TCRLA_Public/090806.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, August 6, 2009, Vol. 10, No. 154

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Rules Owner's Defense Lawyer to Stay on Case


A R G E N T I N A

ALL TIME: Proofs of Claim Verification Due on September 11
GOLOSINAS ACEVEDO: Proofs of Claim Verification Due on Sept. 7
M.G. IDENTIDAD: Proofs of Claim Verification Due on August 10
TECNOIMPRES SA: Proofs of Claim Verification Due on September 9
TUBOTILENO SRL: Proofs of Claim Verification Due on September 2


B E R M U D A

CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B'
HRJ LEGENDS: Creditors' Proofs of Debt Due on August 12
HRJ LEGENDS: Members' Final Meeting Set for September 2
HRJ LEGENDS: Creditors' Proofs of Debt Due on August 12
HRJ LEGENDS: Members' Final Meeting Set for September 2

HRJ STRATEGIC: Creditors' Proofs of Debt Due on August 12
HRJ STRATEGIC: Members' Final Meeting Set for September 2
PROTOSTAR LTD: Can Hire Kurtzman Carson as Claims & Noticing Agent


B R A Z I L

BANCO DO BRASIL: Loses Bid for Right to Disburse INSS Benefits
BANCO BRADESCO: Wins Bid to Handle INSS Benefits in 2 Regions
BANCO BRADESCO: Gains BRL2 Billion From Visanet IPO
HAYES LEMMERZ: Panel Obtains TRO on Brazil Unit Restructuring
HAYES LEMMERZ: Retiree Committee Can Employ Stahl Cowen as Counsel


C A Y M A N  I S L A N D S

BARSAC FOREST: Creditors' Proofs of Debt Due on August 20
LEHMAN BROTHERS: Creditors' Proofs of Debt Due on August 21
MITSUI TRUST: Creditors' Proofs of Debt Due on August 20
MITTELBAUM COMPANY: Creditors' Proofs of Debt Due on August 20
NICHELLE LIMITED: Creditors' Proofs of Debt Due on August 20

QUANTUM ABS: Creditors' Proofs of Debt Due on August 20
RESOLVE FUNDING: Creditors' Proofs of Debt Due on August 20
SAN RAPHAEL: Creditors' Proofs of Debt Due on August 20
STELFORT III: Creditors' Proofs of Debt Due on August 20
TRIPLET AND ASSOCIATES: Creditors' Proofs of Debt Due on August 20


C O L O M B I A

BANCOLOMBIA SA: Sees “Better Results” in Second Half of This Year
ECOPETROL SA: Venezuela Bars Firm From Orinoco Heavy Crude Region
* COLOMBIA: Venezuela Bars Ecopetrol From Orinoco Region


J A M A I C A

CASH PLUS: Court Declines to Block Asset Sale


M E X I C O

ALESTRA SA: Sells US$200 Million Five-Year Notes
ARCLIN GROUP: Meeting of Creditors in U.S. on August 26
REVLON INC: Posts US$200,000 Net Income for Second Quarter 2009


P E R U

DOE RUN PERU: Files for Govt-Monitored Financial Restructuring
DOE RUN PERU: Obligated to Meet Cleanup Deadline, Peru Gov't Says
DOE RUN PERU: Possible Bankruptcy to Spur Overseas Zinc Sales
* PERU: Possible Doe Run Bankruptcy to Spur Overseas Zinc Sales


P U E R T O  R I C O

CENTENNIAL COMMUNICATIONS: US$949MM Stockholders Deficit at May 31
FIRSTBANK PUERTO RICO: Files US$2.6-Million Foreclosure Lawsuit


T R I N I D A D  &  T O B A G O

BRITISH WEST: Seeks TT$1.80 Share Price From Government
CL FINANCIAL: Lascelles de Mercado Chairman Resigns From Post


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

OVERSEAS LOCKET: Creditor Pursues Justice for Olint Investors
* T&C TOURIST BOARD: Faces Another Lawsuit on Unpaid Debt


V E N E Z U E L A

FAMA DE AMERICA: Government May Extend Plant Takeover
MARCELO & RIVERO: Government May Extend Plant Takeover
* VENEZUELA: Gov't May Seize Coffee Companies & Extend Takeovers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: Judge Rules Owner's Defense Lawyer to Stay on Case
------------------------------------------------------------------
U.S. District Judge David Hittner ruled that Robert Allen
Stanfod's defense lawyer, Dick DeGuerin, won't be allowed to
withdraw just yet even though another law firm has said it would
represent Mr. Stanford, Reuters reports.  The report relates Judge
Hittner said he will only consider Mr. DeGuerin's motion when
another lawyer signs onto the case.

As reported in the Troubled Company Reporter-Latin America on
August 4, 2009, Reuters said Mr. Stanford, the financier accused
of orchestrating a multi-billion fraud, has replaced his criminal
attorney, Dick DeGuerin, Esq., with attorneys from the Patton
Boggs law firm.  The report relates Robert Luskin, Esq., a
managing partner at the Washington, DC law firm, will lead the
defense team.  Mr. DeGuerin has been working with Mr. Stanford
since March.

According to Reuters, so far, no one from Patton Boggs has filed a
notice of appearance, in what appears to be a battle for
compensation.  The report relates Mr. Stanford's assets were
frozen by a court-appointed receiver in February and his lawyers
have not yet been paid.  In his motion to withdraw, Mr. DeGuerin
said he had sought assurances regarding future legal fees and
expenses and had not received them, the report notes.

                  About Stanford International

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

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

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

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

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


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


ALL TIME: Proofs of Claim Verification Due on September 11
----------------------------------------------------------
The court-appointed trustee for All Time Clean 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.


GOLOSINAS ACEVEDO: Proofs of Claim Verification Due on Sept. 7
--------------------------------------------------------------
The court-appointed trustee for Golosinas Acevedo S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 7, 2009.

The trustee will present the validated claims in court as
individual reports on October 20, 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 1, 2009.


M.G. IDENTIDAD: Proofs of Claim Verification Due on August 10
-------------------------------------------------------------
The court-appointed trustee for M.G. Identidad en Marketing
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 10, 2009.

The trustee will present the validated claims in court as
individual reports on September 22, 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 4, 2009.


TECNOIMPRES SA: Proofs of Claim Verification Due on September 9
---------------------------------------------------------------
The court-appointed trustee for Tecnoimpres S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 9, 2009.


TUBOTILENO SRL: Proofs of Claim Verification Due on September 2
---------------------------------------------------------------
The court-appointed trustee for Tubotileno S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 2, 2009.


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


CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard and Poor's Ratings Services said that it lowered its
long-term corporate credit rating on Bermuda-based emerging
markets TV broadcaster Central European Media Enterprises Ltd. to
'B' from 'B+'.  S&P also lowered to 'B' from 'B+' the debt ratings
on CME's $475 million senior secured convertible notes due 2013,
EUR245 million notes due 2012, and EUR150 million notes 2014.  The
outlook is negative.

"The rating actions reflect S&P's view that the accelerating
decline in CME's advertising revenues since the beginning of 2009
could lead to further deterioration in the group's leverage and
cash flow generation capacity beyond S&P's initial expectations,"
said Standard & Poor's credit analyst Manuela Gabetta.  "We
therefore believe that CME's consolidated reported EBITDA is
likely to be well below $150 million in 2009, which was one of
S&P's central assumptions for the group to maintain a 'B+'
rating."

In the first half of 2009, CME reported EBITDA of $45 million,
down from $186 million in the first half of 2008.  On June 30,
2009, CME's reported gross consolidated debt was $1.3 billion.

In S&P's view, further year-on-year revenue and EBITDA declines in
the second half of 2009, and possibly in 2010, will likely cause
further rapid and significant increases in CME's leverage ratios,
and could cause further cash burn at its start-up operations.

Although S&P assess positively the active steps taken by CME to
fund the cash burn it envisages at its start–up operations in
Bulgaria and Ukraine, S&P sees the need for some additional
comfort on the evolution of CME's liquidity profile for the next
12 months in the context of the current tough operational
environment.  A disposal of the Ukraine subsidiary for the $300
million total price announced by CME and a stabilization of
earnings in other countries would likely support S&P's liquidity
assessment and could pave the way for a stable outlook.


HRJ LEGENDS: Creditors' Proofs of Debt Due on August 12
--------------------------------------------------------
The creditors of HRJ Legends Multi-Strategy Fund, Ltd. are
required to file their proofs of debt by August 12, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 23, 2009.

The company's liquidator is:

          Richard G. Couch
          1540 Hillgrade Avenue, Alamo
          CA 94507, U.S.A.


HRJ LEGENDS: Members' Final Meeting Set for September 2
-------------------------------------------------------
The members of HRJ Legends Multi-Strategy Fund, Ltd. will hold
their final general 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 liquidation proceedings on July 23, 2009.

The company's liquidator is:

          Richard G. Couch
          1540 Hillgrade Avenue, Alamo
          CA 94507, U.S.A.


HRJ LEGENDS: Creditors' Proofs of Debt Due on August 12
-------------------------------------------------------
The creditors of HRJ Legends Multi-Strategy Plus Fund, Ltd. are
required to file their proofs of debt by August 12, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 23, 2009.

The company's liquidator is:

          Richard G. Couch
          1540 Hillgrade Avenue, Alamo
          CA 94507, U.S.A.


HRJ LEGENDS: Members' Final Meeting Set for September 2
-------------------------------------------------------
The members of HRJ Legends Multi-Strategy Plus Fund, Ltd. will
hold their final general 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 liquidation proceedings on July 23, 2009.

The company's liquidator is:

          Richard G. Couch
          1540 Hillgrade Avenue, Alamo
          CA 94507, U.S.A.


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

The company commenced liquidation proceedings on July 23, 2009.

The company's liquidator is:

          Richard G. Couch
          1540 Hillgrade Avenue, Alamo
          CA 94507, U.S.A.


HRJ STRATEGIC: Members' Final Meeting Set for September 2
---------------------------------------------------------
The members of HRJ Strategic Fund, Ltd. will hold their final
general 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 liquidation proceedings on July 23, 2009.

The company's liquidator is:

          Richard G. Couch
          1540 Hillgrade Avenue, Alamo
          CA 94507, U.S.A.


PROTOSTAR LTD: Can Hire Kurtzman Carson as Claims & Noticing Agent
------------------------------------------------------------------
Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorized ProtoStar Ltd. and its debtor-affiliates to
employ Kurtzman Carson Consultants LLC as notice, claims and
balloting agent.

KCC is expected to render noticing, claims, processing, and
balloting services.  KCC is also be designated as the authorized
repository for all proofs of claims filed in the Chapter 11 cases
and authorized to direct and maintain official claims registers
for each of the ProtoStar entities and to provide the Clerk's
Office with a certified duplicate thereof as directed by the
Clerk's Office.

Michael J. Frisberg, vice president of corporate restructuring
services of KCC, tells the Court that KCC received a US$30,000
retainer for services and expenses incurred.

Mr. Frisberg assures the Court that KCC is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                       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.


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


BANCO DO BRASIL: Loses Bid for Right to Disburse INSS Benefits
--------------------------------------------------------------
Banco do Brasil SA was among the 10 banks who posted bids for the
right to disburse Brazil's social security to recent retirees for
a term of 20 years, Telma Marotto and Katia Cortes at Bloomberg
News report, citing the Social Security Ministry.

Banco Bradesco S.A.'s bid, however, prevailed, the report says.

According to the report, the Ministry said that the auction
involves 26 different regions of the country.  The report relates
Roberto Trindade, the auctioneer for the social security, said
each winner will have the sole rights to pay the so-called INSS
benefits to new pensioners in a particular region.  Each month,
the INSS has to pay about 377,000 new benefits.

Bloomberg News notes the 10 other bidders will have until mid-
August to appeal the auction results.

“It’s a valuable asset as the banks will have access to a large
amount of data,” the report quoted Persio Nogueira, an analyst
with Planner Corretora de Valores in Sao Paulo, as saying.  “With
interest rates coming down, banks need to gain scale to maintain
margins.  This is a way to boost the number of clients,” Mr.
Nogueira added.

The report discloses that the profit margins of Brazilian banks
are falling after monetary policy makers slashed the benchmark
interest rate to a record low of 8.75% to pull Brazil’s largest
economy out of a recession.

                     About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                       *     *     *

As of July 1, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


BANCO BRADESCO: Wins Bid to Handle INSS Benefits in 2 Regions
-------------------------------------------------------------
Banco Bradesco S.A. won the rights to disburse social security to
recent retirees for a term of 20 years in two Brazilian regions --
the Northern, and Alagoas and Sergipe regions -- which is the
first to be auctioned, Telma Marotto and Katia Cortes at Bloomberg
News report, citing the Social Security Ministry.  The report
relates the bank will have access to 10,954 new benefits paid each
month in the north after offering 11 centavos per new benefit.

According to the report, Roberto Trindade, the auctioneer for the
social security, said the bank offered to pay 38 centavos per
benefit for the Alagoas and Sergipe region, which receives 8,723
new benefits every month.

“It’s a valuable asset as the banks will have access to a large
amount of data,” the report quoted Persio Nogueira, an analyst
with Planner Corretora de Valores in Sao Paulo, as saying.  “With
interest rates coming down, banks need to gain scale to maintain
margins.  This is a way to boost the number of clients,” Mr.
Nogueira added.

Mr. Trindade, Bloomberg News notes, said the 10 other bidders will
have until mid-August to appeal the auction results.

The report discloses that the profit margins of Brazilian banks
are falling after monetary policy makers slashed the benchmark
interest rate to a record low of 8.75% to pull Brazil’s largest
economy out of a recession.

                     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: Gains BRL2 Billion From Visanet IPO
---------------------------------------------------
Banco Bradesco S.A. gained BRL2.0 billion from the sale of part of
its stake in VisaNet Brasil, Maclovio Pina at Morning Star
reports.  The report relates the company's strong BRL 2.3 billion
($1.2 billion) net income in the second quarter result was due to
gain arising from the sale.

As reported in the Troubled Company Reporter-Latin America on
May 6, 2009, Dow Jones Newswires said Visanet, which is 40%
controlled by Banco Bradesc., will hold an initial public offering
of shares on the Sao Paulo Stock Exchange (BM&FBovespa).  The
report related Visanet's IPO was expected to raise between BRL5
billion (US$2.33 billion) and BRL10 billion.

                           About Visanet

Headquartered in Brazil, Visanet is a credit-card networking-
services provider that is 40% controlled by Bradesco and 32% by
state-run Banco do Brasil SA.  The Brazilian subsidiary of Banco
Santander (STD), through its local ABN Banco Real unit, holds 14%,
while Visa International has 10% and other investors have 4%.

                       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.


HAYES LEMMERZ: Panel Obtains TRO on Brazil Unit Restructuring
-------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware granted the request for a temporary
restraining order by the Official Committee of Unsecured Creditors
of Hayes Lemmerz International Inc.  The Creditors Committee asked
the Court to block a tax restructuring of a non-bankrupt Brazil-
based Hayes subsidiary, which the creditors say could impede its
ability to collect from the estate, according to Law360.

Originally founded in 1908, Hayes Lemmerz International, Inc.
(NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel
wheels for passenger cars and light trucks and of steel wheels for
commercial trucks and trailers.  The Company is also a supplier of
automotive powertrain components.  The Company has global
operations with 23 facilities, including business, sales offices
and manufacturing facilities, located in 12 countries around the
world.  The Company sells products to every major North American,
Asian and European manufacturer of passenger cars and light trucks
and to commercial highway vehicle customers throughout the world.

The Company and certain affiliates filed for bankruptcy on
May 11, 2009 (Bankr. D. Del. Case No. 09-11655) after reaching
agreements with lenders holding a majority of the Company's
secured debt.  The Company's principal bankruptcy attorneys are
Skadden, Arps, Slate, Meagher & Flom, LLP.  Lazard Freres & Co.,
LLC, serves as the Company's financial advisors.  AlixPartners,
LLP, serves as the Company's restructuring advisors.  The Garden
City Group, Inc., serves as the Debtors' claims and notice agent.

As of January 31, 2009, the Debtors had total assets of
US$1,336,600,000 and total debts of US$1,405,200,000.  This is the
Company's second trip to the bankruptcy court, dubbed a
Chapter 22, which was precipitated by an unprecedented slowdown in
industry demand and a tightening of credit markets.  The Company
plans to reduce its debt and restructure its balance sheet.

Hayes Lemmerz and its direct and indirect domestic subsidiaries
and one subsidiary in Mexico first filed for bankruptcy in
December 2001 before the U.S. Bankruptcy Court for the District of
Delaware.  The Chapter 11 filings were precipitated by declining
market conditions and the Company's excessive debt burdens,
according to Mr. Clawson, who also served as chairman and chief
executive officer at that time.  The Court confirmed the Company's
reorganization plan in May 2003, allowing the Company to exit
bankruptcy in June 2003.  In accordance with the 2003 Plan,
approximately US$2.1 billion in pre-petition debt and other
liabilities were discharged.  The Plan provided for holders of
prepetition secured claims to receive US$478.5 million in cash and
53.1% of the reorganized company common stock.  Holders of senior
note claims were to receive US$13 million in cash and 44.9% of the
New Common Stock, and holders of general unsecured claims were to
receive 2% of the New Common Stock.  Hayes Lemmerz' prior common
stock and securities were cancelled as of June 3, 2003.


HAYES LEMMERZ: Retiree Committee Can Employ Stahl Cowen as Counsel
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
the official committee of retirees of Hayes Lemmerz International,
Inc., et al., permission to employ Stahl Cowen Crowley Addis LLC
as its counsel, nunc pro tunc to July 10, 2009.

SCCA has agreed to:

  a) counsel the Retiree Committee with respect to the
     administration of the bankruptcy estate and advise the
     Retiree Committee members with respect to their fiduciary
     duties, communications with the retiree constituency and the
     like;

  b) investigate the acts, conduct, assets, liabilities and
     financial condition of the Debtors and the Debtors' non-
     debtor affiliates, the operation of the Debtor's business,
     conduct a review all relevant welfare plans, as well as a
     review and interpretation of other affected parties
     relating to equitable considerations, and any other matters
     relevant to the protection of the Retiree committee, the
     case in general or the formulation of a plan of
     reorganization or liquidation and

  c) analyze any proposals made by the Debtors to determine the
     necessity and/or extent of reduction of retiree benefits
     proposed and develop counteroffers to such proposals.

SCCA's hourly rates are:

     Partners                      US$310-$490
     Associates                      $225-$335
     Legal Assistants/Paralegals     $100-$175

Jon D. Cohen, Esq., a equity member at SCCA, assured the Court
that the firm represents no interest adverse to the Debtors'
estates and that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

Originally founded in 1908, Hayes Lemmerz International, Inc.
(NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel
wheels for passenger cars and light trucks and of steel wheels for
commercial trucks and trailers.  The Company is also a supplier of
automotive powertrain components.  The Company has global
operations with 23 facilities, including business, sales offices
and manufacturing facilities, located in 12 countries around the
world.  The Company sells products to every major North American,
Asian and European manufacturer of passenger cars and light trucks
and to commercial highway vehicle customers throughout the world.

The Company and certain affiliates filed for bankruptcy on
May 11, 2009 (Bankr. D. Del. Case No. 09-11655) after reaching
agreements with lenders holding a majority of the Company's
secured debt.  The Company's principal bankruptcy attorneys are
Skadden, Arps, Slate, Meagher & Flom, LLP.  Lazard Freres & Co.,
LLC, serves as the Company's financial advisors.  AlixPartners,
LLP, serves as the Company's restructuring advisors.  The Garden
City Group, Inc., serves as the Debtors' claims and notice agent.

As of January 31, 2009, the Debtors had total assets of
US$1,336,600,000 and total debts of US$1,405,200,000.  This is the
Company's second trip to the bankruptcy court, dubbed a
Chapter 22, which was precipitated by an unprecedented slowdown in
industry demand and a tightening of credit markets.  The Company
plans to reduce its debt and restructure its balance sheet.

Hayes Lemmerz and its direct and indirect domestic subsidiaries
and one subsidiary in Mexico first filed for bankruptcy in
December 2001 before the U.S. Bankruptcy Court for the District of
Delaware.  The Chapter 11 filings were precipitated by declining
market conditions and the Company's excessive debt burdens,
according to Mr. Clawson, who also served as chairman and chief
executive officer at that time.  The Court confirmed the Company's
reorganization plan in May 2003, allowing the Company to exit
bankruptcy in June 2003.  In accordance with the 2003 Plan,
approximately US$2.1 billion in pre-petition debt and other
liabilities were discharged.  The Plan provided for holders of
prepetition secured claims to receive US$478.5 million in cash and
53.1% of the reorganized company common stock.  Holders of senior
note claims were to receive US$13 million in cash and 44.9% of the
New Common Stock, and holders of general unsecured claims were to
receive 2% of the New Common Stock.  Hayes Lemmerz' prior common
stock and securities were cancelled as of June 3, 2003.


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


BARSAC FOREST: Creditors' Proofs of Debt Due on August 20
---------------------------------------------------------
The creditors of Barsac Forest Financial, Ltd. are required to
file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2009.

The company's liquidator is:

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


LEHMAN BROTHERS: Creditors' Proofs of Debt Due on August 21
-----------------------------------------------------------
The creditors of Lehman Brothers Equity Finance (Cayman) Ltd. are
required to file their proofs of debt by August 21, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 6, 2009.

The company's liquidator is:

          Simon Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Lauren Christie
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-815-2663
          Facsimile: 345-949-7164


MITSUI TRUST: Creditors' Proofs of Debt Due on August 20
--------------------------------------------------------
The creditors of Mitsui Trust Multi-Strategy Fund (Cayman) are
required to file their proofs of debt by August 20, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2009.

The company's liquidators are:

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


MITTELBAUM COMPANY: Creditors' Proofs of Debt Due on August 20
--------------------------------------------------------------
The creditors of Mittelbaum Company, Ltd. are required to file
their proofs of debt by August 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation 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


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

The company commenced liquidation proceedings on June 29, 2009.

The company's liquidator is:

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


QUANTUM ABS: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
The creditors of Quantum ABS Holdings, Ltd. are required to file
their proofs of debt by August 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation 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


RESOLVE FUNDING: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------------
The creditors of Resolve Funding Corporation are required to file
their proofs of debt by August 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 30, 2009.

The company's liquidators are:

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


SAN RAPHAEL: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
The creditors of San Raphael Company, Ltd. are required to file
their proofs of debt by August 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation 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


STELFORT III: Creditors' Proofs of Debt Due on August 20
--------------------------------------------------------
The creditors of Stelfort III Holdings (Cayman) Ltd. are required
to file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation 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


TRIPLET AND ASSOCIATES: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------------------
The creditors of Triplet and Associates, Ltd. are required to file
their proofs of debt by August 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation 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


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


BANCOLOMBIA SA: Sees “Better Results” in Second Half of This Year
-----------------------------------------------------------------
Bancolombia S.A. will have “better results” as the economy
improves in the second half of the year, Andrea Jaramillo at
Bloomberg News reports, citing Chief Executive Officer Jorge
Londono.  The report relates Mr. Londono said he expects
Bancolombia’s loan portolio to grow about 15% next year while
reiterating his forecast of a 10% increase this year.

“We are optimistic about a better performance in the second half,”
the report quoted Mr. Londono as saying.  “What we have seen is
that the measure of expectations of consumers has improved
significantly.  We are already receiving indications from our
sales force that demand from the consumer side is improving,” Mr.
Londono added.

As reported in the Troubled Company Reporter-Latin America on
August 4, 2009, Bancolombia S.A.'s consolidated net income dropped
33% to COP253.1 billion for the quarter ended June 30, 2009 or
COP321.29 per share-U.S. $0.60 per ADR.  For the first six months
of 2009, net income totaled COP 564.2 billion, decreasing 10.3% as
compared to the first six months of 2008.

Bloomberg News notes Analysts are “predicting economic growth of
around 3 percent next year.”  “If that happens, growth of credit
in 2010 may be close to 15% because of pent up demand,
particularly consumer credit,” the report quoted Mr. Londono as
saying.

                        About Bancolombia

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

                          *     *     *

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

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


ECOPETROL SA: Venezuela Bars Firm From Orinoco Heavy Crude Region
------------------------------------------------------------------
Ana Isabel Martinez at Reuters reports that Venezuelan President
Hugo Chavez plans to:

   -- bar Colombia-owned Ecopetrol S.A. from Venezuela's
      Orinoco heavy crude region;

   -- stop imports of about 10,000 mainly industrial vehicles
      from Colombia; and

   -- impose economic sanctions on some Colombian companies.

The report says President Chavez's move will increase diplomatic
spat between Venezuela and Colombia over U.S. plans to station
more troops in the neighboring country.

According to the report, Ecopetrol had registered to take part in
a process to auction off the Carabobo block in the zone.  The
report relates the auction process has been delayed indefinitely
as lower oil prices make it less attractive to developers.

Reuters notes that a drop in imports would likely increase already
tight supplies in Venezuela where high demand for vehicles is
fueled by low gasoline prices and soft loans.  "We are not going
to bring a single vehicle from Colombia," the report quoted
Preident Chavez as saying.

                        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.


* COLOMBIA: Venezuela Bars Ecopetrol From Orinoco Region
--------------------------------------------------------
Ana Isabel Martinez at Reuters reports that Venezuelan President
Hugo Chavez plans to:

   -- bar Colombia-owned Ecopetrol S.A. from Venezuela's
      Orinoco heavy crude region;

   -- stop imports of about 10,000 mainly industrial vehicles
      from Colombia; and

   -- impose economic sanctions on some Colombian companies.

The report says President Chavez's move will increase diplomatic
spat between Venezuela and Colombia over U.S. plans to station
more troops in the neighboring country.

According to the report, Ecopetrol had registered to take part in
a process to auction off the Carabobo block in the zone.  The
report relates the auction process has been delayed indefinitely
as lower oil prices make it less attractive to developers.

Reuters notes that a drop in imports would likely increase already
tight supplies in Venezuela where high demand for vehicles is
fueled by low gasoline prices and soft loans.  "We are not going
to bring a single vehicle from Colombia," the report quoted
Preident Chavez as saying.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009 , Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


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


CASH PLUS: Court Declines to Block Asset Sale
---------------------------------------------
The appeal of Cash Plus Limited's former boss Carlos Hill to block
the take-over and sale of Sovereign Security Group Limitedy by
Cash plus liquidator, Hugh Wildman, was rejected by the Supreme
Court, Radio Jamaica reports.

According to the report, Mr. Hill and the former CEO of Sovereign
Security Group Limited Byron James challenged the take-over,
claiming the entity was not a part of the Cash Plus Group of
Companies and accused the liquidator of acting illegally in
seizing the assets.

Mr. Wildman, Radio Jamaica notes, provided evidence to the Supreme
Court to show that the security company was part of the Cash Plus
network.  The report relates Mr. Wildman submitted evidence he
claimed showed that money generated from the failed alternative
investment scheme purchased the company.

Radio Jamaica says Mr. Wildman recently sold the security company
for JM$90 million following Supreme Court Judge Mr. Justice Roy
Anderson's judgment in favour of the liquidator.

                          About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


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


ALESTRA SA: Sells US$200 Million Five-Year Notes
------------------------------------------------
Alestra SA sold US$200 million of five-year notes, Gabrielle
Coppola and Emily Schmall at Bloomberg News report, citing an
unnamed source.  The report relates the source said the company
sold the notes to yield 11.75%.

According to the report, the source said Citigroup Inc. and Morgan
Stanley arranged the sale.

Bloomberg News, citing Fitch Ratings, says the company will use
proceeds of its debt sale to refinance 8% senior notes due next
year.  The report relates the company plans to invest MXN880
million (US$67 million) this year in services such as
videoconferencing for corporate clients.

                        About Alestra SA

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

                         *     *     *

As of July 29, 2009, the company continues to carry Standard and
Poor's B+ LT Issuer Credit Ratings.  The company also continues to
carry Fitch ratings B+ LT Issuer credit ratings and BB- Senior
Unsecured Debt rating.


ARCLIN GROUP: Meeting of Creditors in U.S. on August 26
-------------------------------------------------------
Roberta DeAngelis, Acting The U.S. Trustee for Region 3 will
convene a meeting of creditors in Arclin US Holdings Inc. and
other U.S. based units' Chapter 11 cases on August 26, 2009, at
11:00 a.m.  The meeting will be held at J. Caleb Boggs Federal
Building, 2nd Floor, Room 2112, Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Based in Mississauga, Ontario, Arclin is a privately held provider
of bonding and surfacing solutions for the building and
construction, engineered materials and natural resource markets.
Arclin provides bonding solutions for a number of applications
including wood based panels, engineered wood, non-wovens and paper
impregnation.  As of June 30, 2009, the Debtors had assets of
roughly US$277.2 million and liabilities of roughly US$312.0
million on a consolidated basis.

As part of an agreement with lenders, Arclin commenced
restructuring proceedings in Canada and the United States.

Arclin's U.S. companies -- Arclin US Holdings, Inc.; Marmorandum
LLC; Arclin Chemicals Holding Inc.; Arclin Industries U.S.A., Inc;
Arclin Fort Smith Inc., Arclin U.S.A. Inc.; and Arclin Surfaces
Inc. -- filed voluntary petitions for Chapter 11 on July 27, 2009
(Bankr. D. Del. Lead Case No. 09-12628).  Frederick Brian Rosner,
Esq., at Messana Rosner & Stern, LLP, serves as counsel for the
Debtors. Dechert LLP is co-counsel while Alvarez & Marsal
securities LLC is the investment banker.  Kurtzman Carson
Consultants LLC serves as claims and noticing agent.
The petition says that Arclin US's assets and debts are between
US$100,000,001 and US$500,000,000.

Arclin's Canadian companies also made a filing with the Ontario
Superior Court of Justice and have obtained an Initial Order
authorizing Arclin to reorganize under the Companies' Creditors
Arrangement Act.  Ernst & Young serves as CCAA monitor.

Arclin's subsidiaries in Mexico are not included in the filings.
The Mexican affiliates -- Arclin Mexican Holdings S.A. de C.V.,
Arclin Mexico S.A. de C.V., and Arclin Operadora S.A. de C.V. --
are not subject to any insolvency proceedings.


REVLON INC: Posts US$200,000 Net Income for Second Quarter 2009
---------------------------------------------------------------
Revlon, Inc., said net sales in the second quarter ended June 30,
2009, were US$321.8 million, compared to US$366.5 million in the
second quarter of 2008, a decrease of 12.2%.  Excluding
unfavorable foreign currency fluctuations of US$16.7 million, net
sales decreased by 7.6%.  The decline in net sales was driven by
lower net sales of Revlon and Almay color cosmetics, and Revlon
Beauty Tools, partially offset by higher net sales of Revlon
ColorSilk hair color.

Operating income in the second quarter of 2009 was US$26.6
million, which included US$18.3 million of charges related
primarily to restructuring actions announced on May 28, 2009,
compared to US$59.2 million in the same period last year.
Adjusted EBITDA in the second quarter of 2009 was US$43.0 million,
which included US$18.3 million of restructuring charges, compared
to US$81.3 million in the same period last year.  Second quarter
2009 operating income and Adjusted EBITDA included pension expense
of US$5.7 million compared to US$1.8 million in the second quarter
of 2008.  Second quarter 2008 operating income and Adjusted EBITDA
included a net gain of US$5.9 million and US$6.0 million,
respectively, related to the sale of a facility in Mexico.

Net income in the second quarter of 2009 was US$200,000, or nil
per diluted share, which included US$18.3 million or US$0.36 per
diluted share of restructuring charges, compared to US$19.9
million, or US$0.39 per diluted share, in the same period last
year.  Net income in the second quarter of 2009 was also impacted
by higher foreign currency losses of US$3.3 million and higher
pension expense of US$3.9 million, offset by lower taxes of US$8.8
million and lower interest expense of US$6.7 million.  Second
quarter 2008 net income included a net gain of US$4.9 million
related to the sale of a facility in Mexico.

Negative free cash flow in the second quarter of 2009 was
US$3.0 million compared to positive free cash flow of US$7.4
million in the same period last year.  Second quarter 2008 free
cash flow included installment payments of US$2.7 million related
to the sale of the facility in Mexico.

At June 30, 2009, Revlon had US$797.4 million in total assets; and
US$326.4 million in total current liabilities, US$1.15 billion in
long-term debt, US$107.0 million in long-term debt by affiliates,
US$213.8 million in long-term pension and other post-retirement
plan liabilities, US$66.6 million in other long-term liabilities;
resulting in US$1.07 billion in stockholders' deficiency.

                        Six Months Results

Net sales in the first six months of 2009 decreased 7.8% to
US$625.1 million, compared to net sales of US$678.2 million in the
first six months of 2008.  Excluding unfavorable foreign currency
fluctuations of US$37.0 million, net sales decreased by 2.4%.

Operating income was US$58.2 million in the first six months of
2009, which included US$18.8 million of restructuring charges,
compared to US$91.2 million in the first six months of 2008.  Net
income in the first six months of 2009 was US$12.9 million, or
US$0.25 per fully diluted share, which included US$18.8 million or
US$0.36 per diluted share of restructuring charges, compared to
US$17.4 million or US$0.34 per share in the first six months of
2008.  Adjusted EBITDA was US$92.1 million in the first six months
of 2009, which included US$18.8 million of restructuring charges,
compared to US$138.8 million in the same period last year.

Free cash flow in the first six months of 2009 was US$14.5 million
compared to US$22.0 million in the same period last year.
Operating income, net income and Adjusted EBITDA in the first six
months of 2008 included a net gain of US$5.7 million, US$4.9
million and US$5.9 million, respectively, related to the sale of a
facility in Mexico.  Free cash flow in the first six months of
2008 included installment payments of US$2.7 million, also related
to the sale of the facility in Mexico.  Operating income, net
income, Adjusted EBITDA and free cash flow in the first six months
of 2008 also included a net gain of US$5.9 million related to the
sale of a non-core trademark.

                   Organizational Restructuring

On May 28, 2009, the Company announced a worldwide organizational
restructuring, rightsizing the organization to reflect the more
efficient workflows and processes that have been implemented over
the last two years.  The primary components of the organizational
restructuring, which have been fully implemented, involved
consolidating certain functions; reducing layers of management to
increase accountability and effectiveness; streamlining support
functions to reflect the new organizational structure; and further
consolidating the Company's office facilities in New Jersey. The
organizational restructuring resulted in the elimination of
approximately 400 positions worldwide, including approximately 325
current employees and approximately 75 open positions.

Annualized cost reductions from this organizational restructuring
are expected to be approximately US$30 million, of which
approximately US$15 million will benefit second half 2009 results.
Restructuring and related charges are expected to be approximately
US$21 million comprised of US$18.3 million of employee-related
costs, including severance and other termination benefits, which
was recognized in the second quarter of 2009, and approximately
US$3 million related to the consolidation of the Company's office
facilities in New Jersey, which will be recognized in the third
quarter of 2009.

The Company continues to execute its established business
strategy: (i) building and leveraging its strong brands; (ii)
improving the execution of its strategies and plans, and providing
for continued improvement in its organizational capability through
enabling and developing its employees; (iii) continuing to
strengthen its international business; (iv) improving its
operating profit margins and cash flow; and (v) improving its
capital structure.

A full-text copy of Revlon's quarterly report is available at no
charge at http://ResearchArchives.com/t/s?40a9

                           About Revlon

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, hair color, beauty tools, fragrances, skincare, anti-
perspirants/deodorants and beauty care products company.  Revlon
Inc. conducts its business exclusively through its direct wholly
owned operating subsidiary, Revlon Consumer Products Corporation,
and its subsidiaries.  Revlon is a direct and indirect majority
owned subsidiary of MacAndrews & Forbes Holdings Inc., a
corporation wholly-owned by Ronald O. Perelman.  The Company's
brands, which are sold worldwide, include Revlon(R), Almay(R),
ColorSilk(R), Mitchum(R), Charlie(R), Gatineau(R), and Ultima
II(R).


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


DOE RUN PERU: Files for Govt-Monitored Financial Restructuring
--------------------------------------------------------------
Doe Run Peru said it filed for a government-monitored financial
restructuring because it was worried creditors might try to freeze
its assets or operations, Patricia Velez at Reuters reports.  The
report relates during the process, creditors will meet to decide
whether to restructure or liquidate the company's operations.

"The only objective of the company in going to regulatory agency
Indecopi to start this process was to prevent some suppliers of
concentrates from blocking an integral solution," the company said
in a statement obtained by the news agency.  "Doe Run Peru is a
viable company. It's not insolvent, nor is it in bankruptcy," it
added.

According to Reuters, among the company's creditors are

   * precious petals producer Buenaventura,
   * El Brocal, and
   * zinc and silver miner Volcan

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Reuters said Doe Run Peru told regulators it plans
to restructure its operations after months of financial
difficulty.  The report related 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.

Accordingn to a TCRLA report on June 4, 2009, citing Bloomberg
News, Doe Run Peru shut all its smelter operations after failing
to reach an agreement with banks and mining suppliers.  The report
related Mining Federation General Secretary Luis Castillo said the
company, a unit of New York Renco Group Inc., is unable to pay its
3,700 workers and has no cash for metal supplies for its La Oroya
zinc and lead smelter.  Bloomberg News added Doe Run Peru
committed 100% 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.

                          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: Obligated to Meet Cleanup Deadline, Peru Gov't Says
---------------------------------------------------------------
Peru's Deputy Minister of Mining, Fernando Gala, declared that Doe
Run Peru “still has the obligation of meeting the environmental
cleanup as soon as possible,” Isabel Guerra of LivinginPeru.com
reports.  The report relates Mr. Gala remarked that Peru's
goverment expects Doe Run to have this task done in two months'
time (by October 31) but admitted that “it is very complicated for
Doe Run to meet this deadline.”

According to the report, Doe Run Peru Vice President for
Environmental Affairs, Jose Mogrovejo, insists on requesting an
extension of 30 months to do the cleanup.  “We need Doe Run to
become credit-worthy again, and it won't be possible without an
extension,” the report quoted Mr. Mogrovejo as saying.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Reuters said needs to spend US$150 million to
clean up La Oroya, which often ranks as one of the world's most
polluted sites.  Bloomberg News related the company committed 100%
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.

                          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: Possible Bankruptcy to Spur Overseas Zinc Sales
-------------------------------------------------------------
Zinc companies in Peru will look to sell more concentrates
overseas after the government said Doe Run Peru may file for
bankruptcy, Alex Emery at Bloomberg News reports, citing Carlos
Galvez, chief financial officer of Cia. de Minas Buenaventura SA,
a creditor of Doe Run.  “There are plenty of smelters around the
world looking for concentrates,” Mr. Galvez was quoted by
Bloomberg News as saying. “The smaller companies will have to turn
to the traders,” Mr. Galvez added.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Bloomberg News said Doe Run Peru may file for
bankruptcy to restructure debt at its shuttered zinc and lead
smelter.  The report related 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.  A separate TCRLA report, citing
Reuters, related that Doe Run Peru told regulators it plans to
restructure its operations after months of financial difficulty.

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 related that workers have also threatened to
ask the government to appoint new management at the company.
Bloomberg News recalled 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 the report, Doe Run's shutdown of its operations
forced about 30 mining companies in the Peruvian central
highlands, the country’s main zinc and lead-producing region, to
either shut down or seek other buyers.  The report relates trading
companies Glencore International AG and Trafigura Beheer BV have
boosted their sales as suppliers of Doe Run’s shut lead and zinc
smelter seek international traders to sell their concentrates.

Meanwhile, union leaders met on August 4, to study the possible
bankruptcy, Mining Federation General Secretary Luis Castillo told
Bloomberg News in a telephone interview.  “We didn’t have a
concrete proposal until now and we were just going over and over
the same issues,” Mr. Sanchez was quoted by the report as saying.
Peru’s antitrust office “is a viable option that will deal with
this in a serious manner,” Mr. Sanchez added.

                           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.


* PERU: Possible Doe Run Bankruptcy to Spur Overseas Zinc Sales
---------------------------------------------------------------
Zinc companies in Peru will look to sell more concentrates
overseas after the government said Doe Run Peru may file for
bankruptcy, Alex Emery at Bloomberg News reports, citing Carlos
Galvez, chief financial officer of Cia. de Minas Buenaventura SA,
a creditor of Doe Run.  “There are plenty of smelters around the
world looking for concentrates,” Mr. Galvez was quoted by
Bloomberg News as saying. “The smaller companies will have to turn
to the traders,” Mr. Galvez added.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Bloomberg News said Doe Run Peru may file for
bankruptcy to restructure debt at its shuttered zinc and lead
smelter.  The report related 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.  A separate TCRLA report, citing
Reuters, related that Doe Run Peru told regulators it plans to
restructure its operations after months of financial difficulty.

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 related that workers have also threatened to
ask the government to appoint new management at the company.
Bloomberg News recalled 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 the report, Doe Run's shutdown of its operations
forced about 30 mining companies in the Peruvian central
highlands, the country’s main zinc and lead-producing region, to
either shut down or seek other buyers.  The report relates trading
companies Glencore International AG and Trafigura Beheer BV have
boosted their sales as suppliers of Doe Run’s shut lead and zinc
smelter seek international traders to sell their concentrates.

Meanwhile, union leaders met on August 4, to study the possible
bankruptcy, Mining Federation General Secretary Luis Castillo told
Bloomberg News in a telephone interview.  “We didn’t have a
concrete proposal until now and we were just going over and over
the same issues,” Mr. Sanchez was quoted by the report as saying.
Peru’s antitrust office “is a viable option that will deal with
this in a serious manner,” Mr. Sanchez added.

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


CENTENNIAL COMMUNICATIONS: US$949MM Stockholders Deficit at May 31
------------------------------------------------------------------
Centennial Communications Corp. reported US$1.45 billion in total
assets; and US$195.2 million in total current liabilities,
US$2.02 billion in long-term debt, US$155.5 million in deferred
income taxes, US$31.9 million in other liabilities, US$1.44
million in minority interest in subsidiaries; resulting in
US$949.8 million in stockholders' deficit at May 31, 2009.

Centennial reported net income of US$37.1 million, or US$0.33 per
diluted share, for the fiscal fourth quarter of 2009 as compared
to net income of US$12.9 million, or US$0.10 per diluted share, in
the fiscal fourth quarter of 2008.  Consolidated adjusted
operating income was US$126.2 million for the fiscal fourth
quarter, as compared to US$105.6 million for the adjusted prior-
year quarter.  Fiscal fourth quarter AOI benefited from US$7.8
million of prior period items largely related to Universal Service
Fund support and an intercarrier compensation settlement.  For
comparison, certain of the Company's fiscal 2008 financial results
have been adjusted to reflect the discontinuation of its loaned
phones program in Puerto Rico as of June 1, 2008.

Centennial reported fiscal fourth-quarter consolidated revenue of
US$261.8 million, which included US$144.2 million from U.S.
wireless and US$117.5 million from Puerto Rico operations.
Consolidated revenue grew 1% versus the fiscal fourth quarter of
2008.  The Company ended the quarter with 1,078,200 total wireless
subscribers, which compares to 1,092,600 for the year-ago quarter
and 1,094,900 for the previous quarter ended February 28, 2009.
The Company reported 694,900 total access lines and equivalents at
the end of the fiscal fourth quarter, which compares to 582,200
for the year-ago quarter.

For the full year, the Company reported net income of
US$67.3 million, or US$0.60 per diluted share, as compared to net
income of US$25.1 million, or US$0.22 per diluted share, for
fiscal year 2008.  Centennial reported full-year 2009 consolidated
revenue of US$1.1 billion, which included US$583.4 million from
U.S. wireless and US$468.2 million from Puerto Rico operations.
The Company's fiscal 2009 consolidated AOI was US$425.8 million,
an increase of 10 percent versus the adjusted 2008 fiscal year.
The Company ended fiscal 2009 with net debt of US$1.8 billion, a
decrease of US$101.8 million from the end of fiscal 2008.

On November 7, 2008, the Company entered into an Agreement and
Plan of Merger with AT&T Inc. providing for the acquisition of
Centennial by AT&T.  Under the terms of the AT&T Transaction, the
Company's stockholders will receive US$8.50 per share in cash.
The AT&T Transaction was approved by Centennial stockholders in
February 2009.  Completion of the AT&T Transaction is not subject
to a financing condition but remains subject to (i) approval by
the Federal Communications Commission and (ii) other customary
conditions.  The applicable waiting period under the Hart-Scott-
Rodino Antitrust Improvements Act of 1976, as amended, has
expired; however, the parties are still discussing the transaction
with the Department of Justice.  The parties anticipate that the
AT&T Transaction will be completed during the third quarter of
calendar year 2009, assuming timely satisfaction or waiver of all
remaining closing conditions.

A full-text copy of the Company's report on Form 10-K is available
at no charge at http://ResearchArchives.com/t/s?40a8

                         About Centennial

Based in Wall, New Jersey, Centennial Communications
(NASDAQ: CYCL) -- http://www.centennialwireless.com/and
http://www.centennialpr.com/-- provides regional wireless and
integrated communications services in the United States and Puerto
Rico with roughly 1.1 million wireless subscribers and 694,900
access lines and equivalents.  The U.S. business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe is a significant
shareholder of Centennial.


FIRSTBANK PUERTO RICO: Files US$2.6-Million Foreclosure Lawsuit
---------------------------------------------------------------
FirstBank Puerto Rico filed a US$2.6 million foreclosure lawsuit
against the owner of a commercial site in West Miami, South
Florida Business Journal reports.

According to the report, citing according to Miami-Dade County
Circuit Court records, that the Puerto Rico-based bank filed the
action on July 20 against West Miami Properties and managing
members Rafael Rosado, Leocadia E. Rosado and Rogert De Leon.  The
report relates it also named Rose Banquet Hall, a tenant there, as
defendant.

The report notes that the lawsuit targets the 6,943 square feet of
commercial space and the 4,059 square feet of retail space at 5760
and 5782 S.W. Eighth St. (Tamiami Trail), in West Miami.

Miami attorney Frank J. Roza, represents FirstBank in the
complaint.

                          *     *     *

As reported in the Troubled Company Reporter on August 4, 2009,
Moody's Investors Service placed ratings of 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


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


BRITISH WEST: Seeks TT$1.80 Share Price From Government
-------------------------------------------------------
Defunct airline British West Indies' minority shareholders,
financial consultant Peter Permell and legal advisor Lynette
Seebaran-Suite, are seeking for at least a TT$1.80 share price
from Government, if they do resort to getting a fair share value
from the courts, Leiselle Maraj at Trinindad and Tobago Newsday
reports.  The report relates at an emergency meeting for the
shareholders Mr. Permell and Ms. Seebaran-Suite got the approval
of the group to proceed with the next step planned to get a
“fairer and more equitable value” for the shares.

According to the report, Mr. Permell explained to shareholders,
who bought shares when they were first made available for sale
(Initial Public Offering) for TT$7.85 per share, that while they
may not receive this amount, a fair price will be TT$1.80 which
was the price at which shares were valued immediately before the
rights issue in 2004, when government bought 97% of the company
and became majority shareholder.  The report relates the
representatives, which also include minority shareholder Horace
Reid and Assistant General Secretary Treasurer of the
Communications, Transport and General Workers Union (CATTU), Joe
Gonsalves, will also fight for former BWIA employees, whose
pension fund was pumped into the airlines in return for shares in
the company.

As reported in the Troubled Company Reporter-Latin America on
Aug. 4, 2009, Trinidad and Tobago Express said BWIA's shareholders
said they will take Trinidad and Tobago government to court to get
a better price for their shares in the defunct airline, as they
find the 20 cents offer the government is proposing
"disrespectful."  Trinidad Express recalled a group of minority
shareholders of BWIA rejected the Trinidad and Tobago government's
offer to pay them for their stock.  The report related the
government offered 4,200 BWIA shareholders 20 cents per share for
their stock in the folded airline.

According to the report, the airline's shareholders paid between
US$4 and more than US$6 per share about 10 years ago and they
refused to accept the ex-gratia payment from government by the
July 31 deadline.  The report noted the payment amounts to about
TT$7 million but shareholders say their investments are worth mire
than five times that.  The Express said minority shareholder
rights advocate Peter Permell said BWIA was still a limited
liability company and under Securities and Exchange Commission by-
laws, government's offer amounted to a takeover.  The report
related Ministry of Finance Mariano Browne said that based on
statements made by the Government in 2004 it was evident that the
State had always intended to deal with the minority shareholders
and, "we consider our offer to be a good offer".  The Express
pointed out that Mr. Browne said former BWIA shareholders won't be
receiving shares in Caribbean Airlines as a trade-off as the
government's responsibilities in dealing with the shareholders was
only with regard to BWIA, which was to an extent already
"bankrupt" in 2004

                   About British West Indies

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

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

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


CL FINANCIAL: Lascelles de Mercado Chairman Resigns From Post
-------------------------------------------------------------
Two officials of Lascelles de Mercado Limited -– Chairman Lawrence
Duprey and Board member Godfrey Leid -– have resigned from their
posts with immediate effect, RadioJamaica reports.  The report
relates the Jamaica Stock Exchange said the vacancies should be
filled within 8 days.

According to the report, the resignations follow recent Board
appointments at CL Financial Limited which is the majority
shareholder in Lascelles.  CL Financial controls CL Spirits
Limited, Calla Lilly Holdings, Angostura Limited and Colonial Life
Insurance which own a combined 81 million Lascelles shares.

The report relates in addition to resigning as Chairman of
Lascelles, Mr. Duprey also stepped down last month from all his
positions in the CL Financial Group.  However, the report notes he
remains as a substantial shareholder in the CL Financial.
RadioJamaica says, it was determined that it will require about
TT$5 billion over the next three years to help CL Financial out of
financial trouble.

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


OVERSEAS LOCKET: Creditor Pursues Justice for Olint Investors
-------------------------------------------------------------
An investor of TCI-based Overseas Locket International
Corporation, Dr. Christopher Walker said he is investing resources
to uncover the truth behind the scheme and pursue justice for his
family and other investors, Tess Hennigan at Caribbean Net News
reports.  The report relates Mr. Walker and his family reportedly
lost US$2.4 million.  Mr. Walker is a surgeon in Orlando, Florida.

According to the report, Mr. Walker hired two private detective
agencies and an international legal team, inclusive of Reed Smith,
one of the fifteen largest law firms in the world; Professor David
Rowe, a highly accomplished attorney in South Florida; and Hart,
Muirhead and Fatta, one of the largest law firms in Jamaica.

As reported in the Troubled Company Reporter-Latin America on
June 16, 2009, Caribbean Net News said Mr. Walker sued former
Turks and Caicos Islands Premier Michael Misick for his involment
in (OLINT)'s operations.  The report said Mr. Walker, who is
claiming that he was defrauded in the company's “get-rich-quick
scheme”, is seeking US$2.4 million in damages.

According to the report, Mr. Walker's complaint also involved
these defendants:

   -- Hallmark Bank & Trust Ltd;
   -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
   -- Overseas Locket International Corporation ("OLINT");
   -- OLINT Principal David Smith;
   -- Wayne Smith, David Smith's brother and an
      employee of OLINT;
   -- The Turks and Caicos Islands Investment
      Agency, which "encourages foreign investment in
      the Turks & Caicos Islands"; and
   -- MasterCard Worldwide and MasterCard International
      LLC, which provide card services to Hallmark Bank.

According to Caribbean Net News says according to OffshoreAlert,
OLINT Corp. offered investors returns of up to 15% per month and
is believed to have raised at least US$350 million.  The report
relates that the business moved to the Turks and Caicos Islands
after regulatory action forced it out of Jamaica in or around
March 2006.

A TCRLA report on June 10, citing Jamaica Observer, related the
winding up of Olint, was set to begin yesterday, June 9, following
with the appointment of a liquidator, Gemma Handy of the Jamaica
Observer reports.  However, the report relates the move could lead
investors to be penniless as there are scant funds to return their
investments.  According to the report, Justice Richard Williams
said the amount of cash the Attorney General said is available to
repay creditors falls short of the quantity being sought.

The Observer recalled Company boss David Smith was arrested on
suspicion of money laundering in July last year.  The report
related Mr. Smith's Providenciales home was raided and assets from
his two Island-based firms frozen amid investigations by the
country's Financial Crime Unit.  According to the report, Mr.
Smith will appear before court to face a string of fraud, two
counts of uttering forged documents, four counts of false
accounting; and two counts of theft.  However, Mr. Smith denied
all allegations and said he did not master any Ponzi-Scheme
operations.  The report related in January, the High Court refused
to lift the freeze order on Mr. Smith's assets.


* T&C TOURIST BOARD: Faces Another Lawsuit on Unpaid Debt
---------------------------------------------------------
New-York based Film Life, Inc., filed a lawsuit against Turks and
Caicos Islands Tourist Board for alleged non-payment of monies
owed, Tess Hennigan of Caribbean Net News reports.  The report,
citing an attorney involved, relates the damages claimed could
easily amount to over US$5 million.

“I served papers on the Tourist Board on July 16, 2009, after
months of attempting to negotiate a settlement and sent copies by
fax and email to the Governor, the Attorney General, the Premier
and Deputy Premier and have yet heard nothing from anyone,” the
report quoted Ronald Monterosso as saying.  “The Tourist Board and
the Territory are due to appear in court on August 11,” Mr.
Monterosso added.

According to the report, in September 2007, Film Life entered into
a contractual agreement with the TCITB to produce a Turks and
Caicos International Film Festival (TACIFF) once a year for five
years, with the first to take place in October of 2008 and the
last to take place in 2012.  The report relates TCITB undertook to
pay Film Life, Inc. an initial non-refundable payment of
US$650,000 along with a US$2,000,000 annual budget for each TACIFF
over and above the initial payment.  The report says TCITB made
the initial payment of US$400,000, but to date has not paid any
additional payments, and has refused to schedule a film festival
despite the terms of the agreement.

The report says a petition to compel arbitration between the TCITB
and Film Life Inc. will reportedly be filed by the company in a
New York District Court on August 11, 2009, in an attempt to bring
resolution to the situation.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Caribbean Net News said 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.  The report, citing court papers, related that 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.


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


FAMA DE AMERICA: Government May Extend Plant Takeover
-----------------------------------------------------
Steven Bodzin and Daniel Cancel at Bloomberg News report that
Venezuelan President Hugo Chavez said he may nationalize two
coffee companies -- Fama de America SA and Marcelo & Rivero
CA -- after taking temporary control of their processing plants
and vowed to keep seizing monopolies as he works to construct a
socialist economy.  “We’ve intervened in these big companies,” the
report quoted President Chavez as saying.  “Now we are conducting
a study to expropriate them.  They will become property of the
nation,” President Chavez added.  The report relates President
Chavez is expanding state control over what he calls “strategic”
industries, including metals, energy and basic materials.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, BBC News said 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.  The
report related 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 noted 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 Bloomberg News, Fama de America and Marcelo & Rivera
ran separate newspaper advertisements denying any wrongdoing.
“Coffee smuggling is a practice we condemn and energetically
combat,” the report quoted Fama de America as saying.  The report
related Marcelo & Rivera said that all purchases and sales are
audited by the government.

                         *     *     *

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


MARCELO & RIVERO: Government May Extend Plant Takeover
------------------------------------------------------
Steven Bodzin and Daniel Cancel at Bloomberg News report that
Venezuelan President Hugo Chavez said he may nationalize two
coffee companies -- Fama de America SA and Marcelo & Rivero
CA -- after taking temporary control of their processing plants
and vowed to keep seizing monopolies as he works to construct a
socialist economy.  “We’ve intervened in these big companies,” the
report quoted President Chavez as saying.  “Now we are conducting
a study to expropriate them.  They will become property of the
nation,” President Chavez added.  The report relates President
Chavez is expanding state control over what he calls “strategic”
industries, including metals, energy and basic materials.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, BBC News said 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.  The
report related 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 noted 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 Bloomberg News, Fama de America and Marcelo & Rivera
ran separate newspaper advertisements denying any wrongdoing.
“Coffee smuggling is a practice we condemn and energetically
combat,” the report quoted Fama de America as saying.  The report
related Marcelo & Rivera said that all purchases and sales are
audited by the government.

                         *     *     *

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


* VENEZUELA: Gov't May Seize Coffee Companies & Extend Takeovers
----------------------------------------------------------------
Steven Bodzin and Daniel Cancel at Bloomberg News report that
Venezuelan President Hugo Chavez said he may nationalize two
coffee companies -- Fama de America SA and Marcelo & Rivero
CA -- after taking temporary control of their processing plants
and vowed to keep seizing monopolies as he works to construct a
socialist economy.  “We’ve intervened in these big companies,” the
report quoted President Chavez as saying.  “Now we are conducting
a study to expropriate them.  They will become property of the
nation,” President Chavez added.  The report relates President
Chavez is expanding state control over what he calls “strategic”
industries, including metals, energy and basic materials.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, BBC News said 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.  The
report related 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 noted 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 Bloomberg News, Fama de America and Marcelo & Rivera
ran separate newspaper advertisements denying any wrongdoing.
“Coffee smuggling is a practice we condemn and energetically
combat,” the report quoted Fama de America as saying.  The report
related Marcelo & Rivera said that all purchases and sales are
audited by the government.

                         *     *     *

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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


           * * * End of Transmission * * *