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

              Wednesday, May 19, 2010, Vol. 11, No. 097

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Robert Stanford Fires Another Attorney


A R G E N T I N A

CARDIOLOGIA GLOBAL: Creditors' Proofs of Debt Due on June 28
FRAVEGA SA: Moody's Assigns B2 Local Currency Rating to Bonds
PRODU SA: Creditors' Proofs of Debt Due on June 30
TELENOVA ARGENTINA: Creditors' Proofs of Debt Due on July 8
VADEMECUM SA: Creditors' Proofs of Debt Due on June 30

* ARGENTINA: Food Workers Seek 35% Salary Increase This Year
* ARGENTINA: ATFA Co-Chairs Denounce Swap Terms as "Unacceptable"


B A H A M A S

CABLE & WIRELESS: Caribbean Unit Enters Privatization Process


B E R M U D A

AHL GLOBAL: Creditors' Proofs of Debt Due on May 26
AHL GLOBAL: Members to Receive Wind-Up Report on June 16
CE INDONESIA: Creditors' Proofs of Debt Due on May 26
CE INDONESIA: Members to Receive Wind-Up Report on June 15
CE (BERMUDA): Creditors' Proofs of Debt Due on May 26

CE (BERMUDA): Members to Receive Wind-Up Report on June 15
CRM HOLDINGS: Incurs US$7.9 Million Net Loss in Q1 2010
MONTMAJOUR LTD: Creditors' Proofs of Debt Due on May 26
MONTMAJOUR LTD: Members to Receive Wind-Up Report on June 29


B R A Z I L

BRASKEM SA: Finance Chief Steps Down to Lead U.S. Operations
BRASKEM SA: Implements Strategic Vision in First Quarter
CHEMICAL V-FIDC: Moody's Assigns Provisional Low-B Ratings
ELETROPAULO METROPOLITANA: Posts First Quarter Results
TAM SA: Incurs R$58.1 Million Net Loss in First Quarter


C A Y M A N  I S L A N D S

ALPHAGEN AVIOR: Members to Receive Wind-Up Report on June 17
ALPHAGEN VELAS: Members to Receive Wind-Up Report on June 17
HORIZON INTERNATIONAL: Member to Hear Wind-Up Report on June 10
HUAXIN MINING: Shareholders to Receive Wind-Up Report on June 8
KERANA LIMITED: Members to Receive Wind-Up Report on June 15

LEONIA HOLDINGS: Members to Receive Wind-Up Report on June 17
TERRA LNR: Members to Receive Wind-Up Report on June 17


C O L O M B I A

BANCOLOMBIA SA: CEO Sees Loan Growth Rebounding At Faster Clip
* COLUMBIA: Fitch Says Tension May Hinder Growth Prospects


D O M I N I C A N  R E P U B L I C

TRICOM SA: Invests RD$1.48 Billion to Expand Web, Cable TV Service


J A M A I C A

JAMAICA PUBLIC SERVICE: Records Increase in Net Profits
OLINT CORP: Case Heads for Turks & Caicos Supreme Court in June


M E X I C O

HIPOTECARIA SU CASITA: S&P Affirms BB Global Scale Rating
MEXICHEM SAB: To Invest US$500 Million in Brazil Purchases
NAUCALPAN: Moody's Assigns Ba1 Global Scale Local Currency Rating


P U E R T O  R I C O

R&G FINANCIAL: Files for Chapter 11 Protection


T R I N I D A D  &  T O B A G O

STUDLEY PARK QUARRY: Tobago Workers Protest Over Late Pay


V E N E Z U E L A

PETROLOES DE VENEZUELA: Unit Signs US$20 Billion Joint Venture




                         - - - - -


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


STANFORD INT'L: Robert Stanford Fires Another Attorney
------------------------------------------------------
Robert Allen Stanford has fired one of his lawyers assigned to
defend him.  Mike Essmyer, a Houston criminal defense lawyer, told
U.S. District Judge David Hittner that Mr. Stanford wanted Robert
S. Bennett to head his new legal team because of a conflict with
his last set of lawyers, Jamaica Observer reports.

However, according to the report, Mr. Essmyer said that he's had
irreconcilable differences with Mr. Stanford, who fired him in
writing.  The report relates Mr. Essmyer said he's also had
irreconcilable differences with Bennett.  The repot notes Mr.
Essmyer complained that though he is lead counsel, Bennett has
acted independently.

The Observer notes that it is unclear whether Judge Hittner will
let Mr. Essmyer withdraw.  The report recalls that the judge was
adamant in April that Bennett and Essmyer were the last counsel of
record for Stanford, who has changed attorneys several times.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2010, Bloomberg News said that Judge Hittner allowed
Robert Allen Stanford to switch criminal defense lawyers for the
last time.  The report relates Judge Hittner permitted attorneys
Michael Essmyer and Robert Bennett take over Mr. Stanford's
defense.  The Associated Press related that Mr. Stanford, in a
motion filed March 30, sought new attorneys, his fourth set of
lawyers in less than a year.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009 before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


CARDIOLOGIA GLOBAL: Creditors' Proofs of Debt Due on June 28
------------------------------------------------------------
The court-appointed trustee for Cardiologia Global S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until June 28, 2010.

The trustee will present the validated claims in court as
individual reports on September 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
October 25, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 4, 2011.


FRAVEGA SA: Moody's Assigns B2 Local Currency Rating to Bonds
-------------------------------------------------------------
Moody's Latin America assigned a B2 local currency rating and an
Aa3.ar National Scale Rating to the proposed issuance of ARS 30
million in domestic market bonds in Argentina by Fravega S.A.
(Fravega).  At the same time, Moody's affirmed Fravega's B2 local
currency corporate family rating, upgraded its Argentina national
scale rating to Aa3.ar from A1.ar and changed the outlook to
positive from stable.  The proceeds from the issuance will be used
to refinance short term debt, for working capital and general
corporate purposes.

"The change in the ratings outlook to positive and the upgrade of
the national scale rating to Aa3.ar are prompted by Fravega's
expected revenue growth due to government sponsored installment
payment scheme for consumer electronics products as well as the
2010 World Cup Soccer event that will likely boost Fravega's sales
and funds from operations" said Moody's AVP Analyst, Veronica
Amendola.  "Additionally, the outlook reflects Fravega's adequate
liquidity profile, strong credit metrics and low leverage, as well
as the management team's expertise."

The B2 rating reflect Fravega's position as one of the largest
dedicated retailers of consumer electronics and appliances in
Argentina, its solid position in selling recognized brand names
and its well-established relationships with suppliers.  The rating
is also based on the group's fully vertically integrated
operations, comprised of an appliance production plant based in
Tierra del Fuego, which is one of its main suppliers, and Banco
Saenz, which is responsible for granting personal consumer loans
to Fravega's clients.  Finally, the ratings reflect the long track
record the company has in the retail business. K ey credit
negatives include Fravega's low geographic diversity and
relatively small scale.  In addition, Moody's will continue to
closely monitor Fravega's ability to roll over its advised bank
credit lines, in particular during 2010 and 2011 when most of its
outstanding debt is coming due.

Fravega's B2 local currency rating reflects its global default and
loss expectation, while the Aa3.ar national scale rating reflects
the standing of Fravega's credit quality relative to its domestic
peers.  Moody's National Scale Ratings (NSRs) 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 Aa3.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 positive outlook reflects Moody's expectation that Fravega
will be able to grow revenues and earnings as envisaged over the
near term based on its various efficiency and commercial
initiatives.  The rating outlook also reflects expectation that
Fravega will continue to successfully implement its business
model, thus allowing the retailer to maintain adequate credit
metrics for its rating category.  Finally, the outlook reflects
Moody's expectations that Fravega will be able to maintain
adequate access to bank loans and credit card receivable
discounting facilities.

An upgrade of the ratings could result from sustained business
improvement leading to higher operating margins, increased size
and geographical diversification.  Quantitatively, an upgrade
could result from an increased in operating margin above 4% or an
improved liquidity profile, with free cash flow to adjusted debt
of above 10%. The publication of quarterly financials statements
would also be viewed as an important factor in considering an
upgrade.

The rating outlook is mostly likely to return to stable if there
is reduced availability of consumer loans in 2011 and a weaker
than expected performance of the company's business that leads to
a deterioration in operating margins.  A downgrade could result
from a drop in Fravega's EBIT margin to below 1% or a significant
increase in leverage, with adjusted total debt to EBITDA of above
3.5 times.  Indications of a weakening market share in the
domestic retail market could also drive negative pressure.
Finally, evidence of weaker than expected cash flows and/or in its
relationship with its bank could threaten Fravega's 2010 liquidity
profile and also result in a downgrade.

Headquartered in Buenos Aires, Fravega is one of the largest home
appliance retailers in Argentina.  With total revenues of ARS 1.7
billion and 4.200 employees as of December 2009, Fravega is a
family-owned company with a widely known brand name in the local
retail market.


PRODU SA: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------
The court-appointed trustee for Produ S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 30, 2010.


TELENOVA ARGENTINA: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------------
The court-appointed trustee for Telenova Argentina S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 8, 2010.

The trustee will present the validated claims in court as
individual reports on September 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
October 27, 2010.


VADEMECUM SA: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------
The court-appointed trustee for Vademecum S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 30, 2010.

The trustee will present the validated claims in court as
individual reports on August 27, 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 8, 2010.


* ARGENTINA: Food Workers Seek 35% Salary Increase This Year
------------------------------------------------------------
Argentine unions representing about 80,000 workers in the food
industry are in talks brokered by the Labor Ministry over their
demand for a salary increase of 35% this year, Bill Faries at
Bloomberg News reports, citing La Nacion newspaper.

According to the report, workers are striking at three factories
owned by Arcor SA as negotiations continue, the newspaper
reported, without saying where it obtained the information.

Bloomberg relates La Nacion said that restaurant employees
union is also threatening a four-day strike that would begin
May 22, at the start of a holiday weekend to celebrate Argentina's
bicentennial.  The workers are demanding a salary raise of between
34% and 40%, the newspaper added.

                         *     *     *

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.


* ARGENTINA: ATFA Co-Chairs Denounce Swap Terms as "Unacceptable"
-----------------------------------------------------------------
ATFA Co-Chairs Denounce Swap Terms as "Unacceptable" American Task
Force Argentina (ATFA) co-chairs Dr. Robert Shapiro and Ambassador
Nancy Soderberg sent a letter to Argentine Economy Minister Amado
Boudou expressing concerns about the current debt swap proposal.
In the letter, Shapiro and Soderberg argue that Argentina is only
offering creditors 25% of the total claim- disregarding the
interest accrued over the past 10 years. Shapiro and Soderberg
also express their concern that Boudou has refused to meet with
American Task Force Argentina to discuss terms that would have
been in the best interest of bondholders.

The statement can be attributed to Dr. Robert Shapiro and
Ambassador Nancy Soderberg:

"American Task Force Argentina is a coalition of nearly 40 diverse
organizations representing American taxpayers, educators, farmers
and finance who have come together out of sincere concern about
the impact of Argentina's record default, restructuring and debt
repudiations, which have been held to be illegal in courts around
the world.  We believe the terms of the latest debt swap will be
unacceptable to most bondholders, as they will result in payments
of only 25 percent of what Argentina owes.  While statements by
you and other Argentine officials claim that the repayment
represents 50 percent of the debt load, this calculation fails to
take account of the accrued interest on the bonds.

Argentina's lenders have waited nine years for your government to
negotiate in good faith and offer fair repayment terms. Throughout
these years, Argentina's debts to those creditors have continued
to grow. For this reason, American Task Force Argentina has long
urged your government to conduct genuine negotiations and not
simply issue a unilateral offer.  Instead, your government has now
proposed an exchange on terms even worse than your 2005 offer,
which itself was the worst offer in history.  Meanwhile, creditors
have been penalized severely at a time when Argentina has much
greater resources than it had during the restructuring in 2005."

Made up of an alliance of diverse organizations, ATFA's leadership
includes Executive Director Robert Raben, a former Assistant
Attorney General at the U.S. Department of Justice, and two co-
chairs, The Honorable Robert J. Shapiro, former Under Secretary of
Commerce for Economic Affairs in the Clinton Administration, and
Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the
United Nations in New York from 1997 to 2001.

                           *     *     *

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 A H A M A S
=============


CABLE & WIRELESS: Caribbean Unit Enters Privatization Process
-------------------------------------------------------------
Cable & Wireless (Caribbean) has entered the Bahamas
Telecommunications Company's privatization process, as one of
three players still in contention to acquire a majority stake in
the state-owned incumbent, Neil Hartnell at Tribune Business
reports, citing sources familiar with the situation.  The report
relates that Cable & Wireless was invited into the process despite
not being among the four applicants who qualified last October to
advance to the due diligence phase of the process.

According to the report, the other two players still in contention
to become BTC's majority owner and strategic partner are the JP
Morgan/Vodaf0ne combination, plus Atlantic Tele-Network, which has
partnered with CFAL, the investment advisory arm of Bahamian
financial services conglomerate, A. F. Holdings (the former Colina
Financial Group).  "The exercise isn't completed yet," one
informant told Tribune Business of the BTC privatisation
exercise's status.  "There is another serious bidder in the mix
that is being reviewed.  No decision has been made. It is still
very much an open process.  They're still evaluating a number of
bidders, though there may be another player interested," the
source added.

The Tribune notes Zhivargo Laing, minister of state for finance,
who chairs the BTC advisory committee, which assesses the work of
the privatization committee, said that he was "not aware" that
Cable & Wireless had been brought into the mix when questioned by
Tribune Business.  The report relates that several observers,
though, questioned how Cable & Wireless's late entrance into the
BTC bidding would sit with JP Morgan/Vodafone and Atlantic Tele-
Network, given that they were not among the candidates invited
into the due diligence round.  Cable & Wireless is understood to
have taken a long, hard look at BTC once the Government published
its Notice of Privatisation last year, but decided not to bid in
favor of concentrating on its existing markets, the report adds.

                       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.


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


AHL GLOBAL: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------
The creditors of AHL Global Investments (Feeder) Series 2 Ltd are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

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


AHL GLOBAL: Members to Receive Wind-Up Report on June 16
--------------------------------------------------------
The members of AHL Global Investments (Feeder) Series 2 Ltd will
receive, on June 16, 2010, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

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


CE INDONESIA: Creditors' Proofs of Debt Due on May 26
-----------------------------------------------------
The creditors of CE Indonesia Ltd. are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

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


CE INDONESIA: Members to Receive Wind-Up Report on June 15
----------------------------------------------------------
The members of CE Indonesia Ltd. will receive, on June 15, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

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


CE (BERMUDA): Creditors' Proofs of Debt Due on May 26
-----------------------------------------------------
The creditors of CE (Bermuda) Financing Ltd. are required to file
their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

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


CE (BERMUDA): Members to Receive Wind-Up Report on June 15
----------------------------------------------------------
The members of CE (Bermuda) Financing Ltd. will receive, on
June 15, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

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


CRM HOLDINGS: Incurs US$7.9 Million Net Loss in Q1 2010
-----------------------------------------------------
CRM Holdings, Ltd., filed its quarterly report on Form 10-Q,
showing a net loss of US$7.9 million on US$16.7 million of revenue
for the three months ended March 31, 2010, compared with a net
loss of US$8.4 million on US$26.1 million of revenue for the same
period of 2009.

The revenue decline resulted from three factors.  First, Majestic
Insurance Company was not able to retain or compete for certain
rating sensitive business based on the downgrade of its A.M. Best
financial strength rating from A- to B++ in December 2009. S
econd, during the quarter Majestic sought to improve its overall
price adequacy which caused some insureds to non-renew their
policies.  Third, Majestic's quota share reinsurance treaty in
place during the first quarter of 2010 entailed a cession rate
roughly 15% higher than the treaty in place during the same period
of 2009.  Investment income decreased to US$2.4 million for the
first quarter 2010 from US$2.8 million in 2009 due to lower asset
yields.

The Company's loss ratio increased to 106% for the first quarter
of 2010 from 81% for the first quarter 2009.  The higher loss
ratio resulted from a higher current accident year loss ratio and
unfavorable loss reserve development on prior accident years of
US$1.5 million for the first quarter of 2010 compared to
US$1.2 million for the same period in 2009.

Loss from continuing operations before income taxes in the first
quarter of 2010 was US$8.4 million, compared to US$11.4 million in
the first quarter of 2009.  The decrease in net loss was
principally attributable to the reduction of operating expenses.
Losses and loss adjustment expenses decreased US$2.6 million, or
15%, to US$14.5 million in the first quarter of 2010, from US$17.1
million in the first quarter of 2009.  General and administrative
expenses decreased US$6.6 million, or 76%, to US$2.1 million in
the first quarter of 2010, from US$8.7 in the first quarter of
2009.

The Company's balance sheet as of March 31, 2010, showed
US$476.9 million in assets, US$422.6 million of liabilities, and
US$54.3 million of stockholders' equity.

The Company has experienced significant losses and negative cash
flows from operations in previous years.  For the fiscal year
ended December 31, 2009, the Company posted a net loss of
US$46.8 million and negative cash flows from operations of
US$12.9 million.  "At and for the three months ended March 31,
2010, we had a consolidated retained deficit of US$19.1 million
and a loss from continuing operations before taxes of US$7.7
million."  The Company believes there could be substantial doubt
about its ability to continue as a going concern, unless it is
able to obtain sufficient financing.

The Company has formed a Special Committee of the Board of
Directors and has retained Macquarie Capital to explore strategic
alternatives to strengthen its capital position.  Alternatives
could include, but may not be limited to, a sale, merger or other
business combination involving the Company, a sale of shares or
other recapitalization of the Company, a joint venture
arrangement, the sale or spin off of Company assets, or the
continued execution of the Company's business plan.

A full-text copy of the press release is available for free at:

               http://researcharchives.com/t/s?6261

A full-text copy of the quarterly report is available for free at:

               http://researcharchives.com/t/s?6260

Based in Hamilton HM HX, Bermuda, CRM Holdings, Ltd. (Nasdaq:
CRMH) -- http://www.CRMHoldingsLtd.bm/-- is a specialty provider
of workers' compensation insurance products.  Through its
subsidiaries, CRM Holdings offers workers' compensation insurance
coverage, reinsurance, and fee-based management services for self-
insured entities.  The Company's workers' compensation insurance
coverage is offered to employers in California, New York, New
Jersey, Arizona, Nevada, and other states.


MONTMAJOUR LTD: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of Montmajour Ltd. are required to file their proofs
of debt by May 26, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 7, 2010.

The company's liquidator is:

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


MONTMAJOUR LTD: Members to Receive Wind-Up Report on June 29
------------------------------------------------------------
The members of Montmajour Ltd. will receive, on June 29, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on May 7, 2010.

The company's liquidator is:

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


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


BRASKEM SA: Finance Chief Steps Down to Lead U.S. Operations
------------------------------------------------------------
Braskem SA Finance Chief in Brazil Carlos Fadigas has stepped down
from his post to head the company's chemicals business in the
United States, The Associated Press reports.

According to the report, Mr. Fadigas took over as CEO of Braskem
America, a little more than a month after resin maker Braskem SA
completed its US$350 million purchase of Sunoco Chemicals Inc.
The report relates that Mr. Fadigas, also previously served as
chief financial officer of Odebrecht Construction, the company's
controlling shareholder.

The AP notes that Bruce Rubin, who was in charge of the initial
phase of the integration process, will remain at Braskem America
as senior vice president of external affairs and business
development.

                        About Braskem S.A.

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

                           *     *     *

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


BRASKEM SA: Implements Strategic Vision in First Quarter
--------------------------------------------------------
Braskem SA had important achievements in the early 2010 by
implementing its strategic vision to become one of the five main
leaders of the global petrochemical in company value.

The acquisition and integration of the polypropylene assets of
Sunoco Chemicals, USA, which led the creation of Braskem America,
and the formalization of the Ethylene XXI project in Mexico
accounted strategic steps in the Company's internationalization.

On the Brazilian scene, the acquisition of Quattor and confirming
the strategic alliance with Petrobras were crucial to strengthen
the Brazilian petrochemical industry and promote a new investments
cycle in the sector.

In the operational dimension, Braskem's performance in 1T10 was
positively influenced by the high levels of Brazilian economy
activity and also, by of the international petrochemical market
performance. The strong domestic demand, atypical for this
semester and the international prices recovery led to a growth of
19% of EBITDA in the previous quarter, reaching R$ 729 million,
with a net revenue margin of 16.3%.

The improvement in profitability is associated with the prices
behavior of both thermoplastic resins and basic petrochemical
products, especially the aromatics, whose total and domestic sales
displayed an increase of 3% and 12% respectively in comparison
with the 4Q09, as well as discipline in management costs.

"Braskem's team starts its operations in the year by implementing
structural actions for the Company and to the entire production
chain, which allowed us to advance our goal of leading the
thermoplastic resins production in the Americas.  The Company
presents in the end of the first quarter a consistent healthy
capital and liquid structure as well as strong operational and
economic performance," says Bernardo Gradin, Braskem's president.

                       About Braskem S.A.

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

                           *     *     *

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


CHEMICAL V-FIDC: Moody's Assigns Provisional Low-B Ratings
----------------------------------------------------------
Moody's America Latina (Moody's) has assigned provisional ratings
of (P)Aa1.br (Brazilian National Scale) and (P)Ba1 (Global Scale,
Local Currency) to the Senior Shares, and (P)Ba1.br (Brazilian
National Scale) and (P)B2 (Global Scale, Local Currency) to the
Mezzanine Shares to be issued by Chemical V - FIDC IndŁstria
Petroquimica ("Chemical V - FIDC"), a securitized transaction
backed by a pool of trade receivables originated by Braskem S.A.

The ratings are based on the following factors, among others:

  -- Overcollateralization ratio (O/C) ranging from a minimum of
     110% to a maximum of 115% for the benefit of the Senior
     Shares outstanding, and 102.041% for the Mezzanine Shares, to
     mitigate losses, dilution and potential interest rate
     mismatches;

  -- The eligibility parameters of the trade receivables to be
     acquired by the issuer, which include concentration limits by
     client, delinquency by client, and maximum term of the trade
     receivables;

  -- Maximum individual concentration limit of 3% for regular
     obligor and 8% for special obligors, with no more than 40%
     aggregate concentration to special obligors.

  -- The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit
     Rating in the Global Local Currency Scale & Aaa.br in the
     Brazilian National Scale) to act as master and back-up
     servicer for the transaction; and

  -- The legal structure of the transaction, including the
      bankruptcy remoteness of the issuer.

The originator is Braskem S.A., a large Brazilian manufacturer of
petrochemical products rated Aa2.br (Brazilian National Scale) and
Ba1 (Global Local, Currency Scale).

The transfer of receivables from the originators to the issuer is
structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Chemical V - FIDC will have a tenor of 36 months. The senior and
subordinated mezzanine shares will be amortized in  6 equal
monthly installments following the revolving period of 30 months.

During the 30 month revolving period, the senior and mezzanine
shares will receive five semi-annual payments of interest, and
following the revolving period, will receive monthly payments
together with the scheduled amortizations of senior and
subordinated mezzanine shares.

In order to rate the transaction, Moody's has received pool
performance data covering the time period January 2007 through
December 2009 from Braskem.  Key data reviewed by Moody's included
dilutions, delinquencies, losses, receivable turnover and volume
of eligible receivables.  For Moody's modeling assumptions,
Moody's has assumed an average of BRL 743 million of eligible
receivables over this period, 0.1% monthly dilutions, 0,21%
monthly losses on outstanding balance and an average turnover of
38 days.

The complete rating action is as follows:

Issuer: Chemical V - FIDC IndŁstria Petroquimica

Senior Shares - (P)Aa1.br (National Scale) & (P)Ba1 (Global Scale,
Local Currency)

Mezzanine Shares  -- (P)Ba1.br (National Scale) & (P)B2 (Global
Scale, Local Currency)


ELETROPAULO METROPOLITANA: Posts First Quarter Results
------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. posted
its results for the first quarter 2010.  Captive customers'
consumption rose by 5.2% in 1Q10 compared to the consumption in
the first quarter of 2009, and came to 8,544 GWh in AES
Eletropaulo's concession area.  This rise mainly resulted from the
recovery in the industrial class and the positive performance in
the residential and commercial classes. The total market
consumption showed a 6.7% increase to 10,344 GWh, due to the
rebound in the free market consumption.

In addition to favorable consumption, the company's results also
reflect the positive effects of the Annual Tariff Adjustment of
+14.88% (since July 4, 2009).

In line with its shareholder remuneration practices, the General
Shareholders' Meeting held on April 30, 2010 approved the
Executive Board's proposal to distribute R$757.1 million as
dividends and interest on equity.  Added to the R$322.7 million
interim dividends paid in advance, shareholder remuneration will
amount to R$1,079.8 million, or 100% of the net income available
for distribution.

The company carried out the 12th issue of debentures in April 2010
and the 13th issue of debentures in May 2010, both totaling R$800
million.  The proceeds will be earmarked for payment of the Real
denominated Bond maturing in June 2010 and to fund part of the
investments planned for 2010.  With these issuances, the average
maturity of the Company's debt has moved up to 7.4 years and the
average cost is CDI + 1.02%, which shows a continuing improvement
in its debt profile.

                   About Eletropaulo Metropolitana

Eletropaulo Metropolitana S.A. generates, transmits, distributes,
and markets electrical power to the City of Sao Paulo and
surrounding metropolitan regions.

                           *     *     *

As of May 18, 2010, the company continues to carry Moody's "Ba1"
Subordinate Debt rating.  The company also continues to carry
Fitch ratings' "BB" LT Issuer default ratings and Senior Unsecured
Debt rating.


TAM SA: Incurs R$58.1 Million Net Loss in First Quarter
-------------------------------------------------------
TAM S.A. reported a net loss of R$58.1 million (US$32.5 million)
during the first quarter of fiscal 2010 compared with an income of
R$25.7 million (US$11.1 million) in the year-ago quarter driven by
the foreign exchange loss of US$163 million during the quarter,
Zacks Investment Research reports.  Reported loss per share was
R$0.58 or 32 cents per ADR compared with an EPS of R$0.37 or 16
cents per EPADR in the corresponding period of 2009 and 12 cents
as anticipated by the Zacks Consensus Estimate.

According to the report, during the quarter, net revenue was
R$2,603.8 million (US$1,458.1 million), slightly down from
R$2,617.8 million (US$1,125.7 million) in the first quarter of
2009 primarily due to a 3.2% decrease in domestic flight revenue.
The report relates that domestic revenue dipped to R$1.396 billion
(US$782.2 million) because of slower return of business
passengers.

TAM SA's international flight revenue and cargo revenue spiked
2.4% and 22.8% year over year, reaching R$815.8 million (US$456.8
million) and R$256.0 (US$143.4 million), respectively, based on
the global economy recovery, the report notes.

The report says that total cost of service and operating expense
grew 0.9% year over year; as a percentage of revenue, it went up
130 basis points.  The report relates that EBITDAR (excluding
aircraft rent) for the quarter dropped to R$376.5 million
(US$210.8 million) with a margin of 14.5% from R$476.1 million
with a margin of 18.2% in the same quarter of 2009.

Zacks Investment Research notes that the company's net debt at the
end of the quarter was R$7,628.1 million (US$4,271.7 million).
During the quarter, cash flow from operating activities was
negative R$369.0 million (US$206.6 million) from positive R$226.1
million in the year-ago quarter based on the net loss reported
during the first quarter, the report adds.

                          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.


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


ALPHAGEN AVIOR: Members to Receive Wind-Up Report on June 17
------------------------------------------------------------
The members of The Alphagen Avior Fund Limited will receive, on
June 17, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ALPHAGEN VELAS: Members to Receive Wind-Up Report on June 17
------------------------------------------------------------
The members of The Alphagen Velas Fund Limited will receive, on
June 17, 2010, at 9:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HORIZON INTERNATIONAL: Member to Hear Wind-Up Report on June 10
---------------------------------------------------------------
The member of Horizon International Limited will receive, on
June 10, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Scott Aitken
         Connan Hill
         c/o Sylvia Lewis
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


HUAXIN MINING: Shareholders to Receive Wind-Up Report on June 8
---------------------------------------------------------------
The shareholders of Huaxin Mining (Holdings) Limited will receive,
on June 8, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard, Wai Hung Poon
         Room 1410, Harbour Centre, 25 Harbour Road,
         Wanchai, Hong Kong
         Telephone: (852) 2887 8621
         Facsimile: (852) 2887 8631


KERANA LIMITED: Members to Receive Wind-Up Report on June 15
------------------------------------------------------------
The members of Kerana Limited will receive, on June 15, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LEONIA HOLDINGS: Members to Receive Wind-Up Report on June 17
-------------------------------------------------------------
The members of Leonia Holdings Ltd. will receive, on June 17,
2010, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


TERRA LNR: Members to Receive Wind-Up Report on June 17
-------------------------------------------------------
The members of Terra LNR I Ltd. will receive, on June 17, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


BANCOLOMBIA SA: CEO Sees Loan Growth Rebounding At Faster Clip
--------------------------------------------------------------
Colombian companies looking to raise capital for projects this
year are likely to seek bank loans at a greater pace as the bond
market slows, Kejal Vyas at Dow Jones Newswires reports, citing
BanColombia SA Chief Executive Officer Jorge Londono.  "We still
have a very good bond market but it won't be the replacement that
it had become last year," Mr. Londono told the news agency in an
interview.

According to the report, BanColombia's total loan portfolio fell
6% in 2009 as companies took advantage of a surge in bond-investor
appetite as an alternative to bank loans.  The report relates that
some local companies even sold bonds to prepay outstanding debts
with banks.

However, the report notes, Mr. Londono said that the euphoria over
the bond market is easing, which means that many local companies
will again look for bank loans to finance operations.  The report
relates Mr. Londono added that he was confident that loans are on
the rebound, especially among infrastructure projects, which are
"the most important" side of the business.

                     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.


* COLUMBIA: Fitch Says Tension May Hinder Growth Prospects
----------------------------------------------------------
According to a new report issued by Fitch Ratings, the resilience
of Colombia's external accounts to the global financial crisis was
underpinned by the country's prudent macroeconomic policies, a
flexible exchange rate, an adequate level of international
reserves, available sources of financing, and limited private-
sector external debt.  From a credit perspective, Colombia's
ratings (LTFC IDR 'BB+') incorporate to some degree these
comparative strengths.

Nevertheless, diplomatic and commercial tensions with neighboring
Ecuador and Venezuela highlight some of the challenges the
Colombian economy faces in returning to a higher growth
trajectory.  Venezuela's continued recession and a slow recovery
in Colombia's major trading parents such as the U.S. is limiting
its growth and CXR prospects, which in turn is affecting the pace
of convergence of the country's fiscal and external solvency
ratios with higher rated sovereigns.

Fitch believes that increased institutionalization of trade and
financial links, as well as greater diversification of Colombia's
export base across markets and products, could result in faster
growth in exports, thus supporting higher economic growth and the
sovereign's external balances and solvency indicators.

'While the growth performance of Colombia is in line with rating
peers, a higher growth trajectory, similar to the one in 2003-
2007, is important to support improvements in GDP per capita, the
consolidation of fiscal accounts and the return to a declining
debt trajectory,' said Erich Arispe, Director in Fitch's Sovereign
Group.

In Fitch's view, the next administration will therefore face the
task of moving ahead with structural reforms that improve the
competitiveness of the Colombian economy and reduce its
structurally high unemployment, which could support a higher
growth trajectory.  Fiscal reforms that reduce budgetary
rigidities or increase the government's revenue base would also
aid in improving debt dynamics.


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


TRICOM SA: Invests RD$1.48 Billion to Expand Web, Cable TV Service
------------------------------------------------------------------
Tricom SA President Carlos Escobar said that the company will
invest RD$1.48 billion this year to increase Internet and cable
television services, The Dominican Today reports.  The report
relates Mr. Escobar, who met with media representatives to
introduce himself in his function as the company's executive
president, said that his more than 25 years experience in the
information technology and telecom industries includes companies
of "Triple Play" operations (phone, Web, TV).

According to the report, Mr. Escobar said that it's the interest
of Tricom shareholders to lead the innovations which invigorate
the country's telecom sector and provide the company the resources
needed to significantly increase its competitive position in the
local market, which in his view benefit its thousands of
customers.  Mr. Escobar, the report relates, said that attitude
will have a visible effect in expanding Tricom's networks and
technological infrastructure, to be implemented throughout 2010,
with a RD$1.48 billion investment aimed at boosting Internet
Broadband and cable TV service, and which will make a massive
access to Internet possible for the Dominican population.

                          About Tricom SA

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.  Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors' legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom's largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.

When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.


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


JAMAICA PUBLIC SERVICE: Records Increase in Net Profits
-------------------------------------------------------
Jamaica Public Service Company Limited posted a US$9.3 million net
profit in the January to March quarter, RadioJamaica reports.

According to the report, this was a major turnaround from the
US$1.5 million loss which it registered during the corresponding
period last year.  The report relates that a US$65 million
increase in revenue which amounted to US$232 million during the
three months contributed to the improvement in the power company's
improved profit.

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 million to JM$600 million in
retroactive, overtime and redundancy payments.


OLINT CORP: Case Heads for Turks & Caicos Supreme Court in June
---------------------------------------------------------------
The fraud case against the Olint Corp. Limited investment club is
headed for the Supreme Court in the Turks and Caicos Islands next
month, CaribWorldNews reports.

According to the report, a magistrate ruled at a preliminary
hearing in the case against Jamaican David Smith, the former head
of the failed Olint investment club, that evidence presented
should go to the Supreme Court next month for further examination.

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, RadioJamaica said that Mr. Smith was put to jail
in the Turks and Caicos Islands, after being arrested on
September 28 in the neighboring Caribbean territory.  According to
a TCRLA report on June 16, 2009, citing Caribbean Net News, said
Florida resident Christopher Walker sued the several parties for
their involvement in (OLINT)'s operations.  The report related Mr.
Walker, who is claiming that he was defrauded in the company's
"get-rich-quick scheme", is seeking US$2.4 million in damages.

According to the report, Mr. Walker's complaint involved these
defendants:

  -- Hallmark Bank & Trust Ltd;
  -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
  -- Overseas Locket International Corporation;
  -- OLINT Principal David Smith;
  -- Wayne Smith, David Smith's brother and an
     employee of OLINT;
  -- Turks and Caicos Islands Premier Michael Misick
  -- The Turks and Caicos Islands Investment
     Agency, which "encourages foreign investment in
     the Turks & Caicos Islands"; and
  -- MasterCard Worldwide and MasterCard International
     LLC, which provide card services to Hallmark Bank.

                        About Olint Corp.

Olint Corp. Limited is an investment scheme based in Jamaica.
It has operations in Turks & Caicos and the U.S.  It has been
facing legal problems since 2006 when the Financial Services
Commission served a cease-and-desist order on the firm.  On
Dec. 24, 2007, the court ruled that the operations of Olint
breached provisions of the Securities Act.  The firm had been
dealing in securities and engaging in the participation of a
profit-sharing agreement, issuing investment contracts, and
providing advice to potential investors without licenses and
registration.  Olint appealed the ruling and was granted a stay
of execution of the cease-and-desist order until the appeal was
heard in February 2008.  In May 2008, the National Commercial
Bank Jamaica Limited attempted to close three Olint accounts in
the bank.  However, Olint secured an injunction from the court
barring the National Commercial from closing the accounts.
Olint has suspended payments to its members since early this
year.


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


HIPOTECARIA SU CASITA: S&P Affirms BB Global Scale Rating
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BBB' ratings,
including the 'BBB' underlying rating (SPUR), on the US$100
million variable-funding notes due May 2012 from Hipotecaria Su
Casita Construction Loan Trust, a Mexican asset-backed securities
transaction backed by construction loans.  "At the same time, we
affirmed our 'BB' global scale and 'mxA' Mexican national scale
(CaVal) ratings on the MxP137 million mezzanine notes due May
2012."

The rating withdrawals follow the early amortization of the
variable-funding notes in March of this year.

"The affirmation of our rating on the mezzanine notes reflects the
credit enhancement of the series and the performance of the
underlying construction loans, which have continued to generate
sufficient cash flow to pay the notes on time and under our
current 'mxA' scenario, despite current delinquency and default
rates of 11.82% and 64.17%, respectively. Standard % Poor's 'mxA'
level stress scenario assumes an expected loss of 41.05% and a
loss severity of 33.69% for the underlying portfolio (with the
current developer, geographic concentration, and property type
financed).

"Standard & Poor's will continue to review the performance of the
underlying portfolio.  If further deterioration takes place, we
will take additional rating actions."


MEXICHEM SAB: To Invest US$500 Million in Brazil Purchases
----------------------------------------------------------
Mexichem SAB plans to invest US$500 million in acquisitions in
Brazil in the next 18 months, Telma Marotto at Bloomberg News
reports, citing Valor Economico newspaper.

According to the report, the newspaper said that on top of this
investment, the Mexican company also intends to spend BRL210
million (US$117 million) in its existing plants in the country.

Mexichem, headquartered in Tlalnepantla, Mexico, is a producer of
PVC resins, pipes and related PVC products that is backwardly
integrated into chlor-alkali production.  It has grown its PVC
operations rapidly in the past six years through acquisitions as
well as strong organic growth, and predominately services markets
in Latin America.  Its Fluorine Division (6% of 2008 sales)
operates the world's largest fluorspar mine and is a large
producer of hydrofluoric acid, which is sold globally.  Mexichem
had revenues of MXN31.7 billion (approximately US$2.5 billion) for
the 12 months ended June 30, 2009.

                           *     *     *

As of May 18, 2010, the company continues to carry Moody's "Ba1"
Long-term rating, LT Corp Family rating, and Senior Unsecured debt
rating.


NAUCALPAN: Moody's Assigns Ba1 Global Scale Local Currency Rating
-----------------------------------------------------------------
Moody's de Mexico assigned a first-time issuer rating of A1.mx
(Mexico National Scale) to the Municipality of Naucalpan.  Moody's
Investors Service assigned a first-time issuer rating of Ba1
(Global Scale, local currency) to the Municipality of Naucalpan.
The ratings outlook is stable.

The ratings reflect positive gross operating balances thanks to a
strong economy and tax collection systems, which support a high
level of own-source revenues, and an adequate consolidated
financial performance.  This adequate fiscal performance is offset
by a negative, albeit improving, liquidity position, moderate debt
levels and risks related to the poor financial performance of the
municipal water company (OAPAS).  The ratings also take into
account the expected positive impact of recent cost controls and
revenue generation initiatives currently being implemented by the
new administration, which started in August 2009.

Naucalpan's gross operating balances have been positive during the
last five years thanks to healthy collection practices and a
strong economy supporting a high level of own-source revenues.  In
2009, Naucalpan's gross operating balance equaled 4.3% of
operating revenues, despite the revenue shock that affected
federal transfers.

On a consolidated basis, after taking into account capital
revenues and capital expenditures, Naucalpan's financial
performance showed a positive trend from 2005 to 2008.  In 2009,
as a consequence of the revenue shock from the economic downturn,
the municipality posted a cash financing requirement equivalent
to-11.8% of total revenues.

Going forward, Moody's anticipates that the current economic
recovery, in conjunction with recent fiscal initiatives, should
lead to a gradual narrowing in consolidated imbalances, with a
return to balanced results expected over the medium term.

Moreover, although Naucalpan's liquidity position narrowed in
2009, with net working capital (current assets minus current
liabilities) declining to-3.6% of total expenditures, Naucalpan
was able to reduce the amount of current liabilities and recorded
a positive net working capital of 7.9% at the end of March 2010.

Total net direct and indirect debt is moderate at 22.9% of total
revenues and is expected to remain relatively stable over the
medium term.  Despite this expected stability, the ratings also
incorporate risks related to the municipal water company (OAPAS),
which has recorded notable financial deficits that have been
financed with short-term liabilities.  While OAPAS has not
historically depended on the municipality's budget to cover its
operations, its poor financial performance represents a credit
negative for the municipality, since Naucalpan may have to provide
financial support to OAPAS in the near future.

Naucalpan, with a population of roughly 800,000 inhabitants is
located in the State of Mexico and borders Mexico City.  The
municipality has a large industrial sector, which contributes to a
high level of own-source revenues.  Additionally, the municipality
has a solid commercial and services sector thanks to its middle to
high income residential sector.  This economic structure supports
high tax collection levels.


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


R&G FINANCIAL: Files for Chapter 11 Protection
----------------------------------------------
R&G Financial filed for Chapter 11 protection in San Juan, Puerto
Rico (Bankr. D. P.R. Case No. 10-04124).  The Company, which
provides banking services, is represented by Brent R. Mcllwain of
Patton Boggs.

R-G Premier Bank of Puerto Rico in Hato Rey, P.R., was closed on
April 30, 2010, by the Office of the Commissioner of Financial
Institutions of the Commonwealth of Puerto Rico, which appointed
the Federal Deposit Insurance Corporation as receiver.  To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with Scotiabank de Puerto Rico of San Juan, P.R., to
assume all of the deposits of R-G Premier Bank of Puerto Rico.  As
of Dec. 31, 2009, R-G Premier Bank of Puerto Rico had around
US$5.92 billion in total assets and US$4.25 billion in total
deposits.  The FDIC estimates that the closing would cost its
Deposit Insurance Fund about US$1.23 billion.

On May 3, 2010, Rolando RodrĄguez Mancebo resigned from his
positions as president and chief executive officer of R&G
Financial; and Melba Acosta tendered her resignation as the
executive vice president, corporate risk manager and interim chief
financial officer.


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


STUDLEY PARK QUARRY: Tobago Workers Protest Over Late Pay
---------------------------------------------------------
About 80 employees of the Division of Infrastructure and Public
Utilities at the Studley Park Quarry, Tobago, protested saying
that if their overtime was not upgraded, they would delay the
completion of mega-projects on the sister island, Trinidad Express
reports.  The report relates that the workers complained about a
number of grievances, including late overtime payments, no meal
allowances, and working conditions.

According to the report, representative for the workers Bainet
Hamlet said if nothing was done to alleviate workers' concerns,
more protests would follow.  The report relates that
Infrastructure Secretary Godwin Adams met with workers on the
compound of the building but workers were not satisfied.

Workers, the report points out, have promised to step up protests
if their concerns are not addressed.

The Studley Park Quarry is the centre from where raw materials are
distributed to projects across Tobago.  The site includes two
crushing plants, an asphalt plant, concrete batching plant and a
computerized weighing bridge.


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


PETROLOES DE VENEZUELA: Unit Signs US$20 Billion Joint Venture
--------------------------------------------------------------
Corporacion Venezolana del Petroleo, a subsidiary of Petroleos de
Venezuela S.A., has signed a joint venture agreement with a
consortium of Indian oil PSUs for the development and production
from Carabobo-1 Project, in Orinoco Region of Venezuela,
ConstructionWeekOnline.in reports.  The report relates that the
new joint venture is PetroCarabobo SA. Along with OVL, IOC and
OIL, the other two partners of the consortium i.e., Spanish Major
Repsol and Malaysian Petronas also signed the joint venture
agreement.

According to the report, the consortium of ONGC Videsh Ltd
(11.0%), Indian Oil Corporation Ltd (3.5%), Oil India Ltd (3.5%),
Repsol YPF (11.0%) and Petroliam Nasional Berhad (11.0%),
(collectively, the 'Consortium'), was selected by the Government
of the Bolivarian Republic of Venezuela on February 10, 2010 for
awarding a 40% ownership interest in an 'Empresa Mixta' (or 'Mixed
Company') which will develop the Carabobo 1 Norte and Carabobo 1
Centro blocks located in the Orinoco Heavy Oil Belt.

CVP, the report says, will hold the remaining 60% equity interest.

The report discloses that the Mixed company will build heavy oil
production facilities, upgrading facilities and associated
infrastructure.  The report notes that the upstream production
facilities are expected to produce around 400,000 barrels per day
of extra heavy oil of which about 200,000 barrels per day will be
upgraded into light crude oil in a facility to be located in the
Soledad area, Anzoategui State.  The license term will be for 25
years with the potential for a further 15 year extension, the
report says.   The report adds that the project costs are
estimated at US$15-20 billion.

                            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.


                            ***********


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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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