TCRLA_Public/100513.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

              Thursday, May 13, 2010, Vol. 11, No. 093

                            Headlines



A R G E N T I N A

AGRIBEST SA: Creditors' Proofs of Debt Due on August 4
BANCO HIPOTECARIO: Posts Ps.40.1 Million Net Income in First Qtr.
BLAUSH SA: Asks for Preventive Contest
CARSA SA: Moody's Assigns 'B3' Global Scale Rating on Bonds
DEL PLATA: Creditors' Proofs of Debt Due on July 14

FLEMINIA SA: Trustee Verifying Proofs of Claim Until June 14
PORFIDI INTERNATIONAL: Creditors' Proofs of Debt Due on June 1
* ARGENTINA: May Postpone US$1-Bil. Bond Sale as Yields Surge


B E R M U D A

XL CAPITAL: XL Insurance Names Bob Shine as Exec. Vice President


B R A Z I L

INPAR SA: Moody's Assigns First-Time 'B1' Local Currency Rating
USIMINAS SIDERURGICAS: Sees Benefit From April Price Hikes in H2
USIMINAS SIDERURGICAS: Stockholders Tap New Director-President
USIMINAS SIDERURGICAS: Inks "Rio Doce" Bay Project With Ibio
* BRAZIL: Passo Fundo City Gets US$9.8 Million IDB Loan


C A Y M A N  I S L A N D S

BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10
BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10
CHINA TIME: Grand Court Enters Wind-Up Order
FAIRFIELD ICAP: Creditors' Proofs of Debt Due on June 11
FIX ASSET: Creditors' Proofs of Debt Due on May 31

FP VULCAN: Creditors' Proofs of Debt Due on June 10
GCM CREDIT: Creditors' Proofs of Debt Due on June 10
GLOBOPAR OVERSEAS: Creditors' Proofs of Debt Due on June 10
HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10
HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10

KEYSTONE INVESTMENTS: Creditors' Proofs of Debt Due on June 10
LAND BROTHERS: Creditors' Proofs of Debt Due on June 10
NOONDAY OFFSHORE: Creditors' Proofs of Debt Due on June 10
NORTHERN LIGHTS: Commences Wind-Up Proceedings
NRG ENERGY: Commences Liquidation Proceedings

PICTET WATER: Creditors' Proofs of Debt Due on June 10
PICTET WATER: Creditors' Proofs of Debt Due on June 10
PICTET WATER: Creditors' Proofs of Debt Due on June 10
ROBECO WPG: Creditors' Proofs of Debt Due on May 31
WINDRUSH SECURITIES: Creditors' Proofs of Debt Due on June 10


C O L O M B I A

BANCOLOMBIA SA: Ready to Boost Credit This Year


J A M A I C A

JAMAICA PUBLIC SERVICE: System Control Operators Resume Work


T R I N I D A D  &  T O B A G O

WATER AND SEWERAGE: Workers Protest Over Funds Owed


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Inks Ship Construction Project With Cuba
PETROLEOS DE VENEZUELA: Begins Treatment of Fuel Oil Reservoir
PETROLEOS DE VENEZUELA: Damaged FCC Unit Ready for Restart


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


AGRIBEST SA: Creditors' Proofs of Debt Due on August 4
------------------------------------------------------
Viviana Santamarina, the court-appointed trustee for Agribest SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until August 4, 2010.

Ms. Santamarina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of
Clerk No. 16, 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.

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

The Trustee can be reached at:

         Viviana Santamarina
         Jufre 250
         Argentina


BANCO HIPOTECARIO: Posts Ps.40.1 Million Net Income in First Qtr.
-----------------------------------------------------------------
Banco Hipotecario S.A. disclosed its first quarter 2010 results.

Total net income for the quarter was Ps. 40.1 million, compared to
the Ps. 79.3 million of last quarter and Ps. 30.0 million of the
same quarter of last year.  Net financial margins of Ps. 125.3
million were 36.6% and 1.2% lower than the previous quarter and a
year ago, respectively.  Net income from services for the quarter
was Ps. 61.1 million, 6.0% higher than the previous quarter and
9.9% higher than first quarter 2009.

Loans to the private sector increased 3.0% in the quarter and
10.7% YoY.  Deposits increased 8.8% in the quarter and 18.9% YoY.
NPL ratio decreased from 6.6% to 3.8% in the year while coverage
ratio increased from 83.8% to 114.0% in the same period.  The
company's recorded an equity ratio of 24.3%, higher than the 21.0%
of March 2009.  BH ranks fifth in terms of net worth, seventh in
terms of household financing, and 11th in terms of assets in the
local financial system.

                         About Banco Hipotecario

Banco Hipotecario SA is an important commercial bank in Argentina
and the nation's premier mortgage lender.  The bank attracts
deposits and offers commercial banking services.  The bank offers
mortgage, personal, and corporate loans, credit cards, and
insurance service.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Moody's Investors Service has affirmed Banco
Hipotecario S.A.'s D BFSR rating.   The rating agency also
downgraded the the global local currency deposit rating to Ba2
from Ba1, with negative outlook; and the global local currency
debt rating lowered to Ba2 from Ba1 with negative outlook.


BLAUSH SA: Asks for Preventive Contest
--------------------------------------
Blaush SA asked for preventive contest.

The company stopped making payments last October 2009.


CARSA SA: Moody's Assigns 'B3' Global Scale Rating on Bonds
-----------------------------------------------------------
Moody's Latin America assigned a B3 global scale rating and an
A3.ar Argentina National Scale Rating to CARSA's proposed
ARS30 million local bond issuance.  At the same time, Moody's
affirmed CARSA's corporate family rating of B3 on its global scale
and A3.ar on the Argentina national scale rating.  All of the
ratings assigned are local currency ratings.  Proceeds from the
notes will be used principally for CARSA's working capital needs,
to refinance outstanding short term debt and for general corporate
purposes.  The outlook for all ratings is stable.  

"The B3 and A3.ar ratings are underpinned by Carsa's position as
one of the main dedicated consumer electronics and appliance
retailers in Argentina, operating under the Red Megatone brand
name.  The ratings reflect the well-developed diversification of
its product line, which has allowed Carsa to increase its share of
the consumer's wallet, and solid credit metrics for its rating
category", said Moody's AVP Analyst, Veronica Amendola.  "The
ratings also reflect Carsa's solid position in selling recognized
brand names home appliances and its well-established relationships
with suppliers," said Am‚ndola

Carsa's key credit negatives include the particularly challenging
business model given the weak retail profitability and significant
credit exposure for the consumer loans extended through Megatone
card, issued by Carsa.  Moody's notes that Carsa's credit business
segment has been the principal earnings' generator and has been
funded by the securitization market.  Moody's will closely monitor
Carsa's ability to continue to access the securitization funding
vehicle.  Carsa's challenging competitive environment also
constrains the rating, as many new entrants have entered the
retail market in recent years, joining its traditional
competitors.  Carsa's limited geographic diversity, operating in a
relatively low GDP per capita region, and reduced scale and size
also constrain the ratings

Carsa's B3 local currency rating reflects its global default and
loss expectation, while the A3.ar national scale rating reflects
the standing of Carsa's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A3.ar present above-average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.  

The stable outlook is based on Moody's expectation that Carsa will
continue to successfully implement its business model, even in an
ongoing challenging economic environment, thus allowing the
retailer to maintain credit metrics for its rating category that
are overall strong.  The stable ratings outlook reflects Moody's
expectation that revenue growth and operating margins will recover
after weakening in recent quarters.  Finally, Moody's expects that
Carsa will be able to maintain adequate access to the
securitization market and credit card receivable discounting
facilities, even in the more adverse market conditions.  

An upgrade of the ratings or outlook could result from a
strengthening of Carsa's qualitative business profile.  In
addition upward pressure could result from increased size and
geographical diversification, along with an improving business
environment in Argentina leading to an improving retail business
segment.  Quantitatively, upward momentum could result if Carsa's
total adjusted debt to EBITDA is sustained below 2 times (2.7
times as of last twelve months ended February 28, 2010) and
positive operating margins (-16.2% as of last twelve months ended
February 28, 2010).  Additionally, a more predictable outlook for
economic activity in Argentina would be important for upward
pressure.  

Negative pressure on the ratings or outlook could result from the
inability to maintain good liquidity and access to the
securitization funding vehicle.  In addition, a greater than
expected loan delinquencies and the impact of a potential downturn
in the Argentinean economy on the availability of consumer loans
could cause negative pressure on ratings.  Quantitatively, a
downgrade could result from a drop in Carsa's EBIT margin to below
13% on a three-year average basis or a significant increase in
leverage, with total adjusted debt to EBITDA of above 3.5 times.  
Indications of a weakening market share in the domestic retail
market could also drive negative pressure.  

Headquartered in Chaco province, Argentina, Carsa is a leading
regional appliance retailer operating 67 stores in 8 provinces.  
With total revenues of US$154 million as of last twelve months
ended February 28, 2010, the company was founded in 1977 and is
one of the three retailers licensing "Red Megatone" brand name in
Argentina.  


DEL PLATA: Creditors' Proofs of Debt Due on July 14
---------------------------------------------------
The court-appointed trustee for Del Plata Salud S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 14, 2010.

The trustee will present the validated claims in court as  
individual reports on September 9, 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 22, 2010.


FLEMINIA SA: Trustee Verifying Proofs of Claim Until June 14
------------------------------------------------------------
The court-appointed trustee for Fleminia S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 14, 2010.

The trustee will present the validated claims in court as  
individual reports on August 10, 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 22, 2010.

Creditors will vote to ratify the completed settlement plan  
during the assembly on March 30, 2011.



PORFIDI INTERNATIONAL: Creditors' Proofs of Debt Due on June 1
--------------------------------------------------------------
The court-appointed trustee for Porfidi International de Argentina
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until June 1, 2010.

The trustee will present the validated claims in court as  
individual reports on July 14, 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
August 27, 2010.

Creditors will vote to ratify the completed settlement plan  
during the assembly on November 16, 2010.


* ARGENTINA: May Postpone US$1-Bil. Bond Sale as Yields Surge
-------------------------------------------------------------
Fabiola Moura and Drew Benson at Bloomberg News report that
Argentine Economy Minister Amado Boudou said that the jump in bond
yields last week may prompt the government to shelve plans to sell
as much as US$1 billion of bonds, its first international offer
since defaulting in 2001.

According to the report, the government aimed to price new 8.75%
dollar bonds due in 2017 on May 14, part of its proposal to
restructure US$20 billion of defaulted debt left out of a 2005
settlement.  "If the conditions are not acceptable to our country,
we won't do it," the report quoted Mr. Boudou as saying.
"Argentina can change the deadline.  We can postpone it because it
is a very complex week," he added.

Argentine bonds tumbled last week, pushing up the yield on dollar
bonds due in 2015 by 236 basis points, or 2.36 percentage points,
in three days as concern that Greece's financial crisis would
spread reduced demand for riskier assets.  The securities rallied
as European leaders unveiled an almost US$1 trillion bailout plan,
cutting yields by 166 basis points since May 7 to 12.55%.

The government faces a financing gap of about US$4 billion this
year and is drawing on central bank reserves to meet those needs,
Eurasia Group analyst Daniel Kerner wrote in a report from New
York last week.  Mr. Boudou, 47, said there is no financial need
for the bond sale.

"For us, this is basically a symbolic act," he said. "The goal is
to have a benchmark for a security issued in the market after many
years. It doesn't have a fiscal goal."

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


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


XL CAPITAL: XL Insurance Names Bob Shine as Exec. Vice President
----------------------------------------------------------------
XL Insurance has named Bob Shine as its new executive vice-
president and chief casualty underwriting officer of its North
American property/casualty unit, The Royal Gazette reports.

According to the report, Mr. Shine, who most recently was
president of Zurich North America's casualty group and specialty
business unit, will join XL Capital Ltd.'s global insurance
operations on June 14 in New York.

Mr. Shine, the report notes, will manage the insurer's North
America excess and surplus lines business, excess casualty lines,
international casualty and US risk management, and upper middle-
markets groups.

                         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
===========


INPAR SA: Moody's Assigns First-Time 'B1' Local Currency Rating
---------------------------------------------------------------
Moody's Investors Service has assigned first-time B1 local
currency and a Baa2.br Brazil national scale corporate family
ratings to Inpar S.A.  The outlook for the ratings is stable.  

Inpar's B1 corporate family rating reflects its strong brand name
in the homebuilding industry, where the company is one of the
market leaders in the southeast region of Brazil, as well as the
ownership by Paladin Prime Residential Investors (Brazil), LLC, a
company with long experience in real-estate in many emerging
markets.  The ratings also reflect the strengthened capital
structure following the issuance of BRL180 million in new equity
in 2009 and an additional BRL280 million in 2010, the good
liquidity in the company's assets, which enabled the company to
raise BRL200 million from June 2008 to April 2009 and the
company's solid track record of more than BRL7.0 billion in units
launched and 15,000 units delivered (equivalent to around
BRL5.0 billion in PSV) since 1995.  

The B1 rating is further supported by the benefits of pent-up
housing demand in Brazil, especially among the lower-income
market, the segment that will represent the vast majority of the
future launches (83%), with units priced below BRL 350,000.  The
government support and incentives toward lower-income housing,
management and corporate governance enhancements after the
takeover by Paladin in 2008 as well as the committed lines for
construction that Inpar has available with commercial banks and
are funded by SFH ("Sistema Financeiro de Habita‡ao") are seen as
rating positives.  

However, Inpar's B1 corporate family rating is constrained by the
company's relatively small size when compared to its international
peers and certain local competitors, and its poor financial
strategy track record under the previous controlling group.  Other
factors constraining Inpar's rating include limited internal cash
flow generation, given the stage of the projects that were
launched after the IPO in 2007, and its dependence on Caixa
Econ“mica Federal (A3/STA) or other commercial banks for financing
a large portion of its sales and the homebuyer's credit quality at
the end of the construction process especially with the shift in
focus towards the lower income segments.  

Furthermore, the ratings consider Inpar's geographic concentration
of its landbank in the southeast region of Brazil and in the lower
income segment, and execution risks associated with its strategy
of growing in the low-income housing market, given the large
number of competitors, some of which have a high level of
expertise in this segment.  The risk of operating in the lower-
income segment is partially mitigated by Inpar's experience in
operating in this segment since 2006 through joint ventures, and
through its low and mid-income brand ViVer that has delivered
5,000 units valued at approximately BRL1.5 billion, and by the
smaller size of many of its competitors which diminish their
bargaining power with suppliers, land owners, banks and
homebuyers.  

At the end of December, 2009 the company had BRL109 million of
cash on balance sheet and BRL189 million of ST debt, although
Moody's have to take in account that the company raised
BRL280 million in new equity in March, 2010 increasing the cash
balance and at same time secured an additional BRL300 million in
SFH lines supplementing the previously signed BRL700 million, of
which BRL167 million had already been disbursed.  It is also
important to note that most of the loans, including working
capital and SFH are linked to construction and should in theory be
automatically extinguished when the units are finally sold and the
homebuyer's mortgage is approved by the financing institution at
the end of the construction process.  

Inpar has a land bank with a potential sales value of
BRL11.6 billion of which BRL3.6 billion (31%) can be launched
during 2010, 2011 and 2012 according the company's current
operating capacity.  It is important to note that the company
already has signed 100% of the financing to launch and build all
the BRL3.6 billion.  

Ratings Assigned:

* Corporate Family Rating: B1 (global scale) / Baa2.br (Brazilian
  national scale)

* Outlook: stable

A corporate family rating is an opinion on the expected loss
associated with the debt obligations of a group of companies
assuming that it had one single class of debt and is a single
consolidated legal entity.  Specific debt instruments for the same
corporate family may be rated differently, depending on their
seniority and guarantors, as compared to other debt instruments
issued by the group.  

Inpar's B1 local currency corporate family rating reflects its
global default and loss expectation, while the Baa2.br national
scale rating reflects the standing of its credit quality relative
to other domestic issuers.  Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Brazil are
designated by the ".br" suffix.  Issuers or issues rated Baa2.br
demonstrate average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.  

The stable outlook assumes that the demand for lower income
housing and financing to homebuyers will remain steady and Inpar
will be able to execute its planned launches until 2012, and that
the returns on cash invested in the construction of projects since
2007 will materialize in 2011 improving the company's cash flow
based debt protection metrics.  The stable outlook also assumes
that the company will maintain the minimum cash balance of
BRL200 million as to preserve healthy liquidity and a cushion to
face eventual weaker economic environment and more difficult
capital market conditions.  

Although unlikely in the near term Inpar's rating or outlook could
experience upward pressure if the company improves its cash-flow
based credit metrics through reduced working capital requirements
over time.  Mortgage availability at an earlier point in the
construction cycle, which is more common in the lower income and
middle-income segments in which the company is increasing its
presence, are an important factor in Inpar's ability to reduce its
sizable investments in working capital.  Quantitatively, positive
pressure could arise from sustainable positive cash flow from
operations, total debt/capitalization maintained below 40% (44.3%
at the end of December, 2009) and interest coverage (EBIT /
Interest) above 6 times (1.3 times in the last twelve months ended
in December, 2009) on a sustainable basis.  

Inpar's ratings or outlook would likely suffer downward pressure
if Total Debt to Capitalization ratio is sustained above 50% or if
the company were to face a significant deterioration in the
quality of its receivables, especially in a more adverse macro-
economic scenario.  A downgrade could also be triggered by a
deterioration in Inpar's liquidity profile due to a reduction in
the availability and timeliness of disbursements from SFH credit
lines that the company has actually available with CEF and
commercial banks.  

Headquartered in Sao Paulo, Brazil, and founded in 1992, Inpar is
an integrated homebuilder historically focused in high-rise
construction for the middle and mid-high income families.  Inpar
has a solid track record of operations having delivered 15,000
units since 1995.  Concentrated in the southeast region, mainly in
Sao Paulo, Inpar has changed its main focus towards the middle and
low income segments, the company although is also involved in
commercial, tourism and land development segments spread across 17
states targeting all income brackets.  Inpar had net revenues of
BRL488 million during the fiscal year of 2009.  


USIMINAS SIDERURGICAS: Sees Benefit From April Price Hikes in H2
----------------------------------------------------------------
Usinas Siderurgicas do Minas Gerais S.A. will benefit from the 15%
price hike for steel products starting in H2, when new adjustments
are likely to have a further positive impact as well, Rodrigo
Ferraz and Pedro Montenegro at Business News Americas report,
citing local brokerage Brascan in a report on estimates for the
firm's Q1 results.  Brascan's report was signed by analysts
Rodrigo Ferraz and Pedro Montenegro.

According to BNAmericas, demand for heavy plates is also forecast
to improve in the coming quarters as a result of new investments
and capital goods production increases.  BNAmericas relates that
Brascan expects Usiminas to post net earnings of BRL360 million
(US$203 million) in Q1 versus BRL112 million loss in the year-ago
period.

BNAmericas notes that revenues are forecast to have risen 21.7%
year-on-year to BRL3.25 billion, while Ebitda is expected to have
soared 129% to BRL762 million.  Brascan, BNAmericas says, expects
the company's sales volumes rose 71% to 1.78Mt; while the domestic
market absorbed 73% of the company's sales volumes in the period.

Prices are forecast to have remained stable versus 4Q09, while
Usiminas' profitability is expected to have improved due to a
better product mix, BNAmericas adds.

                           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.


USIMINAS SIDERURGICAS: Stockholders Tap New Director-President
--------------------------------------------------------------
Usiminas Management Council president, Wilson Nelio Brumer, was
indicated by the Control Group stockholders to take over the
company's executive management.  The election is going to be on
April 30, 2010, during the Management Council meeting after the
Stockholders Meeting on the same day.

The future president will succeed Marco Antonio Castello Branco,
who mandates since 2008.  It will also be proposed a new
Management Council president, Israel Vainboim.

"I am very happy and satisfied that Brumer is going to be Usiminas
new president.  This assures the transformation process
continuity, without route changes," states Marco Antonio Castello
Branco.

With the chair renewal, Usiminas starts a new phase in the
modernization and changes process.  From a close relationship with
customers, the company intends to anticipate the market future
needs, beyond keeping a dialog open channel with the stockholders,
suppliers, collaborators and with the communities where the
company takes part.

"I would like to thank Marco Antonio for all the developments in
Usiminas.  He had a very important role in this changes phase,"
stated Wilson Brumer.  "We are starting a new phase in the company
renewal process.  I ask everyone much peace and serenity at this
moment in order to achieve our goals".

The new executive management will work in the premises that are
already established by the controller stakeholders and has a
target of fine tuning with the capital market in the permanent
seek of value adding for the company and its stakeholders.

"The company strategic line will be maintained. The management
style will change", states Mr. Brumer.  Usiminas high management
change does not alter the investment plan announced for 2010 of
R$3.2 billion.  Beyond the finishing of coke oven 3, in Ipatinga,
there are other operational improvement projects for Ipatinga and
Cubatao plants.

During the first months of the coming year Unigal expansion will
be concluded and also the new hot strip Mill implementation in
Cubatao.

In 2009, important projects were accomplished, such as, the
refurbishment of Blast Furnace 2, in Ipatinga, and the new thermal
power station, also in Ipatinga.

                         About Wilson Brumer

Wilson Brumer was the Secretary of Economic Development in the
state of Minas Gerais between 2003 and 2007, period when he also
directed the Management Council from Cemig, Codemig and Indi and
also worked as the BDMG Council Vice President.  He was also Light
Council president from 2006 to 2008.  From 1998 to 2002, he was
the BHP Billiton Management Council president and from 1997 to
1999 the president of the "Tubarao" Ironworks Company, from 1992
to 1998 he was the president of Acesita and from 1990 to 1992,
president of "Vale", where he worked for 17 years.

                        About Israel Vainboim

Israel Vainboim started his activities in "Grupo Moreira Salles"
in the late 60s and was "Unibanco" president from 1988 to 1992. He
was also the president from Unibanco Holdings, between 1994 and
2007, and president of "Brasil Warrant Administra‡ao de Bens e
Empresas", from 1992 to 2007.  Vainboim was also the president of
"Tubarao" Ironworks Company.  Furthermore, he was part of several
companies Council, among them "Portugal Telecom" (2001 to 2003),
"Alcoa Latin America" (1998 to 2003) and "Korn/Ferry
International" (Los Angeles, 1995 to 1999).  Currently he is one
of the members of the Management Council of "Itau Unibanco
Multiplo", "Souza Cruz", "Embraer" (taking part also in the
Executive Committee) and member of the "Cia Iochpe-Maxion"
council.

                            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.


USIMINAS SIDERURGICAS: Inks "Rio Doce" Bay Project With Ibio
------------------------------------------------------------
Usinas Siderurgicas do Minas Gerais S.A. and Ibio (Instituto
BioAtlantica) must start in the second semester of this year, a
project of sustainable economic activities in one of the most
degraded areas in Brazil, the "Rio Doce" Bay region.  The project
"Ribeirao do Boi Sustentavel" will comprehend the cities of "Bom
Jesus do Galho", "Caratinga", "Entre Folhas" and "Vargem Alegre",
in Minas Gerais state.  The proposal is in the resources
acquirement phase from the "Banco Nacional de Desenvolvimento
Econ“mico Social (BNDES)", and the goal is to gather resources of
R$ 10 million.  The project also accounts for Usiminas partnership
on the actions planning and management with partners from
"Ribeirao do Boi Sustentavel".

"This project is focused on the identification of local vocations
to increase sustainable economic activities, that is, projects
that bring a better income for the region population, with the
minimum environmental impact.  This is Usiminas' perspective",
states the environmental advisor, Eduardo Figueiredo. According to
him, the ironworks company wants to contribute to the communities'
sustainability.  "The idea is to make possible the economic
development of these communities, respecting capacities and
particularities, and to improve the environmental, social and
cultural quality in the region", states the advisor.

The "Ribeirao do Boi" is a predominantly rural area.  The region
has 90% of its geography transformed into low productivity grazing
and presents a permanent preservation area deficit of 1.1 million
hectares.  The population is concentrated in micro and small
properties (on average 30 hectares) that use agricultural
practices of little efficiency and incompatible with environment
preservation practices.  Due to this scenario, the soil is exposed
and unproductive, rivers are contaminated, and the grazing
degraded and showing low productivity.

Among other improvements, there will be the productive and
environmental restoration system installation in 80 properties,
each with an average of 30 hectares; the availability improvement
and the hydric resources quality improvement in the sub-bay in
"Ribeirao do Boi"; the use of the best practices in handling and
production practices adopted by the rural properties and the
development of a rural producers cooperative.

Since 2008, Usiminas sponsors the infra structure maintenance and
the "Ibio" team, an entity dedicated to preserve and develop the
"Mata Atlƒntica".  "The relationship between Usiminas and Ibio was
born from a common interest in contributing to improve the quality
in "Rio Doce" bay through sustainable development and region
environmental restoration", states the company corporative
communication and institutional relations director, Eduardo Lery
Vieira.  According to him, the experience and the technical
capacity of the institute in the environmental area helps the
sustainability projects developed by Usiminas in "Vale do A‡o"
region.

                          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.


* BRAZIL: Passo Fundo City Gets US$9.8 Million IDB Loan
-------------------------------------------------------
Passo Fundo, a city in the Brazilian state of Rio Grande do Sul,
will get a US$9.8 million loan from the Inter-American Development
Bank to improve the transportation system and the urban conditions
in the city's outskirts, as well as promoting local economic
activities.

The loan is the 13th operation under Brazil's Procidades, the
credit mechanism that finances integrated urban development
programs for municipalities in Brazil to improve urban conditions
and offer its residents a better quality of life.

Passo Fundo, which has more than 185,000 residents, will use this
new IDB financing to also build roads and access routes and
modernize the traffic signal system using the newest "environment-
friendly" technology.  In addition, it will finance economic
development activities, especially focused in the investment
attraction for the logistics and distribution sector.  Local
counterpart funds for this latest IDB loan total US$9.8 million.

"The program will support the city in addressing its key
priorities," IDB project leader Marcia Casseb said.  "In addition
to improving transportation, the loan will promote green and
recreational spaces, as well as support the creation of planning
mechanisms in the municipal government to ensure a sustainable
urban expansion".

With the Passo Fundo financing, the Procidades credit mechanism
has to date approved thirteen loans for a total of US$314 million,
covering municipalities in eight Brazilian states, including Rio
de Janeiro, Sao Paulo, Paran , Mato Grosso do Sul, Espirito Santo,
Sergipe, Amazonas and Rio Grande do Sul.

The program is now finishing the preparation of additional loans,
with the most advanced being Itajai (Santa Catarina), Duque de
Caxias (Rio de Janeiro), and Sao Luis (Maranhao).  The main areas
of integrated development supported by Procidades include
neighborhood upgrading, mobility and transportation, sanitation,
social services, local economic development and institutional
strengthening.

                           *     *     *

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


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


BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10
---------------------------------------------------------
The creditors of Belvedere Japan Fund Limited are required to file
their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

         David Sargison
         31 Woodland Drive, Lower Valley
         Bodden Town, Grand Cayman KY1 -1502
         Cayman Islands
         Telephone: 345 925 7444


BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10
---------------------------------------------------------
The creditors of Belvedere Japan Master Fund Limited are required
to file their proofs of debt by June 10, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

         David Sargison
         31 Woodland Drive, Lower Valley
         Bodden Town, Grand Cayman KY1 -1502
         Cayman Islands
         Telephone: 345 925 7444


CHINA TIME: Grand Court Enters Wind-Up Order
--------------------------------------------
On April 21, 2010, the Grand Court of the Cayman Islands entered
an order that voluntarily winds up the operations of China Time
Share Media Co. Ltd.

The company's liquidator is:

         Mr. Kenneth Krys
         Krys and Associates Cayman Ltd.
         Govenors Square, Building 6, 2nd Floor
         23 Lime Tree Bay Ave
         PO Box 31237, Grand Cayman KY1-1205
         Cayman Islands


FAIRFIELD ICAP: Creditors' Proofs of Debt Due on June 11
--------------------------------------------------------
The creditors of Fairfield ICAP Absolute Return Fund Ltd are
required to file their proofs of debt by June 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2010.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FIX ASSET: Creditors' Proofs of Debt Due on May 31
--------------------------------------------------
The creditors of Fix Asset Management Ltd. are required to file
their proofs of debt by May 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2010.

The company's liquidator is:

         Eleni Anna Papanastaspoulou
         6, Athineon str
         P. Faliro. 175 61
         Athens, Greece


FP VULCAN: Creditors' Proofs of Debt Due on June 10
---------------------------------------------------
The creditors of FP Vulcan Holdings are required to file their
proofs of debt by June 10, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 23, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


GCM CREDIT: Creditors' Proofs of Debt Due on June 10
----------------------------------------------------
The creditors of GCM Credit Opportunity Fund, Ltd. are required to
file their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


GLOBOPAR OVERSEAS: Creditors' Proofs of Debt Due on June 10
-----------------------------------------------------------
The creditors of Globopar Overseas Ltd. are required to file their
proofs of debt by June 10, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10
--------------------------------------------------------
The creditors of Harness Liquid Macro Fund are required to file
their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 16, 2010.

The company's liquidator is:

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


HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10
--------------------------------------------------------
The creditors of Harness Liquid Macro Master Fund Limited are
required to file their proofs of debt by June 10, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 16, 2010.

The company's liquidator is:

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


KEYSTONE INVESTMENTS: Creditors' Proofs of Debt Due on June 10
--------------------------------------------------------------
The creditors of Keystone Investments Limited are required to file
their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


LAND BROTHERS: Creditors' Proofs of Debt Due on June 10
-------------------------------------------------------
The creditors of Land Brothers Holdings are required to file their
proofs of debt by June 10, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


NOONDAY OFFSHORE: Creditors' Proofs of Debt Due on June 10
----------------------------------------------------------
The creditors of Noonday Offshore II, Inc. are required to file
their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 23, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


NORTHERN LIGHTS: Commences Wind-Up Proceedings
----------------------------------------------
Northern Lights Holding Ltd. commenced wind-up proceedings on
April 28, 2010.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Roanne Limited
         11-15 Seaton Place, St Helier, Jersey JE4 8XP
         Channel Islands
         Telephone: No: + 44 1534 497145


NRG ENERGY: Commences Liquidation Proceedings
---------------------------------------------
NRG Energy Insurance Ltd. commenced liquidation proceedings on
March 16, 2010.

Only creditors who were able to file their proofs of debt by
May 10, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         P.O. Box 1051GT, 23 Lime Tree Bay Avenue
         Governors Square, Building 4, Floor 2
         Grand Cayman KYl-1102, Cayman Islands


PICTET WATER: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------
The creditors of Pictet Water Opportunities Master Fund Limited
are required to file their proofs of debt by June 10, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidators are:

         Frank Connolly
         Claire Cawley
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place
         Mespil Road, Dublin 4, Ireland


PICTET WATER: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------
The creditors of Pictet Water Opportunities Fund Limited are
required to file their proofs of debt by June 10, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidators are:

         Frank Connolly
         Claire Cawley
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place
         Mespil Road, Dublin 4, Ireland


PICTET WATER: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------
The creditors of Pictet Water Opportunities Fund GP are required
to file their proofs of debt by June 10, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidators are:

         Frank Connolly
         Claire Cawley
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place
         Mespil Road, Dublin 4, Ireland


ROBECO WPG: Creditors' Proofs of Debt Due on May 31
---------------------------------------------------
The creditors of Robeco WPG Opportunistic Value Overseas Fund,
Ltd. are required to file their proofs of debt by May 31, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 12, 2010.

The company's liquidator is:

         Ogier
         c/o Bradley Kruger
         Telephone: (345) 815 1877
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


WINDRUSH SECURITIES: Creditors' Proofs of Debt Due on June 10
-------------------------------------------------------------
The creditors of Windrush Securities Limited are required to file
their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


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


BANCOLOMBIA SA: Ready to Boost Credit This Year
-----------------------------------------------
Tighter interest margins kept Bancolombia's SA's first quarter
earnings modest, up 10% from the year-ago quarter to COP341
billion (US$169 million), but CEO and President Jorge Londono said
that the bank would bounce back from a drop in its loan book this
year, Business News Americas reports.

According to the report, the bank said that the first quarter
result was down 8% compared to the fourth quarter last year, as
the bank's net interest margin in 1Q10 dropped to 5.84% from 7.89%
last quarter and 7.06% in 1Q09, thanks to the central bank's
aggressive interest rate cuts during 2009.  The report relates
that at the same time, Bancolombia was held back by a shrinking
loan book, with total credit dropping 9% in the 12 months to end-
March, finishing the quarter at COP42.0 billion.

"Growth is the name of the game during this year, and we are very
carefully, but very strongly seeking it," the report quoted Mr.
Londono as saying.  "We have the perception that we're going to
have growth in the [corporate segment], as well as in the consumer
markets," he added.

The report notes that the bank's 1Q10 earnings release chalked up
the decline in its loan portfolio to a drop in US dollar-
denominated credit granted by its El Salvador and Panama-based
units, pointing out those peso-denominated loans grew by 2% during
the quarter.  Overall, nearly every segment of the bank's loan
portfolio declined during the quarter compared to the year-ago
quarter, the report adds.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" LT Issuer default ratings and Subordinate debt rating.  The
company also continues to carry ST FC Issuer Default ratings.


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


JAMAICA PUBLIC SERVICE: System Control Operators Resume Work
------------------------------------------------------------
Unionized workers at the Jamaica Public Service Company, who went
on sick out on May 10, 2010, are back on the job following a
meeting involving the company's management and trade union
officials at the Ministry of Labour, RadioJamaica reports.

According to the report, the workers, who are attached to the
systems control department, took industrial action to protest
against a decision to change their job titles.  The report relates
that the Union of Clerical, Administrative and Supervisory
Employees (UCASE), which represents the workers, said that an
agreement was reached for the parties to return to the Labour
Ministry yesterday afternoon, May 12, 2010.  "In the meantime the
management will not implement the decision that they have taken as
it relates to the system control operators.  The Minister of
Labour who intervened in the discussions, indicated that if no
agreement is reached at those talks on Wednesday, then the matter
would be referred to the Industrial Disputes Tribunal (IDT) for
settlement," the report quoted Senator Navel Clarke, General
Secretary of UCASE, as saying.

RadioJamaica notes that the workers were given letters indicating
that their job titles had been changed.  The report relates UCASE
said that the change is a ploy by management to get the workers
out of the union; and JPSCO is seeking to clear the air on the
change in the workers' job titles.

JPSCO, the report notes, said that the industrial action was due
to the employees' disagreement with the recent reclassification of
the System Control Engineers.  The report relates JPSCO said that
as part of its ongoing review of processes, it has incorporated
the Dispatch Operations Department within the System Planning and
Control Division.  This merger has necessitated the consolidation
of the shift system of both groups, JPSCO added.

                            About JPSCO

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 to 600 million dollars in
retroactive, overtime and redundancy payments.


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


WATER AND SEWERAGE: Workers Protest Over Funds Owed
---------------------------------------------------
Scores of workers of the Water and Sewerage Authority began
demonstrating at WASA's head office, St. Joseph for funds which
management agreed to pay but has not done so, Trinidad and Tobago
Newsday reports.

According to the report, PSA President Watson Duke said that
management wants to "tie" the settlement of the grievance to the
collective agreement talks.  The report notes that the union has
set a deadline for an agreement to be signed indicating when
payment would be made.

Mr. Duke told the news agency in an interview that management
agreed to pay a discomfort allowance 2001-2007 to persons working
in unsafe environments and unhealthy conditions.  The report
relates that daily paid workers received the allowance but monthly
paid did not.

Mr. Duke, the report discloses, said that the inequity has been
ongoing since 2005 and management was yet to rectify the
situation.  Although management has indicated that it wanted to
link the allowances to the new collective agreement (2008-2010),
the PSA is resisting this move, he added.


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


PETROLEOS DE VENEZUELA: Inks Ship Construction Project With Cuba
----------------------------------------------------------------
Petroleos de Venezuela received the tug Karina, from the
revolutionary government of the Republic of Cuba, which took
delivery through UPS Caribbean Drydock Company in the context of
procurement carried out through the Cuba-Venezuela agreement,
which aims to construct four ships.

The start of this contract began in 2005 and in 2006 it began the
development of the boat.  The tug Karina is a modern vessel
equipped with the most sophisticated propulsion and
maneuverability technology, which offers a capacity of turning on
its axis 360 degrees.

The tug, which has a thrust capacity of 57 tons and a capacity of
4700 horsepower, is designed and equipped for fire fighting and it
has a range of ten-day shipping.

This equipment was built entirely in the Caribbean nation and it
is the first of four tugboats that will deliver this country to
Venezuela.  Such units are used by the oil industry to assist in
the maneuvers of the tankers in Venezuelan oil terminals.

During the 2002 oil sabotage, the fleet of tugs in the Venezuelan
state was fully leased; it was a situation that left the industry
in a state of high vulnerability of their loading and unloading of
crude and oil products terminal.

Therefore, the Bolivarian Government Petroleum Sovereignty policy
was redirected to the purchase of a fleet of own tugboats.  On
August it is scheduled to delivery Guaiqueri tug, and on December
the Cumanagoto vessel.

                            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.

                           *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating
to 'C' from 'CCC'.  In addition, Fitch has affirmed Jamaica's
long-term and short-term foreign currency ratings at 'CCC' and 'C'
respectively, and affirmed the Country Ceiling at 'B-'.  Jamaica's
sovereign ratings Outlook remains Negative.


PETROLEOS DE VENEZUELA: Begins Treatment of Fuel Oil Reservoir
--------------------------------------------------------------
Petroleos de Venezuela SA through the El Palito refinery has began
the treatment of the Fuel Oil Reservoir.

FOR sanitation is one of the flagship projects being conducted by
the Environment superintendent of REP, with the objective to
cleanse more than one million 300 thousand barrels of water, oil
and sludge that are stored in an area of more than 24 hectares.

The estimated investment is of VEB140 million, and involves the
recruitment of 50 direct and 80 indirect jobs, between technical
staff and workers, in addition to the use of sanitation techniques
approved by national and international regulations regarding
environmental liabilities.

The project includes in its first phase, a liquid treatment using
bio treatment tanks with a capacity of 3000 barrels per day.  "The
staff employed will work continuously for 9 months, which
represents the magnitude of the environmental initiative to meet,
which counts with more than 48 years of existence.  It is a strong
response from the oil industry to the issue of environmental
liabilities, "said Jesus Sanchez, General Manager of the REP.

Once the treated liquids comply with the decree 883 of the
existing environmental regulations, these ones will be sent to the
effluent ponds for disposal, said center manager of the Carabobo
refinery.

When completed the processing of stored liquids, a grind out
technique will be done to separate the existing crudes in the FOR
and will be handed to the complex for refining.

The remaining sludge will be treated by a stabilization technique.
This project will provide the refinery complex with over 2.4
hectares for new development process units.

                          Outflow Lagoons

In compliance with Decree 883 for the national environmental
legislation, which provides for the adequacy of liquid effluents,
the El Palito refinery also runs the sanitation project for the
outflow lagoons in order to provide facilities to enable the
treatment fluids drainage.

The sanitation project, which counts with an advance of 70%,
includes the recovery of hydrocarbons to be once again process,
just like the effluent treatment plant for further storage and
discharge under conditions that generate no environmental impact.
The estimated investment is of 41 million VEB, currently involving
more than 40 workers between craftsmen, technicians and
professionals.

"Some 73 thousand barrels of effluent have been cleaned and
delivered to the treated water system refining center, ensuring
compliance with current legislation," said Nelson Hernandez, the
superintendent of Environment and Occupational Hygiene REP.
Currently, the third stage of the project is running which
consists of removing and transporting the sediments from the
outflow effluent lagoons to specialized treatment centers, using a
biodegradation technique, issuing by the end of the process the
certificate for disposal.

The sanitation project for the effluent lagoons also includes the
installation of a geomembrane, with thickness and a rate of
waterproofing to ensure the protection of the lagoons and
eliminate a possible transfer of contaminants into seawater or the
leak of contaminated effluent into other underground nearby areas.

This environmental initiative will enhance the operational
flexibility of the effluent treatment plant at the refinery
complex.

                            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.

                           *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating
to 'C' from 'CCC'.  In addition, Fitch has affirmed Jamaica's
long-term and short-term foreign currency ratings at 'CCC' and 'C'
respectively, and affirmed the Country Ceiling at 'B-'.  Jamaica's
sovereign ratings Outlook remains Negative.


PETROLEOS DE VENEZUELA: Damaged FCC Unit Ready for Restart
----------------------------------------------------------
A damaged fluid catalytic cracking unit at Petroleos de
Venezuela's 305,000 barrel-a-day Cardon refinery remains out of
service, but repairs have been made and a restart will soon begin,
Dan Molinski at Dow Jones Newswires reports.

"We're in the pre-restart phase," the report quoted an unnamed
PDVSA official as saying.

According to the report, a fire April 24 damaged the cracking
unit, forcing workers to shut it down.  The report relates
initially, officials said a restart would take place no later than
May 2, then they said it would start May 9, but both of those
dates came and went.

PDVSA, the report notes, said early on that any reduction in
output due to the problems at the Cardon refinery would be offset
by drawing down stored inventories in other parts of the PDVSA
refining network.  As such, it said, fuel supplies for domestic
and international markets wouldn't be affected, the report adds.

                            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.

                           *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating
to 'C' from 'CCC'.  In addition, Fitch has affirmed Jamaica's
long-term and short-term foreign currency ratings at 'CCC' and 'C'
respectively, and affirmed the Country Ceiling at 'B-'.  Jamaica's
sovereign ratings Outlook remains Negative.


===============
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 * * *