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

              Friday, May 7, 2010, Vol. 11, No. 089

                            Headlines



B E R M U D A

AMERICAN CONSTANTINE: Court to Hear Wind-Up Petition on May 27
EFG SELECT: Declares Dividend to Unsecured Creditors
MARINE CONTAINER: Appoints McKenna as Liquidator
PARKCENTRAL GLOBAL: Appoints Morrison and Thresh as Liquidators
VALIDUS HOLDINGS: To Pay Quarterly Dividend on June 30, 2010

XL CAPITAL: Shareholders Approve Re-domestication to Ireland
XL CAPITAL: Appoints Irene Esteves as Chief Financial Officer


B R A Z I L

BANCO BVA: Fitch Assigns Issuer Default Rating at 'B-'
BROOKFIELD INCORPORACOES: To Pay US$27.2 Million in Dividends
GOL LINHAS: First-Quarter Profit Falls 61% to BRL23.9 Million
JBS SA: Pilgrim's Pride to Close Offices, Makes 213 Jobs Redundant
TAM SA: Completes Another Phase in Restructuring Process

USINAS SIDERURGICAS: To Hold Webcast on 1Q Results on May 13, 2010


C A Y M A N  I S L A N D S

CARDIVAS SA: Creditors' Proofs of Debt Due on June 17
CARLOS A. CAPELLA: Creditors' Proofs of Debt Due on June 25
CERBERO SRL: Creditors' Proofs of Debt Due on May 19
EBERLARRY SA: Creditors' Proofs of Debt Due on June 28
HARLEQUIN SA: Creditors' Proofs of Debt Due on June 1

JOVIBECA SA: Creditors' Proofs of Debt Due on June 30
NANDERS SA: Requests for Preventive Contest
NEW THERMICAL: Creditors' Proofs of Debt Due on May 19
SOL OBRAS: Creditors' Proofs of Debt Due on June 8


J A M A I C A

AIR JAMAICA: 1,823 Workers Receive Their Cheques
AIR JAMAICA: JALPA Accuses New Owners of Victimization
CABLE & WIRELESS: Electrical Fire Affects Portions of Operation
CASH PLUS: Extends Investors' Time to Submit Claim Until May 21


M E X I C O

VITRO SAB: Finacity Renews Trade Receivables Securitization


P U E R T O  R I C O

EUROBANCSHARES INC: To File Chapter 11 Following Bank Failure


V I R G I N  I S L A N D S

RESERVE INTERNATIONAL: BVI Liquidators Have No Power Over Fund




                         - - - - -


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B E R M U D A
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AMERICAN CONSTANTINE: Court to Hear Wind-Up Petition on May 27
--------------------------------------------------------------
A petition to wind up the operations of American Constantine
Insurance Company Limited will be heard before the High Court of
Bermuda on May 27, 2010, at 11:00 a.m.

The lawyer for the petitioner is:

         Cox Hallett Wilkinson
         Barristers & Attorneys
         Milner House 18 Parliament Street
         Hamilton, Bermuda Attorneys


EFG SELECT: Declares Dividend to Unsecured Creditors
----------------------------------------------------
EFG Select Funds Limited declared 100% of dividend to unsecured
creditors.


MARINE CONTAINER: Appoints McKenna as Liquidator
------------------------------------------------
At a special general meeting held on April 26, 2010, John C.
McKenna was appointed as liquidator of The Marine Container
Insurance Co. Ltd.


PARKCENTRAL GLOBAL: Appoints Morrison and Thresh as Liquidators
---------------------------------------------------------------
On April 28, 2010, the Supreme Court of Bermuda appointed Michael
Morrison and Charles Thresh as the liquidators of Parkcentral
Global Hub Limited.


VALIDUS HOLDINGS: To Pay Quarterly Dividend on June 30, 2010
------------------------------------------------------------
Validus Holdings, Limited's Board of Directors has declared a
quarterly dividend of US$0.22 per common share and US$0.22 per
common share equivalent for which each outstanding warrant is then
exercisable.  The dividend is payable on June 30, 2010 to
shareholders and warrant holders of record on June 15, 2010.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


XL CAPITAL: Shareholders Approve Re-domestication to Ireland
------------------------------------------------------------
XL Capital Limited's ordinary shareholders approved changing the
parent holding company's place of incorporation from the Cayman
Islands to Ireland.   XL shareholders also approved, among other
proposals, the renaming of the Company from "XL Capital" to "XL
Group".  The name change is expected to be made in July 2010.

XL expects to complete the redomestication on or about July 1,
2010, assuming the transaction is approved by the Grand Court of
the Cayman Islands at a hearing currently scheduled for May 20,
2010, and that other conditions to the redomestication are
satisfied.

"We are grateful to our shareholders for supporting this
initiative," said XL's Chief Executive Officer, Mike McGavick.
"We believe that our redomestication to Ireland will offer us
opportunities to reduce certain risks and reinforce our reputation
across our global business platforms.  We look forward to the
successful completion of this initiative this summer."

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


XL CAPITAL: Appoints Irene Esteves as Chief Financial Officer
-------------------------------------------------------------
XL Capital Limited appointed Irene M. Esteves as Executive Vice
President and Chief Financial Officer.  Ms. Esteves will join the
Company on May 17.

Ms. Esteves, who has more than 20 years of experience in
financial, strategic M&A and investment risk management at US and
global companies, will assume CFO responsibilities from Simon
Rich, XL's Corporate Controller, who is also serving as Interim
Chief Financial Officer.  Ms. Esteves will report to XL's Chief
Executive Officer, Mike McGavick, and will serve on XL's
Leadership Team.

Most recently Ms. Esteves held the position of Senior Executive
Vice President & Chief Financial Officer of Regions Financial
Corporation.  Ms. Esteves' accomplishments at the bank include
completing a successful US$2 billion capital raise and raising
over US$5 billion in long-term debt and trust preferreds to
solidify the firm's liquidity position and prudently finance its
balance sheet.  Prior to Regions, Ms. Esteves was Senior Vice
President & Chief Financial Officer of Wachovia Corporation's
Capital Management Group.  From 1997 to 2004 Ms. Esteves was the
Chief Financial Officer of Putnam Investments in Boston,
Massachusetts.  Earlier, Ms. Esteves was Vice President Corporate
Strategy, Controller and Head of International Finance at Miller
Brewing Company, Inc. in Milwaukee, Wisconsin.  Ms. Esteves began
her career with S.C. Johnson & Son, Inc. in Racine, Wisconsin,
where she held finance and business development roles of
increasing responsibility.

Ms. Esteves has a Masters of Management degree with highest honors
from the J.L. Kellogg Graduate School of Management at
Northwestern University and a Bachelor of Business Administration
degree from the University of Michigan School of Business.

Commenting on Ms. Esteves' XL appointment, Mr. McGavick said: "We
are thrilled to have Irene join XL.  Out of many extraordinary
candidates for this position, Irene offers the perfect balance of
technical experience, global expertise, and strategic vision.
These attributes as well as her broad-based financial and
strategic management knowledge and experience make her, I believe,
the perfect choice for CFO and a welcomed addition to XL's
Leadership Team.

"We are also grateful to Simon Rich for admirably performing in
two significant roles.  His willingness to assume the CFO duties
and responsibilities in addition to serving as Corporate
Controller speaks volumes of his commitment to XL and the high
regard in which he is held by his colleagues."

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BANCO BVA: Fitch Assigns Issuer Default Rating at 'B-'
------------------------------------------------------
Fitch Ratings has assigned these ratings to Banco BVA S.A.:

  -- Long-term foreign and local currency Issuer Default Rating
     'B-';

  -- Short-term foreign and local currency IDR 'B';

  -- National Long-term rating 'BB(bra)';

  -- National Short-term rating 'B(bra)';

  -- Support rating '5';

  -- Support rating floor 'NF';

  -- Individual rating: 'D/E'.

The Outlook on the long-term IDR and national rating is Stable.
BVA's ratings reflect its high leverage, considerable
concentration of assets and liabilities, the bank's overall
revenue generation dependency on credit origination, limited
product offer and regional concentration.  They also consider good
loan origination and monitoring policies, strong expertise over
its medium and small customer's portfolio and acceptable
liquidity.  BVA's focuses its activities on providing plain
vanilla credit facilities to middle market companies still under-
serviced by the country's largest banks, and with sales mainly
focused on the local market.

After tripling its credit portfolio to BRL1.6 billion in 2009,
BVA's loan portfolio remains concentrated, which is usual for mid
sized banks.  With 66% of loans maturing above one year, against a
peer average of 35%, BVA mitigates its less flexible assets
profile with an adequate risk control policy, which is applied
with rigor by experienced professionals.  After the recent strong
growth of the loan portfolio, asset quality metrics are still yet
to reflect the trends of a more seasoned loan portfolio; although,
Fitch considers that BVA current credit metrics as adequate; while
the proactive use of collateral (mainly receivables from
customers, equipments and land) may help to keep asset quality at
bay, a trend that may be verified during 2010 and 2011, when the
loan portfolio matures.

During the 2008 crisis, BVA managed to retain key depositors from
its concentrated base, tamed loan origination for some time, and
enhanced its liquidity expanding its deposits base.  With
approximately 77% of funding concentrated in time deposits (mainly
from corporate depositors), BVA also strongly benefited from the
creation of Deposit with Special Guarantee in April 2009, using
almost the entire regulatory issuance limit allowed for this
facility to help finance its 2009 credit growth.  In Fitch's
opinion, this poses a great threat to BVA, as the bank has low
room for further DPGE (designed to be used under stress scenarios)
issuance in case of a liquidity drought and its funding base is
concentrated.

Since 2007, BVA counts on a new shareholder and CEO, who has
reaffirmed the bank's focus on providing credit facilities to
middle market companies even though some BRL109 million capital
injections by both shareholders since 2007 helped improve BVA's
leverage (11.7% in FY09) in 2009, the bank's strategy is to
operate with close to regulatory Basel ratios.  Fitch considers
BVA's leverage strategy and business plan based on growth as
aggressive, also leading the bank to present a volatile
profitability.


BROOKFIELD INCORPORACOES: To Pay US$27.2 Million in Dividends
-------------------------------------------------------------
Brookfield Incorporacoes SA's board approved the payment of
BRL47.9 million (US$27.2 million) in dividends, Rogerio Jelmayer
at Dow Jones Newswires reports, citing a company statement.

According to the report, the company said that the total amount
represents a dividend of BRL0.11 per common share.  The report
relates that the dividends' distribution will be based in
shareholders position as of April 30 and will be paid starting
May 12.

Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) is a Brazil-based company engaged in real estate sector. The
Company is the developer of high-end and luxury residential
buildings, houses, as well as office buildings in Sao Paulo and
Rio de Janeiro metropolitan regions.  Its operations include land
acquisition, planning, construction, sales, financing, customer
service, design, development and management of real estate
projects targeted at mainstream, luxury homebuyers.  The company's
buildings include Reserva de Itauna, Edificio San Francisco,
Chacara de Pinheiros, Time Square and Saint Tropez, among others.
As of June 22, 2009, the Company had its name changed after the
merger of three companies: Brascan Residential, Company and MB
Engenharia.  The company's major shareholder is Brookfield Asset
Management.  In July 2009, Companhia Energetica de Minas Gerais
95% interest in the company.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Fitch Ratings has assigned the national long-
term debt rating of 'A+(bra)' to the proposed first simple
debentures issuance, not convertible into shares, of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount
of BRL100 million, with final maturity on September 1, 2013.  The
proceeds will be used for company general purposes.  Fitch has
already rated Brookfield Incorporacoes' foreign and local currency
Issuer Default Ratings 'BB-', and national long-term rating 'A+
(bra)'.  The Rating Outlook of the corporate ratings is Negative.


GOL LINHAS: First-Quarter Profit Falls 61% to BRL23.9 Million
-------------------------------------------------------------
Laura Price at Bloomberg News reports that Gol Linhas Aereas
Inteligentes SA's first-quarter profit fell 61% to BRL23.9 million
(US$13.3 million) from BRL61.4 million a year earlier after a
decline in the real increased the value of its dollar-denominated
debt.  The report relates that net sales rose 14% to BRL1.73
billion in the quarter.

According to the report, Gol Linhas took a 59 million-real expense
in the quarter after the U.S. dollar rose against the real.  The
report relates that a year earlier, it had an 86.1 million- real
gain.  Gol Linhas said it also paid 9.6% more income tax in the
quarter than a year earlier, the report says.

"The exchange variation generated an expense of BRL59 million,
chiefly due to the impact of the 2.3% appreciation of the dollar
on the company?s foreign currency debt," said the company in the
statement obtained by the news agency.

Gol Linhas, the report relates, had an operating margin of 11% in
the quarter from 6.9% a year earlier.  The margin on earnings
before interest, taxes, depreciation and amortization rose to 15
percent from 9.3% a year earlier, the report adds.

                       About GOL Linhas

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

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


JBS SA: Pilgrim's Pride to Close Offices, Makes 213 Jobs Redundant
------------------------------------------------------------------
Shradhha Sharma at Reuters reports that Pilgrim's Pride Corp will
close its corporate headquarters in east Texas as part of its
merger with JBS SA.  The report relates that the closure of the
offices will result to 213 job cuts.

According to the report, Pilgrim's Pride, which emerged from
bankruptcy in December, said it expects to close it headquarters
and a satellite corporate office in Atlanta within 60 days.  The
report relates that during bankruptcy, the company had closed and
sold plants, reduced production, laid off workers and sold a
majority stake to JBS SA.

Pilgrim's Pride, the report notes, said that the closures will not
impact its processing facilities or operations, as none of the
jobs being eliminated are production related.

Reuters discloses that the job reductions are expected to begin
around June 14, and will affect both salaried and non-salaried
employees.

                            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 April 28, 2010, the company continues to carry Moody's B1
long term rating, LT Corp Family rating, and senior unsecured debt
rating.  The company also continues to carry Standard and Poor's
B+ Issuer Credit ratings.


TAM SA: Completes Another Phase in Restructuring Process
--------------------------------------------------------
TAM S.A. has completed another phase in its organizational
restructuring, indicating its commitment to improving governance
and the creation of a large corporation with a focus on airline
operations and multi-business.

Ricardo Froes comes to the company as the new vice president of
Finance, Management and IT, reporting to the president, Libano
Barroso, who has been fulfilling this role on an interim basis
since he assumed the presidency in October 2009.  Before coming to
TAM, Froes was the Financial Director of Solvi Participacoes, and
was responsible for the Treasury, Project Financing, Insurance,
Planning and Legal-Strategic areas.  At CCR -- Companhia de
Concessoes Rodoviarias, where he also held the office of Financial
Director, he was responsible for Investor Relations, as well as
Treasury, Project Financing and Insurance areas.  He graduated
with a degree in Economics from Minas Gerais Federal University
(Universidade Federal de Minas Gerais), and holds an MBA in
Finance from IBMEC.

Another step in the direction of a precise definition of the
corporate functions was taken with the creation of the Vice
Presidency of Supply and Contracts.  Jose Zaidan Maluf, who joined
TAM in 1995 and since 2000 has been responsible as the Director of
International Contracts, assumes this office.  With more than 30
years of experience in the aeronautic and airports industry, Maluf
graduated with a degree in Electrical Engineering from the Maua-
Brazil School of Engineering (Escola de Engenharia Maua-Brasil)
and holds an MBA from IBMEC.

Furthermore, in February the company reestablished the vice
presidency of Knowledge Management and Human Resources, aligned
with the company's focus on the principles of Spirit of Serving
and Passion for Aviation.  Claudio Costa, with 20 years of
experience in Human Resources, was hired as the VP in this area.
Before joining TAM, he was the director of a business unit of Hay
Group, where he was responsible for strategic project planning and
organizational development in companies like Petrobras, Cielo,
Vallourec & Mannesmann, Vale and SHV Gas Brasil, among others.  He
also had experience with Accenture, Grupo Fiat and Bank Boston.
He graduated in Business Administration from FAAP in Sao Paulo and
holds an MBA of Company Management from PUC-Minas.

"The new structure shows our obsession in building a culture of
high performance.  We believe that culture is made with examples
and processes, and mainly focus on people," says Libano Barroso,
president of TAM Linhas Aereas.

The improvement of governance in the group, with the share of
responsibilities between new business development and airline
operations, was announced on March 31 this year, appointing the
executive Marco Antonio Bologna for the Presidency of the holding
TAM SA (Bovespa: TAMM4 and NYSE: TAM), responsible for the
business development group and its adjacent institutional
relationship.  Libano Barroso continues as President of TAM Linhas
Aereas, in charge of airline operations (passenger and cargo),
which include TAM Linhas Aereas, TAM Airlines (former TAM
Mercosur), Pantanal Linhas Aereas and TAM Viagens.  He will
continue as Director of Investor Relations of the holding TAM SA?.

In an election on April 30, the General Board of Directors has
approved the appointment of Bologna for the presidency of the
holding.

                  Multiplus Fidelidade's New CEO

On May 17, the executive Eduardo Gouveia will assume the position
of CEO of Multiplus Fidelidade, which has been in the charge of
Libano Barroso since the company was established in October 2009.
Graduated in Computer Science from Pernambuco Federal University
and in Business Administration from FESP-UPE, Gouveia has a
specialization in Finance from IBMEC and an MBA in Marketing from
FGV. He had been working as Vice President of Marketing and Sales
at Cielo in the last four years.  Previously, he was Vice
President of Marketing at WalMart and had experience in companies
such as Bompreco, Hipercard and Banorte. Gouveia will also act as
Director of Investor Relations of Multiplus.

                          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 reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


USINAS SIDERURGICAS: To Hold Webcast on 1Q Results on May 13, 2010
------------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A. will hold its first
Quarter 2010 Results Conference Call o May 13, 2010, before the
opening of BM&FBOVESPA's trading session, at 10:30 A.M. EDT.

Simply log on to the web at the:
   http://www.mediatown.com.br/prnewswire/player/?id=251/

    To take part in the conference call, dial:
    From the U.S. - 1-888-700-0802
    From Brazil - (11) 4688-6361
    From other countries - 1-786-924-6977

                           About Usinas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of May 7, 2010, the company continues to carry Moody's Ba1
Subordinate Debt rating.


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


CARDIVAS SA: Creditors' Proofs of Debt Due on June 17
-----------------------------------------------------
Orlando Omar Vegeta, the court-appointed trustee for Cardivas SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 17, 2010.

Mr. Vegeta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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:

         Orlando Omar Vegeta
         Aguirre 666
         Argentina


CARLOS A. CAPELLA: Creditors' Proofs of Debt Due on June 25
-----------------------------------------------------------
Monica Edith Vicens, the court-appointed trustee for Carlos A.
Capella SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 25, 2010.

Ms. Vicens will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

         Monica Edith Vicens
         Cerrito 1136
         Argentina


CERBERO SRL: Creditors' Proofs of Debt Due on May 19
----------------------------------------------------
Alfredo Iriondo, the court-appointed trustee for Cerbero SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 19, 2010.

Mr. Iriondo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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:

         Alfredo Iriondo
         Ciudad de la Paz 1383
         Argentina


EBERLARRY SA: Creditors' Proofs of Debt Due on June 28
------------------------------------------------------
Cecilia Carlino, the court-appointed trustee for Eberlarry SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 28, 2010.

Ms. Carlino 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. 13, 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:

         Cecilia Carlino
         Bolivia 4309


HARLEQUIN SA: Creditors' Proofs of Debt Due on June 1
-----------------------------------------------------
Alicia Ester Ferraro, the court-appointed trustee for Harlequin
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 1, 2010.

Ms. Ferraro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Alicia Ester Ferraro
         Esmeralda 960
         Argentina


JOVIBECA SA: Creditors' Proofs of Debt Due on June 30
-----------------------------------------------------
Bartolome Bavio, the court-appointed trustee for Jovibeca SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 30, 2010.

Ms. Bavio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 24, 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:

         Bartolome Bavio
         Avenida de Mayo 1324
         Argentina


NANDERS SA: Requests for Preventive Contest
-------------------------------------------
Nanders SA requested for preventive contest.

The company stopped making payments last June 7, 1999.


NEW THERMICAL: Creditors' Proofs of Debt Due on May 19
------------------------------------------------------
Silvia Trombetta, the court-appointed trustee for New Thermical
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 19, 2010.

Ms. Trombetta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Silvia Trombetta
         Viamonte 1337
         Argentina


SOL OBRAS: Creditors' Proofs of Debt Due on June 8
--------------------------------------------------
Estudio Angel y Asociados, the court-appointed trustee for Sol
Obras SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 8, 2010.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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:

         Estudio Angel y Asociados
         Vidal 4168
         Argentina


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


AIR JAMAICA: 1,823 Workers Receive Their Cheques
------------------------------------------------
Finance Minister Audley Shaw dismissed reports that some Air
Jamaica Limited employees had not received their redundancy and
severance payments, Jamaica Observer reports.  The report relates
Mr. Shaw said that "cheques were issued to all 1,823 Air Jamaica
employees".

"We are extremely gratified that the requisite redundancy and
severance payments -- which approximated US$24 million -- were set
aside to meet those payments in a timely manner.  This Government
is also gratified that approximately 1,000 employees are being
rehired by Caribbean Airlines during the transition period," the
report quoted Mr. Shaw as saying.

The government, the report notes, indicated that all members of
staff of national carrier Air Jamaica, whose jobs were to be made
redundant, would receive their severance pay, totaling US$24
million.  The report notes that the move was a precursor to the
transition process for the divestment of the operations of the
national carrier to Trinidad and Tobago's Caribbean Airlines,
which took effect on May 1.

                      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.


AIR JAMAICA: JALPA Accuses New Owners of Victimization
------------------------------------------------------
The Jamaica Airline Pilots Association is adding to claims of
victimization of its members by the new owners of Air Jamaica
Limited, RadioJamaica reports.  The report relates that the
association believes its members have been shunned by the new
owners because of their recent bid to acquire Air Jamaica.

According to the report, JALPA -- which represents airline pilots
who were previously employed to Air Jamaica -- says the new owner
Air JamaicaCal Transition Ltd. did not offer new employment
contracts to members.  The report relates Executive Secretary of
JALPA, Maria Zaidie Haddad, said that members are upset that they
have been overlooked during Caribbean Airlines' recruiting program
in which one thousand workers were rehired.

Ms. Haddad, the report notes, said members of JALPA are far from
satisfied with the explanation given by the airline's new owners.
"The word they used was surplus.  They needed a certain number of
pilots about 77 and we had over 120 pilots so approximately 33
were not offered employment with the new Caribbean Airlines-Air
Jamaica group.  Of course all of those who were not offered were
expecting changes to some degree.  They are upset, some are
wondering why they were not called, was it performance based, was
it some other reason," the report quoted Mrs. Haddad as saying.

Mrs. Haddad, the report relates, said that it is widely suspected
that the recent acquisition bid may have been a deciding factor in
members not being offered re-employment.

                         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.


CABLE & WIRELESS: Electrical Fire Affects Portions of Operation
---------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) engineers were working to
have full service restored to its main switchboard and customer
care centre after a small electrical fire affected portions of the
operation, Jamaica Gleaner reports.

According to the report, the fire was contained to a small room on
the ground floor of the company's corporate building at Carlton
Crescent in Kingston.  "As a result of the incident, customers
might experience brief delays getting through to customer-service
representatives at the centre," LIME said in a press release
obtained by the news agency.

The report notes that although there was damage to some equipment,
the company says it was able to activate its recovery plan and re-
route most of the calls.  The report relates that damage was done
to transmission equipment supporting the company's internal PBX
system which affected incoming landline calls to LIME's head
office.

                            About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- provides national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

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

                         *     *     *

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

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


CASH PLUS: Extends Investors' Time to Submit Claim Until May 21
---------------------------------------------------------------
Hugh Wildman, the court-appointed liquidator for Cash Plus
Limited, has again extended the time for former clients of the
collapsed investment scheme to make claims, RadioJamaica reports.
The report relates that investors can now bring in claims between
May 10 and May 21.

According to the report, Mr. Wildman said that the extension is
being granted because clients of Cash Plus are still complaining
that they missed previous deadlines.  The report relates Mr.
Wildman said that the exercise of calling in claimants is to
verify total claims on Cash Plus so that if and when money is
found for a payout, there will an accurate figure of the amount
owed.

The report notes that a significant development concerning a
possible pay out may be the source of the call for claimants, but
Mr. Wildman would not confirm this.  The report relates those
making claims on Cash Plus must do so with a completed Proof of
Debt form along with copies of Loan Agreements, a valid form of
identification and Tax Registration Number, TRN.

                         About Cash Plus

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

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

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


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


VITRO SAB: Finacity Renews Trade Receivables Securitization
-----------------------------------------------------------
Finacity Corporation disclosed the successful extension of a
MXN550,000,000 variable rate investment grade bond for one of its
clients, Vitro Envases Norteamerica S.A. de C.V., a 100% owned
subsidiary of Vitro S.A.B. de C.V.  The securitization program,
now in its fifth year, was renewed on March 25, 2010, for an
additional two years.  Finacity will continue in its role as
Master Servicer and Bond Administrator.  As Bond Administrator,
Finacity will generate reports daily for the various constituents
in order to provide all parties with visibility to assets,
collateral values and receivables performance.

"We are proud and pleased to continue to be of service to Vitro,"
said Adrian Katz, Finacity's Chief Executive Officer.

                   About Finacity Corporation

Finacity specializes in the provision of efficient,
securitization-based trade receivables funding, state-of-the-art
servicing, detailed transaction transparency and reporting
solutions.  Finacity's offerings can include both domestic and
international receivables for its clients.

Finacity is active globally with receivable obligors in more than
80 countries. More information can be found at www.finacity.com.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                          *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


EUROBANCSHARES INC: To File Chapter 11 Following Bank Failure
-------------------------------------------------------------
Eurobancshares Inc., a San Juan, Puerto Rico-based bank holding
company, said in a regulatory filing that it will file under
Chapter 11 following the takeover of its bank subsidiary by the
Federal Deposit Insurance Corp. on April 30.

On April 30, Eurobank, the wholly owned subsidiary and principal
asset of EuroBancshares, was closed by the Office of the
Commissioner of Financial Institutions of Puerto Rico and the FDIC
was appointed as receiver of the Bank.  On the same date, the FDIC
transferred certain assets and liabilities of the Bank to Oriental
Bank & Trust, San Juan, Puerto Rico.

Eurobancshares Inc. expects to commence a voluntary case under
Chapter 11 of Title 11 of the United States Code in the United
States Bankruptcy Court for the District of Puerto Rico.

                       Event of Default

As of April 30, the Company had approximately $20.6 million in
floating rate junior subordinated deferrable interest debentures
outstanding pursuant to an Indenture, dated as of December 19,
2002, by and between the Company and U.S. Bank National
Association (as successor to State Street Bank and Trust Company
of Connecticut, National Association), as trustee.  The debentures
were issued in connection with the issuance of $20.0 million of
related floating rate trust preferred securities of Eurobank
Statutory Trust II due in 2032 with a liquidation amount of $1,000
per security.  The April 30, 2010 appointment of the FDIC as
receiver constitutes an "Event of Default," under the Indenture.
Under the Indentures, an Event of Default occurs if, among other
things, the Company or any substantial part of its property,
including the Bank, is taken into possession by a receiver.
Subject to certain notice and waiting requirements set forth in
the Indenture, upon the occurrence of an Event of Default, the
trustee or holders of not less than 25% in principal of the
outstanding unsecured subordinated notes of the debentures may
declare the entire principal, premium and any accrued unpaid
interest of the debentures immediately due and payable.

                     Delisting from Nasdaq

On May 3, 2010, the Company received a letter from the Nasdaq
Stock Market  indicating that the Company's shares of common stock
will be delisted from Nasdaq.  The Company does not intend to
appeal Nasdaq's decisions to delist its common stock.  Therefore,
trading in the Company's common stock will be suspended at the
opening of business on May 12, 2010, and a Form 25-NSE will be
filed by Nasdaq with the Securities and Exchange Commission, which
will remove the Company's securities from listing and registration
on Nasdaq.  In addition, trading in the Company's common stock has
been halted by Nasdaq starting on Monday, May 3, 2010 and will
remain so up to the suspension date.


==========================
V I R G I N  I S L A N D S
==========================


RESERVE INTERNATIONAL: BVI Liquidators Have No Power Over Fund
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that U.S. District Judge
Paul G. Gardephe in New York ruled that Caribbean liquidators have
no right to participate in the U.S. liquidation of a fund that had
its assets and operations in the U.S. though the fund was
incorporated abroad.

According to Bloomberg News, the case involved Reserve
International Liquidity Fund Ltd., which was a "much smaller
sister fund of the Reserve Primary Fund."  The Reserve funds were
money-market funds driven out of business by their investments in
debt obligations owing by Lehman Brothers Holdings Inc.

The report relates that although the Reserve International had
distributed most of its assets to investors, it commenced a
declaratory judgment action in U.S. district court in New York to
authorize distribution of remaining assets.  Investors in the
fund, who didn't like the proposed distribution scheme in the
U.S., initiated a liquidation in the British Virgins Islands,
where the fund was incorporated.  The BVI liquidators sought to
participate in the declaratory judgment action in Judge Gardephe's
court and contended they supplanted the fund's managers.

Judge Gardephe, according to Bloomberg News, disagreed, saying the
"liquidators do not have standing to assume the position of the
Fund's board in this action."  To have any authority to be heard
in a court in the U.S., Judge Gardephe ruled that the liquidators
were obliged to commence a Chapter 15 petition in a U.S.
bankruptcy court and have the proceedings in the BVI court
declared to be either a "foreign main" or "foreign non-main"
proceeding.

Judge Gardephe is allowing the declaratory judgment action to
proceed in New York and determine how the remaining assets should
be distributed to investors.

The case is Reserve International Liquidity Fund Ltd., 09-
9021, U.S. District Court, Southern District New York (Manhattan).

                    About Reserve Primary Fund

Managed by Reserve Management Company, Inc., the Reserve Primary
Fund is a large money market mutual fund that is currently in
liquidation.  On September 16, 2008, during the global financial
crisis, it lowered its share price below $1 because of exposure to
Lehman Brothers debt securities.  This resulted in demands from
investors to return their funds as the financial crisis mounted.
The Reserve had multiple other funds frozen because of this
failure.


                            ***********

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.


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