TCRLA_Public/090805.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, August 5, 2009, Vol. 10, No. 153

                            Headlines

A N T I G U A  &  B A R B U D A

CL FINANCIAL: British American Antigua Branch Under Judicial Mgmt
STANFORD INT'L: Owner's Daughter Fends Off Bid to Get Condo
* ANTIGUA & BARBUDA: British American Branch Under Judicial Mgmt.


A R G E N T I N A

ASOCIACION CIVIL: Verifying Proofs of Claim Until October 5
CONSTRUCCION DE: Trustee Verifying Proofs of Claim Until Aug. 24
ESTABLECIMIENTO AVICOLA: Verifying Proofs of Claim Until Sept. 24
LA TRALLA: Trustee Verifying Proofs of Claim Until Sept. 18
SE VOLVIO: Trustee Verifying Proofs of Claim Until August 26

SILPE SA: Trustee Verifying Proofs of Claim Until September 11
TEMPLAR SA: Trustee Verifying Proofs of Claim Until August 31
* ARGENTINA: Seeks Return to International Credit Markets


B E R M U D A

CL FINANCIAL: Bermuda Regulator Seeks to Wound up BAICO Branch
PROTOSTAR: Can Access US$2MM of DIP Financing with Credit Suisse
UNOCAL ANTON: Creditors' Proofs of Debt Due on August 12
UNOCAL ANTON: Members to Receive Wind-Up Report on September 2
UNOCAL ASTRID: Creditors' Proofs of Debt Due on August 12

UNOCAL ASTRID: Members to Receive Wind-Up Report on September 2
UNOCAL OLONGA: Creditors' Proofs of Debt Due on August 12
UNOCAL OLONGA: Members to Receive Wind-Up Report on September 2
XL CAPITAL: Competing Well Amidst Tough Market, CEO Says


* BERMUDA: Regulator Seeks to Wound up British American Branch


B R A Z I L

BANCO BRADESCO: To Target Brazil's Poor to Expand Client Base
BANCO BRADESCO: Cuts Guidance on Loan Growth to 8-12% for 2010
BANCO SANTANDER: Moody's Retains Review on 'Ba2' Deposit Ratings
EMPRESA BRASILEIRA: Sales to Drop as Cheaper Planes Sought
TAM SA: To Release Second Quarter Results on August 13


C A Y M A N  I S L A N D S

1798 FINANCIALS: Creditors' Proofs of Debt Due on August 20
AETOS CAPITAL: Creditors' Proofs of Debt Due on August 20
BUNGE FERTILIZANTES: Creditors' Proofs of Debt Due on August 20
CDC FUNDING: Creditors' Proofs of Debt Due on August 20
FIF III MIJAC: Creditors' Proofs of Debt Due on August 20

FIF III MJATV: Creditors' Proofs of Debt Due on August 20
GARTMORE CAYTOS: Creditors' Proofs of Debt Due on August 20
HOLMAR ACQUISITION: Creditors' Proofs of Debt Due on August 20
OLD MUTUAL: Creditors' Proofs of Debt Due on August 20


C O L O M B I A

ECOPETROL SA: May Not Take Whole US$3.7 Billion Debt in 2009


M E X I C O

ASARCO LLC: Vedanta Won't Beef Up Offer for Assets
COOPER-STANDARD: Files Chapter 11 to Restructure Balance Sheet
COOPER-STANDARD: Case Summary & 30 Largest Unsecured Creditors
GRUPO PETROTEMEX: Fitch Assigns 'BB+' Rating on US$200 Mil. Notes
GRUPO PETROTEMEX: S&P Assigns 'BB' Senior Unsecured Debt Rating

* MEXICO: Mexico City Plans to Sell Debt Worth US$150 Million


P E R U

DOE RUN PERU: May File for Bankruptcy to Restructure Smelter Debt
DOE RUN PERU: To Seek Restructuring of Operations


P U E R T O  R I C O

FIRSTBANK PUERTO: Moody's Reviews Ba1 Deposit Rating


T R I N I D A D  &  T O B A G O

CL FINANCIAL: JMMB Bars Press From Annual General Meeting
T U R K S  &  C A I C O S  I S L A N D S
* T&C TOURIST BOARD: Conde Nast Seeks US$1 Million in Lawsuit


V E N E Z U E L A

CAFE MADRID: Government Seizes Assets, Faces Nationalization
FAMA DE AMERICA: Government Seizes Assets, Faces Nationalization
PETROLEOS DE VENEZUELA: Resolve Differences With Petrobras
PETROLEOS DE VENEZUELA: Liabilities Up 202.8% to US$60.3 Billion
* VENEZUELA: Government Seizes Coffee Companies


                         - - - - -


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


CL FINANCIAL: British American Antigua Branch Under Judicial Mgmt
-----------------------------------------------------------------
The Antigua and Barbuda government said the local branch of
British American Insurance Company, a unit of CL Financial
Limited, has been placed under judicial management, to protect
policyholders, investors and workers of the troubled company,
Caribbean360.com reports, citing the government.  The report
relates acting Superintendent of Insurance Trevor Mathurin, under
the direction of the Financial Services Regulatory Commission,
officially intervened in the company's operations in Antigua and
then obtained a court order to place it under judicial management.

According to the report, managing partner at KPMG Eastern
Caribbean, Cleveland Seaforth, has been appointed as Judicial
Manager and has already taken over management.

The move is the first step in a plan to find solutions for the
ailing company -- a plan crafted by Organisation of Eastern
Caribbean States governments, the Office of the Prime Minister
said in a statement obtained by the news agency.  "These actions
are part of a regional commitment of the OECS governments to
manage the risk posed to the OECS and its residents by the
financial challenges being experienced by British American.  In
similar actions judicial managers have also been appointed in
other OECS States while applications remain pending in still other
states,' the report quoted the office of the prime minister as
saying.  "It is anticipated that over the next several weeks the
judicial managers from across the region will act both
individually and collectively to confirm and flesh-out an OECS
plan that would be most advantageous to the general interests of
policy-holders and investors," it added.

British American has been facing difficulties ever since CL
Financial Group fell into financial problems and sought the aid of
Trinidad and Tobago government.

                        About CL Financial

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

                           *     *     *

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


STANFORD INT'L: Owner's Daughter Fends Off Bid to Get Condo
-----------------------------------------------------------
Randi Stanford, the daughter of indicted financier Robert Allen
Stanford, told a federal judge that attorneys of Stanford
Financial Group court-appointed receiver, Ralph Janvey, are using
“Gestapo-like” tactics to oust her from a condominium so it can be
sold, Andrew M. Harris at Bloomberg News reports.

According to the report, Ms. Stanford opposed a request by Mr.
Janvey to cite her for contempt of court because she has refused
to leave the Houston property so it can be sold to help repay
victims of her father’s alleged fraud.  “Randi Stanford has
possessed the property since it was acquired, claimed it as her
exclusive residence and, with the help of her mother, has paid
more than US$113,000 for its maintenance and upkeep,” Ms. Stanford
was quoted by Bloomberg News as saying.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, Bloomberg News said Mr. Janvey asked U.S. District
Judge David Godbey to evict Ms. Stanford, from a Houston
condominium so it can be sold to help repay victims of an alleged
multi-billion fraud.  The report related Mr. Janvey told Judge
Godbey that Ms. Stanford should be held in contempt of court and
evicted for refusing to accommodate efforts to sell her home.

"Ms. Stanford has not only refused to cooperate with the receiver,
but has also asserted to the receiver that she is entitled to the
condo as her homestead because it was a gift” from her father, the
report quoted Kevin Sadler, Mr Janvey's lawyer, as saying.  The
unit is a 16th-floor, 2,800-square-foot condominium in Houston’s
upscale River Oaks neighborhood; with two-bedroom and 2 1/2-bath,
which is valued at US$1.3 million on local tax rolls.

According to the report, Mr. Sadler told Judge Godbey that Mr.
Janvey offered to let Ms. Stanford stay in the condo “rent-free,”
provided she kept it “maintained in a manner conducive to
effective marketing” and made it available for showing to
prospective buyers on three hours’ notice.  Ms. Stanford could
also have 30 days’ notice to vacate once the property is sold,
Mr. Sadner added.

                   About Stanford International

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

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

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

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

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


* ANTIGUA & BARBUDA: British American Branch Under Judicial Mgmt.
-----------------------------------------------------------------
The Antigua and Barbuda government said the local branch of
British American Insurance Company, a unit of CL Financial
Limited, has been placed under judicial management, to protect
policyholders, investors and workers of the troubled company,
Caribbean360.com reports, citing the government.  The report
relates acting Superintendent of Insurance Trevor Mathurin, under
the direction of the Financial Services Regulatory Commission,
officially intervened in the company's operations in Antigua and
then obtained a court order to place it under judicial management.

According to the report, managing partner at KPMG Eastern
Caribbean, Cleveland Seaforth, has been appointed as Judicial
Manager and has already taken over management.

The move is the first step in a plan to find solutions for the
ailing company -- a plan crafted by Organisation of Eastern
Caribbean States governments, the Office of the Prime Minister
said in a statement obtained by the news agency.  "These actions
are part of a regional commitment of the OECS governments to
manage the risk posed to the OECS and its residents by the
financial challenges being experienced by British American.  In
similar actions judicial managers have also been appointed in
other OECS States while applications remain pending in still other
states,' the report quoted the office of the prime minister as
saying.  "It is anticipated that over the next several weeks the
judicial managers from across the region will act both
individually and collectively to confirm and flesh-out an OECS
plan that would be most advantageous to the general interests of
policy-holders and investors," it added.

British American has been facing difficulties ever since CL
Financial Group fell into financial problems and sought the aid of
Trinidad and Tobago government.

                        About CL Financial

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

                           *     *     *

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


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


ASOCIACION CIVIL: Verifying Proofs of Claim Until October 5
-----------------------------------------------------------
The court-appointed trustee for Asociacion Civil Liga
Independiente de Futbol Amateur's bankruptcy proceedings will be
verifying creditors' proofs of claim until October 5, 2009.

The trustee will present the validated claims in court as
individual reports on December 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 11, 2010.


CONSTRUCCION DE: Trustee Verifying Proofs of Claim Until Aug. 24
----------------------------------------------------------------
The court-appointed trustee for Construccion de Soluciones
Habitacionales S.A.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until August 24, 2009.

The trustee will present the validated claims in court as
individual reports on October 5, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 17, 2009.


ESTABLECIMIENTO AVICOLA: Verifying Proofs of Claim Until Sept. 24
-----------------------------------------------------------------
The court-appointed trustee for Establecimiento Avicola La
Campesina S.A.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until September 24, 2009.

The trustee will present the validated claims in court as
individual reports on November 6, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 21, 2009.


LA TRALLA: Trustee Verifying Proofs of Claim Until Sept. 18
-----------------------------------------------------------
The court-appointed trustee for La Tralla S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 18, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 15, 2009.


SE VOLVIO: Trustee Verifying Proofs of Claim Until August 26
------------------------------------------------------------
The court-appointed trustee for Se Volvio Loco Barbarito S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 26, 2009.

The trustee will present the validated claims in court as
individual reports on October 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 18, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 16, 2010.


SILPE SA: Trustee Verifying Proofs of Claim Until September 11
--------------------------------------------------------------
The court-appointed trustee for Silpe S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 11, 2009.

The trustee will present the validated claims in court as
individual reports on October 26, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 7, 2009.


TEMPLAR SA: Trustee Verifying Proofs of Claim Until August 31
-------------------------------------------------------------
The court-appointed trustee for Templar S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
August 31, 2009.

The trustee will present the validated claims in court as
individual reports on October 13, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 24, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 27, 2010.


* ARGENTINA: Seeks Return to International Credit Markets
---------------------------------------------------------
Argentina is seeking to return to international credit markets in
2009 after making US$2.25 billion in interest payments on
August 3, Eliana Raszewski at Bloomberg News reports, citing
Economy Minister Amado Boudou.

According to the report, the country’s 2001 default on US$95
billion of bonds and subsequent lawsuits have prevented the
government from selling debt abroad, forcing the administration to
borrow from government agencies and from Venezuela.  The report
relates Mr. Boudou said the payment was made on interest due on
its so-called Boden bonds maturing in 2012, issued to compensate
savers and banks for losses resulting from a freeze on bank
accounts in 2001.

“It would be great for Argentina to return to credit markets as
quickly as possible,” the report quoted Cristiano Rattazzi,
president of Fiat Auto Argentina as saying.  “The shortcut of not
paying debt has an effect in the short-term and then costs a lot
in terms of Argentina not being seen as serious and important,”
Mr. Rattazzi added.

Bloomberg News notes that Argentina still owes the Paris Club
group of creditors about US$6.7 billion, which President Cristina
Fernandez de Kirchner last year pledged to repay using central
bank reserves.  The Paris Club is an informal group of creditors
that includes the U.S., Germany, Italy and Japan.  The report
relates Mr. Boudou said Argentina isn’t currently negotiating with
the Paris Club or the International Monetary Fund.

                         *     *     *

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

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


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


CL FINANCIAL: Bermuda Regulator Seeks to Wound up BAICO Branch
--------------------------------------------------------------
The Bermuda Monetary Authority has applied to the Supreme Court to
wind up the Bermuda branch of British American Insurance Company
to protect its customers in light of “the continuing severe
financial difficulties” faced by BAICO and its parent company, CL
Financial Group of Trinidad and Tobago, Jonathan Kent at The Royal
Gazette reports.

“It is apparent that as a result of the financial difficulties
faced by BAICO, policyholders, particularly those with investment
or savings products, will very likely face a potential shortfall,”
BMA said in a statement obtained by the news agency.  The
“liquidity facility” provided by Government will enable all claims
for periodic and ongoing medical care to be paid in the short-term
under the existing terms of the policies, the regulator added.

According to the report, BAICO’s health insurance policyholders
will continue to receive medical cover after the Official Receiver
moves in to liquidate the company.  The report relates Argus Group
has agreed in principle to take on BAICO’s health insurance
clients, who will in the short term -- before the transition to
Argus is complete -- have their claims met by government.

“The financial problems of British American are affecting tens of
thousands of policyholders across numerous jurisdictions.  The
actions being taken to secure local assets will help minimize the
impact on local policyholders, but it will take some time to
assess the financial position and the options for the future
before the exact size of any shortfall for non-health
policyholders can be determined,” the report quoted BMA Chief
Executive Officer Matthew Elderfield as saying.

The report notes that the Official Receiver has appointed KPMG
Advisory Ltd. to administrate the provisional liquidation.

British American has been facing difficulties ever since CL
Financial Group fell into financial problems and sought the aid of
Trinidad and Tobago government.

                         About CL Financial

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

                         *     *     *

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


PROTOSTAR: Can Access US$2MM of DIP Financing with Credit Suisse
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized,
on an interim basis, ProtoStar Ltd. and its debtor-affiliates to:

   -- obtain US$2,000,000 of debtor-in-possession financing from
      lenders led by Canyon Capital Advisors LLC, as
      administrative agent, and Bank of Mellon, as collateral
      agent;

   -- use cash collateral in which the prepetition lenders have an
      interest; and

   -- grant adequate protection to the prepetition lenders' liens,
      grant superpriority expense claims to the agent and the DIP
      lenders.

A final hearing on the DIP and cash collateral motion is set for
August 20, 2009, at 11:30 a.m. before this Court.  Objections, if
any, are due 4:00 p.m. on August 13, 2009.

As of ProtoStar's petition date, the outstanding principal balance
under the Bank of New York Mellon and Canyon Capital Advisors LLC
under the working capital agreement was  US$10,000,000; and under
the BNYM senior secured notes was  US$182,363,076.

The Debtors also owe under that certain facility agreement with
Credit Suisse, Singapore Branch, together with Canyon, the
financial institutions party thereto.

The Debtors related that the use of cash collateral alone would
not be insufficient to meet the their immediate postpetition
liquidity needs.

Credit Suisse agreed to extend the DIP financing.

              The Salient Terms of the DIP Financing

Borrowers:              ProtoStar Ltd. and ProtoStar II Ltd.

Guarantors:             ProtoStar Development Ltd., ProtoStar Asia
                        Pte. Ltd. and ProtoStar II Asia Services
                        Ltd.

Administrative Agent:   Credit Suisse, Cayman Islands Branch

Lenders:                Financial Institutions party thereto as
                        lenders

DIP Loan Facility:      US$2,000,000 on the interim basis.

Availability:           The DIP loan facility will be available in
                        multiple tranches: (i)  US$2,000,000 upon
                        entry of the interim order; and (ii) upon
                        entry of the final order with up to
                        two additional delayed draws in amounts
                        and at times consistent with the cash flow
                        budget.

Maturity Date:          The DIP Facility will terminate 30 days
                        after the petition date if the final order
                        has not been entered; consummation of sale
                        of the PSII or the shares of PS II; 90
                        days after the petition date, however, if
                        the borrowers have consummated a sale.

Interest Rates:         one month LIBOR with a floor of 2.5% plus
                        12.5%; Default Rate: 2% in addition to the
                        current rate.

Events of Default:      Usual and Customary

DIP Fees:               All fees payable and expenses reimbursable
                        by the credit parties to the agent.

As additional adequate protection, the Debtors will pay the
prepetition lenders upon the closing of the ProtoStar I sale, the
net asset sale proceeds.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
assets and debts both ranging from  US$100,000,001 to
US$500,000,000.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


UNOCAL ANTON: Creditors' Proofs of Debt Due on August 12
--------------------------------------------------------
The creditors of Unocal Anton Marin, 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 July 24, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL ANTON: Members to Receive Wind-Up Report on September 2
--------------------------------------------------------------
The members of Unocal Anton Marin, Ltd. will hold a meeting on
September 2, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL ASTRID: Creditors' Proofs of Debt Due on August 12
---------------------------------------------------------
The creditors of Unocal Astrid Marin Gabon, 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 July 24, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL ASTRID: Members to Receive Wind-Up Report on September 2
---------------------------------------------------------------
The members of Unocal Astrid Marin Gabon, Ltd. will hold a meeting
on September 2, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL OLONGA: Creditors' Proofs of Debt Due on August 12
---------------------------------------------------------
The creditors of Unocal Olonga Marin Gabon, 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 July 24, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL OLONGA: Members to Receive Wind-Up Report on September 2
---------------------------------------------------------------
The members of Unocal Olonga Marin Gabon, Ltd. will hold a meeting
on September 2, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


XL CAPITAL: Competing Well Amidst Tough Market, CEO Says
--------------------------------------------------------
XL Capital Limited is "back on a firm footing" and "competing
well" in a tough insurance market, Chief Executive Officer Michael
McGavick said, according to Jonathan Kent at The Royal Gazette.
The company's book of business had contracted during the second
quarter -- but by much less than expected -- Mr. McGavick told the
Gazette in an interview after the release of the company's second-
quarter earnings.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2009, The Royal Gazette said 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 report related 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.  According to the report, policy sales are falling as
customers scale back purchases amid the recession.  The said lower
prices have cut into income as insurers compete for market share.
XL Capital, The report added, had a 15% decline in property and
casualty revenue in the second quarter.

According to the Gazette, the company's second-quarter earnings
showed property and casualty (P&C) revenue fell 15% year on year,
which marked an improvement from the first quarter in which the
loss of business was much higher.  "This quarter has shown that we
are competing well," the report quoted Mr. McGavick as saying.
"We were able to shrink the book by less than we had forecast,
thanks to improved retentions and pricing that we were able to
achieve.  These are very good signs for XL and while these times
are always going to be difficult, to have your P&C operations with
a 93 percent combined ratio for the quarter is a strong result,"
Mr. McGavick added.

The report says this year to date the company's stock price has
virtually tripled as the company has made good progress with
regaining the trust of brokers and clients, as well as de-risking
its investment portfolio.  The Gazette relates the company also
benefited by an upturn in the credit markets, which resulted in
its book value growing by a staggering 26% during the second
quarter to $18.89 per share.

Mr. McGavick, the report notes, said the improving market
environment meant XL Capital was experiencing the reverse of the
markdowns that it had been forced to make last year. That is good
news for investors and with a further $3 billion-plus of
unrealized losses still being carried on the books, there is scope
for further improvement, the Gazette adds.

                         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.


* BERMUDA: Regulator Seeks to Wound up British American Branch
--------------------------------------------------------------
The Bermuda Monetary Authority has applied to the Supreme Court to
wind up the Bermuda branch of British American Insurance Company
to protect its customers in light of “the continuing severe
financial difficulties” faced by BAICO and its parent company, CL
Financial Group of Trinidad and Tobago, Jonathan Kent at The Royal
Gazette reports.

“It is apparent that as a result of the financial difficulties
faced by BAICO, policyholders, particularly those with investment
or savings products, will very likely face a potential shortfall,”
BMA said in a statement obtained by the news agency.  The
“liquidity facility” provided by Government will enable all claims
for periodic and ongoing medical care to be paid in the short-term
under the existing terms of the policies, the regulator added.

According to the report, BAICO’s health insurance policyholders
will continue to receive medical cover after the Official Receiver
moves in to liquidate the company.  The report relates Argus Group
has agreed in principle to take on BAICO’s health insurance
clients, who will in the short term -- before the transition to
Argus is complete -- have their claims met by government.

“The financial problems of British American are affecting tens of
thousands of policyholders across numerous jurisdictions.  The
actions being taken to secure local assets will help minimize the
impact on local policyholders, but it will take some time to
assess the financial position and the options for the future
before the exact size of any shortfall for non-health
policyholders can be determined,” the report quoted BMA Chief
Executive Officer Matthew Elderfield as saying.

The report notes that the Official Receiver has appointed KPMG
Advisory Ltd. to administrate the provisional liquidation.

British American has been facing difficulties ever since CL
Financial Group fell into financial problems and sought the aid of
Trinidad and Tobago government.

                         About CL Financial

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

                         *     *     *

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


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


BANCO BRADESCO: To Target Brazil's Poor to Expand Client Base
-------------------------------------------------------------
Banco Bradesco S.A. will target low-income earners to expand its
client base as falling interest rates and increased competition
damage profit margins, Telma Marotto at Bloomberg News reports,
citing Chief Executive Luiz Carlos Trabuco Cappi.

Return on equity, or net income divided by the company’s book
value, will decline in the next two years to between 18% and 20%
from 23.7% in the second quarter, Mr. Cappi told the news agency
in an interview.  “Margins should decline and what we have to do
is to increase volume,” the report quoted Mr. Cappi as saying.
“Volume means having clients, presence,” Mr. Cappi added.

According to the report, Mr. Cappi said the bank plans to lure
Brazilians that earn less than BRL1,250 (US$685) monthly by adding
320 new branches this year and another 200 in 2010.  The report
relates Mr. Cappi said these low-income earners, who represent
more than half of the workforce, are becoming eligible for small
loans for the first time.

The report says the bank said about half of Banco Bradesco’s 20
million clients belong to this income bracket.  “With their
average income rising about 5% per year, in 10 years we’ll have a
totally different configuration,” the report quoted Mr. Cappi as
saying.

Bloomberg News adds that Bradesco forecast lending growth next
year will quicken to 15% to 20% from an estimated 10% this year.

                      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 BRADESCO: Cuts Guidance on Loan Growth to 8-12% for 2010
--------------------------------------------------------------
Banco Bradesco S.A. expects 2010 to show 4.9% GDP growth for the
Brazil, which will likely mean close to 20% loan growth for the
bank, Business News Americas reports, citing IR Director Jean
Philippe Leroy.  The report relates the 2010 outlook comes as the
bank reduced its guidance on loan growth for 2009 to 8-12% from
its earlier prediction of 13% to 17%.

According to the report, the bank's loan book stood at BRL213
billion (US$116 billion) at the end of June, flat from three
months before but up 18.1% from a year prior.  The report notes
Jorge Kuri of Morgan Stanley pointed out that with close to 5% GDP
growth in 2008, Bradesco was able to pull off 35% loan growth.

BNAmericas says CEO Luiz Carlos Trabuco Cappi said that on the
asset quality side, Bradesco's overall 90-day non-performing loan
(NPL) ratio will likely increase again in 3Q09, but should show a
slight improvement by the end of the year.  The report relates the
ratio was 4.6% at end-June, higher than 4.2% at end-March and 3.4%
at end-June 2008.

Analysts noted the increases in the coverage ratio -- up to 169%
at end-June from 166% 12 months before -- and BIS capital adequacy
ratio - 17.0% compared to 12.9%, BNAmericas discloses.  "We expect
to have better performance in delinquency from now on, but this
gives us some comfort," CFO Domingos Figueiredo de Abreu as saying
said of the coverage ratio, while also asserting that the BIS
ratio was at a "comfortable level" and did not impede growth, the
report says.

Mr. Leroy, the report notes, said the increasing expenditures on
loan loss provisions, which hit BRL4.42 billion in the second
quarter, up just over 150% from 2Q08, are also reflected in the
BIS ratio.  "This doesn't mean that in the third quarter the
additional gains from VisaNet will be used for provisions,"
Mr. Leroy said, referring to the net BRL410 million it will pull
in from its secondary share offer in the card processor's IPO that
took place in June, the report adds.

                     About Banco Bradesco

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

                       *     *     *

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


BANCO SANTANDER: Moody's Retains Review on 'Ba2' Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service affirmed the bank financial strength
rating of C assigned to Banco Santander S.A. (Brazil).  The rating
agency also affirmed Santander's global long- and short-term local
currency deposit ratings at A2/ BR-1, respectively, as well as the
Brazilian national scale deposit ratings of Aaa.br/BR-1.  The
outlook on the ratings is stable.

Santander's foreign currency deposit ratings of Ba2 and the junior
subordinated debt ratings of Baa3 assigned to the perpetual bonds
issued by Banco Santander -- Grand Cayman Branch, both constrained
by the foreign currency deposit ceilings, remain under review for
possible upgrade in connection with the review of Brazil's foreign
currency deposit and debt ceilings.

The rating action takes into account the downgrade of the bank
financial strength rating of its parent company, Banco Santander
S.A. (Spain) to B-, from B, and the implications of parental
support, which are incorporated into the deposit and debt ratings
of Santander Brazil.  For further detail, please refer to the
press release "Moody's lowers Banco Santander one notch to Aa2 and
Banesto to Aa3".

In affirming Santander Brazil's ratings, Moody's acknowledges that
Santander's C BFSR derives from the sizeable retail franchise and
important market share and scale, which resulted from the
acquisition of Banco Real, and which enhanced its business
diversification and earnings generation capacity.  The combined
institution, with presence in major market segments, formed the
4th largest bank in Brazil and third-largest private financial
institution by assets and deposits, with market shares of 10.7%
and 9.5%, respectively.

Moody's said the rating also incorporates the bank's higher-than-
peers non-performing loan levels and tighter reserves when
compared to those of large local banks, although they are aligned
to Spain regulatory requirements.  Higher credit costs, as
reported in 2Q09, have pressured the bank's profitability and
internal capital generation, together with modest loan growth.  In
fact, after analyzing Santander's loan and securities portfolios
under a number of scenarios (both anticipated and stressed),
Moody's said that the bank's capitalization could withstand
potential further stress at its current rating level.  Reported
2Q09 tier 1 and total BIS ratios were 12% and 17%, respectively.

Moody's notes that the integration process carries potential risks
given the large size of the operation, which however, could be
managed by Santander's proven track record of acquisitions and
turnaround.

Moody's adds that Santander's A2 deposit ratings incorporate three
main elements: (1) the bank's BFSR of C, which translates into a
baseline credit assessment of A3; (2) Moody's assessment of high
support from its owner Banco Santander S.A. (Spain) based on the
increased importance of the Brazilian operations to the global
earnings base; and (3) Moody's assessment of a good probability of
support from the Brazilian authorities, given the bank's increased
participation in the Brazilian deposit market.

Banco Santander S.A. (Brazil) is headquartered in São Paulo,
Brazil, and presented consolidated assets of R$323.9 billion
(US$166.2 billion) and equity of R$49.4 billion (US$22.4 billion),
as of June 30, 2009.

The last rating action on Banco Santander S.A. (Brazil) was on
July 7 2009, when Moody's place on review for possible upgrade the
bank's Ba2 long-term foreign currency deposit rating and Baa3
foreign currency junior subordinated debt rating assigned to the
perpetual bonds issued through its Cayman Branch.  This action is
in connection with sovereign action on Brazil announced on
July 6, 2009.

These ratings assigned to Banco Santander S.A. (Brazil) were
affirmed:

* Bank financial strength rating: of C, with stable outlook

* Long-term global local currency deposit rating of A2, with
  stable outlook;

* Short-term global local currency deposit rating of Prime-1

* Short-term foreign currency deposit rating of Note Prime

* Brazilian long-term national scale ratings of Aaa.br, with
  stable outlook

* Brazilian short-term national scale ratings of BR-1

These ratings remain on review for possible upgrade:

* Banco Santander S.A. (Brazil): long-term foreign currency
  deposit ratings of Ba2

* Banco Santander S.A. -- Grand Cayman Branch: long-term foreign
  currency junior subordinate debt rating of Baa3


EMPRESA BRASILEIRA: Sales to Drop as Cheaper Planes Sought
----------------------------------------------------------
Empresa Brasileira de Aeronautica SA may report higher sales
volume as customers buy the lower-priced Phenom model of aircraft,
Paulo Winterstein at Bloomberg News reports, citing Bank of
America.

Revenue may decline as purchases shift to the US$3.1 million
Phenom 100 plane from the US$27.5 million E170 and E190 planes,
Bank of America analyst Ronald Epstein wrote in a note obtained by
the news agency.  “We estimate deliveries could have reached 17
jets in July, implying 55% year-over-year growth,” the report
quoted Mr. Epstein as saying.  The smaller Phenom planes may
account for 62% of deliveries in the second half of 2009, Mr.
Epstein added.

According to the report, Embraer was raised to “neutral” at Bank
of America on Aug. 3 after being upgraded to “neutral” at Credit
Suisse Group AG July 31.  The planemaker was raised from
“underperform” at both banks, the report relates.

                           About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- 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.


TAM SA: To Release Second Quarter Results on August 13
------------------------------------------------------
TAM S.A.'s results for the second quarter 2009 will be released on
August 13, 2009.  The information will be available on the
company's Web site: www.tam.com.br/ir, and through the CVM
(Comissao de Valores Mobiliarios) and the SEC (Securities and
Exchange Commission) "after the market closes".  The conference
calls in Portuguese and English will be Friday, August 14 at
10:00am and 11:30am (Eastern Time), respectively.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As of June 17, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.
The company also continues to carry Moody's B1 LT Corp Family
Rating and Senior Unsecured Debt Ratings.


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


1798 FINANCIALS: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------------
The creditors of 1798 Financials Opportunity Fund Ltd are required
to file their proofs of debt by Aug. 20, 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:

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


AETOS CAPITAL: Creditors' Proofs of Debt Due on August 20
---------------------------------------------------------
The creditors of 1798 Aetos Capital Management, Ltd are required
to file their proofs of debt by Aug. 20, 2009, to be included in
the company's dividend distribution.

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

The company's liquidators are:

          Harold Schaaff
          Sanford Krieger
          c/o 875 Third Avenue, New York, NY 10022


BUNGE FERTILIZANTES: Creditors' Proofs of Debt Due on August 20
---------------------------------------------------------------
The creditors of Bunge Fertilizantes Participation Limited are
required to file their proofs of debt by Aug. 20, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


CDC FUNDING: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
The creditors of CDC Funding, Ltd. are required to file their
proofs of debt by Aug. 20, 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:

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


FIF III MIJAC: Creditors' Proofs of Debt Due on August 20
---------------------------------------------------------
The creditors of FIF III Mijac Holdings Limited are required to
file their proofs of debt by Aug. 20, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


FIF III MJATV: Creditors' Proofs of Debt Due on August 20
---------------------------------------------------------
The creditors of FIF III Mjatv Holdings Limited are required to
file their proofs of debt by Aug. 20, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


GARTMORE CAYTOS: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------------
The creditors of Gartmore Caytos Fund Limited are required to file
their proofs of debt by Aug. 20, 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:

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


HOLMAR ACQUISITION: Creditors' Proofs of Debt Due on August 20
--------------------------------------------------------------
The creditors of Holmar Acquisition Ltd. are required to file
their proofs of debt by Aug. 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:

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


OLD MUTUAL: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------
The creditors of Old Mutual European Statistical Arbitrage Master
Fund Limited are required to file their proofs of debt by Aug. 20,
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:

          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


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


ECOPETROL SA: May Not Take Whole US$3.7 Billion Debt in 2009
------------------------------------------------------------
Ecopetrol S.A. may not take the whole US$3.7 billion debt planned
for 2009 and use part of its cash flow instead thanks to higher
than expected oil prices, Inti Landauro at Dow Jones Newswires
reports, citing Company Chief Executive Officer Javier Gutierrez.
The report relates Mr. Gutierrez said the company has budgeted
this year based on the assumption of an average price of West
Texas Intermediate, crude of US$50 a barrel.

According to the report, Ecopetrol has raised about US$2.5 billion
this year through a COP2.2 trillion syndicate loan from local
banks and US$1.5 billion bond sale in New York.

Ecopetrol, the report says, plans to invest as much as US$7
billion this year in increasing its activities of exploration and
production and in acquisitions.  The report relates so far this
year the company acquired US$2 billion in acquisitions:

   -- 50% of Peru's Petrotech Peruana SA for US$450 million,
   -- 51% stake in the Cartagena refinery from Swiss
      commodity company Glencore International AG for
      US$549 million,
   -- the Colombian unit of France's Etablissements
      Maurel et Prom for US$748 million, and
   -- a stake in an oil pipeline from Enbridge Inc. for
      US$418 million.

As reported in the Troubled Company Reporter-Latin America on
August 3, 2009, Dow Jones Newswires said 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.  The
report related 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.

                      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.


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


ASARCO LLC: Vedanta Won't Beef Up Offer for Assets
--------------------------------------------------
Vedanta Resources Plc's Chief Executive Officer M.S. Mehta
said July 31 that the company "has no immediate plans" to
raise the bid it made to acquire Asarco, according to the Wall
Street Journal.  Mr. Mehta said the company's bid  "reflects the
current market conditions" and the company does
not "feel a need" to raise it, the paper said.

ASARCO LLC has sent to creditors three competing Chapter 11 plans
for voting -- plans sponsored by investors led by Harbinger
Capital Partners Master Fund I Ltd., another by parent Grupo
Mexico SAB, through ASARCO Inc. and a third by ASARCO LLC.

ASARCO LLC's plan is built upon an agreement to sell assets to
Vedanta unit Sterlite Industries Inc.  Sterlite has agreed to
provide a US$770 million promissory note, pay US$1.1 billion in
cash and assume certain liabilities as part of its consideration
in exchange for ASARCO's assets.

Harbinger and co-sponsor Citigroup Global Markets Inc.'s letter to
creditors urge a vote for the Company's plan, and not to vote on
parent Grupo Mexico SAB's proposed plan.  According to Harbinger,
the Debtors' Plan provides for maximum recoveries to, and
expeditious and equitable treatment of, all holders of claims,
including holders of bond claims.  Harbinger and Citigroup, which
own two-thirds of Asarco's bonds and debentures, say that the
Parent Plan may be non-confirmable as it deprives creditors of the
right to collect US$500 million in post-bankruptcy interest.  The
bondhoders say they proposed their own plan just in case Asarco's
plan couldn't be confirmed "for some unforeseeable reason."

Copies of the disclosure statement explaining the three plans, as
divided into five parts, are available for free at:

    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_01.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_02.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_03.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_04.pdf
    http://bankrupt.com/misc/ASARCO_Joint_DS_070609_05.pdf

                        About ASARCO LLC

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

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

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

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

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

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

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

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

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

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


COOPER-STANDARD: Files Chapter 11 to Restructure Balance Sheet
--------------------------------------------------------------
Cooper-Standard Holdings Inc., and its affiliates, including
Cooper-Standard Automotive Inc., on August 3 filed voluntary
petitions for reorganization under Chapter 11 before the U.S.
Bankruptcy Court for the District of Delaware.

The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, will seek relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.

Certain of the Company's current lenders have agreed to provide
the Company with up to US$175 million in debtor-in-possession
(DIP) financing.   The DIP financing consists of a US$175 million
superpriority delayed draw term loan facility plus a US$25 million
standby uncommitted single draw term loan facility.

The DIP financing is subject to approval of the U.S. and Canadian
bankruptcy courts.  The Company will use the funds, along with its
current cash balance and future cash flow, to formulate and
implement a restructuring plan and pay normal operating expenses,
including employee wages and payments to suppliers.  The Company
currently has US$15 million in cash on hand.

Cooper-Standard filed a variety of customary first day motions
with the U.S. Bankruptcy Court in Delaware to enable it to
continue business as usual during the restructuring, including
requests to continue paying employee wages and benefits as usual.

The Company intends to continue operating "business as usual"
during the reorganization process and anticipates no interruption
in its supply to customers.  The filings include all wholly-owned
U.S. and Canada operations.  The Company's joint venture entities
in the U.S. and around the world are not included in the filing.
Cooper-Standard's other foreign subsidiaries are not included in
the filing and will not be impacted.

"Restructuring the Company's balance sheet to align with the new
automotive marketplace is the right decision at the right time,"
said James S. McElya, Chairman and Chief Executive Officer of
Cooper-Standard.  "Today's action will allow the Company to
maintain its leadership position in the industry, preserve its
business relationships and continue providing innovative
technology to our customers.  We expect to emerge from Chapter 11
a much stronger and more competitive Company."

                      Restructuring Plan

Before filing for bankruptcy, the Company engaged in negotiations
with senior lenders, while continuing to pursue alternatives with
equity sponsors Goldman Sachs and Cypress Group.

According to the Company's news release, significant progress has
been made in these negotiations and the Company is hopeful that it
will reach agreement with its lenders and other constituents and
be able to implement an agreement in the near term.  Under the
most recent proposal supported by holders of a majority of the
Company's senior secured debt, the Company's balance sheet would
be significantly deleveraged, as the Company would reduce its
approximately US$1.1 billion of bank and bond indebtedness to
approximately US$350 million.  In addition, the lenders' proposal
contemplates an exit financing facility of US$100 million to
US$150 million.

The balance sheet restructuring follows an operational
restructuring implemented in March 2009 that has enabled the
Company to realize US$47 million in annual savings.

Allen J. Campbell, vice president and CFO of Cooper-Standard, said
in the "first-day affidavit" that while the Debtors have made
progress in negotiations with the senior lenders, the Debtors have
not yet reached agreement on the terms of the Chapter 11 plan.

                     Outstanding Indebtedness

In its bankruptcy petition, the Company said that assets on a
consolidated basis total US$1,733,017,000 while debts total
US$1,785,039,000 as of March 31, 20009.

Allen J. Campbell, vice president and CFO of Cooper-Standard,
relates that as of the petition date, the Company had about
US$1,170,000,000 of outstanding indebtedness on a consolidated
basis, of which US$84.3 million consisted of draws on a senior
secured revolving credit facility; US$522.8 million consisted of
five senior secured term loan facilities; US$513.4 million
consisted of unsecured senior and senior subordinated bond debt;
and US$49.9 million consisted of debt on account of other credit
facilities, capital leases, swaps, and miscellaneous obligations.

Cypress Group and Goldman Sachs Capital Partners Funds bought
Cooper-Standard in 2004 for US$1,165,000,000 in cash.  To finance
the acquisition, the Company accessed US$125 million of revolving
credit, and term loan facilities aggregating US$350 million.

The Company in February 2006 acquired the fluid handling
businesses in North America, Europe and China from ITT Industries
Inc. for approximately US$202 million.  The acquisition was funded
with a notional amount of US$215 million term loan.

In August 31, 2007, the Company completed the acquisition of nine
Metzeler Automotive Profile Systems sealing operations in Germany,
Italy, Poland, Belarus, Belgium, and a joint venture interest in
China from Automotive Sealing Systems S.A.  The MAPS business were
acquired for US$144 million, mostly by using borrowings.

                        Road to Bankruptcy

According to Mr. Campell, "The current and unprecedented global
economic crisis has had a crushing effect on the automotive
industry and ultimately the Company's business."

Automotive sales in the U.S. have declined significantly in 2008
and 2009.  Since the majority of the Company's customers are OEMs
and their suppliers, the Company has likewise experienced a
significant fall off in sales, resulting in a decline in operating
income and EBITDA.  For the quarter ending March 31, 2009, the
Company generated only US$401.7 million in sales, compared with
US$756.0 million for the same period in 2008.

                       About Cooper-Standard

Cooper-Standard Automotive Inc., headquartered in Novi, Mich., is
a leading global automotive supplier specializing in the
manufacture and marketing of systems and components for the
automotive industry.  Products include body sealing systems, fluid
handling systems and NVH control systems.  The Company is one of
the leading suppliers of chassis products in North America, with
about 14% of market share.  The Company's main custoemrs include
Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen,
BMW, Fiat and Honda, among other automakers.

Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.  For
more information, visit the Company's Web site at:
http://www.cooperstandard.com/

Cooper-Standard is a privately-held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.

Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Frères & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor.  Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.


COOPER-STANDARD: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Cooper-Standard Holdings Inc.
        39550 Orchard Hill Place Drive
        Novi, Michigan 48375

Bankruptcy Case No.: 09-12743

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Sterling Investments Company                       09-12750
Cooper-Standard Automotive Inc.                    09-12744
NISCO Holding Company                              09-12751
Cooper-Standard Automotive FHS Inc.                09-12745
Cooper-Standard Automotive NC L.L.C.               09-12752
Cooper-Standard Automotive Fluid Systems Mexico Ho 09-12746
CS Automotive LLC                                  09-12753
StanTech, Inc.                                     09-12747
CSA Services Inc.                                  09-12754
Westborn Service Center, Inc.                      09-12748
Cooper-Standard Automotive OH, LLC                 09-12755
North American Rubber, Incorporated                09-12749

Type of Business: The Debtors make fluid handling, body sealing,
                  and noise, vibration and harshness control
                  components for passenger vehicles and light
                  trucks.

                  See http://www.cooperstandard.com/

Chapter 11 Petition Date: August 4, 2009

Court: District of Delaware

Judge: Peter J. Walsh

Debtor's Counsel: Gary L. Kaplan, Esq.
                  Richard Slivinski, Esq.
                  Peter B. Siroka, Esq.
                  Fried, Frank, Harris, Shriver & Jacobson LLP
                  One New York Plaza
                  New York, NY 10004
                  Tel: (212) 859-8000
                  Fax: (212) 859-4000
                  http://www.ffhsj.com

Debtors'
Co-Counsel:       Mark D. Collins, Esq.
                  Michael J. Merchant, Esq.
                  Chun I. Jang, Esq.
                  Richards, Layton & Finger PA
                  One Rodney Square
                  902 N. King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  http://www.rlf.com

Debtors'
Financial
Advisor:          Alvarez & Marsal
                  600 Lexington Avenue
                  New York, NY 10022
                  http://www.alvarezandmarsal.com/

Debtors'
Investment
Banker:           Lazard Freres & Co.
                  30 Rockfeler Place
                  New York, NY 10020
                  http://www.lazard.com/

Debtors'
Claims Agent:     Kurtzman Carson Consultants LLC
                  2335 Alaska Avenue
                  El Segundo, CA 90245
                  Tel: (866) 381-9100
                  http://www.kccllc.net/

The Debtors' financial condition as of March 31, 2009:

Total Assets: US$1,733,017,000

Total Debts: US$1,785,039,000

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Wilmington Trust Company       8.375% Sr. Sub.   US$313,350,000
as Indenture Trustee           notes due Dec.
Rodney Square North            15, 2014
100 N. Market St.
Wilmington, DE 19890
Tel: (302) 636-5410
Fax: (302) 636-4145

Wilmington Trust Company       7.000% Sr. Notes  $313,350,000
as Indenture Trustee           due Dec. 15, 2012
Rodney Square North
100 N. Market St.
Wilmington, DE 19890
Tel: (302) 636-5410
Fax: (302) 636-4145

State of Ohio Environmenal     consent           $2,700,000
Protection Agency
1800 WaterMark Drive
Columbus, Ohio 43266-0149
Tel: (614) 644-3020
Fax: (614) 644-2329

Robert Bosch LC                trade vendor      $713,782
38000 Hils Tech Drive
Farmington Hils, MI 48331
Tel: (248) 876-1000
Fax: (876) 876-1116

Gil-Mar Manuacturing           trade vendor      $477,815

Summit Metals Services Inc.    trade vendor      $449,326

EMS-Chemie Na Inc.             trade vendor      $448,778

Evonik Degussa Corporation     trade vendor      $437,456

TMS Corporation                trade vendor      $395,668

Premier Too & Die Cast Corp.   trade vendor      $375,451

Kongsberg                      trade vendor      $306,805

TI Group Automotive Systems    trade vendor      $259,315

Vitrica SA de CV               trade vendor      $259,312

Calvary Automation Systems     trade vendor      $248,191

Signature Aluminum Inc.        trade vendor      $247,428

Precix                         trade vendor      $211,226

H&L Too Co. Inc                trade vendor      $202,485

Thunder Tooing & Mfg. Ltd.     trade vendor      $201,791

Vacuum Instrument Corporation  trade vendor      $192,780

USI Inc.                       trade vendor      $183,096

GHSP                           trade vendor      $183,101

Tubos Samaue De Mexico         trade vendor      $182,220

Papp Plastics                  trade vendor      $179,316

Gonzalez Group LLC             trade vendor      $178,209

Titeflex Corporation           trade vendor      $176,633

Hi-Vo Products                 trade vendor      $173,481

Apollo Metals                  trade vendor      $166,390

Pension Benefit Guaranty Corp. trade vendor      unknown

Cooper Tire & Rubber           trade vendor      unknown

Michigan Department of         Gayford           unknown
Environmenta Quality           groundwater
                               contamination
                               remediation

The petition was signed by Allen J. Campbell, chief financial
officer.


GRUPO PETROTEMEX: Fitch Assigns 'BB+' Rating on US$200 Mil. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Grupo Petrotemex,
S.A. de C.V.'s proposed US$200 million senior unsecured note
issuance due 2014.  Proceeds from the proposed issuance will be
applied to debt repayment and general corporate purposes.

Fitch currently rates Petrotemex:

  -- Local currency Issuer Default Rating 'BB+';

  -- Foreign currency IDR 'BB+';

  -- Petrotemex's US$75 million privately placed senior notes due
     2012 'BB+';

  -- DAK Americas US$115 million guaranteed senior notes due 2014
     'BB+'.

The Rating Outlook is Negative.

Petrotemex's credit ratings reflect its strong domestic and global
competitive position, its long-term supply and customer
arrangements, geographically diversified operating base and that
83% of its sales go to markets less exposed to downward economic
cycles (ie, food, beverages and personal care).  The ratings
consider the company's increased leverage from historic levels as
a result of large losses on its derivative contracts, as well as
the significant refinancing risk the company faces during 2009 and
2010, in conjunction with challenging financial market conditions
and the current economic environment.

The company is the sole producer and second largest
producer/supplier of Purified Terephthalic Acid, the basic raw
material used in the polyester production chain, in Mexico and the
Americas, respectively.  Also Petrotemex is the second largest
producer/supplier of Polyethylene Terephthalate in the Americas.
The company has an installed annual capacity of over two million
tons of PTA, 840 thousand tons of PET and 270 thousand tons of
polyester staple fiber.  Petrotemex has long-term agreements with
the majority of its main customers which tend to be exclusive and
are designed to meet customers' volume requirements.  This has
allowed the company to maintain high plant utilization rates.
Prices are generally set monthly using a 'cost plus' formula,
which reduces the exposure to raw material price volatility and
business risk.

Petrotemex's revenues are mainly dollar denominated or dollar
linked, with a small portion denominated in Euros.  The company
has operations in Mexico, United States and Argentina, covering
the entire continent.  For the latest 12 months (LTM) ended
June 30, 2009, Petrotemex generated approximately US$243 million
of EBITDA, an increase from approximately US$189 million for the
LTM ended June 30, 2008.  The improvement in the company's EBITDA,
among others, includes better conversion costs and the addition of
new production capacity.  To generate free cash flow for debt
repayment during 2009 Petrotemex has reduced capital expenditure
levels to maintenance amounts.

Petrotemex had approximately US$624 million of total debt as of
June 30, 2009, an increase from $522 million as of September 30,
2008.  The increase in debt was primarily due to losses on
financial derivative instruments such as commodity related hedges
and interest rate swaps.  Historically, Petrotemex has had
committed credit lines to support liquidity; during 2008 the
company used these facilities to fund financial derivative
instruments (collateral, settlements and unwinds) and working-
capital needs.

The company's debt as of June 30, 2009, consists of US$100 million
of committed lines that have been drawn, US$125 million of private
placements, US$308 million of amortizing syndicated bank loans,
US$9 million of ECA financing, US$10 million of other long-term
debt and approximately US$72 million of short-term bank debt.
Petrotemex's debt is heavily weighted to the short-term; the
company had US$271 million of short-term debt and US$172 million
of cash and marketable securities at the end of June 2009, of
which US$8 million was restricted.  The company should be able to
meet its short-term debt maturities using available cash and free
cash flow generation and by refinancing approximately $90 million.
In addition, the proposed US$200 million offering, if successful,
should mitigate refinancing or short-term liquidity risk and will
allow the company to rebalance its debt maturity profile.


GRUPO PETROTEMEX: S&P Assigns 'BB' Senior Unsecured Debt Rating
---------------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its 'BB'
senior unsecured debt rating to the proposed issuance of up to
$200 million in 144A long-term notes due 2014 by Grupo Petrotemex
S.A. de C.V.  S&P assigned the notes a recovery rating of '3',
indicating its expectation of meaningful (50%-70%) recovery in the
event of a payment default.

At the same time, S&P affirmed its 'BB' global scale and 'mxA'
national scale corporate credit ratings on Petrotemex.  Proceeds
will be used mainly to refinance short-term obligations.  The
outlook is negative.

"The ratings on Petrotemex reflect the company's limited product
diversity, exposure to price volatility in polyethylene
therephthalate, and increased debt levels," said Standard & Poor's
credit analyst Laura Martinez.  The ratings also consider the
industry's cyclical and capital-intensive nature, and the
challenging operating environment in North America.

However, the ratings are supported by the company's strong market
position as a leading producer of purified terephthalic acid in
Mexico and the U.S. and a significant PET and polyester fibers
producer in the region covered by the North American Free Trade
Agreement.

"The ratings also take into account Petrotemex's low cost position
and state-of-the-art technology, and its long-standing agreements
with customers and suppliers," added Ms. Martinez.


* MEXICO: Mexico City Plans to Sell Debt Worth US$150 Million
-------------------------------------------------------------
Mexico City’s government plans to sell about US$150 million worth
of peso-denominated bonds in September and raise some subway fares
next year to bolster its finances, Carlos Manuel Rodriguez at
Bloomberg News reports, citing City’s Finance Secretary Mario
Delgado.  The bonds will have a maturity of 10 years and the sale
will be managed by Deutsche Bank AG, Mr. Delgado told Bloomberg
News in an interview.

According to the report, Mexico City will use proceeds from the
bond sale to help offset a budget deficit.

The report notes revenue for the Distrito Federal (as Mexico City
proper is known) was MXN6.5 billion (US$490 million) below
government forecasts for the first seven months of the year, an
11% shortfall.  “We’re having a significant fall in revenue,” the
report quoted Mr. Delgado as saying.  “The shock we’re
experiencing this year cannot be covered just by spending cuts or
fiscal discipline,” Mr. Delgado added.

Bloomberg News notes Mr. Delgado said the city government will
also propose raising most subway fares next year from the current
MXN2 pesos (15 U.S. cents) and seek to link future fare increases
to inflation.

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: May File for Bankruptcy to Restructure Smelter Debt
-----------------------------------------------------------------
Doe Run Peru may file for bankruptcy to restructure debt at its
shuttered zinc and lead smelter, Alex Emery at Bloomberg News
reports, citing Energy & Mines Minister Pedro Sanchez Gamarra.
The report relates Mr. Sanchez said Peru’s antitrust office
Indecopi will study the situation at the company.

According to the report, the unit owes suppliers US$156 million
and has been closed since June.  “Once it becomes a reality, we’ll
see what’s to be done,” the report quoted Mr. Sanchez as saying.
“We need a global solution as we’ve been going over and over the
same issue,” Mr. Sanchez 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 Bloomberg News, Doe Run Vice President Jose Mogrovejo
declined to confirm if the company will file for bankruptcy.
Company and government officials will meet for talks today,
Aug. 5, Mr. Mogrovejo told the news agency in an interview.

                          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.


DOE RUN PERU: To Seek Restructuring of Operations
-------------------------------------------------
Doe Run Peru told regulators it plans to restructure its
operations after months of financial difficulty, Teresa Cespedes
at Reuters reports.

According to Reuters, Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya, which often ranks as one of the world's most polluted
sites.  The report relates that workers have also threatened to
ask the government to appoint new management at the company.

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.

A TCRLA report on April 7, citing Bloomberg News, related that
Doe Run Peru’s zinc and lead smelter received a three-month
extension to complete planned environmental cleanup projects.  The
report related Doe Run Peru committed 100 percent of its
shares as a guarantee it will complete the clean-up after a
government- brokered deal to lend the company US$75 million and
provide US$100 million of concentrates after banks halted funding.

"Suppliers and workers can ask for the company to be put into
administration, though this will be defined by Indecopi," the
report quoted Juan Carlos Huyhua, head of Doe Run Peru as saying.
The company has asked Indecopi, the state regulatory agency that
frequently handles companies in bankruptcy, to be involved in the
restructuring, Mr. Huyhua added.

Peru's mining minister said the restructuring process could take
priority over the company's obligation to complete an
environmental cleanup at La Oroya by the end of October, which
would essentially extend the deadline, the report says.

                          About Doe Run

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

                          *     *     *

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


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


FIRSTBANK PUERTO: Moody's Reviews Ba1 Deposit Rating
----------------------------------------------------
Moody's Investors Service placed the bank financial strength and
long term debt and deposit ratings of FirstBank Puerto Rico (bank
financial strength D+, long-term deposits Ba1) on review for
possible downgrade.  FirstBank is the primary operating subsidiary
of First BanCorp Puerto Rico, which is unrated.

The review will focus on the possible further deterioration in
FirstBank's loan portfolio.  Continued deterioration in the bank's
Puerto Rico portfolio would further challenge financial
flexibility which is already severely pressured by FirstBank's
Florida commercial real estate exposure where losses are at the
high end of Moody's expectations.

The rating action follows First BanCorp's second quarter earnings
release where it reported a net loss of US$78.7 million, driven by
a provision for loan losses of US$235 million, and announced the
suspension of common and preferred dividends.  The heightened
provision was primarily due to the continued market downturn in
South Florida and Puerto Rico.

Moody's last rating action on FirstBank was on March 6, 2009, when
the issuer rating was downgraded to Ba2.

Issuer: FirstBank Puerto Rico

On Review for Possible Downgrade:

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently D+

  -- Issuer Rating, Placed on Review for Possible Downgrade,
     currently Ba2

  -- OSO Senior Unsecured OSO Rating, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Bank Note Program, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Deposit Rating, Placed on Review for
     Possible Downgrade, currently Ba1

Outlook Actions:

  -- Outlook, Changed To Rating Under Review From Stable


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


CL FINANCIAL: JMMB Bars Press From Annual General Meeting
---------------------------------------------------------
Jamaica Money Market Brokers Limited, a unit of CL Financial
Limited, restricted the press from its annual general meeting
because shareholders were complaining that they had to be
competing with the media for CEO Keith Duncan's personal
attention, Jamaica Gleaner reports.

The report relates JMMB has some 10,287 ordinary shareholders who
hold a combined 1.46 million issued shares.  "We did a survey and
based on shareholder response they are not getting enough time to
interact with the company's executives," the report quoted Imani
Duncan-Waite, manager group marketing and corporate solutions at
JMMB, as saying.  This is because the media dominates the
executives' time conducting interviews and asking clarifying
questions, leaving shareholders feeling deprived, Duncan-Waite
added.

According to the report, 40% of the company brokerage is now under
state control -- from Trinidad -- after shareholders Colonial Life
Insurance Company Limited (CLICO) and its subsidiary CLICO
Investment Bank, were swept up by the Patrick Manning
administration in a rescue of the CL Financial Group.  The report
notes the turn of events came three months behind CL's agreement
to purchase JMMB's 45.5% stake in CMMB, a Port-of-Spain-based
brokerage that the two financial groups owned in common.  The more
than TT$2.3 billion that JMMB booked under that deal was at the
time welcomed as capital to buttress its balance sheet, and
finance future growth, the report says.

The Gleaner says JMMB's restructuring efforts gathered pace, even
as the company consulted on how to calm investor nerves after
disclosing that it took a TT$3.6 billion hit on impaired financial
assets that were exposed to the Lehman Brothers collapse.

However, the report points out, JMMB's annual report at yearend
March 2009 suggests that the company's attempt to regain its
financial footing is not over.  The report relates from TT$203
million a year ago, JMMB is now TT$9.2 billion in debt, with
TT$1.12 billion due for repayment this year, while its net worth
dropped from TT$6.66 billion to TT$5.3 billion.  The report says
the company's balance sheet which grew to TT$111 billion, was
chiefly skewed to repos, amounting to TT$90 billion.

The size of the repo portfolios carried by securities dealers has
grabbed the attention of regulator, the Financial Services
Commission, which is urging firms to diversify their product base
to bring down their exposure, the Gleaner says.

The report notes on the Company's profit and loss accounts, JMMB's
financial position appears to have strengthened -- growing from
TT$1 billion to TT$1.1 billion -- but a portion was in foreign
exchange gains in a market where the local currency tumbled 13%
last year.  The report relates securities trading and foreign
exchange gains added TT$3.1 billion to the company's operating
revenue, up TT$1.8 billion over 2008's outturn of TT$1.5 billion.

                       About CL Financial

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

                         *     *     *

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


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


* T&C TOURIST BOARD: Conde Nast Seeks US$1 Million in Lawsuit
-------------------------------------------------------------
Publishing company Conde Nast Publications filed a lawsuit in a
New York District Court seeking to recover more than US$1 million
in unpaid advertising, attorney’s fees, and interest from the
Turks and Caicos Tourist Board, Tess Hennigan at Caribbean Net
News reports.  The report relates, citing court papers, the TCI
Tourist Board failed to pay for advertising that appeared in 2007
and 2008 issues of W magazine, Elegant Bride, and Vanity Fair, as
well as ads in the 2007 Fashion Rocks.

According to the report, the total value of the advertising placed
up to June 2008 was US$1,296,535.36.

The report says after the Tourist Board requested a payment plan,
which was agreed to by Conde Nast, an initial payment of
US$256,258.08 was made by the Board around June 11, 2008, leaving
a remaining balance of US$1,040,277.28.  However, the company did
not received further payments, prompting it to send a “demand
letter” to the Tourist Board requesting all unpaid moneys be paid.

Rolls Royce and Bride Magazine are also owed monies by the Tourist
Board, the report adds.


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


CAFE MADRID: Government Seizes Assets, Faces Nationalization
------------------------------------------------------------
The Venezuela government has seized temporary control of the
processing plants of two of the country's biggest coffee companies
to guarantee supply to consumers, BBC News reports, citing company
officials.  The report relates the plants, Fama de America and
Cafe Madrid, would be audited for any irregularities and could
face nationalization if these were proved.

According to the report, in March, the government set quotas for
12 basic foods, including coffee, to be produced at regulated
prices.  The report relates Venezuelan Agriculture Minister Elias
Jaua said that the government would take control of the coffee
plants for three months to allow an audit.

"If at the end of the audit, we can show there has been smuggling,
hoarding, disloyal and monopolistic practices, we could consider
nationalizing the companies," the report quoted Mr. Jaua as
saying.  The companies had said they would be forced to close
because they were running low on supplies of coffee to be
processed, Mr. Jaua added.

                           *     *     *

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


FAMA DE AMERICA: Government Seizes Assets, Faces Nationalization
----------------------------------------------------------------
The Venezuela government has seized temporary control of the
processing plants of two of the country's biggest coffee companies
to guarantee supply to consumers, BBC News reports, citing company
officials.  The report relates the plants, Fama de America and
Cafe Madrid, would be audited for any irregularities and could
face nationalization if these were proved.

According to the report, in March, the government set quotas for
12 basic foods, including coffee, to be produced at regulated
prices.  The report relates Venezuelan Agriculture Minister Elias
Jaua said that the government would take control of the coffee
plants for three months to allow an audit.

"If at the end of the audit, we can show there has been smuggling,
hoarding, disloyal and monopolistic practices, we could consider
nationalizing the companies," the report quoted Mr. Jaua as
saying.  The companies had said they would be forced to close
because they were running low on supplies of coffee to be
processed, Mr. Jaua added.

                           *     *     *

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


PETROLEOS DE VENEZUELA: Resolve Differences With Petrobras
----------------------------------------------------------
Petroleos de Venezuela SA and Petroleo Brasileiro SA have agreed
in principle on the final details of a refinery joint venture,
with the final deal expected to be signed in September, Jeff Fick
at Dow Jones Newswires reports, citing local Estado news agency.
The report, citing Estado news, relates that Petrobras Downstream
Director Paulo Roberto Costa said "all of the pending points" had
been resolved during a meeting of Petrobras and PdVSA executives
last week in Venezuela.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Dow Jones Newswires said Petrobras CEO Jose Sergio
Gabrielli met with PDVSA officials to continue negotiations for
the Abreu e Lima refinery under construction in Brazil's
Pernambuco state.  The report related about 15% of the work has
been completed.  According to the report, a final deal is expected
to reached during bilateral trade talks between the Brazilian and
Venezuelan governments scheduled for September.   The report noted
the refinery is expected to start operations in 2011.

A TCRLA report on May 28, 2009, citing Dow Jones Newswires,
related Paulo Roberto Costa, Petrobras' Supply and Refining
director, said there was an impasse in the proposed oil refinery
joint-venture due to PdVSA's attempts to impose conditions on its
participation in the project, and this may lead to its being
excluded.  Mr. Costa, Reuters related, told reporters that PDVSA's
plan was not acceptable due to the pricing mechanism for the heavy
crude that Venezuela would supply to the refinery and the plan for
commercialization of the refined products.

                     About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                            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
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'


PETROLEOS DE VENEZUELA: Liabilities Up 202.8% to US$60.3 Billion
----------------------------------------------------------------
Petroleos de Venezuela's liabilities increased 202.8% in the last
four years, El Universal reports.  The report relates the total
liabilities of the state-run oil company amount to US$60.3
billion.

According to the report, the company's liabilities, which
increased 18.66% between 2007 and 2008, have climbed 202.83%
compared to US$19.92 billion in 2004.

EL Universal, citing a data by research firm ODH, notes that the
accelerated pace of Pdvsa's indebtedness in 2007 slowed down in
2008, when the crude oil reached record high prices.  However, EL
Universal relates the accumulation of liabilities as of the last
quarter of 2008, when the price of oil began to plummet, has
forced PDSVSA to contract new debts in 2009 to finance its current
spending.

Thus, by the end of 2008 the debt of the oil holding declined 9.12
percent compared to the previous year, going from USD 16.61
billion to USD 15.09 billion.

However, EL Universal points out, an analysis of the composition
of its liabilities during the fiscal year, which grew by US$9.49
billion (18.66%) to US$60.32 billion, shows that in times of
economic crisis the strategy of Pdvsa's board of directors was to
maintain the social and tax contribution to the Executive Office.
Meanwhile, Pdvsa let the accounts payable to suppliers of goods
and services increase to record high levels, EL Universal adds.

                            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 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'


* VENEZUELA: Government Seizes Coffee Companies
-----------------------------------------------
The Venezuela government has seized temporary control of the
processing plants of two of the country's biggest coffee companies
to guarantee supply to consumers, BBC News reports, citing company
officials.  The report relates the plants, Fama de America and
Cafe Madrid, would be audited for any irregularities and could
face nationalization if these were proved.

According to the report, in March, the government set quotas for
12 basic foods, including coffee, to be produced at regulated
prices.  The report relates Venezuelan Agriculture Minister Elias
Jaua said that the government would take control of the coffee
plants for three months to allow an audit.

"If at the end of the audit, we can show there has been smuggling,
hoarding, disloyal and monopolistic practices, we could consider
nationalizing the companies," the report quoted Mr. Jaua as
saying.  The companies had said they would be forced to close
because they were running low on supplies of coffee to be
processed, Mr. Jaua added.

                           *     *     *

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


                            ***********

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 * * *