TCRLA_Public/100614.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

              Monday, June 14, 2010, Vol. 11, No. 115

                            Headlines



A N T I G U A  &  B A R B U D A

CABLE & WIRELESS: LIME Backs Out of Rate Increases
STANFORD INT'L: Court Dismiss Joint Liquidators From Office


A R G E N T I N A

ACTIVA COMERCIAL: Creditors' Proofs of Debt Due on August 30
ALUAR ALUMINIO: Cut to 'Hold' From 'Buy' at Santander on Outlook
CAMUZZI GAS: Moody's Gives Negative Outlook; Affirms 'B2' Rating
EXPOMAPICA SA: Creditors' Proofs of Debt Due on August 18
LIGHT GYM: Creditors' Proofs of Debt Due on September 1

S OFFICE: Creditors' Proofs of Debt Due on July 2


B R A Z I L

BRASKEM SA: Concludes Greenhouse Effect Gas Inventory


C A Y M A N  I S L A N D S

AALL GROUP: Shareholders' Final Meeting Set for July 12
ANCHORS AWEIGH: Shareholders' Final Meeting Set for July 12
ARUMON CAPITAL: Shareholders to Hear Wind-Up Report on July 8
BLUE VALLEY: Shareholders' Final Meeting Set for July 12
BRUNSWICK PARTNERS: Members' Final Meeting Set for July 8

BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21
BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21
CHRISTIE STREET: Shareholder to Hear Wind-Up Report on June 30
COMPASS S.E.: Shareholders' Final Meeting Set for July 12
DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28

DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28
EANYWHERE TECH: Members' Final Meeting Set for July 21
EMOBILE COMM: Members' Final Meeting Set for July 21
FLOATING RATE: Members to Hear Wind-Up Report on June 9
FORRESTER MARITIME: Shareholders' Final Meeting Set for July 12

KLEROS PREFERRED: Shareholders Receive Wind-Up Report
SIRIOS EUROPE: Shareholders to Hear Wind-Up Report on July 9
SMAM ASIAN: Shareholders' Final Meeting Set for July 9
TIEDEMANN JAPAN: Shareholder to Hear Wind-Up Report on July 22
TRENDSQUARE LTD: Shareholders' Final Meeting Set for June 28


C O L O M B I A

BANCO DE BAGOTA: Offer for GE Bank Gets No Response
ECOPETROL SA: BP Colombia Ops Back to Normal as Workers End Strike


C H I L E

EMPRESAS IANSA: S&P Raises Rating to 'B-'; Gives Positive Outlook
EMPRESAS IANSA: Moody's Upgrades Ratings to 'B-' From 'CCC+'


E C U A D O R

PETROECUADOR: Ecuador to Sign US$800 Million Pipeline Accord


G U A T E M A L A

* GUATEMALA: Gets US$35MM Loan to Improve Health & Nutrition


J A M A I C A

AIR JAMAICA: New Trinidad Government Looking at Airline Deal
AIR JAMAICA: Gov't Receives Additional Grant to Divest Airline
JPSCO: Workers Upset on Delayed IDT Ruling


M E X I C O

METROFINANCIERA SA: Mexican Court Backs Prepack Bankruptcy Plan


P A R A G U A Y

* PARAGUAY: Records 3.8% Decline in Real Gross Domestic Product


T R I N I D A D  &  T O B A G O

CL FIN'L: Finance Minister Appoints Appraisal Committee


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Tankers Anchored After Oil Spill


X X X X X X X X

* BOND PRICING: For the Week June 4, to June 8, 2010




                         - - - - -


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


CABLE & WIRELESS: LIME Backs Out of Rate Increases
--------------------------------------------------
Cable & Wireless plc's LIME customers in Antigua and Barbuda won't
increase its Internet and mobile rates after the company wrote to
government acknowledging "there was a failure in identifying and
implementing the requirements for price increases in [the
country]," Caribbean360.com reports.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2010, Caribbean360.com said that Antigua and Barbuda
government has criticized LIME for taking a unilateral decision to
increase Internet and mobile rates, describing the move as
"unjustified" and in violation of the company's monopoly license,
Caribbean360.com reports.  The report related Minister of State in
the Ministry of Information, Broadcasting and Telecommunications,
Dr. Edmond Mansoor said LIME did not consult government on the
move.  According to the report, Dr. Mansoor said that in the
absence of any dialogue with government as required under Clause
13 of the Cable and Wireless (West Indies) Limited Antigua and
Barbuda Operating License, and without any empirical information
to justify the rate increases, the government could not support
LIME hiking the cost of Internet or mobile outbound services.

                           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.


STANFORD INT'L: Court Dismiss Joint Liquidators From Office
-----------------------------------------------------------
Stanford International Bank Limited's joint liquidators, Nigel
Hamilton-Smith and Peter Wastell, who were appointed by the
Financial Services Regulatory Commission of Antigua and Barbuda,
had been removed from office following a decision by the High
Court of Antigua on June 8, 2010.  Alternative liquidators are
appointed.  A written judgment has not been handed down by the
Antiguan Court.

The Joint Liquidators have been advised by their legal counsel
that the basis of the decision, which has as yet only been given
orally by the Judge, was incorrect and that it should be urgently
appealed to the Eastern Caribbean Court of Appeal.

Since their appointment, the Joint Liquidators have continued to
make significant progress in their efforts to recover monies on
behalf of the creditors and investors of SIB and, as recently as
June 7, 2010, were recognized by the Swiss Financial Regulator as
the officers to whom control of the SIB assets in Switzerland,
totaling in excess of US$100 million, should pass.

Following extensive negotiations, the Government of Antigua &
Barbuda had also recently confirmed that the properties owned by
SIB, which the Government had made moves to compulsorily purchase,
would be released to the Joint Liquidators, as part of their
ongoing efforts to obtain the maximum return for creditors.

In addition, a settlement agreement between the Joint Liquidators
and the United States Receiver was reached in late May 2010, which
sought to bring to a conclusion the legal challenges that have
taken place between them in relation to the assets of SIB that are
located in Antigua, the United States, the United Kingdom and
Canada.

The Joint Liquidators wish to confirm that they will request a
stay in the High Court decision pending their appeal to the
Eastern Caribbean Court of Appeal to enable them to remain in
office.  The Joint Liquidators remain focused on recovering the
assets of SIB for creditors.  All SIBL investors who have not yet
registered their claim on the Online Claims Management System
should do so via the Web site at https://stanford.vantisplc.com/,
where their claims will continue to be processed.

                            About Vantis

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

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

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  A criminal case was
pursued against him in June 2009 before the U.S. District Court in
Houston, Texas.  Mr. Stanford pleaded not guilty to 21 charges of
multi-billion dollar fraud, money-laundering and obstruction of
justice.  Assistant Attorney General Lanny Breuer, as cited by
Agence France-Presse News, said in a 57-page indictment that Mr.
Stanford could face up to 250 years in prison if convicted on all
charges.  Mr. Stanford surrendered to U.S. authorities after a
warrant was issued for his arrest on the criminal charges.  The
criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court,
Southern District of Texas (Houston).  The civil case is SEC v.
Stanford International Bank, 3:09-cv-00298-N, U.S. District Court,
Northern District of Texas (Dallas).


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


ACTIVA COMERCIAL: Creditors' Proofs of Debt Due on August 30
------------------------------------------------------------
The court-appointed trustee for Activa Comercial S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 30, 2010.

The trustee will present the validated claims in court as
individual reports on October 11, 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 22, 2010.


ALUAR ALUMINIO: Cut to 'Hold' From 'Buy' at Santander on Outlook
----------------------------------------------------------------
Ian Sayson at Bloomberg News reports that Aluar Aluminio Argentino
SAIC had its stock rating lowered to "hold' from ''buy'' by Banco
Santander SA analyst Victoria Santaella, on June 11, 2010.  The
report relates Ms. Santaella said that there is ''no clear
catalyst in the short term.''

"Higher aluminum prices in 2010 are already priced in," the report
quoted Ms. Santaella as saying.  The stock's 12-month share price
estimate was increased to ARS5.43 from ARS4.90, she added.

Headquartered in Buenos Aires, Argentina, Aluar is the only
primary aluminum producer and the main semi-manufactured aluminum
maker in Argentina.  With total revenues of US$1 billion as of the
last twelve months ending March 31, 2009, 25% of Aluar's
production is sold in the Argentine domestic market and the
remaining 75% is exported worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Moody's Latin America has assigned a B2 global
local currency to US$50 million in new senior unsecured local
notes due 2014 to be issued by Aluar Aluminio Argentino S.A.I.C.
At the same time, Moody's affirmed Aluar's B2 global local
currency corporate family rating.  The outlook for all ratings is
stable.


CAMUZZI GAS: Moody's Gives Negative Outlook; Affirms 'B2' Rating
----------------------------------------------------------------
Moody's Latin America has changed Camuzzi Gas Pampeana's rating
outlook to negative from stable and affirmed the existing B2 and
A2.ar Corporate Family ratings.  The outlook change is prompted by
the company's sustained weakened margins and cash flow generation
in the absence of tariff relief, and Moody's view that such
margins will continue to deteriorate for the foreseeable future.

The B2 and A2.ar Corporate Family Ratings affirmation for Pampeana
reflects the company's stable operations, and very low leverage.
The rating also incorporates uncertainty about the regulatory
framework and the regulatory risk profile of Pampeana's operations
in Argentina as Pampeana's tariffs have remained frozen for almost
10 years.  While there have been efforts and negotiations to
increase the tariffs during that period, to date, there has not
been any concrete action to implement an increase.  Given the
country's high inflation rates, Pampeana's ability to produce a
profit is problematic and cash flow generation is weakening.

Pampeana's B2 local currency rating reflects its global default
and loss expectation, while the A2.ar national scale rating
reflects the standing of Pampeana's credit quality relative to its
domestic peers.  Moody's National Scale Ratings are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Argentina are designated by
the ".ar" suffix.  Issuers or issues rated A2.ar present above-
average creditworthiness relative to other domestic issuers.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

Pampeana's main liquidity sources are cash on hand, internal cash
flow generation and availability of about ARS 40 million under of
non-committed bank credit lines.

At March 2010, Pampeana's cash on hand was approximately
ARS69 million while short term debt was about ARS63 million.
Moody's believes that Pampeana will use the combination of
internal cash generation and cash on hand to fund increasing
winter working capital needs, satisfy maintenance capital
expenditures, and to meet debt service obligations, including the
repayment of short-term debt, over the next twelve months.

Considering Pampeana's current capital expenditures and low debt
levels, Moody's expects Pampeana to continue generating slightly
positive free cash flow.  It will however, need to maintain access
to bank credit lines to finance its short term cash needs.  As
such, continued access to bank credit lines remains an important
rating consideration.

The negative outlook reflects Moody's view that Pampeana's margins
and cash flow generation will continue to experience negative
pressure, given the high inflation rates prevailing in Argentina
and the prolonged delay of the required tariff adjustment.

If Pampeana's margins continue their downward trend and additional
cost pressures are not addressed by an increase or adjustment to
its tariffs, the ratings could be downgraded.  Additionally, any
sudden change to the company's liquidity profile could negatively
affect ratings.  Also, an adverse change in the fundamental
regulatory framework for the industry or an unanticipated change
to an aggressive financial policy could lead to negative rating
actions.  Moody's observes that during 2009 the company paid
dividends of $74 million to its owners.  Quantitatively, negative
free cash flow or debt to EBITDA that exceeds 2.0x could also lead
to a rating downgrade.

In light of the negative rating outlook, limited near-term
prospects exist for the rating to be upgraded.  To stabilize
ratings, Pampeana should be able to recover its increased costs to
some extent and begin to reverse the negative margin trend on a
sustainable basis.  Longer-term, upward rating pressure is
possible from a more predictable tariff regime and a more
transparent regulatory environment for the company's operations.

Camuzzi Gas Pampeana is an Argentinean gas distribution utility,
operating in Buenos Aires and La Pampa Provinces, with over
1 million clients and annual revenues of more than AR$520 million.


EXPOMAPICA SA: Creditors' Proofs of Debt Due on August 18
---------------------------------------------------------
The court-appointed trustee for Expomapica S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 18, 2010.

The trustee will present the validated claims in court as
individual reports on September 29, 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 11, 2010.


LIGHT GYM: Creditors' Proofs of Debt Due on September 1
-------------------------------------------------------
The court-appointed trustee for Light Gym Asociacion Civil's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 1, 2010.

The trustee will present the validated claims in court as
individual reports on October 14, 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 26, 2010.


S OFFICE: Creditors' Proofs of Debt Due on July 2
-------------------------------------------------
The court-appointed trustee for S Office S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 2, 2010.

The trustee will present the validated claims in court as
individual reports on September 14, 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
October 13, 2010.


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


BRASKEM SA: Concludes Greenhouse Effect Gas Inventory
-----------------------------------------------------
Braskem SA reduced by 13.6% of greenhouse effect emissions since
2007, reaching 7.3 million tons of CO2 equivalents in 2009 due to
the investments in energetic efficiency, to the discontinuity of
some operations that were intensive in emissions and the other
operational improvements.

With this evolution, Braskem SA took another important step in the
strategy of performing in consonance with sustainable development
and advanced in the fulfillment of the public commitment "You must
mature to be green", which it disclosed in 2009, where it
committed to, among other things, to reduce the intensity of
greenhouse effect gas emissions.  The index truly cut the CO2
equivalent 0.80 per ton of the product in 2007 to 0.71 in 2009.

All the eco-efficiency indicators, which presented the emissions
and consumptions per ton of production, also improved expressively
between 2002 and 2009.  The generation of residues dropped 61%, of
waste waters 40%, water consumption 19% and energy, 12%.

In 2002, when Braskem was formed, it went from an average level of
investments in improvements in the installations in health,
security and environment of R$40 million, between 2003 and 2004,
to R$ 140 million between 2005 and 2008.  This was linked to the
improvement of the practices and management as a whole.  When
Braskem got past the strategic integration phase, there was growth
in the investment in Health, Security and Environment in 2009 to
another level, when almost R$290 million invested.

                        About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch Ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


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


AALL GROUP: Shareholders' Final Meeting Set for July 12
-------------------------------------------------------
The shareholders of AALL Group Inc. will hold their final meeting,
on July 12, 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:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


ANCHORS AWEIGH: Shareholders' Final Meeting Set for July 12
-----------------------------------------------------------
The shareholders of Anchors Aweigh Ltd. will hold their final
meeting, on July 12, 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:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


ARUMON CAPITAL: Shareholders to Hear Wind-Up Report on July 8
-------------------------------------------------------------
The shareholders of Arumon Capital, Ltd will receive, on July 8,
2010, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o 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


BLUE VALLEY: Shareholders' Final Meeting Set for July 12
--------------------------------------------------------
The shareholders of Blue Valley Investments Limited will hold
their final meeting, on July 12, 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:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


BRUNSWICK PARTNERS: Members' Final Meeting Set for July 8
---------------------------------------------------------
The members of Brunswick Partners Six Limited will hold their
final meeting on July 8, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Edward Allanby
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21
---------------------------------------------------------------
The sole shareholder of BTG Pactual Latin America Income Fund Ltd.
will receive, on July 21, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21
---------------------------------------------------------------
The sole shareholder of BTG Pactual Strategy Fund, Ltd. will
receive, on July 21, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


CHRISTIE STREET: Shareholder to Hear Wind-Up Report on June 30
--------------------------------------------------------------
The sole shareholder of Christie Street Capital Fund, Ltd. will
receive, on June 30, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9876


COMPASS S.E.: Shareholders' Final Meeting Set for July 12
---------------------------------------------------------
The shareholders of Compass S.E. Ltd. will hold their final
meeting, on July 12, 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:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28
-----------------------------------------------------------------
The shareholders of Dinvest Concentrated Opportunities III Exquity
Ltd. will hold their final meeting, on June 28, 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:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28
-----------------------------------------------------------------
The shareholders of Dinvest Concentrated Opportunities Ltd. will
hold their final meeting, on June 28, 2010, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


EANYWHERE TECH: Members' Final Meeting Set for July 21
------------------------------------------------------
The members of Eanywhere Tech, Inc. will hold their final meeting,
on July 21, 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:

         Nien-Hung Chung
         c/o Donald M. Miller
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams, Ritchie & Duckworth
         P.O. Box 709, Zephyr House
         Mary Street, George Town
         Grand Cayman KY1-1107


EMOBILE COMM: Members' Final Meeting Set for July 21
----------------------------------------------------
The members of Emobile Comm, Inc. will hold their final meeting on
July 21, 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:

         Nien-Hung Chung
         c/o Donald M. Miller
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams, Ritchie & Duckworth
         P.O. Box 709, Zephyr House
         Mary Street, George Town
         Grand Cayman KY1-1107


FLOATING RATE: Members to Hear Wind-Up Report on June 9
-------------------------------------------------------
The members of Floating Rate Senior Loan Fund II Limited will
receive, on June 9, 2010, at 10:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kirsten Le Pape
         c/o Turner & Roulstone Management Ltd.
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102, Cayman Islands
         c/o Gavin Lowe
         Telephone: 1 345 943 5555


FORRESTER MARITIME: Shareholders' Final Meeting Set for July 12
---------------------------------------------------------------
The shareholders of Forrester Maritime Limited will hold their
final meeting, on July 12, 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:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


KLEROS PREFERRED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Kleros Preferred Funding VI, Ltd. received, on
July 9, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House. 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


SIRIOS EUROPE: Shareholders to Hear Wind-Up Report on July 9
------------------------------------------------------------
The shareholders of Sirios Europe Fund, Ltd. will receive, on
July 9, 2010, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


SMAM ASIAN: Shareholders' Final Meeting Set for July 9
------------------------------------------------------
The shareholders of SMAM Asian Dynasty Master Fund, Ltd will hold
their final meeting, on July 9, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIEDEMANN JAPAN: Shareholder to Hear Wind-Up Report on July 22
--------------------------------------------------------------
The sole shareholder of Tiedemann Japan QP Ltd. will receive, on
July 22, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


TRENDSQUARE LTD: Shareholders' Final Meeting Set for June 28
------------------------------------------------------------
The shareholders of Trendsquare Ltd. will hold their final
meeting, on June 28, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


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


BANCO DE BAGOTA: Offer for GE Bank Gets No Response
---------------------------------------------------
Inti Landauro and Bob Sechler at Dow Jones Newswires report that
Banco de Bogota SA's offer to buy 100% of Central American bank
BAC-Credomatic, which is controlled by General Electric Co.'s
financial arm, received no answer.  The report relates that Banco
de Bogota had offered to buy 100% of the shares of BAC-Credomatic
and set a deadline for an answer by 5 p.m. EDT June 10, 2010.

According to the report, GE paid about US$500 million for a 49.9%
stake in BAC-Credomatic in 2005.  The report relates that it upped
the stake to 75% last year.  Since then, the report says, GE has
been moving to downsize its big but troubled financial arm, GE
Capital.

Dow Jones Newswires notes that Bob Rendine, a GE Capital
spokesman, reiterated the broad goal but declined to comment on
any specific plans or deals involving BAC-Credomatic.  "We have
said only that GE Capital continues to evaluate its entire
portfolio -- including BAC -- with the objectives of determining
long-term fit and to shrink the overall size of GE Capital's
balance sheet," Mr. Rendine said in an emailed response obtained
by the news agency.

Banco de Bogota, the report notes, said that it will continue to
explore opportunities to expand its business.

                       About Banco de Bogota

Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota
-- http://www.bancodebogota.com-- is a private national bank
involved in all activities associated with a commercial banking
institution as regulated by Colombian law.  On a national level,
it also operates through subsidiaries: Corporacion Financiera
Colombiana S.A., an investment bank; Almacenes Generales de
Deposito "Almaviva S.A.", a products supply logistics company;
Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del
Comercio "Fiducomercio S.A.", trust and portfolio investment
companies; Leasing Bogot  S.A., a leasing company; Valores
Bogot  S.A., a provider of brokerage services; and Fondos de
Pensiones y Cesantias Porvenir, a pensions and suspensions
administrator. The Bank operates 275 offices, five corporate
service centers and a banking attention center.  The company
also has affiliates in Panama, Nassau, Miami, and New York.

                           *     *     *

As of January 25, 2010, the company continues to carry Moody's Ba2
Foreign LT Bank Deposits rating.


ECOPETROL SA: BP Colombia Ops Back to Normal as Workers End Strike
------------------------------------------------------------------
BP PLC operations in Colombia's Cusiana gas field are back to
normal as workers have ended a two-week strike, Inti Landauro at
Dow Jones Newswires reports.  The report relates that Daniel Rico,
a member of the union's negotiating team, and Poly Martinez, a
spokeswoman from BP, said the strike ended over the past long
weekend.  Negotiations will resume June 15, 2010, they added.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2010, Dow Jones Newswires said that workers at BP PLC
operations in Colombia are striking and blocking the entrance of a
natural-gas processing plant at the Cusiana field, eastern
Casanare province.  According to the report, the striking workers
are building a plant to process natural gas and allow an increase
of output to 300 million cubic feet a day in Cusiana.  The report
related that said all 400 workers are on strike and are demanding
higher wages, though the salaries are reasonable.  The report said
that salaries are as low as COP515,000 (US$262) a month.  The
workers, the report moted, are also blocking access to producing
facilities, but output has continued normally.

BP operates the gas field in partnership with Ecopetrol SA and
French oil company Total SA.  BP owns 31% of the field, while
Ecopetrol owns 50% and Total owns the remaining 19%.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings. The company also continues
to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and
"BB+" Senior Unsecured Debt rating.


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


EMPRESAS IANSA: S&P Raises Rating to 'B-'; Gives Positive Outlook
-----------------------------------------------------------------
On June 10, 2010, Standard & Poor's Rating Services upgraded its
rating on Chilean sugar producer Empresas Iansa S.A. to 'B-' from
'CCC+'.  The outlook is positive.

The rating action reflects the improvements in IANSA's financial
flexibility and operating performance during the past two
quarters, as well as its successful equity increase concluded in
March 2010.

IANSA's improved operating performance is a result of record price
levels for sugar in the past three quarters -- raw sugar prices
(contract #11) averaged U.S. 26 cents per pound in first-quarter
2010.  In addition, IANSA's main operating cost (sugar beet
production) declined significantly in 2010 thanks to disappointing
results for alternative crops, which reduced the company's cash
cost while expanded its land availability.  Furthermore, in March
2010, IANSA completed a $51 million capital increase, $25 million
of which was used to purchase Chilean importer, E.D.&F.  Man Chile
Ltda., one month later, raising IANSA's market share in the
Chilean sugar market to an estimated 75% from around 50%.

Although figures are not fully comparable due to the change in
reporting standards (which involved the deconsolidation of its
subsidiary Patagonia Investment S.A.), the company's EBITDA
generation materially improved, reaching $16 million in first-
quarter 2010.  Assuming prices for raw sugar steadily falling back
to near 15 cents per pound and current agricultural conditions
continuing, S&P's base case scenario suggests the firm will see
its EBITDA levels close to $35 million in 2010 and $25 million in
2011.

IANSA's ratings also reflect its commodity-type business and its
dependence on Chilean sugar beet production (which introduces
volatility) and its exposure to refinancing risk in 2012, when
$87 million on its bullet bond comes due.  These factors are
partially counterbalanced by the company's leading position in the
Chilean sugar market, its longstanding commercial relationships
with farmers, and its nationwide distribution network.In S&P's
opinion IANSA's liquidity position, as of March 31, 2010, has
improved, with cash holdings of $102 million compared with short-
term debt of about $32 million (excluding $19.6 million in sugar-
delivery commitments).  Although $25 million was used for the
E.D.&F.  Man Chile acquisition, the company's short-term financial
flexibility is likely to continue improving on enhanced operating
performance.  This would allow IANSA to reduce its debt further by
year-end 2010 while maintaining a robust cash position.

In S&P's opinion, IANSA's main challenge from a financial
standpoint is refinancing its debt amortization schedule, which is
concentrated in July 2012.  On the other hand, IANSA's subsidiary
Patagoniafresh had short-term bank commitments for $32 million as
of March 2010, which mature in December 2010.  S&P expects that
debt to fall to a more-manageable $20 million-$25 million by year-
end.  Even though IANSA has only an effective 33% share in
Patagoniafresh, S&P will monitor its financial flexibility since
S&P believes IANSA would support its subsidiary in case of need.
Although IANSA's inability to raise debt beyond $170 million
continues -- given that by year-end 2009 it remained noncompliant
with one of the financial covenants on its bonds, S&P is less
concerned about this because S&P thinks the company will be in
compliance by year-end 2010.

The positive outlook reflects S&P's expectation that S&P could
raise IANSA's ratings if the company further strengthens its
financial flexibility in 2010 and 2011.  A reduction in debt
position to near $100 million by year-end 2010 coupled with a
sound cash position would be consistent with the expected credit
strengthening.  A potential upgrade would also require favorable
business conditions, particularly with regards to sugar beet costs
and sugar prices.  On the other hand, S&P may revise the outlook
to stable as a consequence of unsatisfactory free cash generation
and/or more-challenging business conditions.


EMPRESAS IANSA: Moody's Upgrades Ratings to 'B-' From 'CCC+'
------------------------------------------------------------
Standard & Poor's Rating Services said that it has upgraded its
rating on Chilean sugar producer Empresas Iansa S.A. to 'B-' from
'CCC+'.  The outlook is positive.

"The rating action reflects the improvements in IANSA's financial
flexibility and operating performance during the past two
quarters, as well as its successful equity increase concluded in
March 2010," said Standard & Poor's credit analyst Diego Ocampo.

IANSA's improved operating performance is a result of record price
levels for sugar in the past three quarters -- raw sugar prices
(contract #11) averaged U.S. 26 cents per pound in first-quarter
2010.  In addition, IANSA's main operating cost (sugar beet
production) declined significantly in 2010 thanks to disappointing
results for alternative crops, which reduced the company's cash
cost while expanded its land availability.  Furthermore, in March
2010, IANSA completed a $51 million capital increase, $25 million
of which was used to purchase Chilean importer, E.D.&F.  Man Chile
Ltda., one month later, raising IANSA's market share in the
Chilean sugar market to an estimated 75% from around 50%.

IANSA's ratings also reflect its commodity-type business and its
dependence on Chilean sugar beet production (which introduces
volatility) and its exposure to refinancing risk in 2012, when
$87 million on its bullet bond comes due.  These factors are
partially counterbalanced by the company's leading position in the
Chilean sugar market, its longstanding commercial relationships
with farmers, and its nationwide distribution network.

"The positive outlook reflects S&P's expectation that S&P could
raise IANSA's ratings if the company further strengthens its
financial flexibility in 2010 and 2011.  A reduction in debt
position to near $100 million by year-end 2010 coupled with a
sound cash position would be consistent with the expected credit
strengthening," Mr. Ocampo added.  "A potential upgrade would also
require favorable business conditions, particularly with regards
to sugar beet costs and sugar prices.  On the other hand, S&P may
revise the outlook to stable as a consequence of unsatisfactory
free cash generation and/or more-challenging business conditions."


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


PETROECUADOR: Ecuador to Sign US$800 Million Pipeline Accord
------------------------------------------------------------
Peru will sign a letter of intent with Ecuador for an US$800
million oil pipeline connection, Alex Emery at Bloomberg News
reports, citing Petroleos del Peru SA Chief Executive Officer Luis
Rebolledo.  Petroperu aims to carry excess crude to the northern
port of Bayovar from Petroecuador's southern Amazon jungle fields,
Mr. Rebolledo told the news agency in an interview.

According to the report, the crude will go through Peru's three-
quarters empty 200,000 barrel-a-day pipeline.  "It's a very
important project," the report quoted Mr. Rebolledo as saying.

Mr. Rebolledo, the report notes, said that Ecuador and Peru are
trying to boost production of oil as declining revenue crimps
government finances.  Petroperu may sell bonds next year to
finance a US$1.3 billion expansion of its biggest refinery,
Talara, Mr. Rebolledo added.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


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


* GUATEMALA: Gets US$35MM Loan to Improve Health & Nutrition
------------------------------------------------------------
Guatemala will improve access and quality of health and nutrition
services for its most vulnerable citizens with a US$35 million
loan approved by the Board of Executive Directors of the Inter-
American Development Bank.

The program will expand coverage and improve the quality of basic
health care services at the primary level of care for some of
Guatemala's poorest rural communities.  It will focus particularly
on maternal and child care, improving the effectiveness of
Guatemala's preventive nutrition program, and the delivery of
vital micronutrient supplements to pregnant women and children
under age two, as well as providing basic health services such as
prenatal controls, immunizations, postpartum care and other
services.

The IDB loan will also finance the construction and refurbishment
of health facilities in underserved areas and training of health
professionals to address nutrition and maternal and child health
problems commonly found in poor and rural areas of Guatemala.  A
particular effort will be made to recruit health care providers
who speak local languages to work in Mobile Medical Groups that
provide services in remote areas and train them in intercultural
issues.  Finally, the program will improve the quality and
reliability of information and monitoring and supervision system
for the primary and secondary levels of care.

To ensure that resources go to the neediest, the program will
focus on at least 45 of the 147 municipalities that currently have
priority status based on poverty under Guatemala's conditional
cash transfer program, known as Mi Familia Progresa.  Two
subsequent stages of the program are planned that would extend its
reach to the remaining high-priority municipalities.

Guatemala has made substantial improvements in the health of its
population, increasing life expectancy by nearly 10 years and
decreasing maternal and infant mortality.  Nevertheless, 43.4% of
children under the age of five suffer chronic malnutrition.  Many
Guatemalans do not use formal health care systems, for reasons
that include lack of economic resources and cultural and
geographical factors.  Approximately 95% of low-income Guatemalans
must travel for over an hour to reach health care providers.

As a result of the program, by 2014 chronic malnutrition is
expected to decrease from 44.5% to 38.5% in children 6- to 24-
month-old in the 45 municipalities targeted for the first phase.
The proportion of these children affected by anemia is expected to
drop from 65% to 53.6%.  The population that is effectively
covered by Mobile Medical Groups is expected to increase by
343,000 people.  By 2014 the program is intended to refurbish 47
health posts and construct 12 new ones.

The IDB loan consists of US$28 million from the Bank's ordinary
capital with a 30-year term, a 66-month grace period and a fixed
interest rate, plus a US$7 million loan from the Fund for Special
Operations with a 40-year term, a 40-year grace period and 0.25
percent interest rate.



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


AIR JAMAICA: New Trinidad Government Looking at Airline Deal
------------------------------------------------------------
Trinidad and Tobago Finance Minister Winston Dookeran said that
the new government was concerned over the operations of the
national airline, Caribbean Airlines and its recent agreement with
Air Jamaica Limited, Gleaner/Power 106 News reports.  The report
relates that under the agreement, the Jamaica government will own
16% of CAL as part of the conditions for the local airline taking
over the lucrative routes of the cash-strapped Air Jamaica.

According to the report, Mr. Dookeran said that the Ministry of
Finance would be called upon to take a position on "many financial
challenges ahead of us in that particular arrangement."

"To that end I have also advised the Cabinet of the appointment of
an appraisal committee headed by Mr. Conrad Aleong (former airline
executive) . . . to do an immediate appraisal . . . and the
directions that we must set as we tackle that problem," the report
quoted Mr. Dookeran as saying.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


AIR JAMAICA: Gov't Receives Additional Grant to Divest Airline
--------------------------------------------------------------
The United States government has provided additional grant funding
to the Jamaica government for the divestment of Air Jamaica
Limited, Gleaner/Power 106 News reports.  The report relates that
the grant is in the amount of US$221,000 or JA$19.12 million.

According to the report, the grant was signed by Finance Minister
Audley Shaw and Isaiah Parnell, Charge de Affairs, at the US
Embassy in Kingston.  "The grant will be used to fund technical
assistance for the development of corporate and regulatory
support," said the report quoted Mr. Shaw as saying.

Mr. Shaw, the report notes, also said that the money will go
towards assisting with the structure and completion of the
documentation for the transition and final agreements for the
divestment of Air Jamaica.

The U.S. government had previously provided the Jamaican
government with US$820,000 grant in 2008, the report recalls.

                      About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


JPSCO: Workers Upset on Delayed IDT Ruling
------------------------------------------
Some categories of workers at the Jamaica Public Service Company
are said to be upset at the length of time it has taken the
Industrial Disputes Tribunal to hand down an award in their
dispute with the management of the power company, RadioJamaica
reports.  The report relates that the dispute arose over the non-
payment of overtime and redundancy payments for the period 2001
and 2007.

According to the report, the Union of Clerical, Administrative and
Supervisory Employees said that the IDT held its last sitting on
April 9.  The report notes General Secretary of the union, Senator
Navel Clarke, said that the workers were told that an award would
be made in 21 days.  However, to date there has been no word and
this is not going down well with the JPSCO workers, the report
says.

"This is what they are fighting for and also the redundancy
payment that was made to people who would have been entitled to a
higher salary at the time that they calculated their redundancy
payment.  This is something the workers have vowed not to give up
under any circumstance whatsoever; no matter what they are going
to fight on to get what is rightfully theirs," the report quoted
Mr. Clarke as saying.

The union represents 400 JPS employees.

                            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
===========


METROFINANCIERA SA: Mexican Court Backs Prepack Bankruptcy Plan
---------------------------------------------------------------
Metrofinanciera, S. A. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad no Regulada has received a court approval for
its pre-packaged bankruptcy plan after it defaulted on debt early
last year, according to an article by Dow Jones Daily Bankruptcy
Review posted at American Bankruptcy Institute's abi.org Web site.

According to Dow Jones, the lender said in a filing with the
Mexican Stock Exchange that, "in the coming days, Metrofinanciera
will start the process to exchange securities in the period and
terms outlined in the bankruptcy agreement, giving way to the
creation of a new shareholder structure."

According to the report, Metrofinanciera is one of the first
companies in Mexico to restructure its debt under the country's
pre-packaged bankruptcy laws.  The report relates that nonbank
lenders such as Metrofinanciera were especially hard hit by last
year's recession and market volatility because of their dependence
on funding from short-term debt, mortgage bonds and development
bank loans.

Unlike commercial banks, the report notes, non-bank lenders are
prohibited by law from taking deposits from the public.

                    About Metrofinanciera SA

Headquartered in Monterrey, Mexico, Metrofinanciera, S. A. de
C.V., Sociedad Financiera de Objeto Multiple, Entidad no Regulada
-- http://www.metrofinanciera.com.mx/-- specializes in real
estate credit and housing development in Mexico.  Founded in 1996
in Monterrey, it offers financial services and consulting for all
phases of real estate projects: housing construction, advance
sales, public works and commercialization.  The company also
offers products in life, damage and unemployment insurance.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 11, 2010, Standard & Poor's Ratings Services affirmed its
credit ratings on two series of Metrofinanciera S.A. de C.V. SOFOM
E.N.R.'s construction loan securitizations and removed them from
CreditWatch negative.


===============
P A R A G U A Y
===============


* PARAGUAY: Records 3.8% Decline in Real Gross Domestic Product
---------------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
on June 4, 2010, the Article IV consultation with Paraguay.

During 2003-08, Paraguay took advantage of the favorable global
conditions to strengthen economic performance.  The government ran
a sizable primary surplus, which cut public debt to less than 25%
of GDP by end-2008.  The central bank maintained a prudent
monetary policy, supported by exchange rate flexibility.
Structural reforms advanced in several areas, including financial
supervision, budget management, and the tax system.  As a result,
real GDP rose by 5% a year during 2003-08, inflation declined to
7.5% during 2008, and net international reserves reached almost
US$3 billion by end-2008.

In 2009, the global financial crisis coupled with a severe drought
buffeted the economy, causing a 3.8% decline in real GDP.  Exports
fell sharply in response to the effect of the drought on
agricultural production (about one quarter of the economy) as well
as the depressing effect of the global crisis on world commodity
prices and growth in trading partners.  With the strong links
between agriculture and the rest of the economy, real domestic
demand declined and imports plummeted.  This, together with the
reversion of international commodity prices, brought headline
inflation down to 2% and slowed the growth in credit to the
private sector.  Banks held up relatively well during the downturn
but some signs of stress appeared in the cooperative sector.

In 2009, the authorities shifted policies to support aggregate
demand.  The central government scaled back the primary surplus,
resulting in a fiscal impulse of 2% of GDP.  The central bank
focused on providing ample liquidity to the banking system and
made partially sterilized purchases of foreign exchange to smooth
currency volatility, which depreciated by 7% in real effective
terms in 2009.  The capital account surplus expanded to 5 1/2% of
GDP, especially reflecting repatriations by residents seeking a
safe haven for their assets, and net international reserves
reached US$3.8 billion (25% of GDP and 340% of short-term debt on
remaining maturity basis).

In 2010, the prudent stance of demand policies, as well as the
global recovery and the favorable weather conditions, are expected
to help real GDP to grow by 6%.  The projected rebound in
agriculture production and faster growth in key trading partners
will boost exports and private demand.  These trends, together
with rising international commodity prices, are expected push
inflation up and widen moderately the external current account
deficit.  With continued net capital inflows, net international
reserves would rise to US$4.1 billion.  The overall balance of the
central government is expected to be in equilibrium, while the
central bank intends to withdraw excess liquidity as necessary to
limit inflation to no more than 5%.

                   Executive Board Assessment

Executive Directors commended the Paraguayan authorities for
preserving macroeconomic stability in 2009 in the face of a severe
drought and the global financial crisis.  Sound macroeconomic
policies in recent years had permitted the timely shift to a
countercyclical stance, which had helped limit the fall in real
GDP.  A rebound in growth is expected for 2010, underpinned by the
continuation of prudent demand policies while keeping inflation
under control.  Directors noted, however, that the economy remains
vulnerable to swings in commodity prices, weather-related shocks,
and financial risks associated with high dollarization and the
operations of savings and loans cooperatives.  These highlight the
need to continue to press ahead with the ambitious agenda of
institutional reforms and export diversification, with Fund
technical assistance as appropriate.

Directors emphasized the importance of fiscal reforms, aimed at
increasing the tax ratio, strengthening fiscal management, and
reducing fiscal risks.  They supported the authorities' objective
of keeping public debt at prudent levels, which would be
facilitated by the adoption of a medium-term fiscal framework.
This would require curtailing current spending, as well as
continued efforts to strengthen tax administration and broaden the
tax base, including further steps to increase taxation on
agribusiness activities.  These measures would help preserve
sufficient fiscal space for public investment and social spending.
Directors called for the implementation of the personal income tax
without further delay.  They also encouraged continued efforts to
enhance the efficiency of public enterprises, including through
public-private partnerships, with a view to increasing the
competitiveness of economic sectors critical for growth.

To keep inflation in check, Directors encouraged the authorities
to begin to withdraw excess liquidity from the banking system and
raise the policy interest rate above the expected rate of
inflation.  They supported the goal of adopting an inflation-
targeting framework over the medium term, and looked forward to
the early implementation of the recently-approved law for the
recapitalization of the central bank-a step critical to increasing
its credibility and operational flexibility.  The development of
secondary markets for government securities would also help
strengthen the central bank's liquidity management. Directors
welcomed the authorities' intention to maintain exchange rate
flexibility for the guarani, which appears to be at a level
consistent with its fundamentals.

In the financial sector, Directors welcomed ongoing efforts to
strengthen the supervisory and regulatory framework for
cooperatives.  They recommended extending prudential norms for
banks to cooperatives to limit the scope for regulatory arbitrage,
and moving toward a unified supervisory framework for all
financial institutions.  Measures to improve compliance with the
Basel Core Principles through modifications in regulations would
help preserve the quality of bank loans as credit picks up.
Directors looked forward to the upcoming Financial Sector
Assessment Program update.

                        *     *     *

As of June 11, 2010, the company continues to carry Moody's "B3"
Long Term rating and Curr issuer ratings.


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


CL FIN'L: Finance Minister Appoints Appraisal Committee
-------------------------------------------------------
Trinidad and Tobago Finance Minister Winston Dookeran said that he
had appointed a three-member team to prepare an appraisal report
on the operations of CL Financial Limited, Gleaner/Power 106 News
reports.

According to the report, Mr. Dookeran said that the team would
include former finance minister Wendell Mottley and had been
tasked with undertaking "an appraisal report on what is at stake,
the size of the problem is and the possible options for the future
are".

"They will then advice me and through me the Cabinet as to how we
shall proceed to stop the bleeding from this particular area," the
report quoted Mr. Dookeran as saying.  "We are very concerned
about the protection of the depositors and that will definitely be
one of our concerns as we address the issue of CLICO and CL
Financial," he added.

                        About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies showed a deficit between US$6
billion and US$8 billion.  Tobago President George Maxwell
Richards, The Express related, signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.


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


PETROLEOS DE VENEZUELA: Tankers Anchored After Oil Spill
--------------------------------------------------------
Marianna Parraga at Reuters reports that an oil spill in
Venezuela's Lake Maracaibo has forced Petroleos de Venezuela to
anchor several U.S.-bound tankers and added to the problems
afflicting the state oil company.  The report relates that the
spill was initially denied by PDVSA.  The company later said it
was cleaning it up after images of the leak were broadcast by
local media.

According to the report, traders said at least five tankers had
been coated in oil floating on the surface of the lake in the west
of the country, where much of the OPEC nation's crude is produced.

"The tankers that load at Bajo Grande terminal have hulls coated
in crude . . . they were destined for the United States but they
cannot navigate in that condition," one oil shipping source who
declined to be named told Reuters.

The report notes the source said that the tankers had to be
cleaned manually, and that was delaying loading operations in
Maracaibo.  The spill continued to spread and could affect other
vessels, the source added.

PDVSA said in a statement obtained by the news agency that some 50
local fishermen were working on cleaning up the spill.

                           About PDVSA

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

                           *     *     *

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


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


* BOND PRICING: For the Week June 4, to June 8, 2010
----------------------------------------------------

Issuer            Coupon       Maturity    Currency     Price
------            ------       --------   --------       -----


ARGENT- DIS          5.83      12/31/2033   ARS          93.11126
ARGENT-$DIS          8.28      12/31/2033   USD          64.98033
ARGENT-$DIS          8.28      12/31/2033   USD           61.9025
ARGENT-$DIS          8.28      12/31/2033   USD            63.995
ARGENT-PAR           1.18      12/31/2038   ARS          31.39654
ARGENT-?DIS          7.82      12/31/2033   EUR          54.99188
ARGNT-BOCON PR13        2       3/15/2024   ARS          68.70418
BONAR X                 7       4/17/2017   USD              72.2
BUENOS AIRE PROV    9.375       9/14/2018   USD            71.585
BUENOS AIRE PROV    9.375       9/14/2018   USD          71.28638
BUENOS AIRE PROV    9.625       4/18/2028   USD          69.10275
MENDOZA PROVINCE      5.5        9/4/2018   USD          77.36674

BRAZIL

CESP                 9.75       1/15/2015   BRL          69.87906


CAYMAN ISLAND

BANIF FIN LTD           3      12/31/2019   EUR            74.199
BARION FUNDING       0.63      12/20/2056   GBP          17.22474
BARION FUNDING       1.44      12/20/2056   GBP          30.62143
BES FINANCE LTD     6.984        2/7/2035   EUR          65.10562
BISHOPSGATE ASSE    4.808       8/14/2044   GBP          75.01858
CHINA MED TECH          4       8/15/2013   USD             67.25
CHINA SUNERGY        4.75       6/15/2013   USD            72.897
DUBAI HLDNG COMM     4.75       1/30/2014   EUR           74.5625
DUBAI HLDNG COMM        6        2/1/2017   GBP            69.301
EFG ORA FUNDING       1.7      10/29/2014   EUR          63.77836
ESFG INTERNATION    5.753                   EUR            62.875
FERTINITRO FIN       8.29        4/1/2020   USD              69.5
MAZARIN FDG LTD      1.44       9/20/2068   GBP           28.0985
PUBMASTER FIN       6.962       6/30/2028   GBP          71.59673
SHINSEI FIN CAYM    6.418                   USD          63.52836
SHINSEI FIN CAYM    6.418                   USD              62.8
SHINSEI FINANCE      7.16                   USD                65
SOLARFUN POWER H      3.5       1/15/2018   USD            61.828
SUNTECH POWER           3       3/15/2013   USD                73
XL CAPITAL LTD        6.5                   USD            67.625


   PUERTO RICO

PUERTO RICO CONS      6.2        5/1/2017   USD                54
PUERTO RICO CONS      6.5        4/1/2016   USD              51.8

VENEZUELA

PETROLEOS DE VEN     5.25       4/12/2017   USD          52.57268
PETROLEOS DE VEN      4.9      10/28/2014   USD          58.24443
PETROLEOS DE VEN    5.125      10/28/2016   USD          52.78774
PETROLEOS DE VEN        5      10/28/2015   USD          53.72991
PETROLEOS DE VEN      5.5       4/12/2037   USD          42.98986
PETROLEOS DE VEN    5.375       4/12/2027   USD          43.65663
SIDETUR FINANCE        10       4/20/2016   USD                73
VENEZUELA               7       12/1/2018   USD          59.78316
VENEZUELA            7.75      10/13/2019   USD          59.18077
VENEZUELA               6       12/9/2020   USD          51.63269
VENEZUELA               9        5/7/2023   USD          59.70333
VENEZUELA            8.25      10/13/2024   USD          56.56295
VENEZUELA            7.65       4/21/2025   USD          53.91923
VENEZUELA            9.25       9/15/2027   USD                65
VENEZUELA            9.25       9/15/2027   USD          64.77555
VENEZUELA               7       3/31/2038   USD          50.48815
VENEZUELA               7       3/31/2038   USD          50.63445
VENEZUELA            5.75       2/26/2016   USD          60.54731
VENEZUELA            9.25        5/7/2028   USD          59.11659
VENZOD - 189000     9.375       1/13/2034   USD          59.43889


                            ***********

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 * * *