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

              Thursday, June 10, 2010, Vol. 11, No. 113

                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: IMF OKs 3-Yr US$117.8MM Stand-By Arrangement


A R G E N T I N A

INDUSTRIAS METALURGICAS: Fitch Lifts Issuer Default Rating to 'B+'
EMPRESA DISTRIBUIDORA: Fitch Assigns 'B-' Issuer Default Ratings
EMPRESA DISTRIBUIDORA: Fitch Puts Issuer Default Rating at 'B-'
LAVATEL SA: Creditors' Proofs of Debt Due on August 12
PAMPEANA INVERSORA: Creditors' Proofs of Debt Due on August 12

* ARGENTINA: Cordoba Province Plans to Sell Bonds


B E R M U D A

VALIDUS HOLDINGS: Posts Modified Dutch Tender Offer Results


B R A Z I L

ARANTES ALIMENTOS: Bankruptcy Filing Cues Fitch to Withdraw Rating
JBS SA: Exports Will Rise 10% This Year, CEO Says
TAM SA: Bonds Rally as Air Travel Offsets Rating Cuts


C A Y M A N  I S L A N D S

ADF CAPITAL: Creditors' Proofs of Debt Due on July 12
ASIA PACIFIC: Creditors' Proofs of Debt Due on July 8
BEAUTY CHINA: Court Enters Wind-Up Order
BLUEWATER EQUITY: Creditors' Proofs of Debt Due on June 23
BLUEWATER FUNDS: Creditors' Proofs of Debt Due on June 23

CONOCOPHILLIPS BARENTS: Creditors' Proofs of Debt Due on July 7
CONOCOPHILLIPS LIBYA: Creditors' Proofs of Debt Due on July 7
EQRAINE LIMITED: Creditors' Proofs of Debt Due on July 7
GE ASIA: Creditors' Proofs of Debt Due on July 8
HAMAN TRADING: Creditors' Proofs of Debt Due on July 7

HELVETIA ASSET: Commences Wind-Up Proceedings
HELVETIA INVESTMENT: Commences Wind-Up Proceedings
LONGACRE SPECIAL: Creditors' Proofs of Debt Due on June 23
ORACLE GLOBAL: Creditors' Proofs of Debt Due on June 29
PANDENA INVESTMENT: Creditors' Proofs of Debt Due on July 7

PHILLIPS DEEPWATER: Creditors' Proofs of Debt Due on July 7
PORTREE LIMITED: Commences Wind-Up Proceedings
SPIRIT MACRO: Creditors' Proofs of Debt Due on June 28
SPIRIT ASIA: Creditors' Proofs of Debt Due on June 28
TE ACLLP: Creditors' Proofs of Debt Due on July 7


J A M A I C A

JPSCO: Jamaicans Balk at Request for Rate Increase


M E X I C O

CHRYSLER GROUP: Increases Build Up in Mexico to Cut Costs
FORD MOTORS: Increases Build Up in Mexico to Cut Costs
GENERAL MOTORS: Increases Build Up in Mexico to Cut Costs
GRUPO MEXICO: Cananea Mine Could Open in 6Mo, Labor Ministry Says


P U E R T O  R I C O

FIRST BANCORP PUERTO RICO: Slapped With Enforcement Action
FIRSTBANK PUERTO RICO: S&P Lowers Counterparty Rating to 'CCC+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


* ANTIGUA & BARBUDA: IMF OKs 3-Yr US$117.8MM Stand-By Arrangement
-----------------------------------------------------------------
The Executive Board of the International Monetary Fund has
approved a three-year Stand-By Arrangement for an amount
equivalent to SDR81 million (about US$117.8 million) with Antigua
and Barbuda.  The arrangement will support the authorities'
efforts to restore fiscal and debt sustainability and set the
stage for a sustained recovery.

Antigua and Barbuda's tourism-dependent economy has been severely
impacted by the global economic and financial crisis.  Falling
tourism and foreign direct investment (FDI)-related construction
activities have triggered the worst recession in decades and
contributed to a sharp decline in government revenue.  This has
aggravated an already unsustainable fiscal position resulting from
longstanding fiscal imbalances and accumulation of a large stock
of arrears to domestic and external creditors.

Following the Board's decision, a sum equivalent to SDR 16.875
million (about US$24.5 million) is available for immediate
disbursement.  The three-year SBA arrangement represents 600% of
Antigua and Barbuda's SDR 13.50 million IMF quota. Antigua and
Barbuda joined the Fund in February 1982.

Following the Executive Board's discussion of Antigua and Barbuda,
Mr. Murilo Portugal, Deputy Managing Director and Acting Chair,
made the following statement:

"The Antiguan economy has been severely impacted by large
exogenous shocks to tourism receipts, FDI inflows, and
remittances.  These shocks have led to a marked decline in
economic activity, weakened the balance of payments, and
exacerbated an unsustainable fiscal position.

"The government has formulated a comprehensive policy framework
for restoring fiscal and debt sustainability which is supported by
the IMF.  The three-pronged approach comprises front-loaded
adjustment measures, debt restructuring, and structural reforms to
further strengthen the fiscal position, address financial sector
vulnerabilities, and foster growth.  The substantial measures
already taken by authorities target a primary surplus of 3% of GDP
following a primary deficit of 11-1/2% last year.

"Over the medium term, structural reforms will play a central role
in the authorities' efforts to further strengthen the fiscal
position and balance the budget by 2012.  These include the much
needed strengthening of revenue collection agencies, public
financial management reforms and improvements in the efficiency of
public spending.  Notwithstanding the strength of fiscal
adjustment, the comprehensive public debt restructuring sought by
the authorities is critical to achieving debt sustainability.

"The program also aims to rebuild international reserves to
prudent levels and safeguard the stability of the payments system.
To this end, the program includes measures to contain the risks to
the financial system by bolstering supervision, including
enhancing onsite inspection to detect and address the fragilities
of domestic banks.  The authorities will also put in place an
effective regulatory framework for offshore financial services and
nonbank financial institutions.

"The authorities' comprehensive and bold strategy merits strong
support of the international community.  While subject to
considerable risks, if fully implemented, the program will provide
a framework for the needed adjustment and financing, placing
Antigua and Barbuda's economy back on a path of macroeconomic
stability and sustained economic growth."

                    Recent Economic Developments

Antigua and Barbuda's economy contracted by 7% in 2009,
experiencing its worst recession in decades.  The global slowdown
has severely affected Antigua and Barbuda's economy through its
impact on tourist arrivals, FDI inflows and remittances, and
fiscal revenue.  The recession and associated fiscal crisis
coincides with already weak public finances and mounting problems
in the financial sector, including the collapse of the Stanford
Group and the Trinidad-based CL Financial Group.

Following many years of accumulation of arrears to domestic and
external creditors, the fiscal situation turned critical in 2009
as the recession led to a 20% decline in tax revenue.  The overall
fiscal deficit widened from 6 percent of GDP in 2008 to about 19%
in 2009, public debt increased to 115% and the total stock of
arrears rose to about 53% of GDP, or 45% of the outstanding public
debt.


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


INDUSTRIAS METALURGICAS: Fitch Lifts Issuer Default Rating to 'B+'
------------------------------------------------------------------
Fitch Ratings has upgraded Industrias Metalurgicas Pescarmona's
Issuer Default Ratings and debt ratings:

  -- Foreign currency IDR to 'B+' from 'B';

  -- Local currency IDR to 'B+' from 'B';

  -- US$225 million senior unsecured notes due 2014 to 'B+/RR4'
     from 'B/RR4';

  -- National Scale IDR to 'AA-(arg)' from 'A(arg)'.

The Rating Outlook is Stable.

The upgrades reflect the improvement of IMPSA's long-term business
fundamentals due to the development of its operations in Brazil
and the sustained global demand for hydro and wind power
generating equipment.  The ratings also incorporate IMPSA's
sizeable backlog, which provides some certainty to the company's
cash generation over the medium term.  Balanced against these
strengths are the company's high leverage, aggressive capital
expenditure program and its dependence on a few large projects in
developing countries.  A sudden downturn in its key markets would
negatively impact IMPSA's ability to develop new projects.

Fitch expects revenues and EBITDA from Brazil to represent more
than 65% of IMPSA's consolidated figures from fiscal 2011 onwards.
The growth of the company's business in Brazil has reduced IMPSA's
exposure to more volatile markets such as Argentina and has
increased the company's access to multiple funding sources.  This
has reduced concerns about IMPSA's need to finance its working
capital needs in Argentina should that market deteriorate and has
resulted in the company's foreign currency ratings exceeding
Fitch's 'B' country ceiling rating for Argentina.

IMPSA had $576 million of total debt and $62 million of cash and
marketable securities as of Jan. 31, 2010.  Of the company's total
debt, $138 million was structured without legal recourse to the
company as project finance debt for a wind farm in Brazil (Ceara).
This debt was funded through a 12-year loan from Brazil's
development bank, Caixa Economica Federal.

During the fiscal year ended Jan. 31, 2010, the company generated
$102 million of EBITDA, as defined by Fitch as funds generated by
the hydro and wind divisions plus dividends associated with
operating wind farms.

Fitch expects IMPSA's EBITDA to grow to $160 million during the
fiscal year ending Jan. 31, 2011.  The company's free cash flow
(FCF) is anticipated to remain negative during 2010 due to growth,
and cash deficits are expected to be mostly financed with non-
recourse project financing.  For the fiscal year ended in January
2011, Fitch expects IMPSA's total debt with recourse to increase
to approximately $450 million from $438 million.  Nevertheless,
the rapid growth of EBITDA should lower the company's leverage
ratio, measured as total debt/EBITDA, to 3.5 times from 4.3x as of
January 2010.

IMPSA's ultimate shareholder has recently announced several
changes in its corporate structure.  Venti (Luxemburg), a recently
created holding company of the Pescarmona family, has filed to
issue Brazilian Depositary Receipts at the Comissao de Valores
Mobiliarios in Brazil.  If the IPO succeeds, IMPSA's and
Corporacion IMPSA's (current shareholder) shares will be
transferred to Venti.  Fitch's ratings do not take into
consideration the impact of the IPO as its timing and results are
uncertain.  Should proceeds from the IPO be used to materially
reduce IMPSA's leverage, the ratings could be positively affected.

Recourse leverage higher than anticipated by Fitch, any material
performance problems that could threaten future projects and cash
flow, or any failure to comply with the terms for the operation of
the wind farms (for which long-term purchase power agreements
(PPAs) have been signed with Eletrobras and the CCEE), could
potentially lead to a negative rating action or Outlook by Fitch.

The Percarmona family owns 100% of Industrias Metalurgicas
Percarmona S.A.I.C. y F either directly or through Corporacion
IMPSA S.A. IMPSA is engaged in providing integrated solutions for
renewable energy, including hydroelectric and wind power projects
and associated equipment.  For the fiscal year ended Jan. 31,
2010, U.S.-dollar denominated sales accounted for approximately
90% of its total revenue.  At that date, IMPSA's backlog was
$2.16 billion, compared to $1.5 billion at May 2009.  Given the
long-term production cycle of IMPSA's developments, usually in the
range of 30 months, this backlog level provides some certainty to
the company's cash generation in the medium term.


EMPRESA DISTRIBUIDORA: Fitch Assigns 'B-' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings of 'B-' to Empresa Distribuidora de Electricidad
de Salta.  In addition, Fitch has assigned EDESA's up to
US$33 million proposed debt issuance a 'B-' international scale
rating and a Recovery Rating of 'RR4'.  The new notes have also
been assigned a long-term national scale rating of 'BBB+(arg)'.
The purpose of the transaction is to refinance the outstanding
amount of US$45.3 million of the existing notes due in December
2010.  The proposed issuance will be guaranteed by EDESA's parent
company Empresa Distribuidora Regional S.A.  The Rating Outlook is
stable.

EMDERSA is a holding company that owns three provincial
distribution companies: Empresa Distribuidora de Electricidad de
San Luis, Empresa Distribuidora de Electricidad de Salta, Empresa
Distribuidora de Electricidad de la Rioja, and a power generation
company, EMDERSA Generation Salta.  The group's financial strategy
is to place debt at the subsidiary level, while EMDERSA's
consolidated cash flow guarantees each of the subsidiaries' debt.
As part of EMDERSA's strategy to extend its consolidated debt
profile, EDESA and EDESAL are expected to issue a total of
US$45.3 million which would be used to refinance 2010 debt
maturities.  EDESAL's up to US$15 million proposed debt issuance
is rated 'B-/RR4' on the international scale and 'BBB+(arg)' on
the national scale by Fitch.

EDESA's ratings reflect the expected stability of EMDERSA's
consolidated revenues, the maintenance of conservative leverage,
and solid credit metrics.  The ratings are tempered by exchange
rate volatility and the inherent regulatory risk, as there is
uncertainty about the timing and amount of future tariff
adjustments for the operating companies.  Following the proposed
debt issuances of EDESAL and EDESA, EMDERSA's consolidated
leverage as measured by Debt to EBITDA is expected to remain below
1.5 times and interest coverage above 6x.  EMDERSA has committed
credit lines that are expected to be used to redeem US$40 million
of notes on June 9, 2010.  Additional credit facilities are
available for the company to cancel the remaining portion of
outstanding notes for US$5.3 million.  Despite difficult credit
markets, the company has adequately managed refinancing risk and
extended its financial commitments until 2012.

The company benefits from a stable and predictable flow of income
stemming from the diversification of its assets, associated with
the monopoly position its subsidiaries have within their
respective concession contracts in each of the provinces in which
they operate.  Also, from an operational standpoint, EMDERSA and
its subsidiaries have demonstrated solid and consistent
operational efficiency as is demonstrated by its low level of
energy losses.  Over the last couple of years, EMDERSA showed a
negative trend in its free cash flow as a result of its high
capital investment program and moderate tariff adjustments.  As of
the latest 12 months, ended March 2010, EMDERSA's free cash flow
(after capital expenditures and dividend payments) was negative
US$13 million.  Free cash flow is not expected to increase
significantly going forward on a consolidated basis.

Tariff adjustments are a critical factor in EMDERSA's group
profitability and margins, particularly within the context of
rising inflation and cost increases.  EDESA and EDELAR's tariff
structure and adjustment mechanism have already been reviewed,
while EDESAL is still under a transitory regime where periodic
tariff adjustments are set forth by the regulator and is awaiting
a full tariff review.  Positively, the company now has the option
to request tariff adjustments related to cost increases, but those
adjustments remain subject to the discretion of the provincial
regulatory entity.

EDESA is a subsidiary of EMDERSA.  Ashmore Energy International
owns 77% of EMDERSA while the remaining 23% is owned by private
investors and the Administracion Nacional de la Seguridad Social
(Argentina's government-owned pension fund).  EDESA has a 50-year
concession to distribute energy in the province of Salta since
1996.


EMPRESA DISTRIBUIDORA: Fitch Puts Issuer Default Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings of 'B-' to Empresa Distribuidora de Electricidad
de San Luis.  In addition, Fitch has assigned EDESAL's up to
US$15 million proposed debt issuance a 'B-' international scale
rating and a Recovery Rating of 'RR4'.  The new notes have also
been assigned a long-term national scale rating of 'BBB+(arg)'.
The purpose of the transaction is to refinance the outstanding
amount for US$45.3 million of the existing notes due in December
2010.  The Rating Outlook is Stable.  The proposed issuance will
be guaranteed by EDESA's parent company Empresa Distribuidora
Regional S.A.

EMDERSA is a holding company that owns three provincial
distribution companies: Empresa Distribuidora de Electricidad de
San Luis, Empresa Distribuidora de Electricidad de Salta, Empresa
Distribuidora de Electricidad de la Rioja, and a power generation
company EMDERSA Generation Salta.  The group's financial strategy
is to place debt at the subsidiary level, while EMDERSA's
consolidated cash flow guarantees each of the subsidiaries debt.
As part of EMDERSA's strategy to extend its consolidated debt
profile, EDESA and EDESAL are expected to issue a total of
US$45.3 million which would be used to refinance 2010 debt
maturities.  Fitch rates EDESA's up to US$33 million proposed debt
issuance 'B-/RR4 on the international scale and 'BBB+(arg)' on the
national scale.

EDESAL's ratings reflect the expected stability of EMDERSA's
consolidated revenues, the maintenance of a conservative leverage,
and solid credit metrics.  The ratings are tempered by exchange
rate volatility and the inherent regulatory risk as there is
uncertainty about the timing and amount of future tariff
adjustments for the operating companies.  Following the proposed
debt issuances of EDESAL and EDESA, EMDERSA's consolidated
leverage as measured by Debt to EBITDA is expected to remain below
1.5 times and interest coverage above 6x.  EMDERSA has committed
credit lines that are expected to be used to redeem US$40 million
of notes on June 9, 2010.  Additional credit facilities are
available for the company to cancel the remaining portion of
outstanding notes for US$5.3 million.  Despite difficult credit
markets, the company has adequately managed refinancing risk and
extended its financial commitments until 2012.

The company benefits from a stable and predictable flow of income
stemming from the diversification of its assets due to the
monopoly position its subsidiaries have within their respective
concession contracts in each of the provinces where they operate.
Also, from an operational standpoint, EMDERSA and its subsidiaries
have demonstrated solid and consistent operational efficiency as
it is demonstrated by its low level of energy losses.  Over the
last couple of years, EMDERSA showed a negative trend in its free
cash flow as a result of its high levels of capital investment
program and moderate tariff adjustments.  As of March 2010
EMDERSA's free cash flow (after capital expenditures and dividend
payments) was negative US$13 million.  Free cash flow is not
expected to increase significantly going forward on a consolidated
basis.

Tariff adjustments are a critical factor in EMDERSA's group
profitability and margins, particularly within the context of
rising inflation and cost increases.  EDESA and EDELAR's tariff
structure and adjustment mechanism have already been reviewed,
while EDESAL is still under a transitory regime where periodic
tariff adjustments are set forth by regulator and is awaiting for
a full tariff review.  Positively, the company now has the option
to request tariff adjustments related to cost increases, but those
adjustments remain subject to the discretion of the provincial
regulatory entity.

EDESAL is a subsidiary of EMDERSA.  Ashmore Energy International
(AEI) owns 77% of EMDERSA while the remaining 23% is owned by
private investors and the Administracion Nacional de la Seguridad
Social (Argentina's government-owned pension fund).  EDESA has a
50-year concession to distribute energy in the province of Salta
since 1996.


LAVATEL SA: Creditors' Proofs of Debt Due on August 12
------------------------------------------------------
The court-appointed trustee for Lavatel S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
August 12, 2010.

The trustee will present the validated claims in court as
individual reports on September 24, 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 8, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 2, 2011.


PAMPEANA INVERSORA: Creditors' Proofs of Debt Due on August 12
--------------------------------------------------------------
The court-appointed trustee for Pampeana Inversora S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 12, 2010.

The trustee will present the validated claims in court as
individual reports on September 24, 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 8, 2010.


* ARGENTINA: Cordoba Province Plans to Sell Bonds
-------------------------------------------------
Argentina's Cordoba province is planning to sell bonds to raise
US$526 million from overseas investors once international markets
settle down, Matthew Cowley at Dow Jones Newswires reports, citing
an unnamed province official.  The report relates the official
said that the borrowing plan has been increased from the original
US$350 million to be able to invest more in public works.  The
bonds would come due in 2020 and would be paid off in equal
installments over the final three years, he added.

According to the report, the government is waiting for the
completion of the federal government's offer to exchange some
US$18 billion in defaulted bonds to evaluate the pricing level for
its new issue.

The latest issue, the report says, is aimed specifically at
international investors, and roadshows will be held in New York
and London, the person said.  The deal is being managed by
Citibank and UBS.

As with the first tranche, Dow Jones Newswires notes, debt
payments on the new bonds will be guaranteed by a fiduciary fund
which is managed by Deutsche Bank.  The report relates that the
fund is backed by payments from the central government to Cordoba
province.

Holders of the first tranche of bonds will be given a 30-day
option to exchange their bonds for new debt, the report adds.

                          *     *     *

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


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B E R M U D A
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VALIDUS HOLDINGS: Posts Modified Dutch Tender Offer Results
-----------------------------------------------------------
Validus Holdings, Ltd., disclosed the preliminary results of its
"modified Dutch auction" tender offer, which expired at 5:00 p.m.,
New York City time, on June 8, 2010.

Based on the preliminary count by BNY Mellon Shareowner Services,
the depositary for the tender offer, 14,751,018 common shares,
including 1,383,702 common shares that were tendered through
notice of guaranteed delivery, were properly tendered and not
withdrawn at a price at or below US$25.00.  Based on these
preliminary results, Validus expects to purchase 12,000,000 common
shares, subject to proration, at a price of US$25.00 per common
share for a total cost of US$300 million, excluding fees and
expenses relating to the tender offer.  Validus will fund the
purchase of the shares in the tender offer using cash on hand.
Payment for the common shares accepted for purchase, and return of
all common shares tendered and not purchased, will occur promptly
after the final number of common shares tendered and the proration
factor are confirmed.

As noted in the Company's Offer to Purchase, the Company may in
the future consider various forms of share repurchases, including
open market purchases, tender offers and/or accelerated share
repurchases or otherwise.  Under applicable securities laws, the
Company may not repurchase any of its common shares until after
June 22, 2010.  Following completion of the tender offer, Validus
expects to have approximately US$364 million remaining under its
current share repurchase program.  The timing, form and amount of
any future share repurchases under the program will depend on a
variety of factors, including the Company's results of operations,
financial position and capital requirements, general business
conditions, legal, tax, regulatory, rating agency and contractual
constraints or restrictions and other factors its board of
directors deems relevant.  The share repurchase program may be
modified, extended or terminated by the Company's board of
directors at any time.

Dowling & Partners Securities, LLC served as the dealer manager
for the tender offer.  Georgeson Inc. served as the information
agent.  Shareholders and investors who have questions or need
information about the tender offer may call Georgeson Inc. at
(866) 482-4966 (toll-free) and (212) 440-9800 (for banks and
brokers).

                     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).


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B R A Z I L
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ARANTES ALIMENTOS: Bankruptcy Filing Cues Fitch to Withdraw Rating
------------------------------------------------------------------
Fitch Ratings has withdrawn all ratings of Arantes Alimentos Ltda
given the lack of information following the company's bankruptcy
protection filing on Jan. 9, 2009 after failing to meet the
interest payment of its US$150 million senior unsecured notes due
2013 of approximately US$8 million on Dec. 19, 2008, consistent
with Fitch's policies.  Fitch will no longer provide ratings or
credit research on this issuer.
Arantes is a beef producer based in Brazil.

Fitch has withdrawn these ratings of Arantes:

  -- Local currency Issuer Default Rating 'D';
  -- Foreign currency IDR 'D';
  -- National scale rating 'D(bra)';
  -- US$150 million senior unsecured notes 'CC/RR4'.


JBS SA: Exports Will Rise 10% This Year, CEO Says
-------------------------------------------------
Jeff Wilson at Bloomberg News reports JBS Swift & Co., Chief
Executive Office Wesley Batista said that U.S. beef exports will
rise 10% this year.  JBS Swift & Co. is U.S. unit JBS SA.

"JBS beef exports will increase 30% and the U.S. industry will
export 10%" more beef this year than last year, Mr. Batista said,
the report relates.  "We are seeing an improvement in demand in
emerging economies," the report quoted Mr. Batista as saying.

According to the report, Mr. Batista said that U.S. cattle prices
that jumped to a 19-month high in May have eroded demand.  The
report notes that futures on the Chicago Mercantile Exchange have
dropped 8.4% in the past month.

"Prices went up a lot and everybody slowed buying," the report
quoted Mr. Batista as saying.  "We will see prices stabilize, and
buying will return," he added.

                           About JBS SA

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

                           *     *     *

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


TAM SA: Bonds Rally as Air Travel Offsets Rating Cuts
-----------------------------------------------------
Gabrielle Coppola at Bloomberg News reports that Tam SA's relative
borrowing costs are declining from a record high as the fastest
growth in domestic air travel since at least 2006 offsets concern
about fleet expansion at Brazil's second-largest carrier.

According to the report, Tam SA's 9.5% bonds due in 2020 yielded
546 basis points more than Brazil's government debt, down from 593
basis points on May 26, 2010.

The report notes that Brazilian air travel has jumped more than
20% for 10 straight months, the longest streak since the civil
aviation agency began collecting the data four years ago.  The
report relates CreditSights Inc. said that the nation's economic
expansion will bolster Tam's revenue, increase utilization of the
eight planes it added in the first quarter and shore up its debt-
to-earnings ratio.  "There's much more flying going on, much more
demand," Roger King, an analyst at CreditSights who has covered
airlines for 20 years, told the news agency in a telephone
interview.  "That's a fundamental positive," he added.

Yields on Tam's US$300 million of bonds due 2020 have dropped 36
basis points from 10.76% on May 26, 2010, as the price climbed 2.6
cents on the dollar to 94.6 cents at 5:13 p.m. New York time,
according to Trace, the bond price-reporting system of the
Financial Industry Regulatory Authority, the report adds.

                         About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

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 "BB-" LT Issuer default ratings.


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


ADF CAPITAL: Creditors' Proofs of Debt Due on July 12
-----------------------------------------------------
The creditors of ADF Capital SPC are required to file their proofs
of debt by July 12, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 25, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd.
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


ASIA PACIFIC: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------
The creditors of The Asia Pacific Capital Technology Feeder Fund
are required to file their proofs of debt by July 8, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 20, 2010.

The company's liquidator is:

         Rainier Hok Chung Lam
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


BEAUTY CHINA: Court Enters Wind-Up Order
----------------------------------------
On December 21, 2009, the High Court of Hong Kong entered an order
that voluntarily winds up the operations of Beauty China Holdings
Limited.

The company's liquidators are:

         Messrs. Edmund Yeung Lui Ming
         Derek Lai Kar Yan
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong


BLUEWATER EQUITY: Creditors' Proofs of Debt Due on June 23
----------------------------------------------------------
The creditors of Bluewater Equity SPC are required to file their
proofs of debt by June 23, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 13, 2010.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Mourant du Feu & Jeune
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


BLUEWATER FUNDS: Creditors' Proofs of Debt Due on June 23
---------------------------------------------------------
The creditors of Bluewater Funds Management SPC are required to
file their proofs of debt by June 23, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 19, 2010.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Mourant du Feu & Jeune
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


CONOCOPHILLIPS BARENTS: Creditors' Proofs of Debt Due on July 7
---------------------------------------------------------------
The creditors of Conocophillips Barents Sea Ltd are required to
file their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103


CONOCOPHILLIPS LIBYA: Creditors' Proofs of Debt Due on July 7
-------------------------------------------------------------
The creditors of Conocophillips Libya Alliance Ltd are required to
file their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103


EQRAINE LIMITED: Creditors' Proofs of Debt Due on July 7
--------------------------------------------------------
The creditors of Eqraine Limited are required to file their proofs
of debt by July 7, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 26, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


GE ASIA: Creditors' Proofs of Debt Due on July 8
------------------------------------------------
The creditors of The GE Asia Pacific Capital Technology Fund are
required to file their proofs of debt by July 8, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 20, 2010.

The company's liquidator is:

         Rainier Hok Chung Lam
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HAMAN TRADING: Creditors' Proofs of Debt Due on July 7
------------------------------------------------------
The creditors of Haman Trading Ltd. are required to file their
proofs of debt by July 7, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 25, 2010.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


HELVETIA ASSET: Commences Wind-Up Proceedings
---------------------------------------------
Helvetia Asset Management commenced wind-up proceedings on May 25,
2010.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


HELVETIA INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Helvetia Investment Fund commenced wind-up proceedings on May 25,
2010.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


LONGACRE SPECIAL: Creditors' Proofs of Debt Due on June 23
----------------------------------------------------------
The creditors of Longacre Special Equities Offshore Fund, Ltd.
are required to file their proofs of debt by June 23, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 21, 2010.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


ORACLE GLOBAL: Creditors' Proofs of Debt Due on June 29
-------------------------------------------------------
The creditors of Oracle Global Healthcare Offshore Limited are
required to file their proofs of debt by June 29, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


PANDENA INVESTMENT: Creditors' Proofs of Debt Due on July 7
-----------------------------------------------------------
The creditors of Pandena Investment Ltd are required to file their
proofs of debt by July 7, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Charles Hotton
         c/o Philip Sutcliffe
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town,
         Grand Cayman KY1-1103


PHILLIPS DEEPWATER: Creditors' Proofs of Debt Due on July 7
-----------------------------------------------------------
The creditors of Phillips Deepwater Africa Exploration Ltd are
required to file their proofs of debt by July 7, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103


PORTREE LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Portree Limited commenced wind-up proceedings on November 26,
2009.

The company's liquidator is:

         Edward Lavelle
         HSBC Guyerzeller Trust Company S.A.
         Rue Alfred Vincent, 5
         CH-1211 Geneva, Switzerland


SPIRIT MACRO: Creditors' Proofs of Debt Due on June 28
------------------------------------------------------
The creditors of Spirit Macro Holdings Ltd. are required to file
their proofs of debt by June 28, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


SPIRIT ASIA: Creditors' Proofs of Debt Due on June 28
-----------------------------------------------------
The creditors of Spirit Asia Holdings Ltd. are required to file
their proofs of debt by June 28, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


TE ACLLP: Creditors' Proofs of Debt Due on July 7
-------------------------------------------------
The creditors of Te ACLLP Investors, Ltd. are required to file
their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


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


JPSCO: Jamaicans Balk at Request for Rate Increase
--------------------------------------------------
The Jamaican public is against Jamaica Public Service Company
Limited's plans to request for an inflationary rate hike,
RadioJamaica reports.

According to the report, majority of the public said that under
the present economic situation, an increase to the JPSCO will
cause business owners to close shop and put more strain on the
masses.

                          About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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


CHRYSLER GROUP: Increases Build Up in Mexico to Cut Costs
---------------------------------------------------------
Thomas Black at Bloomberg News reports that Mexico's share of
North American auto production may rise at a quicker pace as
General Motors Co., Ford Motor Co. and Chrysler Group LLC seek out
workers making less than 10% of what their U.S. counterparts earn.

According to the report, the lower labor costs may help the U.S.
companies build smaller cars profitably amid demand for fuel
efficient vehicles in the wake of last year's recession.  The
report relates President of DesRosiers Automotive Consulting Inc.,
Dennis DesRosiers, said that Mexico's gains will come at the
expense of workers in the U.S. and Canada.

The report notes Mr. DesRosiers said that Mexico's share of North
American auto production will rise to 19% over the next decade
from an average 12% in 2000 to 2009.  Over the same period, the
U.S. will lose 7 percentage points to 65% of the market and
Canada's share will hold at 16%, he added.

General Motors workers in Mexico earn wages and benefits of 340
pesos a day (US$26.40) on average, or less than $4 an hour, said
Tereso Medina, head of the union for GM's 5,000 workers in
Saltillo, a city that makes one in four Mexican autos, the report
relates.  Ford workers in the U.S. earn about US$55 an hour with
benefits, compared with US$50 an hour for Toyota Motor Corp.'s
U.S. workers, Ford's Chief Financial Officer Lewis Booth said, the
report discloses.

Bloomberg News points out Michael Robinet, vice president of
global forecasting for CSM Worldwide in Northville, Michigan, said
that in addition to labor costs, automakers are attracted to
Mexico because of the North American Free Trade Agreement and its
proximity to the U.S.  Other benefits include Mexico's more than
30 free-trade accords with European Union members, Japan, Colombia
and other countries, and quality that matches the U.S. and Canada,
he added.

Chrysler Group, the report recalls, said in February that it's
spending US$550 million to retool its factory in Toluca to
assemble the Fiat 500 model.

The report notes that last month, Ford Motors reopened an assembly
plant in Cuautitlan to build 2011 Fiesta cars.  The report relates
that the factory will generate 2,000 jobs and is part of US$3
billion of investments announced since 2008.  In the U.S., Ford
has closed four assembly plants since 2006 and plans to close four
more facilities by the end of 2011, the report adds.

Bloomberg News relates General Motors said that investments of
US$3.67 billion in Mexico since November 2007, including a new
assembly plant in San Luis Potosi.  The company has closed five
U.S.-based assembly plants and put three more on standby since
June 2005, Tom Wilkinson, a GM spokesman, said in an e-mail
obtained by the news agency.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 176,000 employees and about 80
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and, until its sale, Volvo.  The company provides
financial services through Ford Motor Credit Company.

The Company's balance sheet at March 31, 2010, showed $191.9
billion in total assets and $197.4 billion total liabilities, for
a stockholders' deficit of $5.4 billion.

                           *     *     *

According to the Troubled Company Reporter on May 21, 2010,
Moody's Investors Service upgraded the ratings of Ford Motor
Company and Ford Motor Credit Company.  Ratings raised include
Ford's Corporate Family Rating and Probability of Default Rating
to B1 from B2, secured credit facility to Ba1 from Ba2, senior
unsecured debt to B2 from B3, and trust preferred to B3 from Caa1.
The Speculative Grade Liquidity rating remains at SGL-2.  Also
raised are Ford Credit's CFR and senior debt rating to Ba3 from
B1. The rating outlook for Ford and Ford Credit is stable.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had $136.021 billion in total assets, total
liabilities of $105.970 billion and preferred stock of $6.998
billion, and non-controlling interests of $814 million, resulting
in total equity of $23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)

                    About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTORS: Increases Build Up in Mexico to Cut Costs
------------------------------------------------------
Thomas Black at Bloomberg News reports that Mexico's share of
North American auto production may rise at a quicker pace as
General Motors Co., Ford Motor Co. and Chrysler Group LLC seek out
workers making less than 10% of what their U.S. counterparts earn.

According to the report, the lower labor costs may help the U.S.
companies build smaller cars profitably amid demand for fuel
efficient vehicles in the wake of last year's recession.  The
report relates President of DesRosiers Automotive Consulting Inc.,
Dennis DesRosiers, said that Mexico's gains will come at the
expense of workers in the U.S. and Canada.

The report notes Mr. DesRosiers said that Mexico's share of North
American auto production will rise to 19% over the next decade
from an average 12% in 2000 to 2009.  Over the same period, the
U.S. will lose 7 percentage points to 65% of the market and
Canada's share will hold at 16%, he added.

General Motors workers in Mexico earn wages and benefits of 340
pesos a day (US$26.40) on average, or less than $4 an hour, said
Tereso Medina, head of the union for GM's 5,000 workers in
Saltillo, a city that makes one in four Mexican autos, the report
relates.  Ford workers in the U.S. earn about US$55 an hour with
benefits, compared with US$50 an hour for Toyota Motor Corp.'s
U.S. workers, Ford's Chief Financial Officer Lewis Booth said, the
report discloses.

Bloomberg News points out Michael Robinet, vice president of
global forecasting for CSM Worldwide in Northville, Michigan, said
that in addition to labor costs, automakers are attracted to
Mexico because of the North American Free Trade Agreement and its
proximity to the U.S.  Other benefits include Mexico's more than
30 free-trade accords with European Union members, Japan, Colombia
and other countries, and quality that matches the U.S. and Canada,
he added.

Chrysler Group, the report recalls, said in February that it's
spending US$550 million to retool its factory in Toluca to
assemble the Fiat 500 model.

The report notes that last month, Ford Motors reopened an assembly
plant in Cuautitlan to build 2011 Fiesta cars.  The report relates
that the factory will generate 2,000 jobs and is part of US$3
billion of investments announced since 2008.  In the U.S., Ford
has closed four assembly plants since 2006 and plans to close four
more facilities by the end of 2011, the report adds.

Bloomberg News relates General Motors said that investments of
US$3.67 billion in Mexico since November 2007, including a new
assembly plant in San Luis Potosi.  The company has closed five
U.S.-based assembly plants and put three more on standby since
June 2005, Tom Wilkinson, a GM spokesman, said in an e-mail
obtained by the news agency.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 176,000 employees and about 80
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and, until its sale, Volvo.  The company provides
financial services through Ford Motor Credit Company.

The Company's balance sheet at March 31, 2010, showed $191.9
billion in total assets and $197.4 billion total liabilities, for
a stockholders' deficit of $5.4 billion.

                           *     *     *

According to the Troubled Company Reporter on May 21, 2010,
Moody's Investors Service upgraded the ratings of Ford Motor
Company and Ford Motor Credit Company.  Ratings raised include
Ford's Corporate Family Rating and Probability of Default Rating
to B1 from B2, secured credit facility to Ba1 from Ba2, senior
unsecured debt to B2 from B3, and trust preferred to B3 from Caa1.
The Speculative Grade Liquidity rating remains at SGL-2.  Also
raised are Ford Credit's CFR and senior debt rating to Ba3 from
B1. The rating outlook for Ford and Ford Credit is stable.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had $136.021 billion in total assets, total
liabilities of $105.970 billion and preferred stock of $6.998
billion, and non-controlling interests of $814 million, resulting
in total equity of $23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)

                    About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Increases Build Up in Mexico to Cut Costs
----------------------------------------------------------
Thomas Black at Bloomberg News reports that Mexico's share of
North American auto production may rise at a quicker pace as
General Motors Co., Ford Motor Co. and Chrysler Group LLC seek out
workers making less than 10% of what their U.S. counterparts earn.

According to the report, the lower labor costs may help the U.S.
companies build smaller cars profitably amid demand for fuel
efficient vehicles in the wake of last year's recession.  The
report relates President of DesRosiers Automotive Consulting Inc.,
Dennis DesRosiers, said that Mexico's gains will come at the
expense of workers in the U.S. and Canada.

The report notes Mr. DesRosiers said that Mexico's share of North
American auto production will rise to 19% over the next decade
from an average 12% in 2000 to 2009.  Over the same period, the
U.S. will lose 7 percentage points to 65% of the market and
Canada's share will hold at 16%, he added.

General Motors workers in Mexico earn wages and benefits of 340
pesos a day (US$26.40) on average, or less than $4 an hour, said
Tereso Medina, head of the union for GM's 5,000 workers in
Saltillo, a city that makes one in four Mexican autos, the report
relates.  Ford workers in the U.S. earn about US$55 an hour with
benefits, compared with US$50 an hour for Toyota Motor Corp.'s
U.S. workers, Ford's Chief Financial Officer Lewis Booth said, the
report discloses.

Bloomberg News points out Michael Robinet, vice president of
global forecasting for CSM Worldwide in Northville, Michigan, said
that in addition to labor costs, automakers are attracted to
Mexico because of the North American Free Trade Agreement and its
proximity to the U.S.  Other benefits include Mexico's more than
30 free-trade accords with European Union members, Japan, Colombia
and other countries, and quality that matches the U.S. and Canada,
he added.

Chrysler Group, the report recalls, said in February that it's
spending US$550 million to retool its factory in Toluca to
assemble the Fiat 500 model.

The report notes that last month, Ford Motors reopened an assembly
plant in Cuautitlan to build 2011 Fiesta cars.  The report relates
that the factory will generate 2,000 jobs and is part of US$3
billion of investments announced since 2008.  In the U.S., Ford
has closed four assembly plants since 2006 and plans to close four
more facilities by the end of 2011, the report adds.

Bloomberg News relates General Motors said that investments of
US$3.67 billion in Mexico since November 2007, including a new
assembly plant in San Luis Potosi.  The company has closed five
U.S.-based assembly plants and put three more on standby since
June 2005, Tom Wilkinson, a GM spokesman, said in an e-mail
obtained by the news agency.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 176,000 employees and about 80
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and, until its sale, Volvo.  The company provides
financial services through Ford Motor Credit Company.

The Company's balance sheet at March 31, 2010, showed $191.9
billion in total assets and $197.4 billion total liabilities, for
a stockholders' deficit of $5.4 billion.

                           *     *     *

According to the Troubled Company Reporter on May 21, 2010,
Moody's Investors Service upgraded the ratings of Ford Motor
Company and Ford Motor Credit Company.  Ratings raised include
Ford's Corporate Family Rating and Probability of Default Rating
to B1 from B2, secured credit facility to Ba1 from Ba2, senior
unsecured debt to B2 from B3, and trust preferred to B3 from Caa1.
The Speculative Grade Liquidity rating remains at SGL-2.  Also
raised are Ford Credit's CFR and senior debt rating to Ba3 from
B1. The rating outlook for Ford and Ford Credit is stable.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had $136.021 billion in total assets, total
liabilities of $105.970 billion and preferred stock of $6.998
billion, and non-controlling interests of $814 million, resulting
in total equity of $23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)

                    About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GRUPO MEXICO: Cananea Mine Could Open in 6Mo, Labor Ministry Says
-----------------------------------------------------------------
Laurence Iliff at Dow Jones Newswires reports Labor Minister
Javier Lozano said that Cananea copper mine could reopen in six
months after police removed striking miners who had seized the
mine nearly three years ago.  The report relates Mr. Lozano said
that based on his talks with executives from Cananea's owner,
Grupo Mexico SA de C.V., the rehabilitation of the mine and other
facilities would cost the company about US$220 million.

According to the report, Mr. Lozano said that about 2,000 people
will be hired to repair the mine and for public works projects,
including road upgrades to be paid by the local and federal
governments.  Cananea miners can start picking up severance checks
under the terms of the collective labor contract between the union
and the company, he added.

Mr. Lozano, the report notes, told reporters that miners who
previously worked at Cananea will be eligible to apply for their
old jobs, although Grupo Mexico will decide who it rehires.

Ixe brokerage said in a note obtained by the news agency that
Grupo Mexico's recovery of Cananea -- which represents about a
quarter of its total copper production capacity -- makes the
shares attractive.

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Bloomberg News said Grupo Mexico regained control of
its Cananea copper mine after police removed protesters and
secured the facility that has been shut periodically since July
2007 over a labor dispute.  According to the report, union workers
at Cananea have been striking on and off for about three years.
The report related union members threatened to blow up the
development in February when the workers organization lost a legal
appeal that allowed Grupo Mexico to fire striking workers.  The
report noted Grupo Mexico's Chief Financial Officer Daniel Muniz
said that the company has 2,000 contractors ready to start working
in the mine once safety conditions are met.

                        About Grupo Mexico

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

                           *     *     *

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


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


FIRST BANCORP PUERTO RICO: Slapped With Enforcement Action
----------------------------------------------------------
Matthias Rieker at Dow Jones Newswires reports that First BanCorp
Puerto Rico was slapped with an enforcement action from the U.S.
Federal Reserve, weeks after three of the island's banks
collapsed.

According to the report, the Fed barred First BanCorp from paying
a dividend and demanded the bank come up with a plan for future
capital needs within 30 days.

In late April, the report notes, regulators closed the three
weakest Puerto Rican banks and sold them to stronger competitors,
injecting almost $7 billion in capital into the island's banking
system in the process.

Dow Jones Newswires says that the agreement with First BanCorp,
comes on the heels of its consent to demands by the FDIC to draw
up a contingency plan within 45 days "for the sale, merger, or
liquidation of" FirstBank, its banking subsidiary, if fresh
capital is not available.  The report relates that the FDIC wants
First Bank to maintain a leverage capital ratio of at least 8% and
a Tier 1 capital ratio of at least 10%; such measures are
indications of a bank's strength.

The bank, the report notes, was ordered to submit reviews about
its lending business and its reserves for loan losses, and its
management was ordered to "restore all aspects of" its banking
subsidiary's "safe and sound condition," and its board to increase
"participation in the affairs."

Dow Jones Newswires says that First BanCorp had planned to buy a
weaker competitor, but wasn't able to raise the necessary capital
to participate in the FDIC's auction.  The report relates that it
is still trying to raise US$500 million in capital; it is working
to convert into common stock US$400 million of preferred stock
owned by the Treasury Department through the Troubled Asset Relief
Program, and exchange non-cumulative preferred shares into common
stock.

                        About First BanCorp

FirstBank Puerto Rico is a state chartered commercial bank with
operations in Puerto Rico, the Virgin Islands and Florida; of
FirstBank Insurance Agency; and of Ponce General Corporation.
FirstBank Puerto Rico operate within U.S. Banking laws and
regulations.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings downgraded the ratings of
FirstBank of Puerto Rico to 'B' from 'BB' and the Individual
rating to 'D' from 'C/D'.  The Rating Outlook is Negative.


FIRSTBANK PUERTO RICO: S&P Lowers Counterparty Rating to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty rating on FirstBank Puerto Rico to 'CCC+' from 'B'.
At the same time, S&P removed the rating from CreditWatch with
negative implications, where it had been placed April 27, 2010.
The outlook is negative.

"The downgrade primarily reflects S&P's view that there is
significant execution risk involved with the company's plans to
bolster capital," said Standard & Poor's credit analyst Lidia
Parfeniuk.  This especially relates to the bank raising additional
common equity following a written consent order by the Federal
Deposit Insurance Corp. to address pressured capital and high
levels of criticized loans.  Also, S&P notes that the bank's
initiative to convert Troubled Asset Relief Program preferred
shares has yet to close with the U.S. Treasury, though
negotiations are progressing.

In S&P's opinion, further regulatory actions could be taken that
could be adverse for creditors should the bank fail to meet the
demands posed by the recently announced formal written consent
order by the FDIC.  These demands are to maintain certain capital
levels on a quarterly basis (leverage ratio: 8%, Tier I capital:
10%, and total capital: 12%.  At first quarter, Tier I was 11.98%
and total capital was 13.26%) and reduce the levels of
nonperforming and classified assets that have affected FirstBank's
operating performance.  Also, the bank's ability to raise
additional common equity, in S&P's opinion, is likewise reduced
and will largely hinge on the successful conversion of TARP
preferred shares, which FirstBank has yet to do.

The outlook is negative largely because of the poor economic
conditions in Puerto Rico, which S&P believes are unlikely to aid
credit quality and the limited flexibility in raising capital.
Standard & Poor's expects heightened regulatory involvement, the
details of which remain uncertain.  S&P also notes that the bank's
exclusion from the recent consolidation of FDIC-assisted Puerto
Rican banks may diminish its market position and growth potential.


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


           * * * End of Transmission * * *