TCRLA_Public/090803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, August 3, 2009, Vol. 10, No. 151

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD GROUP: Court Denies SEC Move to Bar Clawbacks


B E R M U D A

FORSYTH LEVERAGED: Creditors Must File Claims by August 31
PROTOSTAR LTD: Contract Dispute Leads to Chapter 11 Filing
PROTOSTAR LTD: Case Summary & 19 Largest Unsecured Creditors


B R A Z I L

BANCO BRADESCO: Invests R$3.5 Million in City Olympic Project
BANCO RURAL: S&P Affirms 'B-' Global Counterparty Credit Rating
EMPRESA BRASILEIRA: Net Income Drops 50% to US$67.8 Million
GERDAU AMERISTEEL: Striking Steel Workers Reject Company Offer


C A Y M A N  I S L A N D S

ABSOLUTE RETURN: Creditors' Proofs of Debt Due on September 3
ALTERNATIVE STRATEGIES: Receiving Proofs of Debt Until Aug. 20
CUMULUS WEATHER: Creditors' Proofs of Debt Due on August 20
GSA SMERALDA: Creditors' Proofs of Debt Due on August 20
INVESTCORP MINI-FUND 9: Creditors' Proofs of Debt Due on Sept. 11

OLD MUTUAL: Creditors' Proofs of Debt Due on August 20
PRYMUS HOLDINGS: Creditors' Proofs of Debt Due on August 21
GSA CAPITAL: Creditors' Proofs of Debt Due on August 20
TOURADJI DEEPROCK: Creditors' Proofs of Debt Due on August 12


C O L O M B I A

BANCOLOMBIA SA: Attorney General Issues Order In Favor of Officers
ECOPETROL SA: Second Quarter Profit Drops 77% to COP762 Billion


J A M A I C A

JAMAICA PUBLIC SERVICE: Discusses Rate Hike Application with OUR


M E X I C O

BANCO INTERNACIONAL: S&P Affirms 'BB/B' Counterparty Credit Rating
CEMEX SAB: Bond Yields May Tumble on Refinancing Plan
CEMEX SAB: Banks Extend Covenant Waiver to Allow Refinancing
CORPORACION INTERAMERICANA: Moody's Keeps 'B2' Corp. Family Rating
* MEXICO: GDP Probably Shrank Most in Three Decades Last Quarter


P A R A G U A Y

FINANCIERA EL: S&P Affirms Counterparty Credit Rating at 'B-'


P E R U

* PERU: Consumer Prices Rose 0.2% in July on Transport Costs


T R I N I D A D  &  T O B A G O

BRITISH WEST: Shareholders Can Take Legal Action, Ministry Says


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Delays Carabobo Orinoco Belt Tender


X X X X X X X X

* BOND PRICING: For the Week July 27 to July 31, 2009


                         - - - - -


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


STANFORD GROUP: Court Denies SEC Move to Bar Clawbacks
------------------------------------------------------
Ralph S. Janvey, in his capacity as receiver for the Stanford
International Bank, Ltd., et al., said that the U.S. District
Court for the Northern District of Texas, in Dallas, held a
hearing at 5:00 p.m., on Friday, July 31, 2009 regarding: (1) the
Receiver's July 28 motion to establish expedited and summary
proceedings for consideration of the Receiver's amended complaint
regarding claw backs, (2) the Receiver's related motion to extend
the account freeze on certain customer accounts and (3) the SEC's
motion to amend the Receiver's Order of Appointment to prohibit
the Receiver from pursuing claw backs.

The District Court denied the SEC's motion to prohibit the
Receiver from pursuing claw back claims.  Although the Court also
denied the Receiver's motion for an extension of the freeze
(except with regard to interest payments that may be held), the
Court temporarily stayed (suspended) its previous order vacating
the freeze (i.e. mandating the automatic release of all frozen
accounts on August 3, 2009) for a 10- day period following the
entry of an order reflecting his intentions as articulated at the
hearing so that the Receiver could appeal the order if he so
chose.  The freeze with respect to former Stanford financial
advisors, certain former Stanford employees and persons indebted
to the Stanford entities which was continued in the June 29 Order
was not affected by the Court's ruling.

The Court essentially ruled that it would allow claw back claims
against investors only for purported interest payments.  The Court
stated that the law as to the ability to bring claw back claims
against innocent investors for principal was arguably unclear but
that the appellate court may have a different view as to the
proper interpretation of the law in these circumstances. The Court
remarked that, if the Fifth Circuit agreed with the Receiver's
interpretation of the law, then the pursuit of such claims is
necessary in order to meet the Receiver's duty to maximize the
assets for distribution to Stanford victims. Accordingly, the
Receiver will file an appeal with the Fifth Circuit on an
expedited basis regarding the ability to pursue claw back claims
for principal.

Activities regarding the pursuit of claw back claims against
investors for principal will cease until such time as the Fifth
Circuit provides its guidance with regard to whether or not these
claims may be pursued through treatment of such investors as
relief defendants.

                 About Stanford International

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

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

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

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

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


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


FORSYTH LEVERAGED: Creditors Must File Claims by August 31
----------------------------------------------------------
In a legal notice dated July 27, 2009, Peter C.B. Mitchell and
Nigel J.S. Chatterjee, joint liquidators of Forsyth Leveraged
Diversity Fund Limited, in member's voluntary liquidation under
The Companies Act 1981, announces that creditors of the Company,
which is being voluntarily wound up, are required on or before
August 31, 2009, to send their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their attorneys (if any) addressed to:

      Peter C.B. Mitchell and Nigel J.S. Chatterjee
      Joint Liquidators of Forsyth Leveraged Diversity
           Fund Limited
      PricewaterhouseCoopers Advisory Limited
      PO Box HM 1171, Hamilton, HM EX, Bermuda


PROTOSTAR LTD: Contract Dispute Leads to Chapter 11 Filing
----------------------------------------------------------
ProtoStar Ltd. has filed for Chapter 11 bankruptcy protection in
the U.S. Bankruptcy Court for the District of Delaware, listing
$463 million in debt against $528 million in assets.

Bob Van Voris at Bloomberg News reports that ProtoStar said that
it will sell one or both of its satellites -- ProtoStar I and
ProtoStar II.

According to Bloomberg, ProtoStar said that it had to stop
operating ProtoStar I after it received a termination notice in
April from the Intersputnik International Organization of Space
Communications, which has the rights to the satellite's orbital
slot.  Intersputnik claimed that ProtoStar I was interfering with
a nearby satellite, ProtoStar Vice President Cynthia Pelini said
in court documents.

"ProtoStar disputes the validity of the Intersputnik termination
notice,"  Ms. Pelini stated in court documents.  Ms. Pelini said
that the true cause of the termination may have been a conflict
between Intersputnik and Belarus, one of Intersputnik's sponsoring
governments, Bloomberg relates.

Due to the termination of the contract, the satellite is currently
unable to generate any revenue for the ProtoStar, Bloomberg says,
citing the Company.  ProtoStar said that it had $3.1 million in
revenues in 2008.

According to court documents, ProtoStar Chief Financial Officer
Cynthia M. Pelini said that lenders demanded ProtoStar pay off its
debt.  ProtoStar said in court documents that there will be funds
to pay unsecured creditors, which includes the Philippine Long
Distance Telephone Co. as the Company's largest unsecured creditor
with a $27.5 million claim.

Kristina Doss posted on the Wall Street Journal blog, Venture
Capital Dispatch, that ProtoStar was able to negotiate an
arrangement under which the lenders would provide enough financing
to keep the Company's operations going until it sells one or both
of the satellites.  ProtoStar, according to Bloomberg, said that
it has secured $16 million in debtor-in-possession financing for
ProtoStar I and $2 million for ProtoStar II.  Venture Capital
Dispatch says that the loan will come from a group of lenders led
by Wells Fargo.  Venture Capital Dispatch relates that ProtoStar
will also use cash collateral securing claims from secured
noteholders and enter into a multiple draw term loan agreement
with lenders led by Credit Suisse, Cayman Islands Branch.

ProtoStar said that it, along with three subsidiaries are also
filing a related bankruptcy petition in Bermuda, Bloomberg
reports.

Venture Capital Dispatch states that ProtoStar urged the
bankruptcy court to issue an order spelling out the protections
it's entitled to now that it's in Chapter 11, saying that
creditors and counterparties to leases and other contracts "may
not be well-versed" with the U.S. Bankruptcy Code.  ProtoStar
operates in foreign jurisdictions such as Bermuda, Indonesia,
Korea, and Singapore.  Acording to Venture Capital Dispatch,
creditors may be unaware that they can't confiscate ProtoStar
assets located outside the U.S. or terminate accords while the
Company is in bankruptcy.

ProtoStar Ltd. -- http://www.protostarsat.com/-- is a private
company incorporated in Bermuda, with U.S. operations based in San
Francisco, California and Asian operations based in Singapore.  It
operates two satellites providing digital television and broadband
Internet to Asia.  Formed in 2005, ProtoStar is owned by MHR Fund
Management LLC, New Enterprise Associates and Vantage Point
Venture Partners.


PROTOSTAR LTD: Case Summary & 19 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: ProtoStar Ltd.
        Canon's Court
        22 Victoria Street
        Hamilton, HM EX, Bermuda

Bankruptcy Case No.: 09-12659

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
ProtoStar Satellite Systems, Inc.                  09-12658
ProtoStar I Ltd.                                   09-12660
ProtoStar II Ltd.                                  09-12661
ProtoStar Development Ltd.                         09-12662
ProtoStar Asia Pte. Ltd.                           09-12663

Chapter 11 Petition Date: July 29, 2009

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtors'
Counsel:          Matthew S. Barr, Esq.
                  Glenn S. Gerstell, Esq.
                  Peter K. Newman, Esq.
                  Milbank, Tweed, Hadley & McCloy LLP
                  1 Chase Manhattan Plaza
                  New York, NY 10005
                  T: 212-530-5000
                  F: 212-530-5219
                  http://www.milbank.com/en

Debtor's
Delaware
Counsel:          Laura Davis Jones, Esq.
                    Email: ljones@pszjlaw.com
                  James E. O'Neill, Esq.
                  Kathleen P. Makowski, Esq.
                  Pachulski Stang Ziehl & Jones LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

Debtors'
Bermuda
Counsel:          Law firm of Appleby

Debtors'
Financial
Advisor &
Investment
Banker:           UBS Securities LLC

Debtors'
Claims and
Noticing
Agent:            Kurtzman Carson Consultants LLC
                  2335 Alaska Avenue
                  El Segundo, CA 90245
                  T: (866) 381-9100

Estimated Assets: $100,000,001 to $500,000,000

Total Debts: $100,000,001 to $500,000,000

As of Dec. 31, 2008, ProtoStar's consolidated financial
statements, which include non-debtor affiliates, showed total
assets of $463,000,000 against debts of $528,000,000.

Consolidated List of Creditors Holding
18 Largest Unsecured Claims:

  Entity                       Nature of Claim        Claim Amount
  ------                       ---------------        ------------
Philippine Long Distance       Trade (Disputed)       $27,500,000
Telephone Company
Ramon Cojuangco Building
Maxati Ave., Makati City
Philippines
Tel: (63)(02)8446654

Agrani Satellite Services      Trade (Disputed)       $8,100,000
Limited
Malad Link Rd.
Mumbai 400064
India
Tel: (91)228235111

ILS International Launch       Trade (Disputed)       $5,719,524
Services, Inc.
1875 Explorer Street, Suite 700
Reston, VA 20190
Tel: (571) 633-7400

Boeing Satellite Systems       Trade (Disputed)       $5,474,421
P.O. Box 92919
Los Angeles, CA 90009
Tel: (310) 364-7017

PT Media Citra Indostar        Trade (Disputed)       $5,000,000
& PT MNC Skyvision
(Indovision)
Jalan Raya Ranjan Blok Z II
Jakarta 11520, Indonesia
Tel: (62)(21)5828000

Arianespace                    Trade (Disputed)       $4,000,000

Space Systems/Loral            Trade (Disputed)       $3,629,096

Integral Systems Inc.          Trade (Disputed)       $2,470,392

SingTel                        Trade (Disputed)       $1,045,022

Aon Risk Services              Trade (Disputed)         $349,287

Videocon                       Trade (Disputed)         $315,030

Linklaters Allen &
Gledhi                         Services (Disputed)      $106,904

Cox Hallett Wilkinson          Trade (Disputed)         $100,000

Logitech                       Trade (Disputed)          $75,600

Sidley Austin LLP              Services (Disputed)       $55,000

Steven Dorfman                 Trade (Disputed)          $28,000

Jun Shen                       Trade (Disputed)          $20,034

Venable LLP                    Services (Disputed)       $10,634

Trianz                         Services (Disputed)        $5,466

A list of ProtoStar Ltd.'s petition and 20 largest unsecured
creditors is available for free at:

             http://bankrupt.com/misc/deb09-12659.pdf

The petition was signed by Cynthia M. Pelini, chief financial
officer of the Company.


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


BANCO BRADESCO: Invests R$3.5 Million in City Olympic Project
-------------------------------------------------------------
Banco Bradesco S.A. said it will invest R$3.5 million in Rio de
Janeiro's bid to host the 2016 Olympic and Paralympic Games,
Sports Features Communications reports.  The report relates the
choice of host city of the 2016 Games will take place on
October 2, in Copenhagen, Denmark.

"We are very happy with the support of Bradesco, which shows the
confidence that Brazilian entrepreneurs have in the project.  It
encourages for us to work even harder in this final stage of the
campaign," the report quoted president of Rio 2016 Committee
Carlos Arthur Nuzman.

According to the report, Banco Bradesco CEO Luiz Carlos Trabuco
Cappi said the investment represents putting into practice the
central concept of the new market positioning of the institution.

                       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 RURAL: S&P Affirms 'B-' Global Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
global scale and 'brB+' Brazilian national scale counterparty
credit ratings on Banco Rural S.A.

"Our ratings on Rural reflect low profitability resulting from the
bank's still small scale for its heavy structure, and limited
growth prospects given its weak financial flexibility," said
Standard & Poor's credit analyst Marcelo Peixoto.  "These risks
are partially mitigated by the bank's long track record of serving
small and midsize enterprises and the commitment from shareholders
to improve the bank's overall financial and business standings."

Rural is a niche bank and ranks No. 42 among Brazilian banks by
total assets, according to Brazilian Central Bank data.  As of
December 2008, the bank reported consolidated assets of Brazilian
reais (R$) 2.5 billion ($1.10 billion).


EMPRESA BRASILEIRA: Net Income Drops 50% to US$67.8 Million
-----------------------------------------------------------
Empresa Brasileira de Aeronautica SA's second net income dropped
50% to US$67.8 million from US$134.4 million a year earlier as a
rising real led to wider currency-exchange losses and tax expenses
increased, Flavia Bohone at Bloomberg News reports.  The report
relates the company's sales fell 11% to US$1.46 billion.

According to the report, the real gained 19% against the dollar in
the three months ended in June.

The airline, the report notes, said fewer shipments of its
commercial aircraft, which carry a higher price tag than its
business jets, hurt sales at Embraer.  “The real appreciation led
to an increase on financial expenses as most of the company’s
revenue is in dollars,” the report quoted Alan Cardoso, an analyst
at Agora Corretora in Rio de Janeiro, as saying before the results
were released.

Bloomberg News notes Embraer posted a US$49.8 million foreign-
exchange loss related to currency fluctuations compared with a
US$32.3 million loss a year earlier, while income-tax expenses
rose to US$63.4 million from US$9 million a year earlier.

Embraer, the report says, delivered 56 airplanes in the second
quarter.

Bloomberg News relates the airline's commercial-aviation unit had
net revenue of US$972.2 million in the second quarter and
accounted for 67% of the company’s total revenue.  The company’s
order backlog rose for the first time in three quarters to $19.8
billion, compared with US$19.7 billion in the three months through
March, the report adds.

The report points out that Embraer was able to reduce operating
expenses by 34% to US$161.9 million in the quarter after it cut
about 20% of its workforce.

Bloomberg News discloses that under Brazilian accounting
standards, Embraer’s second-quarter profit totaled BRL466.9
million (US$248 million), while earnings rose 31% from BRL356.5
million a year earlier.  The report relates sales increased 11.5%
to BRL3.02 billion.

                         About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
-- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB–Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


GERDAU AMERISTEEL: Striking Steel Workers Reject Company Offer
--------------------------------------------------------------
Gerdau Ameristeel Corporation's striking workers seem to have lost
none of their resolve even though the strike is in its almost
eleventh week and being waged in the teeth of a global recession,
Chuck Howitt at the Record reports.  The report relates that at
meeting on July 23 to vote on the company’s latest settlement
offer, the nearly 200 workers rejected the proposal by a decisive
vote of 120-46.

“If anything, after [July 23] meeting, the membership is stronger
than before,” the report quoted Trevor Scurrah, president of
United Steelworkers Local 8918, told the Record in an interview.
“Now that we have an improved mandate, I think the message is
clear.  They (Gerdau) should get the concessions off the table and
get this thing done,” Mr. Scurrah added.

According to the report, the company said it is disappointed in
the vote’s outcome, but remains hopeful that the union will ratify
its latest offer, which it described as fair to both the company
and employees while maintaining the mill’s competitiveness.  The
report recalls workers walked off the job May 16 after the company
proposed a two-tier system for wages, vacations and pensions that
would lower costs for new employees.  The Gerdau plant is on Orion
Place in the city’s southeast side.

Mr. Scurrah, the report notes, said the two-tier wage proposal is
not the largest bone of contention at this point.  Among the more
important issues, the company is trying to reduce cost-of-living
increases, weaken seniority, change job classifications and ignore
the need for back-to-work protocols, Mr. Scurrah added.

The Record notes under the two-tier proposal, new employees would
start at about $22 an hour.

Mr. Scurrah said all the company’s proposals are concessionary.
“We’re not looking for big raises. A lot of it is contract
language that affects us down the road.  We fought battles for
this language years ago,” the report quoted Mr. Scurrah as saying.

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


ABSOLUTE RETURN: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------------
The creditors of Absolute Return Management (ARM) SPC are required
to file their proofs of debt by September 3, 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:

          CDL Company Ltd.
          PO Box 31106, Windward One
          Regatta Office Park, West Bay Road
          Grand Cayman KY1-1205, Cayman Islands


ALTERNATIVE STRATEGIES: Receiving Proofs of Debt Until Aug. 20
--------------------------------------------------------------
The creditors of The Alternative Strategies Fund 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 7, 2009.

The company's liquidator is:

          Linburgh Martin
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


CUMULUS WEATHER: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------------
The creditors of Cumulus Weather Fund I 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 9, 2009.

The company's liquidator is:

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


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

The company commenced wind-up proceedings on June 12, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche, P.O. Box 1787
          Grand Cayman KY1-1109, Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


INVESTCORP MINI-FUND 9: Creditors' Proofs of Debt Due on Sept. 11
-----------------------------------------------------------------
The creditors of Investcorp Mini-Fund 9 Limited are required to
file their proofs of debt by September 11, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2009.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


OLD MUTUAL: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------
The creditors of Old Mutual European Statistical Arbitrage Fund
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 9, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


PRYMUS HOLDINGS: Creditors' Proofs of Debt Due on August 21
-----------------------------------------------------------
The creditors of Prymus Holdings Limited are required to file
their proofs of debt by August 21, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

         Verduro Associated Limited
         Pasea Estate, Road Town
         Tortola, British Virgin Islands;

or

          Blue Seas Administration Limited
          Bahamas Financial Centre
          Shirley & Charlotte Streets
          Nassau, Bahamas


GSA CAPITAL: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
The creditors of GSA Capital International GM Fund Limited are
required to file their proofs of debt by August 20, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 18, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche, P.O. Box 1787
          Grand Cayman KY1-1109, Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


TOURADJI DEEPROCK: Creditors' Proofs of Debt Due on August 12
-------------------------------------------------------------
The creditors of Touradji Deeprock Master 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 Hayden Isbister
          Queensgate House
          South Church Street, PO Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (345) 815 1815
          Facsimile: (345) 949 1986


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


BANCOLOMBIA SA: Attorney General Issues Order In Favor of Officers
------------------------------------------------------------------
Bancolombia S.A. disclosed that the Attorney General's office
delivered a preclusion order barring further criminal
investigations into the alleged crimes of fraud and improper use
of public resources against Jorge Londono Saldarriaga and Federico
Ochoa Barrera, President and Vice-President of Bancolombia,
respectively, in connection with the acquisition by Bancolombia
(formerly Banco Industrial Colombiano S.A.) of Banco de Colombia
S.A. and their subsequent merger.

This decision reaffirms the Attorney General's finding in July
2004 that no evidence of criminal behavior existed against
Bancolombia's directors and confirms that they acted in accordance
with existing laws.

In addition, the decision by the Attorney General is consistent
with the decisions adopted by various arbitral tribunals,
Colombian administrative entities and judicial authorities in the
United States, all of which have acknowledged the absence of
fraudulent conduct in connection with the Acquisition.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: Second Quarter Profit Drops 77% to COP762 Billion
---------------------------------------------------------------
Ecopetrol S.A.'s second quarter profit dropped 77% to COP762
billion ($373.5 million) from COP3.35 trillion in the same period
last year, due to falling oil prices in spite of higher production
of crude oil and gas, Diana Delgado of Dow Jones Newswires
reports.  The report relates the company's profit per share was
COP18.83 during the second quarter.

According to the report, the company's first half profit dropped
58% to COP2.37 trillion from the same period a year ago, with
profit per share of COP58.59.  The report notes Ecopetrol Chief
Executive Javier Gutierrez said the accumulated results for 2009
were the result of lower prices of crude and gas.

Dow Jones Newswires says Ecopetrol's total sales revenue in the
second quarter of the year fell 29% to COP6.68 trillion from
COP9.42 trillion in the same period a year ago.  The report
relates in the first half of the year, Ecopetrol sold COP11.8
trillion worth of products, down 29% from the COP16.6 trillion
sold in the same period a year ago.

Ecopetrol, the report notes, produced 472,900 barrels of oil
equivalent a day in the first half of the year, up from 441,500
barrels of oil equivalent a day in the same period in 2008; while
in the second quarter, the company produced 488,500 barrels of oil
equivalent, up 10% from the same period a year ago.

Dow Jones Newswires says during the second quarter, Ecopetrol
invested COP4.63 trillion to expand existing operations and to
take over other companies.

                     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.


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


JAMAICA PUBLIC SERVICE: Discusses Rate Hike Application with OUR
----------------------------------------------------------------
Jamaica Public Service Company Limited consultants who fashioned
the tariff application currently before the Office of Utilities
Regulation have been engaged in intensive discussions in a bid to
shed more light on the arguments advanced to the regulatory body
in support of a rate increase, The Jamaica Gleaner reports.

However, the report relates OUR was not satisfied with aspects of
the application and called on the light and power firm to clarify
a number of issues its team of consultants raised.  "The
consultants, who assisted JPSCO in preparing its tariff
application, are meeting with us to address the enquiries we
requested," David Geddes, OUR director of communication and public
affairs told The Gleaner in an interview.  "The company has
therefore brought down the consultants to clarify queries that we
had . . . we will be meeting today and tomorrow," Mr. Geddes
added.

According to the report, Mr. Geddes said the meeting was triggered
by the need for clarification on the submission, which was
highlighted by economists who were contracted to review the
document.  The report relates the queries relate to "analysis and
manipulation" of the data the JPS submitted and the range of
variations that emerge from them at different levels, Mr. Geddes.

The Gleaner says it remains unclear when the country will know the
OUR's verdict.

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
===========


BANCO INTERNACIONAL: S&P Affirms 'BB/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B'
counterparty credit rating on Banco Internacional de Costa Rica
S.A.  The outlook is stable.

"Our ratings on BICSA are constrained by its loan and deposit base
concentrations in countries in Central America with long-term
sovereign ratings in the 'BB' category, more-adverse economic
conditions in these countries, and the bank's relatively low
profitability," said Standard & Poor's credit analyst Alfonso J.
Novelo.  "However, the ratings ares upported by the short-term
nature of its portfolio, its focus on trade finance, and
improvements in management."

S&P considers BICSA a government-related entity in the Republic of
Costa Rica (foreign currency BB/Stable/B; local currency
BB+/Stable/B), with moderate importance to the government, but its
ratings are based on its stand-alone credit profile rather than on
expected extraordinary government intervention. Consequently, S&P
incorporate no notches of support into the rating.

The bank has significant exposure in Central America, with almost
half of its assets and deposits located in Costa Rica and more
than 25% in Panama as of March 2009.

The stable outlook reflects S&P's expectation that the bank will
maintain its financial performance because of its tighter
operational controls, disciplined approach to loan portfolio
growth, and improvements in corporate governance.

S&P could lower the ratings if economic conditions in the
countries in which it operates significantly affect the loan
portfolio's asset quality, profitability, and capitalization.

An upgrade would require a significant diversification of BICSA's
asset and deposit base in countries with higher sovereign ratings
than those on Costa Rica, and a longer tenor of funding from
abroad.

If there is a change in the sovereign rating or outlook on Costa
Rica, the ratings of BICSA would move in tandem.


CEMEX SAB: Bond Yields May Tumble on Refinancing Plan
-----------------------------------------------------
CEMEX, S.A.B. de C.V. SAB’s euro bond yields may tumble as much as
3 percentage points after it reaches an agreement with creditors
on refinancing US$15 billion of bank debt, Veronica Navarro
Espinosa at Bloomberg News reports, citing, chief strategist for
emerging markets at Jefferies Group Inc, Eric Ollom.

According to the report, Hector Medina, the company’s chief of
finance, said Cemex SAB has 90% creditor support for a plan to
refinance the debt.

“I think you can see an agreement by the end of the summer,”
Mr. Ollom, the former head of Latin America corporate bond
research at ING Groep NV, told the news agency in an telephone
interview.  “The lender banks have so much money out to the
company, either in loans or swap agreements, that they really have
no choice but to reach an agreement,” Mr. Ollom added.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2009 Cemex SAB said it continues to make significant
progress with its core banks that represent a majority of the
Company's outstanding bank debt.  The report related Cemex
presented its refinancing proposal to the Company's full syndicate
of banks with a revised maturity schedule on a new facility
encompassing US$14.5 billion in bank debt that would run through
February 2014.  The company said that this revised schedule would
shift 2009-2011 maturities substantially into the future.
According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report relates one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.

A TCR-LA report on May 6, 2009, citing Bloomberg News, related
that Cemex is in negotiations with Banco Santander SA and Banco
Bilbao Vizcaya Argentaria SA's Bancomer unit on loans to help it
cover debt obligations due this year.  According to a TCR-LA
report on March 11, Bloomberg News said Cemex started discussions
with banks to renegotiate about US$14.5 billion of debt after
postponing its bond sale.  Company spokesman Jorge Perez,
Bloomberg related, said the US$14.5 billion is all of Cemex's bank
debt and doesn't include any bonds.  At the end of December, Cemex
had total debt of US$18.8 billion, the report noted.  According to
Reuters, Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit crisis.

                         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.


CEMEX SAB: Banks Extend Covenant Waiver to Allow Refinancing
------------------------------------------------------------
CEMEX, S.A.B. de C.V. said banks agreed to extend a covenant
waiver to allow the company to complete a refinancing of almost
US$15 billion of debt, Thomas Black at Bloomberg News reports.
The report relates company spokesman Jorge Perez said that the
extension of the waiver, which expired July 31, still needs to be
formalized, Jorge Perez.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Bloomberg News said CEMEX SAB's creditors, which
represents 90% of debt, said they support a refinancing plan that
the company has presented.  The report related Cemex SAB said it
continues to make significant  progress with its core banks that
represent a majority of the Company’s outstanding bank debt.
Cemex presented its refinancing proposal to the Company’s full
syndicate of banks at a meeting held in New York on June 29.
Cemex said a key component of the proposed refinancing plan is a
revised maturity schedule on a new facility encompassing US$14.5
billion in bank debt that would run through February 2014.  The
company said that this revised schedule would shift 2009-2011
maturities substantially into the future.  LatinFrance said that
the full details of the new structure has not been disclosed but
bank market participants said initial impressions are that it is a
reasonable offer, albeit at pricing that is still below market.

According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report related one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.

A TCRLA March 11 report, citing Bloomberg News, related
Cemex started discussions with banks to renegotiate about US$14.5
billion of debt after postponing its bond sale.  Company spokesman
Jorge Perez, as cited by Bloomberg News, said the US$14.5 billion
is all of Cemex’s bank debt and doesn’t include any bonds.  At the
end of December, Cemex had total debt of US$18.8 billion, the
report noted.  According to Reuters, Cemex has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.

                        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.


CORPORACION INTERAMERICANA: Moody's Keeps 'B2' Corp. Family Rating
------------------------------------------------------------------
Moody's affirmed its B2 corporate family rating and Ba1.mx
national scale rating for Corporacion Interamericana de
Entertenimiento, S.A. de C.V. and maintained a negative outlook on
all ratings.  The rating affirmation followed the release of CIE's
earnings results for the second quarter 2009, which showed weaker
than expected EBITDA margins and higher leverage.  The weak
quarterly results are offset by CIE's recently announced capital
increase of MXP 1,200 million (approximately US$100 million),
proceeds from which Moody's expects CIE will receive by the end of
the month.  Moody's believes that the higher cash balance
resulting from the capitalization mitigates CIE's ongoing exposure
to refinancing risk related to successfully renewing its
uncommitted bank lines.

As of June 30, 2009, CIE's cash on hands plus marketable
securities represented 22% of Moody's-adjusted short term debt
maturities (which include factoring of accounts receivable and
rents), down from 38% in December 2008 and 96% in December 2007.
CIE's scheduled debt maturities in 2009 include MXP 80 million and
MXP 280 million in local commercial paper due in September and
October and MXP 500 million in long term local notes (certificados
bursatiles) due in December 2009.  In 2010, the company will
continue to be faced with significant debt maturities, including
MXP 650 million in long-term notes (certificados bursatiles) due
in April of 2010 and MXP 1,400 million in long-term notes
(certificados bursatiles) due in October 2010.  Moody's estimates
that CIE's cash position will increase to about MXN 2 billion by
the end of this quarter, considering its MXN 962 million in cash
as of June 30, 2009, and the MXN 1,200 million capital increase.
This cash position would be sufficient to cover 2009 commercial
paper and long term debt maturities.  However, there is still
refinancing risk in 2010, in addition to the ongoing reliance on
renewing uncommitted bank lines.

"We recognize that CIE's management has been working with its
banking and capital markets creditors aiming at extending debt
maturities.  In addition, it is likely that CIE's relationship
banks will continue to renew short-term lending to the company.
If adequate terms and conditions are achieved after negotiations,
CIE's liquidity position could improve.  However, liquidity will
remain pressured by ongoing volatile working capital needs due to
an unpredictable entertainment events calendar and the current
economic recession in Mexico", explained Nymia Almeida, Vice
President - Senior Analyst at Moody's Investors Service.

The last action on CIE's ratings occurred on January 29, 2009,
when Moody's downgraded the issuer's corporate family rating to B2
from Ba3 and national scale rating to Ba1.mx from A3.mx.

Because CIE operates in several distinct businesses, analysis of
the Company's credit risk in not based exclusively on any of
Moody's rating methodologies.  However, Moody's uses the Global
Gaming Rating Methodology to assist in the assessment of CIE's
credit quality.  Most importantly, CIE's ratings have been
assigned by evaluating factors that Moody's believe are relevant
to the Company's risk profile, such as (i) liquidity and overall
financial position; (ii) projected performance per division over
the near to intermediate term; and (iii) predictability of cash
flow generation.  These attributes were compared against other
issuers both within and outside CIE's core industries.

CIE is the sole vertically integrated out-of-home entertainment
group in Mexico.  CIE also has some assets in South America and
the U.S.  As of June 2009, last-twelve-month revenues and Adjusted
EBITDA amounted to US$768 million and US$205 million,
respectively.


* MEXICO: GDP Probably Shrank Most in Three Decades Last Quarter
----------------------------------------------------------------
Mexico’s economy probably shrank the most in three decades last
quarter as the global recession and the outbreak of swine flu
curbed industrial output and fueled job losses, Jens Erik Gould at
Bloomberg News reports, citing the finance ministry.  Gross
domestic product may have contracted 10.4% in the second quarter
from a year earlier after declining 8.2% in the previous three
months, the ministry said in an e-mailed report obtained by the
news agency.

According to the report, Mexican job losses have accelerated this
year as the recession in the U.S. saps demand for products.  The
report relates the central bank said the economy will shrink in
2009 at almost double the pace it previously forecast, predicting
a contraction of 6.5% to 7.5%.

Bloomberg News, citing a ministry's report, says the country's
industrial production plunged 12.1% in April and May from a year
earlier, while formal jobs declined 4.1% in June compared with the
same month in 2008.  Mexico had a budget deficit of 94.6 billion
pesos (US$7.1 billion) in the first half of the year, the ministry
said.  Bloomberg News adds that the ministry said public revenue
fell 7.8% in the first half of the year compared with the same
period last year as oil and tax revenue dropped.


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


FINANCIERA EL: S&P Affirms Counterparty Credit Rating at 'B-'
-------------------------------------------------------------
On July 30, 2009, Standard & Poor's Ratings Services affirmed its
'B-' global-scale counterparty credit rating on Financiera El
Comercio and revised the outlook to positive from stable.

S&P's rating on Paraguay-based nonbank financial institution
Financiera El Comercio reflects the country's high sovereign risk
and the intrinsic risks in the Paraguayan financial system.  The
rating also incorporates S&P's view that, given the company's
rapid expansion in a highly competitive environment, El Comercio
will have to further consolidate its already improving business
and financial performance as it minimizes operational risks that
could affect asset quality.  The company's relatively strong
market position among financial companies operating in Paraguay,
its diversified loan portfolio and revenue structure, as well as
its adequate asset quality and fairly strong profitability
partially offset these negative rating factors.

Also putting some pressure on El Comercio's operating performance
is Paraguay's rather small economy.  The country has limited
fiscal flexibility, and its financial system is growing amid
deficiencies in its institutional and legal frameworks.

Although it is a relatively small entity within the Paraguayan
financial system, its status as the country's largest financial
company with the largest branch network in the private financial
sector (and behind only the government-owned Banco Nacional de
Fomento in the entire financial industry) makes El Comercio one of
the system's more important players.  Despite increasing its
portfolio at an annual average rate of 42% over the past five
years, it has maintained relatively sound asset quality, with
nonperforming loan ratios that are better than the industry as a
whole -- 2.7% compared with an industrywide 5.6% as of March 31,
2009.  The company follows a conservative approach in
provisioning, with a loan loss reserve-to-NPL ratio reaching a
high 210%.  The company maintains adequate liquidity levels and,
given its relative ample distribution network and strong market
position, El Comercio presents a relatively well-diversified
funding profile.  Looking forward, the company will have to
continue improving its credit procedures in order to further
increase its market penetration, even as it tries to maintain
healthy asset quality indicators.

Although it's been trending a bit downward recently, given its
high rate of growth, El Comercio has adequate capitalization to
sustain this growth in its portfolio over the next several
quarters, with an adjusted capital-to-assets ratio of 15.3% as of
March 31, 2009.  Because of its conservative profile and
historical commitment to maintaining a capital base cushion
commensurate with the risks faced by it, S&P expects El Comercio
to maintain adequate capitalization by retaining a higher
proportion of earnings and/or incorporating new shareholders.

The positive outlook reflects S&P's expectation that, despite
Paraguay's still high operating and sovereign risks, El Comercio
will continue to grow.  S&P also anticipates that the bank will
further strengthen its competitive position, while consolidating
its recent changes in credit procedures, as it preserves its asset
quality and relatively strong capitalization levels.  A major
decline in Paraguay's economy or deterioration in El Comercio's
asset quality, profitability, or capitalization could result in a
downgrade.

           Ratings Affirmed; CreditWatch/Outlook Action

                      Financiera El Comercio

                                  To                 From
                                  --                 ----
Counterparty Credit Rating       B-/Positive/--     B-/Stable/--


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


* PERU: Consumer Prices Rose 0.2% in July on Transport Costs
------------------------------------------------------------
Peru's consumer prices rose for the first month in three in July
on seasonal transport costs, Alex Emery at Bloomberg News reports.
The report relates the National Statistics Institute said prices
rose 0.2% last month after falling 0.34% in June and 0.04% in May.
July inflation matched the median estimate of nine analysts
surveyed by Bloomberg.

According to the report, annual inflation slowed to 2.7% in July
from 3.06% a month ago.

Bloomberg News says slowing food, housing and energy costs cut the
annual inflation rate to its lowest since August 2007.  The report
relates the institute said that on the month, food prices rose
0.2%, while electricity and fuel prices rose 0.1% and housing
declined 0.2%, the statistics; while bus and airfares rose 0.5% as
a two-day Independence holiday spurred travel demand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2009, LatinFrance said JPMorgan has knocked Peru down to
marketweight from overweight on deteriorating growth.

The country also continues to carry Moody's Ba1 foreign currency
rating with stable outlook.


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


BRITISH WEST: Shareholders Can Take Legal Action, Ministry Says
---------------------------------------------------------------
Defunct airline British West Indies' shareholders can take legal
action against the government if they want to, Aretha Welch at
Trinindad and Tobago Express reports, citing Ministry of Finance
Mariano Browne. The report relates the airline's shareholders
planned to meet and talk to make a case for a better offer for
their shares in the dissolved company.

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.

"Anybody could take legal action, if they feel aggrieved," Mr.
Browne was quoted by the report as saying.  The government took
many factors into consideration when it made the payment offer to
the shareholders, Mr. Browne said.  The report related Mr. Browne
added that based on statements made by the Government in 2004 it
was evident that the State had always intended to deal with the
minority shareholders and, "we consider our offer to be a good
offer".

The Express points out that Mr. Browne said former BWIA
shareholders won't be receiving shares in Caribbean Airlines as a
trade-off as the government's responsibilities in dealing with the
shareholders was only with regard to BWIA, which was to an extent
already "bankrupt" in 2004.

                     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.


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


PETROLEOS DE VENEZUELA: Delays Carabobo Orinoco Belt Tender
-----------------------------------------------------------
Petroleos de Venezuela has again delayed a heavy oil tender for a
total of seven blocks in the Carabobo area of the Orinoco Belt,
Oil and Gas Journal reports.  The report relates the tender
results were to have been announced in May but an earlier delay
extended that date to this month.

According to the report, nineteen international oil companies are
participating in the tender, including BP, Chevron, Petrobras,
Total SA and China National Petroleum Corp.

However, the report notes IHS Global Insight said that the tender
is less attractive now due to the oil price volatility over the
past year, combined with the international financial crisis.  The
report relates analyst further noted that “less favorable fiscal
and contract terms and the ongoing regulatory uncertainty faced by
investors in the Venezuelan oil sector will also not have helped.”

Oil & Gas Journal says IHS Global Insight points to yet another
factor that may have discouraged potential investors -- the
business model selected for the development of the Carabobo area.
The report relates IHS Global said that PDVSA wants the winning
companies to invest in oil upgrade projects and to blend the
upgraded oil with lower-quality oil.

                          About PDVSA

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

                         *     *     *

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

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


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


* BOND PRICING: For the Week July 27 to July 31, 2009
-----------------------------------------------------


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

ARGENTINA

ALTO PALERMO SA        7.88           5/11/2017   USD         69.7
ARG BODEN                 7           10/3/2015   USD        54.73
ARGENT-$DIS            8.28           12/31/2033  USD        50.77
ARGENT-$DIS            8.28           12/31/2033  USD        58.66
ARGENT-PAR             1.18           12/31/2038  ARS        31.31
ARGENT-=DIS            7.82           12/31/2033  EUR        46.04
ARGNT-BOCON PR13          2           3/15/2024   ARS        50.21
AUTOPISTAS DEL S       11.5           5/23/2017   USD         38.9
BANCO HIPOT SA         9.75           4/27/2016   USD         70.5
BANCO MACRO SA         9.75           12/18/2036  USD           65
BANCO MACRO SA          8.5           2/1/2017    USD         73.5
BANCO MACRO SA          8.5           2/1/2017    USD           76
BONAR ARG $ V          10.5           6/12/2012   ARS        59.93
BONAR VII                 7           9/12/2013   USD        61.84
BONAR X                   7           4/17/2017   USD         59.6
BUENOS AIRE PROV       9.38           9/14/2018   USD        48.63
BUENOS AIRE PROV       9.63           4/18/2028   USD        46.57
BUENOS-$DIS            9.25           4/15/2017   USD        52.88
INDUSTRIAS METAL      11.25           10/22/2014  USD        66.25
INVERS REP Y SOC        8.5           2/2/2017    USD           73
MASTELLONE HERMA          8           6/30/2012   USD        45.38
MENDOZA PROVINCE        5.5           9/4/2018    USD           56
TRANSENER              8.88           12/15/2016  USD         67.5
TRANSPORT DE GAS       7.88           5/14/2017   USD           78


BRAZIL

CESP                   9.75           1/15/2015   BRL        57.02
REDE EMPRESAS         11.13           #N/A N Ap   USD         50.5
REDE EMPRESAS         11.13           #N/A N Ap   USD           60
VIGOR                  9.25           2/23/2017   USD           83


CAYMAN ISLAND

AES DOMINICANA           11           12/13/2015  USD           87
AIG SUNAMERICA         6.38           10/5/2020   GBP        62.24
BANCAJA INTL FIN        5.7           6/30/2022   EUR        66.34
BARION FUNDING         0.25           12/20/2056  USD         6.43
BARION FUNDING         0.25           12/20/2056  USD         6.38
BARION FUNDING         0.25           12/20/2056  USD         6.38
BARION FUNDING         0.25           12/20/2056  USD         6.38
BARION FUNDING         0.63           12/20/2056  GBP        14.62
BARION FUNDING         1.44           12/20/2056  GBP        26.73
BARION FUNDING         0.25           12/20/2056  USD         6.38
BARION FUNDING         0.25           12/20/2056  USD         6.38
BARION FUNDING          0.1           12/20/2056  EUR         5.91
BES FINANCE LTD         6.2           2/7/2035    EUR        56.66
BES FINANCE LTD         4.5           #N/A N Ap   EUR           79
BISHOPSGATE ASSE       4.81           8/14/2044   GBP        57.75
CHINA MED TECH            4           8/15/2013   USD         64.5
CHINA PROPERTIES       9.13           5/4/2014    USD        66.25
DUBAI HLDNG COMM          6           2/1/2017    GBP        65.42
DUBAI HLDNG COMM       4.75           1/30/2014   EUR         74.3
DWR CYMRU FIN          4.47           3/31/2057   GBP        70.56
EGE HAINA FINANC        9.5           4/26/2017   USD           71
ESFG INTERNATION       5.75           #N/A N Ap   EUR        77.92
FERTINITRO FIN         8.29           4/1/2020    USD        51.75
GOL FINANCE            8.75           #N/A N Ap   USD        71.25
IANSA OVERSEAS         7.25           7/28/2012   USD        74.75
JA SOLAR HOLD CO        4.5           5/15/2013   USD           72
MALACHITE FDG          0.63           12/21/2056  EUR         22.8
MAZARIN FDG LTD        0.25           9/20/2068   USD         4.73
MAZARIN FDG LTD        0.25           9/20/2068   USD         4.78
MAZARIN FDG LTD        0.25           9/20/2068   USD         4.73
MAZARIN FDG LTD        0.25           9/20/2068   USD         4.73
MAZARIN FDG LTD        0.63           9/20/2068   GBP        12.19
MAZARIN FDG LTD        0.25           9/20/2068   USD         4.73
MAZARIN FDG LTD         0.1           9/20/2068   EUR         3.56
MAZARIN FDG LTD        0.25           9/20/2068   USD         4.73
MAZARIN FDG LTD        1.44           9/20/2068   GBP        24.64
MINERVA OVERSE          9.5           2/1/2017    USD        62.73
MINERVA OVERSE          9.5           2/1/2017    USD           64
MUFG CAP FIN2          4.85           #N/A N Ap   EUR        82.42
PANAMA CANAL RAI          7           11/1/2026   USD         69.5
PUBMASTER FIN          8.44           6/30/2025   GBP        64.35
PUBMASTER FIN          6.96           6/30/2028   GBP        58.66
PUBMASTER FIN          5.94           12/30/2024  GBP         71.8
REG DIV FUNDING        5.25           1/25/2036   USD        74.86
RESONA PFD GLOB        7.19           #N/A N Ap   USD        76.47
SHINSEI FIN CAYM       6.42           #N/A N Ap   USD        47.24
SHINSEI FIN CAYM       6.42           #N/A N Ap   USD        47.82
SMFG PREFERRED         6.16           #N/A N Ap   GBP        73.16
STB FINANCE            5.83           #N/A N Ap   GBP        79.79
SUNAMER INST FND       6.15           10/14/2019  EUR        56.79
THPA FINANCE LTD       8.24           3/15/2028   GBP        45.83
XL CAPITAL LTD         6.25           5/15/2027   USD           68
XL CAPITAL LTD          6.5           #N/A N Ap   USD         59.5
CAP CANA SA            9.63           11/3/2013   USD        37.38


DOMINICAN REPUBLIC

DOMINICAN REPUBL       8.63           4/20/2027   USD           73


ECUADOR

REP OF ECUADOR         9.38           12/15/2015  USD        77.74


JAMAICA

JAMAICA GOVT            8.5           2/28/2036   USD        73.75
JAMAICA GOVT              8           3/15/2039   USD        74.38
JAMAICA GOVT          13.38           4/27/2032   JMD        56.23
JAMAICA GOVT LRS        7.5           10/6/2012   JMD         67.8
JAMAICA GOVT LRS      13.63           6/23/2014   JMD        74.85
JAMAICA GOVT LRS         15           7/31/2016   JMD         74.4
JAMAICA GOVT LRS       14.5           6/28/2017   JMD        71.61
JAMAICA GOVT LRS      15.75           8/22/2019   JMD        71.71
JAMAICA GOVT LRS         14           6/30/2021   JMD        63.06
JAMAICA GOVT LRS         15           11/15/2021  JMD        66.78
JAMAICA GOVT LRS      13.38           12/15/2021  JMD         60.1
JAMAICA GOVT LRS      16.25           5/22/2022   JMD        74.72
JAMAICA GOVT LRS      12.85           5/31/2022   JMD        57.56
JAMAICA GOVT LRS      16.15           6/12/2022   JMD        71.08
JAMAICA GOVT LRS         16           6/13/2022   JMD        70.45
JAMAICA GOVT LRS      16.15           6/21/2022   JMD           73
JAMAICA GOVT LRS      12.75           6/29/2022   JMD        57.11
JAMAICA GOVT LRS      12.75           6/29/2022   JMD        57.13
JAMAICA GOVT LRS         17           7/11/2023   JMD           74
JAMAICA GOVT LRS      13.58           12/15/2026  JMD         57.7
JAMAICA GOVT LRS      16.25           5/22/2027   JMD        68.71
JAMAICA GOVT LRS      16.25           6/18/2027   JMD        71.42
JAMAICA GOVT LRS       14.4           8/3/2027    JMD        62.67
JAMAICA GOVT LRS       15.5           3/24/2028   JMD        65.24
JAMAICA GOVT LRS      16.25           7/26/2032   JMD        68.42
JAMAICA GOVT LRS       16.5           6/14/2027   JMD        69.73
JAMAICA GOVT LRS      16.25           8/26/2032   JMD        70.35
JAMAICA GOVT LRS         15           8/30/2032   JMD        64.97
JAMAICA GOVT LRS         15           9/6/2032    JMD        64.53
JAMAICA GOVT LRS         16           12/6/2032   JMD        67.27
JAMAICA GOVT LRS      16.13           8/21/2032   JMD        69.81


PANAMA

NEWLAND INT PROP        9.5           11/15/2014  USD           69


PUERTO RICO

DORAL FINL CORP           7           4/26/2012   USD           47
DORAL FINL CORP        7.65           3/26/2016   USD        33.63
DORAL FINL CORP         7.1           4/26/2017   USD        30.75
DORAL FINL CORP        7.15           4/26/2022   USD        23.63
PUERTO RICO CONS        6.5           4/1/2016    USD           45
PUERTO RICO CONS        6.1           5/1/2012    USD         55.5

URUGUAY

URUGUAY                 3.7           6/26/2037   UYU        74.38


VENEZUELA

PETROLEOS DE VEN        5.5           4/12/2037   USD        41.54
PETROLEOS DE VEN       5.25           4/12/2017   USD        48.55
PETROLEOS DE VEN       5.38           4/12/2027   USD        41.36
VENEZUELA              7.65           4/21/2025   USD        57.08
VENEZUELA              9.25           9/15/2027   USD        70.17
VENEZUELA              9.25           5/7/2028    USD        64.12
VENEZUELA                 9           5/7/2023    USD        64.55
VENEZUELA               8.5           10/8/2014   USD        75.27
VENEZUELA                 7           3/16/2015   EUR        68.32
VENEZUELA                 7           3/16/2015   EUR        67.66
VENEZUELA              5.75           2/26/2016   USD         60.6
VENEZUELA                 7           12/1/2018   USD        60.41
VENEZUELA                 6           12/9/2020   USD        52.39
VENEZUELA                 7           3/31/2038   USD        51.51
VENZOD - 189000        9.38           1/13/2034   USD         64.9


                            ***********

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.


           * * * End of Transmission * * *