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

              Thursday, June 3, 2010, Vol. 11, No. 108

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Rejects Another Attorney's Bid to Quit Case
STANFORD INT'L: Houston Office Draws US$12.5 Million Bid


A R G E N T I N A

ELIAGRO SA: Creditors' Proofs of Debt Due on August 6
EMPORIO AUTOMOTORES: Creditors' Proofs of Debt Due on August 5
JUAN I IANNI: Creditors' Proofs of Debt Due on August 23
MULTIGESTION ARGENTINA: Creditors' Proofs of Debt Due on August 12
PIRLES SA: Creditors' Proofs of Debt Due on June 28

TERCIOPELO TEXTIL: Creditors' Proofs of Debt Due on June 28


B E R M U D A

VALIDUS HOLDINGS: To Release 2Q Results on August 5


B R A Z I L

GOL LINHAS: Launches New Integrated Platform of Communication
MARFRIG ALIMENTOS: Borrowing Costs Rise on Eurozone Crisis
MINERVA SA: Borrowing Costs Rise on Eurozone Crisis
ULTRAPAR PARTICIPACOES: May Bid for Shell's LPG Business, FT Times


C A Y M A N  I S L A N D S

DRACO INVESTMENTS: Shareholders' Final Meeting Set for June 25
FLOATING RATE: Members' Final Meeting Set for June 25
FOCUS ABSOLUTE: Members' Final Meeting Set for June 18
FULLERTON FUNDS: Shareholders' Final Meeting Set for June 22
VITA CAPITAL: S&P Assigns 'BB+' Rating on $50 Mil. Class E Notes


C O S T A  R I C A

* COSTA RICA: Economic Recovery Picking Up Speed, IMF Says


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: GDP Grows 7.5% in First Quarter


E C U A D O R

BANCO PICHINCHA: Seeks to Convert Colombian Lending Unit as Bank


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Upgrades Long-Term Rating to 'Ba2'
* GUATEMALA: Moody's Raises Government Bond Rating to 'Ba1'


M E X I C O

BANCO DEL BAJIO: Fitch Affirms 'BB+' Issuer Default Rating
BANCA MIFEL: S&P Affirms Counterparty Credit Rating at 'BB-/B'
CEMEX SAB: Deal With Penna Cements Runs Into Valuation Issues
TEMPLETON EMERGING: Moody's Withdraws 'Ba' and 'MR5' Rating
TRANTEL INTERMEDIA: Fitch Withdraws 'D' Rating After Default


P E R U

DOE RUN PERU: Should Resume Operations Before July 27, Govt. Says


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Seeks to Foreclose on Gables Condo Project


V E N E Z U E L A

* VENEZUELA: Government Seizes Control of 3 More Brokerages


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


STANFORD INT'L: Judge Rejects Another Attorney's Bid to Quit Case
-----------------------------------------------------------------
U.S. District Judge David Hittner rejected a bid by Robert Allen
Stanford's lawyer, Michael Essmyer, to withdraw from his client's
case, Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg
News report.  The report relates that Mr. Essmyer, a Houston
attorney who joined the Stanford defense team in April with co-
counsel Robert Bennett, is the third lawyer for Mr. Stanford after
the ex-billionaire clashed with two of his former defense lawyers.

"Having considered the motion, the arguments of counsel and the
applicable law, the court determines that the motion should be
denied," the report quoted Judge Hittner as saying.  However,
Robert S. Bennett will hereafter be noted as lead counsel for
defendant [Mr.] Stanford," he added.

The report notes that in a May 14 filing, Mr. Essmyer told Judge
Hittner that he had developed "irreconcilable" strategic
differences with Mr. Bennett and a further conflict with Mr.
Stanford.  Bloomberg News relates that Mr. Bennett told Judge
Hittner in a May 28 submission that his client had "already
terminated the services of Mr. Essmyer as of May 12."

Mr. Stanford's prior defense team included Houston lawyers Dick
DeGuerin of DeGuerin & Dickson and Kent Schaffer of Bires &
Schaffer law firm.

Bloomberg News discloses that Mr. DeGuerin cited uncertainty of
payment as his grounds for withdrawal.  The report relates Mr.
Schaffer, who had teamed with criminal defense attorney George
"Mac" Secrest, told the court they were at loggerheads with Mr.
Stanford over strategy and he refused to cooperate with them.

Mr. Stanford, the report says, denied in his May 27 letter that he
was a "difficult and demanding client."  "Almost all of my
attorneys have effectively left me on my own to try to fight the
biggest fight of my life, in three different courts, from prison,"
the report quoted Mr. Stanford as saying.

                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: Houston Office Draws US$12.5 Million Bid
--------------------------------------------------------
Robert Allen Stanford's Houston headquarters will sell for US$12.5
million cash unless a higher bidder emerges at an auction set for
later this month, Laurel Brubaker Calkins at Bloomberg News
reports, citing court-appointed receiver Ralph Janvey.

According to the report, Mr. Janvey said that he has negotiated a
stalking horse contract to sell the three-story building in
Houston's Galleria shopping district to Dirk Laukien, unless he's
outbid.  "Sales will be for cash or cash equivalents," the report
quoted Mr. Janvey as saying.

The report notes that bidders must deposit a minimum of US$625,000
in cash or certified funds prior to the June 24 auction.  Bids
must be submitted five days in advance.

Mr. Stanford, the report relates, has repeatedly complained that
Mr. Janvey is selling his assets and investments before he's been
convicted of anything.

             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
=================


ELIAGRO SA: Creditors' Proofs of Debt Due on August 6
-----------------------------------------------------
The court-appointed trustee for Eliagro S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 6, 2010.

The trustee will present the validated claims in court as
individual reports on September 20, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 2, 2010.


EMPORIO AUTOMOTORES: Creditors' Proofs of Debt Due on August 5
--------------------------------------------------------------
Silvia Isabel Gomez Meana, the court-appointed trustee for Emporio
Automotores SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 5, 2010.

Ms. Meana will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 7, 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:

         Silvia Isabel Gomez Meana
         Condarco 1319
         Argentina


JUAN I IANNI: Creditors' Proofs of Debt Due on August 23
--------------------------------------------------------
The court-appointed trustee for Juan I. Ianni y Marcelo A. Greco
S.H.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 23, 2010.

The trustee will present the validated claims in court as
individual reports on October 18, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 13, 2010.


MULTIGESTION ARGENTINA: Creditors' Proofs of Debt Due on August 12
------------------------------------------------------------------
The court-appointed trustee for Multigestion Argentina S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 12, 2010.


PIRLES SA: Creditors' Proofs of Debt Due on June 28
---------------------------------------------------
Ana Graciela Ventura, the court-appointed trustee for Pirles SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 28, 2010.

Ms. Ventura will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk No.
26, 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:

         Ana Graciela Ventura
         Bulnes 779
         Argentina


TERCIOPELO TEXTIL: Creditors' Proofs of Debt Due on June 28
-----------------------------------------------------------
Federico Manuel Ramon Miro, the court-appointed trustee for
Terciopelo Textil SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 28, 2010.

Mr. Miro will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 16
in Buenos Aires, with the assistance of Clerk No. 31, 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:

         Ramon Miro
         Uruguay 390


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


VALIDUS HOLDINGS: To Release 2Q Results on August 5
---------------------------------------------------
Validus Holdings, Ltd. plans to release its financial results for
the quarter ended June 30, 2010, after the close of trading on the
New York Stock Exchange on Thursday, August 5, 2010.  The Company
will hold a conference call for analysts and investors at 9:00
a.m. (Eastern) on Friday, August 6, 2010, to discuss these
results.

The conference call may be accessed by dialing 1-866-783-2144
(U.S. callers) or 1-857-350-1603 (International callers) and
entering the passcode 24729846#.  Those who intend to participate
in the call should dial in at least 10 minutes in advance.  A live
webcast of the call will be available online at the "Investor
Relations" section of the Company's Web site located at
http://www.validusholdings.com/

A replay of the call will be available through August 20, 2010 by
dialing 1-888-286-8010 (U.S. callers) or 1-617-801-6888
(International callers) and entering the passcode 52740213#.  A
replay of the webcast will be available at the "Investor
Relations" section of the Company's Web site through August 20,
2010.

                     About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


GOL LINHAS: Launches New Integrated Platform of Communication
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. revealed its new financial
communications platform, with the launch of a new investor
relations portal which is totally integrated with the leading
corporate social networks -- LinkedIn, Facebook, Seeking Alpha --
and its existing Twitter channel, which are in turn now fully
integrated with the Company's more traditional distribution
channels, such as e-mail alerts, SMS (mobile phone), RSS and wire
broadcasting.

"GOL is the first Brazilian company to launch an integrated
financial market communication platform with such a complete
interface with the market," declared Leonardo Pereira, the
Company's Vice President and CFO.

"GOL is an innovator in the airline industry and it should not be
different in communication with the market.  Navigating around the
site has become easier and the content is more complete.  Up to
now, GOL has been one of the few companies in Latin America to
give live webcasts of its main presentations in international
conferences promoted by financial institutions.  It is details
like these, plus our ample adherence to the social networks, that
make all the difference in terms of market perception," concluded
Mr. Pereira.

                        About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


MARFRIG ALIMENTOS: Borrowing Costs Rise on Eurozone Crisis
----------------------------------------------------------
Veronica Navarro Espinosa and Lucia Kassai at Bloomberg News
report that borrowing costs for Marfrig Alimentos SA and Minerva
SA are rising twice as fast as for the rest of the nation's
companies as Europe's financial crisis drives investors away from
indebted issuers.  Yields on bonds sold by Marfrig Alimentos and
Minerva SA rose more than 180 basis points, or 1.8 percentage
points, relative to Treasuries last month, according to data
compiled by Bloomberg.  The report, citing JPMorgan & Chase Co.'s
CEMBI index, relates that the average yield gap for Brazilian
companies increased 75 basis points.

According to the report, credit-rating downgrades in Spain,
Portugal and Greece are driving up yields on speculation importers
will fail to raise financing, hurting sales of Brazilian meat.
Marfrig Alimentos got 32% of its revenue from Europe in the
quarter ended in September, according to data compiled by
Bloomberg.  The report relates Minerva SA Chief Financial Officer
Edison Ticle said that Europe accounts for less than 10% of the
company's total sales.

"Although exposure to Europe is relatively small, investors fear
something like the systemic crisis can occur again and that
importers don't get the credit they need to keep buying products,"
the report quoted Ciro Matuo, head of credit research at Itau in
Sao Paulo, as saying.  "Marfrig and Minerva are companies that are
relatively leveraged.  It's a low-margin business that normally
requires some sizeable investments," he added.

While the extra yield investors demand to own Brazilian corporate
bonds on average climbed to 335 basis points from 260 in the past
month, the spread on Minerva's bonds due 2019 jumped the most
since their sale in January, according to data compiled by
Bloomberg News.  The report relates that the yield gap on Marfrig
Alimentos' notes due 2016 climbed the most since February 2009.
Meanwhile, Mr. Ticle told the news agency in a telephone interview
that bondholders are treating Minerva SA "unfairly" and the
company may use some of its BRL466 million (US$256 million) of
cash to repurchase the debt.   The report relates Mr. Ticle said
that Minerva SA's debt is 4.39 times its EBITDA and the company is
seeking to reduce the ratio to below 3.5 times by year-end, he
said.  Minerva has US$160 million of bonds coming due in 2017 and
$250 million maturing two years later, Mr. Ticle added.

                   About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

As of April 14, 2010, the company continues to carry these below
investment grade ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;

  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and

  -- Fitch ratings' "B+" LT Issuer Credit ratings

                        About Minerva S.A.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch also
maintains these ratings on Minerva, which remain on Rating Watch
Negative:

Minerva S.A.

-- Local currency Issuer Default Rating 'B';
-- Foreign currency IDR 'B';
-- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

-- US$200 million senior unsecured notes due 2017 'B/RR4'.


MINERVA SA: Borrowing Costs Rise on Eurozone Crisis
---------------------------------------------------
Veronica Navarro Espinosa and Lucia Kassai at Bloomberg News
report that borrowing costs for Marfrig Alimentos SA and Minerva
SA are rising twice as fast as for the rest of the nation's
companies as Europe's financial crisis drives investors away from
indebted issuers.  Yields on bonds sold by Marfrig Alimentos and
Minerva SA rose more than 180 basis points, or 1.8 percentage
points, relative to Treasuries last month, according to data
compiled by Bloomberg.  The report, citing JPMorgan & Chase Co.'s
CEMBI index, relates that the average yield gap for Brazilian
companies increased 75 basis points.

According to the report, credit-rating downgrades in Spain,
Portugal and Greece are driving up yields on speculation importers
will fail to raise financing, hurting sales of Brazilian meat.
Marfrig Alimentos got 32% of its revenue from Europe in the
quarter ended in September, according to data compiled by
Bloomberg.  The report relates Minerva SA Chief Financial Officer
Edison Ticle said that Europe accounts for less than 10% of the
company's total sales.

"Although exposure to Europe is relatively small, investors fear
something like the systemic crisis can occur again and that
importers don't get the credit they need to keep buying products,"
the report quoted Ciro Matuo, head of credit research at Itau in
Sao Paulo, as saying.  "Marfrig and Minerva are companies that are
relatively leveraged.  It's a low-margin business that normally
requires some sizeable investments," he added.

While the extra yield investors demand to own Brazilian corporate
bonds on average climbed to 335 basis points from 260 in the past
month, the spread on Minerva's bonds due 2019 jumped the most
since their sale in January, according to data compiled by
Bloomberg News.  The report relates that the yield gap on Marfrig
Alimentos' notes due 2016 climbed the most since February 2009.
Meanwhile, Mr. Ticle told the news agency in a telephone interview
that bondholders are treating Minerva SA "unfairly" and the
company may use some of its BRL466 million (US$256 million) of
cash to repurchase the debt.   The report relates Mr. Ticle said
that Minerva SA's debt is 4.39 times its EBITDA and the company is
seeking to reduce the ratio to below 3.5 times by year-end, he
said.  Minerva has US$160 million of bonds coming due in 2017 and
$250 million maturing two years later, Mr. Ticle added.

                   About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

As of April 14, 2010, the company continues to carry these below
investment grade ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;

  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and

  -- Fitch ratings' "B+" LT Issuer Credit ratings

                        About Minerva S.A.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch also
maintains these ratings on Minerva, which remain on Rating Watch
Negative:

Minerva S.A.

-- Local currency Issuer Default Rating 'B';
-- Foreign currency IDR 'B';
-- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

-- US$200 million senior unsecured notes due 2017 'B/RR4'.


ULTRAPAR PARTICIPACOES: May Bid for Shell's LPG Business, FT Times
------------------------------------------------------------------
Ultrapar Participacoes SA may bid for Royal Dutch Shell Plc's
liquefied petroleum gas unit, Fred Pals at Bloomberg News reports,
Financial Times reports.  The report relates FT said that the
auction for the unit is likely to attract bids from several
private equity firms and Mexico's Grupo Zeta Gas.

According to the report, Shell said that it's in talks with
possible buyers and reviewing "ownership options" for most of its
LPG units in Europe, Asia and Latin America.  The report relates
Shell said that the preferred outcome of the process is the sale
of the businesses as going concerns, through a number of phased
portfolio actions.

Bloomberg News says that Axa Private Equity, CVC Capital Partners
Ltd., First Reserve Corp. and Riverstone Holdings LLC, are also
considering making an offer for the assets.

The oil producer, the report adds, is reviewing possible refining
and marketing assets sales in Finland, France and Sweden.  The
report relates that it is also in talks with India's Essar Oil
Ltd. and other interested parties on the sale of three refineries
in Germany and the U.K.

                     About Ultrapar Participacoes

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.

                           *      *      *

As of October 19, 2009, the company continues to carry Moody's BB+
long-term issuer credit ratings.


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


DRACO INVESTMENTS: Shareholders' Final Meeting Set for June 25
--------------------------------------------------------------
The shareholders of Draco Investments (London) Limited will hold
their final meeting, on June 25, 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:

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


FLOATING RATE: Members' Final Meeting Set for June 25
-----------------------------------------------------
The members of Floating Rate Senior Loan Fund V Limited will hold
their final meeting, on June 25, 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:

         Kirsten Le Pape
         c/o Turner & Roulstone Management Ltd.
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, Grand Cayman KY1-1102
         Cayman Islands
         c/o Gavin Lowe
         Telephone: 345 943 5555


FOCUS ABSOLUTE: Members' Final Meeting Set for June 18
------------------------------------------------------
The members of Focus Absolute Return Fund Ltd. will hold their
final meeting, on June 18, 2010, at 9:00 a.m., to receive the
liquidators' 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


FULLERTON FUNDS: Shareholders' Final Meeting Set for June 22
------------------------------------------------------------
The shareholders of Fullerton Funds C2 SPC will hold their final
meeting, on June 22, 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 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


VITA CAPITAL: S&P Assigns 'BB+' Rating on $50 Mil. Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
long-term debt rating to the $50 million class E principal-at-risk
variable-rate series II notes due Jan. 15, 2014.  These notes were
issued by Cayman Islands-based Vita Capital IV Ltd.

The notes will provide Swiss Reinsurance Company Ltd.
(A+/Stable/A-1) with a degree of protection against extreme
mortality events occurring to specified age and gender
distributions in the U.S. and the U.K.

Swiss Re has previously securitized mortality risk through the
Vita Capital II Ltd., Vita Capital III Ltd., and an earlier
takedown of the Vita Capital IV Ltd. transaction.  The Vita III
transaction is scheduled to expire at the end of 2012 and this new
issuance by Vita Capital IV partly replaces those notes.

Vita Capital IV was created for the sole purpose of issuing one or
more series of notes out of a mortality catastrophe shelf program.
Standard & Poor's has not assigned ratings to the shelf program.

The noteholders are at risk from an increase in age- and gender-
weighted mortality rates that exceed a specified percentage of a
predefined mortality index value (MIV), for a given country, on an
accumulated basis over four years from Jan. 1, 2010 to Dec. 31,
2013.  The MIV self-adjusts for changes in general mortality
trends over the risk period.

The MIV is defined on a rolling two-calendar-year basis, and the
probability of a loss attaching and the magnitude of the loss in
principal depends on the extent to which the MIV for any
measurement period (that is, two consecutive years) exceeds the
attachment point for the notes.  Like the earlier Vita Capital IV
series I transaction, the notes are triggered upon attachment of
either the U.S. or the U.K. and the attachment points vary by
country.  The attachment points are 105% in the U.S. and 112.5% in
the U.K. with the exhaustion points being 110% in the U.S. and
120% in the U.K.

Risk Management Solutions Inc.'s risk report from the previous
Vita Capital IV transaction (issued in November 2009) has not been
updated and S&P has based the rating on this takedown on the
previous risk report.  Standard & Poor's does not believe that the
mortality risks in this transaction have materially changed since
the risk report produced for the series I notes in the earlier
Vita Capital IV transaction.

At closing, Swiss Re will enter into a contract with the issuer
using standard International Swaps and Derivatives Association
(ISDA) wording.  Under this contract, Swiss Re will make payments
to the issuer in exchange for extreme mortality protection.  The
issuance proceeds are to be invested in collateral in the form of
'AAA' rated notes issued by the International Bank for
Reconstruction and Development.  The coupon on the notes will be
paid from the payments made by Swiss Re under the ISDA contract
and from investment earnings on the collateral held in trust.

The rating on the notes reflects:

* Standard & Poor's qualitative assessments of the potential event
  risk;

* S&P's view of the modeled probability of default;

* The strong diversification of the underlying mortality risk
  exposure in terms of geographic location, age, and gender; and

* The application of Standard & Poor's catastrophe bond criteria.


==================
C O S T A  R I C A
==================


* COSTA RICA: Economic Recovery Picking Up Speed, IMF Says
----------------------------------------------------------
The Executive Board of the International Monetary Fund completed
on May 28, 2010, the third and final review of Costa Rica's
economic performance under a program supported by a 15-month
Stand-By Arrangement approved on April 10, 2009.  The authorities
have indicated that they will continue to treat the arrangement as
precautionary.

The completion of the third and final review enables Costa Rica to
purchase an additional amount equivalent to SDR41.025 million
(about US$60.5 million), if needed.  The review brings the total
amount available for purchase to SDR492.3 million (about US$725.8
million).

Following the Executive Board's discussion on Costa Rica, Mr.
Murilo Portugal, Deputy Managing Director and Acting Chair,
stated:

"Costa Rica's economic recovery is picking up speed, supported by
rising consumer and business confidence.  The authorities'
comprehensive response to the global crisis, supported by the Fund
program, created a solid basis for the recovery.  The external
payments position has strengthened, and the exchange rate has
fluctuated in the lower part of the band. The strong prospects for
domestic demand create upside risks to the growth outlook and
underscore the need to rebalance the macroeconomic policy mix.

"Performance under the Stand-By Arrangement with the Fund has been
commendable.  All quantitative performance criteria for end-
December 2009 and end-March 2010 were met, and the authorities
have continued to treat the arrangement as precautionary.
"The expansionary fiscal stance of 2009 was instrumental in
softening the impact of the global crisis on economic activity.
As the recovery becomes self-sustained, it will be important to
start withdrawing the fiscal stimulus during 2010 and aim for
considerable fiscal consolidation starting in 2011.

"Inflation fell to low single digits during 2009, and core
inflation remains stable.  However, inflation expectations remain
above the central bank's end-year inflation target, partly due to
the strong prospects for domestic demand.  It is important that
the central bank stands ready to tighten monetary policy if this
situation persists.  Accelerating the transition to inflation
targeting and greater exchange rate flexibility is also advisable.

"The banking sector remains sound, and the modest deterioration in
prudential indicators observed in 2009 has started to abate.
Further progress in the financial sector reform, including passage
of legislation to strengthen the financial sector safety net,
recapitalize the central bank, and enable consolidated
supervision, would contribute to strengthening the system's
resilience," Mr. Portugal stated.

                          *     *     *

As of June 2, 2010, the country continues to carry Moody's "Ba1"
long-term issuer ratings, and foreign currency long-term debt
rating.


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


* DOMINICAN REPUBLIC: GDP Grows 7.5% in First Quarter
-----------------------------------------------------
An International Monetary Fund mission led by Alejandro Santos
visited Santo Domingo during May 18-28, 2010, to conduct
discussions under the second review of the Stand-By Arrangement,
which was approved by the IMF Executive Board in November 2009.
The mission met with Central Bank Governor Hector Valdez, Minister
of Finance Vicente Bengoa, Minister of Economy Temistocles Montas,
Vice-President of the Public Electricity Corporation Celso
Marranzini, as well as members of the Economic and Social Cabinet,
senior government officials, representatives of the private
sector, and the international community.

At the conclusion of the visit, Mr. Santos issued this statement:

"The early results of the authorities' economic program have been
impressive.  There is a clear economic expansion and real gross
domestic product (GDP) is estimated to have grown by 7.5% in the
first quarter of 2010 (year-on-year).  Exports, imports, tax
collections and private credit are expanding at healthy rates.

While the 12-month inflation rate is above the 6-7 percent target
of the Central Bank, this is mostly due to higher fuel and some
food prices; core inflation (which excludes these prices) is still
below 3 percent on an annual basis.  It is expected that for 2010
as a whole, real GDP will grow between 5 and 5.5%, while inflation
will be contained within the Central Bank's target.

"All performance criteria and structural benchmarks for end-March
2010 have been observed.  Progress continues in all areas of the
structural agenda, although there are delays in implementing the
electricity reform.  The authorities have designed a strategy to
improve tax collections through improvements in tax administration
and rationalization of tax exemptions.  The authorities have also
designed a plan to achieve compliance with all Basel core
principles for effective bank supervision.

"Discussions have been productive, and key measures for the rest
of 2010 have been agreed in line with the authorities' program.
Significant progress has been made in reaching agreement on a
letter of intent, and the mission expects to conduct the final
assessment of the second review in Washington in the coming weeks.
"The mission would like to thank the authorities and the citizens
of the Dominican Republic for their warmth and hospitality."

                           *     *     *

According to a Bloomberg report dated April 24, 2010, Moody's
ratings raised Dominican Republic's government bond rating to B1,
four levels below investment grade, from B2 with a stable outlook.


=============
E C U A D O R
=============


BANCO PICHINCHA: Seeks to Convert Colombian Lending Unit as Bank
----------------------------------------------------------------
Banco Pichincha plans to ask Colombian banking regulators to
authorize the transformation of its Colombian lending unit,
Inversora Pichincha, into a bank, Inti Landauro at Dow Jones
Newswires reports.

According to the report, Inversora Pichincha's board will ask its
shareholders to convert into a fully regulated bank.  The report
relates that as a formal bank, Banco Pichincha would have the
right to raise money from depositors.

The bank's customers, the report notes, would be protected by the
country's insurance fund for deposits.

                       About Banco Pichincha

Banco Pichincha is Ecuador's largest bank with about 34% of the
system's assets at March 2009.  Incorporated in 1906, the group
offers a wide array of services to corporate, middle market and
retail customers.  Pichincha is tightly controlled by its main
shareholder, Fidel Egas Grijalva, who holds over 60.2% of the
company's stock.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 17, 2009, Fitch Ratings has affirmed Banco Pichincha C.A. y
Subsidiarias' long-term and short-term Issuer Default Ratings:

  -- Long-term foreign currency IDR at 'B-';
  -- Short-term foreign currency IDR at 'B';
  -- Support at '5';
  -- Support floor at 'NF'.


=================
G U A T E M A L A
=================


BANCO INDUSTRIAL: Moody's Upgrades Long-Term Rating to 'Ba2'
------------------------------------------------------------
Moody's Investors Service upgraded Banco Industrial S.A.'s
(Industrial) long term foreign currency deposit rating to Ba2,
from Ba3, following a similar action on the Guatemalan country
ceiling for deposits.  The rating remains constrained by the
country ceiling.

This action does not affect the bank's D bank financial strength
rating, Baa3/Prime-3 long/short term local currency deposit
ratings, or the B1 foreign currency subordinated debt rating for
the bank's Tier One capital notes, all of which remain with stable
outlooks.

The last action taken on Banco Industrial's ratings was on
February 10, 2010, when Moody's concluded its review of
Industrial's hybrid securities rating, lowering the foreign
currency subordinated debt rating by one notch to B1, from Ba3.

Banco Industrial S.A is headquartered in Guatemala City,
Guatemala, and reported consolidated assets of GTQ 37.7 billion
(US$4.53 billion) and equity of GTQ 3.6 billion
(US$429.75 million) as of December 31, 2009.

This rating was affected:

* Long term foreign currency deposit rating upgraded to Ba2, from
  Ba3


* GUATEMALA: Moody's Raises Government Bond Rating to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service raised Guatemala's foreign currency
government bond rating to Ba1 from Ba2 and affirmed its domestic
currency bond rating at Ba1.  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 Ba1 ratings balance Guatemala's credit strengths, which
include a stable macroeconomic environment supported by prudent
fiscal and monetary policies, with its credit weaknesses, which
include comparatively low levels of economic development,
challenges in raising taxes, and substantial social and
infrastructure needs.

The country has a long track record of fiscal responsibility.
Government deficits averaged only 1.7% of GDP since 2002, although
they have trended higher in the last two years.  A manageable debt
burden and limited debt-rollover risk, given the prevalence of
multilateral funding, are further elements that support the
rating.  Guatemala's debt-to-GDP ratio of 23% compares favorably
with the 45% of similarly rated countries.

But despite above-trend growth prior to the world crisis,
Guatemala's economy more recently has lagged similarly rated
sovereigns.  Average GDP growth since 2003 was 3.6%, not enough to
make significant inroads on the country's large social and
infrastructure needs.  The ratings are also constrained by the
government's historical difficulties raising tax revenues over the
10% of GDP mark, which limits fiscal flexibility.

Guatemala's country ceilings for foreign currency bonds and
foreign currency deposits have also been lifted to Baa3 from Ba1
and to Ba2 from Ba3, respectively.  The country's A3 local
currency bond and local currency bank deposit ceilings were
affirmed.  All the ratings have a stable outlook.

The last rating action on Guatemala was implemented on December 18
2008, when Moody's changed the outlook on the Ba2 foreign currency
rating from positive to stable.


===========
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.


BANCA MIFEL: S&P Affirms Counterparty Credit Rating at 'BB-/B'
--------------------------------------------------------------
Standard & Poor's Rating Services said that it has affirmed its
'BB-/B' counterparty credit and certificate of deposit ratings on
Banca Mifel S.A.  At the same time, S&P affirmed its 'mxBBB+/mxA-
2' national scale counterparty credit rating on Mifel.  Both
outlooks are stable.  S&P also affirmed its 'B-' rating on Mifel's
$100 million perpetual, noncumulative, nonpreferred subordinated
notes.

"The ratings on Mexico-based Mifel reflect the bank's weak
capitalization, pressured profitability, and growing competition
within the Mexican banking system.  Offsetting these negative
factors are its improving, albeit still weak, asset quality
indicators, a stable and loyal client base, and its capable
management," said Standard & Poor's credit analyst Laurence
Wattraint.  "The ratings on Mifel's notes reflect their
subordination, the potential deferment of interest payments, and
the bank's overall financial strength."

Over the past two years, Mifel has expanded more than doubled its
total assets, diversifying its client base, and S&P expects
further expansion during 2010, although at a slower pace.  While
Mifel's asset quality indicators showed some improvement over the
past three years, they still registered deterioration due to
greater restructuring, with NPAs up to 5.56% as of March 31, 2010,
and 5.87% at year-end 2009.  The portfolio's growth has helped
improve the bank's NPA ratio.  The Mexican economy is still weak,
and pressure is rising in the real estate sector, where the bank
has made much of its restructuring.  Therefore, S&P expects
Mifel's asset quality indicators to remain low during 2010.

The stable outlook reflects the bank's adequate funding and
capable management, as well as its weak capitalization and
pressured profitability.  "The ratings could come under pressure
if core capitalization further declines, or if its asset quality
and profitability deteriorate more than S&P expect.  On the other
hand, a sharp boost in capitalization and sustained profitability
could trigger a positive rating action on the local scale," Ms.
Wattraint added.


CEMEX SAB: Deal With Penna Cements Runs Into Valuation Issues
-------------------------------------------------------------
CEMEX, S.A.B. de C.V.'s bid to take over Hyderabad-based Penna
Cements met a roadblock when both parties failed to arrive at an
acceptable pricing, DNA News reports.  The report relates that
P Prathap Reddy, a senior Congress leader from Andhra Pradesh, who
owns Penna Cements, was in talks with Cemex to sell a majority
stake or the whole company.

"Penna is seeking a valuation of $160-$170 per tonne. Cemex is
ready to cough up only US$140 per tonne at the maximum," an
unnamed source tracking the developments told DNA.  "The deal was
to be signed in May, it was almost in the final stages, but Penna
has been insistent on getting more.  The Mexican company isn't
ready to cough that up," the source added.

According to the report, sources in investment banking circles
said that the deal was struck at $150-$160 per tonne, far less
than the US$200/ tonne Vicat paid for Bharathi.  "The age of the
plant makes a difference.  Bharathi's price at $200 was well
within the range since it is a new plant.  Penna's plants are
comparatively old and would not get the same price," the report
quoted the source as saying.

The report notes that Mr. Reddy denied that the deal has hit a
dead end.  "We are yet to start talking so there is no way the
deal can be called off.  In fact, if all goes well, we will start
talking in the next 10 days," the report quoted Mr. Reddy as
saying.

                          About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.


TEMPLETON EMERGING: Moody's Withdraws 'Ba' and 'MR5' Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn its Ba and MR5 rating
assigned to Templeton Emerging Markets Bond Fund, S.A. de C.V.
(FT-EMER) managed by Franklin Templeton Asset Management Mexico,
S.A. de C.V., Sociedad Operadora de Sociedades de Inversion, S.A.
de C.V., for business reasons.  At the same time Moody's de Mexico
has withdrawn its A.mx. rating in Mexican National scale and A
credit rating and 7 (very high) market risk rating under the
Mexican authority, Comision Nacional Bancaria y de Valores,
homogeneous scale.

Previous rating action of FT-EMER fund was on March 30, 2009, when
Moody's assigned initial ratings to the fund.


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.


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


DOE RUN PERU: Should Resume Operations Before July 27, Govt. Says
-----------------------------------------------------------------
The Peruvian government could retain US$250 million of Doe Run
Peru's assets if it does not complete the pending environmental
projects in La Oroya, Isabel Guerra at LivinginPeru.com reports,
citing unnamed spokespersons from the Ministry of Energy and
Mining.

According to the report, after a meeting held on May 31, 2010,
both parties agreed on executing retention of assets if Doe Run
does no comply with the environmental cleanup in 30 months.  The
report relates that the parties also agreed on the terms of
selling these assets to other parties and that Doe Run will not
participate in eventual auctions.

The report notes that the Ministry of Energy and Mining said that
Doe Run Peru has time until July 27 to resume operations: if it
does not, it will be closed.

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.


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


FIRSTBANK PUERTO RICO: Seeks to Foreclose on Gables Condo Project
-----------------------------------------------------------------
FirstBank Puerto Rico has filed a foreclosure lawsuit against the
stalled Say Gables condominium project in Coral Gables, South
Florida Business Journal reports.

According to the report, citing Miami-Dade County Circuit Court
records, the action was filed May 21, 2010, against Say Gables
Investments and managing member Ricardo Sayegh.  The report
relates that the action involved a US$6 million mortgage that
matured in June 2009.

The report notes that the developer obtained approval for 104
condo units in 90,000 square feet at 1501 S.W. 37th Ave. (Douglas
Road).  The report relates that the two retail buildings were
demolished, but work on the condominium never started.

West Palm Beach attorney Scott B. Newman represents FirstBank
Puerto Rico in the lawsuit.

                    About FirstBank Puerto Rico

FirstBank Puerto Rico is a full-service bank.  The bank accepts
deposits, makes loans, and provides other services for the public.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2010, Standard & Poor's Ratings Services said it placed
its 'B' long-term counterparty rating on FirstBank Puerto Rico on
CreditWatch with negative implications.


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


* VENEZUELA: Government Seizes Control of 3 More Brokerages
-----------------------------------------------------------
Venezuela's government has seized control of three more brokerage
firms -- BBO Casa de Bolsa, Strategos Sociedad de Corretaje and
Innova Capital -- amid a crackdown on currency trading ordered by
President Hugo Chavez, The Associated Press reports.  The report
relates that the National Securities Commission said that the
brokerages violated regulations for the trading of government
bonds.

According to the report, the recent takeovers bring the number of
brokerages that have been brought under government control to 36.

President Chavez, the report notes, accuses brokerages of
"speculative" trading that has boosted inflation and eroded the
value of Venezuela's currency.

Over 100 brokerages operate in Venezuela.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2010, Bloomberg News said that Venezuela will prohibit
brokerages from buying and selling government debt in bolivars as
part of a new capital markets law to be presented this week.
Brokerages will still be allowed to trade in commercial debt and
company stock, Mr. Sanguino told Bloomberg in a phone interview.

"The bill will try to limit brokerages to operations with
commercial paper and stock from the private sector and remove them
from debt operations issued by the government," the report quoted
Mr. Sanguino as saying.

                           *     *     *

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


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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