TCRLA_Public/100504.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

              Tuesday, May 4, 2010, Vol. 11, No. 086

                            Headlines



A R G E N T I N A

BEAR BERRY: Creditors' Proofs of Debt Due on July 8
SALINERA GENERAL: Creditors' Proofs of Debt Due on June 29


B A R B A D O S

COLUMBUS INT'L: Sells US$190 Million of Notes


B E R M U D A

ARKLE FUND: Creditors' Proofs of Debt Due on May 6
ARKLE FUND: Members to Receive Wind-Up Report on May 27
DUBLIN INTERNATIONAL: Creditors' Proofs of Debt Due on May 7
DUBLIN INTERNATIONAL: Sole Member to Hear Wind-Up Report on May 25
EMERALD STRATEGIC: Declares Dividend to Unsecured Creditors

ECONET WIRELESS: Creditors' Proofs of Debt Due on May 19
ECONET WIRELESS: Members to Receive Wind-Up Report on May 26
GLOBAL FUTURES: Creditors' Proofs of Debt Due on May 6
GLOBAL FUTURES: Members to Receive Wind-Up Report on May 26
GLOBAL FUTURES: Creditors' Proofs of Debt Due on May 6

GLOBAL FUTURES: Members to Receive Wind-Up Report on May 27
HATTERAS REINSURANCE: Releases Morrison and Thresh as Liquidators
KOA TREE: Creditors' Proofs of Debt Due on May 7
KOA TREE: Sole Member to Hear Wind-Up Report on May 26
MAN INCREASED: Creditors' Proofs of Debt Due on May 6

MAN INCREASED: Members to Receive Wind-Up Report on May 27
MAN MAC: Creditors' Proofs of Debt Due on May 6
MAN MAC: Members to Receive Wind-Up Report on May 27
SPECTRUM LEVERAGED: Creditors' Proofs of Debt Due on May 6
SPECTRUM LEVERAGED: Members to Receive Wind-Up Report on May 27

TYRIAN FUND: Creditors' Proofs of Debt Due on May 6
TYRIAN FUND: Members to Receive Wind-Up Report on May 27


B R A Z I L

BRASKEM SA: Evaluates New Models for Petrochem Projects
FIBRIA OVERSEAS: Sells US$750 Million in Notes
GERDAU AMERISTEEL: Resource Exchange Becomes New Vendor
PETROLEOS DE VENEZUELA: Pequiven Evaluates New Models for Projects


C A Y M A N  I S L A N D S

CENTENNIAL CO: Members to Receive Wind-Up Report on May 31
EQUUS CAPITAL: Members to Receive Wind-Up Report on May 31
ING LEASE: Members to Receive Wind-Up Report on June 2
J.O.F. HOLDING: Members to Receive Wind-Up Report on June 2
J.O.F. PENSION: Members to Receive Wind-Up Report on June 2

MACQUARIE HELIX: Members to Receive Wind-Up Report on June 2


D O M I N I C A N  R E P U B L I C

BANCO DE AHORRO: S&P Withdraws 'B-/C' Counterparty Credit Ratings
* DOMINICAN REPUBLIC: Fitch Puts 'B' Rating US$750 Mil. Bonds


J A M A I C A

AIR JAMAICA: Manning Administration Spends TT$315MM on Airline


M E X I C O

CEMEX SAB: Extends Expiration Dates for Private Offers to May 7
CERVECERIA Y MALTERIA: Fitch Affirms 'BB-' Issuer Default Rating
CORPORACION GEO: Revenues Up 16.1% in First Quarter
CONTROLADORA COMERCIAL: Records MXN156.1MM Net Profit in 1Q
DESARROLLADORA HOMEX: Discloses Changes in Board of Directors

PRUDENTIAL BANK: Moody's Withdraws Ratings for Business Reasons


P U E R T O  R I C O

EUROBANK: Closed; Oriental Bank and Trust Assumes All Deposits
R-G PREMIER: Closed; Scotiabank de Puerto Rico Assumes Deposits
WESTERNBANK PR: Closed; Banco Popular Assumes Deposits


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars





                         - - - - -


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


BEAR BERRY: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------
The court-appointed trustee for Bear Berry S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
July 8, 2010.

The trustee will present the validated claims in court as
individual reports on August 30, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on April 6, 2011.


SALINERA GENERAL: Creditors' Proofs of Debt Due on June 29
----------------------------------------------------------
The court-appointed trustee for Salinera General San Martin
S.R.L.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until June 29, 2010.

The trustee will present the validated claims in court as
individual reports on August 11, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 23, 2010.


===============
B A R B A D O S
===============


COLUMBUS INT'L: Sells US$190 Million of Notes
---------------------------------------------
Columbus International Inc. sold US$190 million of notes in the
144a private placement market on April 29, 2010, Reuters reports,
citing an unnamed source familiar with the deal.

According to the report, Citigroup, RBC, and Standard New York
Securities were the joint bookrunning managers for the sale.

BORROWER: COLUMBUS INTERNATIONAL INC
AMT US$190 MLN    COUPON 11.50 PCT    MATURITY 11/20/2014
TYPE NOTES        ISS PRICE 108.655   FIRST PAY 5/20/2010
MOODY'S B2        YIELD 9.125 PCT     SETTLEMENT 5/7/2010
S&P SINGLE-B      SPREAD N/A          PAY FREQ SEMI-ANNUAL
FITCH N/A          MORE THAN TREAS    NON-CALLABLE*

                  About Columbus International

Columbus is a Barbados-based holding company founded in 2004.  It
is a diversified Caribbean communications holding company whose
core operating business is 1) the development of an undersea fiber
optic cable network as well as the sale and lease of telecom
broadband capacity and IP services ("wholesale") to
telecommunications carriers, Internet Service Providers and large
corporations operating in the Caribbean, Latin America and North
America and 2) providing cable television services, high speed
internet access, digital phone and internet infrastructure
services ("retail") in Trinidad & Tobago, Jamaica and Grenada.
During the last 12 months ended in June 30, 2009, revenues and
adjusted EBITDA amounted to US$242 million and US$105 million,
respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Moody's Investors Service assigned ratings to
Columbus International Inc.'s 11.5% US$190 million in senior
secured notes due 2014.  The new notes will be an add-on to the
US$450 million senior secured notes (rated B2, stable) issued by
the company in November 2009 and due in 2014.


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


ARKLE FUND: Creditors' Proofs of Debt Due on May 6
--------------------------------------------------
The creditors of Arkle Fund Limited are required to file their
proofs of debt by May 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


ARKLE FUND: Members to Receive Wind-Up Report on May 27
-------------------------------------------------------
The members of Arkle Fund Limited will receive, on May 27, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


DUBLIN INTERNATIONAL: Creditors' Proofs of Debt Due on May 7
------------------------------------------------------------
The creditors of Dublin International Petroleum (Sinai) Limited
are required to file their proofs of debt by May 7, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 16, 2010.

Jonathan Betts of Cox Hallett Wilkinson are the company's
liquidators.


DUBLIN INTERNATIONAL: Sole Member to Hear Wind-Up Report on May 25
------------------------------------------------------------------
The sole member of Dublin International Petroleum (Sinai) Limited
will receive, on May 25, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 16, 2010.

Jonathan Betts of Cox Hallett Wilkinson are the company's
liquidators.


EMERALD STRATEGIC: Declares Dividend to Unsecured Creditors
-----------------------------------------------------------
Emerald Strategic Focus Funds Limited declared 100% to unsecured
creditors.


ECONET WIRELESS: Creditors' Proofs of Debt Due on May 19
--------------------------------------------------------
The creditors of Econet Wireless Investments One Limited are
required to file their proofs of debt by May 19, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2010.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10, Bermuda


ECONET WIRELESS: Members to Receive Wind-Up Report on May 26
------------------------------------------------------------
The members of Econet Wireless Investments One Limited will
receive, on May 26, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 20, 2010.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10, Bermuda


GLOBAL FUTURES: Creditors' Proofs of Debt Due on May 6
------------------------------------------------------
The creditors of Global Futures X Trading Limited are required to
file their proofs of debt by May 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


GLOBAL FUTURES: Members to Receive Wind-Up Report on May 26
-----------------------------------------------------------
The members of Global Futures X Trading Limited will receive, on
May 26, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


GLOBAL FUTURES: Creditors' Proofs of Debt Due on May 6
------------------------------------------------------
The creditors of Global Futures Fund X Limited are required to
file their proofs of debt by May 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


GLOBAL FUTURES: Members to Receive Wind-Up Report on May 27
-----------------------------------------------------------
The members of Global Futures Fund X Limited will receive, on
May 27, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


HATTERAS REINSURANCE: Releases Morrison and Thresh as Liquidators
-----------------------------------------------------------------
Michael Morrison and Charles Thresh were released on December 17,
2009, and April 15, 2010, respectively, as liquidators of Hatteras
Reinsurance Ltd.


KOA TREE: Creditors' Proofs of Debt Due on May 7
------------------------------------------------
The creditors of Koa Tree Management, Ltd. are required to file
their proofs of debt by May 7, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2010.

The company's liquidator is:

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


KOA TREE: Sole Member to Hear Wind-Up Report on May 26
------------------------------------------------------
The sole member of Koa Tree Management, Ltd. will receive, on
May 26, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 20, 2010.

The company's liquidator is:

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


MAN INCREASED: Creditors' Proofs of Debt Due on May 6
-----------------------------------------------------
The creditors of Man Increased Leverage Trading Series 2 Ltd are
required to file their proofs of debt by May 6, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN INCREASED: Members to Receive Wind-Up Report on May 27
----------------------------------------------------------
The members of Man Increased Leverage Trading Series 2 Ltd will
receive, on May 27, 2010, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN MAC: Creditors' Proofs of Debt Due on May 6
-----------------------------------------------
The creditors of Man MAC Schilthorn 8A Limited are required to
file their proofs of debt by May 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN MAC: Members to Receive Wind-Up Report on May 27
----------------------------------------------------
The members of Man MAC Schilthorn 8A Limited will receive, on
May 27, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


SPECTRUM LEVERAGED: Creditors' Proofs of Debt Due on May 6
----------------------------------------------------------
The creditors of Spectrum Leveraged Feeder Series 1 Ltd are
required to file their proofs of debt by May 6, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


SPECTRUM LEVERAGED: Members to Receive Wind-Up Report on May 27
---------------------------------------------------------------
The members of Spectrum Leveraged Feeder Series 1 Ltd will
receive, on May 27, 2010, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


TYRIAN FUND: Creditors' Proofs of Debt Due on May 6
---------------------------------------------------
The creditors of Tyrian Fund Limited are required to file their
proofs of debt by May 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


TYRIAN FUND: Members to Receive Wind-Up Report on May 27
--------------------------------------------------------
The members of Tyrian Fund Limited will receive, on May 27, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


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


BRASKEM SA: Evaluates New Models for Petrochem Projects
-------------------------------------------------------
Braskem S.A. and Pequiven have decided to evaluate a new model for
their petrochemical projects in Venezuela through the joint
ventures Propilsur and Polimerica to adjust the project
characteristics to the new reality in the international market.  A
memorandum of understanding to this effect was signed in Brasília,
during a meeting between the presidents of Brazil and Venezuela,
Luiz Inacio Lula da Silva and Hugo Chavez.  The main changes
should occur in the polypropylene industrial unit project under
the responsibility of Propilsur, with changes in the site and
scale, which would allow for maintaining the project's timetable
and reducing the investment required by approximately 60%.

The original Propilsur project provided for the installation of a
propane dehydrogenation unit, which transforms this product into
the feedstock propylene, integrated with a polypropylene plant
with capacity of 450 kton/year, which would be built at the Jose
Industrial Complex in the state of Anzoategui.

In view of the contraction in international credit markets since
the onset of the crisis in early 2008, and the high costs of the
original project, which are estimated at US$1.0 billion, in
December 2009, the Venezuelan state-owned oil company PDVSA
presented an alternative feedstock source, the Paraguana Refinery
Complex in the state of Falcon.  In view of this proposal,
Pequiven and Braskem agreed to evaluate changing the site of the
polypropylene plant.

The feedstock supplied by PDVSA should be enough to build a
polypropylene plant with capacity of 300 kton/year, eliminating
the need for investment in an intermediate propane dehydrogenation
unit.  Accordingly, the total investment is expected to decrease
to approximately US$500 million, facilitating the contracting of
finance.  Studies of the new configuration for the Propilsur
project will begin in 15 days, with the plant still expected to
start up operations in 2013, provided the conditions proposed by
Pequiven, PDVSA and the Venezuelan government are ultimately
confirmed.

In view of the new configuration and site change for the
polypropylene project, and given the possibility of the future
supply of ethane gas and/or other feedstock sources coming from
PDVSA's Refinery Complex in Paraguana, Pequiven and Braskem also
agreed to postpone for one year the developments related to the
Polimerica project, which initially was planned for the Jose
Industrial Complex.  The project envisages the construction of
three polyethylene production units with combined production
capacity of 1,100 kton/year, integrated with an ethylene
production unit with capacity of 1,300 kton/year, for investment
of approximately US$3 billion.

This postponement will allow for evaluating the conditions and
possibility for supplying the feedstock for this project through
the Paraguana Complex, since this could prove more competitive
than the initial option.  If this decision were in fact to
prevail, the units could start up operations by early 2015.

At the meeting of the heads of state held, an addendum was also
signed to the agreement for the supply of naphtha by PDVSA to
Braskem, which expanded the term for a further two years and
increased the volume supplied from 640,000 ton/year to
approximately 1 million ton/year.  A memorandum of understanding
was also formalized for the supply by Braskem of resins and basic
petrochemicals to Pequiven.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating

                            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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


FIBRIA OVERSEAS: Sells US$750 Million in Notes
----------------------------------------------
Fibria Overseas Finance Ltd. on April 29, 2010, sold US$750
million of senior notes in the 144a private placement market,
Reuters reports, citing IFR, a Thomson Reuters service.  The
report relates that the notes are guaranteed by Fibria Celulose
SA.

According to the report, Bank of America Merrill Lynch and
Santander were the joint bookrunning managers for the sale.

BORROWER: FIBRIA OVERSEAS FINANCE LTD
AMT $750 MLN      COUPON 7.50 PCT     MATURITY 5/4/2020
TYPE SR NOTES     ISS PRICE 99.136    FIRST PAY 11/4/2010
MOODY'S Ba1       YIELD 7.625 PCT     SETTLEMENT 5/4/2010
S&P DOUBLE-B      SPREAD 389.1 BPS    PAY FREQ SEMI-ANNUAL
FITCH DOUBLE-B     MORE THAN TREAS    NON-CALLABLE

Fibria Celulose S.A. is the largest producer of market pulp in the
world, and also produces specialty paper, such as coated, thermal,
and carbonless paper.  In 2009 Fibria reported consolidated net
revenues of BRL 6 billion (US$3 billion converted by the average
foreign exchange rate for the period).

                          *     *    *

As reported in the Troubled Company Reporter-Latin America on
April 26, 2010, Moody's Investors Service has assigned a Ba1
foreign currency rating to the proposed senior unsecured notes due
2020 in the amount of approximately US$500 million (upsizable up
to US$750 million) to be issued by Fibria Overseas Finance Ltd
(Cayman Islands) and fully and unconditionally guaranteed by
Fibria Celulose S.A.


GERDAU AMERISTEEL: Resource Exchange Becomes New Vendor
-------------------------------------------------------
Resource Exchange of America Corporation has become an approved
vendor to Gerdau AmeriSteel for ferrous scrap metal.  The account
was initiated March 16, 2010.

Dana Pekas, CEO of Resource Exchange of America Corporation,
comments: "We are very pleased to have been approved as a vendor
to Gerdau Ameristeel.  We very much look forward to providing
Gerdau Ameristeel with ferrous scrap metal in the years to come.
Having become an approved vendor to Gerdau Ameristeel clearly
shows that our strategy of consolidation in the recycling business
is working."

Greg Salter, raw materials purchasing manager at Gerdau Ameristeel
-- Jacksonville, stated: "We are very happy to include Resource
Exchange of America Corporation as a ferrous steel provider, as
this gives our Jacksonville, Fla. facility a desirable additional
supply stream of ferrous scrap metal based in the Southeast."

            About Resource Exchange of America Corporation

Resource Exchange of America Corporation is working to become a
recycling powerhouse by rolling up companies within asset
recovery, processing and brokering of ferrous and nonferrous scrap
metal.  With its access to deep-water ports, the company will be
able to sell the scrap metal to clients domestically as well as
abroad.  Resource Exchange of America Corporation will bring
together the best companies within the recycling industry.  It
will elevate them to excellence, drawing on the strengths of the
individual companies while combining forces to achieve synergies
and to be able to tackle the biggest jobs.

                    About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


PETROLEOS DE VENEZUELA: Pequiven Evaluates New Models for Projects
------------------------------------------------------------------
Braskem S.A. and Pequiven have decided to evaluate a new model for
their petrochemical projects in Venezuela through the joint
ventures Propilsur and Polimerica to adjust the project
characteristics to the new reality in the international market.  A
memorandum of understanding to this effect was signed in Brasília,
during a meeting between the presidents of Brazil and Venezuela,
Luiz Inacio Lula da Silva and Hugo Chavez.  The main changes
should occur in the polypropylene industrial unit project under
the responsibility of Propilsur, with changes in the site and
scale, which would allow for maintaining the project's timetable
and reducing the investment required by approximately 60%.

The original Propilsur project provided for the installation of a
propane dehydrogenation unit, which transforms this product into
the feedstock propylene, integrated with a polypropylene plant
with capacity of 450 kton/year, which would be built at the Jose
Industrial Complex in the state of Anzoategui.

In view of the contraction in international credit markets since
the onset of the crisis in early 2008, and the high costs of the
original project, which are estimated at US$1.0 billion, in
December 2009, the Venezuelan state-owned oil company PDVSA
presented an alternative feedstock source, the Paraguana Refinery
Complex in the state of Falcon.  In view of this proposal,
Pequiven and Braskem agreed to evaluate changing the site of the
polypropylene plant.

The feedstock supplied by PDVSA should be enough to build a
polypropylene plant with capacity of 300 kton/year, eliminating
the need for investment in an intermediate propane dehydrogenation
unit.  Accordingly, the total investment is expected to decrease
to approximately US$500 million, facilitating the contracting of
finance.  Studies of the new configuration for the Propilsur
project will begin in 15 days, with the plant still expected to
start up operations in 2013, provided the conditions proposed by
Pequiven, PDVSA and the Venezuelan government are ultimately
confirmed.

In view of the new configuration and site change for the
polypropylene project, and given the possibility of the future
supply of ethane gas and/or other feedstock sources coming from
PDVSA's Refinery Complex in Paraguana, Pequiven and Braskem also
agreed to postpone for one year the developments related to the
Polimerica project, which initially was planned for the Jose
Industrial Complex.  The project envisages the construction of
three polyethylene production units with combined production
capacity of 1,100 kton/year, integrated with an ethylene
production unit with capacity of 1,300 kton/year, for investment
of approximately US$3 billion.

This postponement will allow for evaluating the conditions and
possibility for supplying the feedstock for this project through
the Paraguana Complex, since this could prove more competitive
than the initial option.  If this decision were in fact to
prevail, the units could start up operations by early 2015.

At the meeting of the heads of state held, an addendum was also
signed to the agreement for the supply of naphtha by PDVSA to
Braskem, which expanded the term for a further two years and
increased the volume supplied from 640,000 ton/year to
approximately 1 million ton/year.  A memorandum of understanding
was also formalized for the supply by Braskem of resins and basic
petrochemicals to Pequiven.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating

                            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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


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


CENTENNIAL CO: Members to Receive Wind-Up Report on May 31
----------------------------------------------------------
The members of Centennial Co., Ltd. will receive, on May 31, 2010,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EQUUS CAPITAL: Members to Receive Wind-Up Report on May 31
----------------------------------------------------------
The members of Equus Capital Funding Ltd. will receive, on May 31,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ING LEASE: Members to Receive Wind-Up Report on June 2
------------------------------------------------------
The members of ING Lease Japan Zeta will receive, on June 2, 2010,
at 9:00 a.m., 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


J.O.F. HOLDING: Members to Receive Wind-Up Report on June 2
-----------------------------------------------------------
The members of J.O.F. Holding Corp. will receive, on June 2, 2010,
at 1:10 p.m., 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


J.O.F. PENSION: Members to Receive Wind-Up Report on June 2
-----------------------------------------------------------
The members of J.O.F. Pension Holding Corp. will receive, on
June 2, 2010, at 1:00 p.m., 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


MACQUARIE HELIX: Members to Receive Wind-Up Report on June 2
------------------------------------------------------------
The members of Macquarie Helix Japan Fund will receive, on June 2,
2010, at 11:00 a.m., 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


==================================
D O M I N I C A N  R E P U B L I C
==================================


BANCO DE AHORRO: S&P Withdraws 'B-/C' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Rating Services said that it has withdrawn its
'B-/C' global scale counterparty credit ratings on Banco de Ahorro
y Credito ADOPEM S.A. (Dominican Republic).  The outlook was
stable.  The bank currently has no debt rated by Standard &
Poor's.  The ratings were withdrawn at the company's request.


* DOMINICAN REPUBLIC: Fitch Puts 'B' Rating US$750 Mil. Bonds
-------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to the Dominican
Republic's US$750 million global bond issuance maturing in May
2021 (7.5% coupon).  The rating is in line with The Dominican
Republic's Long-term Foreign Currency Issuer Default Rating of
'B'.  The proceeds will go toward financing infrastructure and
providing support to other sectors of the Dominican economy.

High per capita income, as well as stronger social, governance and
business environment indicators relative to 'B'-range peers,
continue to support the sovereign's ratings.  However, the
Dominican Republic's weak liquidity position relative to 'B'-range
peers highlighted the country's vulnerability to external shocks
in an environment of lower global growth and tighter international
liquidity conditions, as growth decelerated to 1.4% in the first
half of 2009 (1H'09) compared with 7.7% in 1H'08.

"Approval of a 28-month US$1.7 billion SBA with the IMF last
October provided the government greater access to near-term
multilateral financing, which eased constraints on capital
spending experienced earlier in 2009 and contributed to a
resurgence of growth, which reached 3.5% for the year, the highest
rate of growth among Fitch-rated sovereigns in Latin America and
the Caribbean," said Theresa Paiz Fredel, Senior Director at Fitch
Ratings.

The IMF program should also support the government's efforts to
deepen structural reforms and maintain macroeconomic stability
during this congressional election year.  The residual impulse of
accommodative monetary and fiscal policies, renewed capital
inflows, and the U.S. economic recovery, will intensify growth
momentum this year and next.

The Dominican Republic's ratings would benefit from stronger
external liquidity and the maintenance of macroeconomic stability.
By contrast, a sustained increase in external financing
requirements, as well as a sharp decline in non-debt creating
capital inflows or a return of capital flight which results in
downward pressures on the peso and a continual erosion of
international reserves would be credit negative


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


AIR JAMAICA: Manning Administration Spends TT$315MM on Airline
--------------------------------------------------------------
Richardson Dhalai at Newsday reports that Oropouche East candidate
Dr. Roodal Moonilal has alleged that the Patrick Manning
administration has squandered just over TT$300 million in a bail-
out of Air Jamaica Limited.  The report relates Mr. Moonilal
described that transaction as "a spectacular and scandalous waste
of public funds."

"Imagine, at a time when Parliament is dissolved, in the wake of a
general election, on the eve of a change in government, only 24
hours ago, the Manning government squandered another TT$315
million in a buy-out of Air Jamaica," the report quoted Mr.
Moonilal as saying.  "Air Jamaica has a debt of TT$12 billion.
Manning wants to own that airline by July 1, 2010," he added.

"Imbert told Parliament in February, 2010, that the government
will not pump money into Air Jamaica. This after spending over $1
billion to restructure Caribbean Airline Limited," Mr. Moonilal
said, the report relates.

                       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
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


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


CEMEX SAB: Extends Expiration Dates for Private Offers to May 7
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the extension of the expiration
date for its four separate private offers to exchange CEMEX's
currently outstanding Perpetual Debentures for new senior secured
notes to be denominated in Dollars and Euros until 11:59 p.m., New
York City time, on May 7, 2010, unless extended or earlier
terminated (which the Issuer may do in its absolute discretion).

The Exchange Offers were launched on April 5, 2010, and all other
terms of the Exchange Offers remain unchanged from the terms
announced in the Second Supplement dated April 26, 2010 to the
Offering Memorandum dated April 5, 2010.  The issuer of the New
Senior Secured Notes is CEMEX Espana, S.A., acting through its
Luxembourg branch.  The Issuer is offering to exchange:

   -- any and all of the properly tendered and accepted
      outstanding U.S. dollar-denominated 6.196% Fixed-to-Floating
      Rate Callable Perpetual Debentures at US$713.75 per
      US$1,000 principal amount for New Dollar Senior Secured
      Notes,

   -- any and all of the properly tendered and accepted
      outstanding U.S. dollar-denominated 6.640% Fixed-to-Floating
      Rate Callable Perpetual Debentures at US$716.25 per
      US$1,000 principal amount for New Dollar Senior Secured
      Notes,

   -- any and all of the properly tendered and accepted
      outstanding U.S. dollar-denominated 6.722% Fixed-to-Floating
      Rate Callable Perpetual Debentures at US$723.75 per
      US$1,000 principal amount for New Dollar Senior Secured
      Notes, and

   -- any and all of the properly tendered and accepted
      outstanding Euro-denominated 6.277% Fixed-to-Floating Rate
      Callable Perpetual Debentures at EUR687.50 per EUR1,000
      principal amount for either New Euro Senior Secured Notes or
      New Dollar Senior Secured Notes at the option of the
      exchanging holder.  The exchange of Euro-denominated
      Perpetual Debentures for New Dollar Senior Secured Notes
      will be done at US$1.3468 per EUR1.00, the official exchange
      rate published by the European Central Bank on April 1,
      2010.

The requisite consents from a majority of the holders of the U.S.
dollar-denominated 6.196% Fixed-to-Floating Rate Callable
Perpetual Debentures, the U.S. dollar-denominated 6.640% Fixed-to-
Floating Rate Callable Perpetual Debentures and the Euro-
denominated 6.277% Fixed-to-Floating Rate Callable Perpetual
Debentures were received and not revoked as of April 30, 2010.
Accordingly, the condition relating to the receipt of such
requisite consents from eligible holders on or prior to the
Original Expiration Date has been satisfied for each of the USD
6.196% Exchange Offer, the USD 6.640% Exchange Offer

                         About CEMEX SAB

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 of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.

The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.

Cemex hopes to use compensation from Venezuela to reduce its US$15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide.  Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.


CERVECERIA Y MALTERIA: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Cerveceria y Malteria
Quilmes S.A.I.C.A. y G.:

  -- Foreign Currency IDR at 'BB-';
  -- Local Currency IDR at 'BB-';
  -- Senior unsecured notes due in 2012 at 'BB-'.

The 2012 notes were issued by Argentine Beverages Financial Trust
(Gain Bebidas Argentinas), whose underlying asset is a loan
granted by CMQ.

The Rating Outlook is Stable.

CMQ is the largest brewer in Argentina with an estimated 78%
market share.  The company also has a strong presence within the
country in soft drink, juices and water.  CMQ is a wholly owned
subsidiary of Quinsa, which in turn is 99.9% owned by Companhia de
Bebidas das Americas.  AmBev does not guarantee the debt of Quinsa
and its subsidiaries, including CMQ.  The rating of CMQ is two
notches higher than the Argentina country ceiling of 'B' at 'BB-'.
The country ceiling has been exceeded due to the strategic
importance of CMQ and Quinsa to AmBev.  Fitch believes that it is
likely that AmBev would help CMQ pay its debt in the event of the
imposition of transfer and convertibility restrictions by the
Argentine government to avoid the negative externality on the cost
of AmBev's debt that would result if one of its key subsidiaries
defaults.  Fitch also believes Quinsa would use some of the cash
it generates in its subsidiaries in Bolivia, Paraguay and Uruguay
to help CMQ repay debt in the event of T&C restrictions.

Operations continue to perform well for CMQ.  While beer and soft
drink volumes experienced declines of -1.3% and 0.9% respectively
in 2009 profitability has improved driven by cost cutting and
higher average prices.  For the last-12-months ended Dec. 31,
2009, CMQ generated ARP1,849 million of operating profits plus
depreciation and amortization compared to ARP1,615 million during
fiscal year 2009 (which ends in June) and ARP1,139 million during
fiscal year 2008.  CMQ's LTM EBITDA margin at Dec. 31, 2009,
reached 39% compared to 37.8% at June, 30 2009.

At the end of December 2009, CMQ had ARP415 million of total debt
and ARP373 million of cash and marketable securities.  The
company's leverage, as measured by total debt-to-EBITDA, was 0.2
times, and its net leverage was 0.02x.

AmBev had BRL7.3 billion of total debt and BRL4.0 billion of cash
and marketable securities as of Dec. 31, 2009.  During 2009, AmBev
generated BRL10.6 billion of EBITDA and BRL9.0 billion of funds
from operations.  During this time period, the company's net debt-
to-EBITDA ratio was 0.3x and its FFO adjusted leverage ratio was
0.7x.


CORPORACION GEO: Revenues Up 16.1% in First Quarter
---------------------------------------------------
Corporacion GEO S.A.B de C.V. posted results for the first quarter
2010.  1Q10 Revenues, EBITDA and Net Profit increased 16.1%, 25.6%
and 52.2%, respectively, compared to the first quarter 2009.

Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "GEO
began the year with continued growth and strong results, while
maintaining our leadership position with Mexico's key housing
institutions.  We titled 10,113 houses in the first quarter 2010,
a 3.4% increase compared to first quarter of 2009.  We also
achieved impressive year on year revenue and net profit
performance this quarter, which we attribute to the continued
success of our lower-income focused strategy."

"This quarter, our Company is presenting results based on the new
INIF-14 Accounting Principle which has been compulsory as of 2010.
We are confident this methodology will improve GEO's competitive
position within the industry due to the fact that we have been
aligning our business focus on titling and collections since early
2009.  Further, GEO's ALPHA 1 factory in Tijuana has begun
operations, and we expect to ramp up production in the second
quarter, ensuring we will fulfill our production goals for the
year," Mr. Orvananos added.

A copy of the company's first quarter financial results is
available free at http://ResearchArchives.com/t/s?6135

                     About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed-
rate notes.


CONTROLADORA COMERCIAL: Records MXN156.1MM Net Profit in 1Q
-----------------------------------------------------------
Laurence Iliff at Dow Jones Newswires reports that Controladora
Comercial Mexicana SAB de CV (Comerci) said that it made a net
profit of MXN156.1 million in the first-quarter from MXN60.7
million loss in the year-ago period on cost cutting.

According to the report, company sales in the first quarter were
MXN12.75 billion from MXN12.80 billion in the first quarter of
2009.  The report relates that same-store sales fell 2% compared
with the first quarter of last year, mostly as a result of the
loss of an exclusive contract to provide bonus vouchers to Mexico
City employees that were used during the holidays and into the new
year.

The company, the report notes, said that among the factors
contributing to its swing to a profit were lower cost of sales,
reduced operating expenses and savings in financial costs.  The
report notes that operating profit rose 54% to MXN703 million from
MXN458 million.

Comerci's Ebitda rose to MXN1.02 billion from MXN765.1 million in
the year-ago quarter, the report says.

                          About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


DESARROLLADORA HOMEX: Discloses Changes in Board of Directors
-------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. disclosed that Matthew M.
Zell, managing director of Equity Group Investments, who has
served as Director of Homex until completion of his full term,
which ended April 30, 2010, decided not stand for re-election at
Homex's annual shareholder's meeting due to other business
commitments.

"It has been a honor to serve on Homex' Board of Directors and to
watch the Company grow into the industry leader it is today," said
Zell.  "It has been a pleasure to work with such a dedicated Board
and strong management team totally devoted to Homex' success.
Throughout the years, Homex has shown its innovation and
resiliency in the housing market and I remain confident that they
will continue to thrive."

Upon proposal of Homex's Corporate Governance and Compensation
Committee, Homex shareholders assembly unanimously appointed Mr.
Dennis Lopez to join the Company's Board of Directors during the
annual meeting held on April 30, 2010.  Lopez will take over Mr.
Zell's seat effective immediately.

Mr. Lopez is the Chief Financial Officer of AXA Real Estate, the
leading real estate investment manager in Europe with 39.5 billion
euros of property assets under management.  He is responsible for
all of AXA Real Estate's Fund Management activities, overseeing a
team of 95 fund management professionals.

"We thank Matthew for the astute perspective and insight he has
provided to the Company over the years," said Eustaquio de
Nicolas, Chairman of the Board of Homex.  "He has been a great
asset to all of us, and we wish him well in his future endeavors.
At the same time, we are confident that Dennis' global real state
and financial markets expertise, as well as his counsel, judgment
and independence, will prove invaluable as we continue to expand
Homex."

                      About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                           *      *     *

As of March 8, 2010, the company continues to carry Moody's "Ba3"
LC Curr Issuer and Senior Usecured Debt ratings.  The company also
continues to carry Standard and Poor's "BB-" LT Issuer Credit
ratings.


PRUDENTIAL BANK: Moody's Withdraws Ratings for Business Reasons
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Prudential Bank, S.A., part of Grupo Actinver, S.A. de C.V. for
business reasons, including its bank financial strength and
deposit ratings.

Prudential Mexico has no rated foreign currency debt outstanding.

Moody's last rating action on Prudential Mexico was on April 6,
2010, when Moody's confirmed Prudential Mexico's bank financial
strength rating of E+ and raised its baseline credit assessment to
B1, from B2.  At the same time, Moody's had downgraded the bank's
long term local and foreign currency deposit ratings to Ba3, from
Ba2, while affirming the short term, local and foreign currency
Not Prime deposit ratings.  In line with this action, Moody's de
Mexico had downgraded Prudential Mexico's Mexican National Scale
deposit ratings to A3.mx, from A2.mx.

These ratings were withdrawn:

  -- Bank Financial Strength Rating: E+
  -- Long Term Local Currency Deposit Rating: Ba3
  -- Short Term Local Currency Deposit Rating: Not Prime
  -- Long Term Foreign Currency Deposit Rating: Ba3
  -- Short Term Foreign Currency Deposit Rating: Not Prime
  -- Mexican National Scale Long Term Deposit Rating: A3.mx
  -- Mexican National Scale Short Term Deposit Rating: MX-3


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


EUROBANK: Closed; Oriental Bank and Trust Assumes All Deposits
--------------------------------------------------------------
Eurobank of San Juan, P.R., was closed on April 30, 2010, by the
Office of the Commissioner of Financial Institutions of the
Commonwealth of Puerto Rico, which appointed the Federal Deposit
Insurance Corporation as receiver.  To protect the depositors, the
FDIC entered into a purchase and assumption agreement with
Oriental Bank and Trust of San Juan, P.R., to assume all of the
deposits of Eurobank.

The 22 branches of Eurobank will reopen during normal business
hours as branches of Oriental Bank and Trust.  Depositors of
Eurobank will automatically become depositors of Oriental Bank and
Trust.  Deposits will continue to be insured by the FDIC, so there
is no need for customers to change their banking relationship to
retain their deposit insurance coverage.  Customers should
continue to use their former Eurobank branch until they receive
notice from Oriental Bank and Trust that it has completed systems
changes to allow other Oriental Bank and Trust branches to process
their accounts as well.

As of Dec. 31, 2009, Eurobank had around $2.56 billion in total
assets and $1.97 billion in total deposits.  Oriental Bank and
Trust paid the FDIC a premium of 1.25 percent to assume all of the
deposits of Eurobank. In addition to assuming all of the deposits,
Oriental Bank and Trust agreed to purchase essentially all of the
failed bank's assets.

The FDIC and Oriental Bank and Trust entered into a loss-share
transaction on $1.58 billion of Eurobank's assets.  Oriental Bank
and Trust will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers.  For more information on
loss share, visit:

  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-591-2903.  Interested parties also can
visit the FDIC's Web site at:

          http://ResearchArchives.com/t/s?611c

                          or

          http://ResearchArchives.com/t/s?611d

The FDIC encourages all bank customers to review more information
about the transaction by visiting

                http://www.fdicseguro.gov

As part of this transaction, the FDIC will acquire a value
appreciation instrument. This instrument serves as additional
consideration for the transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $743.9 million.  Oriental Bank and Trust's acquisition of
all the deposits was the "least costly" resolution for the FDIC's
DIF compared to all alternatives.  Eurobank is the 58th FDIC-
insured institution to fail in the nation this year.  Eurobank is
one of three institutions closed in Puerto Rico on April 30, 2010.


R-G PREMIER: Closed; Scotiabank de Puerto Rico Assumes Deposits
---------------------------------------------------------------
R-G Premier Bank of Puerto Rico in Hato Rey, P.R., was closed on
April 30, 2010, by the Office of the Commissioner of Financial
Institutions of the Commonwealth of Puerto Rico, which appointed
the Federal Deposit Insurance Corporation as receiver.  To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with Scotiabank de Puerto Rico of San Juan, P.R., to
assume all of the deposits of R-G Premier Bank of Puerto Rico.

The 29 branches of R-G Premier Bank of Puerto Rico will reopen
during normal business hours as branches of Scotiabank de Puerto
Rico.  Depositors of R-G Premier Bank of Puerto Rico will
automatically become depositors of Scotiabank de Puerto Rico.
Deposits will continue to be insured by the FDIC, so there is no
need for customers to change their banking relationship to retain
their deposit insurance coverage.  Customers should continue to
use their former R-G Premier Bank of Puerto Rico branch until they
receive notice from Scotiabank de Puerto Rico that it has
completed systems changes to allow other Scotiabank de Puerto Rico
branches to process their accounts as well.

As of Dec. 31, 2009, R-G Premier Bank of Puerto Rico had around
$5.92 billion in total assets and $4.25 billion in total deposits.
Scotiabank de Puerto Rico paid the FDIC a premium of 1.35 percent
to assume all of the deposits of R-G Premier Bank of Puerto Rico.
In addition to assuming all of the deposits, Scotiabank de Puerto
Rico agreed to purchase essentially all of the failed bank's
assets.

The FDIC and Scotiabank de Puerto Rico entered into a loss-share
transaction on $5.41 billion of R-G Premier Bank of Puerto Rico's
assets.  Scotiabank de Puerto Rico will share in the losses on the
asset pools covered under the loss-share agreement.  The loss-
share transaction is projected to maximize returns on the assets
covered by keeping them in the private sector.  The transaction
also is expected to minimize disruptions for loan customers. For
more information on loss share, visit:

  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-591-2904.  Interested parties also can
visit the FDIC's Web site at:

                http://ResearchArchives.com/t/s?611a

                                 or

                 http://ResearchArchives.com/t/s?611b

The FDIC encourages all bank customers to review more information
about the transaction by visiting
http://www.fdicseguro.gov

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $1.23 billion.  Scotiabank de Puerto Rico's acquisition of
all the deposits was the "least costly" resolution for the FDIC's
DIF compared to all alternatives.  R-G Premier Bank of Puerto Rico
is the 59th FDIC-insured institution to fail in the nation this
year.  R-G Premier Bank of Puerto Rico is one of three
institutions closed in Puerto Rico on April 30, 2010.


WESTERNBANK PR: Closed; Banco Popular Assumes Deposits
------------------------------------------------------
Westernbank Puerto Rico of Mayaguez, P.R., was closed on April 30,
2010, by the Office of the Commissioner of Financial Institutions
of the Commonwealth of Puerto Rico, which appointed the Federal
Deposit Insurance Corporation as receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Banco Popular de Puerto Rico of San Juan, P.R., to
assume all of the deposits of Westernbank Puerto Rico.

The 46 branches of Westernbank Puerto Rico will reopen during
normal business hours as branches of Banco Popular de Puerto Rico.
Depositors of Westernbank Puerto Rico will automatically become
depositors of Banco Popular de Puerto Rico.  Deposits will
continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship to retain their
deposit insurance coverage.  Customers should continue to use
their former Westernbank Puerto Rico branch until they receive
notice from Banco Popular de Puerto Rico that it has completed
systems changes to allow other Banco Popular de Puerto Rico
branches to process their accounts as well.

As of Dec. 31, 2009, Westernbank Puerto Rico had around
$11.94 billion in total assets and $8.62 billion in total
deposits.  Banco Popular de Puerto Rico did not pay the FDIC a
premium to assume all of the deposits of Westernbank Puerto Rico.
In addition to assuming all of the deposits, Banco Popular de
Puerto Rico agreed to purchase around $9.39 billion of the failed
bank's assets.  The FDIC will retain the remaining assets for
later disposition.

The FDIC and Banco Popular de Puerto Rico entered into a loss-
share transaction on $8.77 billion of Westernbank Puerto Rico's
assets.  Banco Popular de Puerto Rico will share in the losses on
the asset pools covered under the loss-share agreement.  The loss-
share transaction is projected to maximize returns on the assets
covered by keeping them in the private sector.  The transaction
also is expected to minimize disruptions for loan customers. For
more information on loss share, visit:

  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-591-2909. Interested parties also can
visit the FDIC's Web site at:

               http://ResearchArchives.com/t/s?6117

                              or

               http://ResearchArchives.com/t/s?6118

The FDIC encourages all bank customers to review more information
about the transaction by visiting

                http://www.fdicseguro.gov

As part of this transaction, the FDIC will acquire a value
appreciation instrument. This instrument serves as additional
consideration for the transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $3.31 billion.  Banco Popular de Puerto Rico's acquisition
of all the deposits was the "least costly" resolution for the
FDIC's DIF compared to all alternatives.  Westernbank Puerto Rico
is the 60th FDIC-insured institution to fail in the nation this
year.  Western Bank was one of three institutions closed in Puerto
Rico today.


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


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

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

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

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

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

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

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

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

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

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

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



                            ***********

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

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

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

                            ***********


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

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


Copyright 2010.  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 * * *