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

              Wednesday, June 16, 2010, Vol. 11, No. 117

                            Headlines



B E R M U D A

SENATOR LIMITED: Creditors' Proofs of Debt Due on June 25
SENATOR LIMITED: Members' Final Meeting Set for July 21
VALIDUS HOLDINGS: Posts Results of Dutch Auction Tender Offer


B R A Z I L

BANCO PINE: S&P Affirms Counterparty Credit Rating at 'BB-/B'
CAMARGO CORREA: Unit to Buy Cement Co in Mozambique
COMPANHIA SIDERURGICA: Court Upholds Cartel Ruling Against Firm
LUPATECH SA: Signs US$68 Million Contract With Petrobras
MARFRIG ALIMENTOS: Buys Keystone Foods for US$1.26 Billion

USINAS SIDERURGICAS: Court Upholds Cartel Ruling Against Firm


C A Y M A N  I S L A N D S

BABSON GLOBAL: Members' Final Meeting Set for June 29
BATTERSEA LIMITED: Members' Final Meeting Set for July 14
BLACK RIVER: Members' Final Meeting Set for July 14
BLACK RIVER: Members' Final Meeting Set for July 14
CULZEAN LIMITED: Members' Final Meeting Set for July 12

CYAN OPPORTUNITIES: Members' Final Meeting Set for June 29
CYAN OPPORTUNITIES: Members' Final Meeting Set for June 29
DRIEHAUS INTERNATIONAL: Members' Final Meeting Set for June 29
MCKINLEY NON-U.S.: Shareholders' Final Meeting Set for July 9
MULTIPLUS CORPORATION: Members' Final Meeting Set for June 29

S-LINK LIMITED: Shareholders Receive Wind-Up Report
TVA OPPORTUNITY: Shareholders' Final Meeting Set for July 9


J A M A I C A

AIR JAMAICA: Shelves Plans for New Grand Cayman, Barbados Flights
AIR JAMAICA: New Trinidad Government Not a Threat to Airline
JPSCO: Energy Minister Defends Himself in Wake of Firm Increase


M E X I C O

CEMEX SAB: Debt Terms Create 'Nightmares' of Missing Mergers
COMERCIAL MEXICANA: Shareholders Approve Restructuring
CONSORCIO HOGAR: Moody's Downgrades National Rating to 'Ba3'




                         - - - - -


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B E R M U D A
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SENATOR LIMITED: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------------
The creditors of Senator Limited are required to file their proofs
of debt by June 25, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 8, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton Bermuda


SENATOR LIMITED: Members' Final Meeting Set for July 21
-------------------------------------------------------
The members of Senator Limited will hold their final meeting, on
July 21, 2010, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 8, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton Bermuda


VALIDUS HOLDINGS: Posts Results of Dutch Auction Tender Offer
-------------------------------------------------------------
Validus Holdings, Ltd. disclosed the final results of its
"modified Dutch auction" tender offer, which expired at 5:00 p.m.,
New York City time, on June 8, 2010.

Validus has accepted for purchase 12,000,000 of its common shares
at a price of US$25.00 per common share for a total cost of US$300
million, excluding fees and expenses relating to the tender offer.
The common shares purchased pursuant to the tender offer represent
approximately 9.5% of the common shares outstanding as of June 7,
2010.  Validus has been informed by BNY Mellon Shareowner
Services, the depositary for the tender offer, that the final
proration factor for the tender offer is approximately 86.3%.
Validus funded the purchase of the shares in the tender offer
using cash on hand.

Based on the final count by the depositary (and excluding any
conditional tenders that were not accepted due to the specified
condition not being satisfied), 13,896,804 common shares were
properly tendered and not withdrawn at or below a price of
US$25.00per share.

The depositary will promptly pay for the common shares accepted
for purchase, and will promptly return the 1,896,804commonshares
tendered and not purchased, pursuant to the terms of the tender
offer.  Upon completion of the tender offer, Validus has
approximately 114.7 million common shares outstanding.

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

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

                     About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


===========
B R A Z I L
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BANCO PINE: S&P Affirms Counterparty Credit Rating at 'BB-/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-
/B' counterparty credit rating and its 'brA-' Brazil national
scale counterparty credit rating on Banco Pine S.A.  The outlook
is stable.

The rating on Banco Pine reflects the more competitive environment
that Pine is likely to face, its dependence on institutional
investors for funding, its less-diversified business profile with
concentration in small and midsize enterprises, and the challenge
to maintain adequate profitability in its upper-middle-market
portfolio.  Pine's consistent track record in its niche of midsize
companies, good credit risk management (as seen in its
stronger-than-average asset quality), conservative liquidity
management, and good capitalization partially offset the risks.

Pine's adequate liquidity management has offset dependence on
institutional investors, whose funding is potentially volatile.
The ratio of adjusted liquid assets to deposits has been strong
(34%).  Pine's decision to discontinue payroll loans is positive
in light of its funding tenor profile.  S&P believes its
concentration in short-term operations will increase Pine's
financial flexibility and help the bank overcome periods of
stress.  As of March 2010, 66% of its loan portfolio matured in
less than one year.

S&P considers asset quality to be one of Pine's strengths.  The
bank has maintained above-average asset-quality indicators by
focusing on the upper middle market.  In S&P's opinion, the good
performance of the bank's loan portfolio is due to its expertise
in dealing with midsize companies and using collateral to manage
the intrinsic risk in this segment.

The stable outlook on Pine incorporates S&P's expectation that the
bank will implement its growth strategy successfully and sustain
its good asset-quality indicators.  S&P also expects the bank to
maintain its good liquidity management.  S&P may raise the ratings
or revise the outlook to positive if Pine can translate growth
opportunities into increased scale of operations, compete more
effectively with peers on profitability, and maintain its current
asset quality.  S&P may revise the outlook to negative or lower
the ratings if there is a significant deterioration in asset
quality that affects profitability, or if liquidity deteriorates
due to funding difficulties.


CAMARGO CORREA: Unit to Buy Cement Co in Mozambique
---------------------------------------------------
Camargo Correa Cimentos SA, an arm of Brazil's industrial
conglomerate Camargo Correa SA, said that it signed a contract to
buy a 51% stake in Mozambique cement company Cimentos de Nacala,
or Cinac, Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, Camargo Correa Cimentos said that it
acquired the stake from Mozambique conglomerate Insitec Holding,
which will hold 49% of Cinac, after the conclusion of the deal.
The report relates that the value of the transaction was not
unveiled.

Cinac has the capacity to produce 350,000 metric tons of cement
per year.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings rates Camargo and its special-
purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';


COMPANHIA SIDERURGICA: Court Upholds Cartel Ruling Against Firm
---------------------------------------------------------------
Alastair Stewart at Dow Jones Newswires reports that a Brazilian
federal court upheld a decision to fine local steelmakers
Companhia Siderurgica Nacional SA and Usinas Siderurgicas de Minas
Gerais SA for forming a cartel.

According to the report, the court rejected an appeal against the
1999 decision by the Justice Ministry's Cade antitrust regulator
to fine the three firms some 1% of 1996 revenue, or a total of
BRL50 million (US$28.2 million).  The report relates that the
decision has historic undertones as it was one of the first times
that Cade had condemned companies for forming a cartel.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.

                           About Usiminas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of May 7, 2010, the company continues to carry Moody's Ba1
Subordinate Debt rating.


LUPATECH SA: Signs US$68 Million Contract With Petrobras
--------------------------------------------------------
Lupatech SA signed a contract to provide services to state-run
energy company Petroleo Brasileiro SA (Petrobras), Rogerio
Jelmayer at Dow Jones Newswires reports, citing a company
statement.  The report relates the company said that the contract,
worth BRL123 million Brazilian (US$68 million) will be in place
for the next five years.

"The contract comprises services of preservation and general
repair of equipment, tools and materials for well completion
operations, wire line, measurement, drilling and special
services," the report quoted the company as saying.

According to the report, with the current contract and other
contracts worth BRL1.45 billion announced earlier this month, the
company's current backlog amounts to BRL2.4 billion, with
approximately BRL426 million to be converted into revenue in the
next 12 months and the remaining BRL2.0 billion beyond the 12
months.

                           About Lupatech SA

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

                           *     *     *

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


MARFRIG ALIMENTOS: Buys Keystone Foods for US$1.26 Billion
----------------------------------------------------------
Helder Marinho at Bloomberg News reports that Marfrig Alimentos SA
agreed to pay US$1.26 billion for chicken nugget maker Keystone
Foods LLC.  The report relates that Marfrig Alimentos signed an
agreement with Lindsay Goldberg LCC to buy all the shares in
closely held West Conshohocken, Pennsylvania-based Keystone.

According to the report, Marfrig Alimentos said that buying
Keystone gives the company access to a supplier to international
food and restaurant companies such as McDonald's Corp. and
Campbell Soup Co. Marfrig has sought to expand production through
acquisitions in the past three years.  "Adding the resources and
the experience of Keystone Foods and its management, we will be
expanding businesses of the Marfrig group with the scale and a
sustainable supply chain that are necessary to achieve significant
growth opportunities in the industry and to serve the needs of our
global customers," the report quoted Company CEO and Chairman
Marcos Antonio dos Santos.

The company, the report notes, said that it plans to sell BRL2.5
billion (US$1.38 billion) of five-year convertible-local bonds "to
finance this acquisition and at the same time maintain the
flexibility in its balance sheet."  Current shareholders will have
priority to buy the bonds, the company added.

Keystone produces more than 1.6 billion pounds of poultry products
and 388 million pounds of beef products a year and distributes
them to about 30,000 restaurants in 13 countries including the
U.S., France, Australia, South Korea and Israel.

                    About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

As of April 14, 2010, the company continues to carry these below
investment grade ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;

  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and

  -- Fitch ratings' "B+" LT Issuer Credit ratings


USINAS SIDERURGICAS: Court Upholds Cartel Ruling Against Firm
-------------------------------------------------------------
Alastair Stewart at Dow Jones Newswires reports that a Brazilian
federal court upheld a decision to fine local steelmakers
Companhia Siderurgica Nacional SA and Usinas Siderurgicas de Minas
Gerais SA for forming a cartel.

According to the report, the court rejected an appeal against the
1999 decision by the Justice Ministry's Cade antitrust regulator
to fine the three firms some 1% of 1996 revenue, or a total of
BRL50 million (US$28.2 million).  The report relates that the
decision has historic undertones as it was one of the first times
that Cade had condemned companies for forming a cartel.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.

                           About Usiminas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of May 7, 2010, the company continues to carry Moody's Ba1
Subordinate Debt rating.


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C A Y M A N  I S L A N D S
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BABSON GLOBAL: Members' Final Meeting Set for June 29
-----------------------------------------------------
The members of Babson Global Macro Limited will hold their final
meeting, on June 29, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BATTERSEA LIMITED: Members' Final Meeting Set for July 14
---------------------------------------------------------
The members of Battersea Limited will hold their final meeting, on
July 14, 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:

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


BLACK RIVER: Members' Final Meeting Set for July 14
---------------------------------------------------
The members of Black River Municipal Opportunity Fund Ltd. will
hold their final meeting, on July 14, 2010, at 11:20 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLACK RIVER: Members' Final Meeting Set for July 14
---------------------------------------------------
The members of Black River Municipal Opportunity Master Fund Ltd.
will hold their final meeting, on July 14, 2010, at 11:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CULZEAN LIMITED: Members' Final Meeting Set for July 12
-------------------------------------------------------
The members of Culzean Limited will hold their final meeting, on
July 12, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CYAN OPPORTUNITIES: Members' Final Meeting Set for June 29
----------------------------------------------------------
The members of Cyan Opportunities Fund, Ltd. will hold their final
meeting, on June 29, 2010, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CYAN OPPORTUNITIES: Members' Final Meeting Set for June 29
----------------------------------------------------------
The members of Cyan Opportunities, Ltd. will hold their final
meeting, on June 29, 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:

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


DRIEHAUS INTERNATIONAL: Members' Final Meeting Set for June 29
--------------------------------------------------------------
The members of Driehaus International Small Cap Growth Fund, Ltd.
will hold their final meeting, on June 29, 2010, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MCKINLEY NON-U.S.: Shareholders' Final Meeting Set for July 9
-------------------------------------------------------------
The shareholders of Mckinley Non-U.S. Ex-Canada Developed/(130/30)
Growth Offshore Fund Ltd. will hold their final meeting, on
July 9, 2010, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MULTIPLUS CORPORATION: Members' Final Meeting Set for June 29
-------------------------------------------------------------
The members of Multiplus Corporation will hold their final
meeting, on June 29, 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:

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


S-LINK LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of S-Link Limited received on June 11, 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


TVA OPPORTUNITY: Shareholders' Final Meeting Set for July 9
-----------------------------------------------------------
The shareholders of TVA Opportunity Master Fund will hold their
final meeting, on July 9, 2010, at 9:15 a.m., to receive 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


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J A M A I C A
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AIR JAMAICA: Shelves Plans for New Grand Cayman, Barbados Flights
-----------------------------------------------------------------
Air Jamaica Limited has halted plans to fly from Jamaica to Grand
Cayman and from New York to Barbados this summer, Travel Agent
Central reports.

"There was a high level of excitement after we announced the
addition of Grand Cayman and Barbados to our schedule, and we are
very disappointed that we are not able to do so at this time,"
said Bruce Nobles, president and CEO of Air Jamaica, in a written
release obtained by the news agency. "We had expected to add
another aircraft to the fleet but this deal will not go forward.
Operating the schedule as planned would have compromised our
reliability and so we had to suspend these two routes," he added.

According to the report, Air Jamaica will still go forward with
the addition of New York/Grenada to its summer schedule, as well
as a return to Nassau, an increase in flights to Toronto and an
increase in flights between Kingston and New York as previously
announced.

                         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: New Trinidad Government Not a Threat to Airline
------------------------------------------------------------
Horace Hines at Jamaica Observer reports that Chief Executive
Officer of Caribbean Airlines Limited Ian Brunton said he is
confident that the newly formed Trinidad and Tobago government,
headed by Prime Minister Kamla Persad-Bissessar, should not affect
the arrangement between the Jamaican and Trinidad governments in
the Air Jamaica Limited deal.

According to the report, Caribbean Airlines acquired Air Jamaica
in May, before Mr. Bissessar's coalition party defeated the
Patrick Manning led People's National Movement, which had signed
the deal.  The report relates that the opposition had been
stinging in its criticism of the deal, stating that Trinidad could
not afford to bail out Air Jamaica.

"Nothing is going to change.  What has happened in Trinidad . . .
there has been a change in government.  But it is a responsible,
modern government.  What went on between the government of
Trinidad and Tobago and the Government of Jamaica is an
international treaty.  It is something that is good for both
sides," the report quoted Mr. Brunton as saying.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2010, Jamaica Gleaner said that the new Trinidad
government is reportedly having second thoughts about the takeover
of Air Jamaica by Caribbean Airlines.  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.

                         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: Energy Minister Defends Himself in Wake of Firm Increase
---------------------------------------------------------------
Energy Minister James Robertson has hit back at Omar Azan,
President of the Jamaica Manufacturers Association, who bitterly
lashed out at a rate increase granted to the Jamaica Public
Service Company, RadioJamaica News reports.

According to the report, Mr. Azan blasted Mr. Robertson and the
Office of Utilities Regulation over new increases in inflation
rates while berating them for stating that the rate hike has been
nullified by a drop in the price of oil and an ease in the
exchange rate.

Mr. Robertson claimed that Mr. Azan's anger has been misdirected
because he cannot be held responsible for periodic adjustments in
JPS rates.  "He is very unreasonable but the Ministry or Minister
of Energy (cannot) instruct the OUR, an independent authority.
There is a license which dictates what can be given to the JPSCO,
so his anger directed at me is unreasonable," the report quoted
Mr. Robertson as saying.

Mr. Robertson, the report discloses, also asserted that
applications for periodic increases from the JPSCO are legally
binding in the provisions of the 2001 license agreement and that
the OUR must respond favorably to the requests.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2010, RadioJamaica said that OUR granted JPSCO an
inflation adjustment.  The report related that JPSCO was seeking
an inflation related increase in electricity rates from the OUR.
JPSCO, the report noted, 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.


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


CEMEX SAB: Debt Terms Create 'Nightmares' of Missing Mergers
------------------------------------------------------------
Thomas Black at Bloomberg News reports that CEMEX, S.A.B. de C.V.
is concerned that its efforts to cut debt will mean sitting out
the next round of industry consolidation.  "Our strategic position
in the sector appears in my nightmares," Fernando Gonzalez, chief
of planning and finance, told the news agency an interview.  "The
largest players might grow faster than what we can do in the next
five years, and that keeps me up," he added.

According to the report, Mr. Gonzales said that after a near-
default on US$21.7 billion in debt in 2009, any expansion will
have to come through an investment fund in which Cemex SAB will be
a minority partner, rather than the direct purchaser.

"The main fear is letting good opportunities in good markets pass
by," the report quoted Gonzalo Fernandez, an analyst with Banco
Santander SA, as saying.

Mr. Gonzalez, the report notes, estimated that there is a
potential for US$42 billion of acquisitions worldwide in cement
operations, the largest share of a possible US$70 billion of deals
in the global building-materials industry.

                        Keeping Pace

"Our competitors are nowadays in good shape, and I'm sure they
have their plans to continue the growth process," the report
quoted Mr. Gonzalez, as saying." "We know we have to keep the
pace," he added.

The report notes Mr. Gonzales said that Cemex SAB's investment
fund, unveiled in April, may offer a way around the limits on
acquisitions put in place by creditors after an agreement with
banks in August to refinance about US$15 billion in debt through
2014.  The report relates that the company sold shares and assets
to reduce debt and adopted a cap of US$100 million a year for
acquisitions or joint ventures.

Cemex hired Lazard Ltd. to help drum up interest in the fund, Blue
Rock Cement Holdings SA, and expects to reach its target of having
US$500 million to invest "at the latest in a couple of months,"
Mr. Gonzalez said, the report notes.

Mr. Gonzales, the report discloses, said that Cemex SAB would take
a minority stake of 10% to 20% in the fund and run any cement
plants acquired or built.  At the end of five years, Cemex would
have the option to buy out its partners, he added.

Mr. Gonzales, the report adds, said that the company will
contribute the entire $100 million it's allowed to spend on
acquisitions this year.

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.


COMERCIAL MEXICANA: Shareholders Approve Restructuring
------------------------------------------------------
Controladora Comercial Mexicana SAB de CV's shareholders have
approved a plan to restructure its debt, moving a step closer to
the end of a lengthy battle with creditors, Cyntia Barrera Diaz at
Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2010, Dow Jones Newswires said that Comerci has reached a
debt restructuring agreement with most of its creditors under
which it will issue around US$1.54 billion in new debt.  The
report related that the company said that the agreement reached
with a substantial majority of its creditors will be put to a
shareholder vote on June 11, 2010, and also requires the approval
of creditor committees.

According to Reuters, the shareholders' vote was crucial for
Comerci to move ahead with a prepackaged credit court proceeding
in a landmark test of Mexico's insolvency laws.  Its plan will be
presented in the United States as well, under Chapter 15 of the
U.S. bankruptcy code, the report notes.

Reuters points out that Comerci could become the first listed
company to file a pre-pack debt restructuring in Mexico, taking
advantage of 2007 reforms to the country's insolvency law and
opening the way for other troubled companies.  The report notes
that Mexico's insolvency law, called "Concurso Mercantil," is just
10 years old.  The report says that companies and lenders are
still wary of using it given concerns about transparency and a
lack of precedent for many complex situations, and they often opt
instead to spend years in out-of-court negotiations.

Comerci could be ready to present all papers to the court next
week.

                        About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


CONSORCIO HOGAR: Moody's Downgrades National Rating to 'Ba3'
------------------------------------------------------------
Moody's de Mexico downgraded to Ba3.mx from Ba2.mx the national
scale the issuer rating, and to B3 from B2 the global scale local
currency rating of Consorcio Hogar, S.A.B. de C.V.  Concurrently,
Moody's announced that it would withdraw Hogar's rating for
business reasons.

This rating action reflects Hogar's ongoing challenges in
returning to positive net profits as well as demonstrating only a
modest improvement in sales over the past twelve months while
continuing to maintain very weak credit metrics.  In addition,
Hogar is currently without a CEO and has just restructured its
Board of Directors, which casts doubt regarding the strategic
direction of the firm.

This rating was downgraded and withdrawn:

* Consorcio Hogar, S.A.B. de C.V. -- issuer rating to B3/Ba3.mx
  from B2/Ba2.mx

Moody's last rating action with respect to Hogar took place on
August 21, 2008 when Moody's downgraded to Ba2.mx from Baa3.mx the
national scale issuer rating, and to B2 from B1 the global scale
local currency issuer rating, of Hogar and changed the outlook to
negative.

Consorcio Hogar is a publicly traded mid-sized homebuilder engaged
in the development, construction, marketing, and sale of
affordable housing in Mexico.  The firm reported assets of
approximately $918 million Mexican pesos and equity of
approximately $384 million Mexican pesos at March 31, 2010.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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