TCRLA_Public/090814.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

             Friday, August 14, 2009, Vol. 10, No. 160

                            Headlines

A R G E N T I N A

ASOCIACION CIVIL: Creditors' Proofs of Debt Due on October 5
BELLUZZO CONSTRUCCIONES: Creditors' Proofs of Debt Due on Sept. 11
DISTRI SIXMA: Trustee Verifying Proofs of Claim Until Sept. 25
FALCON E HIJOS: Asks for Opening of Preventive Contest
GOLOSINAS ACEVEDO: Creditors' Proofs of Debt Due on September 7

PACIFIC TRADING: Creditors' Proofs of Debt Due on October 9
SOUTH LINK: Creditors' Proofs of Debt Due on Sept. 30
SUDAMERICANA DE SELLOS: Creditors' Proofs of Debt Due on August 4
TRANSPORTE FRIO: Creditors' Proofs of Debt Due on October 19
TUBOTILENO SRL: Creditors' Proofs of Debt Due on September 2


B E R M U D A

OZ ALPHA: Creditors' Proofs of Debt Due on August 19
OZ ALPHA: Members to Receive Wind-Up Report on September 7
OZ BETA: Creditors' Proofs of Debt Due on August 19
OZ BETA: Members to Receive Wind-Up Report on September 7
PACKETEXCHANGE (BERMUDA): To Receive Proofs of Debt Until Aug. 19

PACKETEXCHANGE (BERMUDA): Members' Meeting Set for September 9


B R A Z I L

AES CORP: AES Eletropaulo's 2Q Net Profit Drops to BRL154.9 Mil.
BANCO DO BRASIL: Second Quarter Profit Up 43% to BRL2.35 Billion
BANCO DO BRASIL: Sees Sustainable Low Loan Rates
BANCO NACIONAL: Provides BRL705-Mil. Credit Line to Suzano Papel
JBS SA: Posts BRL172.7 Million Net Income on Beef Demand Gain

TELE NORTE: Obtains “Weak” Earnings Outlook Until Incorporation
TAM SA: Records 88.3% International Market Share in July


C A Y M A N  I S L A N D S

CHATHAM ASSET: Members Receive Wind-Up Report
CORTLAND CAPITAL: Members Receive Wind-Up Report
CONDOR STRATEGIES: Members Receive Wind-Up Report
CVI GVF: Members Receive Wind-Up Report
FALCON CAPITAL: Members Receive Wind-Up Report

FALCON LIQUID: Members Receive Wind-Up Report
FGPI LIMITED: Members Receive Wind-Up Report
FIF III HOLMAR: Members to Receive Wind-Up Report on August 27
FIF III MIJAC: Members to Receive Wind-Up Report on August 27
FLR CAYMAN: Members Receive Wind-Up Report

GARTMORE CAYTOS: Members to Receive Wind-Up Report on August 27
GLENVIEW CAPITAL: Members Receive Wind-Up Report
GRACIE SPC: Members to Receive Wind-Up Report on August 20
GRACIE SPC: Members to Receive Wind-Up Report on August 20
HOLMAR ACQUISITION: Members to Receive Wind-Up Report on August 27


C O L O M B I A

* COLOMBIA: Venezuela Considers Suspending Country's Oil Export


J A M A I C A

AIR JAMAICA: Unions Sees Job Cuts After Company's Sale


M E X I C O

ALESTRA S: Tender Gets Tepid Response, Latin France Says
ARRENDADORA VE: Moody's Assigns 'Ba3' Global Issuer Ratings
BANCO VE: Moody's Assigns 'D-' Bank Financial Strength Rating
CEMEX SAB: S&P Changes CreditWatch on 'B-' Rating to Developing
* MEXICO: Oil Output May Fall to 2.6 Million Barrels in 2009


S T  K I T T S  &  N E V I S

FOUR SEASONS: Severance Payments for Nevis Workers Totals EC$7MM


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Liquidator to Wind Up Clico Investment Bank
CL FINANCIAL: Court OKs Transfer of CLICO Health & Life Policies
* TRINIDAD & TOBAGO: Has "Sharp Slowdown" in Economic Activity


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Admits 7,372 Workers
* VENEZUELA: Considers Suspending Colombian Gas Import


X X X X X X X X

* IDB Sees 11% Drop in Latin America & Caribbean Remittances


                         - - - - -


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


ASOCIACION CIVIL: Creditors' Proofs of Debt Due on October 5
------------------------------------------------------------
Juan Treppo, the court-appointed trustee for Asociacion Civil Liga
Independiente de Futbol Amateur's bankruptcy proceedings, will be
verifying creditors' proofs of claim until October 5, 2009.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, 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.

The Trustee can be reached at:

          Juan Treppo
          Sarmiento 1183, Argentina


BELLUZZO CONSTRUCCIONES: Creditors' Proofs of Debt Due on Sept. 11
------------------------------------------------------------------
The court-appointed trustee for Belluzzo Construcciones S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 11, 2009.

The trustee will present the validated claims in court as
individual reports on October 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.


DISTRI SIXMA: Trustee Verifying Proofs of Claim Until Sept. 25
--------------------------------------------------------------
The court-appointed trustee for Distri Sixma S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until September 25, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 2, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 2, 2010.


FALCON E HIJOS: Asks for Opening of Preventive Contest
------------------------------------------------------
Falcon e Hijos SA asked for the opening of preventive contest
before the High Court of Argentina.

The company stopped making payments on October 31, 2008.


GOLOSINAS ACEVEDO: Creditors' Proofs of Debt Due on September 7
---------------------------------------------------------------
Hector Vegetti, the court-appointed trustee for Golosinas Acevedo
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 7, 2009.

Mr. Vegetti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

The Trustee can be reached at:

          Hector Vegetti
          Montevideo 711, Argentina


PACIFIC TRADING: Creditors' Proofs of Debt Due on October 9
-----------------------------------------------------------
Hector Kaiser, the court-appointed trustee for Pacific Trading
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 9, 2009.

Mr. Kaiser 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 company and its creditors.

The Trustee can be reached at:

          Hector Kaiser
          Montevideo 666, Argentina


SOUTH LINK: Creditors' Proofs of Debt Due on Sept. 30
-----------------------------------------------------
The court-appointed trustee for South Link Logistics S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 30, 2009.


SUDAMERICANA DE SELLOS: Creditors' Proofs of Debt Due on August 4
-----------------------------------------------------------------
The court-appointed trustee for Sudamericana de Sellos S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 4, 2009.


TRANSPORTE FRIO: Creditors' Proofs of Debt Due on October 19
------------------------------------------------------------
Natalio Mandan, the court-appointed trustee for Transporte Frio
Sur SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 19, 2009.

Mr. Mandan will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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.

The Trustee can be reached at:

          Natalio Mandan
          Maipu 42, Argentina


TUBOTILENO SRL: Creditors' Proofs of Debt Due on September 2
------------------------------------------------------------
Hugo Angarolla, the court-appointed trustee for Tubotileno SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 2, 2009.

Mr. Angarolla will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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.

The Trustee can be reached at:

          Hugo Angarolla
          Olazabal 2060, Argentina


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


OZ ALPHA: Creditors' Proofs of Debt Due on August 19
----------------------------------------------------
The creditors of Oz Alpha Leasing Ltd. are required to file their
proofs of debt by August 19, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


OZ ALPHA: Members to Receive Wind-Up Report on September 7
----------------------------------------------------------
The members of OZ Alpha Leasing Ltd. will hold their final general
meeting on September 7, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


OZ BETA: Creditors' Proofs of Debt Due on August 19
---------------------------------------------------
The creditors of Oz Beta Leasing Ltd. are required to file their
proofs of debt by August 19, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


OZ BETA: Members to Receive Wind-Up Report on September 7
---------------------------------------------------------
The members of Oz Beta Leasing Ltd. will hold their final general
meeting on September 7, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


PACKETEXCHANGE (BERMUDA): To Receive Proofs of Debt Until Aug. 19
-----------------------------------------------------------------
The creditors of PacketExchange (Bermuda) Limited are required to
file their proofs of debt by August 19, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


PACKETEXCHANGE (BERMUDA): Members' Meeting Set for September 9
--------------------------------------------------------------
The members of PacketExchange (Bermuda) Limited will hold their
final general meeting on September 9, 2009, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


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


AES CORP: AES Eletropaulo's 2Q Net Profit Drops to BRL154.9 Mil.
----------------------------------------------------------------
AES Eletropaulo's second quarter net profit dropped 21.4% to
BRL154.9 million (US$85.1 million) from BRL197 million in the
year-ago quarter due to operational costs such as pension and
legal fees, Kenneth Rapoza at Dow Jones Newswires reports.  The
report relates AES Eletropaulo registered costs of BRL190.3
million in pensions and other work-related overhead, up 55.2% from
the same period in 2008.

According to the report, AES Eletropaulo recorded revenue of
BRL1.89 billion in the second quarter, up 3.7% from BRL1.8 billion
in the second quarter of 2008 and also slightly higher than the
first quarter.  The report relates unit's second quarter adjusted
EBITDA were BRL430 million, down 13.7% on the year but up from the
BRL356 million in the preceding quarter.  Ebitda margin rose on
the quarter to 18% but is down from the year-ago period, when
Ebitda margin at Eletropaulo was 21.6%, the report says.

AES Eletropaulo is a subsidiary of North American energy major the
AES Corporation.

                     About AES Eletropaulo

AES Eletropaulo is a major Brazilian power distributor in the
state of Sao Paulo, created in the breakup of the old state-owned
power distribution company Eletropaulo that monopolized
electricity distribution in Sao Paulo from 1981 to 1999.
The similarity of the names makes most old customers call it
simply Eletropaulo.

Eletropaulo has around 5 million customers, and it's stock is
traded on Bovespa, where it is part of the Ibovespa index.  The
company is majority owned by AES Corporation.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


BANCO DO BRASIL: Second Quarter Profit Up 43% to BRL2.35 Billion
----------------------------------------------------------------
Banco do Brasil SA's second quarter profit rose 43% to BRL2.35
billion (US$1.28 billion) from BRL1.64 billion a year earlier
after one-time gain from the sale of its stake in Brazilian
credit-card payments processor Cia. Brasileira de Meios de
Pagamento (Visanet) and as lending expanded, Telma Marotto and
Flavia Bohone at Bloomberg News report.  The report relates
adjusted net income rose to BRL1.73 billion from BRL1.46 billion.

According to the report, Banco do Brasil had BRL455 million of
non-recurring gains, after the BRL1.41 billion sale of Visanet's
stake.  The report relates it is also the first time the bank has
included in its earnings the acquisition of Sao Paulo-based Banco
Nossa Caixa SA, which Banco do Brasil agreed to buy last year.

Bloomberg News says that Banco do Brasil’s total lending expanded
33% to BRL252.5 billion; while personal loans increased 69%, and
corporate credit expanded 32%.  Loans to farmers expanded 10%, the
report adds.

The bank's total assets expanded 44% to BRL598.8 billion,
Bloomberg News notes.

                       About Banco do Brasil

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

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO DO BRASIL: Sees Sustainable Low Loan Rates
------------------------------------------------
Banco do Brasil SA sees sustainable low interest rates for its
loans due to strict risk controls on its credit portfolio, Aluisio
Alves at Reuters reports, citing Chief Executive Aldemir Bendine.

According to the report, President Luiz Inacio Lula da Silva has
urged federally controlled Banco do Brasil and public banks --
Caixa Economica Federal and state development bank BNDES -- to
charge lower lending rates to increase competition with private
sector firms.

Reuters notes that Banco do Brasil and Caixa Economica have
expanded their loan books faster than rivals Itau Unibanco,
Bradesco (BBDC4.SA)(BBD.N) and other private banks, helping lift
Brazil's economy out of recession.  "Our interest rate guidelines
are perfectly sustainable," the report quoted Mr. Bendine as
saying.  "The rates are much more aggressive and that's the role
of Banco do Brasil," Mr. Bendine added.

As reported in the Troubled Company Reporter-Latin America on
August 12, 2009, Reuters related that Chief Executive of Itau
Unibanco Roberto Setubal said 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.  According
to the report, Brazilian banking spreads have fallen a lot in the
past months, particularly after government measures that included
urging public banks 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.

                         About Banco do Brasil

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

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO NACIONAL: Provides BRL705-Mil. Credit Line to Suzano Papel
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said it
has provided a BRL705 million credit line to Suzano Papel e
Celulose, LatinFrance reports.  The report relates a BNDES
spokesman said tenor and pricing will depend on the use of
proceeds when the company chooses to draw on the line.

According to the report, Suzano Papel plans to use proceeds to
finance investments in production.  Suzano Papel e Celulose is
Brazil’s second largest paper and pulp company.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service


JBS SA: Posts BRL172.7 Million Net Income on Beef Demand Gain
-------------------------------------------------------------
Carlos Caminada and Laura Price at Bloomberg News report that
JBS SA posted its first profit in three quarters after Brazilian
consumption rose and financial expenses were cut.  The report
relates the company posted net income of BRL172.7 million (US$93.9
million), from a loss of BRL364.4 million a year earlier.

According to the report, the company reduced financial expenses to
BRL33.6 million from BRL508.8 million a year earlier.  The report
relates it boosted market share in Brazil to 17.6% from 14.5% as
competitors closed plants and fired workers.

The report says net sales in Brazil rose 19% to BRL1.37 billion
while total sales rose 30%.

As reported in the Troubled Company Reporter-Latin America on
August 12, 2009, Bloomberg News said JBS SA was cut to “hold” from
“buy” on 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.  “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.

                          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+.


TELE NORTE: Obtains “Weak” Earnings Outlook Until Incorporation
---------------------------------------------------------------
Tele Norte Leste Participacoes S.A. (aka Oi)'s second quarter
earnings are speculated to be “weak” as its owner won’t yet see
benefits from its takeover of a rival, Brasil Telecom, Paulo
Winterstein at Bloomberg News reports.

“Telemar has gained a lot in previous days and it’s giving back
those gains ahead of earnings, which likely will still be weak
ahead of the incorporation of Brasil Telecom” because of costs
from the takeover, the report quoted Alexandre Garcia, an analyst
at Raymond James & Associates Inc. in Sao Paulo, as saying.

According to the report, Brasil Telecom said it would incorporate
its controller, Brasil Telecom Participacoes SA, as part of a
capital reorganization that is part of Oi’s takeover of the
company.  The report relates Mr. Garcia said investors may have
been expecting a single conversion of Brasil Telecom and Brasil
Telecom Participacoes shares into Oi stock later this year,
however, after the announcement, the full incorporation of Brasil
Telecom by Oi likely won’t happen until 2010.

“With this incorporation you can already begin to amortize the
premium paid for shares, but you won’t see the full financial
benefits yet,” the report quoted Mr. Garcia as saying.  Oi will
see savings of about 290 million reais a year after the takeover
is amortized, Mr. Garcia added.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2009, Dow Jones Newswires said anti-trust regulators at
Brazil's Finance Ministry published a report that approved Tele
Norte Leste (Oi)'s plan to acquire Brasil Telecom without
restrictions.  Dow Jones related the regulators' study focused on
the broadband Internet market, and it detailed concerns about the
merged company's dominance in certain areas.  However, the report
related the regulator chose not to sanction or restrict the
company's broadband operations because of the relative ease with
which new competition can enter these markets.

                       About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. (aka Oi)-- http://www.telemar.com.br--
provides fixed-line telecommunications services in South America.
The company markets its services under its Telemar brand name.
Tele Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS
SA; Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                          *     *     *

As of July 1, 2009, the company continues to carry Standard and
Poor's "BB+" long- term issuer credit rating.


TAM SA: Records 88.3% International Market Share in July
--------------------------------------------------------
TAM S.A. reports operating data for May 2009, as disclosed by the
Brazilian National Civil Aviation Agency.

According to ANAC, the airline registered a 6.2% growth in
domestic demand from the same period last year, and a 4.3%
increase in domestic supply.  In July, market demand increased
25.7% and market supply increased 15.3%.  TAM registered domestic
market share (RPK) of 43.2%, a 7.9 p.p. decrease compared to the
same period in 2008.  Domestic load factor was 71.7%, 1.3 p.p.
lower than the market average of 72.9%.

In the international market, TAM registered 9.4% growth in RPK and
19.9% in ASK, compared to July 2008.  The company attained market
share of 88.3%, representing 15.8 p.p. growth year on year.  The
company attained 74.4% load factor, 4.1 p.p. higher than the
market average of 70.3%.

                          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.


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


CHATHAM ASSET: Members Receive Wind-Up Report
---------------------------------------------
The members of Chatham Asset Management SPC 2 met on August 11,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CORTLAND CAPITAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Cortland Capital Limited met on August 11, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CONDOR STRATEGIES: Members Receive Wind-Up Report
-------------------------------------------------
The members of Condor Strategies Ltd. met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CVI GVF: Members Receive Wind-Up Report
---------------------------------------
The members of CVI GVF SPC met on August 11, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FALCON CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Falcon Capital Strategies Ltd. met on August 11,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


FALCON LIQUID: Members Receive Wind-Up Report
----------------------------------------------
The members of Falcon Liquid Reserves Ltd. met on August 11, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FGPI LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of FGPI Limited met on August 11, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FIF III HOLMAR: Members to Receive Wind-Up Report on August 27
--------------------------------------------------------------
The members of FIF III Holmar Ltd will hold their final general
meeting on August 27, 2009, at 10:00 a.m., to receive the
liquidator's report the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


FIF III MIJAC: Members to Receive Wind-Up Report on August 27
-------------------------------------------------------------
The members of FIF III Mijac Holdings Limited will hold their
final general meeting on August 27, 2009, at 10:00 a.m., to
receive the liquidator's report the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FLR CAYMAN: Members Receive Wind-Up Report
------------------------------------------
The members of FLR Cayman Ltd. met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GARTMORE CAYTOS: Members to Receive Wind-Up Report on August 27
---------------------------------------------------------------
The members of Gartmore Caytos Fund Limited will hold their final
general meeting on August 27, 2009, at 10:00 a.m., to receive the
liquidator's report the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


GLENVIEW CAPITAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Glenview Capital SPC met on August 11, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GRACIE SPC: Members to Receive Wind-Up Report on August 20
----------------------------------------------------------
The members of Gracie SPC 1 will hold their final general meeting
on August 20, 2009, at 10:00 a.m., to receive the liquidator's
report the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GRACIE SPC: Members to Receive Wind-Up Report on August 20
----------------------------------------------------------
The members of Gracie SPC 2 will hold their final general meeting
on August 20, 2009, at 10:00 a.m., to receive the liquidator's
report the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HOLMAR ACQUISITION: Members to Receive Wind-Up Report on August 27
------------------------------------------------------------------
The members of Holmar Acquisition Ltd. will hold their final
general meeting on August 27, 2009, at 10:00 a.m., to receive the
liquidator's report the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


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


* COLOMBIA: Venezuela Considers Suspending Country's Oil Export
---------------------------------------------------------------
Venezuelan Energy and Oil Minister Rafael Ramirez said that the
government is considering halting the import of Colombian gas on
account of the recent political impasse between the two
neighboring countries, Xinhua News reports, citing local newspaper
El Nacional.  "We can have a balance in gas production and we can
stop buying gas from Colombia without any problem," the report
quoted Mr. Ramirez as saying.

According to the report, the two countries launched an oil
pipeline in October, 2007, to transport 250 million cubic feet of
gas daily from Colombia to Venezuela.  The report, citing a
contract, relates that the transfer would last until 2011, when
Venezuela begins gas supplies to Colombia.

Mr. Ramirez, who is also president of state-owned Petroleos de
Venezuela, said: "That is a contract between both countries. It
will depend on how the ties are developed," Xinhua News notes.

Xinhua News recalls that Venezuelan President Hugo Chavez
announced the freezing of the country's diplomatic ties with
Colombia on July 28, after Colombia intended to allow U.S.
military presence in Colombian bases, and accused Venezuela of
aiding Colombian rebels.

                        *     *     *

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


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


AIR JAMAICA: Unions Sees Job Cuts After Company's Sale
------------------------------------------------------
National Workers Union, the union representing Air Jamaica Limited
workers, expects that job cuts will be part of an agreement
between the airline's management and the selected buyer,
RadioJamaica reports.  The report relates National Workers Union
Vice President, Granville Valentine, said that based on the
responses coming out of a Steering Committee meeting held last
week, the unions have deduced that job cuts are imminent.

"They clearly indicate before anything is concretized as it
relates to the decision about workers, then they would have had
discussions with all stakeholders to include the workers'
representative.  That is somehow suggestive that the company and
the government have some plan of carrying out some level of
redundancy," the report quoted Mr. Valentine as saying.

According to the report, Mr. Valentine said that while the unions
have not been party to any redundancy talks, they expect to be
consulted before any decision is made.  "There is no increase that
was offered to the workers and there is no redundancy exercise to
which we are a party to, so we would hope that if that is the
intention then the dialogue will start now.  In spite of
government carrying out an activity of such, then the government
is not bigger than the law and there is a process that must be
followed as it relates to how we treat such a situation," Mr.
Valentine said, the report relates.

The next meeting of the Steering Committee will be held on
Tuesday, August 18, the report notes.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.  A
TCR-LA report on June 10, citing Jamaica Observer, related that
Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have
both expressed an interest in acquiring Air Jamaica.  Radio
Jamaica said the airline has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.  In
addition, Radio Jamaica said, Air Jamaica currently has over
US$600 million in loans outstanding.

                         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.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, 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).


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


ALESTRA S: Tender Gets Tepid Response, Latin France Says
--------------------------------------------------------
Alestra S. de R.L. de C.V. received consent from holders
representing US$67 million -- 35% -- of its US$193 million in 8%
2010 bonds, LatinFrance reports.  The report relates the figures
apply to the results as of the August 7 early participation
deadline.

According to the report, the telecom, jointly owned by Grupo Alpha
and AT&T, was offering an additional US$2.50 per US$1,000 for
early consent, and holders will have until August 21 to tender
bonds at the normal price.  The report relates Alestra is funding
the buyback with proceeds from sale of 2014 bonds.

As reported in the Troubled company Reporter-Latin America on
August 6, 2009, Bloomberg News said Alestra sold US$200 million of
five-year notes.  The report related the company sold the notes to
yield 11.75%.  According to the report, Citigroup Inc. and Morgan
Stanley arranged the sale.

                     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.


ARRENDADORA VE: Moody's Assigns 'Ba3' Global Issuer Ratings
-----------------------------------------------------------
Moody's Investors Service assigned long- and short-term global
local currency issuer ratings of Ba3 and Not Prime to Arrendadora
Ve por Mas, S.A.  On its Mexican National Scale, Moody's assigned
long- and short-term issuer ratings of A3.mx and MX-2 to the
company.  All these ratings have stable outlooks.

According to Moody's, Arrendadora BX+'s ratings reflect its good
financial profile overall, including good asset quality and
comfortable capitalization.  The company is well managed and has a
long track record of leasing operations in the Mexican market.
Arrendadora BX+ also benefits from connections with its sister
bank Banco Ve por Mas, S.A., which include sharing of
infrastructure, staff, risk management practices and customer
base.  In Moody's view, to a large extent the leasing and banking
units of Grupo Financiero Ve por Mas, S.A., complement each
other's offerings of financial products.

However, Moody's notes that Arrendadora BX+ is exposed to the
structural weaknesses stemming from its small scale, as reflected
by its asset base of Mx$532 million (US$40 million) as of June
2009, as well as its limited business potential given its low
geographic diversification and monoline business nature.  These
elements tend to make earnings less stable relative to more
diversified businesses, and serve to limit the ratings.

Arrendadora BX+'s ratings also reflect the potential risks related
to corporate governance because of the GFBX+'s family-based
ownership structure.

The long-term Mexican National Scale rating of A3.mx indicates
issuers or issues with above average creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-2 indicates that the issuer has a good ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

Arrendadora BX+ is headquartered in Mexico City.

These ratings were assigned to Arrendadora Ve por Mas, S.A.:

* Global local currency issuer rating, long term: Ba3
* Global local currency issuer rating, short term: Not Prime
* Mexican National Scale issuer rating, long term: A3.mx
* Mexican National Scale issuer rating, short term: MX-2
* Outlook: Stable


BANCO VE: Moody's Assigns 'D-' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D- (D minus) to Banco Ve por Mas, S.A.  At the same
time, Moody's assigned long- and short-term global local currency
deposit ratings of Ba3 and Not Prime, respectively.  The bank was
also assigned foreign currency deposit ratings of Ba3 / Not Prime.
On its Mexican National Scale, Moody's assigned long- and short-
term deposit ratings of A3.mx and MX-2, respectively.  All these
ratings have stable outlooks.

Moody's said that BX+'s D- BFSR reflects its small banking
franchise and scale as demonstrated by a limited -- though
developing -- market presence, and modest share of the system's
deposits.  The bank's limited business scope, geared towards
commercial loans to the agricultural industry and to small- and
medium-sized enterprises, together with the lack of a retail
banking business lead to less diversification and a relatively
less stable revenue base when compared to its more diversified
peers.

Moody's noted that BX+'s credit risk is largely contained because
of the bank's well managed operation and important exposure to
loans partially guaranteed by Mexican government-sponsored
programs or guarantees, which leaves a small part of its
agricultural loan book at risk.

The bank's focus on SME lending -- although largely covered by
liquid guarantees and other types of collateral -- may be a reason
for concern, given the riskier profile of the segment overall.
Moreover, BX+'s family ownership structure limits the ratings
because this raises potential concerns about board independence
and corporate governance, including the potential for increased
exposure to related parties from the low level currently observed.

The BFSR also takes into account BX+'s narrow financial
flexibility and modest ability to fund under stress given the
large proportion of expensive, confidence-sensitive funds in its
funding mix, which -- relative to more diversified funding models
-- increases liquidity risk despite the apparent stability of
these funds observed under normal operating scenarios.

The bank's financial strength rating is underpinned by a good
financial profile overall and consistent core profitability.
Moody's also cites BX+'s comfortable capitalization and very good
asset quality metrics as positive rating factors.  Management and
shareholders have a proven track record in the Mexican financial
sector and have demonstrated high commitment to their investment,
which also weigh positively on the ratings.

The long-term Mexican National Scale rating of A3.mx indicates
issuers or issues with above average creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-2 indicates that the issuer has a good ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

BX+ is headquartered in Mexico City.  As of June 2009, the bank
reported nearly Mx$11 billion (nearly US$821 million) in assets.

These ratings were assigned to Banco Ve por Mas, S.A.:

* Bank Financial Strength Rating: D-
* Global Local Currency deposits, long term: Ba3
* Global Local Currency deposits, short term: Not Prime
* Foreign Currency deposits, long term: Ba3
* Foreign Currency deposits, short term: Not Prime
* Mexican National Scale, long term: A3.mx
* Mexican National Scale, short term: MX-2
* Outlook: Stable


CEMEX SAB: S&P Changes CreditWatch on 'B-' Rating to Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch listing
on Cemex S.A.B. de C.V.'s 'B-' long-term corporate credit rating
-- as well as its national scale ratings, and senior unsecured
debt and perpetual debentures, and on its subsidiaries -- to
developing from negative, where they were placed on March 10,
2009, reflecting S&P's concerns about the timely refinancing of
its bank loan maturities in 2009.

The revision of the CreditWatch status follows Cemex's
announcement that all of its creditors have indicated that they
will support the company's refinancing plan.  Cemex is currently
in the documentation phase.

"We believe this refinancing should materially improve Cemex's
liquidity position, since the company is expected to extend its
maturities through February 2014.  As of June 31, 2009, Cemex's
cash position was about $979 million and it faces $4.3 billion in
short-term debt maturities.  The closing of the agreement to sell
Cemex's Australian operations to Holcim Group for A$2.02 billion
this year should also provide the issuer with additional
liquidity.  Still, S&P continue to expect that the company's
financial performance will be under a great deal of pressure
throughout 2009, especially amid the worsening of worldwide
economic conditions," said Standard & Poor's credit analyst Juan
Pablo Becerra.

About 74% of the company's revenue is concentrated in the U.S.,
Mexico, and Spain -- each of which S&P expects to record negative
growth this year.  This will translate into lower volumes and cash
flow generation compared with 2008.


* MEXICO: Oil Output May Fall to 2.6 Million Barrels in 2009
------------------------------------------------------------
Mexico may pump as little as 2.6 million barrels a day of oil this
year amid declines at the country’s largest field, Andres R.
Martinez and Jose Enrique Arrioja at Bloomberg News report, citing
Energy Minister Georgina Kessel.  Production will be between 2.6
million barrels and 2.7 million barrels Mr. Kessel told Bloomberg
news in an interview.

According to the report, Mexico’s output is slumping as production
at Cantarell, the company’s largest field, drops at a rate twice
as fast as forecast by Petroleos Mexicanos.  The report relates
last year, production slumped at the fastest rate since 1942.

Finance Minister Agustin Carstens, the report notes, said the drop
may cost the Mexican government MXN300 billion (US$23.1 billion)
in lost sales this year and could lead the country to have a
budget deficit in 2010.

Bloomberg News notes that Mr. Carstens said Mexico faces the
greatest “fiscal shock” in 30 years as output may fall to 2.5
million barrels a day next year, creating a budget deficit.


============================
S T  K I T T S  &  N E V I S
============================


FOUR SEASONS: Severance Payments for Nevis Workers Totals EC$7MM
----------------------------------------------------------------
The total severance pay benefits to former workers of Four Seasons
Resort Nevis totaled around EC$7 million, Caribbean Net News
reports, citing Treasurer in the Nevis Island Administration Colin
Dore.  The report relates the Labour Departments on both St Kitts
and Nevis handed out disbursements on August 13, with more than
three quarters of the 564 resort's qualified workers got their
benefits.

According to the report, the Mr. Dore said that the distribution
process had gone without incident and was of the view that the
presence of the Labour Department representative from St Kitts who
was on hand to explain to those persons who didn’t qualify the
reason why and to respond to any queries facilitated a smooth and
quick process.  “I think that in a way calmed the crowd since any
questions they had could have been answered on the spot and we are
quite happy for that,” Mr. Dore was quoted by the report as
saying.

Mr. Dore, the report relates, also explained that the Social
Security numbers were used as a guide since several persons who
had worked at the Four Seasons Resort, Nevis, carried the same
names and surnames.

Four Seasons Hotels -- http://www.fourseasons.com-- manages some
75 luxury hotels and resorts in more than 30 countries. Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.


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


CL FINANCIAL: Liquidator to Wind Up Clico Investment Bank
---------------------------------------------------------
Central Bank expects to select a receiver/liquidator who will be
appointed by the High Court within the next month to wind up the
Clico Investment Bank, the defunct unit of CL Financial Limited,
Trinidad and Tobago Newsday reports, citing Central Bank Governor
Ewart Williams.

The report recalls that CIB was declared insolvent after Ernst and
Young completed a company statement of affairs up to January 30,
when government stepped in to take over the financial arms of the
CL Financial Group.  The report relates the Central Bank received
the final report on June 26.

According to the report, Mr. Williams also said that at the end of
August, State-owned bank First Citizens, which took over CIB third
party deposits, will begin paying interest due to the end of
January 2009.  The report relates Mr. Williams said in all, close
to 5,000 deposit certificates, representing a portfolio amounting
to TT$1.2 billion, were transferred to First Citizens.

Mr. Williams, the report notes, said that 60% of depositors chose
to leave their deposits with First Citizens while one hundred
claims were received by the Deposit Insurance Corporation (DIC)
from customers requesting their initial deposit plus interest.
DIC began making the payments on the initial deposit from July 17,
with approximately 1,200 certificates remained unclaimed as of
June 30, Mr. Williams added.

                        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
August 10, 2009, 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.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, 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.


CL FINANCIAL: Court OKs Transfer of CLICO Health & Life Policies
----------------------------------------------------------------
Madame Justice Michelle Arana at the High Court in Belize has
approved the transfer of life and health insurance portfolio from
the Belize branch of CLICO (Bahamas) Limited, a unit of CL
Financial Limited, to RF&G Life Insurance Company,
Caribbean360.com reports.  The report relates the transfer process
has started and it is expected to be completed by September 1.
The report related that in the interim, policyholders have been
advised to continue paying their premiums as usual.

As reported in the troubled Company Reporter-Latin America on
August 4, 2009, Caribbean360.com said Supervisor of Insurance Alma
Gomez and the Judicial Manager for CLICO (Bahamas) Limited, Mark
Hulse at accounting firm Baker Tilly Hulse, ask the Supreme Court
to approve the transfer of policies from the Belize branch of
CLICO (Bahamas) to RF&G Life Insurance Company, Caribbean360.com
reports.

"What we have been telling policy holders from the inception that
CLICO was put into liquidation in the Bahamas, was that we could
transfer their policies from one insurance company to another.  It
did take a while to carry out that exercise because of the due
diligence that had to be conducted.  We have almost come to the
end of that process where we have selected a company which is RFG
Life Insurance Company to be the buyer for the life and health
portfolio," the report quoted Mr. Gomez as saying.  "What this
means is that the court has now to approve that transfer.  The
office of the supervisor of insurance has already done the due
diligence; we have checked out all that we need to check out.  The
company has done their due diligence too so we know what is being
transferred," Mr. Gomez added.

Caribbean360.com added that the Supervisor of Insurance suggested
that it was best for all the policy holders to be transferred to
RFG Life Insurance Company to avoid losing out on life savings
they have put into CLICO.

                        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
August 10, 2009, 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.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, 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.


* TRINIDAD & TOBAGO: Has "Sharp Slowdown" in Economic Activity
--------------------------------------------------------------
Central Bank Governor Ewart Williams said preliminary financial
data showed a "sharp slowdown" in economic activity in Trinidad
and Tobago, particularly in the first few months of 2009, but it
does not suggest things had reached recession or "crisis
proportions", Trinidad and Tobago Express reports.  The report
relates that Mr. Williams said "as of now, there are no signs that
things are beginning to turn around."

According to the report, in the first six months of this year, the
economy has continued to degenerate rapidly.  Some indicators show
that:

   -- number and value of new real estate mortgage loans
      approved in the first six months of 2009 were 29% and 20
      lower, respectively, than in the similar period in 2008;

   -- new vehicle sales plummeted by 41% in 2009 from 2008;

   -- number of job layoffs continued to rise in the second
      quarter of 2009, with almost 1,000 people received
      retrenchment notices between April and mid-July; and

   -- imports have also come down since the start of the year
      by about 50% from 2008.

Mr. Williams, the report relates, said that an April report
envisaged growth for 2009 in the range of 0% to 1%.  "We are still
reviewing our projections, but all indications are that there
would be a decline in real GDP (Gross Domestic Product) for 2009
as a whole," the report quoted Mr. Williams as saying.  "If this
occurs, it would be the first annual decline in real GDP since
1993," Mr. Williams added.

The report notes that Mr. Williams said the country's unemployment
could increase to between 6% and 7% this year.  Citizens could
also continue to pay high prices for food as international price
reversals could keep inflation above the targeted 6%, Mr. Williams
added.  "Lagging consumer and business confidence could make for a
slow recovery in private sector credit demand," Mr. Williams was
quoted by the report as saying.  The downturn may also result in a
fiscal deficit, the second for the country in consecutive years,
Mr. Williams added.  The report relates the downturn could also
translate to a deficit in excess of TT$1.6 billion by the end of
Government's fiscal year in September.  Mr. Williams said that the
economic slowdown was likely to last to the end of this year and
even after that, would recover slowly, the report adds.


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


PETROLEOS DE VENEZUELA: Admits 7,372 Workers
--------------------------------------------
Petroleos de Venezuela released 200 new female and male workers in
one of the docks nationalized by the Venezuelan state, located in
San Francisco municipality, western Zulia state.

Production and Services Internal Manager Ricardo Coronado said
that following the delivery of the badges, PDVSA has recruited
thus far 7,372 workers at the docks nationalized by the National
Government, upon enforcing the Organic Law which Reserves Goods
and Services Related to Hydrocarbons Primary Activities for the
State.

“We are keeping the promise made by President Hugo Chavez to
release all these men and women, who will join the army of the New
PDVSA at the service of all Venezuelans, thus preserving oil
sovereignty and the industry wholeness,” said Mr. Coronado.

Subsidiary Operaciones Acuáticas (Water Operations) has estimated
a target of 8,000 people, over the total number of workers usually
hired by contractors.  During the release process, the state-run
oil company has enforced the right to social justice of any and
all workers; the elderly, handicapped people and pregnant women
have been admitted.

                             About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: Considers Suspending Colombian Gas Import
------------------------------------------------------
Venezuelan Energy and Oil Minister Rafael Ramirez said that the
government is considering halting the import of Colombian gas on
account of the recent political impasse between the two
neighboring countries, Xinhua News reports, citing local newspaper
El Nacional.  "We can have a balance in gas production and we can
stop buying gas from Colombia without any problem," the report
quoted Mr. Ramirez as saying.

According to the report, the two countries launched an oil
pipeline in October, 2007, to transport 250 million cubic feet of
gas daily from Colombia to Venezuela.  The report, citing a
contract, relates that the transfer would last until 2011, when
Venezuela begins gas supplies to Colombia.

Mr. Ramirez, who is also president of state-owned Petroleos de
Venezuela, said: "That is a contract between both countries. It
will depend on how the ties are developed," Xinhua News notes.

Xinhua News recalls that Venezuelan President Hugo Chavez
announced the freezing of the country's diplomatic ties with
Colombia on July 28, after Colombia intended to allow U.S.
military presence in Colombian bases, and accused Venezuela of
aiding Colombian rebels.

                        *     *     *

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


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


* IDB Sees 11% Drop in Latin America & Caribbean Remittances
------------------------------------------------------------
The Inter-American Development Bank’s Multilateral Investment Fund
said Latin America and the Caribbean will receive about US$62
billion in remittances from its expatriates in 2009, a decline of
about 11% from last year.

The estimate reflects the impact of the global economic crisis on
migrant workers from this region, most of whom are living in
industrialized countries hit by recessions, such as the United
States, Spain and Japan.

“The crisis is clearly limiting migrants’ capacity to send money
home,” said IDB President Luis Alberto Moreno.  “Nevertheless,
remittances have decreased less than other private financial flows
to the region, as migrants continue to make sacrifices to provide
for their families.”

The estimate was based on the findings of a report conducted by
Manuel Orozco of the Inter-American Dialogue, a Washington, D.C
think-tank, in collaboration with MIF remittances specialists
Natasha Bajuk and Gregory Watson.

The report was based on data from a survey commissioned by the MIF
of 1,350 Latin American and Caribbean migrants carried out between
March and June, combined with desk research and statistical
analysis of migration patterns and unemployment.

The findings in the new report are in line with the MIF’s analysis
of central bank data on remittance receipts.  According to these
official sources, remittances dropped 15% in the second quarter of
2009 with respect to the same period last year.  In South America,
Central America and the Andean region the slide was less steep
than in previous quarters, while in Mexico and Caribbean countries
the downward trend accelerated.

The decline in remittances could impact more than four million
people in Latin America and the Caribbean, nearly one-third of
them in Mexico, by far the leading recipient of remittances in the
region.

Remittances from the United States -- where unemployment among
Latin Americans is higher than among the general population -- are
expected to decline by 11 percent to about US$42.3 billion this
year.

Remittances from Europe, another major destination for Latin
American migrants, are expected to drop by 14% to about US$9
billion.  Remittances from other parts of the world will slide
about 4.5% to US$10.4 billion.

The survey of migrants in the United States found that they are
sending money with less frequency and in smaller amounts.  In a
similar poll conducted last year, migrants averaged about 15
transfers annually.  This year the average is expected to drop to
12 times.  The average amount sent per transfer is slipping from
US$241 to US$230.

However, the survey pointed out that even people who have lost
their jobs are still sending money home, usually by dipping into
savings.  Migrants are employing different strategies to keep
making remittances, even during the downturn.

About 45% of respondents said they were now reducing the amounts
they send home.  More than one-third of them have reduced their
day-to-day expenses and about one-fifth have taken on a second
job.

Asked if they planned to return to their countries of origin, 34%
said they expected to do so in the near future.  In last year’s
survey only 20% of respondents expressed such intentions.
However, the most-cited motive was to rejoin their families rather
than a lack of employment.

One troubling trend revealed by the report is that the costs of
money transfers, which in recent years had fallen dramatically due
to increased competition and the adoption of new technologies,
have ceased to decline and in some cases are starting to increase.

“It is critical to continue with initiatives that help ensure that
the cost of making remittances remains low so that migrants and
their families can keep more of their hard-earned money,” said MIF
General Manager Julie T. Katzman.

The MIF started analyzing remittances nearly a decade ago to gauge
their volume and impact in Latin America and the Caribbean.  Its
work encouraged new service providers to enter the market,
including microfinance institutions, credit unions and commercial
banks that can provide additional financial services to migrants
and their families.


                            ***********

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 * * *