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

              Tuesday, June 8, 2010, Vol. 11, No. 111

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Liquidator Seeks to Restructure to Cut Debt Burden
STANFORD INT'L: In Cooperation Pact With U.S. Receiver


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Provisional Rating
INDUSTRIA FLEXOGRAFICA: Creditors' Proofs of Debt Due on Aug. 10
SARWIN SA: Requests for Preventive Contest


A R U B A

VALERO ENERGY: Restarts Production in Aruba


B E R M U D A

CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on June 25
COTTONWOOD LTD: Creditors' Proofs of Debt Due on June 18
COTTONWOOD LTD: Members' Final Meeting Set for July 5
CREEKSIDE LTD: Creditors' Proofs of Debt Due on June 18
CREEKSIDE LTD: Members' Final Meeting Set for July 5

DISCOVERY III: Creditors' Proofs of Debt Due on June 18
DISCOVERY III: Members' Final Meeting Set for July 7
EVEREST INTERNATIONAL: Creditors' Proofs of Debt Due on June 18
EVEREST INTERNATIONAL: Members' Final Meeting Set for July 7
FIVE HUNDRED: Creditors' Proofs of Debt Due on June 18

FIVE HUNDRED: Members' Final Meeting Set for July 5
FLEMING (BERMUDA): Creditors' Proofs of Debt Due on June 18
FLEMING (BERMUDA): Members' Final Meeting Set for July 8
MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18
MAN PERFORMANCE: Members' Final Meeting Set for July 9

MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18
MAN PERFORMANCE: Members' Final Meeting Set for July 8
MAN TWIN: Creditors' Proofs of Debt Due on June 18
MAN TWIN: Members' Final Meeting Set for July 9
THREE TWENTY: Creditors' Proofs of Debt Due on June 18

THREE TWENTY: Members' Final Meeting Set for July 5


B R A Z I L

CAIXA ECONOMICA: May Purchase BNP Credit Unit Cetelem, Valor Says
GOL LINHAS: To Codeshare With Asian & Middle Eastern Carriers
LUPATECH SA: Wins US$779-Million Petrobras Offshore Contracts


C A Y M A N  I S L A N D S

CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt


C O S T A  R I C A

ARCOS DORADOS: Shrek Glasses Recall Won't Affect Costa Rica


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: IMF Raises Economic Growth Forecast to 5.5%


J A M A I C A

RED STRIPES: To Make Several Jobs Redundant
SUGAR COMPANY OF JAMAICA: Eridania Suisse Returns to Sugar Auction


M E X I C O

ALMACENADORA SUR: Moody's Affirms 'B2' Long-Term Issuer Rating
BANCA MIFEL: Fitch Downgrades Issuer Default Ratings to 'BB-'
CEMEX SAB: Cuts 2010 Ebitda Estimate to US$2.75 Billion
HIPOTECARIA SU CASITA: To Propose Plan to Improve Loan Management
SATMEX SA: Is No Longer in 'Active' Sale Talks


P E R U

SCOTIABANK PERU: Fitch Changes Outlook on Ratings to Positive


P U E R T O  R I C O

FIRSTBANK PUERTO: Moody's Downgrades Bank Strength Rating to 'E+'


T R I N I D A D  &  T O B A G O

PETROTRIN: Workers Call on Chairman to Resign


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INT'L: Liquidator Seeks to Restructure to Cut Debt Burden
------------------------------------------------------------------
Antigua-based receiver Vantis Business Recovery Services is in
talks with potential investors in an attempt to lower its debt
burden, Kevin Reed at Accountancy Age news reports.  The report
relates that the firm told the stock exchange that it is
negotiating with potential investors, and entering preliminary
discussions with its debt providers about a potential
restructuring of the balance sheet.

"The company's banks have confirmed their support for the board's
exploration of options to improve the company's financial
position," the firm said in a statement obtained by the news
agency.

However, the report says, the firm was unable to confirm reports
that part of the process involved looking at selling off parts of
the business.  "Vantis will not comment on speculation.  The
company is reviewing a number of alternative courses of action and
negotiations with both potential investors and the Company's banks
are at an early stage," the report quoted an unnamed spokeswoman
as saying.

Vantis Business' Nigel Hamilton-Smith and Peter Wassell are the
joint liquidators of Stanford International Bank Limited.

                           About Vantis

Vantis Business Recovery Services --- http://www.vantisplc.com/--
- is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                 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: In Cooperation Pact With U.S. Receiver
------------------------------------------------------
Bill Koenig at Bloomberg News reports that Vantis Plc said a
cooperation agreement between Antiguan liquidators and a U.S.
receiver in relation to the assets of Stanford International Bank
Ltd. had been filed with both the High Court of Antigua and
Barbuda and the U.S. District Court for the Northern District of
Texas.

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).


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Provisional Rating
----------------------------------------------------------------
Moody's has assigned provisional ratings of (P)Ba3 (Global Scale,
Foreign Currency) and (P)Aa1.ar (Argentine National Scale) and of
(P)Ba2 (Global Scale, Local Currency) and (P)Aaa.ar (Argentine
National Scale) to the VDF A and VDF B Notes of Fideicomiso
Financiero Chubut Regalias Hidrocarburiferas I, respectively.  The
debt securities will be issued by Banco de Valores S.A. -- acting
solely in its capacity as Issuer Trustee.

The notes will be backed primarily by hydrocarbon royalties to be
paid by Pan American Energy LLC, Argentine Branch, rated Ba2
(Foreign Currency) and Ba1 (Local Currency).  PAE has been awarded
the production concession for certain areas in the Province of
Chubut, in accordance with the Argentine Hydrocarbon Law and an
extraction agreement.

                             Structure

The rated securities will be obligations of the Fideicomiso
Financiero Chubut Regalias Hidrocarburiferas I, a financial trust
constituted in Argentina under Law 24.441.

Interest and principal on the notes is payable quarterly.
Principal payments will have a grace period of one year.  The
promise on the rated notes is to receive timely interest and
principal by legal final maturity, which will occur on July 1,
2020.  However, subject to the availability of funds, targeted
payments of principal will be made on each quarterly payment date
beginning on October 3, 2011.  If all scheduled principal payments
are made on time, the notes are expected to be paid in full on
July 1, 2020.

                         Rating Rationale

The VDF B Notes, although denominated in US dollars, will be
payable in Argentine pesos, therefore are considered to be local
currency obligations and not subject to convertibility and
transfer risks.  However, the VDF A Notes, which are payable in US
dollars, are subject to foreign currency convertibility and
transfer risk.  The royalty payments will be made to a collection
account in Argentina; therefore, Moody's considered the risk that
the Argentine Government could limit the ability of the trustee to
exchange the royalty payment proceeds into US dollars or to
transfer the US dollars to the collection account outside of
Argentina, which currently has a foreign currency country ceiling
of B2.  The risk to the VDF A Notes is mitigated by: i) the
availability of a liquidity reserve account in the US covering two
quarterly principal and interest payments (or 15 months of
interest debt service if bondholders instruct the trustee to use
this reserve for interest payments only) , ii) a mechanism that
allows for the payment-in-kind of royalties, iii) the Bonex
clause, a mechanism available to the trustee to purchase foreign
currency denominate bonds in Argentina to be sold offshore, in
order to make payments to investors in foreign currency and iv)
the relative good performance of similar transactions during 2001-
2002's transferability and convertibility restrictions imposed by
the Argentine Central Bank.

Moody's also evaluated the probability of a nationalization of
hydrocarbon-related assets in Argentina.  Although this could be a
possible scenario, the probability of occurrence is currently
deemed to be low; as such a policy would likely face a strong
opposition from the Argentine Provinces.  Also, the National
Constitution establishes that the Provinces are the original
owners of the natural resources, including hydrocarbons, located
within their territorial boundaries.  Moody's understands that a
nationalization of the hydrocarbon resources would require an
amendment to the National Constitution.

The sole obligor in this transaction is the designated
concessionaire, Pan American Energy LLC.  The current credit
quality and rating level of PAE is consistent with the ratings
assigned to the VDF A and B notes.  The Province should appoint a
successor concessionaire if the extraction agreement with PAE is
terminated.  The successor concessionaire will have the same
obligations to this transaction than PAE's.

Moody's has evaluated the sufficiency of the estimated oil and gas
production of PAE during the life of the transaction.  Moody's has
also stressed the domestic oil and gas prices that are used to
calculate the royalties' payments.  Royalties cashflow is robust
and consistent with the ratings assigned to this transaction.
Moody's notes that while the production is concentrated in Cerro
Dragon, the area does consist of many different fields that are in
various states of exploitation maturity.  PAE has an sound track
record as an operator in the Cerro Dragon area.

The notes will be a direct obligation of the issuing trust;
therefore there is no obligation or recourse to the assets of the
Province of Chubut, except for the assigned royalties.  Since the
sale of the royalties will be characterized as a true sale under
Argentine Law, the creditors of the Province, or the Province
itself, will have no rights to the assigned royalties.  However,
if the credit conditions of the Province deteriorate, Moody's
believes that the risk that the province would be willing to
interfere with the transaction will increase accordingly.  So far,
there have been no antecedents of reversals of royalty assignments
to issuing or guaranty trusts in Argentina.  However, there are
some negative precedents in terms of the assignment of other
provincial revenues (i.e. federal tax coparticipation revenues).

Moody's built a cash-flow model that reproduced many deal-specific
characteristics.  The main assumptions of the model are the oil
and gas estimated production levels (triangular distribution
centered around a mean value of 4.54 million m3 for oil and
2,499 million m3 for gas), the oil and gas estimated domestic
prices (triangular distribution centered around a mean value of
US$32/bbl for oil and US$70/thousand of m3 for gas), and the
royalties percentage to be paid by PAE (12% in most scenarios).

Royalty payments are made in Argentine pesos and the rated notes
are either payable in US dollars (VDF A) or in Argentine pesos but
linked to the US dollar (VDF B).  In both cases a devaluation of
the Argentine peso may reduce the amount of US dollars available
to repay the VDF.  Domestic hydrocarbon prices were stressed to
evaluate the sufficiency of the cashflows under higher stress
scenarios.  For example, the transaction can withstand a drop of
60% in the price of oil and gas from Moody's base case of
US$32/bbl and still pay on a timely basis.

                          Rating Action

Originator: Province of Chubut

  -- VDF A Fixed Rate Debt Securities of "Fideicomiso Financiero
     Chubut Regalias Hidrocarburiferas I", rated (P)Aa1.ar
     (Argentine National Scale) and (P)Ba3 (Global Scale, Foreign
     Currency)

  -- VDF B Fixed Rate Debt Securities of "Fideicomiso Financiero
     Chubut Regalias Hidrocarburiferas I", rated (P)Aaa.ar
     (Argentine National Scale) and (P)Ba2 (Global Scale, Local
     Currency)


INDUSTRIA FLEXOGRAFICA: Creditors' Proofs of Debt Due on Aug. 10
----------------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for
Industria Flexografica San Martin SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until August 10,
2010.

Mr. del Potro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:

         Nestor Rodolfo del Potro
         Parana 552
         Argentina


SARWIN SA: Requests for Preventive Contest
------------------------------------------
Sarwin SA requested for preventive contest.

The company stopped making payments last May.


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A R U B A
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VALERO ENERGY: Restarts Production in Aruba
-------------------------------------------
Valero Energy Corporation decided to restart its refinery on the
Caribbean island Aruba, S. Coward at Caribbean PressReleases.com
reports.  The report relates that production process about 4,000
Arubans lost their jobs when the refinery was closed down.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2009, The Associated Press said Valero Energy had
temporarily close its Aruba refinery, as falling prices for its
refined products make the plant less profitable.  AP noted that
Valero bought the Aruba plant in 2004 but has been looking to sell
it since last year.

According to the report, Prime Minister Mike Eman took steps to
find possible take-over or joint venture partners.  The report
relates that talks were held with Pemex (Mexico), PetroChina
(China), Petrobras (Brazil), PDVSA (Venezuela) and Rubiales
(Colombia).  The report notes that parallel to these efforts, the
Aruban Government worked out a package of incentives to reinforce
the refinery's profitability.  Those efforts have led to Valero's
announcement that the production process will be resumed within
three months, the report relates.

                     About Valero Energy

Valero Energy Corporation -- http://www.valero.com/--
incorporated in 1981, owns and operates 16 refineries located in
the United States, Canada, and Aruba that produce conventional
gasolines, distillates, jet fuel, asphalt, petrochemicals,
lubricants, and other refined products, as well as a slate of
premium products, including conventional blendstock for oxygenate
blending (CBOB) and reformulated gasoline blendstock for oxygenate
blending (RBOB).  The Company markets refined products on a
wholesale basis in the United States and Canada through bulk and
rack marketing network.  It also sells refined products through a
network of about 5,800 retail and wholesale branded outlets in the
United States, Canada, and Aruba.  The Company operates through
two segments: refining and retail.

                           *     *     *

As of June 25, 2009, the company continues to carry Moody's "Ba1"
Preferred Stock rating.


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B E R M U D A
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CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on June 25
---------------------------------------------------------------
A petition to wind up the operations of Continental Chemical
Holdings Limited will be heard before the High Court of Bermuda on
June 25, 2010, at 9:30 a.m.


COTTONWOOD LTD: Creditors' Proofs of Debt Due on June 18
--------------------------------------------------------
The creditors of Cottonwood Ltd. are required to file their proofs
of debt by June 18, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


COTTONWOOD LTD: Members' Final Meeting Set for July 5
-----------------------------------------------------
The members of Cottonwood Ltd. will hold their final general
meeting, on July 5, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


CREEKSIDE LTD: Creditors' Proofs of Debt Due on June 18
-------------------------------------------------------
The creditors of Creekside Ltd. are required to file their proofs
of debt by June 18, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


CREEKSIDE LTD: Members' Final Meeting Set for July 5
----------------------------------------------------
The members of Creekside Ltd. will hold their final general
meeting, on July 5, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


DISCOVERY III: Creditors' Proofs of Debt Due on June 18
-------------------------------------------------------
The creditors of Discovery III Limited are required to file their
proofs of debt by June 18, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


DISCOVERY III: Members' Final Meeting Set for July 7
----------------------------------------------------
The members of Discovery III Limited will hold their final general
meeting, on July 7, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


EVEREST INTERNATIONAL: Creditors' Proofs of Debt Due on June 18
---------------------------------------------------------------
The creditors of Everest International Holdings, Ltd. are required
to file their proofs of debt by June 18, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 28, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


EVEREST INTERNATIONAL: Members' Final Meeting Set for July 7
------------------------------------------------------------
The members of Everest International Holdings, Ltd. will hold
their final general meeting, on July 7, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on May 28, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


FIVE HUNDRED: Creditors' Proofs of Debt Due on June 18
------------------------------------------------------
The creditors of Five Hundred Holdings Ltd. are required to file
their proofs of debt by June 18, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


FIVE HUNDRED: Members' Final Meeting Set for July 5
---------------------------------------------------
The members of Five Hundred Holdings Ltd. will hold their final
general meeting, on July 5, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


FLEMING (BERMUDA): Creditors' Proofs of Debt Due on June 18
-----------------------------------------------------------
The creditors of Fleming (Bermuda) Discovery III Limited are
required to file their proofs of debt by June 18, 2010, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


FLEMING (BERMUDA): Members' Final Meeting Set for July 8
--------------------------------------------------------
The members of Fleming (Bermuda) Discovery III Limited will hold
their final general meeting, on July 8, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18
---------------------------------------------------------
The creditors of Man Performance Bond Helvetia Ltd are required to
file their proofs of debt by June 18, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


MAN PERFORMANCE: Members' Final Meeting Set for July 9
------------------------------------------------------
The members of Man Performance Bond Helvetia Ltd will hold their
final general meeting, on July 9, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18
---------------------------------------------------------
The creditors of Man Performance Bond Helvetia Trading Ltd are
required to file their proofs of debt by June 18, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


MAN PERFORMANCE: Members' Final Meeting Set for July 8
------------------------------------------------------
The members of Man Performance Bond Helvetia Trading Ltd will hold
their final general meeting, on July 8, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


MAN TWIN: Creditors' Proofs of Debt Due on June 18
--------------------------------------------------
The creditors of Man Twin Strategy Ltd are required to file their
proofs of debt by June 18, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


MAN TWIN: Members' Final Meeting Set for July 9
-----------------------------------------------
The members of Man Twin Strategy Ltd will hold their final general
meeting, on July 9, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


THREE TWENTY: Creditors' Proofs of Debt Due on June 18
------------------------------------------------------
The creditors of Three Twenty NAT Ltd. are required to file their
proofs of debt by June 18, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


THREE TWENTY: Members' Final Meeting Set for July 5
---------------------------------------------------
The members of Three Twenty Nat Ltd. will hold their final general
meeting, on July 5, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


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


CAIXA ECONOMICA: May Purchase BNP Credit Unit Cetelem, Valor Says
-----------------------------------------------------------------
Caixa Economica Federal is in talks with BNP Paribas SA to buy
control or a stake in Cetelem, the French bank's consumer credit
unit in Brazil, Adriana Brasileiro at Bloomberg News reports,
citing Valor Economico.

According to the report, calls before business hours to Caixa's
press office in Brasilia and BNP's outside press agency in Sao
Paulo were not returned.

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

                           *     *     *

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


GOL LINHAS: To Codeshare With Asian & Middle Eastern Carriers
-------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
aims to add codeshare partners from Asia and the Middle East as it
continues to rapidly grow its alliance portfolio, Brendan Sobie at
Flightglobal.com reports.

According to the report, the airline over the last two years has
been actively seeking to forge codeshare and frequent flyer pacts
as part of a new strategy which envisions establishing tie-ups
with several foreign carriers that serve Brazil.  "There are a
couple -- two or three others -- in the oven," the report quoted
Gol Linhas Chief Financial Officer Leonardo Pereira as saying.  "I
envision a bigger portfolio of airlines within the next 12
months," he added.

Mr. Pereira, the report notes, said that within this group of two
or three new codeshare partners to be added over the next year he
expects one Middle Eastern carrier and one Asian carrier.  The
report relates Mr. Pereira acknowledged that Gol Linhas still
doesn't have the capability to sell tickets on other carriers.
Gol Linhas is now aiming to introduce the required technology next
year, he added.

                        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 reported in the Troubled Company Reporter-Latin America on
May 31, 2010, Fitch Ratings has upgraded Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     to 'BB-' from 'B+';


LUPATECH SA: Wins US$779-Million Petrobras Offshore Contracts
-------------------------------------------------------------
Laura Price at Bloomberg News reports that Lupatech SA won two
contracts worth US$779 million to provide offshore services to
Petroleo Brasileiro SA.

According to the report, citing a regulatory filing, the contracts
are valid for five years and can be renewed for a further five
years.

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments: Energy
Products, Flow Control and Metallurgy.  In the Energy Products
segment, the company provides such products as deepwater platform
anchoring ropes, valves, tools for oil exploration and tube
coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA's
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2010, Standard & Poor's Ratings Services lowered its
long-term global scale corporate credit rating on Brazil-based
industrial and oil and gas valves producer Lupatech S.A. to 'B+'
from 'BB-', and its Brazilian national scale rating to 'brBBB+'
from 'brA-', and removed them from CreditWatch negative, where
they were placed with negative implications on Nov. 13, 2009.
At the same time, S&P lowered its rating on the company's
$275 million perpetual notes to 'B-' from 'BB-'.  The outlook is
negative.


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


CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------------------
Chineseworldnet.com Inc. filed on June 3, 2010, its annual report
on Form 20-F for the fiscal year ended December 31, 2009.

Chang Lee LLP, in Vancouver, Canada, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred recurring
losses from inception and requires additional financing for its
intended business operations.

The Company reported a net loss of $402,209 on $906,455 of revenue
for 2009, compared to a net loss of $1,004,835 on $1,011,322 of
revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$1,933,021 in assets, $583,959 of liabilities, and $1,349,062 of
stockholders' equity.

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

               http://researcharchives.com/t/s?6451

Headquartered in the Cayman Islands, Chineseworldnet.com Inc. has
four principal businesses: (1) the Internet financial portal
business, conducted under the ChineseWorldNet.com brand via the
"www.chineseworldnet.com" website; (2) the investor relations and
public relations business, conducted under the NAI500 brand via a
number of media channels including the "www.nai500.com" and
"en.nai500.com" websites, as well as certain other promotional
services; (3) the North America and Greater China cross-border
business partnering conferences business, conducted via the brand
of Global Chinese Financial Forum and its "www.gcff.ca" website;
and (4) the online platform business, conducted under the Rong Zhi
Tong Online brand via the "www.rzto.com" website.


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


ARCOS DORADOS: Shrek Glasses Recall Won't Affect Costa Rica
-----------------------------------------------------------
Arcos Dorados said that the McDonald's Shrek glass recall --
because the paint on the cups contains cadmium, a toxic metal --
will not affect Costa Rica, Inside Costa Rica reports.

The U.S. Consumer Product Safety Commission, in cooperation with
ARC International, of Millville, New Jersey, announced a voluntary
recall of about 12 million "Shrek Forever After 3D" Collectable
Drinking Glasses.  The designs on the glasses contain cadmium.
Long term exposure to cadmium can cause adverse health effects.

According to Inside Costa Rica, although no glasses were sold in
Latin America because the Shrek movie premieres at the end of the
month, they are available in Costa Rica, but not manufactured by
the same process as the glasses sold in the U.S.

The report discloses that Maria Luisa Avila, ministra de Salud,
said that she has not received any warning and the glasses are not
compulsory registration with the Health ministry, but in an
irregular situation, her officials would act and confiscate if
necessary for public health concerns.

                         About Arcos Dorado

Headquartered in Buenos Aires, Argentina, with legal domicile in
the Netherlands, Arcos Dorados is the leading quick service
restaurant operator in Latin America and the Caribbean and
McDonald's largest franchisee globally in terms of system wide
sales and restaurant count.  As of June 30, 2009, the company
indirectly owned and operated or franchised 1,660 McDonald's-
branded restaurants.  For the 12 months ended June 30, 2009, the
company's revenues reached US$2.51 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Moody's Investors Service has assigned a
provisional (P)Ba2 rating  to Arcos Dorados' proposed US$450
million in senior unsecured global notes due in 2019.  At the same
time, Moody's has assigned a provisional (P)Ba2 Corporate Family
rating to Arcos Dorados.  The ratings outlook is stable.


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


* DOMINICAN REPUBLIC: IMF Raises Economic Growth Forecast to 5.5%
-----------------------------------------------------------------
The International Monetary Fund predicted that Dominican
Republic's economy grow will from 5% to 5.5% this year, The
Dominican Today reports.  The report relates that IMF raised its
estimate as part of the second revision of the joint credit pact,
through which will place around US$1.7 billion at the disposal of
the country until 2012, if the government reaches the agreed
objectives.

According to the report, Alejandro Santos, in charge of the
Dominican Republic for the IMF, affirmed that the country has
accomplished the goals set until March, despite delays in the
electrical sector's reform, and that its economic performance has
been "impressive," as evidenced by the 7.5% growth in the first
quarter, compared with the same year ago period.  "Exports and
imports, tax collections and the private credit are expanding at
healthy rates," the report quoted Mr. Santos as saying.

The report notes that the jump has spurred the IMF to raise this
year's growth forecast around two percentage points, after having
placed it at 3.5% in April.

                           *     *     *

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.


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


RED STRIPES: To Make Several Jobs Redundant
-------------------------------------------
Beer Company Red Stripe will complete its consultation with staff,
paving the way for making several positions within the company
redundant by the end of June, Jamaica Gleaner reports.

According to the report, at the end of the review exercise, all
affected employees are to receive redundancy packages, including
outplacement support covering career, financial and psychological
counseling, as well as overall support in dealing with the loss of
employment.  The report relates that the move comes against the
background of declining business, which recorded a 5% drop in
trading profits at the end of its third quarter in March.

"When we look at the general economic and competitive environ-ment
for the coming year and beyond, all indications are that it will
continue to be extremely challenging.  We have to examine our
business model now to stop the performance decline and adjust to
deliver long-term business sustainability," the report quoted Alan
Barnes, managing director of Red Stripe, as saying.

In April 2009, the report recalls, Red Stripe also made similar
changes to its structure, with two senior management positions,
director of marketing and head of corporate relations being made
redundant.


SUGAR COMPANY OF JAMAICA: Eridania Suisse Returns to Sugar Auction
------------------------------------------------------------------
Mark Titus at Jamaica Gleaner reports that Italian firm Eridania
Suisse SA has re-bid for assets owned by the Sugar Company of
Jamaica Holdings Limited.  The report relates that Eridania Suisse
is now among eight potential investors which submitted expressions
of interest for the state assets to the Development Bank of
Jamaica before the May 25 deadline.

As reported in the Troubled Company Reporter-Latin America on
February 25, 2010, RadioJamaica News said that Eridania Suisse
said it is no longer interested in taking over Sugar Company of
Jamaica's factories, Frome, Moneymusk as it is not prepared to
invest over US$100 million to take over the factories because they
cannot produce the required 200,000 tonnes of sugar annually
giving limited returns on investment and a prolonged loan
repayment period.

According to the Gleaner, three local entities are said to have
thrown their hats in the ring.  The report relates Jamaica
Producers Group, which is believed to have set its sights on the
100,000-tonne capacity Frome Sugar Estate in Westmoreland.  The
report notes that the names of the other two local potential
investors were not ascertained.

The report says that international sugar refiner the United
Kingdom-based Tate and Lyle is also showing interest in snatching
up the entities remaining on the auction block.  The report
relates that also in the running are two North American companies,
including renowned papaya farmer, Martha's Best, and a Chinese
firm said to have strong backing from its Government.

SCJ CEO Aubyn Hill, the report discloses, refused to discuss who
the interested parties are, but rubbished the assertion that a
decision had already been taken.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


ALMACENADORA SUR: Moody's Affirms 'B2' Long-Term Issuer Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Almacenadora Sur, S.A. de
C.V.'s long term local currency issuer rating of B2 and its short
term local currency issuer rating of Not Prime.  At the same time,
Moody's de M‚xico affirmed Alsur's long term Mexican National
Scale issuer rating of Ba2.mx and its short term Mexican National
Scale issuer rating of MX-4.  All these ratings maintain stable
outlooks.

The affirmation reflects Alsur's stable financial fundamentals in
light of the major challenges the company has faced due to damage
to major earnings producing silos in 2008.  The Miguel Alem n
silos in Mexico City are expected to be fully operational in the
next three months, restoring the company's core earnings
capabilities during 2010.  A major insurance payment sustained net
income during 2009.

Moody's notes that Alsur continues to exhibit a limited franchise
relative to peers within the general deposit warehousing (almac‚n
general de deposito or AGD) industry in Mexico in terms of total
assets, assets under management, and warehouse capacity.  The
company's limited geographic and product diversification also
continues to constrain Alsur's ratings.

The rating agency noted as credit strengths Alsur's important
synergies with its economic group (Grupo Contri) in the corn and
wheat mill industry.  The economic group offers Alsur a relatively
high turnover of assets under management and is the company's
primary funding source, through common equity.

The last action taken on Alsur's ratings was on April 24, 2006
when Moody's assigned B2/Not Prime long/short term local currency
issuer ratings to the company.  At the same time, Moody's de
M‚xico assigned Alsur long/short term Mexican National Scale
issuer ratings of Ba2.mx/MX-4.

Almacenadora Sur, S.A. de C.V. is headquartered in Mexico City,
Mexico and reported assets under management of MX$3.8 billion,
total assets of MX$548.8 million, shareholders' equity of
MX$434.1 million, and an accumulated net loss of MX$2.2 million as
of March 31, 2010.

These ratings were affirmed with stable outlooks:

* Long term local currency issuer rating of B2
* Short term local currency issuer rating of Not Prime
* Long term Mexican National Scale issuer rating of Ba2.mx
* Short term Mexican National Scale issuer rating of MX-4


BANCA MIFEL: Fitch Downgrades Issuer Default Ratings to 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded Banca Mifel's Issuer Default Ratings
to 'BB-' from 'BB' and has affirmed the bank's other entity
ratings, including its Individual rating at 'C/D' and the
national-scale ratings at 'A-(mex)' and 'F2(mex)'.  Also,
according to Fitch's criteria for hybrid securities, Mifel's
perpetual junior subordinated notes were downgraded to 'B' from
'B+'.  The Rating Outlook is Stable.

The downgrade reflects a relative weakening of Mifel's credit
fundamentals over the past few years, given the confluence of poor
operating profitability, somewhat deteriorating asset quality and
gradually declining capital levels.  This action also considers
the negative impact on leverage, margins, funding mix and borrower
concentrations from the sharp increase in loans and assets during
the past few quarters, although those loans have low credit risk
and may prove strategically important and profitable over time.

The Stable Outlook reflects Fitch's opinion that Mifel could
stabilize and/or somewhat strengthen most of these ratings factors
in the near future, underpinned by a slightly improving operating
environment, an adequate strategic approach and the benefits of a
larger business scale on revenues, cost efficiency and overall
profitability.  However, the key financials are highly unlikely to
be restored, at least in the near future, at levels that Fitch
would consider consistent with other banks rated 'BB'.  Rather,
Fitch considers that Mifel could be able to re-build its credit
fundamentals only partially and gradually, and this path will
remain challenged by the still difficult operating and competitive
environment.  In turn, if the bank is unable to prevent further
deterioration on asset quality and loss absorption capacity
(capital and reserves), downside pressure on the ratings could
eventually arise.

The performance of Mifel has been weak in recent years (although
it is better and relatively more stable at the financial group's
levels), initially driven by expenses from branch network
expansion during 2007-2008, and then by hefty credit costs that
drove to operating losses in 2009 and 1Q'10.  Fitch views
positively the efficiency gains observed in 2009 and 1Q'10
associated to the larger business scale and non-interest cost
control, which might be early signs of better and more sustainable
performance.  Some large borrower concentrations remain, as well
as a high level of related-party lending.  Mifel has access to
ample retail deposits provided by its stable customer base.  These
deposits funded the bank's entire loan portfolio, but asset growth
has somewhat affected the mix among demand/term deposits, as well
as the mix of core deposits/money market funding.  In view of
sustained growth and weak profitability in recent years, capital
ratios have declined at a faster-than-expected pace since the 2007
peak, when it launched an issue of global hybrids with a strong
equity component under Fitch's approach (Class D; 75% equity
credit).

Established in 1993, Mifel is the largest entity of Grupo
Financiero Mifel, which also has factoring, leasing and mutual
fund management companies.  The bank has traditionally targeted
SMEs and medium-sized real estate developers.  As of 1Q'10, Mifel
had 30 branches and its overall market share by loans, assets and
deposits was less than 1%.

The rating actions are:

Mifel

  -- Long-term IDR downgraded to 'BB-' from 'BB';

  -- Short-term IDR affirmed at 'B';

  -- Long-term local currency IDR downgraded to 'BB-' from 'BB';

  -- Short-term local currency IDR affirmed at 'B';

  -- Individual rating affirmed at 'C/D';

  -- Support affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';

  -- US$100m perpetual non-cumulative junior subordinated callable
     notes downgraded to 'B' from 'B+';

  -- National-scale long-term rating affirmed at 'A-(mex)';

  -- National-scale short-term rating affirmed at 'F2(mex)'.

The Rating Outlook is Stable.


CEMEX SAB: Cuts 2010 Ebitda Estimate to US$2.75 Billion
-------------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports that CEMEX, S.A.B.
de C.V. has cut its estimate for full-year 2010 Ebitda as weaker
currencies affect results in dollar terms.  The report relates
Cemex SAB Chairman and Chief Executive Lorenzo Zambrano said that
the company now expects Ebitda to reach US$2.75 billion this year,
up from US$2.65 billion in 2009, but below the company's previous
estimate of US$2.9 billion.

According to the report, the reduction in the estimate is the
result of foreign-exchange effects, as the U.S. dollar has gained
against the euro and the Mexican peso.  The report relates Mr.
Zambrano said that the weaker euro also has advantages for Cemex,
such as a positive effect on debt measured in dollars and making
exports from European countries more competitive.

Mr. Zambrano, Dow Jones Newswires notes, said that free cash flow
after maintenance and capital expenditures is expected to be
US$800 million, down from the previous estimate of US$1 billion
and from US$1.2 billion last year.  The report discloses that
Cemex SAB aims to use US$450 million of the 2010 free cash flow to
reduce debt.

The company, the report says, still expects a 3% rise in
consolidated cement sales volumes, a 1% increase in aggregates
volumes and a small drop in ready-mix concrete volumes.

Dow Jones Newswires notes Cemex SAB said that the weaker euro has
lowered its total debt at current exchange rates by US$550
million, in addition to the US$437 million reduction resulting
from its recent swap of perpetual notes.

Mr. Zambrano, the report relates, said that Cemex is still
overleveraged -- net debt was US$15 billion at the end of March,
equivalent to 5.8 times 12-months trailing Ebitda -- but that the
company faces no liquidity problems in the next two to three
years.  Reducing debt remains a priority, although at the same
time the company is poised to take advantage for the global
recovery, and particularly that of the U.S., he added.

                         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.


HIPOTECARIA SU CASITA: To Propose Plan to Improve Loan Management
-----------------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that Hipotecaria Su
Casita SA said it will present bondholders with a proposal to
improve the administration of the company's loan portfolio.

According to the report, citing an e-mailed statement, the meeting
will be held June 15.

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.


SATMEX SA: Is No Longer in 'Active' Sale Talks
----------------------------------------------
Crayton Harrison at Bloomberg News reports that Satelites
Mexicanos, S.A. de C.V.  is no longer in "active negotiations" to
sell the company.

According to the report, because the company hasn't reached a sale
agreement, its interest rates increased as part of an agreement
with "first priority" debtholders.

As reported in the Troubled Company reporter-Latin America on
May 25, 2010, Poder360 said that the Mexican government may sell
Stamex SAB to MVS Comunicaciones and its partner EchoStar.
According to the report, Mexico Communications and Transportation
Secretary Juan Molinar Horacasitas said that the sale of the
company to MVS Comunicaciones and its U.S. partner, Echostar
Satellite Services, could be finalized soon.  The report related
that the negotiations hinge upon the price of the sale. Poder360
said that in the first instance the deal was set at US$347
million, and later at US$374 million.

                         About Satmex SAB

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America.  Satmex's fleet offers
hemispheric and regional coverage throughout the Americas.

                           *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


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


SCOTIABANK PERU: Fitch Changes Outlook on Ratings to Positive
-------------------------------------------------------------
Following the review of Peru's Rating Outlook to Positive from
Stable, Fitch Ratings has revised the Outlook for Scotiabank
Peru's ratings to Positive from Stable.

Fitch's Sovereign group has recently revised Peru's Outlook to
Positive, reflecting a resumption of its healthy growth
trajectory, which is underpinned by the sovereign's disciplined
macroeconomic policies and should contribute to further
improvement of the sovereign's fiscal and external indicators (for
more information please refer to the press release dated June 2,
2010).

Should Peru's sovereign ratings be upgraded, the country ceiling
would also move up thus allowing SBP's foreign currency Issuer
Default Rating to be upgraded by one notch.

SBP's IDRs reflect the support it would likely receive from its
parent, the Bank of Nova Scotia (BNS, rated 'AA-'), should it be
required.  The foreign currency IDR is constrained by Peru's
country ceiling.

Fitch rates SBP:

  -- Foreign currency long-term IDR 'BBB';
  -- Foreign currency short-term IDR 'F2';
  -- Local currency long-term IDR 'BBB+';
  -- Local currency short-term IDR 'F2';
  -- Individual rating 'C/D';
  -- Support rating '2'.

The Rating Outlook is Positive.

SBP is Peru's third largest bank with a market share of about 16%
of the system's assets.  The bank was created in 2006 from the
merger of Banco Sudamericano and Banco Wiese Sudameris.  A
universal bank active across all segments, SBP is owned at 97.7%
by BNS (Canada's third largest bank), which is in turn widely
held.


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


FIRSTBANK PUERTO: Moody's Downgrades Bank Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of FirstBank
Puerto Rico (bank financial strength to E+ from D-, long-term
deposits to B2 from Ba3, senior unsecured to B3 from B1).
Following the downgrade, FirstBank's ratings remain under review
for possible downgrade.  FirstBank is the primary operating
subsidiary of First BanCorp, which is unrated.

Moody's rating action follows the announcement that FirstBank has
agreed to a Consent Order with the FDIC and the Office of the
Commissioner of Financial Institutions of Puerto Rico, and that
First Bancorp has agreed to enter into a written agreement with
the Federal Reserve Bank of New York.  Pursuant to the Agreements,
FirstBank and First Bancorp have agreed to address various
matters, including the development and adoption of a plan to
maintain certain capital levels and the reduction of nonperforming
and classified assets.

Moody's said the downgrade reflects its view that without either a
significant capital infusion or other management initiatives that
would result in the reduction of problem assets as a percentage of
Tier 1 plus loan loss reserves, FirstBank's capital and/or asset
quality metrics will breach the minimum requirements set forth
under the Agreements.  In Moody's view, FirstBank will continue to
incur sizable credit costs in its commercial real estate and C&I
portfolios, reflecting the weak economic conditions in Puerto Rico
and South Florida.  Elevated credit costs, combined with
FirstBank's inability to recognize tax benefits on those losses
due to the valuation allowance against its deferred tax asset,
will continue to weaken capital ratios, in Moody's view.

The FDIC is requiring the bank to achieve Tier 1 leverage, Tier 1
risk-based and Total risk-based capital of 8%, 10% and 12%,
respectively.  FirstBank reported Tier 1 leverage, Tier 1 risk-
based capital, and Total risk-based capital ratios of 8.01%,
11.41%, and 12.70%, respectively, at March 31, 2010.  The company
is working to further strengthen its capital position by
converting into common stock the $400 million of TARP preferred
stock, raising $500 million of equity, and issuing shares of
common stock in exchange for its non-cumulative preferred shares.
The rating agency said that these initiatives will be challenging
to complete.  Likewise, while at the end of the first quarter
FirstBank was in compliance with the regulatory directive that
classified plus special mention assets not exceed 100% of Tier 1
risk-based capital plus reserves, the company is working to reduce
nonperforming and classified assets that have negatively impacted
FirstBank's financial condition and performance.

The rating agency's review will focus on FirstBank's ability to
raise capital and reduce its level of problem assets.

Moody's notes that the FDIC granted FirstBank a temporary waiver
to enable it to continue accessing the brokered deposit market,
which is important for the bank since brokered deposits comprise
approximately 57% of total deposits.  In the event that the waiver
were not to be extended in the future, this would likely cause
significant strain on the bank's liquidity position, and result in
downward rating pressure.

The last rating action was on November 3, 2009, when Moody's
downgraded the bank's financial strength rating two notches, to D-
from D+.

Issuer: FirstBank Puerto Rico

Downgrades:

  -- Bank Financial Strength Rating, Downgraded to E+ from D-

  -- Issuer Rating, Downgraded to B3 from B1

  -- OSO Senior Unsecured OSO Rating, Downgraded to B3 from B1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     from B1

  -- Senior Unsecured Deposit Rating, Downgraded to B2 from Ba3

Outlook Actions:

  -- Outlook, Changed To Rating Under Review From Negative


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


PETROTRIN: Workers Call on Chairman to Resign
---------------------------------------------
PETROTRIN workers picketed the residence of company chairman
Malcolm Jones demanding his immediate resignation, Trinidad
Express reports.  The report relates some 30 Petrotrin workers
accompanied by defeated People's Partnership candidate and Trinmar
OWTU branch president, Ernesto Kesar, stood outside Mr. Jones's
McLelland Street shouting for him to resign.

"We went to the house of [Mr.] Jones to call on him to resign.
Petrotrin workers have been suffering under the tyranny of the
present board of management. Jones and his board members have
refused to resign. We are fed up of mismanagement, the losses, the
lawsuits, drop in production.  We also heard they were planning to
retrench 2,500 workers," the report quoted Mr. Kesar as saying.

According to the report, candidates Errol McLeod and Carolyn
Seepersad-Bachan alleged corruption at Petrotrin and promised to
investigate.  The report notes that Mr. McLeod has since been
sworn in as the Minister of Labour and Ms. Seepersad-Bachan as the
Minister of Energy.

The report notes that the workers' actions were endorsed by OWTU
president Ancel Roget who said "(they) are entitled to do so
(picket) under the law. I agree that Jones should resign.  It is
the view of the OWTU that he is responsible for the near collapse
of Petrotrin.  We believe he should demit office and allow for a
proper forensic audit to determine any wrongdoing and who is
culpable."


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                   Total
                                    Total   Shareholders
                                    Assets        Equity
Company             Ticker         (US$MM)       (US$MM)
-------             ------       ------------    -------


ARGENTINA

AUTOPISTAS SOL      APDSF US        358937631    -3636032
AUTOPISTAS SOL      AUSO AR         358937631    -3636032
COMERCIAL PLA-BL    COMEB AR        135360486   -2.51E+08
COMERCIAL PL-ADR    SCPDS LI        135360486   -2.51E+08
COMERCIAL PLAT-$    COMED AR        135360486   -2.51E+08
COMERCIAL PL-C/E    COMEC AR        135360486   -2.51E+08
IMPSAT FIBER NET    IMPTQ US        535007008   -17165000
IMPSAT FIBER NET    330902Q GR      535007008   -17165000
IMPSAT FIBER NET    XIMPT SM        535007008   -17165000
IMPSAT FIBER-$US    IMPTD AR        535007008   -17165000
IMPSAT FIBER-BLK    IMPTB AR        535007008   -17165000
IMPSAT FIBER-C/E    IMPTC AR        535007008   -17165000
IMPSAT FIBER-CED    IMPT AR         535007008   -17165000
SNIAFA SA           SNIA AR          11229696    -2670545
SNIAFA SA-B         SDAGF US         11229696    -2670545
SNIAFA SA-B         SNIA5 AR         11229696    -2670545
SOC COMERCIAL PL    SCDPF US        135360486   -2.51E+08
SOC COMERCIAL PL    CAD IX          135360486   -2.51E+08
SOC COMERCIAL PL    CVVIF US        135360486   -2.51E+08
SOC COMERCIAL PL    CADN EO         135360486   -2.51E+08
SOC COMERCIAL PL    COME AR         135360486   -2.51E+08
SOC COMERCIAL PL    CADN SW         135360486   -2.51E+08


BRAZIL

ACO ALTONA          EALT3 BZ         80346370   -11622480
ACO ALTONA SA       EAAON BZ         80346370   -11622480
ACO ALTONA-PREF     EALT4 BZ         80346370   -11622480
ACO ALTONA-PREF     EAAPN BZ         80346370   -11622480
ARTHUR LAN-DVD C    ARLA11 BZ        11642256   -17154462
ARTHUR LAN-DVD P    ARLA12 BZ        11642256   -17154462
ARTHUR LANGE        ARLA3 BZ         11642256   -17154462
ARTHUR LANGE SA     ALICON BZ        11642256   -17154462
ARTHUR LANGE-PRF    ARLA4 BZ         11642256   -17154462
ARTHUR LANGE-PRF    ALICPN BZ        11642256   -17154462
ARTHUR LANG-RC C    ARLA9 BZ         11642256   -17154462
ARTHUR LANG-RC P    ARLA10 BZ        11642256   -17154462
ARTHUR LANG-RT C    ARLA1 BZ         11642256   -17154462
ARTHUR LANG-RT P    ARLA2 BZ         11642256   -17154462
BALADARE            BLDR3 BZ        144928981   -33970463
BOMBRIL             BMBBF US        292257859   -1.16E+08
BOMBRIL             BOBR3 BZ        292257859   -1.16E+08
BOMBRIL CIRIO SA    BOBRON BZ       292257859   -1.16E+08
BOMBRIL CIRIO-PF    BOBRPN BZ       292257859   -1.16E+08
BOMBRIL SA-ADR      BMBPY US        292257859   -1.16E+08
BOMBRIL SA-ADR      BMBBY US        292257859   -1.16E+08
BOMBRIL-PREF        BOBR4 BZ        292257859   -1.16E+08
BOMBRIL-RGTS PRE    BOBR2 BZ        292257859   -1.16E+08
BOMBRIL-RIGHTS      BOBR1 BZ        292257859   -1.16E+08
BOTUCATU TEXTIL     STRP3 BZ         35101567   -13482714
BOTUCATU-PREF       STRP4 BZ         35101567   -13482714
CAF BRASILIA        CAFE3 BZ         18540302    -7.9E+08
CAF BRASILIA-PRF    CAFE4 BZ         18540302    -7.9E+08
CAFE BRASILIA SA    CSBRON BZ        18540302    -7.9E+08
CAFE BRASILIA-PR    CSBRPN BZ        18540302    -7.9E+08
CHIARELLI SA        CCHI3 BZ         22274027   -44537138
CHIARELLI SA        CCHON BZ         22274027   -44537138
CHIARELLI SA-PRF    CCHI4 BZ         22274027   -44537138
CHIARELLI SA-PRF    CCHPN BZ         22274027   -44537138
CIA PETROLIFERA     MRLM3 BZ        377602195    -3014292
CIA PETROLIFERA     MRLM3B BZ       377602195    -3014292
CIA PETROLIFERA     1CPMON BZ       377602195    -3014292
CIA PETROLIF-PRF    MRLM4 BZ        377602195    -3014292
CIA PETROLIF-PRF    MRLM4B BZ       377602195    -3014292
CIA PETROLIF-PRF    1CPMPN BZ       377602195    -3014292
CIMOB PARTIC SA     GAFP3 BZ         36817395   -33083087
CIMOB PARTIC SA     GAFON BZ         36817395   -33083087
CIMOB PART-PREF     GAFP4 BZ         36817395   -33083087
CIMOB PART-PREF     GAFPN BZ         36817395   -33083087
D H B               DHBI3 BZ        133817651   -4.43E+08
D H B-PREF          DHBI4 BZ        133817651   -4.43E+08
DHB IND E COM       DHBON BZ        133817651   -4.43E+08
DHB IND E COM-PR    DHBPN BZ        133817651   -4.43E+08
DOC IMBITUBA        IMBI3 BZ         94039192   -39398915
DOC IMBITUBA-RTC    IMBI1 BZ         94039192   -39398915
DOC IMBITUBA-RTP    IMBI2 BZ         94039192   -39398915
DOC IMBITUB-PREF    IMBI4 BZ         94039192   -39398915
DOCA INVESTIMENT    DOCA3 BZ        319046939   -1.19E+08
DOCA INVESTI-PFD    DOCA4 BZ        319046939   -1.19E+08
DOCAS IMBITUBA      IMBION BZ        94039192   -39398915
DOCAS IMBITUB-PR    IMBIPN BZ        94039192   -39398915
DOCAS SA            DOCAON BZ       319046939   -1.19E+08
DOCAS SA-PREF       DOCAPN BZ       319046939   -1.19E+08
DOCAS SA-RTS PRF    DOCA2 BZ        319046939   -1.19E+08
ESTRELA SA          ESTR3 BZ         61011894   -54580284
ESTRELA SA          ESTRON BZ        61011894   -54580284
ESTRELA SA-PREF     ESTR4 BZ         61011894   -54580284
ESTRELA SA-PREF     ESTRPN BZ        61011894   -54580284
FABRICA RENAUX      FTRX3 BZ         63036915   -59781833
FABRICA RENAUX      FRNXON BZ        63036915   -59781833
FABRICA RENAUX-P    FTRX4 BZ         63036915   -59781833
FABRICA RENAUX-P    FRNXPN BZ        63036915   -59781833
FABRICA TECID-RT    FTRX1 BZ         63036915   -59781833
FER C ATLANT        VSPT3 BZ         1.19E+09   -50468105
FER C ATLANT-PRF    VSPT4 BZ         1.19E+09   -50468105
FER C ATL-RCT CM    VSPT9 BZ         1.19E+09   -50468105
FER C ATL-RCT PF    VSPT10 BZ        1.19E+09   -50468105
FER HAGA-PREF       HAGA4 BZ         17657785   -62285757
FERRAGENS HAGA      HAGAON BZ        17657785   -62285757
FERRAGENS HAGA-P    HAGAPN BZ        17657785   -62285757
FERROVIA CEN-DVD    VSPT11 BZ        1.19E+09   -50468105
FERROVIA CEN-DVD    VSPT12 BZ        1.19E+09   -50468105
GAZOLA              GAZO3 BZ         12452143   -40298506
GAZOLA SA           GAZON BZ         12452143   -40298506
GAZOLA SA-DVD CM    GAZO11 BZ        12452143   -40298506
GAZOLA SA-DVD PF    GAZO12 BZ        12452143   -40298506
GAZOLA SA-PREF      GAZPN BZ         12452143   -40298506
GAZOLA-PREF         GAZO4 BZ         12452143   -40298506
GAZOLA-RCPT PREF    GAZO10 BZ        12452143   -40298506
GAZOLA-RCPTS CMN    GAZO9 BZ         12452143   -40298506
GRADIENTE ELETR     IGBON BZ        145256033   -2.74E+08
GRADIENTE EL-PRA    IGBAN BZ        145256033   -2.74E+08
GRADIENTE EL-PRB    IGBBN BZ        145256033   -2.74E+08
GRADIENTE EL-PRC    IGBCN BZ        145256033   -2.74E+08
GRADIENTE-PREF A    IGBR5 BZ        145256033   -2.74E+08
GRADIENTE-PREF B    IGBR6 BZ        145256033   -2.74E+08
GRADIENTE-PREF C    IGBR7 BZ        145256033   -2.74E+08
HAGA                HAGA3 BZ         17657785   -62285757
HERCULES            HETA3 BZ         11597352   -1.69E+08
HERCULES SA         HERTON BZ        11597352   -1.69E+08
HERCULES SA-PREF    HERTPN BZ        11597352   -1.69E+08
HERCULES-PREF       HETA4 BZ         11597352   -1.69E+08
HOTEIS OTHON SA     HOOT3 BZ        238707299   -35774973
HOTEIS OTHON SA     HOTHON BZ       238707299   -35774973
HOTEIS OTHON-PRF    HOOT4 BZ        238707299   -35774973
HOTEIS OTHON-PRF    HOTHPN BZ       238707299   -35774973
IGB ELETRONICA      IGBR3 BZ        145256033   -2.74E+08
LAEP INVESTMENTS    LEAP LX         446499199   -70952299
LAEP-BDR            MILK11 BZ       446499199   -70952299
MINUPAR             MNPR3 BZ         63223032   -58260846
MINUPAR SA          MNPRON BZ        63223032   -58260846
MINUPAR SA-PREF     MNPRPN BZ        63223032   -58260846
MINUPAR-PREF        MNPR4 BZ         63223032   -58260846
NORDON MET          NORD3 BZ         15427479   -20563974
NORDON METAL        NORDON BZ        15427479   -20563974
NORDON MET-RTS      NORD1 BZ         15427479   -20563974
NOVA AMERICA SA     NOVA3 BZ         21287489   -1.84E+08
NOVA AMERICA SA     NOVA3B BZ        21287489   -1.84E+08
NOVA AMERICA SA     NOVAON BZ        21287489   -1.84E+08
NOVA AMERICA SA     1NOVON BZ        21287489   -1.84E+08
NOVA AMERICA-PRF    NOVA4 BZ         21287489   -1.84E+08
NOVA AMERICA-PRF    NOVA4B BZ        21287489   -1.84E+08
NOVA AMERICA-PRF    NOVAPN BZ        21287489   -1.84E+08
NOVA AMERICA-PRF    1NOVPN BZ        21287489   -1.84E+08
PARMALAT            LCSA3 BZ        388720052   -2.14E+08
PARMALAT BRASIL     LCSAON BZ       388720052   -2.14E+08
PARMALAT BRAS-PF    LCSAPN BZ       388720052   -2.14E+08
PARMALAT BR-RT C    LCSA5 BZ        388720052   -2.14E+08
PARMALAT BR-RT P    LCSA6 BZ        388720052   -2.14E+08
PARMALAT-PREF       LCSA4 BZ        388720052   -2.14E+08
PET MANG-RECEIPT    RPMG9 BZ        111979912   -1.35E+08
PET MANG-RECEIPT    RPMG10 BZ       111979912   -1.35E+08
PET MANG-RIGHTS     RPMG1 BZ        111979912   -1.35E+08
PET MANG-RIGHTS     RPMG2 BZ        111979912   -1.35E+08
PET MANGUINH-PRF    RPMG4 BZ        111979912   -1.35E+08
PETRO MANGUINHOS    RPMG3 BZ        111979912   -1.35E+08
PETRO MANGUINHOS    MANGON BZ       111979912   -1.35E+08
PETRO MANGUIN-PF    MANGPN BZ       111979912   -1.35E+08
PROMAN              PRMN3B BZ        13486223   -113662.5
PROMAN              PRMN3 BZ         13486223   -113662.5
RENAUXVIEW SA       TXRX3 BZ         63634626   -91597740
RENAUXVIEW SA-PF    TXRX4 BZ         63634626   -91597740
RIMET               REEM3 BZ         63757622   -1.07E+08
RIMET               REEMON BZ        63757622   -1.07E+08
RIMET-PREF          REEM4 BZ         63757622   -1.07E+08
RIMET-PREF          REEMPN BZ        63757622   -1.07E+08
RIOSULENSE SA       RSUL3 BZ         61902902   -11292933
RIOSULENSE SA       RSULON BZ        61902902   -11292933
RIOSULENSE SA-PR    RSUL4 BZ         61902902   -11292933
RIOSULENSE SA-PR    RSULPN BZ        61902902   -11292933
SANESALTO           SNST3 BZ         28244078   -875835.8
SANSUY              SNSY3 BZ        147187163   -86606311
SANSUY SA           SNSYON BZ       147187163   -86606311
SANSUY SA-PREF A    SNSYAN BZ       147187163   -86606311
SANSUY SA-PREF B    SNSYBN BZ       147187163   -86606311
SANSUY-PREF A       SNSY5 BZ        147187163   -86606311
SANSUY-PREF B       SNSY6 BZ        147187163   -86606311
SAUIPE              PSEG3 BZ         10045350    -7741102
SAUIPE SA           PSEGON BZ        10045350    -7741102
SAUIPE SA-PREF      PSEGPN BZ        10045350    -7741102
SAUIPE-PREF         PSEG4 BZ         10045350    -7741102
SCHLOSSER           SCLO3 BZ         13140656   -56631899
SCHLOSSER SA        SCHON BZ         13140656   -56631899
SCHLOSSER SA-PRF    SCHPN BZ         13140656   -56631899
SCHLOSSER-PREF      SCLO4 BZ         13140656   -56631899
STAROUP SA          STARON BZ        35101567   -13482714
STAROUP SA-PREF     STARPN BZ        35101567   -13482714
STEEL DO BRASIL     STLB3 BZ         24189041    -2271641
TECEL S JOSE        SJOS3 BZ         17924946   -18569451
TECEL S JOSE        FTSJON BZ        17924946   -18569451
TECEL S JOSE-PRF    SJOS4 BZ         17924946   -18569451
TECEL S JOSE-PRF    FTSJPN BZ        17924946   -18569451
TEKA                TKTQF US        237346006   -3.38E+08
TEKA                TEKA3 BZ        237346006   -3.38E+08
TEKA                TEKAON BZ       237346006   -3.38E+08
TEKA-ADR            TEKAY US        237346006   -3.38E+08
TEKA-ADR            TKTPY US        237346006   -3.38E+08
TEKA-ADR            TKTQY US        237346006   -3.38E+08
TEKA-PREF           TKTPF US        237346006   -3.38E+08
TEKA-PREF           TEKA4 BZ        237346006   -3.38E+08
TEKA-PREF           TEKAPN BZ       237346006   -3.38E+08
TELEBRAS SA         TELB3 BZ        244857050   -14105542
TELEBRAS SA         TLBRON BZ       244857050   -14105542
TELEBRAS SA         TBASF US        244857050   -14105542
TELEBRAS SA-PREF    TELB4 BZ        244857050   -14105542
TELEBRAS SA-PREF    TLBRPN BZ       244857050   -14105542
TELEBRAS SA-RT      TELB9 BZ        244857050   -14105542
TELEBRAS/W-I-ADR    TBH-W US        244857050   -14105542
TELEBRAS-ADR        TBAPY US        244857050   -14105542
TELEBRAS-ADR        TBRAY GR        244857050   -14105542
TELEBRAS-ADR        TBH US          244857050   -14105542
TELEBRAS-ADR        TBX GR          244857050   -14105542
TELEBRAS-ADR        RTB US          244857050   -14105542
TELEBRAS-ADR        TBASY US        244857050   -14105542
TELEBRAS-BLOCK      TELB30 BZ       244857050   -14105542
TELEBRAS-CED C/E    RCT4C AR        244857050   -14105542
TELEBRAS-CED C/E    TEL4C AR        244857050   -14105542
TELEBRAS-CEDE BL    RCT4B AR        244857050   -14105542
TELEBRAS-CEDE PF    RCTB4 AR        244857050   -14105542
TELEBRAS-CEDE PF    TELB4 AR        244857050   -14105542
TELEBRAS-CEDEA $    RCT4D AR        244857050   -14105542
TELEBRAS-CEDEA $    TEL4D AR        244857050   -14105542
TELEBRAS-CM RCPT    RCTB31 BZ       244857050   -14105542
TELEBRAS-CM RCPT    TELE31 BZ       244857050   -14105542
TELEBRAS-CM RCPT    TBRTF US        244857050   -14105542
TELEBRAS-CM RCPT    RCTB32 BZ       244857050   -14105542
TELEBRAS-CM RCPT    RCTB30 BZ       244857050   -14105542
TELEBRAS-COM RT     TELB1 BZ        244857050   -14105542
TELEBRAS-PF BLCK    TELB40 BZ       244857050   -14105542
TELEBRAS-PF RCPT    CBRZF US        244857050   -14105542
TELEBRAS-PF RCPT    RCTB41 BZ       244857050   -14105542
TELEBRAS-PF RCPT    TELE41 BZ       244857050   -14105542
TELEBRAS-PF RCPT    RCTB42 BZ       244857050   -14105542
TELEBRAS-PF RCPT    RCTB40 BZ       244857050   -14105542
TELEBRAS-PF RCPT    TBAPF US        244857050   -14105542
TELEBRAS-PF RCPT    TLBRUP BZ       244857050   -14105542
TELEBRAS-RCT        RCTB33 BZ       244857050   -14105542
TELEBRAS-RCT PRF    TELB10 BZ       244857050   -14105542
TELEBRAS-RECEIPT    TLBRUO BZ       244857050   -14105542
TELEBRAS-RTS CMN    RCTB1 BZ        244857050   -14105542
TELEBRAS-RTS CMN    TCLP1 BZ        244857050   -14105542
TELEBRAS-RTS PRF    RCTB2 BZ        244857050   -14105542
TELEBRAS-RTS PRF    TLCP2 BZ        244857050   -14105542
TELECOMUNICA-ADR    81370Z BZ       244857050   -14105542
TEXTEIS RENA-RCT    TXRX9 BZ         63634626   -91597740
TEXTEIS RENA-RCT    TXRX10 BZ        63634626   -91597740
TEXTEIS RENAU-RT    TXRX1 BZ         63634626   -91597740
TEXTEIS RENAU-RT    TXRX2 BZ         63634626   -91597740
TEXTEIS RENAUX      RENXON BZ        63634626   -91597740
TEXTEIS RENAUX      RENXPN BZ        63634626   -91597740
VARIG PART EM SE    VPSC3 BZ         96617351    -4.6E+08
VARIG PART EM TR    VPTA3 BZ         49432124   -3.99E+08
VARIG PART EM-PR    VPTA4 BZ         49432124   -3.99E+08
VARIG PART EM-PR    VPSC4 BZ         96617351    -4.6E+08
VARIG SA            VAGV3 BZ        966298026    -4.7E+09
VARIG SA            VARGON BZ       966298026    -4.7E+09
VARIG SA-PREF       VAGV4 BZ        966298026    -4.7E+09
VARIG SA-PREF       VARGPN BZ       966298026    -4.7E+09
WETZEL SA           MWET3 BZ         84310496    -7570637
WETZEL SA           MWELON BZ        84310496    -7570637
WETZEL SA-PREF      MWET4 BZ         84310496    -7570637
WETZEL SA-PREF      MWELPN BZ        84310496    -7570637
WIEST               WISA3 BZ         39838114   -93371563
WIEST SA            WISAON BZ        39838114   -93371563
WIEST SA-PREF       WISAPN BZ        39838114   -93371563
WIEST-PREF          WISA4 BZ         39838114   -93371563

CHILE

CHILESAT CO-ADR     TL US           506644999   -60450603
CHILESAT CORP SA    TELEX CI        506644999   -60450603
CHILESAT CO-RTS     CHISATOS CI     506644999   -60450603
TELEX-A             TELEXA CI       506644999   -60450603
TELEX-RTS           TELEXO CI       506644999   -60450603
TELMEX CORP SA      CHILESAT CI     506644999   -60450603


                            ***********

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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