TCRLA_Public/090812.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, August 12, 2009, Vol. 10, No. 158

                            Headlines

A R G E N T I N A

AVELLANEDA FLET: Trustee Verifying Proofs of Claim Until Aug. 28
CHEMTURA CORP: U.S. Court Approves Contributions to Foreign Units
FABRICA DE RESORTES: Creditors' Proofs of Claims Due on Sept. 8
FIANZAS Y CREDITO: Moody's Assigns 'B3' Global Insurance Rating
INTERBAE SA: Proofs of Claim Verification Deadline is October 5

YPF SA: Chinese Oil Firms Bid US$17 Billion for Firm's Stake


B E R M U D A

CABLE & WIRELESS: LIME Embarkes on a Price War Against TeleBermuda


B R A Z I L

CAMARGO CORREA: State Funds May Seek 9.9% Stake in Jirau
GOL LINHAS: Posts R$354-Million Net Income in Second Quarter
JBS SA: Cut to “Hold” at Santander on Slowing Demand & IPO
TAM SA: Signs Codesharing Agreement With Air China
* BRAZIL: Itau Unibanco Sees Unsustainable Public Bank Rates

* BRAZIL: 2009 Inflation to Slow to 4.4%, Analysts Say
* BRAZIL: Agribusiness Exports Much Better than Anticipated


C A Y M A N  I S L A N D S

ABSOLUTE RETURN: Members to Receive Wind-Up Report on September 3
ALTERNATIVE: Shareholders to Hear Wind-Up Report on Sept. 1
CUMULUS WEATHER: Shareholders to Hear Wind-Up Report on Aug. 20
CUMULUS WEATHER: Shareholders to Hear Wind-Up Report on Aug. 20
FERTINITRO FINANCE: Moody's Junks Ratings onUS$250 Mil. Bonds

INVESTCORP: Shareholders to Hear Wind-Up Report on Sept. 21
MARATHON ENERGY: Members to Receive Wind-Up Report on August 21
OLD MUTUAL: Shareholders to Hear Wind-Up Report on September 14
PRYMUS HOLDINGS: Shareholders to Hear Wind-Up Report on August 21
RE LTD: Shareholder Receives Wind-Up Report

RISING ASSET: Shareholders to Hear Wind-Up Report on Aug. 20
TT EVENT-DRIVEN: Members' Final General Meeting Set for August 17
TT EVENT-DRIVEN: Members' Final General Meeting Set for August 17
TT LONG/SHORT: Members' Final General Meeting Set for August 17
VLASOV GLOBAL: Shareholders to Receive Wind-Up Report on August 17

VLASOV MARINE: Shareholders to Receive Wind-Up Report on August 17


J A M A I C A

JAMAICA PUBLIC SERVICE: Customers Complain on Power Supply
GLEANER COMPANY: Makes 25 More Jobs Redundant


M E X I C O

ALESTRA S: Discloses Preliminary Results of 2010 Notes Offer
CEMEX SAB: Equity Issuance Raises Doubt on Plan Viability
MERIDIAN AUTOMOTIVE: Voluntary Chapter 7 Case Summary
NII HOLDINGS: Moody's Assigns Corporate Family Rating at 'B2'
NII HOLDINGS: S&P Assigns Corporate Credit Rating at 'B+'


P U E R T O  R I C O

POPULAR LIFE RE: AM Best Downgrades Financial Strength to B (Fair)


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

BRITISH WEST: Shareholders Seek to Resolve Dispute With SEC


                         - - - - -


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A R G E N T I N A
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AVELLANEDA FLET: Trustee Verifying Proofs of Claim Until Aug. 28
----------------------------------------------------------------
The court-appointed trustee for Avellaneda Flet S.R.L.'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 13, 2009.  The National Commercial
Court of First Instance in [wat town or province, usually 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 [company] and its creditors.

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

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


CHEMTURA CORP: U.S. Court Approves Contributions to Foreign Units
-----------------------------------------------------------------
Chemtura Corp. obtained approval from the Bankruptcy Court to make
intercompany loans or capital contributions to their non-Debtor
foreign subsidiaries up to the limitations set under Amendment No.
2 to the DIP Credit Facility.  The Debtors also ask the Court to
determine whether the DIP Lenders will derive a benefit from the
capital contribution sought to be made by the Debtors.

The Debtors relate that as of the end of June 2009, they have
made intercompany loans, totaling US$450,000, to the Foreign
Subsidiaries.

According to Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in
New York, the Foreign Subsidiaries represent a significant
element of the Debtors' enterprise value and the success of the
Debtors' restructuring efforts is closely tied to the fate of the
Foreign Subsidiaries.  He notes that of the Debtors'US$3.5 billion
in net sales in 2008, approximately 52% are attributable to
customers located outside of the United States; 32% to customers
in Europe and Africa; 15% to customers in Asia Pacific; and 5% to
customers in Latin America.

Mr. Cieri notes that the Debtors are currently seeking approval
of an Amendment No. 2 to their DIP Credit Facility, which among
other things provide greater flexibility to the Debtors' ability
to provide critical funding to the Foreign Subsidiaries by
allowing US$10 million of theUS$40 million foreign investment
basket to be made as equity advances, rather than loans.

The Debtors thus seek Court authorization to utilize the further
modified Foreign Investment Basket to the extent necessary to
access intercompany loans to meet immediate and urgent liquidity
needs of the Foreign Subsidiaries or to make capital
contributions to ensure that the Foreign Subsidiaries are
adequately capitalized to be permitted to operate under
applicable non-U.S. law.

According to Mr. Cieri, the Foreign Subsidiaries continue to
experience liquidity needs and therefore, the modifications to
the Foreign Investment Basket provide a valuable benefit to the
Debtors.  He adds that not only do some Foreign Subsidiaries
continue to require access to liquidity, but in some instances a
Foreign Subsidiary's needs must be met in the form of contributed
capital rather than debt in order to comply with applicable non-
U.S. law.

In order to balance the Debtors' need to access the Foreign
Investment Basket and the interest of the Official Committee of
Unsecured Creditors in monitoring its use, the Debtors propose
these uniform procedures and limitations to govern capital
contributions to be made to the Foreign Subsidiaries:

  a. The Debtors will be authorized to make a capital
     contribution to a Foreign Subsidiary without further order
     of the Court up to an amount aggregating US$2 million.

  b. For each Foreign Subsidiary in which the Debtors' Capital
     Contribution will exceed US$2 million, the Debtors will
     provide the Committee with:

        (i) the identity of the Foreign Subsidiary;

       (ii) a brief description of the Debtors' business
            justification for making the Capital Contribution;

      (iii) the most recent unaudited balance sheet for the
            Foreign Subsidiary in which the Debtors seek to make
            the Capital Contribution; and

       (iv) any other information reasonably requested by the
            Committee.

  c. The Committee will provide the Debtors with the names of at
     least two and no more than three persons who will receive
     the Foreign Investment Information.  The Foreign Investment
     Information may be sent by electronic mail.

  d. The Committee will have through 5:00 p.m. prevailing
     Eastern Time on the second business day after receipt of
     the Foreign Investment Information to review the
     information and notify the Debtors of any issue it may have
     with respect to the proposed Capital Contribution.

  e. If the Committee does not notify the Debtors of an Issue by
     the expiration of the Review Period, the Debtors will be
     permitted to make the Capital Contribution.

  f. If, however, the Committee raises an issue with respect to
     the proposed Capital Contribution before the expiration of
     the Review Period, the Debtors will use their best efforts
     to provide promptly the Committee with supplemental
     information with respect the Capital Contribution.

  g. The Committee will have through 5:00 p.m. prevailing
     Eastern Time on the second business day after receipt of
     the Supporting Documents to conduct a supplemental review
     and notify the Debtors as to whether it consents to the
     proposed Capital Contribution.

  h. If the Committee has not consented to the payment of a
     Capital Contribution by the expiration of the Supplemental
     Review Period, the Debtors will not make the requested
     Capital Contribution without further order of the Court.
     The Debtors will be permitted to seek expedited review by
     the Court with respect to any disputed Capital
     Contribution.

                        About Chemtura Corp

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales ofUS$3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


FABRICA DE RESORTES: Creditors' Proofs of Claims Due on Sept. 8
---------------------------------------------------------------
Marta Irene Nicoletti, the court-appointed trustee for Fabrica de
Resortes Vina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 8, 2009.

Ms. Nicoletti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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 comapny and its creditors.

The Trustee can be reached at:

          Marta Irene Nicoletti
          avenida Rivadavia 4526
          Buenos Aires, Argentina


FIANZAS Y CREDITO: Moody's Assigns 'B3' Global Insurance Rating
---------------------------------------------------------------
Moody's Latin America has assigned a B3 global local-currency
insurance financial strength and an A3.ar IFS rating on the
Argentine national scale to Fianzas y Credito S.A. Compania de
Seguros.  The outlook for the company is stable.

Fianzas y Credito is a relatively small surety company in
Argentina, launched in 2004 and owned by five businessmen -three
of them local shareholders.  The company distributes a wide array
of products including coverage for public construction
performance, export and import National Custom duties, and
suppliers/ inputs.

Moody's ratings reflect Fianzas' market position as one of the
leaders in the surety segment (second largest with 13% share of
gross premiums written), its adequate capitalization level
(measured by its gross underwriting leverage below 4x), and its
consistently good underwriting earnings and overall profitability
in the last few years.  Management's experience and expertise in
the surety market is another positive factor in Moody's view.

However, Fianzas's credit profile is constrained by its relatively
small absolute size, lack of diversification, weak overall asset
quality, and Argentina's poor operating environment and high
sovereign risk.  The rating agency commented that the company's
investments are mainly (85% of total) comprised of below
investment-grade instruments, typically considered as high risk
assets on a global basis.  Furthermore, Fianzas still maintains a
relatively high exposure to the Argentine monopolistic reinsurer
(called "INDER"—which is currently in liquidation), representing
about 15% of its equity as of March 31 2009.

Other credit concerns include the company's ability to maintain
its growth and market-share without diminishing its profitability
or underwriting discipline, given the fast growth it has
experienced since starting operations in 2004 (e.g. more than
tripling its production in the last four fiscal years).

Moody's said that these factors could contribute to a rating
upgrade: 1) higher investment quality with high risk assets
representing less than 60% of total investments, 2) sustained
record of strong profitability over the next few years, and 3)
significant improvement in Argentina's government bond rating and/
or operating environment.  Conversely, these could cause a rating
downgrade: 1) deterioration in the company's profitability (e.g.
combined ratio consistently above 100% and/or ROE consistently
below 10%), 2) significant and sustained increase in operating
leverage (e.g. gross underwriting leverage above 6x its
shareholders equity), or 3) significant deterioration in
Argentina's government bond rating and/or the country's operating
environment.

Based in Buenos Aires, Fianzas y Credito reported total gross
written premium of AR$52.5 million for the third quarter of
2008/09 fiscal year, ended on March 31, 2009, a 37% increase from
prior year, and net income of AR$5.5 million, a 24% improvement
from prior year.  As of March 31, 2009, the company's total assets
amounted to AR$47.1 million and its shareholders' equity to
AR$23.6 million.

NOTE: Moody's national scale insurance financial strength ratings
rank an enterprise's financial strength on a relative basis in
comparison with other firms' within the same country.  Such
ratings are designed for use at the local (national) level, and
they are not globally comparable.  For Argentine companies,
national scale ratings carry the identifier of ".ar".  In
contrast, global local-currency insurance-financial strength
ratings indicate the relative credit risk of an insurance company
on a globally comparable scale.  In the case of ratings of
insurers domiciled in a country with a speculative grade sovereign
rating, such as Argentina, these ratings are the result of several
factors: the political risk; the risk of a generalized debt
moratorium; the weakness of the legal environment or framework;
and the risk of interference in the functioning of the financial
system.  Taken together, the national scale and global local-
currency ratings provide a more comprehensive opinion about the
credit risk of the company.  Moody's insurance financial strength
ratings are opinions about the ability of insurance companies to
punctually repay senior policyholder claims and obligations.

Fianzas's A3.ar national scale rating is positioned in the middle
to upper-range of possible outcomes in the Argentine national
scale for a B3 global local currency rating.


INTERBAE SA: Proofs of Claim Verification Deadline is October 5
---------------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for Interbae
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 5, 2009.

Mr. del Potro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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 comapny and its creditors.

The Trustee can be reached at:

          Nestor Rodolfo del Potro
          Parana 552
          Buenos Aires, Argentina



YPF SA: Chinese Oil Firms Bid US$17 Billion for Firm's Stake
------------------------------------------------------------
China National Petroleum Corp. and Cnooc Ltd. have proposed paying
at least US$17 billion for Repsol YPF SA's entire stake in its
Argentine unit, YPF S.A., Aries Poon at Bloomberg News reports.
The report relates the potential deal could be the biggest
overseas investment by China.

According to the report, the potential acquisition faces
significant hurdles.  The report relates a deal could be
politically sensitive in Argentina, where YPF is the country's
leader in both upstream operations -- the exploration for and
production of oil -- and downstream operations involving oil
refining and marketing.

Dow Jones says objections could be raised if it's believed that
CNPC and Cnooc would have significant influence over Argentina's
supply and pricing of strategic natural resources.  The report
notes that the Argentine government holds no financial stake in
YPF, but has the right to veto important decisions such as a
transfer of ownership.

As reported in the Troubled Company Reporter-Latin America on
July 2, 2009, Bloomberg News said China National Petroleum Corp.
is seeking to revive a failed attempt to buy stakes in YPF S.A.
The report related CNPC's third attempt will likely face strong
political opposition in Argentina.  According to the report, CNPC
may offer to buy as much as 75% of YPF, while Chinese rival CNOOC
Ltd. is interested in a 25% stake.

According to a TCR-LA report on July 3, Bloomberg News said Chief
Executive Officer Antonio Brufau wants to cut Repsol's stake in
YPF after Argentine restrictions on natural gas exports and price
caps on crude reduced profitability.  The report related the
company also needs to raise funds for production, including in the
deepwater fields off Brazil where Brufau said last year Repsol
would spend at least US$1.5 billion developing deposits.  Repsol,
the report related, delayed a public offering of a stake in YPF in
November after paying US$15.5 billion for more than 80 percent of
YPF in 1999.  Last year Repsol sold a 15% stake in YPF SA for
US$2.2 billion to Argentine investor Enrique Eskenazi, the report
noted.

                          About YPF S.A.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.


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B E R M U D A
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CABLE & WIRELESS: LIME Embarkes on a Price War Against TeleBermuda
------------------------------------------------------------------
Cable & Wireless plc and TeleBermuda International have embarked
in a price war in a battle of supremacy to who can entice more
customers with their low rates, Bermuda Sun reports.

According to the report, Cable & Wireless has launched an
extensive ad campaign to promote their offer, with the tag "Happy
Birthday Bermuda, let's celebrate".  "Breaking the 10 cents
barrier is a major milestone for telecoms in Bermuda, which will
help individuals to keep in contact with friends and family
overseas," the report quoted Gregory Jordan, chief executive
officer of C&W Bermuda, as saying.

Bermuda Sun notes that the C&W's plan lets people call landlines
and cellphones in the U.S., Canada, India, Bangladesh and Europe
for that low rate, with rates to the Caribbean are as low as 19
cents a minute to landlines and 29 cents a minute to cellphones.
The report says the company has also slashed the price of calling
a host of other countries.

Meanwhile, the report relates TeleBermuda International offered
its own nine cents a minute "Fiesta" plan and went two cents
better on its Caribbean select plan.  "It's quite huge. C&W was
first out of the gate and that's the reason TBI did it - to stay
competitive.  We have had some queries and excitement about the
Fiesta plan.  Our plan is for residential long distance and its
good for 24 hours a day, seven days a week to both landlines and
cellphones," the report quoted Angela Ambrosini as saying.

The report adds that TBI's landline plan allows consumers to call
landlines in certain Caribbean countries for 17 cents a minute,
and customers can also telephone landlines in certain Asian
countries for as little as 24 cents per minute.

                      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.


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B R A Z I L
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CAMARGO CORREA: State Funds May Seek 9.9% Stake in Jirau
--------------------------------------------------------
Brazilian state-controlled pension funds Petros and Funcef may
place a bid for Camargo Correa SA's 9.9% in Jirau, a massive
hydropower dam project in the Amazon, Guillermo Parra-Bernal at
Reuters reports, citing Valor Economico.  The report relates
Camargo Correa is seeking to leave the consortium that controls
Jirau but stay on as the project's builder.

According to the report, Valor Economico said that Petros, the
pension fund for oil giant Petrobras and Funcef, the pension fund
for state-owned savings and loan Caixa Economica Federal, might be
ready to offer BRL300 million (US$164 million) for the Camargo
Correa stake.  The report, citing Valor, relates Funcef President
Guilherme Lacerda said the fund is considering the investment;
while Petros President Wagner Pinheiro said that Camargo Correa
stake in Jirau might be shared between the two state funds.

French engineering company GDF Suez has a majority stake of 50.1%
in Jirau's consortium Enersus, while state-controlled utilities
Eletrosul and Chesf, with 20% each.

                     About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                       *     *     *

As of June 15, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings.  The company also continues to
carry Fitch's BB LT Issuer Default Ratings.


GOL LINHAS: Posts R$354-Million Net Income in Second Quarter
------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. posted results for the second
quarter of 2009:

    * GOL's 2Q09 operating result (EBIT) was positive and
      totaled R$89.9mm, with an operating margin of 6.5%,
      versus a operating loss of R$295.3 million and a
      negative margin of 20.2% in 2Q08 and totaled
      R$105.1 million with a margin of 6.9% in 1Q09.  Despite
      the second quarter is the less favorable of the year due
      seasonality, the company achieved positive operating
      result for the fourth consecutive quarter.

    * EBITDAR margin stood at 18.6% (R$258.8 million), versus
      a negative 7.8% in 2Q08 (a negative EBITDAR of R$114.4
      million) and a positive margin of 23.7% (R$359.3 million)
      in 1Q09.

    * GOL posted a 2Q09 net income of R$353.7 million, with
      a net margin of 25.4%, versus a net loss of R$166.5
      million in 2Q08 and net income of R$61.4 million in 1Q09.

    * Operating costs and expenses totaled R$1,304.1 million
      in 2Q09, 25.9% down on 2Q08, due to: (i) the operating
      synergies, thanks to the merger of GOL and VRG's
      operations as of 4Q08, especially in the sales &
      advertising and maintenance, materials & repairs lines,
      (ii) the reduction in the average jet fuel price,
      partially offset by the period exchange devaluation.  In
      comparison with 1Q09, operating costs and expenses fell
      by 7.6%, thanks to the average Dollar devaluation against
      to the Real of 10.3% and also by the capture of
      operational synergies.

    * On June 30, GOL entered into a partnership with Bradesco
      and Banco do Brasil for the issue and management of
      co-branded credit cards, enabling the banks to issue
      credit cards under the SMILES brand.  As part of the
      agreement, GOL will receive around R$255.0 million
      (R$104 million of which already received in June 2009)
      from the sales of SMILES miles to the two institutions,
      the banks' right to access and use its database and a
      share in the revenue generated by the cards.
    * GOL is continuing to restructure its cash and cash
      equivalents, which totaled R$613.7 million in 2Q09,
      55.5% up on the R$394.6mm recorded in the previous
      quarter.  The company intends to achieve a balance of
      at least R$800mm by the end of 2009 and R$1.2 billion by
      the close of 2010, representing approximately 13%
      and 19%, respectively, of last-12-month net revenue.
      The increase was due to a series of initiatives
      implemented by the Company with this in mind, including
      the capital increase announced in March 2009 and
      completed during the second quarter, the debenture issue
      and the partnership involving the co-branded SMILES cards.

    * In line with its strategy of combining the renovation
      of its fleet with the disciplined growth of its seat
      supply, GOL concluded the following operating agreements
      and initiatives:

          a) Agreement with Boeing to reschedule the delivery
             of 20 Boeing 737 Next Generation aircraft from
             between 2010 and 2012 to between 2010 and 2014.
          b) Sub-leasing of two 737-800s to a European
             airline, with return scheduled for October 2009.
          c) Replacement of a 767-300 with a 737-800 in April,
             leaving six wide-body aircraft currently out of
             commission, two of which are currently under sub-
             leasing negotiations (sub-lease and wet-lease).
          d) Delivery of three 737-800NGs (two of which SFPs)
             as part of the 737-700 and 737-800 fleet
             standardization, which aims to replace all
             remaining 737-300s in 2009.

    * As a result of the above, GOL closed the quarter with
      an operational fleet of 110 operational aircraft and a
      total fleet of 124 aircraft comparing to 107 and 120
      in 1Q09, respectively.  The Company estimates to reach
      the end of 2009 with 108 aircraft in its operating fleet.

    * During the quarter, GOL signed two important code share
      agreements, the first with AirFrance-KLM in April and
      the second with American Airlines in July.  The
      agreements are part of GOL's strategy of seeking
      partnerships with the most important airlines in the
      long-haul segment, thereby generating more value for its
      clients, who can use their SMILES miles to travel to
      the most varied destinations around the world, while at
      the same time encouraging clients of the partner
      companies to fly with GOL.

    * In April, GOL strengthened its e-commerce platform by
      introducing car rental and insurance sales with GOL
      ticket purchase, creating new opportunities of sales
      and ancillary revenue.

    * Also in April, the Company launched Gollog Express,
      a new GOLLOG product line designed to meet growing demand
      in the express cargo market, offering door-to-door
      deliveries with previously defined deadlines.  Express
      delivery services are currently experiencing the largest
      growth rates in the cargo transport segment.

                           About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. ?- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As of May 19, 2009, the company continues to carry Moody's B1
long-term corporate family ratings.  The company also continues to
carry Fitch's B+ Issuer Credit Ratings and B Senior Unsecured
Rating and Preferred Stock ratings.


JBS SA: Cut to “Hold” at Santander on Slowing Demand & IPO
----------------------------------------------------------
JBS SA was cut to “hold” from “buy” yesterday, August 11, at Banco
Santander SA on the outlook U.S. demand is “sluggish” and that the
initial offering of shares of its U.S. unit will lead to
acquisitions, Paulo Winterstein at Bloomberg News reports.

“We are downgrading JBS on valuation and our concern that sluggish
beef and pork demand in the U.S. appears to be partly offsetting
synergy gains from Smithfield Beef,” New York-based analyst
Alexander Robarts wrote in a note obtained by the news agency.
The planned US$2 billion IPO of JBS USA Holdings Inc. will
“likely” lead to the purchase of a rival, “leaving open the
question of price discipline,” Mr. Robarts added.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Reuters said JBS USA Holdings Inc., a unit of JBS
SA, filed for an initial public offering of up to US$2 billion on
the New York Stock Exchange.  Bloomberg News related that JBS USA
also plans to sell Brazilian depositary receipts.  JBS USA,
Reuters noted, said it plans to use the IPO's proceeds for
"substantial investments in order to significantly expand our
direct distribution."

Meanwhile, Bloomberg News relates Mr. Robarts also said that U.S.
demand is “softening,” which may lead to fewer cost savings from
JBS’s takeover of Smithfield Foods Inc.’s beef unit.  The report
relates that Mr. Robarts added prices have recovered from lows in
the first quarter yet are still trading below 2008 levels, which
will likely lead to narrower margins for the company.

                          About JBS SA

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

                         *      *     *

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


TAM SA: Signs Codesharing Agreement With Air China
--------------------------------------------------
TAM SA and Air China will begin operating codeshare flights that
connect Sao Paulo and Beijing this month.  The agreement will
provide greater comfort and convenience to passengers of both
companies.

Departing from Brazil on TAM, passengers will be able to purchase
tickets to Beijing, with a connection in Madrid's Barajas
International Airport.  There, they will have the services and
support of Brazilian TAM personnel to make connections on flights
operated by Air China, which will use the code JJ to Beijing.

From the Chinese capital to here, Air China passengers will have
the same benefits in creating their itineraries, also making a
connection in the Spanish capital for our direct flight to Sao
Paulo.

For TAM, the partnership is very strategic.  "This is the first
agreement we have made with an Asian company, a fact made more
significant by being made with a company that has such an
extensive network and high service standard as Air China, our Star
Alliance partner," states Paulo Castello Branco, TAM's Commercial
and Planning Vice President.

"TAM is a new member of the Star Alliance.  We are happy to
establish this partnership with them, which lets the passengers
travel more comfortably with our own operations or with codeshare
partners," says Zhang Lan, Air China's Vice President.

                        About TAM SA

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

                          *     *     *

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


* BRAZIL: Itau Unibanco Sees Unsustainable Public Bank Rates
------------------------------------------------------------
Lending rates by public banks in Brazil have fallen faster than at
private-sector banks, but the levels currently charged on loans
are not sustainable, Aluisio Alves at Reuters reports, citing
Chief Executive of Itau Unibanco Roberto Setubal.

According to the report, Brazilian banking spreads have fallen a
lot in the past months, particularly after government measures
that included urging public banks such as Caixa Economica Federal
and Banco do Brasil to reduce borrowing costs on many loans.

"The rates that are being charged are not sustainable in many
cases," the report quoted Mr. Setubal as saying.

                           *     *     *

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


* BRAZIL: 2009 Inflation to Slow to 4.4%, Analysts Say
------------------------------------------------------
Brazil’s annual inflation rate is likely to remain below the
central bank’s target this year and next because of slower
economic growth and a stronger currency, Andre Soliani at
Bloomberg News reports, citing a weekly central bank survey of
economists.

According to the report, citing the median forecast in an Aug. 7
central bank survey of about 100 economists published, consumer
prices will rise 4.4% this year, compared with 4.5% forecast a
week earlier.  The report relates the survey showed that next
year, the benchmark IPCA price index will rise 4.32%.

Brazil’s real has rallied 26% against the dollar in 2009 helping
ease domestic inflation pressures, Roberto Padovani, chief
strategist with Banco WestLB in Sao Paulo, told the news agency in
an interview.  Slower economic growth, which has trimmed domestic
demand, is also helping cap consumer prices, Mr. Padovani added.

The report notes Mr. Padovani added that inflation in likely to
quicken in 2011, fueled by faster economic growth and higher
commodity prices.

                           *     *     *

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


* BRAZIL: Agribusiness Exports Much Better than Anticipated
-----------------------------------------------------------
Brazil's current scenario for agriculture is much better than the
forecasts made in late 2008, Brazzil Magazine News reports, citing
Agriculture Minister Reinhold Stephanes.

According to the report, Mr. Stephanes said that the depreciation
of the Brazilian real against the dollar greatly exceeded the
reduction of prices of agricultural commodities on the foreign
market, stimulating the growth of the volume exported by 4.5% in
the first months of the year.  "The balance should continue
positive in 2009, as Brazil is the main net exporter of
agricultural products in the world and the value of exports is six
times the value of imports," Mr. Stephanes was quoted by the
report as saying.

The report notes Mr. Stephanes said that among the priorities of
the ministry up to the end of the year, is the expansion of
Brazilian agribusiness on the international market, mainly in the
livestock sector.  It is also necessary to improve trade relations
with China, with whom Brazil is negotiating the authorization for
the sale of pork, as is the case with Japan, Mr. Stephanes added.

Mr. Stephanes, the report relates, said that the government should
also closely accompany the mechanisms for the trade of wheat,
which should start being harvested next month.   The report says
the target, up to 2012, is to reach production of around 60% of
the needs of the population, which should reach around 11 million
tons of wheat this year.

                           *     *     *

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


ABSOLUTE RETURN: Members to Receive Wind-Up Report on September 3
-----------------------------------------------------------------
The members of Absolute Return Management (ARM) SPC will hold
their final meeting on September 3, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ALTERNATIVE: Shareholders to Hear Wind-Up Report on Sept. 1
-----------------------------------------------------------
The shareholders of The Alternative Strategies Fund will hold
their final meeting on September 1, 2009, at 8:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CUMULUS WEATHER: Shareholders to Hear Wind-Up Report on Aug. 20
---------------------------------------------------------------
The shareholders of Cumulus Weather Fund I 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


CUMULUS WEATHER: Shareholders to Hear Wind-Up Report on Aug. 20
---------------------------------------------------------------
The shareholders of Cumulus Weather Master Fund I 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


FERTINITRO FINANCE: Moody's Junks Ratings onUS$250 Mil. Bonds
------------------------------------------------------------
Moody's Investors Service has downgraded the rating on Fertinitro
Finance Inc.'s US$250 million of senior secured bonds to Caa2 from
B3.  The outlook remains negative.  The downgrade reflects the
U$33 million draw the project made on its debt service reserve
account in April, which left the project with a total of less than
US$30 million in cash, and its failure to replenish a meaningful
amount of that draw in June as the company projected it would as
recently as the middle of that month.  The draw on the debt
service reserve was much larger than the US$7.5 million draw that
was anticipated when the project's outlook was revised to negative
in March.  The company currently anticipates fully utilizing its
remaining debt service reserves in conjunction with its next debt
service payment in October, which it currently projects will leave
it with less than US$9 million in its operating account.  The
negative outlook considers the possibility of a payment default in
October if the company falls short of its forecasts again.  In
addition, a new Venezuelan petrochemical law both reduces the
likelihood of sponsor support in the event of a cash flow
shortfall and lowers expected recovery values in the event of a
default in Moody's opinion.  However, Moody's note that the
forecast appears to be based on relatively conservative pricing
assumptions and given the pricing volatility of its outputs the
project could potentially outperform current expectations, as it
has done in the past.

The deterioration in the project's financial performance is a
result of a sharp drop in prices for ammonia and urea.  The
average realized price per metric ton of ammonia in the first half
of this year was less than US$200, down from US$506 in 2008.  Over
the same period, average urea prices fell to US$240 from US$416 in
2008.  While both ammonia and urea prices spiked in 2008, prices
for both during the first half of 2009 were below 2007 levels
(US$290 and US$279 respectively) as well.  In the company's most
recent monthly forecast, prices were projected to remain at
depressed levels for the rest of the year, though they were
expected to pick up somewhat in the September-October timeframe.
The issuer currently reports that pricing is trending upward, but
this has not been substantiated.  Moody's estimates that if urea
and ammonia prices average justUS$18/ton, or 9.1% on a weighted
average basis, less than currently forecast, the project could
burn through the rest of its forecast operating account balance by
the end of October, which would leave it with insufficient funds
to make its scheduled debt service payment.

Furthermore, Moody's note that the company's current forecast
anticipates a significant improvement in operating performance,
which Moody's believe will be challenging for it to achieve given
its recent history.  Failure to achieve this projected improved
performance could also put pressure on the project's ability to
make its next debt service payment.  The projected capacity factor
of 92% for July to December would result in a capacity factor of
88% for the year.  The project was able to exceed this level in
2006.  However, in the past two years its capacity factor fell two
82% and 76% respectively, though a portion of this decline was
attributable to extrinsic events (primarily power outages).
Moody's note that current projections anticipate the deferral of
US$5 million of the US$25 million in capital expenditures that had
initially been budgeted for this year.  While this will enable the
company to conserve some cash, these investments were intended to
help resolve some of the operating problems the company has
encountered in the past and thus increases the likelihood that
these problems could recur.

On June 16, the Venezuelan Congress enacted a new Organic Law for
Petrochemical Activities that requires that all newly formed
enterprises involved in petrochemicals be at least 50% owned by
the government.  The issuer is of the opinion that is not affected
because it was formed prior to passage of the law, which it
asserts does not apply retroactively, nor does it believe that the
law forces the transfer of shares or contemplates the
nationalization of pre-existing joint-ventures.  However, the law
is quite broadly written and remains subject to interpretation,
implementation, and enforcement.  Given the government's history
of nationalization of enterprises in other sectors of the economy,
and its past actions relating to the mandated diversion of
Fertinitro's output to the domestic market at below-market prices,
the law increases the level of political risk and uncertainty
faced by the project.  In Moody's opinion, this reduces the
likelihood that the project's non-governmental sponsors, which
together own 65% of the project, will provide financial support in
the event of a shortfall in cash flows and also reduces the
expected recovery value in event of default.

The last rating action with respect to Fertinitro was on March 24,
2009 when the outlook was revised to negative.

Fertinitro's rating was assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Fertinitro's core industry and Fertinitro's rating is
believed to be comparable to those of other issuers of similar
credit risk.

Fertinitro Finance Inc. is a financing vehicle incorporated in the
Cayman Islands, whose debt is secured by Fertilizantes
Nitrogenados de Venezuela, Fertinitro, C.E.C. ("Fertinitro"),
aUS$1.1 billion integrated fertilizer project located in
Venezuela.  The project, which was completed in 2001, consists of
two ammonia and two granular urea plants at the Jose Petrochemical
Complex in Jose, Venezuela.  The project monetizes surplus
associated gas from oil production in Venezuela, to be supplied by
PDVSA Gas.  Production capacity is approximately 1.4 million
metric tons of urea and 1.3 million tons of ammonia annually,
though approximately 67% of the plant's ammonia output is used to
produce urea.  Ammonia and urea are primarily used as agricultural
fertilizers.


INVESTCORP: Shareholders to Hear Wind-Up Report on Sept. 21
-----------------------------------------------------------
The shareholders of Investcorp Mini-Fund 9 Limited will hold their
final meeting on September 21, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920


MARATHON ENERGY: Members to Receive Wind-Up Report on August 21
---------------------------------------------------------------
The members of Marathon Energy Nigeria will hold their final
meeting on August 21, 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.


OLD MUTUAL: Shareholders to Hear Wind-Up Report on September 14
---------------------------------------------------------------
The shareholders of Old Mutual European Statistical Arbitrage Fund
Limited will hold their final meeting on September 14, 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:

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


PRYMUS HOLDINGS: Shareholders to Hear Wind-Up Report on August 21
-----------------------------------------------------------------
The shareholders of Prymus Holdings Limited will hold their final
meeting on August 21, 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:

          Verduro Associated Limited
          Pasea Estate, Road Town
          Tortola, British Virgin Islands
          Blue Seas Administration Limited
          Bahamas Financial Centre
          Shirley & Charlotte Streets, Nassau, Bahamas


RE LTD: Shareholder Receives Wind-Up Report
-------------------------------------------
On August 10, 2009, the shareholder of RE Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Matthew Mulry
          Telephone: (345) 815 1761
          Facsimile: (345) 949 1986


RISING ASSET: Shareholders to Hear Wind-Up Report on Aug. 20
------------------------------------------------------------
The shareholders of Rising Asset Management Company Ltd. will hold
their final meeting on August 20, 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:

         Wang Qiang
         Suites 802 – 803, 8/F.
         The Hong Kong Club Building
         3A Chater Road, Central, Hong Kong
         Tel: 852-25235891
         Fax: 852-25235993


TT EVENT-DRIVEN: Members' Final General Meeting Set for August 17
-----------------------------------------------------------------
The members of TT Event-Driven Fund Limited will hold their final
general meeting on August 17, 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:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


TT EVENT-DRIVEN: Members' Final General Meeting Set for August 17
-----------------------------------------------------------------
The members of TT Event-Driven Alpha Fund Limited will hold their
final general meeting on August 17, 2009, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


TT LONG/SHORT: Members' Final General Meeting Set for August 17
---------------------------------------------------------------
The members of TT Long/Short Japan Alpha Fund Limited will hold
their final general meeting on August 17, 2009, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


VLASOV GLOBAL: Shareholders to Receive Wind-Up Report on August 17
------------------------------------------------------------------
The shareholders of Vlasov Global Securities Corporation will hold
their final meeting on August 17, 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:

          Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


VLASOV MARINE: Shareholders to Receive Wind-Up Report on August 17
------------------------------------------------------------------
The shareholders of Vlasov Marine Holdings Corporation will hold
their final meeting on August 17, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


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


JAMAICA PUBLIC SERVICE: Customers Complain on Power Supply
----------------------------------------------------------
Jamaica Public Service Company Limited's customers are complaining
that the company's inconsistencies in the firm's power supply are
affecting residents' appliances & businesses, RadioJamaica
reports.  The report relates the residents said that for some
time, there have been electricity shortages and sometimes outright
power cuts in some sections of the community.  They have had to
unplug their appliances for fear of losing them, the residents
added.

According to the report, an unnamed resident said one shop was
forced to dispose of several pounds of meat which spoilt because
of the power outages.

RadioJamaica says the residents are calling on the Member of
Parliament Edmund Bartlett to make representation on their behalf
as the situation has become unbearable.  The report relates they
claim that at this point, they are worried about their lives as it
is uncertain if or when there could be a fire as a result of the
constant fluctuations in their power supply.

                        About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


GLEANER COMPANY: Makes 25 More Jobs Redundant
---------------------------------------------
The Gleaner Company said it has been forced to make 25 more
positions redundant because of the continued decline and
uncertainty in the economic environment, and the resultant
pressure on the company's financial performance, RadioJamaica
reports.  The report relates the last redundancy exercise was
carried out in January.

According to the report, the company claims that it will make the
cuts through three options, Voluntary Redundancy, Early
Retirement, and Involuntary Redundancy.  The report relates The
Gleaner has also told its employees that any of them wishing to be
considered for voluntary redundancy or early retirement, should
apply in writing to the Industrial Relations Manager.

According to the report, the company said in order to remain
financially viable, it will not only cut staff, but carry out
other cost containment exercises.

The company, citing a filing in the Jamaica Stock Exchange, posted
a loss of JM$104,346,000 in the year ended December 31, 2008, from
a profit of JM$300,996 in the same period a year earlier.

                         About The Gleaner

The Gleaner Company is a newspaper in Jamaica that first came out
on September 13, 1834.  The Gleaner is the oldest newspaper in the
Caribbean currently being published.


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


ALESTRA S: Discloses Preliminary Results of 2010 Notes Offer
------------------------------------------------------------
Alestra, S. de R.L. de C.V. disclosed that, as of 5:00 p.m., New
York City time, on August 7, 2009, of the $193,182,875 aggregate
principal amount outstanding of the Company's 8% Senior Notes due
2010, CUSIP No. 01446PAG9, US$67,444,620 in aggregate principal
amount of the Notes had been tendered and not withdrawn pursuant
to its cash tender offer for the Notes announced on July 27, 2009.
The Tender Offer is being made upon the terms and subject to the
conditions set forth in the Company's Offer to Purchase and in the
related Letter of Transmittal.

The total consideration that will be paid for each US$1,000
outstanding principal amount of Notes validly tendered prior to
5:00 p.m., New York City time, on the Early Participation Date and
accepted for payment will be US$1,012.50.  The Total Consideration
includes an early participation payment of US$2.50 per US$1,000
outstanding principal amount of Notes.

For settlement purposes, the Total Consideration and the Offer
Price will be calculated based upon the original principal amount
of the Notes accepted for tender multiplied by a scaling factor of
0.635, which reflects the current principal amortization of the
Notes.

The withdrawal date relating to the Tender Offer occurred at 5:00
P.M., New York City time, on the Early Participation Date.  Notes
previously tendered and Notes that are tendered after such date
may not be withdrawn.  Notes that are tendered after such date and
on or prior to 12:00 midnight, New York City time, on Friday,
August 21, 2009 will receive the offer price of US$1,010 per
US$1,000 outstanding principal amount of Notes, and will not
receive the Early Participation Payment that is payable to Holders
that tendered their Notes prior to the expiration of the Early
Participation Date.

In addition to the Total Consideration or Offer Price, as
applicable, Holders whose Notes are purchased pursuant to the
Tender Offer will also receive accrued and unpaid interest from
the last interest payment date preceding the Tender Offer to, but
not including, the applicable Settlement Date.

The "Settlement Date" for (i) Notes validly tendered and not
validly withdrawn prior to the Early Participation Date, will be a
date promptly after consummation of an offering of new notes that
will provide proceeds to consummate the Tender Offer which the
Company currently anticipates will be on or about Wednesday,
August 12, 2009, and (ii) Notes validly tendered after the Early
Participation Date and prior to the Expiration Date, will be a
date no later than three business days after the Expiration Date
or promptly thereafter.

The Tender Offer is made upon the terms and subject to the
conditions set forth in the Offer to Purchase and is subject to
certain conditions, including, among others, a financing condition
that requires that an offering of new notes be consummated and
result in the receipt by the Company of net proceeds on terms and
conditions satisfactory to the Company and in an amount that would
be sufficient to consummate the Tender Offer.

The Company expressly reserves the right in its sole discretion,
subject to applicable law, at any time or from time to time, to
(1) waive any and all conditions to the Tender Offer prior to
12:00 midnight, New York City time, on the Expiration Date and
accept all Notes previously tendered pursuant to the Tender Offer,
(2) extend the Early Participation Date or the Expiration Date and
retain all Notes tendered pursuant to the Tender Offer, subject to
the withdrawal rights of Holders as described in the Offer
Documents, (3) amend the terms of the Tender Offer in any respect,
and (4) terminate the Tender Offer and not accept for purchase any
tendered Notes. Any amendment applicable to the Tender Offer will
apply to all Notes tendered pursuant to the Tender Offer.

Notes tendered and not subsequently withdrawn prior to 5:00 p.m.,
New York City time, on the Early Participation Date and Notes
tendered after 5:00 p.m., New York City time, on the Early
Participation Date and prior to 12:00 midnight, New York City
time, on the Expiration Date may be withdrawn only if the Company
reduces the amount of the Offer Price, the Early Participation
Payment or the principal amount of Notes subject to the Tender
Offer or is otherwise required by applicable law to permit
withdrawal. Under such circumstances, previously tendered Notes
may be validly withdrawn until the expiration of 10 business days
after the date that notice of such reduction or requirement is
first published or given or sent to Holders by the Company.
Further, tendered Notes may be validly withdrawn if the Tender
Offer is terminated without any Notes being purchased thereunder.
In the event of a termination of the Tender Offer, the Notes
tendered pursuant to the Tender Offer will be promptly returned to
the tendering Holders.

The Company has retained Citigroup Global Markets Inc. and Morgan
Stanley & Co. Incorporated to act as Dealer Managers for the
Tender Offer and D.F. King & Co., Inc. to act as the Tender Agent
and Information Agent for the Tender Offer.

                     About Alestra S. de R.L

Alestra S. de R.L. de C.V. is a Mexican telecommunications
company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 11, 2009, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Alestra S. de R.L. de C.V.


CEMEX SAB: Equity Issuance Raises Doubt on Plan Viability
---------------------------------------------------------
CEMEX, S.A.B. de C.V.'s restructuring is likely to carry a large
fee and the company will likely have to issue new shares under the
plan,  Michael O'Boyle and Gabriela Lopez at Reuters report,
citing Deutsche Bank analyst Dan McGoey.

"Cemex had outlined as a key risk that an equity issuance would
likely be a component of its current refinancing initiative . . .
The most crucial variable is the magnitude of equity issuance
creditors require in exchange for full support," Mr. McGoey wrote
in a note obtained by the news agency.

As reported in the Troubled Company Reporter-Latin America on
August 11, 2009, Bloomberg News said that CEMEX SAB won support
for a plan to refinance its debt from all affected creditors and
is now in the documentation phase.  According to the report, Cemex
has said the agreement will push maturities on the debt to 2014,
with some payments due before that date, and may include the sale
of new shares.  The plan would also contain restrictions on
acquisitions, investments and other actions, the company added.

According to a TCRLA report on July 1, 2009 Cemex SAB said it
continues to make significant progress with its core banks that
represent a majority of the Company's outstanding bank debt.  The
report related Cemex presented its refinancing proposal to the
Company's full syndicate of banks with a revised maturity schedule
on a new facility encompassing US$14.5 billion in bank debt that
would run through February 2014.  The company said that this
revised schedule would shift 2009-2011 maturities substantially
into the future.

According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report said one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.
Bloomberg News related that Cemex is in negotiations with Banco
Santander SA and Banco Bilbao Vizcaya Argentaria SA's Bancomer
unit on loans to help it cover debt obligations due this year.

According to a TCR-LA report on March 11, Bloomberg News said
Cemex started discussions with banks to renegotiate about US$14.5
billion of debt after postponing its bond sale.  At the end of
December, Cemex had total debt of US$18.8 billion, the report
noted.  According to Reuters, Cemex has been slammed by debt
problems after its ambitious Rinker takeover in 2007, slumping
sales, and losses on derivatives amid turmoil caused by the global
credit crisis.

                       About Cemex, S.A.B.

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings placed on 'Rating Watch Evolving',
Cemex's ratings, including its 'B' Foreign currency Issuer Default
Rating, and 'B' Local currency IDR.


MERIDIAN AUTOMOTIVE: Voluntary Chapter 7 Case Summary
-----------------------------------------------------
Debtor: Meridian Automotive Systems, Inc.
        aka American Bumper & Mfg. Co.
        fka Meridian Automotive Systems, Inc.
        fka Meridian Automotive Systems (Delaware), Inc.
        999 Republic Drive
        Allen Park, MI 48101

Bankruptcy Case No.: 09-12806

Debtor-affiliates filing separate Chapter 7 petitions:

        Entity                                     Case No.
        ------                                     --------
Meridian Automotive Systems - Angola Operations    09-12807
Meridian Automotive Systems - Composites Operation 09-12808
Meridian Automotive Systems - Construction, Inc.   09-12809
Meridian Automotive Systems - Detroit Operations   09-12810
Meridian Automotive Systems - Grand Rapids
Operation                                         09-12812
Meridian Automotive Systems - Heavy Truck
Operation                                         09-12813
Meridian Automotive Systems - Mexico Operations    09-12814
Meridian Automotive Systems - Shreveport Operation 09-12816

Type of Business: Meridian supplies technologically advanced
                  front and rear end modules, lighting, exterior
                  composites, console modules, instrument panels
                  and other interior systems to automobile and
                  truck manufacturers.  Meridian operates 22
                  plants in the United States, Canada and Mexico,
                  supplying Original Equipment Manufacturers and
                  major Tier One parts suppliers.

                  See http://www.meridianautosystems.com/

Chapter 11 Petition Date: August 7, 2009

Court: District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtors' Counsel: John D. McLaughlin, Jr., Esq.
                  Young, Conaway, Stargatt & Taylor LLP
                  The Brandywine Bldg., 17th Floor
                  1000 West Street
                  P.O. Box 391
                  Wilmington, DE 19899-0391
                  Tel: (302)-571-6600
                  Fax: (302) 576-3316
                  E-mail: bankfilings@ycst.com
Debtors'
Co-Counsel:       Foley & Lardner LLP

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million

A copy of Meridian's schedules of assets and liabilities and
statement of financial affairs, filed simultaneous to its
bankruptcy petition is available for free at:

          http://bankrupt.com/misc/MERIDIAN_SALS.pdf
          http://bankrupt.com/misc/MERIDIAN_SOFA.pdf

Meridian's petition was signed by Richard E. Newsted, president
and chief executive officer.


NII HOLDINGS: Moody's Assigns Corporate Family Rating at 'B2'
-------------------------------------------------------------
Moody's Investors Service assigned first time ratings to NII
Holdings, Inc., including a B2 corporate family rating, B2
probability of default rating, and SGL-1 liquidity rating
indicating good liquidity.  Additionally, Moody's rated B1 (LGD3,
39%) the company's anticipated US$500 million senior unsecured
note offering expected to be issued through NII Capital Corp, a
subsidiary of NII, and to be used for general corporate purposes
including expansion of the company's wireless network.  The
outlook is stable.

NII's B2 corporate family rating reflects the company's relatively
strong operating performance in recent years, moderately leveraged
capital structure (approximately 2.9x Moody's adjusted and pro
forma for the new issuance as of the LTM period ended Q2'09) and a
liquidity profile that offers the company financial flexibility to
pursue strategic objectives despite the challenging macroeconomic
environment.  However, the B2 rating also reflects NII's small
size and market position across its operating regions, the
presence of substantially larger, better funded competitors
capable of disrupting NII's niche market positions, and ongoing
technology risk associated with the company's dependence on
Motorola Inc.'s integrated Digital Enhanced Network technology.

Moody's believes the current macroeconomic environment will likely
prove to be a particularly important test of the quality of the
NII brand and the importance its subscribers place on access to
Push-to-Talk services.  Moody's notes that NII's post-pay plans
are typically more expensive than those found in the pre-pay
market (ARPU levels exceed US$50 on average) and are likely to
face significant downward pricing pressure should regional
economies perform worse than anticipated.

These ratings were assigned:

NII Holdings Inc.

* Corporate family rating: B2
* Probability of default rating: B2
* Speculative grade liquidity rating: SGL-1

NII Capital Corp

* US$500 million (proposed) senior note offering due 7years, B1
  (LGD3, 39%)

The individual debt instrument rating was determined using Moody's
Loss Given Default Methodology and reflects the expected size and
positioning of the issuance within NII's capital structure.  This
is the first time that Moody's has rated NII.

NII's credit metrics and liquidity position are consistent with
higher rated Telecom peers; however Moody's believes these metrics
are intermediate in nature.  The company is close to completing
network expansion activities in its core markets but will likely
opportunistically pursue spectrum acquisitions to develop new
services and expand into new regions in an attempt to capitalize
on the healthy growth opportunities in the region.  In addition,
Moody's is concerned that the company may reengage shareholder-
friendly financial policies should growth prospects diminish.

The stable outlook is based on Moody's expectation that NII will
continue to face ongoing macroeconomic pressure but will manage
through the downturn supported by its financial resources and the
relatively favorable characteristics of the company's operating
regions.

With headquarters in Reston, Virginia, NII is an international
wireless operator with subscribers in Mexico, Brazil, Argentina,
Peru, and Chile.  NII had approximately 6.7 million largely post-
pay, business subscribers in those four countries and generated
US$4.2 billion in revenue for the LTM period ended Q2'09.


NII HOLDINGS: S&P Assigns Corporate Credit Rating at 'B+'
---------------------------------------------------------
Standard & Poor's Rating Services said it assigned its 'B+'
corporate credit rating to Reston, Virginia-based wireless carrier
NII Holdings Inc.  S&P expects total debt outstanding to be
aboutUS$2.8 billion.  The outlook is stable.

Additionally, S&P assigned a 'BB-' issue-level rating to
intermediate holding company NII Capital Corp.'s proposed
US$500 million senior notes due 2016, one notch above the
corporate credit rating on NII.  The recovery rating is '2',
indicating expectations for substantial (70-90%) recovery in the
event
of payment default.  Although numerically S&P's analysis indicates
recovery in the 90%-100% range, S&P has capped the recovery rating
at '2' based on S&P's assessment of the "creditor-friendliness" of
the insolvency regimes for countries in which the company conducts
its operations.  The notes are being issued under rule 144A with
registration rights and proceeds will be used for general
corporate purposes, including the funding of expansion projects in
Latin America and potential spectrum acquisitions.

S&P also assigned a 'B+' issue-level rating to NII's US$1.2
billion senior unsecured convertible notes due 2012 and US$350
million senior unsecured convertible notes due 2025.  The recovery
rating is '4' for both issues, indicating expectations for average
(30%-50%) recovery in the event of payment default.

"The ratings reflect competitive wireless industry conditions, and
exposure to sovereign, regulatory, and foreign exchange risks,
which could hurt financial performance," said Standard & Poor's
credit analyst Allyn Arden.  They also reflect technology risk
associated with the company's dependence on Motorola Inc.'s
(BB+/Stable/--) unique integrated digital enhanced network as well
as expectations for negative net free cash flow over the next year
because of aggressive expansion plans.  Tempering factors include
NII's niche business focused on high average revenue per user and
low churn corporate customers, some geographic diversity, adequate
liquidity, and moderate leverage.



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


POPULAR LIFE RE: AM Best Downgrades Financial Strength to B (Fair)
------------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
(Fair) from B+ (Good) and issuer credit rating to "bb" from "bbb-"
of Popular Life Re (San Juan, Puerto Rico).  The outlook for both
ratings has been revised to negative from stable.  Popular Life Re
is a life reinsurance subsidiary of Popular Inc, a publically
traded bank holding company based in Puerto Rico.

The rating downgrades reflect that the weakening financial
condition of Popular Inc. has pressured the ratings of Popular
Life Re.  In particular, consolidated asset quality has weakened
as nonperforming loans increased significantly during second
quarter 2009, despite higher charge-offs recorded during the same
period.  In addition, capitalization relative to loan quality has
deteriorated because of the previously noted increases in
nonperforming assets and the associated net loss.  A.M. Best
expects that economic stresses experienced in Puerto Rico will
pressure the pace of improvement over the medium term.

Partially offsetting these rating factors are Popular Life Re's
favorable statutory operating earnings in recent years and the
maintenance of solid capitalization ratios.  A.M. Best believes
the operations of Popular Life Re represent an extension of
Popular Inc's well established insurance agency business, which
operates under the brand Popular Insurance.  Popular Life Re
reinsures a portion of credit policies on consumer loans
originated at Banco Popular de Puerto Rico, as well as personal
accident and health policies for several major U.S insurance
carriers.  Premium volume may improve once the local economy
improves and loan origination activity increases.


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



BRITISH WEST: Shareholders Seek to Resolve Dispute With SEC
-----------------------------------------------------------
Defunct Airline British West Indies spokesman for the minority
shareholders Group, Peter Permell, wants the courts to finalize
the current feud between the Securities and Exchange Commission
and the group, The Trinindad and Tobago Express reports.  The
report relates Mr. Permell is urging the SEC to not interpret the
2005 Securities Industry (Take-Over) By-Laws as doing so will set
a "dangerous precedent for the country".

According to the report, Mr. Permell said the minority
shareholders voted unanimously to take the SEC to court after the
Commission cited the rules of the 2005 by-laws as the reason for
it being unable to intervene in the matter between the Government
of the Trinidad and Tobago and the minority shareholders.  The SEC
claimed that because BWIA was no longer a listed company on the
stock exchange, the provisions of the SEC does not apply to the
Government, Mr. Permell added.

However, the report notes that Mr. Permell said his lawyers wrote
to the commission a second time seeking clarification.  "We then
received a rather terse reply from them asserting that they have
already addressed the questions raised by our lawyers," the report
quoted Mr. Permell as saying.  "What they are saying is
potentially dangerous because it means that minority shareholders
across the country have no recourse if a publicly listed company
is de-listed and then goes under," Mr. Permell explained.

As reported in the Troubled Company Reporter-Latin America on
August 11, 2009, Trinidad Express said that the SEC said it is not
their responsibility to help British West Indies' minority
shareholders get what they have termed a "fair price" for their
stock in the airline.  The report related SEC Commissioner Francis
Lewis said the Commission had no issues acting as a facilitator
for dialogue on the matter, however, "the role of the SEC is not
to decide on the value (of shares)."  According to the report, Mr.
Lewis said the country's laws provided a clear route which the
aggrieved shareholders could take to get the courts to decide on a
fair price.

                    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.


                            ***********

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.


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