TCRLA_Public/100526.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

              Wednesday, May 26, 2010, Vol. 11, No. 102

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Faces Off With Insurers Over Attorney's Fees


B E R M U D A

PACIFIC CROSSING: Commences Wind-Up Proceedings


B R A Z I L

AMPLA ENERGIA: To Receive US$217 Million Loan From Banco Nacional
BANCO PINE: Fitch Raises Long-Term Issuer Default Rating to 'BB-'
* BRAZIL: Sao Jose dos Campos Gets US$86 Million IDB Loan


C A Y M A N  I S L A N D S

BBCM INVESTMENTS: Creditors' Proofs of Debt Due on June 24
CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18
CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18
FCI LTD: Creditors' Proofs of Debt Due on June 24
HERTZ (CAYMAN ISLANDS): Creditors' Proofs of Debt Due on June 15

HUAXIN MINING: Creditors' Proofs of Debt Due on May 31
LCM ALPHANUMERIC: Creditors' Proofs of Debt Due on June 24
MULTI FUND: Creditors' Proofs of Debt Due on June 24
NS REPACK: Creditors' Proofs of Debt Due on June 24
PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25

PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25
PETROPROD 1: Placed Under Voluntary Liquidation
PETROPROD 2: Placed Under Voluntary Liquidation
PETROPROD 3: Placed Under Voluntary Liquidation
PETROPROD D&P: Placed Under Voluntary Liquidation

PETROPROD D&P: Placed Under Voluntary Liquidation
SALISBURY INTERNATIONAL: Moody's Takes Rating Actions on Notes
ST CAPITAL: Creditors' Proofs of Debt Due on June 24
TAIB FUNDS: Creditors' Proofs of Debt Due on June 24
TWENTY-FIRST CENTURY: Creditors' Proofs of Debt Due on June 24

WASHINGTON SQUARE: Creditors' Proofs of Debt Due on June 24


J A M A I C A

CABLE & WIRELESS: To Build 3rd Submarine Cable in the Caribbean
DIGICEL GROUP: Launches Partnership With Port Computer


M E X I C O

GRUPO MEXICO: Says Investment in Asarco "Working Out Well"
SANLUIS CORPORACION: Fitch Downgrades Issuer Default Rating to 'C'


V E N E Z U E L A

ECONOINVEST CASA: Gets Raided Amid Crackdown on Currency Trading
* VENEZUELA: RBS Expects 2010 GDP to Shrink 4.5%




                         - - - - -


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


STANFORD INT'L: Owner Faces Off With Insurers Over Attorney's Fees
------------------------------------------------------------------
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion Ponzi scheme, asked a federal judge to order
insurance companies that issued directors-and-officers policies
covering him to approve "lawyers of my choice" and to pay them,
Law.com reports.

According to the report, Mr. Stanford told U.S. District Judge
Nancy Atlas of the Southern District of Texas in a letter that,
because she signed a May 18 order allowing Visser Shidlofsky
partner Lee H. Shidlofsky and associates Alan M. Cohen and Douglas
P. Skelley, all of Austin, to withdraw as his attorneys in a
coverage suit, he must represent himself pro se in that civil
litigation.  "I have no choice but to respectfully request your
immediate and emergent intervention to order the Underwriters to
approve and compensate my criminal attorneys and coverage
attorneys of my choice," Mr. Stanford wrote in the letter obtained
by the news agency.

The report notes that Judge Atlas presides over Laura Pendergest-
Holt, et al. v. Certain Underwriters at Lloyd's of London, et al.,
in which Mr. Stanford and other former executives of Stanford
Financial Group seek to have Lloyd's of London and Arch Specialty
Insurance Co. pay for lawyers to defend them from criminal charges
and to represent them in related civil litigation.

In January, the report recalls, Senior U.S. District Judge David
Hittner of the Southern District of Texas issued a preliminary
injunction ordering the two insurance companies to advance defense
costs to the SFG executives.  However, the report relates, the
insurance companies appealed that order to the 5th U.S. Circuit
Court of Appeals.

In March, the report notes, the 5th Circuit affirmed Judge
Hittner's order but said a different federal judge should
determine whether the insurance companies can deny coverage
because they allege policy exclusion has been triggered.  The
issue of coverage is now before Judge Atlas, the report says.

On April 6, Law.com disclosed that the insurance companies filed
an emergency motion asking Judge Atlas to vacate Judge Hittner's
order and find that the defendants do not have to pay under the
policies.  The report relates Judge Atlas signed an order on
May 21 directing them to be prepared to respond to Stanford's
letter at a hearing on May 25.

The report adds that in a response filed to Mr. Stanford's letter,
the insurance companies asked Judge Atlas to deny Mr. Stanford's
request for emergency relief as they have paid more than US$6
million to lawyers representing Mr. Stanford in criminal and civil
matters; and are only withholding consent to his "latest set of
criminal attorneys" because they are "at odds with each other."

                 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).


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


PACIFIC CROSSING: Commences Wind-Up Proceedings
-----------------------------------------------
Pacific Crossing Limited commenced wind-up proceedings on May 17,
2010.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


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


AMPLA ENERGIA: To Receive US$217 Million Loan From Banco Nacional
-----------------------------------------------------------------
Ampla Energia e Servicos SA's board authorized the company to
obtain a BRL400 million (US$217 million) loan from National
Development Bank (BNDES), Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.  The report relates that the
loan will be used to finance the company's investment program in
2010 and 2011.

According to the report, BNDES loans are offered at lower interest
rates than private banks.  The report relates that the loans are
calculated in accordance with the government's long-term interest
rate, known as the TJLP, which is 6%, plus an average spread of
2%.

                    About Ampla Energia

Ampla Energia e Servicos SA, formerly known as Cerj, was
privatized in 1996 and is controlled by Spanish power company
Endesa.  The company's major shareholders are the Endesa/Enersis
group with 91.9% and Energias de Portugal S.A. with 7.7%.  In
2004, the company distributed 7,292 megawatt-hours to 2.1 million
customers, representing a 2.4% share of Brazil's electric
distribution market.

                         *     *     *

As of May 25, 2010, the company continues to carry Standard and
Poor's "BB" LT Issuer credit ratings.


BANCO PINE: Fitch Raises Long-Term Issuer Default Rating to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has taken these rating actions on Banco Pine S.A.:

  -- Foreign and Local Currency Long-Term IDR upgraded to 'BB-'
     from 'B+';

  -- Foreign and Local Currency Short-Term IDRs affirmed at 'B';

  -- Individual Rating upgraded to 'C/D' from 'D';

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';

  -- National Long-Term Rating upgraded to 'A(bra)' from 'A-
     (bra)';

  -- National Short-Term Rating upgraded to 'F1(bra)' from
     'F2(bra)'.

At the same time, Fitch has revised the Rating Outlook to Stable
from Positive.

Fitch has also upgraded the Foreign Currency Long-Term rating to
'B' from 'B-/RR6' of Pine's US$125 million subordinated notes due
Jan. 6, 2017.

The rating actions reflect Pine`s consistent performance in its
core businesses throughout the global economic crisis and its
adequate credit quality and capital ratios which compare favorably
with peer banks.

Pine's ratings also reflect its agility in adapting to economic
volatility and its strategy of consistently managing risks and
adjustments to its balance sheet.  Pine is a medium-sized
institution primarily financed through institutional and interbank
funding and focused on the middle market and business
opportunities in certain niche areas.  Given its business model,
the bank has significant customer concentrations in assets and
liabilities but has maintained prudent credit management and
liquidity, especially during adverse scenarios and during
fluctuations in the economic cycle such as the recent global
financial crisis.  Its main challenges are maintaining its growing
revenues and funding diversification in view of higher business
concentration and competition.

Since 2H'09, Pine resumed growth in its small- and medium-sized
business portfolio, also increasing the revenues derived from
cross selling with the treasury, addressed to clients, and
financial assistance services.  The latter was developed through
partnership in some niches such as private equity and M&A, aiming
to aggregate experience and franchise.  The still reduced
availability of credit lines to the market in 2009 has also
allowed the bank to reach larger-sized companies, with good
spreads, which benefits its loan book quality and its modest
returns, still in line with its peers during this period.

Pine's funding base, less pressured by the discontinuity of
payroll deductible loans since 2008, resumed growth along 2009.
The deposit base, concentrated on institutional investors,
increased a strong 107% in the year.  Since 2007, when the bank
issued equity in an IPO, Pine has sought to diversify its revenues
and funding sources, with an aim at reducing the high
concentration, which Fitch considers important.  The bank's issue
of US$125 million subordinated debt in February 2010, with
maturity within seven years, (considered as Tier II for regulatory
purposes) allowed Pine to lengthen its funding base for medium-
term growth.  Pine's asset/liability mix is well balanced, with
concentration on relatively shorter corporate lending, and
increasing the average life of its liabilities.


* BRAZIL: Sao Jose dos Campos Gets US$86 Million IDB Loan
---------------------------------------------------------
The municipal government of Sao Jose dos Campos, state of Sao
Paulo, Brazil, will receive a US$85.7 million loan from the Inter-
American Development Bank to help finance a major multi-faceted
urban development program that includes the implementation of
several environmental, infrastructure and urban transportation
projects, as well as institutional strengthening.  The program has
a total cost of US$178 million, with the remaining US$92 million
coming from the municipality.

The city of Sao Jose dos Campos is located 80 kilometers from the
city of Sao Paulo, between Rio de Janeiro and Sao Paulo, the two
largest metropolitan areas in Brazil.  It has a population in
excess of 600,000.

The environmental improvement component of the program includes
creating up to five urban parks and resettling around 400 families
who occupy an environmental conservation area.  The program also
calls for the regularization of illegal subdivisions in
approximately 2,000 lots and the installation of up to 21 sites
for voluntary recycling of construction and demolition waste.

The urban transportation component of the program seeks to improve
the mobility of people and goods by building corridors and
improving the road system to relieve congestion.  It also seeks to
make the public transportation system more efficient, expand
bikeways, and improve traffic safety.

The institutional strengthening component, costing US$15 million
demonstrates the will and commitment of the municipal government
to increase the efficiency and efficacy of the public sector by
improving public services, public administration and land-use
management.

The IDB loan, which was approved by the IDB's Board of Executive
Directors on May 12, has an amortization period of 20 years and
5.5 years of grace, with a Libor-based interest rate.

                         About IDB

Founded in 1959, the IDB is the world's largest and oldest
regional development bank.  In March its 48 member countries
agreed in principle to increase its capital resources to boost its
lending capacity to US$12 billion a year, nearly double its
present sustainable level.  The United States is the single
biggest shareholder, with a 30% stake in the IDB's capital.
Collectively, Latin American and Caribbean borrowing member
countries own a controlling majority of shares.

                         *     *     *

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
==========================


BBCM INVESTMENTS: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------------
The creditors of BBCM Investments Pty Ltd. are required to file
their proofs of debt by June 24, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 6, 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


CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18
-----------------------------------------------------------
The creditors of Capula Government Only Liquidity Fund Limited are
required to file their proofs of debt by June 18, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2010.

The company's liquidator is:

         Roy Bailey
         c/o Claire Loebell
         Telephone (345) 814 8922
         Facsimile: (345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay, PO Box 510
         Grand Cayman, KY1-1106


CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18
-----------------------------------------------------------
The creditors of Capula Government Only Liquidity Master Fund
Limited are required to file their proofs of debt by June 18,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2010.

The company's liquidator is:

         Roy Bailey
         c/o Claire Loebell
         Telephone (345) 814 8922
         Facsimile: (345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay, PO Box 510
         Grand Cayman, KY1-1106


FCI LTD: Creditors' Proofs of Debt Due on June 24
-------------------------------------------------
The creditors of FCI Ltd. are required to file their proofs of
debt by June 24, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 10, 2010.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close, West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


HERTZ (CAYMAN ISLANDS): Creditors' Proofs of Debt Due on June 15
----------------------------------------------------------------
The creditors of Hertz (Cayman Islands) Limited are required to
file their proofs of debt by June 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 4, 2010.

The company's liquidator is:

         Kyle Scott
         Hertz House, 11 Vine Street
         Uxbridge, Middlesex UB8 1QE
         United Kingdom
         Telephone: +44 1895 553601
         Facsimile: +44 1895 522847


HUAXIN MINING: Creditors' Proofs of Debt Due on May 31
------------------------------------------------------
The creditors of Huaxin Mining (Holdings) Limited 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 19, 2010.

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


LCM ALPHANUMERIC: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------------
The creditors of LCM Alphanumeric Fund Ltd. are required to file
their proofs of debt by June 24, 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:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close, West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


MULTI FUND: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------
The creditors of Multi Fund Management Corporation are required to
file their proofs of debt by June 24, 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:

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


NS REPACK: Creditors' Proofs of Debt Due on June 24
---------------------------------------------------
The creditors of NS Repack Ltd. are required to file their proofs
of debt by June 24, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 5, 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


PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Platinum Grove Dynamic Omega Strategies Master
Fund Ltd are required to file their proofs of debt by June 25,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 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


PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Platinum Grove Dynamic Omega Strategies Offshore
Fund, Ltd are required to file their proofs of debt by June 25,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 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


PETROPROD 1: Placed Under Voluntary Liquidation
-----------------------------------------------
Petroprod 1 Ltd commenced liquidation proceedings on March 26,
2010.

The company's liquidator is:

         Simon Whicker
         PO Box 493M Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PETROPROD 2: Placed Under Voluntary Liquidation
-----------------------------------------------
Petroprod 2 Ltd commenced liquidation proceedings on March 26,
2010.

The company's liquidator is:

         Simon Whicker
         PO Box 493M Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PETROPROD 3: Placed Under Voluntary Liquidation
-----------------------------------------------
Petroprod 3 Ltd commenced liquidation proceedings on March 26,
2010.

The company's liquidator is:

         Simon Whicker
         PO Box 493M Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PETROPROD D&P: Placed Under Voluntary Liquidation
-------------------------------------------------
Petroprod D&P 1 Ltd commenced liquidation proceedings on March 26,
2010.

The company's liquidator is:

         Simon Whicker
         PO Box 493M Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PETROPROD D&P: Placed Under Voluntary Liquidation
-------------------------------------------------
Petroprod D&P 2 Ltd commenced liquidation proceedings on March 26,
2010.

The company's liquidator is:

         Simon Whicker
         PO Box 493M Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


SALISBURY INTERNATIONAL: Moody's Takes Rating Actions on Notes
--------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Salisbury International Investments Ltd, a
collateralized debt obligation transaction referencing a static
portfolio of emerging markets corporate and sovereign entities.

  -- Series 2006-03 US$9,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Ba3; previously on Mar 30,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- Series 2006-04 EUR1,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Ba3; previously on Mar 30,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- Series 2006-05 US$3,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Baa3; previously on
     Mar 30, 2009 Downgraded to Ba1 and Remained On Review for
     Possible Downgrade

  -- Series 2006-06 US$3,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011-1, Upgraded to Aa3; previously on
     Mar 30, 2009 Downgraded to A1 and Remained On Review for
     Possible Downgrade

  -- Series 2006-07 EUR27,500,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Aa2; previously on Mar 30,
     2009 Downgraded to Aa3 and Remained On Review for Possible
     Downgrade

  -- Series 2006-08 EUR40,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Aa2; previously on Mar 30,
     2009 Downgraded to Aa3 and Remained On Review for Possible
     Downgrade

  -- Series 2006-09 EUR10,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Aa3; previously on Mar 30,
     2009 Downgraded to A1 and Remained On Review for Possible
     Downgrade

  -- Series 2006-11 US$5,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Aa1; previously on Mar 30,
     2009 Downgraded to Aa2 and Remained On Review for Possible
     Downgrade

  -- Series 2006-13 EUR2,500,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Baa3; previously on Mar
     30, 2009 Downgraded to Ba1 and Remained On Review for
     Possible Downgrade

  -- Series 2006-14 EUR6,250,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Aa1; previously on Mar 30,
     2009 Downgraded to Aa2 and Remained On Review for Possible
     Downgrade

  -- Series 2006-15 EUR10,000,000 Floating Rate Portfolio Credit
     Linked Notes due 2011, Upgraded to Baa1; previously on Mar
     30, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade

Moody's explained that the rating actions taken are the result of
the shortened time to maturity combined with the relatively
unchanged credit quality of the reference portfolio.  The
transaction has 1.2 years to maturity.  The 10 year weighted
average rating factor of the portfolio increased from 957.16 (from
the last rating action in March 2009) to 1,160.64, equivalent to
an average rating of Ba2.

Moody's had left the transaction on review for possible downgrade
because of the risk of obligation redenomination into local
currencies.  This risk is receding given the improving economic
conditions in emerging markets.


ST CAPITAL: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------
The creditors of ST Capital Inc. are required to file their proofs
of debt by June 24, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 6, 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


TAIB FUNDS: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------
The creditors of Taib Funds Limited are required to file their
proofs of debt by June 24, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 4, 2007.

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


TWENTY-FIRST CENTURY: Creditors' Proofs of Debt Due on June 24
--------------------------------------------------------------
The creditors of Twenty-First Century Global Fixed Income Fund,
Ltd. are required to file their proofs of debt by June 24, 2010,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2010.

The company's liquidator is:

         Hisashi Mori
         c/o Caledonian House
         69 Dr. Roy's Drive, P.O. Box 1043
         Grand Cayman KY1-1102, Cayman Islands
         Telephone: 949-0050
         Facsimile: 814-4863


WASHINGTON SQUARE: Creditors' Proofs of Debt Due on June 24
-----------------------------------------------------------
The creditors of Washington Square Holdings Ltd are required to
file their proofs of debt by June 24, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 4, 2007.

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 KY1-9005, Cayman Islands


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


CABLE & WIRELESS: To Build 3rd Submarine Cable in the Caribbean
---------------------------------------------------------------
Cable & Wireless Communications plc has outlined a plan to build a
new major submarine cable in the Caribbean, more than doubling its
carrier capacity in the region, Cellular-news reports.  The report
relates that the "East-West" cable will link Jamaica and the
Cayman Islands in the west of the Caribbean, to the British Virgin
Islands (Tortola) in the east; and will land in the Dominican
Republic.

According to the report, the company's Caribbean mobile networks,
LIME, have begun installing the cable and is expected to have it
operational by early 2011.

The East-West Cable, the report notes, is the third new submarine
cable built by Cable & Wireless Communications in the region since
2008, adding to the CBUS cable between Bermuda and the British
Virgin Islands and the Gemini-Bermuda cable between Bermuda and
the east coast of the US.  The report says that the cable will
enable Cable & Wireless Communications and its Caribbean business,
LIME, to meet the rising demand for high-speed bandwidth from
consumers and business customers in the region.

Cellular-news adds that the cable will also substantially
strengthen Cable & Wireless Communications' capability in serving
its carrier customers in North and Latin America, as well as
within the Caribbean.

                   About Cable & Wireless

Headquartered in London, England, Cable & Wireless Communications
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.


DIGICEL GROUP: Launches Partnership With Port Computer
------------------------------------------------------
Port Computer Services Limited has launched its Server Hosting
Solution in partnership with Digicel Jamaica Limited, Jamaica
Gleaner reports.  Digicel Jamaica Limited is a subsidiary of
Digicel Group.

According to the report, Port Computer's solution will aid
businesses to lessen their downtime due to disasters or system
failure and allow for business continuity.  The report relates
that clients who purchase the service will have their information
stored on servers at Digicel's tier three data centre located in
Caymanas.  The centre also allows clients to access their
information remotely, or set up workstations from the facility,
the report notes.

The Gleaner says that the centre can accommodate 2U rack units to
full 42U racks; and include these features:

   * Choice of service providers for Internet connectivity.

   * Dual electrical generators.

   * Stored fuel onsite and off-site for generators.

   * Fire suppression systems.

   * Remote monitoring via closed-circuit television.

   * Armed security guards - 24 hours per day.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

As of January 14, 2010, the company continues to carry these below
investment grade ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


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


GRUPO MEXICO: Says Investment in Asarco "Working Out Well"
----------------------------------------------------------
Grupo Mexico SA de C.V. said that its investment in Asarco LLC is
working out well and that Asarco is on a path to growth, Emily
Chasan and Mica Rosenberg at Reuters report.

As reported in the Troubled Company Reporter-Latin America on
December 10, 2009, Grupo Mexico's subsidiary, Americas Mining
Corp., consummated its bankruptcy plan for ASARCO LLC, reuniting
ASARCO with its parent company.  The reintegration follows U.S.
District Court Judge Andrew S. Hanen's decision to approve
GMEXICO's full payment reorganization plan for ASARCO, concluding
the company's four-year Chapter 11 proceeding.  The court-approved
plan, among other things, called for AMC to make a US$2.2 billion
cash contribution to ASARCO for distribution to creditors,
additionally disburse to creditors an estimated US$1.4 billion in
cash on hand from ASARCO's balance sheet and guarantee ASARCO's
issuance of a one-year promissory note for US$280 million payable
to the asbestos creditors.

According to Reuters, Grupo Mexico said that despite a volatile
copper market over the past year, and a drawn out bidding battle
with India's Sterlite Industries that ratcheted up the price it
paid for Asarco LLC, Grupo Mexico said it was confident the
company would grow.  "Clearly we paid a lot to the creditors, but
not a lot for the business, which is generating (hundreds of
millions of dollars in earnings) this year," the report quoted
Grupo Mexico Chief Financial Officer Daniel Muniz as saying.  "Now
it is generating money.  We paid what we had to pay, and it had
its benefits," he added, the report relates.

Reuters notes that Grupo Mexico said that the addition of Asarco
LLC to the company was helping it diversify its geographic profile
out of Mexico and Peru, and boosting its copper production by 30%.
The report relates that Asarco LLC had contributed to the
company's huge increase in first quarter profit and that the
parent would start a US$10 million investment program in Asarco
that could increase the company's copper reserves.

Reuters notes that Asarco LLC expects to increase its reserves by
150 million pounds of copper in the medium term.  The report
relates that the company's U.S. mine produces approximately 350
million to 400 million pounds a year.

                       About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


SANLUIS CORPORACION: Fitch Downgrades Issuer Default Rating to 'C'
------------------------------------------------------------------
Fitch Ratings has downgraded these ratings of SANLUIS Corporacion,
S.A. de C.V.'s:

  -- Foreign and local currency Issuer Default Ratings to 'C' from
     'CC';

  -- Debenture notes due June 2010 to 'C/RR6' from 'CC/RR6';

  -- Mandatory convertible notes due June 2011 to 'C/RR6' from
     'CC/RR6'.

Fitch has also downgraded SANLUIS Rassini Autopartes, S.A. de
C.V.'s foreign and local currency IDRs to 'C' from 'CC'.

These downgrades are due to the exceptionally high level of
refinancing risk faced by SANLUIS during June 2010 due to the
maturity of US$125 million on secured bank debt (Suspension Group
Debt) and the US$86 million debentures.  The RR6 Recovery Ratings
on the company's debentures due June 2010 and the mandatory
convertible notes due June 2011 reflect Fitch's expectation that
the recovery prospects for the debt instruments are poor in the
event of a default.  These unsecured notes were issued by an
intermediate holding company, SANLUIS Co-Inter, S.A. and are
therefore structurally subordinate to the secured debt at the
level of the operating companies (Suspension Group Debt).

In addition to the aforementioned rating actions, Fitch has
affirmed the company's US$125 million senior secured restructured
credit facility rating at 'CC' and has revised the Recovery Rating
of this facility to 'RR3' from 'RR5'.  The revision of the
recovery rating indicates above average recovery expectations for
this debt, in the event of default, due to recent improvements in
SANLUIS' cash flow generation, which should facilitate the
company's efforts to reaching an agreement with these lenders.
SANLUIS entered a standstill agreement with these secured
creditors during March 2010.  Under the standstill agreement, the
bank creditors agreed to abstain from taking any legal actions for
90 days in relation to the Suspension Group Debt.

As of March 31, 2010, SANLUIS had US$360 million of total debt,
which consists primarily of US$125 million of secured restructured
debt, US$86 million in 8% guaranteed senior notes due in June
2010, including capitalized interest; and US$122 million in 7%
mandatorily convertible debentures due in June 2011, including
capitalized interest.  With only US$18 million of cash and
marketable securities, the company is not expected to meet its
June 2010 debt obligations.

SANLUIS is a leading manufacturer of suspension and brake
components.  Its business has been under extreme pressure in
recent years due to the dramatically decline in demand for light
trucks (pickup trucks, SUVs, vans and minivans) in North America;
a rebound in demand for vehicles in the U.S. may not improve the
outlook for the company, as consumers shift to smaller vehicles.
The company's performance is closely to General Motors Corp., Ford
Motors Co.  (Ford) and Chrysler, as these three companies
represent approximately 65% of its revenues.

During fiscal years 2009 and 2008, SANLUIS generated US$37 million
and US$39 million of EBITDA.  These figures are far below the
US$69 million of EBITDA the company averaged between 2005 and
2007.  Several restructuring initiatives have resulted in an
improvement in the company's EBITDA margin to 11.2% during the
last 12 month period ended March 31, 2010 from 6.2% during the
fiscal year 2008.  During the 3Q'09, 4Q'09, and 1Q'10 the
company's EBITDA reached levels of US$11.2 million, US$16.2, and
US$17.2 million, respectively, which compare favorably with EBITDA
levels of US$7.7 million, US$5.1, and US$5.3 million during 3Q'08,
4Q'08, and 1Q'09, respectively.


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


ECONOINVEST CASA: Gets Raided Amid Crackdown on Currency Trading
----------------------------------------------------------------
Authorities raided Venezuela's largest brokerage firm, Econoinvest
Casa de Bolsa, amid a crackdown on currency trading ordered by
President Hugo Chavez, the Associated Press reports.  The report
relates that the attorney general's office said that prosecutors
and police raided the offices of Econoinvest due to suspected
irregularities.

According to the report, last week, Venezuelan authorities raided
about 18 brokerage firms and arrested five executives.  The report
relates that President Chavez blames speculative trading for
soaring inflation and the declining value of the bolivar.

The AP notes that Venezuela maintains strict currency controls and
sets official exchange rates, but another route for trading
currency has been the bond market, where the bolivar has recently
fetched about half the official rate of VEB4.30 to the dollar for
nonessential goods.


* VENEZUELA: RBS Expects 2010 GDP to Shrink 4.5%
------------------------------------------------
Corina Rodriguez Pons and Jose Orozco at Bloomberg News report
that Royal Bank of Scotland Plc said Venezuela's economy will
shrink more than it previously expected this year as the
government's takeover of currency trading makes it harder to
obtain imports.

According to Bloomberg News, RBS economist Boris Segura said in a
report that that RBS now expects Venezuela's economy to shrink
4.5% in 2010 rather than 3%.  The RBS report, Bloomberg News
relates, said that consumer prices may rise more than the bank
expected at an annual rate of 35%, up from a previous forecast of
30%.

                         *     *     *

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


                            ***********

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

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

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

                            ***********


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

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


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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