TCRLA_Public/090810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, August 10, 2009, Vol. 10, No. 156

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Venezuelan Clients Seek US$1.6BB From Willis Group


A R G E N T I N A

BANCO HIPOTECARIO: Plans to Sell Bonds in August
BAZARJET SRL: Trustee Verifying Proofs of Claim Until November 23
DAIN SA: Trustee Verifying Proofs of Claim Until August 28
DANJUL SRL: Trustee Verifying Proofs of Claim Until September 14
EVOLUTION MEDIA: Trustee Verifying Proofs of Claim Until Sept. 11

LA SERENISIMA: Mastellone Family Hires Merrill Lynch As Adviser
PERGAMINO MADERAS: Verifying Proofs of Claim Until October 19
SERUCIAL SA: Trustee Verifying Proofs of Claim Until September 22
TELECOM ARGENTINA: First-Half Net Profit Up 15% to US$183 Million
TRANSPORTE FRIO: Trustee Verifying Proofs of Claim Until Oct. 19


B E R M U D A

BRISTOL-MYERS SQUIBB: Members' Final Meeting Set for August 31
CL FINANCIAL: KPMG Advisory Advises Customers to Keep Paying BAICO
FORSYTH LEVERAGED: Creditors' Proofs of Debt August 31
PERINVEST MARKET: Court Enters Wind-Up Order
WILLIS GROUP: Venezuelan Clients Seek US$1.6 Billion in Lawsuit


B R A Z I L

BANCO DAYCOVAL: Posts R$38.5 MM Net Income in 2Q & R$86.6MM in 1H
* BRAZIL: “Sluggish” Recovery Allows 2010 Rate Cut, BNP Says
* BRAZIL: 1H Industrial and Agribusiness Output Drops Amid Crisis


C A Y M A N  I S L A N D S

APHELION GLOBAL: Shareholders to Receive Wind-Up Report on Aug. 21
COMPANHIA SIDERURGICA: Q2 Net Income Drops 68% to BRL335 Million
FORTIS IFICO: Members to Hear Wind-Up Report on August 20
IFOH LIMITED: Shareholders to Receive Wind-Up Report on August 31
LATIN AMERICA: Shareholders to Receive Wind-Up Report on Sept. 30

MARATHON EQUATORIAL: Members to Receive Wind-Up Report on Aug. 11
MARATHON CAMEROON: Members to Receive Wind-Up Report on Aug. 11
MARATHON INTERNATIONAL: Members to Hear Wind-Up Report on Aug. 11
RATIO VALUE: Shareholders to Receive Wind-Up Report on Sept. 8
SOUTHERN CONE: Shareholders to Receive Wind-Up Report on August 21

VISION ONE: Shareholder to Receive Wind-Up Report on September 30


C H I L E

* CHILE: July Consumer Prices Fall More Than Expected


J A M A I C A

AIR JAMAICA: Affected by Jamaica's Junk Ratings
AIR JAMAICA: S&P Junks Corporate Credit Rating From 'B-'
CABLE & WIRELESS: Sets Up More Top-Up Kiosks in Grand Cayman
NATIONAL COMMERCIAL: Rating Cut on Jamaica Cues S&P's Junk Rating


M E X I C O

ARCELORMITTAL: Confirms Strike at Mexico Steel Plant


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Targets 146 units in Clear Lake Palms


T R I N I D A D  &  T O B A G O

BRITISH WEST: U.S. SEC's Response to be Revealed
CL FINANCIAL: A.M. Best Lowers Issuer Credit Rating to "ccc"


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Completes JV Reserve Study With Repsol


X X X X X X X X

* BOND PRICING: For the Week August 3 to August 7, 2009


                         - - - - -


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


STANFORD INT'L: Venezuelan Clients Seek US$1.6BB From Willis Group
------------------------------------------------------------------
A group of Stanford clients in Venezuela is seeking US$1.6 billion
of actual and punitive damages from Bermuda-based global insurance
broker Willis Group Holdings Limited, accusing the broker of
contributing to a Ponzi scheme at the Texas-based investment
company founded by Robert Allen Stanford, Jonathan Stempel at
Reuters reports.  The report relates lawsuit filed in federal
court in Dallas seeks class-action status on behalf of more than
1,200 depositors.

According to the report, citing a 49-page lawsuit, Willis Group
agreed to Mr. Stanford's request to provide "safety and soundness"
letters, and that "the clear intention" was for the letters to be
used in Stanford's marketing to help retain and attract clients.

The case is Canabal v. Willis of Colorado et al, U.S. District
Court, Northern District of Texas (Dallas), No. 09-01474.

This is the latest in a string of lawsuits against Willis Group
regarding its connection with the Stanford Empire.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Reuters said Venezuelan investor Reinaldo Ranni
sued Willis Group over the collapse of Mr. Stanford's banking
empire, saying he relied on assurances from Willis Group that
Stanford Group was sound.  The report related Mr. Ranni accused
Willis Group of fraud, negligence, misrepresentation and
violations of U.S. and Florida securities laws.  A TCRLA report on
July 8, 2009, citing Reuters, related that several Mexican clients
of Stanford Financial Group are seeking more than US$1 billion in
damages from Willis Group, contending it was a willing participant
in a US$7-billion fraud at Stanford Financial.  The report related
that the lawsuit -- which was filed by law firms Strasburger &
Price LLP and Castillo Snyder PC. In Dallas –- said Willis Group

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


BANCO HIPOTECARIO: Plans to Sell Bonds in August
------------------------------------------------
Banco Hipotecario SA plans to sell bonds this month to raise funds
for a government-sponsored home loan program, Drew Benson at
Bloomberg News reports, citing Bank President Eduardo Elsztain.
The report relates the bond issue would provide financing for a
second round of home loans first announced by President Cristina
Fernandez de Kirchner and Mr. Elsztain in May.

According to the report, the government has so far tapped pension
funds nationalized last year by the social security agency, Anses,
to help Argentines buy or build new homes over the next two years.

“We are going to go to the voluntary market in the next 15 days to
sell the first bond to be able to continue with this home
financing policy,” Mr. Elsztain told Bloomberg in a telephone
interview.

                      About Banco Hipotecario

Banco Hipotecario SA attracts deposits and offers commercial
banking services.  The bank offers mortgage, personal, and
corporate loans, credit cards, and insurance service.

                           *     *     *

As of August 10, 2009, the company continues to carry Moody's Ba1
Local Currency rating, Caa1 Foreign LT Bank Deposits rating, Ba1
Local LT Bank Deposits rating, and D Bank Financial Strenght
rating.


BAZARJET SRL: Trustee Verifying Proofs of Claim Until November 23
-----------------------------------------------------------------
The court-appointed trustee for Bazarjet S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 23, 2009.

The trustee will present the validated claims in court as
individual reports on February 5, 2010.  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
February 19, 2010.


DAIN SA: Trustee Verifying Proofs of Claim Until August 28
----------------------------------------------------------
The court-appointed trustee for Dain S.A.'s bankruptcy proceedings
will be verifying creditors' proofs of claim until August 28,
2009.

The trustee will present the validated claims in court as
individual reports on October 9, 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 23, 2009.


DANJUL SRL: Trustee Verifying Proofs of Claim Until September 14
----------------------------------------------------------------
The court-appointed trustee for Danjul S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
September 14, 2009.

The trustee will present the validated claims in court as
individual reports on October 27, 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 9, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 19, 2010.


EVOLUTION MEDIA: Trustee Verifying Proofs of Claim Until Sept. 11
-----------------------------------------------------------------
The court-appointed trustee for Evolution Media S.R.L.'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.


LA SERENISIMA: Mastellone Family Hires Merrill Lynch As Adviser
---------------------------------------------------------------
The Mastellone family has hired Merrill Lynch as financial
adviser, a move that local reports said is aimed at restructuring
US$230 million in debts at its La Serenisima dairy, Matthew Cowley
at Dow Jones Newswires reports.  "We have designated Merrill Lynch
Argentina SA as financial advisor to be able to provide an
assessment with regards to our economic and financial position and
analysis of alternatives for optimization," the report quoted the
Mastellone family as saying.

According to the report, citing La Nacion newspaper, the
investment bank will analyze the possibility of restructuring La
Serenisima's debts, after plans to sell a stake in the dairy unit
fell through.  The report notes that Mastellone reportedly had
been in talks with French dairy company Danone SA.

Dow Jones Newswires points out that many in Argentina's
agriculture sector blame the policies of former President Nestor
Kirchner and his wife and current President Cristina Fernandez for
La Serenisima's problems, saying that price controls, limits on
exports and other measures have severely crimped profits and led
many dairy farmers into bankruptcy.

The company's total revenue in 2008 was ARS2.3 billion pesos
(US$60 million), and the firm processes 4.8 million liters of milk
per day, the report notes.

                        About La Serenisima

La Serenisima is a leading Argentine dairy products maker.  The
company was established in 1929 by Antonino Mastellone.
The Mastellone family owns 67% of La Serenisima, while the
Dallpoint Investment fund owns the remaining 33%.


PERGAMINO MADERAS: Verifying Proofs of Claim Until October 19
-------------------------------------------------------------
The court-appointed trustee for Pergamino Maderas S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until October 19, 2009.

The trustee will present the validated claims in court as
individual reports on November 30, 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
February 11, 2010.


SERUCIAL SA: Trustee Verifying Proofs of Claim Until September 22
-----------------------------------------------------------------
The court-appointed trustee for Serucial S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
September 22, 2009.

The trustee will present the validated claims in court as
individual reports on November 4, 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 17, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 28, 2010.


TELECOM ARGENTINA: First-Half Net Profit Up 15% to US$183 Million
-----------------------------------------------------------------
Telecom Argentina S.A.'s first half net profti increases 15% to
ARS703 million (US$183 million) from ARS613 million in the same
period a year ago as Internet and mobile phone sales increased,
Walter Bianchi at Reuters reports.  The report relates the company
ARS374 million in the second-quarter, based on the company's
first-quarter results.

According to the report, Telecom Argentina said that revenue from
the company's Internet business rose 43% in the first half of 2009
from the same period a year earlier.  The report notes that the
company cited a "substantial expansion of the broadband service,
driven by an increase in subscribers, better network coverage and
commercial promotions."

Reuters says the company's operating profit in the first half
increased 25% to ARS262 million, while consolidated net revenue
rose 14% to ARS5.75 billion pesos.

                     About Telecom Argentina

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

                         *     *     *

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


TRANSPORTE FRIO: Trustee Verifying Proofs of Claim Until Oct. 19
----------------------------------------------------------------
The court-appointed trustee for Transporte Frio Sur S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until October 19, 2009.

The trustee will present the validated claims in court as
individual reports on November 30, 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
February 11, 2010.


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


BRISTOL-MYERS SQUIBB: Members' Final Meeting Set for August 31
--------------------------------------------------------------
The members of Bristol-Myers Squibb Sigma Finance Ltd. will hold
their final general meeting on August 31, 2009, at 11:00 a.m., at
Wakefield Quin, Victoria Place, 31 Victoria Street, in Hamilton HM
10, Bermuda.

At the meeting, Nicholas Hoskins, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CL FINANCIAL: KPMG Advisory Advises Customers to Keep Paying BAICO
------------------------------------------------------------------
KPMG Advisory Ltd. -- the court-appointed official receiver of
British American Insurance Company's Bermuda branch -- has advised
life insurance policyholders to continue paying their premiums
amidst the wound up of the Bermuda branch, Jonathan Kent at The
Royal Gazette reports.

According to the report, if an alternative insurer is not found to
take over the life policies, then all premiums clients have paid
since July 29 this year will be repaid.  The report relates by
continuing to pay the premiums in the interim period,
policyholders can ensure that their policies will be in full
effect if an alternative insurer is found.

However, the Gazette says that the liquidators said they cannot be
sure that payments in respect of life policies will be made in
full in future.  "This will depend on the value of the branch's
assets when compared to its liabilities," the liquidators said in
a posted information obtained by the news agency.  "The
Provisional Liquidator needs to establish if there are sufficient
assets with which to pay all current and future policyholder
claims in order to treat all policyholders fairly."

As reported in the Troubled Company Reporter-Latin America on
August 7, 2009, The Royal Gazette said the Official Receiver of
British American Insurance Company's Bermuda branch will proceed
with the liquidation of the firm's local operations at its Bermuda
branch.  The report related that financial regulator the
Bermuda Monetary Authority said it had started winding up
proceedings against the life and health insurer in the Bermuda
Supreme Court.  According to the Gazette, BMA applied to the
Supreme Court to wind up the Bermuda branch of BAICO to protect
its customers in light of “the continuing severe financial
difficulties” faced by BAICO and its parent company, CL Financial
Group of Trinidad and Tobago.  According to the report, BAICO’s
health insurance policyholders will continue to receive medical
cover after the Official Receiver moves in to liquidate the
company.  The report related Argus Group has agreed in principle
to take on BAICO’s health insurance clients, who will in the short
term -- before the transition to Argus is complete -- have their
claims met by government.  “The financial problems of British
American are affecting tens of thousands of policyholders across
numerous jurisdictions.

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

                        About CL Financial

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

                           *     *     *

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


FORSYTH LEVERAGED: Creditors' Proofs of Debt August 31
------------------------------------------------------
The creditors of Forsyth Leveraged Diversity Fund Limited are
required to file their proofs of debt by August 31, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2009.

The company's liquidators are:

          Peter C.B. Mitchell
          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          House, 7 Church Street, Hamilton
          Islands of Bermuda


PERINVEST MARKET: Court Enters Wind-Up Order
--------------------------------------------
On July 17, 2009, the High Court of Bermuda entered an order to
wind up the operations of Perinvest Market Neutral Fund Limited.

Michael Morrison and Charles Thresh are the company's  provisional
liquidators.


WILLIS GROUP: Venezuelan Clients Seek US$1.6 Billion in Lawsuit
---------------------------------------------------------------
A group of Stanford clients in Venezuela is seeking US$1.6 billion
of actual and punitive damages from Bermuda-based global insurance
broker Willis Group Holdings Limited, accusing the broker of
contributing to a Ponzi scheme at the Texas-based investment
company founded by Robert Allen Stanford, Jonathan Stempel at
Reuters reports.  The report relates lawsuit filed in federal
court in Dallas seeks class-action status on behalf of more than
1,200 depositors.

According to the report, citing a 49-page lawsuit, Willis Group
agreed to Mr. Stanford's request to provide "safety and soundness"
letters, and that "the clear intention" was for the letters to be
used in Stanford's marketing to help retain and attract clients.

The case is Canabal v. Willis of Colorado et al, U.S. District
Court, Northern District of Texas (Dallas), No. 09-01474.

This is the latest in a string of lawsuits against Willis Group
regarding its connection with the Stanford Empire.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Reuters said Venezuelan investor Reinaldo Ranni
sued Willis Group over the collapse of Mr. Stanford's banking
empire, saying he relied on assurances from Willis Group that
Stanford Group was sound.  The report related Mr. Ranni accused
Willis Group of fraud, negligence, misrepresentation and
violations of U.S. and Florida securities laws.  A TCRLA report on
July 8, 2009, citing Reuters, related that several Mexican clients
of Stanford Financial Group are seeking more than US$1 billion in
damages from Willis Group, contending it was a willing participant
in a US$7-billion fraud at Stanford Financial.  The report related
that the lawsuit -- which was filed by law firms Strasburger &
Price LLP and Castillo Snyder PC. In Dallas –- said Willis Group

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 Antigua-based 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).


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


BANCO DAYCOVAL: Posts R$38.5 MM Net Income in 2Q & R$86.6MM in 1H
-----------------------------------------------------------------
Banco Daycoval S.A. disclosed its results for the second quarter
of 2009.

    -- Net interest margin reached 13.0%, up 0.4 pp compared
       with 1Q09;

    -- Net income was R$38.5 million in 2Q09 and R$86.6
       million in 1H09;

    -- Quarter-over-quarter growth of 15.6% in time deposits,
       which reached R$1,681.8 million in 2Q09;

    -- Balance of credit portfolio remained stable, ending
       2Q09 on R$3,533.2 million;

    -- Loan loss coverage (LLP/past-due loans) rose 14.9 pp
       in the quarter to 162.8%;

    -- Significant rise in recovered loans, which totaled
       R$7.1 million in 2Q09 compared with R$1.4 million
       in previous quarter;

    -- Strict control of administrative and personnel
       expenses kept efficiency ratio stable on 22.7%
       in 2Q09;

    -- Launch of new Investor Relations website with
       additional functionality and complete information
       about Daycoval, further enhancing proximity to
       investors and market analysts.

                      About Banco Daycoval

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                          *     *     *

As of Aug. 10, 2009, the company continues to carry Standard and
Poor's BB- LT Issuer credit ratings and B Issuer Credit ratings.
The company also continues to carry Fitch ratings BB- LT Issuer
Default ratings and B Currency ST Debt ratings.


* BRAZIL: “Sluggish” Recovery Allows 2010 Rate Cut, BNP Says
------------------------------------------------------------
Brazil’s “sluggish” economic recovery will allow the central bank
to cut the benchmark interest rate in the first half of next year,
Andre Soliani at Bloomberg News reports, citing BNP Paribas.
Policy makers will lower the so-called Selic rate to 8.25% in the
first half of next year, down from 8.75%, Diego Donadio, senior
analyst at BNP Paribas in Sao Paulo, wrote in an e-mailed report
obtained by the news agency.

According to the report, Mr. Donadio said Brazil’s economic
recovery “will be sluggish, keeping the output gap very soft and
limiting the risks of inflation.”  “The central bank should keep
rates unchanged for a while, but the next move is more likely to
be a cut,”  Mr. Donadio was quoted by the report as saying.

Bloomberg News says policy makers said after cutting the overnight
rate five straight times in 2009, the current rate is adequate to
foster economic recovery without threatening their 4.5% inflation
target.

                           *     *     *

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


* BRAZIL: 1H Industrial and Agribusiness Output Drops Amid Crisis
-----------------------------------------------------------------
Brazil's industrial and agribusiness output slumped in the first
half of the year amid the global economic slowdown, The Jamaica
Gleaner reports, citing the government statistics agency, IBGE.

According to the report, the IBGE agency said that industrial
production dropped 13.4% from the same period in 2008, mainly due
to lower exports and a drop in sales of durable and capital goods;
while agribusiness production dipped 5.4%, also because of a drop
in export volume and lower prices of agricultural commodities sold
abroad.  The report relates IBGE said that a drought that began in
the last quarter of 2008 in southern Brazil and lower sales of
fertilizers, herbicides and pesticides also contributed to the
result.

The report says that there are growing signs that Brazil's economy
is recovering from the global crisis in part because of tax breaks
in the automobile, construction and home appliance sectors,
increased government spending and easier access to credit for
small businesses.  The report recalls, late last month, President
Luiz Inacio Lula da Silva said he was convinced "the worst is
over".

                           *     *     *

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


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


APHELION GLOBAL: Shareholders to Receive Wind-Up Report on Aug. 21
------------------------------------------------------------------
The shareholders of Aphelion Global Equity Market Neutral Inc.
will hold their final meeting on August 21, 2009, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


COMPANHIA SIDERURGICA: Q2 Net Income Drops 68% to BRL335 Million
----------------------------------------------------------------
Companhia Siderurgica Nacional S.A.'s second quarter net income
dropped 68% to BRL335 million (US$182 million) from BRL1.03
billion in the year-ago period as output declined and sales
slumped because of a furnace halt and the global financial crisis,
Diana Kinch and Laura Price at Bloomberg News report.

According to the report, the company's net sales fell 30% to
BRL2.5 billion after CSN halted a blast furnace in March for
maintenance and there were fewer orders from carmakers and
builders.  The report relates the startup of a long- products
plant was postponed to 2010.

CSN’s performance showed “retraction in local demand and little
space for exports with satisfactory margins,” the report quoted
Pedro Galdi, a Sao Paulo-based analyst with SLW Corretora, as
saying.  Costs remained high because CSN “still had stocks of raw
materials brought before the crisis at a very different price
reality,” Mr. Galdi wrote in a note obtained by the news agency.

Bloomberg News notes that Mr. Galdi rated the company's stock a
“buy.”

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


FORTIS IFICO: Members to Hear Wind-Up Report on August 20
---------------------------------------------------------
The members of Fortis IFICO will hold their final meeting on
August 20, 2009, at 4:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IFOH LIMITED: Shareholders to Receive Wind-Up Report on August 31
-----------------------------------------------------------------
The shareholders of Ifoh Limited will hold their final meeting on
August 31, 2009, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


LATIN AMERICA: Shareholders to Receive Wind-Up Report on Sept. 30
-----------------------------------------------------------------
The shareholders of Latin America Focus Limited Duration Company
will hold their final meeting on September 30, 2009, at 9:00 a.m.,
to receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman, KY1-1104


MARATHON EQUATORIAL: Members to Receive Wind-Up Report on Aug. 11
-----------------------------------------------------------------
The members of Marathon Equatorial Guinea Limited will hold their
final meeting on August 11, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARATHON CAMEROON: Members to Receive Wind-Up Report on Aug. 11
---------------------------------------------------------------
The members of Marathon Cameroon Limited will hold their final
meeting on August 11, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARATHON INTERNATIONAL: Members to Hear Wind-Up Report on Aug. 11
-----------------------------------------------------------------
The members of Marathon International Holding Limited will hold
their final meeting on August 11, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RATIO VALUE: Shareholders to Receive Wind-Up Report on Sept. 8
--------------------------------------------------------------
The shareholders of The Ratio Value Fund will hold their final
meeting on September 8, 2009, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach, P.O. Box 715
          Grand Cayman KY1-1107, Cayman Islands
          Fax: 1 345 769-9351


SOUTHERN CONE: Shareholders to Receive Wind-Up Report on August 21
------------------------------------------------------------------
The shareholders of Southern Cone Timber Investors Limited will
hold their final meeting on August 21, 2009, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


VISION ONE: Shareholder to Receive Wind-Up Report on September 30
-----------------------------------------------------------------
The shareholder of Vision One Inc. will receive on, September 30,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


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


* CHILE: July Consumer Prices Fall More Than Expected
-----------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Chile’s consumer
prices fell more than economists forecast in July, led down by
electricity and clothing costs, pushing the annual inflation rate
to a five-year low.  The report, citing National Statistics
Institute, said prices fell 0.4% last month from June, while
annual inflation slowed to a five-year low of 0.3%, down from 1.9%
in June.

According to the report, Chile’s consumer prices have declined in
five of the first seven months of 2009 as domestic demand and
output plunge.  The report relates annual inflation has slowed
from a 14-year high of 9.9% in October.  In the year to date,
prices have fallen 1.2%, the report notes.

“There’s a strong deflationary process going on in Chile and
there’s no sign it’s coming to an end,” the report quoted Rafael
de la Fuente, chief Latin American economist at BNP Paribas SA in
New York, as saying.  The annual rate may be negative for the rest
of 2009, Mr. de la Fuente added.

Bloomberg News says underlying inflation, which excludes fresh
fruit and fuel, plummeted 0.8% in July, while the cost of clothes
fell 8.4% and electricity bills dropped 8.5% after the National
Energy Commission slashed prices.


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


AIR JAMAICA: Affected by Jamaica's Junk Ratings
-----------------------------------------------
Air Jamaica Limited's ratings were affected after Standard and
Poor's downgrade of Jamaica's credit rating, RadioJamaica reports.
The report relates that following the country's downgrade,
Standard and Poor's adjusted Air Jamaica's foreign currency
corporate credit rating from B minus to Triple C plus, with a
negative outlook.

According to the report, Standard and Poor's said with Air
Jamaica's heavy reliance on the Government for financial support
it could be affected by a decision to restructure the national
debt.  The report says that the Jamaican government currently has
guarantees for more than US$300 million owed by the cash strapped
airline.  The report notes that Standard and Poor's said the
vulnerabilities in the government's debt profile may lead it to
negotiate with its creditors to extend maturities at below-market
prices.

RadioJamaica relates that financial analyst David Wan said the
rating change will make it more difficult for Jamaica to raise
funds on the international capital market.  "We will have a hard
time when that market opens up.  We are falling below the
Dominican Republic so it is not a good position to be in and
that's the bottom line," the report quoted Mr. Wan as saying.

                       About Air Jamaica

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


AIR JAMAICA: S&P Junks Corporate Credit Rating From 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
foreign currency corporate credit rating on Air Jamaica Ltd. to
'CCC+' from 'B-'.  The outlook is negative.

The rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).

"The downgrade and negative outlook on Jamaica and Air Jamaica
reflect S&P's view that Jamaica's vulnerable fiscal profile,
combined with difficult financing conditions, may compel the
government to undertake a debt exchange that S&P could regard as
distressed," said Standard & Poor's credit analyst Carolina Duran.

Standard & Poor's foreign currency corporate credit rating on
Jamaican national airline Air Jamaica is aligned with the long-
term foreign currency sovereign credit rating on Jamaica and based
on the government's unconditional guarantee of both principal and
interest payments on the company's $200 million and $125 million
notes due in 2015 and 2027, respectively.

Jamaica's fiscal position was already under pressure before the
international financial crisis started last September, and has
deteriorated even further this year.  S&P project the government's
borrowing requirement for fiscal 2009, ending March 31, 2010, to
be 20% of GDP.

The debt profile is weak.  Variable-rate domestic debt constitutes
58% of total domestic debt.  One-quarter of total domestic debt
matures within one year.  Half of gross government debt (external
plus domestic) is foreign-currency-denominated or foreign-exchange
indexed.  As a result, general government interest is estimated at
60% of 2009 government revenue, up from 48% in 2008.  S&P project
that gross general government debt will rise to 120% of GDP at
fiscal year-end 2009.

The vulnerabilities in the government's debt profile may give it
incentives to negotiate with its creditors, particularly its
resident creditors, to extend maturities at below-market prices.
In the government's last debt issue, it placed two-year debt at a
21% coupon.

On December 23, 2004, the government purchased 72.3% of Air
Jamaica's outstanding shares, giving it total control of the
airline.  Air Jamaica relies solely on government support.

However, the government of Jamaica has publicly announced a plan
to divest noncore assets, including Air Jamaica.  S&P is closely
reviewing the possible privatization of Air Jamaica and its
potential impact on the rating.

The negative outlook reflects that on Jamaica.  Any rating action
on the sovereign would affect the ratings on Air Jamaica.

Although the government's engagement with the International
Monetary Fund (IMF) is a positive effort to stabilize external
pressures and address long-standing structural issues, the
negative outlook on the ratings signals the risk that a debt
exchange, if undertaken by the government, could be an event of
selective default under S&P's criteria for distressed-debt
exchanges.


CABLE & WIRELESS: Sets Up More Top-Up Kiosks in Grand Cayman
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of  Cable &
Wireless plc, has just installed several new top-up kiosks across
Grand Cayman where customers can top-up prepaid mobile phone at
their convenience, Cayman Net News reports.  “These new kiosks
will give customers the opportunity to top up anytime of the day
or night and they deliver the same fast, efficient service that
customers are used to from ATM machines,” the report quoted Daniel
Tathum, Head of Retail Sales and Residential Services, as saying.

According to the report, the new kiosks are located at:

    * Reflections Food-4-Less, Godfrey Nixon Way
    * Reflections Liquor-4-Less on the corner of Eastern
       Avenue and Sheddon Road
    * Funky Tangs, Sheddon Road
    * China Arts & Crafts, Pasadora Place, Smith Road
    * Creative Tech, Baytown Plaza, West Bay Road,
    * Savannah Dealer Retail Store, Countryside, Savannah
    * Money Centre, Godfrey Nixon Way
    * LIME store Anderson Square
    * LIME store Galleria Plaza

Cayman Net News notes that LIME said it is aiming to “make the
Caribbean a better place for its customers, colleagues and
communities”.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                           *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B"short-term foreign and
local issuer credit ratings.


NATIONAL COMMERCIAL: Rating Cut on Jamaica Cues S&P's Junk Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term ratings on National Commercial Bank Jamaica Ltd., including
the counterparty credit rating, to 'CCC+' from 'B-'.

At the same time, S&P lowered its survivability assessment on NCB
to 'B+' from 'BB+'.

The outlook is negative.

The rating action followed the downgrade of the sovereign credit
rating on Jamaica (CCC+/Negative/C) to 'CCC+' from 'B-'.  NCB has
a very large exposure to Jamaican sovereign-debt securities and
loans to public entities.  Also, S&P believes that the
deteriorating economic situation in Jamaica and the more
challenging conditions for the Jamaican banking system will
continue to pressure the financial performance of the bank.

The action on the survivability assessment was based on the
downgrade of NCB and S&P's view that vulnerabilities in the
government's debt profile have grown significantly from previous
years, narrowing the government's capacity to support the bank in
times of stress.

S&P is still maintaining its survivability assessment at three
notches higher than the counterparty credit rating on NCB.  This
reflects S&P's continuing expectation that the government could
give certain assistance to the bank if needed because of NCB's
significant market share in the country, adequate financial
performance, and large branch network and deposit base.

If the liquidity and market share of the bank shrink
significantly, S&P could further adjust S&P's survivability
assessment.

The ratings on NCB are limited by the bank's large exposure to
Jamaica's government; greater loan concentration than peers;
operation within a relatively small and nondiversified economy
with high debt; and the more challenging environment for the
Jamaican banking system.

However, the bank's leading market presence in the Jamaican
banking system, adequate but pressured performance under more-
challenging conditions, and consistent improvements in its
operating performance support the rating.

The negative outlook mirrors that on Jamaica.  It also takes into
account possible future stress on profitability and U.S.-dollar-
denominated funding.


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


ARCELORMITTAL: Confirms Strike at Mexico Steel Plant
----------------------------------------------------
ArcelorMittal has confirmed rumors that a strike began August 8,
at its plant in Lazaro Cardenas, Mexico, Hugh Collins at Bloomberg
News.

Workers at the plant in the state of Michoacan were offered a 7%
wage increase, company spokesman Ricardo Guzman told Bloomberg in
an interview.  The mining and metalworkers’ union is asking for a
9% increase, Mr. Guzman added.

According to the report, Mr. Guzman denied the Union spokesman
Mario Garci's allegations that ArcelorMittal wants to cut the
unionized workforce at the plant by 20%.

The report notes, Mr. Guaman said that the company will honor all
contracts for steel delivery.  “We will continue offering steel to
customers,” the report quoted Mr. Guzman as saying.  “We hope the
strike will end as quickly as possible,” Mr. Guzman added.

Headquartered in Luxembourg, ArcelorMittal --
http://www.arcelormittal.com/-- is a global steel producer.  The
Company has steel-making operations in 20 countries on four
continents, including 66 integrated, mini-mill and integrated
mini-mill steel-making facilities.  ArcelorMittal operates its
business in six operating segments: Flat Carbon Americas; Flat
Carbon Europe; Long Carbon Americas and Europe; Asia, Africa and
Commonwealth of Independent States (CIS) (AACIS); Stainless Steel;
and Arcelor Mittal Steel Solutions and Services.  ArcelorMittal's
steel-making operations have a high degree of geographic
diversification.  Approximately 36% of its steel is produced in
the Americas, approximately 49% is produced in Europe and
approximately 15% is produced in other countries, such as
Kazakhstan, South Africa and Ukraine.  ArcelorMittal produces a
range of finished, semi-finished carbon steel products and
stainless steel products.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on July 21,
2009, ArcelorMittal said its request to amend covenants on
EUR17,000,000,000 Credit Facilities, the US$4,000,000,000
Revolving Credit Facility and the US$3,250,000,000 Forward Start
Facility was approved by lenders.  The covenant consent process
does not increase the borrowing costs under these facilities
unless the leverage ratio of net debt to ebitda rises above 3.5x.

The Company has received consents from lenders aggregating above
90% of commitments in each Facility with no declines to date.
While a number of lenders continue to work on the request, the
consent threshold for each Facility has been comfortably achieved.
Further details will be made available by the Company alongwith
Earnings Announcement for second Quarter on July 29.

Calyon and HSBC Bank plc acted on behalf of ArcelorMittal as the
Coordinators for the amendment process.


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


FIRSTBANK PUERTO RICO: Targets 146 units in Clear Lake Palms
------------------------------------------------------------
FirstBank Puerto Rico is seeking to foreclose on the 146 unsold
units in the 312-unit Clear Lake Palms condominium in West Palm
Beach, South Florida Business Journal reports.

According to the report, citing Palm Beach County Circuit Court
records, the bank filed a foreclosure action against Miami-based
Clear Lake Palms LLC and managing members Javier Cervera and
Hernando Forero.

The report recalls Clear Lake Palms bought the complex, at 405-431
Executive Center Drive in West Palm Beach, for US$34 million in
2005 and obtained a US$33.4 million mortgage from First Bank.  The
report relates the 11-building project includes a clubhouse, pool,
tennis courts and a playground.  The developer, the report notes,
started sales in 2006, but no units have been sold since September
2008.

The Journal says First Bank’s mortgage was last modified at
US$13.9 million in 2007 with the maturity date set in October
2008.

Miami attorney Angela Sherrill represents First Bank in the
foreclosure action.

                           *     *     *

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: U.S. SEC's Response to be Revealed
-------------------------------------------------
Minority shareholders of defunct airline British West Indies
received a reply from the United States Securities and Exchange
Commission to their letter seeking clarification on the SEC’s role
in the matter between the Government and the shareholders,
Trinidad and Tobago Newsday reports.

Representative for the group of shareholders and financial
advisor, Peter Permell told Newsday in an interview that the
details of the SEC correspondence will be revealed at a media
conference.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Trinidad and Tobago Newsday said British West
Indies' minority shareholders, said Mr. Permell and legal advisor
Lynette Seebaran-Suite, are seeking at least a TT$1.80 share price
from Government, if they do resort to getting a fair share value
from the courts.  Trinidad and Tobago Express related 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.

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 Mr. Permell said BWIA was
still a limited liability company and under SEC 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: A.M. Best Lowers Issuer Credit Rating to "ccc"
------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to C
(Weak) from B (Fair) and issuer credit rating to "ccc" from "bb"
of Colonial Life Insurance Company (Trinidad) Limited (CLICO)
(Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

These rating actions reflect the continuing uncertainty over the
future of CLICO's fundamental life insurance and annuity
businesses, as well as its inability to publish its financial
results since the actions taken by the Central Bank of Trinidad &
Tobago in January 2009.

A.M. Best notes that audited financial statements have not been
filed for December 31, 2008 for CLICO and CL Financial.
Additionally, as part of its investment strategy, CLICO maintains
a high concentration in related party assets, including large
holdings in the banking and financial services, energy and
manufacturing sectors.  Given current uncertain economic
conditions, these assets are difficult to value.  Moreover, given
the fluid nature of the situation, A.M. Best has been unsuccessful
in receiving updated information or satisfactory levels of
dialogue with management.

The rating actions also take into consideration CLICO's delay in
payment of certain financial obligations, especially premature
annuity surrenders.  A.M. Best believes that the business profile
of the company has been diminished and its future direction is
uncertain.

A.M. Best notes that the Government of the Republic of Trinidad &
Tobago through the Central Bank of Trinidad & Tobago has committed
to meet obligations to CLICO's Trinidad & Tobago third party
policyholders.  The Central Bank of Trinidad & Tobago also has
publicly committed to a transformed CLICO in which existing and
future policyholders' funds are safe.

The ratings will remain under review until A.M. Best can analyze
the critical information it needs to conclude the rating process,
including the review of year-end 2008 and current financial
results.  A.M. Best will continue to review the progress in
restructuring CLICO's business model.

                        About CL Financial

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

                           *     *     *

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


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


PETROLEOS DE VENEZUELA: Completes JV Reserve Study With Repsol
--------------------------------------------------------------
Petroleos de Venezuela said it completed a joint reserves
assessment with Spain’s Repsol YPF at the Junin 7 block in the
Orinoco Belt, Latin America Herald Tribune reports.  The
assessment, which also involved certification firm Ryder Scott,
“was based on information from five wells drilled in the decade of
the 1980s . . . (and) from five new wells drilled between 2008 and
2009,” PDVSA said in a statement obtained by the news agency.

According to the report, the assessment of Junin 7 is part of the
international certification process being completed by PDVSA,
along with about a dozen foreign companies, of Venezuela’s
reserves, which have been estimated on a preliminary basis at 314
billion barrels of crude.  “The Junin 7 block covers 502 sq.
kilometers (194 sq. miles)” and the crude it contains has “an API
grade (a standard set by the American Petroleum Institute) range
of between 7 and 8,” the report quoted PDVSA as saying.

The Herald says that Repsol YPF and PDVSA signed a contract
on July 29 in Caracas under which the Venezuelan state-owned
company will supply 1 million barrels of crude that will be
refined in Spain, as well as an agreement laying the foundation
for future exploration at Junin.

                           About PDVSA

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

                           *     *     *

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

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


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


* BOND PRICING: For the Week August 3 to August 7, 2009
-------------------------------------------------------


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


ARGENTINA

ARGENT-PAR            1.18        12/31/2038  ARS        29.34
ARGNT-BOCON PR13         2        3/15/2024   ARS        51.03
MENDOZA PROVINCE       5.5        9/4/2018    USD        58.58
BONAR VII                7        9/12/2013   USD        62.63
ARG BODEN                7        10/3/2015   USD         59.5
BONAR X                  7        4/17/2017   USD         60.9
ARGENT-=DIS           7.82        12/31/2033  EUR        48.85
ALTO PALERMO SA       7.88        5/11/2017   USD        71.25
ARGENT-$DIS           8.28        12/31/2033  USD        62.02
ARGENT-$DIS           8.28        12/31/2033  USD        52.27
INVERS REP Y SOC       8.5        2/2/2017    USD         73.5
TRANSENER             8.88        12/15/2016  USD         69.5
BUENOS-$DIS           9.25        4/15/2017   USD        56.95
BUENOS AIRE PROV      9.38        9/14/2018   USD        50.71
BUENOS AIRE PROV      9.63        4/18/2028   USD        48.57
BANCO HIPOT SA        9.75        4/27/2016   USD           77
BANCO MACRO SA        9.75        12/18/2036  USD         68.5
BONAR ARG $ V         10.5        6/12/2012   ARS        59.99
INDUSTRIAS METAL     11.25        10/22/2014  USD        68.98
AUTOPISTAS DEL S      11.5        5/23/2017   USD           38


BELIZE

REDE EMPRESAS        11.13        #N/A N Ap   USD           64
REDE EMPRESAS        11.13        #N/A N Ap   USD         50.5
VIGOR                 9.25        2/23/2017   USD        85.25


CAYMAN ISLAND

BARION FUNDING         0.1        12/20/2056  EUR         6.09
MAZARIN FDG LTD        0.1        9/20/2068   EUR         3.67
BARION FUNDING        0.25        12/20/2056  USD         6.36
BARION FUNDING        0.25        12/20/2056  USD         6.36
BARION FUNDING        0.25        12/20/2056  USD         6.41
BARION FUNDING        0.25        12/20/2056  USD         6.36
BARION FUNDING        0.25        12/20/2056  USD         6.36
BARION FUNDING        0.25        12/20/2056  USD         6.36
MAZARIN FDG LTD       0.25        9/20/2068   USD         4.71
MAZARIN FDG LTD       0.25        9/20/2068   USD         4.71
MAZARIN FDG LTD       0.25        9/20/2068   USD         4.77
MAZARIN FDG LTD       0.25        9/20/2068   USD         4.71
MAZARIN FDG LTD       0.25        9/20/2068   USD         4.71
MAZARIN FDG LTD       0.25        9/20/2068   USD         4.71
BARION FUNDING        0.63        12/20/2056  GBP        15.66
MALACHITE FDG         0.63        12/21/2056  EUR        21.71
MAZARIN FDG LTD       0.63        9/20/2068   GBP        12.98
BARION FUNDING        1.44        12/20/2056  GBP        28.17
MAZARIN FDG LTD       1.44        9/20/2068   GBP        25.89
CHINA MED TECH           4        8/15/2013   USD           64
DWR CYMRU FIN         4.47        3/31/2057   GBP        72.88
BES FINANCE LTD        4.5        #N/A N Ap   EUR        78.29
JA SOLAR HOLD CO       4.5        5/15/2013   USD           70
REG DIV FUNDING       5.25        1/25/2036   USD        74.77
BANCAJA INTL FIN       5.7        6/30/2022   EUR        63.47
ESFG INTERNATION      5.75        #N/A N Ap   EUR        77.75
PUBMASTER FIN         5.94        12/30/2024  GBP        73.91
BES FINANCE LTD        6.2        2/7/2035    EUR        61.43
DUBAI HLDNG COMM         6        2/1/2017    GBP        67.65
SUNAMER INST FND      6.15        10/14/2019  EUR        58.47
SMFG PREFERRED        6.16        #N/A N Ap   GBP        78.05
XL CAPITAL LTD        6.25        5/15/2027   USD        78.78
AIG SUNAMERICA        6.38        10/5/2020   GBP        66.82
XL CAPITAL LTD        6.38        11/15/2024  USD         73.5
SHINSEI FIN CAYM      6.42        #N/A N Ap   USD        49.82
SHINSEI FIN CAYM      6.42        #N/A N Ap   USD        50.24
XL CAPITAL LTD         6.5        #N/A N Ap   USD           62
PUBMASTER FIN         6.96        6/30/2028   GBP        53.39
PANAMA CANAL RAI         7        11/1/2026   USD           70
FERTINITRO FIN        8.29        4/1/2020    USD           52
GOL FINANCE           8.75        #N/A N Ap   USD        72.75
CHINA PROPERTIES      9.13        5/4/2014    USD        74.71
EGE HAINA FINANC       9.5        4/26/2017   USD           71
MINERVA OVERSE         9.5        2/1/2017    USD         62.5
MINERVA OVERSE         9.5        2/1/2017    USD           64


DOMINICAN REPUBLIC

DOMINICAN REPUBL      8.63        4/20/2027   USD         73.5


ECUADOR

REP OF ECUADOR        9.38        12/15/2015  USD        78.51


JAMAICA

JAMAICA GOVT LRS       7.5        10/6/2012   JMD        69.23
JAMAICA GOVT             8        3/15/2039   USD        72.17
JAMAICA GOVT           8.5        2/28/2036   USD        73.33
JAMAICA GOVT LRS     12.75        6/29/2022   JMD        59.06
JAMAICA GOVT LRS     12.75        6/29/2022   JMD        59.08
JAMAICA GOVT LRS     12.85        5/31/2022   JMD        59.53
JAMAICA GOVT         13.38        4/27/2032   JMD        57.91
JAMAICA GOVT LRS     13.38        12/15/2021  JMD        62.13
JAMAICA GOVT LRS     13.58        12/15/2026  JMD        59.63
JAMAICA GOVT LRS        14        6/30/2021   JMD        65.17
JAMAICA GOVT LRS      14.4        8/3/2027    JMD        64.69
JAMAICA GOVT LRS      14.5        8/2/2017    JMD        73.52
JAMAICA GOVT LRS      14.5        6/28/2017   JMD        73.75
JAMAICA GOVT LRS        15        11/15/2021  JMD        68.99
JAMAICA GOVT LRS        15        9/6/2032    JMD        66.86
JAMAICA GOVT LRS        15        8/30/2032   JMD        66.87
JAMAICA GOVT LRS      15.5        3/24/2028   JMD        67.22
JAMAICA GOVT LRS     15.75        8/22/2019   JMD        74.02
JAMAICA GOVT LRS        16        12/6/2032   JMD        69.28
JAMAICA GOVT LRS        16        6/13/2022   JMD        72.77
JAMAICA GOVT LRS     16.13        8/21/2032   JMD        71.85
JAMAICA GOVT LRS     16.15        6/12/2022   JMD        73.41
JAMAICA GOVT LRS     16.25        6/18/2027   JMD        72.98
JAMAICA GOVT LRS     16.25        7/26/2032   JMD        70.45
JAMAICA GOVT LRS     16.25        5/22/2027   JMD        70.98
JAMAICA GOVT LRS     16.25        5/22/2022   JMD        73.87
JAMAICA GOVT LRS     16.25        8/26/2032   JMD         72.4
JAMAICA GOVT LRS      16.5        6/14/2027   JMD        72.02


PUERTO RICO

PUERTO RICO CONS       6.1        5/1/2012    USD         55.5
PUERTO RICO CONS       6.5        4/1/2016    USD           45
DORAL FINL CORP          7        4/26/2012   USD        40.25
DORAL FINL CORP        7.1        4/26/2017   USD        24.75
DORAL FINL CORP       7.15        4/26/2022   USD        18.63
DORAL FINL CORP       7.65        3/26/2016   USD        27.75


VENEZUELA

PETROLEOS DE VEN      5.25        4/12/2017   USD        54.81
PETROLEOS DE VEN      5.38        4/12/2027   USD        44.58
PETROLEOS DE VEN       5.5        4/12/2037   USD        44.59
VENEZUELA             5.75        2/26/2016   USD        65.08
VENEZUELA                6        12/9/2020   USD        56.78
VENEZUELA                7        3/16/2015   EUR        70.12
VENEZUELA                7        3/31/2038   USD        54.98
VENEZUELA                7        3/16/2015   EUR        72.59
VENEZUELA                7        12/1/2018   USD        64.07
VENEZUELA             7.65        4/21/2025   USD        61.92
VENEZUELA                9        5/7/2023    USD        68.21
VENEZUELA             9.25        9/15/2027   USD        73.72
VENEZUELA             9.25        5/7/2028    USD        67.16
VENZOD - 189000       9.38        1/13/2034   USD        68.52



                            ***********

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 * * *