


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


BRITISH WEST: Shareholders Make Counter-Offer to Government
-----------------------------------------------------------
British West Indies minority shareholders have made a counter-
offer to Minister in the Ministry of Finance, Mariano Browne, for
a payout of their shares, Trinidad Express reports.

According to the report, while BWIA minority shareholder advocate,
Peter Permell, did not reveal the figure, he said a five-member
team had met with Browne at the Eric Williams Financial Complex in
Port of Spain.  The report relates the group, which included
attorney Lynette Seebaran-Suite and Joe Gonsalves, assistant
secretary of the Communications, Transport and General Workers
Trade Union (CATTU), was hoping for "something better" than the
TT$0.20 share price offered by the Government.

Mr. Permell, the report notes, described the meeting as both
"cordial and productive" and said Mr. Browne promised to get back
to the group before the rapidly approaching July 31 deadline.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2009, Trinidad Express said a group of minority
shareholders of BWIA rejected the Trinidad and Tobago government's
offer to pay them for their stock.  The report related the
government offered 4,200 BWIA shareholders 20 cents per share for
their stock in the folded airline.  According to the report, the
airline's shareholders paid between US$4 and more than US$6 per
share about 10 years ago and they refused to accept the ex-gratia
payment from government by the July 31 deadline.  The report noted
the payment amounts to about TT$7 million but shareholders say
their investments are worth mire than five times that.  The
Express said minority shareholder rights advocate Peter Permell
said BWIA was still a limited liability company and under
Securities and Exchange Commission by-laws, government's offer
amounted to a takeover.

                      About British West Indies

British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline had reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management was a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch the
Caribbean Airlines.


CL FINANCIAL: Republic Bank Won't Reduce Prime Lending
------------------------------------------------------
The Republic Bank does not anticipate reducing its prime lending
this time around as a result of Central Bank’s cutting the repo
rate by 25 basis points to 7.25%, Trinidad and Tobago Newsday
reported on July 28.  “We have no intention of reducing prime
lending rate,” the report quoted Bank Executive Director Nigel
Baptiste as saying, noting that if Central Bank moves again on the
repo rate then the bank will consider it.

According to the report, Mr. Baptiste said the bank still feels
that 125 basis points a big drop, referring to the bank’s
unprecedented move last month in the wake of the Central Bank
lowering its repo rate to 7.5%.  This was done not so much to
stimulate demand but to ease the debt burden on customers,
Mr. Baptiste added.

Newsday noted Mr. Baptiste said even at the present lending rate
of 11%, the Republic bank was still ahead on the repo scale.  “We
anticipate no further drop in lending rates unless Central Bank
moves again,” Mr. Baptiste was quoted by the report as saying.

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

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

                         *     *     *

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


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


PETROLEOS DE VENEZUELA: May Cut Gasoline Supplies to Colombia
-------------------------------------------------------------
Petroleos de Venezuela SA may reduce the amount of gasoline it
supplies to Colombia, in line with a threat by President Hugo
Chavez to suspend trade with its neighbor, Dan Molinski at Dow
Jones Newswires reports.  The report relates Venezuelan Oil
Minister Rafael Ramirez said that, for the time being, all of
PdVSA's agreements to supply Colombia with gasoline remain in
place, "but the accords are being studied . . . as we await
presidential instructions."

According to the report, much of the gasoline Venezuela provides
to Colombia is along the border region -- part of an effort to
reduce fuel smuggling by Colombians who cross into Venezuela to
buy it dirt-cheap, then bring it back to their own country to sell
it at a premium.  The report notes PDVSA sends 4.5 million gallons
of gasoline a month to Colombia.

Mr. Chavez, the report says, recently recalled Venezuela's
ambassador in Bogota, following accusations from officials in
Colombia's capital that Swedish-made rocket launchers sold to
Venezuela were found in the hands of the rebel Revolutionary Armed
Forces of Colombia (FARC).

                         About PDVSA

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

                         *     *     *

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

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


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


FAIRFIELD SENTRY: B.V.I. High Court Appoints Joint Liquidators
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Christopher Stride and Kenneth Krys of Krys & Associates have been
jointly appointed Liquidators of Fairfield Sentry Limited and
Fairfield Sigma Limited by the High Court of the British Virgin
Islands on July 21, 2009.

The initial meeting of the Companies' investors and creditors will
be held on August 6, 2009, at these times:

     10:00 a.m. EST / 3:00 p.m. GMT+1 (Fairfield Sentry Ltd)
     11:00 a.m. EST / 4:00 p.m. GMT+1 (Fairfield Sigma Ltd)

Venues are:

     U.S.A.: The offices of Seward & Kissel LLP
             One Battery Park Plaza, New York, NY 10004, USA

     U.K.  : The offices of Mercer & Hole Chartered Accountants
             The International Press Centre
             76 Shoe Lane, London EC4A, 3JB, United Kingdom

     By Telephone:  Investors and creditors may also attend the
                    meeting via telephone conference.  To obtain
                    dial-in details, please contact:

                    Phillip Pierson
                    email: phillip.pierson@krysandassoc.com
                    Tel: +1 345 815 8421
                    Fax: +1 345 946 6728

Attendance at the meetings is strictly subject to completion and
submission to the Liquidators of a Claim Form and a Proxy Form
(where appropriate), no later than 12 noon (GMT-4) on August 5,
2009.  The claim and proxy forms are both available from the
offices of the Liquidators or at http://www.fairfieldsentry.com

As reported by Diana B. Henriques on June 21,2009, a judge in the
British Virgin Islands approved the liquidation of the Fairfield
Sentry funds, “which were the largest conduits for cash flowing
into the hands of Bernard L. Madoff and his global Ponzi scheme.”
Fairfield Greenwich Group and its affiliates advised and marketed
the funds worldwide.

According to the New York Times report, when Mr. Madoff was
arrested in December, the Sentry funds had more than $7.2 billion
invested in Mr. Madoff's “Ponzi” sxheme.  Mr. Madoff has pleaded
guilty and is serving a 150-year term.

Citing a court application in Road Town, Tortola, the capital of
the British Virgin Islands, the report says the funds now have
less than $70 million, with most ot it frozen by a court in the
Netherlands.

The report says lawsuits that have been filed against Fairfield
Greenwich Group and its affiliates, which advised and marketed the
funds worldwide, assert that the group collected as much as
$500 million in fees from fund investors.  The group has also been
sued by Irving H. Picard, the trustee liquidating Mr. Madoff’s
brokerage business for the benefit of his victims.

Fairfield Greenwich is based in New York.  Its flagship funds were
incorporated in 1990 under the mutual fund statutes of the British
Virgin Islands.


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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

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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
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Information contained herein is obtained from sources believed to
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