TCRLA_Public/100602.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, June 2, 2010, Vol. 11, No. 107

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
LB ALIMENTOS: Creditors' Proofs of Debt Due on July 5
NEUMATICOS TEJAR: Creditors' Proofs of Debt Due on July 13
TOP AIR: Asks for Preventive Contest
* ARGENTINA: Extends Bond Swap to June 22 to Lure More Creditors


B R A Z I L

BANCO MODAL: Moody's Affirms 'D-' Bank Financial Strength Rating
BROOKFIELD INCORPORACOES: Sells Sao Paulo Building for BRL600.6MM
CAMARGO CORREA: Unit Posts R$65.3 Million Net Income in Q1
JBS SA: Says U.S. Ban on Beef Export "Immaterial"


C A Y M A N  I S L A N D S

ACTIV G.P.: Members' Final Meeting Set for July 1
APMS 2007: Members' Final Meeting Set for June 29
ARAPASO LIMITED: Members' Final Meeting Set for June 29
ASHA CAPITAL: Members' Final Meeting Set for July 1
BANAWA LIMITED: Members' Final Meeting Set for June 29

BAYSWATER & BOND: Members' Final Meeting Set for June 29
BIG HORN: Members' Final Meeting Set for June 29
FOCUS ASIA: Members' Final Meeting Set for June 18
LALABEN: Members' Final Meeting Set for June 30
LEWIS BAY: Shareholders' Final Meeting Set for June 21

NEW HEIGHTS: Members' Final Meeting Set for June 29
NOMINEE LIMITED: Members' Final Meeting Set for June 15
OPTION ONE: Members' Final Meeting Set for June 23
PACIFICA CDO: Members' Final Meeting Set for June 23
PICTET WATER: Sole Shareholder to Hear Wind-Up Report on July 7

PICTET WATER: Sole Shareholder to Hear Wind-Up Report on July 7
PICTET WATER: Sole Shareholder to Hear Wind-Up Report on July 7
STRIDER FUND: Shareholders' Final Meeting Set for June 23
WATERLOO & VICTORIA: Members' Final Meeting Set for June 29


C O L O M B I A

CHIQUITA BRANDS: Exec to Consider Aid for Terror Victims
ISAGEN SA: Fitch Affirms Issuer Default Ratings at 'BB+'


M E X I C O

BANCO DEL BAJIO: Fitch Affirms 'BB+' Issuer Default Rating
FINANCIERA INDEPENDENCIA: Posts Results of Rights Offering Process
HIPOTECARIA SU CASITA: Past-Due Loans Have Risen
TRANTEL INTERMEDIA: Fitch Withdraws 'D' Rating After Default
USINAS SIDERURGICAS: BlackRock Holds 4.9% of its Preferred Shares

* MEXICO: Moody's Puts 'Ba1' Rating on Ecatepec's Loan


P E R U

DOE RUN PERU: Far From Reaching Smelter Accord With Government
* PERU: Gets US$50 Million IMF Fund to Boost Competitiveness


T U R K S  &  C A I C O S  I S L A N D S

TCI BANK: Creditors Seek to Remove Liquidators


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Working to Clean Spill Near Amuay Refinery




                         - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXXV issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale) and
Caa3 (Global Scale, Local Currency) to the subordinated
Certificates.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 25,613 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 80,001,730.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

                            Structure

Deutsche Bank S.A. (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class C Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11.75%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus 349 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 12%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 19%.

Overall credit enhancement is comprised of subordination: 64% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

                         Rating Rationale

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for losses centered around the most likely
scenario of 10%.  Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 20%.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. (Argentina) will be appointed as the back-up
servicer.

                           Rating Action

Originator: Banco Supervielle S.A.

  -- ARS28,800,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXV",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS39,200,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXV",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS8,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXV",
     rated Ba1.ar (Argentine National Scale) and Caa1 (Global
     Scale, Local Currency)

  -- ARS4,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXXV", rated Caa2.ar (Argentine
     National Scale) and Caa3 (Global Scale, Local Currency)


LB ALIMENTOS: Creditors' Proofs of Debt Due on July 5
-----------------------------------------------------
Marta Guillemi, the court-appointed trustee for LB Alimentos SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until July 5, 2010.

Ms. Guillemi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Marta Guillemi
         Avenida Corrientes 1585
         Argentina


NEUMATICOS TEJAR: Creditors' Proofs of Debt Due on July 13
----------------------------------------------------------
Marcos Enrique Gonzalez, the court-appointed trustee for
Neumaticos Tejar SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 13, 2010.

Mr. Gonzalez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Marcos Enrique Gonzalez
         Lavalle 1537
         Argentina



TOP AIR: Asks for Preventive Contest
------------------------------------
Top Air Security SRL asked for preventive contest.

The company stopped making payments last April 28, 2010.


* ARGENTINA: Extends Bond Swap to June 22 to Lure More Creditors
----------------------------------------------------------------
Drew Benson and Silvia Martinez at Bloomberg News report that
Argentina extended its bid to restructure US$18.3 billion in
defaulted debt held out of a 2005 settlement in an effort to draw
more creditors after Europe's fiscal crisis undermined the value
of its offer.  The report relates Finance Secretary Hernan
Lorenzino said that the swap, which was scheduled to close June 7,
will be open until June 22 and could be extended further.

According to the report, Goldman Sachs Group Inc. economist
Alberto Ramos said that a financial crisis that began in Greece
and spread to Spain has unsettled markets and lowered the value of
the swap.  The report relates the Argentina government said that a
successful end to the restructuring would allow Argentina to tap
international credit markets for the first time since its record
2001 default on US$95 billion in bonds.  "The recent jitters in
global markets and associated sell-off in Argentine bonds
diminished significantly the value of the offer the government is
showing the holdouts," Mr. Ramos said in an e-mailed report
obtained by the news agency.  "The authorities are now betting
that over the next three weeks market sentiment could improve and
lead Argentine asset prices to recover," he added.

Bloomberg News notes Mr. Ramos said that the swap extension comes
after Argentina Economy Minister Amado Boudou disclosed on May 19,
2010, that institutional creditors holding about US$8.5 billion in
eligible debt, or 46%, had so far taken part in the swap. That
result was below market expectations.  However, the report notes
that Mr. Boudou rejected that argument, telling reporters that the
results have been "in line" with the government's expectations and
that it still seeks at least 60% participation in the swap.

Bloomberg News notes that Argentina's restructuring offer includes
bonds due in 2033, warrants linked to gross domestic product and
bonds due in 2017 to pay past-due interest.  The report notes that
the offer doesn't include past-due payments on the GDP warrants.

                          *     *     *

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


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


BANCO MODAL: Moody's Affirms 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service upgraded Banco Modal S.A.'s Brazilian
national scale long-term deposit rating to A2.br, from A3.br.  In
addition, Moody's affirmed Modal's bank financial strength rating
at D-.  The rating agency also affirmed Modal's global local
currency and foreign currency deposit ratings at Ba3 and Not
Prime, for long- and short-term, respectively, and the Brazilian
national scale long-term deposit rating at BR-2.  All ratings have
a stable outlook.

The upgrade of Modal's national scale deposit rating to A2.br from
A3.br indicates that the bank is well positioned to benefit from
the expected growth of investment banking activities as it
leverages management's expertise in the segment, Moody's said.

In affirming Modal's D- BFSR, Moody's noted that the relevant
credit factors assessed in rating the bank -- more specifically,
earnings recurrence, funding and liquidity management, and
capitalization -- still indicates a modest franchise, mostly
reliant on non-recurring trading-based earnings.  Modal's net
income showed significant fluctuation in 2009, when activities in
the investment banking segment slowed down significantly and
tightened domestic liquidity drove overall funding costs high.

Moody's added that the bank's performance also reflects an
undiversified funding structure, which is predominantly wholesale-
based, with a sizable share of deposits sourced from the deposit
insurance corporation.  Nevertheless, Moody's recognizes that
management has prudently maintained an adequate on-balance cash
cushion for potential liquidity needs of 1.2 times the bank's
equity.

Moody's highlighted that it will monitor Modal's capital adequacy
as management focuses on expanding credit operations.  The quality
of the bank's loan book is intrinsically good as a result of the
highly-collateralized, short-term nature of its loans;
nevertheless, an increase in loan volume is prone to demand
additional capital allocation against credit risk, hence,
potentially compressing Modal's capital ratio.

Moody's took its last rating action on Modal on January 29, 2008,
when Moody's Investors Service assigned a D- bank financial
strength rating to Modal.  On that same date, Moody's assigned
global local currency and foreign currency deposit ratings of Ba3
and Not Prime as well as Brazilian national scale ratings of A3.br
and BR-2.

Banco Modal S.A. is headquartered in Rio de Janeiro, Brazil.  As
of December 2009, the bank had total assets of approximately
BRL960 million (US$552 million) and equity of BRL202.5 million
(US$116 million).

This rating of Banco Modal was upgraded:

* Long-term Brazilian national scale deposit rating: to A2.br from
  A3.br, with stable outlook

These ratings of Banco Modal were affirmed:

* Bank financial strength rating: D-, with stable outlook

* Global local-currency deposit ratings: Ba3 and Not Prime, with
  stable outlook

* Foreign-currency deposit ratings: Ba3 and Not Prime, with stable
  outlook

* Short-term Brazilian national scale deposit rating: BR-2, with
  stable outlook


BROOKFIELD INCORPORACOES: Sells Sao Paulo Building for BRL600.6MM
-----------------------------------------------------------------
Helder Marinho at Bloomberg News reports that Brookfield
Incorporacoes SA sold its 70% stake in the Projeto Triple A Faria
Lima, a commercial building in Sao Paulo, Brazil.

According to the report, the real estate asset was sold for
BRL600.6 million to Maragogipe Investimentos e Participacoes Ltda.

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

                           *     *     *

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


CAMARGO CORREA: Unit Posts R$65.3 Million Net Income in Q1
----------------------------------------------------------
Camargo Correa Desenvolvimento Imobiliario, a subsidiary of
Camargo Correa SA, posted net revenue of R$263.6 million in the
first quarter of 2010.  The company posted a gross income of
R$96.3 million (Gross Margin of 36.5%).

Net Income in 1Q10 reached R$65.3 million (Net Margin of 24.8%).
The Company's EBITDA in 1Q10 was R$75.4 million (EBITDA Margin of
28.6%).  The Company ends 1Q10 with R$362.7 million in its Cash,
with R$289.3 million in Net Debt (39.0% of Shareholders Equity).
In 1Q10 CCDI sold the Itautec piece of land for R$100.0 million,
enhancing its Cash position.

CCDI carried out three launchings in the quarter, totaling R$
174.9 million of PSV in 1Q10, with highlight to the In Berrini
development that sold nearly every unit available in the day of
its launching.  Considering launchings carried out in 2Q10, CCDI
owes a total PSV of R$276.9 million (20.5% of the launching
projection released on 04/15) in 2010.  CCDI ended 1Q10 with
R$192.9 million in Contracted Sales.  In the quarter, CCDI's speed
of sales ("VSO") was 19.3% and HM Engenharia's "VSO" was 37.7%.
In 1Q10 CCDI delivered the Wave development that has a PSV of
R$50.9 million, and HM Engenharia delivered its first units in
accordance to the federal program "Minha Casa, Minha Vida" with
PSV of R$16.2 million.

The company's current Land Bank has come to R$8.6 billion in PSV.
Of this amount, R$1.3 billion refers to HM Engenharia's exclusive
land bank.

              About Camargo Correa Desenvolvimento

Camargo Correa Desenvolvimento Imobiliario is one of the most
important Brazilian residential and commercial real estate
developers.  Acts on all market segments; and has presence in
various Brazilians regions.  It has an R$8.6 billion-Potential
Sales land bank with areas for future development in Sao Paulo --
including a 1,300 acre land located 11 miles out of downtown Sao
Paulo -- and lands in Rio de Janeiro, Espírito Santo and Parana.

                        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 of June 1, 2010, the company continues to carry Standard and
Poors' "BB" long-term issuer credit ratings.  The company also
continues to carry Fitch rating's "BB-" long-term issuer default
ratings.


JBS SA: Says U.S. Ban on Beef Export "Immaterial"
-------------------------------------------------
Robin Stringer at Bloomberg News reports that JBS SA said a ban on
its beef export to the U.S. will be "immaterial" in terms of
financial affect, as exports to the country count for less than
0.5% of it consolidated sales.

As reported in the Troubled Company Reporter-Latin America on
May 24, 2010, Dow Jones Newswires said that JBS SA stopped the
exports of its products to the U.S. from one of its plants in
Brazil, after U.S authorities found traces of medicine above
authorized levels in its meat.  The report related JBS SA said
that it will recall the products.  "The company has been notified
by the Ministry of Agriculture that American authorities detected
the presence of Invermectin (a common medicine given to livestock
to combat vermin) above the maximum residue level under American
rules in part of its industrialized products at the Lins plant (in
Sao Paulo state)," JBS SA said in a company statement obtained by
the news agency.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.


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


ACTIV G.P.: Members' Final Meeting Set for July 1
-------------------------------------------------
The members of Activ G.P. Co. will hold their final meeting, on
July 1, 2010, at 11:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for June 29
-------------------------------------------------
The members of APMS 2007 will hold their final meeting, on
June 29, 2010, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for June 29
-------------------------------------------------------
The members of Arapaso Limited will hold their final meeting, on
June 29, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 1
---------------------------------------------------
The members of Asha Capital Limited will hold their final meeting,
on July 1, 2010, at 10:10 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BANAWA LIMITED: Members' Final Meeting Set for June 29
------------------------------------------------------
The members of Banawa Limited will hold their final meeting, on
June 29, 2010, at 9:15 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for June 29
--------------------------------------------------------
The members of Bayswater & Bond Limited will hold their final
meeting, on June 29, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BIG HORN: Members' Final Meeting Set for June 29
------------------------------------------------
The members of Big Horn Structured Funding CDO 2007-1, Ltd. will
hold their final meeting, on June 29, 2010, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FOCUS ASIA: Members' Final Meeting Set for June 18
--------------------------------------------------
The members of Focus Asia Fund will hold their final meeting, on
June 18, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


LALABEN: Members' Final Meeting Set for June 30
-----------------------------------------------
The members of Lalaben will hold their final meeting, on June 30,
2010, at 9:20 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LEWIS BAY: Shareholders' Final Meeting Set for June 21
------------------------------------------------------
The shareholders of Lewis Bay Macro Master Fund, Ltd. will hold
their final meeting on June 21, 2010, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Brendan Dolan
         Alfredo D'Onofrio
         c/o Lewis Bay Capital LLC
         2 Overhill Road, Suite 400
         Scarsdale, New York 10583, USA


NEW HEIGHTS: Members' Final Meeting Set for June 29
---------------------------------------------------
The members of New Heights Investment Limited will hold their
final meeting, on June 29, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NOMINEE LIMITED: Members' Final Meeting Set for June 15
-------------------------------------------------------
The members of Nominee Limited will hold their final meeting, on
June 15, 2010, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OPTION ONE: Members' Final Meeting Set for June 23
--------------------------------------------------
The members of Option One CI-2 will hold their final meeting, on
June 23, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PACIFICA CDO: Members' Final Meeting Set for June 23
----------------------------------------------------
The members of Pacifica CDO VII, Ltd. will hold their final
meeting, on June 23, 2010, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PICTET WATER: Sole Shareholder to Hear Wind-Up Report on July 7
---------------------------------------------------------------
The sole shareholder of Pictet Water Opportunities Fund GP will
receive, on July 7, 2010, at 3:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Frank Connolly
         Claire Cawley
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place, 2nd Floor
         Mespil Road, Dublin 4, Ireland


PICTET WATER: Sole Shareholder to Hear Wind-Up Report on July 7
---------------------------------------------------------------
The sole shareholder of Pictet Water Opportunities Master Fund
Limited will receive, on July 7, 2010, at 3:00 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Frank Connolly
         Claire Cawley
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place, 2nd Floor
         Mespil Road, Dublin 4, Ireland


PICTET WATER: Sole Shareholder to Hear Wind-Up Report on July 7
---------------------------------------------------------------
The sole shareholder of Pictet Water Opportunities Fund Limited
will receive, on July 7, 2010, at 3:00 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Frank Connolly
         Claire Cawley
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place, 2nd Floor
         Mespil Road, Dublin 4, Ireland


STRIDER FUND: Shareholders' Final Meeting Set for June 23
---------------------------------------------------------
The shareholders of Strider Fund Ltd will hold their final meeting
on June 23, 2010, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

Christopher D. Johnson is the company's liquidator.


WATERLOO & VICTORIA: Members' Final Meeting Set for June 29
-----------------------------------------------------------
The members of Waterloo & Victoria Limited will hold their final
meeting, on June 29, 2010, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


CHIQUITA BRANDS: Exec to Consider Aid for Terror Victims
--------------------------------------------------------
Chiquita Brands International Inc. Chairman and Chief Executive
Officer Fernando Aguirre pledged to consider a petition asking for
a fund to be set up for potential victims of terrorists paid by
Chiquita in the 1990s presented at the company's annual
shareholders meeting, Cincinnati.com reports.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2010, Colombia Reports said that Chiquita Brands'
president has received a letter signed by 300 U.S. activists
demanding that the company donate all profits earned in Colombia
to victims of the paramilitaries that they funded.

However, the report relates, Chiquita Chairman and Chief Executive
officer Fernando Aguirre stopped short of promising any action,
saying the downtown-based produce giant also was "a victim" of the
Colombian terrorism groups.  "We sympathize with the very many
families who suffered in the many, many years in Colombia of
terrorist activities," the report quoted Mr. Aguirre as saying in
response to the petition.  "We were extorted.  We were victims.
We have proven through many investigations and through the
(Department of Justice) that we were victimized through this.  But
I am happy to read (the petition) and have my executive team go
through it and in due time we'll reply back to you," he added.

According to a TCRLA report on April 16, 2010, citing Bloomberg
News said that Chiquita Brands was sued by hundreds of families
who claim relatives were kidnapped and murdered after the company
helped Marxist rebels in Colombia.  The report related that the
complaint filed in federal court in West Palm Beach, Florida,
represents more than 240 people who were victims of violence.
The report noted, the plaintiffs, using a 1992 law allowing
Americans to sue U.S. firms over terrorism-related deaths abroad,
claim that the company aided and abetted in the murders and
provided material support and resources to terrorists.  The
company, the report recalled, was fined US$25 million after
pleading guilty in March 2007 to engaging in transactions with a
terrorist group for paying Colombian paramilitary militias US$1.7
million from 1997 to 2004.

                      About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's principal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 22, 2010, Moody's Investors Service upgraded the corporate
family rating of Chiquita Brands International, Inc., to B2 from
B3.   At the same time, Moody's upgraded the ratings on Chiquita's
senior unsecured notes to Caa1 from Caa2 and the ratings on the
senior secured credit facility of Chiquita Brands LLC, a wholly
owned operating subsidiary of Chiquita, to Ba2 from Ba3.  The
ratings outlook is stable.


ISAGEN SA: Fitch Affirms Issuer Default Ratings at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed ISAGEN S.A. E.S.P.'s foreign and local
currency Issuer Default Ratings at 'BB+'.  The Rating Outlook is
Stable.

ISAGEN's ratings incorporate the company's aggressive growth
strategy as well as its strong portfolio of assets and solid
market share position.  The company's credit quality is bolstered
by its commercial strategy and its diversified portfolio of
electricity generation assets located throughout Colombia.
ISAGEN's current credit metrics are considered strong for the
rating category, yet they are expected to deteriorate in the
medium term as the company implements its aggressive growth
strategy.  The outcome of the government divestiture of its stake
in ISAGEN is uncertain and its impact is not incorporated into the
rating as any new owner may have different operating and financial
strategies.

Hidrosogamoso Project to Deteriorate Credit Metrics:

ISAGEN's growth strategy includes investments for approximately
US$2.5 billion and is underpinned by the construction of an 820
megawatt hydroelectric generation plant (Hidrosogamoso) at an
estimated cost of US$2 billion; the plant is expected to start
commercial operation by the end of 2013 when ISAGEN's installed
capacity will reach approximately 3,000 MW.  The construction of
the plant will add project risks and increase leverage over the
medium term.  The company will finance the construction of this
project on balance sheet with internal cash flow generation
funding approximately 40% of the cost and the balance with debt.

The company's current credit metrics are strong for the rating
category and are expected to deteriorate over the next three years
to levels more consistent with the rating category.  The company
is expected to increase leverage significantly to 4.0 times by
2013 from 1.0x at year-end 2008 as it funds the Hidrosogamoso
project.  Once the new project is in operation, the company is
expected to reduce its leverage to approximately 3.0x on average
in the proceeding years.

At year-end 2009, total debt was COP956 billion and was primarily
composed of an OPIC guaranteed loan and new debt issued for the
Hidrosogamoso project.  ISAGEN's cash flow generation has been
strong during the past few years with EBITDA increasing to
COP622 billion in 2009 from COP494 billion in 2008.

Contracted Position at 82%; to Decrease After Expansion:

ISAGEN's commercial strategy is solid and supportive of its credit
profile.  The company's medium-term contracted position mitigates
pronounced fluctuation in spot market prices and contributes to
revenue stability and predictability.  Currently, the company has
contracted approximately 82% of its electricity generation with
market participants and large customers for the next two to three
years.  Electricity demand for the expansion projects has not been
contracted, which exposes the projects to prevailing electricity
price at the time they reach commercial operations.

ISAGEN is the third largest electricity generation company in
Colombia based on installed capacity, with approximately 16% of
the market.  The company's assets are somewhat geographically
diverse and this helps lower hydrology risks to some extent.
ISAGEN's diversified portfolio of assets also provides moderate
mitigants against hydrology risk.  During severe droughts, like
the one evidenced during the past few months, the company
benefited only marginally from having both hydro and
thermoelectric resources.  Throughout the low hydrology caused by
the El Nino effect during the second half of 2009 and part of
2010, the company generated approximately 6% or 564 GWh of its
electricity with its thermoelectric plant Termocentro.  This asset
was severely hampered by natural gas transportation bottle-necks
and generated less than 25% of its effective generation capacity.

Supportive Regulatory Framework:

The Colombian regulatory framework is believed to be supportive of
sector participants.  Recent changes implemented by the regulator
seem to be working properly.  Capacity reliability charges
replaced capacity payments at the end of 2006.  Reliability
charges and capacity payments are in essence similar.  The
difference is that in the former, capacity prices are driven by
the new power plants to be constructed, under bidding processes,
and the latter was based on comparable efficient thermoelectric
generation plants outside the country.  The bidding processes for
new capacity that took place during 2008 resulted in a reliability
price of approximately US$14 per megawatt hour for existing
plants.  ISAGEN received approximately US$99 million in
reliability charges revenue during 2009.  During the recent
drought, the regulator and the Ministry of Mines and energy
implemented moderate regulatory changes (some of which are
temporary) in order to cope with the low hydrology and avoid
rationings.

Liquidity Solid, Capital Investment Fully Funded:

ISAGEN's liquidity is considered strong and it is supported by
cash on hand, cash flow from operations, manageable amortization
schedule and committed facilities to fund the expansion plan.
Over the next few years, liquidity will be pressured by robust
capital investment and the company's dividends policy.  As of the
last 12 months ended March 31, 2010, ISAGEN reported approximately
COP720 billion of cash on hand and generated COP545 million of
funds from operations.  ISAGEN has acquired approximately
US$1 billion of committed facilities from local banks.


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


BANCO DEL BAJIO: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Mexico's Banco del Bajio's ratings:

Bajio:

  -- Long-term Issuer Default Rating at 'BB+';
  -- Short-term IDR at 'B';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term local currency IDR at 'B';
  -- Individual rating at 'C/D';
  -- Support at '5';
  -- Support Rating Floor at 'NF';
  -- National-scale long-term rating at 'A+(mex)';
  -- National-scale short-term rating at 'F1(mex)'.

The Rating Outlook is Stable, including for the national-scale
rating, which was revised from Positive.

Bajio's ratings reflect its good franchise in its core region,
adequate loss absorption capacity, relatively modest risk appetite
and good performance of its originated loans.  They also consider
fierce competition and the recently growing credit costs in the
acquired mortgage portfolios, as well as ongoing challenges to
further improve revenue diversification and its funding mix.

Like most banks, Bajio's net income was significantly affected
during the recent downturn, but in Fitch's opinion, it should be
able to restore historical profitability levels (at least
partially) relatively rapid, given its well-sustained margins,
adequate operating efficiency and the event-driven nature of most
loan loss provisions.  The impairment level within the mortgage
portfolio has continued to worsen at a quick pace, with the
delinquency ratio reaching 14.3% at first quarter 2010 (1Q'10)
(YE2008: 10.3%).  Bajio's funding profile has been very stable,
with deposits and money market funds accounting for 82% of total
liabilities as of 1Q'10, but the loans/deposits ratio at 145% is
higher and relatively riskier than that of its closest peers.
Capital growth has been in line with the sustained expansion in
assets and loans.  Bajio's capital base is largely unencumbered
core capital.

In Fitch's view, Bajio's Individual rating and IDRs would be
positively influenced over time by sustained improvements in core
profitability, revenue diversification, funding and liquidity,
while maintaining capital and asset quality metrics.  In turn,
downward pressure for the ratings could arise from a potential
decrease in its loss absorption capacity and/or inability to
contain weakening asset quality.

Bajio is a medium-sized bank created in Leon, Guanajuato in 1994
by a group of regional investors to serve customers in
western/central Mexico, where it maintains a strong and growing
competitive position.  Initially focused on small and medium
enterprises and agriculture financing, it has grown increasingly
diversified, with commercial and mortgage loans being its core
products at present.  Spain's Banco de Sabadell holds a 20% stake
in Bajio, and the World Bank's IFC, 10%.  Bajio wholly owns
Financiera Bajio, the resulting entity of two mortgage companies
acquired in the past, as well as a venture capital vehicle or
SINCA (real estate holdings) and a 50% stake in Afore Afirme Bajio
(pension management).  Bajio has continued to rapidly grow its
distribution network to 199 branches and 331 ATMs at 1Q'10.


FINANCIERA INDEPENDENCIA: Posts Results of Rights Offering Process
------------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. disclosed
that on May 20, 2010 it has completed the rights offering process
of the 55,000,000 share capital increase approved on the
Shareholders' Meeting of April 27, 2010.  A total of 884,712
shares were subscribed at the issue Price of Ps.13.50 per share.

The remaining 54,115,288 shares that were not subscribed have been
retained by the Board of Directors.  The Board determined that
45,000,000 shares will be kept in the treasury of the Company to
be subscribed by Eton Park in the event it exercises its
subscription right.  As announced on December 18, 2009 as part of
its investment in Financiera Independencia, Eton Park received the
right to subscribe an additional 45 million shares, 20 million
shares at a price of Ps.13.50 per share and 25 million shares at a
price of Ps.14.00 per share.  In the event that Eton Park
exercises in full this right, the Company would receive Ps.620
million in additional capital and Eton Park would increase its
share interest from 9.3% to approximately 14.7%.  In addition, the
Board determined that the remaining 9,115,228 shares that were not
subscribed will be cancelled.  As a result of the Rights Offering
Process the number of shares outstanding will be 715,884,712
shares.

               About Financiera Independencia

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia), is a Mexican microfinance lender of personal
loans to individuals and working capital loans through group
lending microfinance.  Independencia provides microcredit loans on
an unsecured basis to individuals in the low-income segments in
Mexico in urban areas of both the formal and informal economy.  As
of March 31, 2010, Independencia had a total outstanding loan
balance of Ps.5.403 billion, operated 369 offices in Mexico and
Brazil and had a total labor force of 11,460 people.  The Company
listed on the Mexican Stock Exchange on November 1, 2007, where it
trades under the symbol "FINDEP".  On November 30, 2009
Independencia launched a sponsored Level I American Depositary
Receipt (ADR) program in the United States.  Each ADR represents
15 shares of Independencia common stock and trades over-the-
counter (OTC).

                        *     *     *

As of June 1, 2010, the company continues to carry Standard and
Poor's "BB-" long-term issuer credit ratings.  The company also
continues to carry these low ratings from Fitch ratings:

   -- BB- long-term issuer default ratings
   -- BB- senior unsecured debt rating
   -- B short-term issuer default ratings


HIPOTECARIA SU CASITA: Past-Due Loans Have Risen
------------------------------------------------
Hipotecaria Su Casita SA said that its past-due loans have risen
on unemployment and insecurity, Jonathan Roeder at Bloomberg News
reports, citing El Universal newspaper.

According to the report, Hipotecaria Su Chief Executive Officer
Jose Manuel Agudo told the newspaper that half of the defaulted
credit is from cities such as Ciudad Juarez and Tijuana where
factory closures and lack of security have pushed up non-payment
rates.  The report, citing the newspaper, relates that Su Casita
is seeking a partner after Caja Madrid dropped the purchase of the
60% stake it doesn't already own.

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  As of September 30, 2008,
the company reported total assets of approximately US$39,078
million Mexican pesos, and MXN3.080 billion in equity.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Standard & Poor's Ratings Services said that it
lowered its global and Mexican national scale counterparty credit
and senior unsecured debt ratings on Mexico-based mortgage and
construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM
E.N.R. to 'B' from 'BB-' and to 'mxBBB-/mxA-3' from 'mxBBB+/
mxA-2', respectively.  The outlooks are negative.


TRANTEL INTERMEDIA: Fitch Withdraws 'D' Rating After Default
------------------------------------------------------------
Fitch Ratings has withdrawn 'D' ratings of Trantel Intermedia S.A.
given the lack of information following the company's default on
Dec. 23, 2008, and consistent with Fitch's policies.

Fitch will no longer provide ratings or credit research on this
issuer.


USINAS SIDERURGICAS: BlackRock Holds 4.9% of its Preferred Shares
-----------------------------------------------------------------
Helder Marinho at Bloomberg News reports that Usinas Siderurgicas
de Minas Gerais SA said BlackRock Inc owns 12.4 million of its
preferred class A shares or about 4.88% of those shares.

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

                           *     *     *

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


* MEXICO: Moody's Puts 'Ba1' Rating on Ecatepec's Loan
------------------------------------------------------
Moody's de Mexico has assigned a debt rating of A1.mx (Mexico
National Scale Rating) to two enhanced loans of the Municipality
of Ecatepec: MXN 510 million loan from Banobras and MXN250 million
loan from BBVA-Bancomer.  Moody's Investors Service has also
assigned a debt rating of Ba1 (Global Scale, local currency) to
these loans.

The two similarly structured loans are payable through a trust
(Protego as trustee), to which the municipality has pledged the
flows and rights to a portion (25.22%) of its federal
participation revenues.  The loans are denominated in Mexican
pesos, with maturities of 15 years.  The two loans have interest
rates composed of the 28-day Mexican Interbank Interest Rate (TIIE
in Spanish) plus a spread.

Rating Rationale:

The Ba1/A1.mx ratings assigned to the two loans reflect the
underlying creditworthiness of the Municipality of Ecatepec de
Morelos (Ba3/A3.mx), supported by these legal and credit
enhancements embedded in the loans.

1.  Validity of the legal authorization of the transaction, which
    authorizes the trust to be used as a mechanism for debt
    service payment.

2.  Strong trust structure based on an irrevocable notification to
    the State of Mexico to transfer the rights and flows of
    participation revenues to the trustee.

3.  High level of reserve funds provide 3x debt service coverage
    over the life of the loans, providing a solid cushion against
    payment delays.

4.  Estimated cash flows generate moderate coverage ratios.  Under
    a Moody's base case scenario (nominal annual growth in
    transfers of 4%, using 2009 as a base year, and a TIIE of 10%
    over the life of the loans), cash flows are projected to
    provide 1.8x debt service coverage for both the BBVA-Bancomer
    and Banobras loans at the lowest point over the life of the
    loans.  Under a Moody's stress case scenario (nominal annual
    growth in transfers of 0% in the first two years, using 2009
    as a base year, and 4% thereafter and a TIIE of 12% over the
    life of the loans), estimated cash flows are projected to
    provide 1.7x debt service coverage for both loans at the
    lowest point.

5.  While the historical seasonality of participation transfers
    influences the estimates of the low points in debt service
    coverage, Moody's also recognises that projected debt service
    coverage ratios, on average, are considerably higher under
    both scenarios.

6.  An interest rate "CAP" of 10% for the first four years, which
    provides protection against unforeseen medium-term increases
    in the TIIE.

The rating rationale also recognizes this credit challenge:

1.  The pledged participation transfers are sent to the trust by
    the State of Mexico (Ba2, stable outlook) rather than directly
    from the federal treasury to the trust.  Risks related to this
    characteristic are offset by a) the State of Mexico's strong
    governance and management practices, including a strong credit
    culture and b) legal barriers that prohibit the state from
    intervening with municipal transfers.

The last rating action with respect to the Municipality of
Ecatepec was taken on January 14, 2008, when Moody's de Mexico
upgraded the issuer ratings to Ba3/A3.mx from B1/Baa2.mx.


=======
P E R U
=======


DOE RUN PERU: Far From Reaching Smelter Accord With Government
--------------------------------------------------------------
Doe Run Peru and Peru's government are "far" from reaching an
agreement to reopen a shuttered zinc and lead smelter, Alex Emery
at Bloomberg News reports, citing Company Chief Executive Officer
Juan Carlos Huyhua.

According to the report, Mr. Huyhua said that the government isn't
meeting its commitments to clean up environmental damage that
occurred before the state-run La Oroya smelter was sold in 1997.
"We're still pretty far from signing a final document," the report
quoted Mr. Huyhua as saying.  "The ministry isn't taking our
observations into account," he added.

Bloomberg News notes that the government set a July 27 deadline
for Doe Run to restart the smelter and build a sulfuric acid plant
to retain emissions.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.  According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe Run Peru
is "close" to reaching an agreement on US$156 million of debt to
reopen its zinc and lead smelter.  The report recalled that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations.  Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.

Doe Run Peru operates a polymetallic smelter at La Oroya and
copper mine at Cobriza both in Peru.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings' individual rating
at D.


* PERU: Gets US$50 Million IMF Fund to Boost Competitiveness
------------------------------------------------------------
Peru will increase its business productivity and competitiveness
through a US$50 million program funded by the Inter-American
Development Bank.

The project seeks to improve the business environment and
strengthen institutions, policies and tools to support business
competitiveness, productive development and innovation.

According to the Global Competitiveness Index published by the
World Economic Forum for 2009-2010 Peru ranked 78 out of 131
countries.  While Peru's competitiveness ranking rose by five
places from the previous year, institutional problems,
infrastructure weaknesses and deficiencies in the areas of
innovation and business management continue to constrain
competitiveness, according to the Index.

To address these challenges, Peru will use the IDB loan to advance
its plans to implement and consolidate microeconomic reforms with
the goal of reducing transaction costs faced by businesses in
areas such as opening and operation of companies, customs
clearance and access to financial instruments such as security
warrants.

Furthermore, to help companies overcome the difficulties in trying
to improve their productivity, and facilitate the use of new free
trade agreements already in place or in the process of being
validated (U.S., Chile, China, EU, etc.), the project will finance
measures to improve the effectiveness, efficiency and coordination
of supporting tools for productive development.  These initiatives
will include an increase in public investments in science,
technology and innovation, and the development and adoption of
industry standards by improving the range and effectiveness of the
National Quality System.

The Ministry of Economy and Finance is the executing agency,
responsible for technical coordination with ministries in each
sector involved in monitoring the program.  The IDB loan, with a
one-year maturity, includes a grace period of five years and a
variable interest rate based on the Libor.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


TCI BANK: Creditors Seek to Remove Liquidators
----------------------------------------------
Provisional liquidators were stopped on May 24, 2010, by a court
injunction from trying to advertise the winding up of the TCI
Bank. fp Turks and Caicos News reports.  The report relates
Maxferd Gordon "Solie" Williams, a representative for the
Creditors Committee, said that the committee sought the injunction
to prevent the liquidators from publishing notices on the
television and local newspapers to prevent turmoil in the public.

According to the report, Mr. Williams said that aside from the
havoc such a notice might cause, there are still four deals on the
table which the creditors believe are not being given proper
consideration. "We don't think they have the best interests of the
creditors in mind," the report quoted Mr. Williams as saying.

The report relates that the Financial Services Commission closed
the five-year-old TCI Bank on April 9 because of mounting unpaid
loans and an abrupt $4 million withdrawal of funds by three large,
unidentified customers.  The report notes that court-appointed
liquidators, Anthony Kikivarakis and Mark Munnings, partners at
Deloitte & Touche Bahamas, are supposed to be evaluating the
remaining assets of shareholders and depositors and considering
any buyout or investment offers that are presented to them.

The liquidators, the report says, were charged with performing a
complete evaluation and delivering a report to the court at a
hearing scheduled for June 4.  The report points out that the
recent actions by the liquidators have caused such concern for the
creditors that they say they will be back in court in short order
to request the removal of current liquidators.

The report discloses that during the hearing on May 24, 2010, the
judge told the creditors not to advertise any winding up
proceedings until July 13, according to Williams.  "This is to
give us time to present our case for removing the liquidators,"
the report quoted the judge handing the case as saying.

Mr. Williams, the report notes, said that the liquidators informed
the creditors they were only advertising the winding up because it
was part of the process.  According to the law, a winding up must
be published for several weeks before it can take place.


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


PETROLEOS DE VENEZUELA: Working to Clean Spill Near Amuay Refinery
------------------------------------------------------------------
Petroleos de Venezuela SA is working to clean a "minor" oil spill
off the coast of the Amuay refinery in Falcon state and is
studying the causes of the incident, Daniel Cancel at Bloomberg
News reports, citing refinery manager Jesus Luongo.  "We're trying
to isolate the oil stain in waters close to the shore," the report
quoted Mr. Luongo as saying.  "Small amounts of hydrocarbons may
have escaped due to heavy rains but there's no continuous gush of
oil," he added, the report relates.

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


                            ***********

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

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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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