TCRLA_Public/100611.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, June 11, 2010, Vol. 11, No. 114

                            Headlines



A R G E N T I N A

WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30


B R A Z I L

ARANTES ALIMENTOS: Fitch Withdraws 'CC/RR4' Ratings on Notes
GOL LINHAS: Alliance Bernstein to Increase Ownership Interest
LIGHT SA: Banco Santander Forecasts Share Rebound
SUL AMERICA: Fitch Upgrades Issuer Default Ratings to 'BB+'


C A Y M A N  I S L A N D S

ACC COLOMBIA: Shareholders' Final Meeting Set for Today
ANETP LTD: Shareholders' Final Meeting Set for Today
ARCO AUTOMOTIVE: Shareholders' Final Meeting Set for Today
ARCO LUM: Shareholders' Final Meeting Set for Today
ARCO NEW: Shareholders' Final Meeting Set for Today

BATTERSEA LIMITED: Creditors' Proofs of Debt Due on July 7
BLACK RIVER: Creditors' Proofs of Debt Due on July 7
BLACK RIVER: Creditors' Proofs of Debt Due on July 7
CEDAR LANE: Creditors and Contributories to Meet on June 29
CEDAR LANE: Creditors and Contributories to Meet on June 29

CLEVELEYS LIMITED: Creditors' Proofs of Debt Due on July 7
CULZEAN LIMITED: Creditors' Proofs of Debt Due on July 7
FENIA LIMITED: Creditors' Proofs of Debt Due on July 7
K2 CORPORATION: Creditors' Proofs of Debt Due on July 7
MCKINLEY NON-U.S.: Creditors' Proofs of Debt Due on July 7

S-LINK LIMITED: Creditors' Proofs of Debt Due on July 7
STANFORD-HAVELL: Creditors' Proofs of Debt Due on June 28
TVA OPPORTUNITY: Creditors' Proofs of Debt Due on July 7
UNITED TRUSTEES: Creditors' Proofs of Debt Due on July 7
VIEW MANAGEMENT: Creditors' Proofs of Debt Due on July 7


C H I L E

COMPANIA SUD: Discloses Higher Transport Estimates for 2010
COMPANIA SUD: Sees Return to Profit This Qtr on Shipping Recovery
ELECTROANDINA SA: Fitch Upgrades Issuer Default Ratings to 'BB+'


E C U A D O R

* ECUADOR: Jan-April Oil Exports Rise 127% on Year to US$2.97BB


H A I T I

* HAITI: IDB OKs US$3 Million for JV Project With Coca Cola


J A M A I C A

CABLE & WIRELESS: Records Third Year of Loss
JAMAICA PUBLIC SERVICE: No Rate Increase for Firm


P E R U

* PERU: Economy Likely to Grow 10% in June




                         - - - - -


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


WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30
---------------------------------------------------------
Jose Luis Carriquiry, the court-appointed trustee for Web
Logistics SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 30, 2010.

Mr. Carriquiry will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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:

         Jose Luis Carriquiry
         Loyola 660
         Argentina


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


ARANTES ALIMENTOS: Fitch Withdraws 'CC/RR4' Ratings on Notes
------------------------------------------------------------
On June 8, 2010, Fitch Ratings withdrew all ratings on Arantes
Alimentos Ltda and Arantes International Ltd. including these:

Arantes International Ltd.

  -- US$150 million senior unsecured notes 'CC/RR4'.


GOL LINHAS: Alliance Bernstein to Increase Ownership Interest
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has received a notice from the
shareholder AllianceBernstein L.P. and its affiliate AXA
Investment Managers:

"In accordance with the main section of article 12 of CVM
Instruction Number 358 of January 3, 2002, AllianceBernstein L.P.
and its affiliate AXA Investment Managers ("AllianceBernstein"),
at Avenue of the Americas, 1345, New York, NY, United States of
America, in its capacity as New York, NY, United States of
America, in its capacity as managers of funds and/or other
discretionary investment management clients abroad, hereby informs
that the funds and/or other discretionary investment management
clients abroad under their administration acquired, through
certain deals on stock exchanges, directly or through American
Depositary Receipts -- ADRs, preferred shares issues by GOL LINHAS
AEREAS INTELIGENTES S.A., which amounts, currently, 8,748,869
(eight million, seven hundred and forty-eight thousand, eight
hundred sixty-nine) preferred shares issued by the Company,
corresponding to 6.568% of all shares of such class.  This is a
minority investment that does not involve a change in the
composition of corporate control or a change in the management
structure of the Company. Currently, AllianceBernstein does not
target any quantity of the Company's preferred shares.  No other
affiliate of the AllianceBernstein holds any interest on the
Company.  There are no convertible debentures already held,
directly or indirectly, by AllianceBernstein or related person,
nor any agreement or contract regulating voting rights or the
purchase and sale of securities issued by the Company, to which
AllianceBernstein or any related person is a party."

                         About GOL Linhas

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

                           *     *     *

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


LIGHT SA: Banco Santander Forecasts Share Rebound
-------------------------------------------------
Alexander Cuadros at Bloomberg News reports Banco Santander SA
said Light SA's shares will likely gain after falling more than
twice as much as the benchmark Bovespa index this year.  The stock
will rebound after investors "priced in" most of the risk
associated with last year's takeover agreement by power company
Cia. Energetica de Minas Gerais, Santander analyst Maria Carolina
Carneiro wrote in a note obtained by the news agency.

According to the report, Mr. Carneiro said that Light SA continues
to benefit from an "attractive" dividend yield.  The report
relates that Banco Santander reiterated its "buy" rating on the
shares.

                          About Light SA

Light S/A generates and distributes electricity in the Brazilian
State of Rio de Janeiro. The Company operates in the State of Rio
de Janeiro.

                           *     *     *

As of June 10, 2010, the company continues to carry Moody's "Ba1"
long term rating and long term corporate family rating.


SUL AMERICA: Fitch Upgrades Issuer Default Ratings to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded these International and National Long-
Term ratings assigned to Sul America S.A., the holding company of
Sul America Seguros as indicated:

  -- Foreign and Local Currency Long-Term Issuer Default Ratings
     to 'BB+' from 'BB'; Outlook Stable;

  -- National Long-Term ratings to 'AA(bra)' from 'AA-(bra)';
     Outlook Stable

Issue of US$200 million in senior notes:

  -- Foreign Currency Long-Term Rating to 'BB' from 'BB-' (BB
     minus).

Fitch has also affirmed Sasa's Foreign and Local Currency Short-
Term IDRs at 'B' and National Short-Term rating at 'F1+'.

The ratings upgrades reflect Sasa's consistent performance and the
expectations of maintained satisfactory efficiency ratios due to
actions that have been implemented since 2006.  These actions tend
to enable the company to maintain its profitability, even when a
more competitive environment is considered.  Despite the worsening
of the global financial crisis, Sasa maintained a combined ratio
of less than 100% in 2008 and 2009, sustaining an adequate
liabilities/equity ratio of around 3.5 times, in line with its
international peers with similar ratings.  On the other hand,
further upgrades tend to be moderate and will depend on the
strengthening of its franchise, which implies a more diversified
distribution channel base, as well as the continued progress in
its operational performance and the maintenance of adequate
capital and liquidity structures.  In addition, a substantial
increase in leveraging, coupled with greater commitment of its
liquidity, could negatively affect its ratings.

The controlling stake in Brazil Veiculos, Sasa's most relevant
partnership with Banco do Brasil, was sold to the bank in May
2010.  At the same time Sasa announced the acquisition of the
totality of Brasilsaude Companhia de Seguros's shares.  The
reorganization on these shareholder structures, still pending on
regulator approval, should generate a non-recurring gain of about
BRL140 million for Sasa in 2010.  This should enhance cash in
excess (which does not back up technical provisions), allowing the
sufficient liquidity needed for investments in the company's
organic growth and payment of its financial debt.  The insurer has
been signing agreements with other important financial groups in
order to enable a partial recovery of the premiums no longer
generated through Banco do Brasil's channels (equivalent to 15% of
consolidated revenue in 2009).  The retrieval of these
distribution channels represents one of its main challenges due to
a more competitive environment expected for the medium and long
term.

Fitch believes that Sasa's loss ratios will return to lower levels
in the medium term - close to those observed in 2008 (70%) --
after having reached 72.5% in 2009 and 72% in 1Q10, impacted by
the increase in the frequency of health policy usage.  The
estimated reduction in losses, coupled with the program to contain
operational costs, should allow the maintenance of the combined
ratio at levels below 100%, a satisfactory level in Fitch's
opinion.

Sasa is part of a traditional insurance group in Brazil, operating
in practically all segments of the industry.  According to the
Superintendence of Private Insurance and the National Agency of
Supplemental Health, it was the second largest insurance company
in health and auto lines, with market shares of 35.8% and 16.5%,
respectively, in 2009, and the largest independent insurance group
in the country.  It relies on around 26.000 active brokers and has
been gradually developing its cross sales and its partnerships in
product and services distribution.

Sasa is 33% controlled by Sulasapar Participacoes and 21.3% by ING
Insurance International BV.  Affiliated shareholders, which
include management, members of the board and other individuals,
hold 8.5% of Sasa's capital, while the remaining 37.2% represent
the market float.  ING has stated that it is reviewing its global
business strategy and intends to sell its insurance operations
around the world.  Fitch is closely monitoring the development of
Sasa's shareholding composition, and the possible impacts on its
ratings, however, the benefit of ING's support is not incorporated
into the company's ratings.


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


ACC COLOMBIA: Shareholders' Final Meeting Set for Today
-------------------------------------------------------
The shareholders of ACC Colombia International Cayman C Ltd. will
hold their final meeting today June 11, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Francesco Nino Piovanetti
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ANETP LTD: Shareholders' Final Meeting Set for Today
----------------------------------------------------
The shareholders of Anetp Ltd. will hold their final meeting today
June 11, 2010, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Francesco Nino Piovanetti
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ARCO AUTOMOTIVE: Shareholders' Final Meeting Set for Today
----------------------------------------------------------
The shareholders of Arco Automotive International Ltd. will hold
their final meeting today June 11, 2010, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Francesco Nino Piovanetti
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ARCO LUM: Shareholders' Final Meeting Set for Today
---------------------------------------------------
The shareholders of Arco Lum Holdings Ltd will hold their final
meeting today June 11, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Francesco Nino Piovanetti
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ARCO NEW: Shareholders' Final Meeting Set for Today
---------------------------------------------------
The shareholders of Arco New Europe Cable & Telecom Partners, GP
will hold their final meeting today June 11, 2010, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Francesco Nino Piovanetti
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


BATTERSEA LIMITED: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------------
The creditors of Battersea 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 19, 2010.

The company's liquidator is:

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


BLACK RIVER: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The creditors of Black River Municipal Opportunity Master Fund
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 19, 2010.

The company's liquidator is:

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


BLACK RIVER: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The creditors of Black River Municipal Opportunity Fund 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 19, 2010.

The company's liquidator is:

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


CEDAR LANE: Creditors and Contributories to Meet on June 29
-----------------------------------------------------------
The creditors and contributories of Cedar Lane Entertainment Fund,
Ltd. will hold their first meeting on June 29, 2010, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche, P.O. Box 1787
         Grand Cayman KY1-1109, Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8238
         e-mail: rrintoul@deloitte.com


CEDAR LANE: Creditors and Contributories to Meet on June 29
-----------------------------------------------------------
The creditors and contributories of Cedar Lane Entertainment, Ltd.
will hold their first meeting on June 29, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche, P.O. Box 1787
         Grand Cayman KY1-1109, Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8238
         e-mail: rrintoul@deloitte.com


CLEVELEYS LIMITED: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------------
The creditors of Cleveleys 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 wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


CULZEAN LIMITED: Creditors' Proofs of Debt Due on July 7
--------------------------------------------------------
The creditors of Culzean 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:

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


FENIA LIMITED: Creditors' Proofs of Debt Due on July 7
------------------------------------------------------
The creditors of Fenia 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 wind-up proceedings on May 21, 2010.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


K2 CORPORATION: Creditors' Proofs of Debt Due on July 7
-------------------------------------------------------
The creditors of K2 Corporation are required to file their proofs
of debt by July 7, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Richard E.L. Fogerty
         Alastair Beveridge
         c/o Matthew Wright
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: matthew.wright@zolfocooper.ky


MCKINLEY NON-U.S.: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------------
The creditors of McKinley Non-U.S. Ex-Canada Developed/(130/30)
Growth Offshore Fund 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 28, 2010.

The company's liquidator is:

         Walkers Fund Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9004, Cayman Islands


S-LINK LIMITED: Creditors' Proofs of Debt Due on July 7
-------------------------------------------------------
The creditors of S-Link 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 wind-up proceedings on May 25, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


STANFORD-HAVELL: Creditors' Proofs of Debt Due on June 28
---------------------------------------------------------
The creditors of Stanford-Havell Emip 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 May 19, 2010.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: 815 1828
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


TVA OPPORTUNITY: Creditors' Proofs of Debt Due on July 7
--------------------------------------------------------
The creditors of TVA Opportunity Master Fund 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 10, 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


UNITED TRUSTEES: Creditors' Proofs of Debt Due on July 7
--------------------------------------------------------
The creditors of United Trustees 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 wind-up proceedings on April 25, 2010.

The company's liquidator is:

         RTB Secretaries Limited
         Plam Grove House, P.O. Box 438, Road Town
         Tortola, British Virgin Islands


VIEW MANAGEMENT: Creditors' Proofs of Debt Due on July 7
--------------------------------------------------------
The creditors of View Management 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 April 23, 2010.

The company's liquidator is:

         RTB Presidents Limited
         Plam Grove House, P.O. Box 438, Road Town
         Tortola, British Virgin Islands


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C H I L E
=========


COMPANIA SUD: Discloses Higher Transport Estimates for 2010
-----------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Compania
Sudamericana de Vapores SA disclosed higher transport estimates
for this year.

According to the report, the company said that it expects to ship
approximately 2.92 million 20-feet equivalent container units in
2010, 63% more than in 2009.  "CSAV also said in that presentation
that it expects a profit in the second quarter of 2010," Hernan
Guerrero, head of research at BBVA Corredores de Bolsa SA, told
the news agency in a telephone interview.  "The company is finally
breaking the trend of several quarters with losses," he added.

                           About CSAV

Compania Sud Americana De Vapores (CSAV) --  http://www.csav.cl
-- is a Chilean shipping company.  The sphere of the Company's
activities extends across five continents.  Its services feature a
comprehensive service for general cargo, bulk cargo, fresh and
frozen products and vehicles, using both owned and chartered
vessels.  CSAV provides permanent sailings from certain ports
through its line service, fixed itineraries and operates a fleet
of vessels able to convey a large number of containers and a
variety of conventional cargoes.  CSVA also owns vessels specially
designed for frozen cargo, cars, bulk cargo and forest products.
In addition to complementary storage areas and pier services, an
intermodal service has also been established, which combines
different means of carriage.  CSAV provides these services in
conjunction with its subsidiaries: Sudamericana Agencias Aereas y
Maritimas S.A., as a maritime forwarding agency, and COSAN, a
container terminal in Santiago.

                           *     *     *

As of June 10, 2010, the company continues to carry Standard and
Poor's "B-" long term issuer credit ratings.


COMPANIA SUD: Sees Return to Profit This Qtr on Shipping Recovery
-----------------------------------------------------------------
James Attwood at Bloomberg News reports that Cia. Sudamericana de
Vapores SA said it expects to report a profit in the second
quarter as volumes and rates recover.

According to the report, the company had a net loss of US$38
million in the first three months of the year, its seventh
straight quarterly losses.

Compania Sud Americana De Vapores (CSAV) --  http://www.csav.cl
-- is a Chilean shipping company.  The sphere of the Company's
activities extends across five continents.  Its services feature a
comprehensive service for general cargo, bulk cargo, fresh and
frozen products and vehicles, using both owned and chartered
vessels.  CSAV provides permanent sailings from certain ports
through its line service, fixed itineraries and operates a fleet
of vessels able to convey a large number of containers and a
variety of conventional cargoes.  CSVA also owns vessels specially
designed for frozen cargo, cars, bulk cargo and forest products.
In addition to complementary storage areas and pier services, an
intermodal service has also been established, which combines
different means of carriage.  CSAV provides these services in
conjunction with its subsidiaries: Sudamericana Agencias Aereas y
Maritimas S.A., as a maritime forwarding agency, and COSAN, a
container terminal in Santiago.

                           *     *     *

As of June 10, 2010, the company continues to carry Standard and
Poor's "B-" long term issuer credit ratings.


ELECTROANDINA SA: Fitch Upgrades Issuer Default Ratings to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded Electroandina S.A.'s foreign and local
currency Issuer Default Ratings to 'BB+' from 'BB'; the Rating
Outlook is Stable.

The rating upgrades reflect the significant business and financial
improvement in Electroandina and the potential stronger credit
profile of its new holding company E-CL S.A.  It incorporates the
expectation of a more stable cash flow as new long-term power
contracts with price indexation mechanisms replaced expiring
contracts starting in 2010, and the payment of Electroandina's
debt in full.

     Improved Financial Performance, and Commercial Position

Electroandina's cash flow from operations significantly improved
to $197 million in 2009 from -$44 million in 2008, and EBITDA grew
to $170 million from $36 million.  The improvement was mainly the
result of higher revenues due to the indexation clauses included
in the PPAs, lower fuel and energy prices, and improved
Argentinean natural gas availability at lower prices.  The company
used its cash flow to pay outstanding debt in full.

Going forward, Electroandina's cash flow from operations is more
predictable and stable, based on its new commercial profile and
the start-up of its new generation plant (103.68MW [megawatt]
thermo plant) in July 2009.  The company's contracted position is
currently in balance with its diversified generation matrix,
reducing its exposure to the volatility of energy spot prices and
fuel supply costs.

              New Structure Holds Positive Potential

The rating action has also factored in the new structure which now
includes a 100% of the companies Electroandina S.A, Edelnor S.A.,
Central Termoelectrica Andina S.A., Gasoducto Nor Andino S.A.,
Gasoducto Nor Andino Argentina S.A. and 60% of Inversiones
Hornitos S.A. into the holding company E-CL.  The combination of
these assets holds the potential for a more diverse and stronger
group.  Once there is further clarity on E-CL's financial strategy
and the impact of such structure on Electroandina, Fitch will
assess if there is any further positive effect over the company's
credit profile.

By the end of 2009, E-CL had a strong consolidated financial
profile.  EBITDA was $342 million and debt was $697 million
(including shareholders debt of $490 million), resulting in a Debt
to EBITDA ratio of 2.0 times.  These figures include a large
portion of the financing of the two 165MW coal power plants CTA
and CTH, currently under construction.  These plants are expected
to start operations at the end of 2010 and the second quarter of
2011, respectively.

Both E-CL's and Electroandina's credit profiles will continue to
be strengthened by the inherent support of its controlling
shareholder, Gaz de France Suez S.A. (GDF Suez)(52.4%)and
additional shareholder, Corporacion Nacional del Cobre de Chile
(Fitch IDR of 'A') (40%).  Both shareholders have actively
participated in the capital structure of the company via direct
loans or capital contribution.


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


* ECUADOR: Jan-April Oil Exports Rise 127% on Year to US$2.97BB
---------------------------------------------------------------
Ecuador's crude oil export revenue totaled US$2.97 billion for the
January-April period, a 127% increase from US$1.31 billion a year
earlier, due to higher oil prices, Dow Jones Newswires reports,
citing the central bank.

According to the report, the average price of crude in the four-
month period jumped 124% to US$72.89 per barrel from US$32.47 a
barrel in the 2009 period.  The report relates that by volume,
Ecuador exported 40.79 million barrels in the first four months of
this year from 40.47 million barrels exported in the same period
of last year.

Dow Jones Newswires notes that it translates into exports of
339,942 barrels a day in the first quarter from 337,283 barrels a
day a year earlier.

The report, citing the official data, says that of the total
exported by the country, 9.65 million barrels, or 24%, were sold
by private companies operating in Ecuador, bringing in revenue of
about US$694 million.  The remainder was exported by state-run
Petroecuador.

                           *     *     *

As of June 10, 2010, the company continues to carry Moody's "Caa2"
Country Ceilings Long-Term foreign bank deposit and Country
Ceilings Long-Term foreign currency debt ratings.  The company
also continues to carry Moody's "Caa3" currency issuer ratings.


=========
H A I T I
=========


* HAITI: IDB OKs US$3 Million for JV Project With Coca Cola
-----------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment Fund
approved a US$3 million grant for a project in partnership with
The Coca Cola Company to boost the incomes and crop output of
25,000 mango farmers in Haiti.

Coca Cola will provide US$3.5 million for the project, including
all the profits from sales of Odwalla Haiti Hope Mango Lime-Aid.
The project will be carried out by TechnoServe, a U.S. non-profit
organization with extensive experience in promoting agribusinesses
in developing countries.

Haiti produces high-quality mangoes but only a small fraction of
its crop is exported.  Due to a combination of poor post-harvest
handling methods and bad rural roads, most of the harvested fruit
is too damaged by the time it reaches packing plants around Port-
au-Prince.

The project backed by the MIF and The Coca-Cola Company will work
with growers who farm small plots of land and own just a few mango
trees.  Many of these farmers make less than US$1,000 a year.

Farmers participating in the project will be trained to improve
their tree yields and diversify their production, lessening their
dependence on a single crop and bolstering their families' food
security.  They will also receive training in handling mangoes
after the harvest to reduce fruit damage and rejection ratios.

The project will provide mango farmers assistance in establishing
or strengthening grower associations, aiming to help increase
their bargaining power and business skills.  This will enable
farmers to deal directly with fruit exporters and processors
rather than selling their crop through middlemen.

In addition, the project will support efforts by local investors
to establish processing plants to transform non-export grade
mangoes into byproducts such as dried fruit or fruit juice.
Despite its considerable crop, Haiti imports mango juice.  With
its expertise in juice production and market development, Coca
Cola will provide guidance throughout this process.

Based on a monitoring and evaluation system, the project will
generate a body of knowledge on improving the mango value chain
that may be shared with other agricultural producers and
transferred to the Haitian Ministry of Agriculture and its School
of Agronomy.  All project activities will be carried out in close
cooperation with Haitian authorities.

The mango project will build on lessons learned from other rural
value chain projects backed by the MIF, an autonomous fund
administered by the IDB that promotes private sector development
in Latin America and the Caribbean, focusing on micro-enterprises
and small businesses.

                           *     *     *

As of May 31, 2010, the country continues to carry Moody's "Ba1"
subordinate debt rating.


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


CABLE & WIRELESS: Records Third Year of Loss
--------------------------------------------
Cable & Wireless Plc, which trades as LIME, recorded its third
consecutive year of losses at US$3.39 billion as at March 2010
that was over 10 times the prior year's loss and accompanied by
negative working capital, Jamaica Observer reports.  The report
relates that the loss was attributed to the more-than-doubling of
its depreciation and amortization expenses from US$3 billion to
US$7 billion related to its new network.

According to the report, it caused the company to record an
operating loss of US$2.65 billion versus an operating profit of
US$1.4 billion a year prior.  The report relates that the loss
slashed by half the group's cash and equivalents to US$364.5
million as at March 2010 from US$700.2 million in 2009.  The
group's balance sheet, the report says, also recorded US$1.28
billion in negative working capital which grew from US$460 million
in negative working capital in 2009.

The Observer says that LIME Jamaica was previously a highly
profitable group earning over US$2 billion in profit prior to 2006
with the exclusion of 2004 when it made a loss of US$5.4 billion
due to a write-off of its network.  The report relates that it,
however, recorded a US$302.8 million loss from US$21.99 billion in
revenues in 2009 and a US$4.19 billion loss in 2008 from revenues
of US$22.89 billion.

Cable & Wireless, the report says, made US$22.05 billion in
revenues which was flat compared with the previous year.  The
report relates that income from the fixed line division declined
to US$11.2 billion from US$12.5 billion a year prior; data & other
jumped from US$4.5 billion to US$5.9 billion; and mobile declined
US$4.9 billion to US$4.89 billion year on year.  Interestingly,
its data & other division was the only division that increased
revenues year on year which allowed it to usurp the mobile
division in revenues, the report adds.

                           About LIME

LIME (Landline, Internet, Mobile, Entertainment), is a
communications provider owned by the British based Cable &
Wireless Communications plc operating in Anguilla, Antigua &
Barbuda, Barbados, British Virgin Islands, Cayman Islands,
Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St.
Lucia, St. Vincent & the Grenadines and Turks & Caicos in the
Caribbean.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.  The company continues to Standard & Poor's
"BB-" long-term foreign and local issuer credit ratings and "B"
short-term foreign and local issuer credit ratings.


JAMAICA PUBLIC SERVICE: No Rate Increase for Firm
-------------------------------------------------
Jamaica Energy Minister James Robertson said that Jamaica Public
Service Company customers may not see an actual increase in the
non-fuel cost of electricity this year, RadioJamaica reports.  The
report relates that the company has applied for an adjustment to
be made to non-fuel rates based on inflation.  However, the report
notes, this increase may not be coming.

According to the report, under its license, the JPSCO is allowed
each year to apply for an adjustment to non-fuel costs of
electricity based on the rate of inflation in the United States
(US) and Jamaica.  Inflation in the US last year ran at 2.7% and
10.65 in Jamaica.

The report notes that both the JPSCO and Office of Utilities
Regulation have been tight lipped as to what level of increase,
based on these rates, the JPSCO has applied for in its 2010
inflation adjustment application.

Mr. Robertson, the report discloses, said there are some
developments which may mitigate against any increase and may even
push rate adjustments in the opposite direction.  "The JPS[CO] is
indicating that the numbers that they are seeing, that have been
put forward and the performance of the Jamaican economy, for the
first time, we could possibly be looking at a decrease in rates,"
the report quoted Mr. Robertson as saying.

The report relates that Mr. Robertson did not say how much of an
increase will be tacked onto consumers' bills when the adjustment
is announced as expected later this month.

                           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.


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


* PERU: Economy Likely to Grow 10% in June
------------------------------------------
Banco de Credito del Peru said that Peru's economic activity
dynamism shows a rapid recovery in domestic demand, which would
result in a two-digit increase in June, Andina reports.

According to the report, BCP said Peru's GDP may have grown 8% in
April, taking into account the total volume of cement dispatches,
which grew 18.1%, as well as the 8.4% rise in electricity
production.  The report relates that the bank mentioned that the
domestic dynamism in imports and in the Value Added Tax or IGV,
which rose 21.4%, shows a rapid recovery in domestic demand.

The bank, the report notes, said that some risks such as the
European crisis can be perceived in the second half of the year.

However, the report says, the bank pointed out that the dynamism
for the first half of the year and momentum of the economic
activity would be high enough for sustaining growth rates higher
than 6% for 2010.

BCP, the report adds, also said that Peru's economic recovery had
firmed up and resumed expansive growth, closing the first quarter
of the year with an annualized growth pace of 7.3%.


                            ***********

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,
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