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

              Tuesday, June 15, 2010, Vol. 11, No. 116

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Liquidators Fight to Keep Job


A R G E N T I N A

BANCO MACRO: Raised to 'Buy' at Santander on Valuation Outlook
CYS CONSTRUCCIONES: Creditors' Proofs of Debt Due on June 23
EBERLARRY SA: Creditors' Proofs of Debt Due on August 13
G.M.S. SRL: Creditors' Proofs of Debt Due on July 8
HORMACO SA: Creditors' Proofs of Debt Due on August 20

ITAL MONTERUBBIANESI: Creditors' Proofs of Debt Due on August 4
LAS FANEGAS: Creditors' Proofs of Debt Due on August 19
MANGUERAS ARGENTINAS: Creditors' Proofs of Debt Due on June 18
NEUMATICOS TEJAR: Creditors' Proofs of Debt Due on July 13
NEYPAR SA: Creditors' Proofs of Debt Due on August 24


B R A Z I L

BANCO BRASCAN: Fitch Affirms Issuer Default Ratings at 'BB+'
* BRAZIL: Itajai Gets US$13.2MM IDB Loan Under Procidades Program


C A Y M A N  I S L A N D S

ADF CAPITAL: Members to Receive Wind-Up Report on July 12
BACK NINE: Members to Receive Wind-Up Report on June 28
BTR CAPITAL: Shareholder to Hear Wind-Up Report on July 22
CLEVELEYS LIMITED: Members to Receive Wind-Up Report on July 8
EFC RISING: Members to Receive Wind-Up Report on June 28

EOC CORP: Members to Receive Wind-Up Report on June 28
EQRAINE LIMITED: Shareholder to Hear Wind-Up Report on July 14
FENIA LIMITED: Members to Receive Wind-Up Report on July 8
HAMAN TRADING: Members' Final Meeting Set for July 14
HELVETIA ASSET: Shareholder to Hear Wind-Up Report on July 7

HELVETIA INVESTMENT: Shareholder to Hear Wind-Up Report on July 7
HOLLAND PARK: Members to Receive Wind-Up Report on June 28
JB BLACK: Shareholders to Receive Wind-Up Report on June 29
MAMF INVESTMENT: Members to Receive Wind-Up Report on June 28
NOTGER FUND: Shareholder to Receive Wind-Up Report on July 8

ORACLE GLOBAL: Shareholder to Receive Wind-Up Report on July 14
ROCK REAL: Members to Receive Wind-Up Report on July 27
ROCK REAL: Members to Receive Wind-Up Report on July 27
SPIRIT ASIA: Shareholder to Receive Wind-Up Report on June 28
SPIRIT MACRO: Shareholder to Receive Wind-Up Report on June 28

TE ACLLP: Shareholders to Receive Wind-Up Report on July 9


C O L O M B I A

BANCOLOMBIA SA: Enters Deal W/ IFC for Entry to Risk Mngt Facility
ECOPETROL SA: OKs Rubiales Field Commercial Surface Expansion


J A M A I C A

AIR JAMAICA: Deal With Caribbean Airlines in Danger
JAMAICA PUBLIC SERVICE: Regulator Grants Inflation Adjustment
NATIONAL HOUSING TRUST: Set to Lose Billions


M E X I C O

AXTEL SAB: S&P Downgrades Issuer Credit Rating to 'B+'
HIPOTECARIA CREDITO: Moody's Cuts Local Currency Rating to 'B1'


P E R U

DOE RUN PERU: Peru Braces for Standoff


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Name Maybe Changed to "Socialist Petroleum


X X X X X X X X

* CARIBBEAN: IFC Helps Banks Increase Small Business Access
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INT'L: Liquidators Fight to Keep Job
---------------------------------------------
Stanford International Bank Limited liquidators, Nigel Hamilton-
Smith and Peter Wastell of British firm Vantis Business Recovery
Services, are fighting a judge's decision to replace them,
Caribbean360.com reports.

As reported in the Troubled Company Reporter-Latin America on
June 14, 2010, Mr. Hamilton-Smith and Mr. Wastell 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.

According to Caribbean360.com, the judge had ruled in favor of
Stanford investor Alexander Fundora who had challenged Vantis'
role in the liquidation, based on the finding by a court in Canada
last September that it had destroyed original computer data and
removed financial information from SIBL Montreal office.  However,
the report relates Mr. Hamilton-Smith and Mr. Wastell said that
they had been advised by their legal counsel that the basis of
Justice Thomas' decision "was incorrect and that it should be
urgently appealed to the Eastern Caribbean Court of Appeal".

"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 report quoted the joint liquidators as saying.
"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," they added.

                          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
=================


BANCO MACRO: Raised to 'Buy' at Santander on Valuation Outlook
--------------------------------------------------------------
Ian Sayson at Bloomberg News reports that Banco Macro SA had its
stock rating raised to "buy" from "hold" by Banco Santander SA
analyst Boris Molina on June 11, 2010.

According to the report, Mr. Molina said that Banco Macro is the
"most attractive play on an improvement in Argentina's economy
given its strong capital ratio."  The report relates Mr. Molina
said that the stock's 12-month share price estimate was raised to
ARS17.55 from ARS13.90.

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009, Fitch Ratings affirmed Banco Macro's ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'B';

  -- Foreign and local currency short-term IDRs at 'B';

  -- Individual at 'D';


CYS CONSTRUCCIONES: Creditors' Proofs of Debt Due on June 23
------------------------------------------------------------
The court-appointed trustee for Cys Construcciones y Servicios
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 23, 2010.

The trustee will present the validated claims in court as
individual reports on August 19, 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
September 15, 2010.


EBERLARRY SA: Creditors' Proofs of Debt Due on August 13
--------------------------------------------------------
The court-appointed trustee for Eberlarry S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 13, 2010.


G.M.S. SRL: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------
The court-appointed trustee for G.M.S. S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 8, 2010.

The trustee will present the validated claims in court as
individual reports on August 30, 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
September 30, 2010.


HORMACO SA: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------
The court-appointed trustee for Hormaco S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 20, 2010.

The trustee will present the validated claims in court as
individual reports on October 4, 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 16, 2010.


ITAL MONTERUBBIANESI: Creditors' Proofs of Debt Due on August 4
---------------------------------------------------------------
The court-appointed trustee for Ital Monterubbianesi
S.A.C.I.C.I.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 4, 2010.

The trustee will present the validated claims in court as
individual reports on September 24, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 10, 2010.


LAS FANEGAS: Creditors' Proofs of Debt Due on August 19
-------------------------------------------------------
The court-appointed trustee for Las Fanegas S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 19, 2010.

The trustee will present the validated claims in court as
individual reports on September 30, 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 12, 2010.


MANGUERAS ARGENTINAS: Creditors' Proofs of Debt Due on June 18
--------------------------------------------------------------
The court-appointed trustee for Mangueras Argentinas S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 18, 2010.

The trustee will present the validated claims in court as
individual reports on August 12, 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
September 8, 2010.


NEUMATICOS TEJAR: Creditors' Proofs of Debt Due on July 13
----------------------------------------------------------
The court-appointed trustee for Neumaticos Tejar S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 13, 2010.


NEYPAR SA: Creditors' Proofs of Debt Due on August 24
-----------------------------------------------------
The court-appointed trustee for Neypar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 24, 2010.

The trustee will present the validated claims in court as
individual reports on October 5, 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 17, 2010.


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


BANCO BRASCAN: Fitch Affirms Issuer Default Ratings at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Brascan S.A.:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'BB+'; Outlook Stable;

  -- Short-term foreign and local currency IDRs at 'B';

  -- Support rating at '3';

  -- National Long-term rating at 'AA-(bra)'; Outlook Stable;

  -- National Short-term rating at 'F1+(bra)'.

The IDRs and National Ratings of Brascan reflect the support of
the controlling shareholder, Brookfield Asset Management Inc. (IDR
'BBB' with a Stable Outlook).  Brazil is a strategic market and
the activities developed by the bank are a complement to the
group's business in the country, although the bank is not a
significant contributor within the group's total business volume.
Brascan is a small investment bank with relevant asset and
liability concentrations.

Results are still volatile, reflecting lower leveraging, with
losses in recent years due to opportunistic action in selected
niches and a greater dependency on proprietary trading since 2001.

Brascan intends to continue with its plans to further explore the
operational synergies with the group within the country, including
using its expertise in funds management to help build a more
recurring commercial business base.  This should present more
concrete results from 2010-2011.  In Fitch's opinion, the bank's
results will remain under pressure as long as the bank lacks more
consistent business and revenue generation, even with a leaner
structure and higher synergy with the group.

The weak performance in 2008 and 2009 reflected smaller treasury
gains and deceleration of commercial activities due to the global
crisis, besides a higher volume of loan loss provisions in YE2009,
which lead the bank to present BRL4.6 million of losses at year.
In Brascan's projections for 2010, the combination of the maturity
of some businesses in progress, lower expected cost and
provisioning will allow a better results generation.

The treasury originates the largest risk exposures, although loan
operations have presented some deterioration in 2008-2009 due to
higher market delinquency.  These, together with off-balance sheet
guarantees, amounted to modest BRL175.2 million in December 2009,
concentrated in exposures to companies of the real estate sector
and loans mainly backed by receivables.  Given the economy's
recovery and higher volume of write-offs, the bank anticipates
better performance of its loan portfolio and the return of its
ratios to more adequate historical levels.

In 2003, Brascan was fined by the Federal Revenue Department (SRF)
and received a favorable ruling from the SRF Taxpayer Board in
January 2006.  The total amount of the fine was BRL150 million at
December 2009 and no provisions were created.  Fitch believes that
any negative impact would be limited because of shareholder
support.  After the reduction in capital in 2007, the bank's
capitalization ratios remain adequate due to the lower leverage
recorded on its balance sheet in recent years.

Brascan and its affiliates provide services to the Brookfield
group in Brazil and focus their activities on treasury, financial
consulting services and brokerage, asset management, and corporate
finance.


* BRAZIL: Itajai Gets US$13.2MM IDB Loan Under Procidades Program
-----------------------------------------------------------------
Itajai, a port city in the southern Brazilian state of Santa
Catarina, will get a US$13.2 million loan from the Inter-American
Development Bank to improve its public transportation system and
build various bicycle paths around the city center.

The loan, approved on June 10, 2010, is the 14th operation under
Brazil's Procidades, the credit mechanism that finances integrated
urban development programs for municipalities in Brazil.

Itajai, which has more than 172,000 residents, will use the IDB
loan to finance multiple improvements in the city's main avenues
and streets as well as paving, drainage and other public works in
the city's outlying neighborhoods.  The IDB financing will also
support activities to strengthen the municipal government's
planning capacity. Local counterpart funds for this latest IDB
loan total $13.2 million.

"The program will support Itajai in addressing its major
development needs, and will improve the mobility and quality of
life of its residents" IDB project leader Aderbal Curvelo said.
With the Itajai financing, the Procidades credit mechanism has to
date approved loans for a total of US$328 million, covering
municipalities in nine Brazilian states, including Rio de Janeiro,
Sao Paulo, Parana, Mato Grosso do Sul, Espirito Santo, Sergipe,
Amazonas, Rio Grande do Sul and Santa Catarina.

The IDB is now finishing the preparation of additional loans, with
the most advanced being Duque de Caxias (Rio de Janeiro), Sao Luis
(Maranhao), Paranagua (Parana) and Recife (Pernambuco).  The main
areas of integrated development supported by Procidades include
neighborhood upgrading, mobility and transportation, sanitation,
social services, local economic development and institutional
strengthening.

                             About IDB

Founded in 1959, the IDB is the world's largest and oldest
regional development bank.  In March its 48 member countries
agreed in principle to increase its capital resources to boost its
lending capacity to US$12 billion a year, nearly double its
present sustainable level.  The United States is the single
biggest shareholder, with a 30% stake in the IDB's capital.
Collectively, Latin American and Caribbean borrowing member
countries own a controlling majority of shares.

                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


ADF CAPITAL: Members to Receive Wind-Up Report on July 12
---------------------------------------------------------
The members of ADF Capital SPC will receive, on July 12, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


BACK NINE: Members to Receive Wind-Up Report on June 28
-------------------------------------------------------
The members of Back Nine Investments will receive, on June 28,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Robert Bigelow III
         c/o Bigelow & Hart Capital Management LLC
         7 North Willow Street
         Suite 8A, Montclair, NJ 07042, USA


BTR CAPITAL: Shareholder to Hear Wind-Up Report on July 22
----------------------------------------------------------
The sole shareholder of BTR Capital Limited will receive, on
July 22, 2010, at 11:00 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


CLEVELEYS LIMITED: Members to Receive Wind-Up Report on July 8
--------------------------------------------------------------
The members of Cleveleys Limited will receive, on July 8, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


EFC RISING: Members to Receive Wind-Up Report on June 28
--------------------------------------------------------
The members of EFC Rising Star I Ltd will receive, on June 28,
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:

         Ian Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


EOC CORP: Members to Receive Wind-Up Report on June 28
------------------------------------------------------
The members of EOC Corp IV will receive, on June 28, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert Bigelow III
         c/o Bigelow & Hart Capital Management LLC
         7 North Willow Street
         Suite 8A, Montclair, NJ 07042, USA


EQRAINE LIMITED: Shareholder to Hear Wind-Up Report on July 14
--------------------------------------------------------------
The sole shareholder of Eqraine Limited will receive, on July 14,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


FENIA LIMITED: Members to Receive Wind-Up Report on July 8
----------------------------------------------------------
The members of Fenia Limited will receive, on July 8, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


HAMAN TRADING: Members' Final Meeting Set for July 14
-----------------------------------------------------
The members of Haman Trading Ltd. will hold their final meeting on
July 14, 2010, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HELVETIA ASSET: Shareholder to Hear Wind-Up Report on July 7
------------------------------------------------------------
The sole shareholder of Helvetia Asset Management will receive, on
July 7, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HELVETIA INVESTMENT: Shareholder to Hear Wind-Up Report on July 7
-----------------------------------------------------------------
The sole shareholder of Helvetia Investment Fund will receive, on
July 7, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HOLLAND PARK: Members to Receive Wind-Up Report on June 28
----------------------------------------------------------
The members of Holland Park Emerging Markets will receive, on
June 28, 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:

         Richard E.L. Fogerty
         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
         Fax +1 (345) 946-0082
         e-mail: matthew.wright@zolfocooper.ky


JB BLACK: Shareholders to Receive Wind-Up Report on June 29
-----------------------------------------------------------
The shareholders of JB Black Sea Frontier Fund Ltd. will receive,
on June 29, 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:

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


MAMF INVESTMENT: Members to Receive Wind-Up Report on June 28
-------------------------------------------------------------
The members of MAMF Investment Corporation will receive, on
June 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robert Bigelow III
         c/o Bigelow & Hart Capital Management LLC
         7 North Willow Street
         Suite 8A, Montclair, NJ 07042, USA


NOTGER FUND: Shareholder to Receive Wind-Up Report on July 8
------------------------------------------------------------
The sole shareholder of Notger Fund Ltd. will receive, on July 8,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Notger Capital Ltd.
         8-10, rue de Hesse
         Geneve, Suisse


ORACLE GLOBAL: Shareholder to Receive Wind-Up Report on July 14
---------------------------------------------------------------
The sole shareholder of Oracle Global Healthcare Offshore Limited
will receive, on July 14, 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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


ROCK REAL: Members to Receive Wind-Up Report on July 27
-------------------------------------------------------
The members of Rock Real Estate Securities Fund will receive, on
July 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Andrew David Law
         Montague Sterling Centre
         P.O. Box N-3924
         Nassau, The Bahamas


ROCK REAL: Members to Receive Wind-Up Report on July 27
-------------------------------------------------------
The members of Rock Real Estate Securities Master Fund will
receive, on July 27, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Andrew David Law
         Montague Sterling Centre
         P.O. Box N-3924
         Nassau, The Bahamas


SPIRIT ASIA: Shareholder to Receive Wind-Up Report on June 28
-------------------------------------------------------------
The sole shareholder of Spirit Asia Holdings Ltd. will receive, on
June 28, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 8151755
         Facsimile: (345) 949 9876


SPIRIT MACRO: Shareholder to Receive Wind-Up Report on June 28
--------------------------------------------------------------
The sole shareholder of Spirit Macro Holdings Ltd. will receive,
on June 28, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 8151755
         Facsimile: (345) 949 9876


TE ACLLP: Shareholders to Receive Wind-Up Report on July 9
----------------------------------------------------------
The shareholders of TE ACLLP Investors, Ltd. will receive, on
July 9, 2010, at 9:00 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


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


BANCOLOMBIA SA: Enters Deal W/ IFC for Entry to Risk Mngt Facility
------------------------------------------------------------------
Bancolombia S.A. disclosed the entry into an agreement with the
International Finance Corporation, a member of the World Bank
Group, for the purpose of providing hedging instruments through a
risk management facility in an aggregate principal amount of up to
US$400 million.

With the signing of this agreement, Bancolombia will ensure that
it has quality counterparty with which to engage in hedging
transactions for our clients.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" LT Issuer default ratings and Subordinate debt rating.  The
company also continues to carry ST FC Issuer Default ratings.


ECOPETROL SA: OKs Rubiales Field Commercial Surface Expansion
-------------------------------------------------------------
The Board of Directors of Ecopetrol SA has approved the request to
expand the commercial area of the Rubiales field, located in the
Meta district 148 kilometers (92 miles) from the Puerto Gaitan
municipality.

This declaration of expansion means that, after evaluating the
potential of the additional surface and the results obtained from
preliminary oil wells, Ecopetrol decided to integrate this sector
into the commercial production of the field, together with
operating company Meta Petroleum.

The Rubiales Risk Participation Contract was signed on July 1,
1988.  Ecopetrol has a 60% share in expenses and a 50% share in
investments, and receives 60% of the hydrocarbon production after
royalties.

The Rubiales field has a commercial surface of 29,447 hectares
(72,839 acres), including the additional commercial surface of
7,135 hectares (17,631 acres) approved recently.  The production
plan forecasts an average daily production of 170,000 barrels a
day in 2011 (including the production of the Piriri Partnership
Contract).  The field's current daily oil production reaches
122,500 barrels.

Rubiales is adjacent to the recently declared commercial field
Quifa and the Piriri contract area, in which Ecopetrol and Meta
Petroleum are also partners.

At present, Ecopetrol has an average daily production of 216
barrels at the Meta district, from direct fields such as Castilla
and its share in fields operated jointly with other companies.

The extension of the commercial surface of the Rubiales field
forms part of the heavy crude project, one of the axes of
Ecopetrol's strategy for 2015, aimed at a daily production of one
million equivalent barrels (oil and gas) by 2015.

                       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.


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


AIR JAMAICA: Deal With Caribbean Airlines in Danger
---------------------------------------------------
The new Trinidad government, led by Kamla Persad-Bissessar, is
reportedly having second thoughts about the takeover of Air
Jamaica Limited by Caribbean Airlines Limited, Jamaica Gleaner
reports.  Dennis Lalor, who led the Air Jamaica divestment
committee and was the point man in the negotiations, told the news
agency in an interview that he had not heard the news, and he
would not expect any change in the position of the Trinidad
government because its objectives have been largely met since CAL
acquired Air Jamaica.

According to the report, under the agreement finalized on
April 28, 2010, the government of Trinidad and Tobago was slated
to contribute working capital to facilitate the merger while the
Jamaican Government assumed the debt and covered the multibillion-
dollar winding-up costs.  However, the report relates, the
Jamaican Government has received grants of US$820,000 (J$70
million) in 2008 to help with the early stages of the divestment
and US$221,000 (J$19.12 million) from the United States Trade and
Development Agency to assist with finalizing the deal.

The Jamaican Government acquired a 16% stake in CAL as part of the
condition for the airline taking over the lucrative routes of the
cash-strapped airline, the report says.

                         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.


JAMAICA PUBLIC SERVICE: Regulator Grants Inflation Adjustment
-------------------------------------------------------------
The Office of Utilities Regulation has granted the Jamaica Public
Service Company an inflation adjustment, RadioJamaica reports.
The report relates that the decision belies the pronouncements
made by the Energy Minister that JPSCO customers could be seeing a
reduction in electricity bills.

According to the report, it was revealed that JPSCO was seeking an
inflation related increase in electricity rates from the OUR.  The
report notes that James Robertson, Energy Minister, met with
business interests and suggested that there may actually be a
decrease in non fuel electricity rates.  However, the report says,
bold pronouncement now seems hollow.

JPSCO, the report notes, had applied for a 4.81% increase in non-
fuel costs of electricity bills but the OUR granted the light and
power company a 4.79% increase.  The increases will take effect on
June 18, 2010.

                          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.


NATIONAL HOUSING TRUST: Set to Lose Billions
--------------------------------------------
The harsh economic climate over the last year could cost the
National Housing Trust more than JM$1.2 billion this fiscal year,
Jamaica Gleaner.  The report relates that a breakdown of this
figure shows that interest on investment is expected to decline by
JM$671 million from last year, while employee contribution is
projected to be JM$559 million less than last year.

However, the report notes, head of corporate communications at the
NHT, Hortense Rose, made it clear that this would not
significantly affect the company's performance this year.  "The
trust is adequately capitalized to deal with such occurrences,"
Mr. Rose said in an emailed response obtained by the news agency.

According to the report, the massive layoffs across several
sectors last year were cited as one of the reasons for the decline
in contributions.

The Gleaner says NHT's senior general manager for construction and
development, Donald Moore, acknowledged that there could be salary
increases in the private sector this year, but said this would not
be enough to offset the shortfall.  The report discloses that the
reduction in interest rates under the Jamaica Debt Exchange was
cited as one of the factors for the projected JM$671-million
decline in investment interest.

Ms. Rose, the report notes, said that another factor was a
strategic decision by the company to reduce its investment
portfolio by US$3.2 billion this fiscal year.  "Last year, the NHT
had taken a strategic decision to increase its expenditure on
housing in the 2010-2011 fiscal year.  One result of this is that
our funds for investment purposes would have been reduced," the
report quoted Ms. Rose as saying


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


AXTEL SAB: S&P Downgrades Issuer Credit Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Mexican telecommunications company Axtel S.A.B de
C.V. to 'B+' from 'BB-'.  At the same time, S&P lowered the rating
on the company's senior unsecured notes to 'B+' from 'BB-' and
affirmed the recovery rating of '3' on the notes (indicating the
expectation of meaningful (50%-70%) recovery in the event of
payment default).  The outlook is stable.

"The downgrade reflects Axtel's weaker-than-expected financial
performance during first-quarter 2010, which was a result of
declining revenue in all of its business segments, particularly
the international traffic segment, and S&P's expectation of
stiffer competition," said Standard & Poor's credit analyst
Marcela Duenas.

The ratings on Axtel reflect strong competition from other fixed-
line operators, especially Telefonos de Mexico S.A.B. de C.V.
(Telmex); growing competition from the fast-growing mobile
services segment and cable providers, which are now providing
integrated communications services under "triple-play" and
"quadruple-play" offerings; its dependence on Telmex
interconnection; and potential growth opportunity, which could
increase its leverage.  Axtel's wide reach within Mexico and its
flexible, advanced network featuring several access technologies
support the rating.  The company is the (distant) second-largest
fixed-line integrated telecommunications company in Mexico, behind
Telmex.

During first-quarter 2010, revenue declined across all of the
company's segments, with international traffic the most affected.
This decline caused the company's EBITDA margin to fall to 29.3 %
from the 35.2% reported during fourth-quarter 2009.  According to
the company's preliminary operating figures, S&P expects
international traffic volume to recover in second-quarter 2010.
The stable outlook reflects Axtel's adequate liquidity and S&P's
expectation of volume recovery in international traffic.
"Continued operating weakness, additional indebtedness that leads
to higher leverage, or higher-than-expected capital expenditures
may prompt a negative rating action.  A positive rating action is
possible if Axtel's operations grow and the company's leverage
remains under 3x," Ms. Duenas added.


HIPOTECARIA CREDITO: Moody's Cuts Local Currency Rating to 'B1'
---------------------------------------------------------------
Moody's de Mexico has downgraded Hipotecaria Credito y Casa, S.A.
de C.V., Sociedad Financiera de Objeto Limitado's CREYCB 08
Certificates's to Baa1.mx from A1.mx (National Scale).  At the
same time, Moody's Investors Service downgraded the certificates'
Global Scale, Local Currency rating to B1 from Ba2.  The last
rating action occurred on January 5, 2010 when the CREYCB 08
Certificates were downgraded to A1.mx from Aa3.mx (National Scale)
and to Ba2 from Baa3 (Global Scale, Local Currency).

The rating action was primarily based on the increased probability
of a technical default with respect to principal payments on the
certificates' legal final maturity date in November 2010.
However, the rating action also reflects that the CREYCB 08
Certificates are very unlikely to suffer meaningful losses.

The rating action was triggered by a combination of the decline in
portfolio collections in April 2010 and recent investor-driven
changes related to the disbursements reserve account.  The rating
actions also consider the change in the certificates' legal final
maturity date (to November 22, 2010 from June 4, 2012).

While monthly principal collections have averaged approximately
MXN$16 million over the past six months, principal collections
declined to approximately MXN$7.0 million in April 2010, the
lowest monthly level observed since the closing date.  If
principal collections continue at this pace through November 2010,
collection amounts by themselves will likely be insufficient to
pay down the certificates by the final maturity date.

The transaction currently has a reserve account funded with
MXN$110.0 million (compared to MXN$156.2 million in outstanding
certificates).  However, funds set aside in this reserve account
were earmarked by investors to make future disbursements under the
securitized construction loans' lines of credit.  As a result, and
as confirmed by the trustee, any funds set aside in the reserve
account would not be immediately available to amortize the
certificates should they have an outstanding balance as of the
revised legal final maturity date of November 22, 2010.

The transaction also benefits from a partial credit guarantee
provided by Sociedad Hipotecaria Federal that covers interest or
principal shortfalls up to an amount of MXN$72 million, or 46% of
the outstanding certificate balance.  However, it is uncertain
whether the trust will have immediate access to the PCG funds by
the legal final maturity date of November 22, 2010 if the trust's
reserve account has liquid funds that are not applied to amortize
the certificates.

As mentioned above, the legal final maturity of the certificates
has changed since closing.  Although the trustee continues to
report June 4, 2012, as the legal final maturity date in its
monthly trustee reports, the transaction's legal documents state
that the original legal final maturity date of June 4, 2012 would
be revised to a date that is 560 days (or a period equal to 20
months of 28 days) following the date that an early amortization
event is declared.  Since an early amortization event was declared
on June 9, 2009, Moody's downgrade reflects the revised legal
final maturity date of November 22, 2010.

Moody's notes that the certificates may experience a technical
default with respect to principal by the final maturity date.
However, Moody's downgrade to B1/Baa1.mx also reflects that the
certificates are very likely to ultimately recover 100% of their
outstanding balance and accrued interest payments, based on the
certificate balance of MXN$156.2 million, and the sources
available to ultimately amortize the certificates (including the
reserve account funds of MXN$110.0 million, the PCG of up to
MXN$72 million, and the outstanding pool balance of
MXN$114.3 million).

Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Credito y Casa, S.A. de C.V.,
Sociedad Financiera de Objeto Limitado.

Issuer: Banco Invex, S.A., Institucion de Banca Multiple, Invex
Grupo Financiero, acting solely in its capacity as trustee.

  -- CREYCB 08 Certificates, downgraded to Baa1.mx from A1.mx
     (National Scale) and to B1 from Ba2 (Global Scale, Local
     Currency).

The last rating action occurred on January 5, 2010, when the
certificates were downgraded to A1.mx from Aa3.mx and to Ba2 from
Baa3.


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


DOE RUN PERU: Peru Braces for Standoff
--------------------------------------
Police and military officers fanned out along a key highway into
Lima to prevent it from being overrun by anti-government strikers
protesting in support of their employer, US mining firm Doe Run,
Times Live reports.

According to the report, Interior Minister Octavio Salazar said
2,000 police officers and 500 troops will stand guard over a
10-kilometer (six-mile) stretch of Highway 20 linking Lima and La
Oroya, 185 kilometers (115 miles) to the east, where Doe Run's
mining facilities are located.  The report relates that workers at
the factory are planning to go on indefinite strike to compel the
government to push back a July 15 deadline it has imposed on Doe
Run to comply with new environmental regulations.

Prime Minister Javier Velazquez, the report notes, said that the
strike by Doe Run workers is intended to "pressure the government
to accept the company's conditions for resuming operations.   The
report says that Mr. Velasquez accused Doe Run of resorting to
"blackmail" by inciting its workers to side with the company's
demand for a deadline extension so it can adapt the facility to
stricter, anti-pollution regulations.

Mr. Velazquez, the report discloses, said that the government
would hold Doe Run responsible "for all acts of violence that may
occur" during the strike, and accused the local miners' union of
supporting the U.S. Company's stance against the government.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.  According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe Run Peru
is "close" to reaching an agreement on US$156 million of debt to
reopen its zinc and lead smelter.  The report recalled that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations.  Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.

Doe Run Peru operates a polymetallic smelter at La Oroya and
copper mine at Cobriza both in Peru.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings' individual rating
at D.


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


PETROLEOS DE VENEZUELA: Name Maybe Changed to "Socialist Petroleum
------------------------------------------------------------------
President Hugo Chavez proposed changing the name Petroloes de
Venezuela SA to Socialist Venezuelan Petroleum, Reuters reports.

According to the report, the president has put large swathes of
the economy under government control, from multi-billion dollar
oil projects to supermarket chains and coffee roasters.  "The new
homeland, the new PDVSA, Socialist Venezuelan Petroleum," the
report quoted President Chavez as saying.

President Chavez, the report notes, said he ordered a study to see
if the name could be changed.

                            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
===============


* CARIBBEAN: IFC Helps Banks Increase Small Business Access
-----------------------------------------------------------
IFC, a member of the World Bank Group, is helping bankers develop
their operations and provide financial services to improve access
to finance for small and medium enterprises in the Caribbean.

IFC, in collaboration with the government of Japan, the
Commonwealth Secretariat, and the Canadian International
Development Agency, is training bankers on building sustainable
small and medium banking operations in Port of Spain from June 8
to June 11.  The training program covers strategy and market
segmentation, product design, credit risk management, and
information management systems.  It also includes a training-of-
trainers component that will ensure sustainability of the training
offering in local markets beyond IFC's workshop.

More than 30 bankers and trainers from 17 institutions
representing 10 countries in the Caribbean are participating in
the event, which is part of a training program developed by IFC's
Global SME Banking Program to help banks in emerging markets
assess the potential benefits of targeting the small business
sector and to build or expand this line of business.

"This training is just one of IFC's interventions that will help
Caribbean financial institutions develop and expand their services
to underserved small and medium enterprises," said Ignacio
Estevez, an IFC Senior Banking Specialist.

Small and medium enterprises are a major driver of economic growth
and job creation.  Yet they often lack access to finance,
especially in developing countries.  IFC, through its Global SME
Banking Program, provides capacity building to financial
institutions on how to develop sound operations for small
businesses and increase their access to financial products and
services.

Ewart Williams, Governor of Central Bank of Trinidad and Tobago,
said, "We want to strengthen small business development by
encouraging financial institutions to support the needs of SMEs,
and we also are supporting small businesses in a number of other
ways such as this training."

The Central Bank of Trinidad and Tobago and the Caribbean
Community Secretariat have endorsed and provided support for the
training.  IFC also has conducted similar training in Sub-Saharan
Africa, South Asia, and the Middle East and North Africa.

                           About IFC

IFC, a member of the World Bank Group, creates opportunity for
people to escape poverty and improve their lives.


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

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


ARGENTINA

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


BRAZIL

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

CHILE

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *