TCRLA_Public/100528.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

              Friday, May 28, 2010, Vol. 11, No. 104

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: DGSE Closes Deal With Receiver on SFG Matter
STANFORD INT'L: Owner Gains Judge's Endorsement of 'Tight' Bail


A R G E N T I N A

AUTOPISTAS DEL SOL: Responsible for Accident Damages at San Jose
IRSA INVERSIONES: Bids for a Stake in Telecom Argentina
IRSA INVERSIONES: Extends US$250 Million Bond Sale Until June 4
TELECOM ARGENTINA: IRSA Inversiones Bids for Stake in Firm


B E R M U D A

FIRST CREDIT: Creditors' Proofs of Debt Due on June 9
FIRST CREDIT: Members to Receive Wind-Up Report on June 30
KDB RC: Creditors' Proofs of Debt Due on June 9
KDB RC: Members to Receive Wind-Up Report on June 30
LSREF LUX: Creditors' Proofs of Debt Due on June 9

LSREF LUX: Members to Receive Wind-Up Report on June 30
MC DERIVATIVE: Creditors' Proofs of Debt Due on June 9
MC DERIVATIVE: Members to Receive Wind-Up Report on June 30
STEWARDSHIP CREDIT: Appoints Chatterjee and Hunter as Liquidators


B R A Z I L

BANCO BRADESCO: Fitch Affirms 'BB' Support Rating Floor
BANCO PANAMERICANO: Beats Itau in Bond Market on Speculations
BRASKEM SA: Seeks to Buy Assets & Form Joint Ventures in Asia
CAMARGO CORREA: Signs US$179 Million Deal for Peru Water Project
CAIXA ECONOMICA: Indra Wins EU190 Million Contract

COSAN SA: Sees Sugar Processing to Rise to 60MM Tons
COSAN SA: March 31 Qtr. Net Revenue Up 87% to BRL4.39 Billion
ITAU UNIBANCO: Fitch Affirms Support Rating Floor at 'BB'


C A Y M A N  I S L A N D S

ACTIV G.P.: Creditors' Proofs of Debt Due on June 24
APMS 2007: Creditors' Proofs of Debt Due on June 24
ARAPASO LIMITED: Creditors' Proofs of Debt Due on June 24
ASHA CAPITAL: Creditors' Proofs of Debt Due on June 24
BANAWA LIMITED: Creditors' Proofs of Debt Due on June 24

BAYSWATER & BOND: Creditors' Proofs of Debt Due on June 24
BIG HORN: Creditors' Proofs of Debt Due on June 24
BLUECREST DIVERSIFIED: Creditors' Proofs of Debt Due on June 14
BLUECREST LEVERAGED: Creditors' Proofs of Debt Due on June 14
BRORA HOLDING: Creditors' Proofs of Debt Due on July 6

DRACO INVESTMENTS: Creditors' Proofs of Debt Due on June 24
FOCUS ASIA: Creditors' Proofs of Debt Due on June 18
FULLERTON FUNDS: Creditors' Proofs of Debt Due on June 15
LALABEN: Creditors' Proofs of Debt Due on June 24
MA BLUETREND: Creditors' Proofs of Debt Due on June 24

NEW HEIGHTS: Creditors' Proofs of Debt Due on June 24
RAMSAY INVESTMENTS: Creditors' Proofs of Debt Due on June 24
STRIDER FUND: Creditors' Proofs of Debt Due on June 21
WATERLOO & VICTORIA: Creditors' Proofs of Debt Due on June 24


C O L O M B I A

ECOPETROL SA: BP Says Labor Protest Not Affecting Production
ECOPETROL SA: Maurel et Prom Signs Swap Agreement With Unit
* COLOMBIA: Moody's Upgrades Rating on Country's Notes From 'Ba2'


M E X I C O

AXTEL SAB: Fails to Qualify for Mexico's Wireless Airwave Auction
TV AZTECA: Unit Inks Television Affiliation Deal With WENR


N I C A R A G U A

* NICARAGUA: Moody's Raises Government's Bond Rating to 'B3'


V E N E Z U E L A

ECONOINVEST CASA: Authorities Arrest 4 Brokerage Executives






                         - - - - -


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


STANFORD INT'L: DGSE Closes Deal With Receiver on SFG Matter
------------------------------------------------------------
DGSE Companies, Inc., closed a series of actions and transactions
related to the formerly announced agreement with the Receiver in
the matter of Stanford Financial Group.  On May 12, 2010, the
Court in this matter issued an order which permitted the Receiver
and DGSE to complete the transactions which included the
cancellation of all agreements between DGSE and Stanford
International Bank, and the elimination of all loan obligations
fees and other related charges in connection with approximately
$10.5 million in loans between Superior Galleries, a wholly-owned
subsidiary of DGSE, and SIBL.

DGSE and its Chairman also disclosed entering into a series of
agreements with NTR Metals, LLC.  NTR Metals(R) is a US$1.2
Billion (revenue) company that refines over 30 million pounds of
metal annually. It is one of the world's largest precious metals
companies, making a market in all precious metal bullion and
offering a full range of refining, recycling and minting services.
NTR Metals operates over 30 locations throughout the United States
and in the United Kingdom.  It serves more than 20,000 companies,
ranging from small, independent businesses to large corporations
(NTR is not open to the public).

To facilitate the closing with SIBL, DGSE has assigned its right
to acquire 3,000,000 shares of DGSE common stock for a direct
payment from NTR to the Receivership in the amount of US$3.6
million dollars, representing 100% of the required payment to the
Receiver.  Simultaneously, NTR granted our Chairman a 4-year proxy
on all shares acquired by NTR.  NTR will not be represented on the
Board of Directors of DGSE or otherwise be involved in the
management of DGSE.  In addition, NTR has agreed to a one-year
lock-up on all of the shares acquired.  When NTR granted its
proxy, our Chairman granted to NTR an option to acquire 1,000,000
of his personally-owned shares at an exercise price of US$6.00 per
share for two years, and if unexercised on the 2nd anniversary of
the grant date, then for an additional two years at US$10.00 per
share. Should NTR exercise its option in either period, NTR's
proxy will terminate, and our Chairman will immediately grant NTR
his proxy on all of his then-owned shares.

NTR's President, John Loftus, commented, "We are quite pleased to
have taken this step with our longtime friends at DGSE.  This
transaction will help DGSE put a challenging chapter behind them,
relieve debt, and improve their balance sheet.  NTR looks forward
to assisting DGSE as it focuses on strong earnings growth during
the coming years."

In connection with the agreements, DGSE also caused 376,361 shares
of DGSE common stock to certain key employees and Directors not
including our Chairman.

William Oyster, President of DGSE, said, "We are very excited to
have concluded all of these matters in a way that enhances the
future for DGSE and its stockholders.  Having NTR as a major
interest holder will provide us with new tools to grow and
revitalize our business.  For over a year, we have had to operate
under the uncertainty of the SIBL matter and its detrimental
effect on our flexibility.  While it has certainly restrained our
ability to grow, it has also given us the opportunity to focus on
controlling our expenses and reviewing our infrastructure.  We
expect our new relationship with NTR to materially enhance our
ability to service our customers, with resulting benefits in top-
and bottom-line growth.  We have already begun to experience the
benefits of the new activities.  From the end of the first
quarter, we have enjoyed more dynamic top-line activity, with
revenues exceeding 2009 results on a year-over-year basis (year to
date) for the first time since early 2009.  All of our activities
are growing again, with material improvements in all segments."

                  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).


STANFORD INT'L: Owner Gains Judge's Endorsement of 'Tight' Bail
---------------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that Robert Allen Stanford, appearing as his own counsel,
convinced U.S. District Judge Nancy Atlas in Houston that he
should be moved from a from jail to closely monitored house arrest
so he can prepare for a hearing.  Judge Atlas is presiding over a
dispute between Mr. Stanford and Lloyd's of London underwriters.

"It's a horrifically bad situation I've been thrust into.  I'm not
asking for any sympathy.  I'm just telling you the facts," the
report quoted Mr. Stanford as saying.  "I can win this case. I
didn't run a Ponzi scheme.  I've declared my innocence.  I will
fight this thing, and fight it vigorously," Mr. Stanford added,
the report relates.

According to the report Judge Atlas told Mr. Stanford that U.S.
District Judge David Hittner, who is presiding over the criminal
fraud case in Houston, will decide whether to free the financier.
The report relates Judge Atlas said that she has no control over
her colleague.  "But I will urge Judge Hittner to reconsider," the
report quoted Judge Atlas as saying.  Judge Atlas, the report
says, proposed an arrangement subjecting Mr. Stanford to "very,
very, very tight house arrest" so he can prepare his insurance
case.  "I would not be opposed to that," she added.

Judge Hittner, the report notes, has twice denied Mr. Stanford's
requests for bail.  The report relates that a third was filed with
him this month by criminal-defense lawyer Robert Bennett and
Harvard University law professor Alan Dershowitz.

                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
=================


AUTOPISTAS DEL SOL: Responsible for Accident Damages at San Jose
----------------------------------------------------------------
Autopistas del Sol S.A. was held responsible for the damages
suffered by drivers involved in road accidents at San Jose-
Caldera, Inside Costa Rica reports.  The report relates Ministro
de Obras Publica y Transportes (MOPT), Francisco Jimenez, said
that the company, who operates the road under concession, is held
responsible.

According o the report, the MOPT has asked the concessionaire to
improve the conditions of the road that include clean up, warnings
and better monitoring.

Mr. Jimenez, the report says, said that there are cases where
Autopistas del Sol is refusing to pay damages incurred by drivers
using the toll road from rock falls that have been constant since
the road officially opened on January 27, 2010, and worsened with
the start of the rainy season.

                    About Autopistas del Sol

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services lowered its
ratings on Ausol, including its corporate credit rating to 'CCC'
from 'CCC+'.  The outlook is negative.


IRSA INVERSIONES: Bids for a Stake in Telecom Argentina
-------------------------------------------------------
Shane Romig at Dow Jones Newswires reports that Argentine
investment firm IRSA Inversiones Y Representaciones SA said it is
one of the companies bidding to buy control of Telecom Argentina
SA from Telecom Italia.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
Dow Jones Newswires related that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
Ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.

                       About IRSA Inversiones

IRSA Inversiones y Representaciones S.A. invests in real estate in
Argentina.  The Company's portfolio consists of commercial
buildings, shopping centers, office space, residential properties,
and hotels.

                           *     *     *

As of May 27, 2010, the company continues to carry Moody's "B-" LT
Issuer Credit ratings.  The company also continues to carry
Fitch Ratings' "B" LT FC Issuer Default and Senior Unsecured Debt
ratings; and "B+" Senior Unsecured debt rating.


IRSA INVERSIONES: Extends US$250 Million Bond Sale Until June 4
---------------------------------------------------------------
Drew Benson at Bloomberg News reports that IRSA Inversiones y
Representaciones SA said in a regulatory filing in Buenos Aires
that it is extending its offer to sell US$250 million in 10-year
bonds until June 4.

The offer had been scheduled to end on May 26, 2010.

IRSA Inversiones y Representaciones S.A. invests in real estate in
Argentina.  The Company's portfolio consists of commercial
buildings, shopping centers, office space, residential properties,
and hotels.

                           *     *     *

As of May 27, 2010, the company continues to carry Moody's "B-" LT
Issuer Credit ratings.  The company also continues to carry
Fitch Ratings' "B" LT FC Issuer Default and Senior Unsecured Debt
ratings; and "B+" Senior Unsecured debt rating.


TELECOM ARGENTINA: IRSA Inversiones Bids for Stake in Firm
----------------------------------------------------------
Shane Romig at Dow Jones Newswires reports that Argentine
investment firm IRSA Inversiones Y Representaciones SA said it is
one of the companies bidding to buy control of Telecom Argentina
SA from Telecom Italia.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
Dow Jones Newswires related that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
Ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.

                       About IRSA Inversiones

IRSA Inversiones y Representaciones S.A. invests in real estate in
Argentina.  The Company's portfolio consists of commercial
buildings, shopping centers, office space, residential properties,
and hotels.

                           *     *     *

As of May 27, 2010, the company continues to carry Moody's "B-" LT
Issuer Credit ratings.  The company also continues to carry
Fitch Ratings' "B" LT FC Issuer Default and Senior Unsecured Debt
ratings; and "B+" Senior Unsecured debt rating.


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


FIRST CREDIT: Creditors' Proofs of Debt Due on June 9
-----------------------------------------------------
The creditors of First Credit Lendings, Ltd. are required to file
their proofs of debt by June 9, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


FIRST CREDIT: Members to Receive Wind-Up Report on June 30
----------------------------------------------------------
The members of First Credit Lendings, Ltd. will receive, on
June 30, 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 21, 2010.

The company's liquidator is:

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


KDB RC: Creditors' Proofs of Debt Due on June 9
-----------------------------------------------
The creditors of KDB RC Investments Co., Ltd. are required to file
their proofs of debt by June 9, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


KDB RC: Members to Receive Wind-Up Report on June 30
----------------------------------------------------
The members of KDB RC Investments Co., Ltd. will receive, on
June 30, 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 21, 2010.

The company's liquidator is:

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


LSREF LUX: Creditors' Proofs of Debt Due on June 9
--------------------------------------------------
The creditors of LSREF Lux Holdings, Ltd. are required to file
their proofs of debt by June 9, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


LSREF LUX: Members to Receive Wind-Up Report on June 30
-------------------------------------------------------
The members of LSREF Lux Holdings, Ltd. will receive, on June 30,
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 21, 2010.

The company's liquidator is:

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


MC DERIVATIVE: Creditors' Proofs of Debt Due on June 9
------------------------------------------------------
The creditors of MC Derivative Investments Fund II, Ltd. are
required to file their proofs of debt by June 9, 2010, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


MC DERIVATIVE: Members to Receive Wind-Up Report on June 30
-----------------------------------------------------------
The members of MC Derivative Investments Fund II, Ltd. will
receive, on June 30, 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 21, 2010.

The company's liquidator is:

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


STEWARDSHIP CREDIT: Appoints Chatterjee and Hunter as Liquidators
-----------------------------------------------------------------
On May 13, 2010, Nigel J. S. Chatterjee and D. Geoffrey Hunter
were appointed as liquidators of Stewardship Credit Arbitrage
Fund, Ltd.

The Liquidators can be reached at:

         Nigel J.S. Chatterjee
         PricewaterhouseCoopers Advisory Limited
         Dorchester House, 7 Church Street
         Hamilton HM 11, Bermuda


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


BANCO BRADESCO: Fitch Affirms 'BB' Support Rating Floor
-------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco Bradesco S.A.
with Stable Rating Outlooks as indicated:

Banco Bradesco S.A.

  -- Long-term foreign currency Issuer Default Rating at 'BBB';
     Outlook Stable;

  -- Short-term foreign currency IDR at 'F2';

  -- Long-term local currency IDR at 'BBB+'; Outlook Stable;

  -- Short-term local currency IDR at 'F2';

  -- Individual Rating at 'B/C';

  -- Support Rating at '3';

  -- Support Rating Floor at 'BB';

  -- Long-term National Rating at 'AAA(bra)'; Outlook Stable;

  -- Short-term National Rating at 'F1+(bra)'.

Banco Bradesco S.A. US$750 million subordinated notes due
09/29/2019

  -- Long term foreign currency rating at 'BBB-'.

Bradesco Leasing S.A. 9th Issuance of Debentures

  -- Long-term national rating at 'AAA(bra)'.

Bradesco's IDRs and its national ratings reflect its broad
national franchise -- being among the market leaders in most of
its business lines -- and a strong track record of consistent
results through turbulent economic cycles, achieved due to solid,
conservative management and the diversified business and revenue
base.  The ratings also consider its strong capacity of local
distribution, ample client base, and solid liquidity.  The long-
term foreign currency IDRs are constrained by Brazil's country
ceiling.

Present in all segments of the financial and insurance markets,
Bradesco has well defined goals, and has generally been successful
in achieving them, such as volume expansion, maintaining risks
under control, and solid recurring profitability through
increasing cross sales, cost controls, and a highly segmented
approach in its operating niches.

An eventual deterioration in Brazil's operating environment, as
well as a strong increase in delinquencies, could put pressure on
its ratings.

Bradesco is one of the largest financial conglomerates in Latin
America, controlled by an entity managed by the bank's senior
executives.


BANCO PANAMERICANO: Beats Itau in Bond Market on Speculations
-------------------------------------------------------------
Veronica Navarro Espinosa and Paulo Winterstein at Bloomberg News
report that Banco Panamericano SA's bonds are outperforming debt
of larger Brazilian banks as investors speculate the lender will
receive an investment grade rating.

According to the report, yields on Banco Panamericano's US$500
million of subordinated bonds due in 2020 dropped 21 basis points,
or 0.21 percentage point, as prices rose since their trading debut
April 20 to 8.2%.  Yields on 10-year notes sold by Itau Unibanco
Holding SA, the nation's biggest bank by market value, climbed 17
basis points in the same period, according to data compiled by
Bloomberg.

Bloomberg News notes that speculation that Banco Panamericano's
rating will be upgraded mounted after the bank unveiled plans in
December to sell 36% to Caixa Economica Federal.  The report
relates that investors are betting regulators will approve the
transaction, paving the way for Banco Panamericano to be raised
from Ba2, said Natalia Corfield, a corporate debt analyst at ING
Groep NV in New York.  Bonds sold by Banco Panamericano are
outperforming debt from 16 Brazilian banks since April 20,
according to data compiled by Bloomberg.

"There's no guarantee Panamericano is going to be investment
grade," the report quoted Ms. Corfield as saying.  "There's not a
funding agreement between the two entities.  As far as we know,
Caixa is not guaranteeing Panamericano's debt either," she added,
the report relates.

                     About Banco Panamericano

Banco Panamericano S.A is headquartered in Sao Paulo and had
unconsolidated assets of R$7.7 billion (US$4.29 billion) in
September 2009.  Caixa Economica Federal S.A. is headquartered in
Brasilia, and had consolidated total assets of R$341.9 billion
(US$190.5 billion) in the third quarter of 2009.

                             *     *     *

As of April 12, 2010, the bank continues to carry Moody's "Ba2"
long term rating, foreign currency LT debt rating, LT bank deposit
ratings, and subordinate debt rating.  The bank also carries a "D"
bank financial strength rating.


BRASKEM SA: Seeks to Buy Assets & Form Joint Ventures in Asia
-------------------------------------------------------------
Braskem SA is looking to buy assets and form joint ventures in
Asia to tap growing resins demand, Peter Millard at Bloomberg News
reports, citing O Estado de S. Paulo newspaper.

According to the report, the newspaper said that Alan Hiltner,
Braskem SA vice president of technology and information, said that
the company expects Asia to control 60% of the global resins
market in four years.

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 May 20, 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


CAMARGO CORREA: Signs US$179 Million Deal for Peru Water Project
----------------------------------------------------------------
Camargo Correa SA signed a US$179 million contract to build the
first stage of an irrigation project in northern Peru, John
Quigley at Bloomberg News report, citing El Comercio.

According to the report, the newspaper said that the project will
channel water from the Huancabamba River through a 13.5-kilometer
(8.5-mile) tunnel to the Alto Piura valley where it will irrigate
50,000 hectares (123,552 acres).  The report relates the newspaper
said that the project is expected to be completed within two years
and may generate 105,000 jobs.

                    About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings rates Camargo and its special-
purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';


CAIXA ECONOMICA: Indra Wins EU190 Million Contract
--------------------------------------------------
Indra Sistemas SA won a EUR190 million contract from Caixa
Economica Federal, Paul Tobin at Bloomberg News reports, citing El
Confidencial.

According to the report, El Confidencial, citing unidentified
people familiar with the order, said that Indra Sistemas will
manage the lender's payment services.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


COSAN SA: Sees Sugar Processing to Rise to 60MM Tons
----------------------------------------------------
Lucia Kassai at Bloomberg News reports that Cosan SA Industria &
Comercio expects to crush 60 million metric tons of sugar cane
into sweetener and ethanol this season, up from 52.6 million a
year earlier.

According to the report, Cosan SA Chief Operating Officer Pedro
Mizutani said that the company will process 60% of the crop into
sweetener, up from 56% last season.

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, Moody's Investors Service placed the Ba3 corporate
family rating for Cosan S.A. Industria e Comercio and its
guaranteed senior unsecured debt ratings on review for possible
upgrade, following the announcement that the company has entered
into a memorandum of understanding with Shell for the formation of
two joint ventures to combine the majority of Cosan's businesses
with several of Shell's assets in Brazil, including its fuel
distribution business.


COSAN SA: March 31 Qtr. Net Revenue Up 87% to BRL4.39 Billion
-------------------------------------------------------------
Tony Danby and Rogerio Jelmayer at Dow Jones Newswires report that
Cosan S.A. Industria e Comercio posted net revenue of BRL4.39
billion (US$2.35 billion) for the fiscal fourth quarter ended
March 31, up 87% from BRL2.35 billion a year earlier.

According to the report, Cosan SA did not unveil other financial
figures such as net income for the period, adding that the data
was preliminary.  The complete earnings results will be available
after the market closes on June 10.

Cosan SA, the report relates, said that BRL1.2 billion of its net
revenue was derived from sugar in the fiscal fourth quarter, up
from BRL502.4 million a year earlier.  The report notes that sugar
exports accounted for BRL867.8 million in revenues with the rest
coming from the domestic market.

Dow Jones Newswires says that Cosan SA produced 1.1 million metric
tons of sugar in the fourth quarter against 711,300 tons a year
earlier; while 877,700 tons of the sweetener were exported.

Cosan SA, the report notes, said that net revenue of BRL602.1
million flowed from primarily domestic ethanol sales for the
period, versus BRL337.5 million a year earlier.  The report
relates that Cosan produced 560.9 million liters of the
alternative fuel in the period against 436.8 million liters a year
ago.

The company's fuel distribution division with sales of mainly
ethanol, diesel and gasoline ramped up BRL2.4 billion in the
quarter versus BRL1.3 billion a year earlier, Dow Jones Newswires
discloses.

Cosan SA, the report points out, said that due to the
peculiarities of the sugar and ethanol industry, it released its
results at different quarterly periods compared to other
industries in Brazil.  The figures are unaudited and subject to
review by the auditors, Cosan SA added, the report relates.

                          About Cosan SA

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, Moody's Investors Service placed the Ba3 corporate
family rating for Cosan S.A. Industria e Comercio and its
guaranteed senior unsecured debt ratings on review for possible
upgrade, following the announcement that the company has entered
into a memorandum of understanding with Shell for the formation of
two joint ventures to combine the majority of Cosan's businesses
with several of Shell's assets in Brazil, including its fuel
distribution business.


ITAU UNIBANCO: Fitch Affirms Support Rating Floor at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Itau Unibanco Holding
S.A.:

Itau Unibanco Holding S.A.

  -- Long-term foreign currency Issuer Default Rating at 'BBB',
     Outlook Stable;

  -- Short-term foreign currency IDR at 'F2';

  -- Long-term local currency IDR at 'BBB+', Outlook Stable;

  -- Short-term local currency IDR at 'F2';

  -- Individual Rating at 'B/C';

  -- Support Rating at '3';

  -- Support Rating Floor 'BB';

  -- Long-term National Rating at 'AAA(bra)', Outlook Stable;

  -- Short-term National Rating at 'F1+(bra)'.

Itau Unibanco Holding S.A.

  -- US$1 billion subordinated notes, due April 15, 2020 at
     'BBB-'.

Itau Unibanco S.A. (ex-Banco Itau S.A.)

  -- Long-term foreign currency IDR at 'BBB', Outlook Stable;
  -- Short-term foreign currency IDR at 'F2';
  -- Long-term local currency IDR at 'BBB+', Outlook Stable;
  -- Short-term local currency IDR at 'F2';
  -- Individual Rating at 'B/C';
  -- Support Rating at '3';
  -- Support Rating Floor 'BB';
  -- Long-term National Rating at 'AAA(bra)', Outlook Stable;
  -- Short-term National Rating at 'F1+(bra)'.

Itau Unibanco S.A.

  -- US$100 million senior notes, due Jan. 24, 2012 at 'BBB'.

Banco Itau BBA S.A.

  -- Long-term foreign currency IDR at 'BBB', Outlook Stable;
  -- Short-term foreign currency IDR at 'F2';
  -- Long-term local currency IDR at 'BBB+', Outlook Stable;
  -- Short-term local currency IDR at 'F2';
  -- Individual Rating at 'B/C';
  -- Support Rating at '3';
  -- Support Rating Floor at 'BB';
  -- Long-term National Rating at 'AAA(bra)', Outlook Stable;
  -- Short-term National Rating at 'F1+(bra)'.

Banco Itau BBA S.A.

  -- US$200 million senior notes, due June 28, 2012 at 'BBB'.

Unibanco - Uniao de Bancos Brasileiros S.A.

  -- Long-term foreign currency IDR at 'BBB', Outlook Stable;
  -- Short-term foreign currency IDR at 'F2';
  -- Long-term local currency IDR at 'BBB+', Outlook Stable;
  -- Short-term local currency IDR at 'F2';
  -- Individual Rating at 'B/C';
  -- Support Rating at '3';
  -- Support Rating Floor at 'BB';
  -- Long-term National Rating at 'AAA(bra)', Outlook Stable;
  -- Short-term National Rating at 'F1+(bra)'.

At the same time, Fitch has withdrawn the ratings of Unibanco -
Uniao de Bancos Brasileiros S.A.

The long-term local currency IDR of IUH is rated two notches above
the local currency sovereign rating of Brazil, while the long-term
foreign currency IDR is constrained by the country ceiling.  The
ratings reflect the bank's broad and diversified franchise,
placing it among the leaders in various segments of the Brazilian
financial system; management's demonstrated capacity to anticipate
and promptly react to economic fluctuations; a track record of
solid performance and effective risk/return pricing; and its
robust risk controls.  The ratings also consider its
diversification due to its sound overseas presence compared with
local peers as well as ample international liquidity.

Fitch believes that the merger of the financial conglomerates
Banco Itau Holding Financeira S.A. and Unibanco - Uniao de Bancos
Brasileiros, approved by Brazilian authorities in February 2009
and which formed IUH, will enable the company to achieve greater
scale and cost efficiencies, as well as an even more robust and
diversified business.  The size of the merger far exceeds any
previous one, IUH has also stated that it may seek further
international diversification over the medium term, which could
bring the additional challenge of increasing its international
presence while coping with inherent operational risks should it
undertake a significant cross-border acquisition.  Fitch notes
that the consolidation process has proceeded relatively smoothly
to date.  The agency further notes that IUH has shown success in
managing and controlling its foreign investments in the region and
in Europe, and expects that, over time, international activities
will increase.

Although IUH's IDRs are driven by its Individual rating, they are
constrained by the Country Ceiling.  The Individual rating could
be positively influenced by improvement in asset quality and
capitalization and maintenance of historic profitability metrics,
although it will continue to be somewhat constrained by a
challenging operating environment.

Controlled by the Egydio de Souza Aranha and Moreira Salles
families, IUH is the largest private financial conglomerate in
Brazil and Latin America and the leader in auto financing and
credit cards, among other segments.


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


ACTIV G.P.: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------
The creditors of Activ G.P. Co. 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 30, 2010.

The company's liquidator is:

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


APMS 2007: Creditors' Proofs of Debt Due on June 24
---------------------------------------------------
The creditors of APMS 2007 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 May 14, 2010.

The company's liquidator is:

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


ARAPASO LIMITED: Creditors' Proofs of Debt Due on June 24
---------------------------------------------------------
The creditors of Arapaso 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 liquidation proceedings on May 14, 2010.

The company's liquidator is:

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


ASHA CAPITAL: Creditors' Proofs of Debt Due on June 24
------------------------------------------------------
The creditors of Asha Capital 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 liquidation proceedings on May 6, 2010.

The company's liquidator is:

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


BANAWA LIMITED: Creditors' Proofs of Debt Due on June 24
--------------------------------------------------------
The creditors of Banawa 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 liquidation proceedings on May 14, 2010.

The company's liquidator is:

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


BAYSWATER & BOND: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------------
The creditors of Bayswater & Bond 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 liquidation proceedings on April 28, 2010.

The company's liquidator is:

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


BIG HORN: Creditors' Proofs of Debt Due on June 24
--------------------------------------------------
The creditors of Big Horn Structured Funding CDO 2007-1, 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 May 14, 2010.

The company's liquidator is:

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


BLUECREST DIVERSIFIED: Creditors' Proofs of Debt Due on June 14
---------------------------------------------------------------
The creditors of Bluecrest Diversified Alpha Fund Limited are
required to file their proofs of debt by June 14, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102


BLUECREST LEVERAGED: Creditors' Proofs of Debt Due on June 14
-------------------------------------------------------------
The creditors of Bluecrest Leveraged Diversified Alpha Fund
Limited are required to file their proofs of debt by June 14,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102


BRORA HOLDING: Creditors' Proofs of Debt Due on July 6
------------------------------------------------------
The creditors of Brora Holding Company are required to file their
proofs of debt by July 6, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 6, 2010.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103, Cayman Islands


DRACO INVESTMENTS: Creditors' Proofs of Debt Due on June 24
-----------------------------------------------------------
The creditors of Draco Investments (London) 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 liquidation proceedings on May 12, 2010.

The company's liquidator is:

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


FOCUS ASIA: Creditors' Proofs of Debt Due on June 18
----------------------------------------------------
The creditors of Focus Asia Fund are required to file their proofs
of debt by June 18, 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:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


FULLERTON FUNDS: Creditors' Proofs of Debt Due on June 15
---------------------------------------------------------
The creditors of Fullerton Funds C2 SPC are required to file their
proofs of debt by June 15, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 13, 2010.

The company's liquidators are:

         Gerard Lee How Cheng
         Wah Geok Sum
         Fullerton Fund Management Company Ltd
         60B Orchard Road
         #06-18 Tower 2
         The Atrium@Orchard
         Singapore 238891
         Telephone: + 65 6828 6828
         Facsimile: + 65 6821 1160


LALABEN: Creditors' Proofs of Debt Due on June 24
-------------------------------------------------
The creditors of Lalaben 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 May 3, 2010.

The company's liquidator is:

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


MA BLUETREND: Creditors' Proofs of Debt Due on June 24
------------------------------------------------------
The creditors of MA Bluetrend 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 liquidation proceedings on May 13, 2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Jenny Broadbridge
         Telephone: 345-815-2686
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


NEW HEIGHTS: Creditors' Proofs of Debt Due on June 24
-----------------------------------------------------
The creditors of New Heights Investment 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 liquidation proceedings on May 14, 2010.

The company's liquidator is:

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


RAMSAY INVESTMENTS: Creditors' Proofs of Debt Due on June 24
------------------------------------------------------------
The creditors of Ramsay Investments 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 April 29, 2010.

The company's liquidator is:

         Bruno Sidler
         Telephone: +41 44 919 89 66
         Facsimile: +41 44 919 89 61
         Seestrass 5, 8002 Zurich
         Switzerland


STRIDER FUND: Creditors' Proofs of Debt Due on June 21
------------------------------------------------------
The creditors of Strider Fund Ltd are required to file their
proofs of debt by June 21, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 12, 2010.

The company's liquidators are:

         Christopher D. Johnson
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


WATERLOO & VICTORIA: Creditors' Proofs of Debt Due on June 24
-------------------------------------------------------------
The creditors of Waterloo & Victoria 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 liquidation proceedings on April 28, 2010.

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


ECOPETROL SA: BP Says Labor Protest Not Affecting Production
------------------------------------------------------------
Heather Walsh and Matthew Bristow at Bloomberg News report that BP
Plc spokeswoman for its Colombian unit, Poly Martinez, said that a
labor protest outside its Cusiana field in northeastern Colombia
isn't affecting natural gas production.

Ecopetrol SA own stakes in the complex.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings. The company also continues
to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and
"BB+" Senior Unsecured Debt rating.


ECOPETROL SA: Maurel et Prom Signs Swap Agreement With Unit
-----------------------------------------------------------
Maurel et Prom and Hocol, a company of the Grupo Empresarial
Ecopetrol, have executed a Swap Agreement involving two
exploration blocks in Colombia, exchanging a 50% working interest
in the E&P License for block SSJN-9 (Lower Magdalena) for a 50%
working interest in block CPO-17 (Llanos basin).  Grupo
Empresarial Ecopetrol is a subsidiary of Ecopetrol S.A.

    - Maurel et Prom has assigned a 50% working interest in block
      SSJN-9 to Hocol, which in turn has assigned a 50% working
      interest to Maurel et Prom in block CPO-17.

    - The transaction has no cost other than the interest being
      exchanged.

    - Both blocks were part of the former ANH 2008 Colombia round
      currently on Phase I with seismic acquisition programs on
      their way in both.

The Swap Agreement is subject to Colombian National Hydrocarbon
Agency "ANH" approval.

This transaction expands Maurel et Prom's exploration portfolio in
Colombia, adding significant acreage in the prolific Colombian
Llanos basin.  The agreement includes exchange of operatorship in
the blocks, once the ongoing seismic programs end Maurel & Prom
will be the operator in block CPO-17 and Hocol will be the
operator in block SSJN-9.  Exchange of operatorship will provide
synergies for Maurel & Prom in the Llanos, and Hocol in the Lower
Magdalena given current presence of each company in the respective
basins.

                      About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings. The company also continues
to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and
"BB+" Senior Unsecured Debt rating.


* COLOMBIA: Moody's Upgrades Rating on Country's Notes From 'Ba2'
-----------------------------------------------------------------
Moody's has upgraded the global foreign currency rating of The
Republic of Colombia 9.75% Amortizing Notes due 2011 to Aaa from
Ba2.  The upgrade of the notes is based on the full coverage of
the remaining debt service payments on the notes by a guaranty
provided by the International Bank for the Reconstruction and
Development (World Bank), rated Aaa.

The transaction benefits from a rolling credit guaranty provided
by the World Bank covering these two debt service payments under
the notes.  Under the terms of the transaction, if Colombia
(Issuer) were to default on its next US dollar debt service
payment, the rolling guaranty will be drawn upon.

Currently, the transaction has only two remaining debt service
payments, the first one on October 9, 2010, and the second and
final one on April 9, 2011; both of them are covered under the
guaranty.  The World Bank guaranty is irrevocable and that there
are no conditions to funding under the guaranty.

Moody's notes that under the transaction documents, if the
guaranty is drawn the Issuer will have a period of 60 days to
reimburse the World Bank in order for the guaranty to "roll over"
to the next unguaranteed debt service payment.  Since at this
point the guaranty already covers the remaining two debt service
payments, even if the Issuer does not reimburse the World Bank in
the event the guaranty is drawn, the World Bank is still obligated
to make the final debt service payment in April 2011.

The complete rating action is:

* The Republic of Colombia 9.75% Amortizing Notes due 2011, global
  foreign currency rating upgraded to Aaa from Ba2, the last
  rating action on the notes took place on October 18, 2002, when
  the rating was downgraded to Ba2 from Baa1.


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


AXTEL SAB: Fails to Qualify for Mexico's Wireless Airwave Auction
-----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Axtel, S.A.B. de
C.V. failed to qualify for the government's auction of wireless
airwaves.  Axtel SAB didn't meet the requirements for bidders in
the auction, the Federal Telecommunications Commission said in an
e-mailed statement obtained by the news agency.

According to the report, the agency said that the companies that
qualified in the auction are:

   -- America Movil SAB,
   -- Telefonica SA,
   -- Grupo Iusacell SA;
   -- a partnership between NII Holdings Inc.; and
   -- Grupo Televisa SA.

The auction started May 25, 2010.

                       About Axtel SAB

Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a
Mexican telecommunications company that provides local and long
distance telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Standard & Poor's Ratings services said that it
affirmed its 'BB-' rating on Axtel S.A.B. de C.V.'s senior
unsecured notes following the proposed addition of $190 million to
its US$300 million in 144A/Reg S long-term senior unsecured notes
due in 2019.


TV AZTECA: Unit Inks Television Affiliation Deal With WENR
----------------------------------------------------------
WENR Corp. completed an agreement, through Ngensolutions LLC,
whereby KELM-43 will be the local affiliate for Azteca America for
the Reno and Carson City market.  Once KELM-43 begins broadcasting
Azteca America locally, its feed will also replace the national
feed currently carried by Charter Communications, the local cable
company in the Reno area.

KELM-43 will then be broadcasting locally and will also be
distributed on local cable.  The company will receive revenue from
local advertisers.

Azteca America is a subsidiary of TV Azteca SA de CV.  Azteca
America's larger coverage together with higher audience levels are
expected to translate into added revenue for TV Azteca and its
affiliates going forward, which will result in robust
profitability as Azteca America leverages existing TV Azteca
content, already amortized in Mexico.

KELM-43 is owned and licensed to Ngensolutions LLC, a Nevada
limited liability company.  WENR Corporation has a license to
broadcast on KELM-43.

WENR is a holding company, which directly owns or owns marketing
rights in various growth stage companies.  WENR provides senior
management assistance and secures working capital for marketing
development.

Azteca International Corporation operates in the United States as
a Spanish-language television network known as "Azteca America
Network."  Azteca America is the fastest growing Hispanic
television network in the United States.

                      About TV Azteca SA

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating.


=================
N I C A R A G U A
=================


* NICARAGUA: Moody's Raises Government's Bond Rating to 'B3'
------------------------------------------------------------
Moody's Investors Service raised Nicaragua's foreign currency
government bond rating to B3 from Caa1 and affirmed its domestic
currency bond rating at B3.  The outlook on the ratings is stable.

"The upgrade of the foreign currency bond rating unifies that
rating with its domestic currency counterpart," said Moody's Vice
President Gabriel Torres.  "This action reflects Moody's view
that, with rare exceptions, a government is equally likely to
default on its domestic and foreign currency obligations."

The B3 rating, among Moody's lowest for a rated sovereign nation,
balances Nicaragua's very weak economic position and continued
concerns about institutional stability with improvements in the
main debt metrics and generally low fiscal deficits.

"Nicaragua's low economic development remains a key long-term
ratings constraint," said Torres.  "In addition to a $1,100 GDP
per capita -- one of the lowest among all rated countries --
further negative risk factors include subdued long-term growth
prospects, and institutional concerns."

He said Nicaragua ranks low on international governance and rule
of law indicators.  And political polarization has increased in
the country in the run-up to next year's presidential elections.

Supporting the government ratings are improvements to the main
debt metrics, a result of international debt forgiveness.
Nicaragua's debt to GDP fell from over 130% in 2003 to an
estimated 45% this year.

Nicaragua's country ceilings for foreign currency bonds and
foreign currency deposits have also been lifted to B2 from B3 and
to Caa1 from Caa2, respectively.  Its Ba2 local currency bond and
Ba3 local currency bank deposit ceilings were affirmed.

The last rating action on Nicaragua was implemented on May 24,
2006, when Moody's upgraded Nicaragua's foreign currency bond
ceiling to B3 from Caa1.


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


ECONOINVEST CASA: Authorities Arrest 4 Brokerage Executives
-----------------------------------------------------------
Fabiola Sanchez at Bloomberg News reports that Venezuelan
authorities have arrested four executives of Econoinvest Casa de
Bolsa, accusing them of irregularities in the bond market as the
government tightens controls on currency trading.  The report
relates Federal Police Chief Wilmer Flores said that Econoinvest
President Herman Sifontes and directors Miguel Osio, Ernesto
Rangel and Juan Carlos Caravallo were arrested and detained
following in a raid in the company.

According to the report, Econoinvest said in a statement that it
has not been informed of the charges against the executives but
hopes their legal rights will be respected.  The report relates
that the company also said it had cooperated with authorities
during a lengthy inspection of its records.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2010, the Associated Press said that authorities raided
Econoinvest Casa de Bolsa amid a crackdown on currency trading
ordered by President Hugo Chavez.  The report related that the
attorney general's office said that prosecutors and police raided
the offices of Econoinvest due to suspected irregularities.

Econoinvest Casa de Bolsa is Venezuela's largest brokerage firm.


                            ***********

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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