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

              Wednesday, June 23, 2010, Vol. 11, No. 122

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Prosecutors Want One Trial in Ponzi Case


A R G E N T I N A

INDUSTRIAL SUPPLIER: Creditors' Proofs of Debt Due on August 13
INTERBAE SA: Creditors' Proofs of Debt Due on August 20
LAS FANEGAS: Creditors' Proofs of Debt Due on August 19
SOLARES DE TIGRE: Creditors' Proofs of Debt Due on August 11
SURMA SA: Creditors' Proofs of Debt Due on August 20

* ARGENTINA: Debt Swap May Reach 66% Participation


B E R M U D A

AURUM ASIA: Creditors' Proofs of Debt Due on June 30
AURUM ASIA: Members' Final Meeting Set for July 16
AURUM ASIA: Creditors' Proofs of Debt Due on June 30
AURUM ASIA: Members' Final Meeting Set for July 16
AURUM ASIA: Creditors' Proofs of Debt Due on June 30

AURUM ASIA: Members' Final Meeting Set for July 16
AURUM ASIA: Creditors' Proofs of Debt Due on June 30
AURUM ASIA: Members' Final Meeting Set for July 16
AURUM ISIS: Creditors' Proofs of Debt Due on June 30
AURUM ISIS: Members' Final Meeting Set for July 16

AURUM ISIS: Creditors' Proofs of Debt Due on June 30
AURUM ISIS: Members' Final Meeting Set for July 16
AURUM ISIS: Creditors' Proofs of Debt Due on June 30
AURUM ISIS: Members' Final Meeting Set for July 16
AURUM ISIS: Creditors' Proofs of Debt Due on June 30

AURUM ISIS: Members' Final Meeting Set for July 16
AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
AURUM RESOURCE: Members' Final Meeting Set for July 16
AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
AURUM RESOURCE: Members' Final Meeting Set for July 16

AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
AURUM RESOURCE: Members' Final Meeting Set for July 16
AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
AURUM RESOURCE: Members' Final Meeting Set for July 16
SYNCORA HOLDINGS: Guarantee Unit Short of its Remediation Plan


B R A Z I L

BANCO INDUSTRIAL: To Pay US$14.7 Million in Dividends


C A Y M A N  I S L A N D S

ALADDIN TALF: Creditors' Proofs of Debt Due on July 13
ALLIED FUND: Creditors' Proofs of Debt Due on July 11
APAL (SPC): Commences Liquidation Proceedings
BACCHUS & ALKES: Creditors' Proofs of Debt Due on July 21
DEBAFU DEAL: Creditors' Proofs of Debt Due on July 21

DRAGON IAM: Creditors' Proofs of Debt Due on July 21
DRAKE LONG: Creditors' Proofs of Debt Due on July 21
EXPRESSWAY PARTNERS: Creditors' Proofs of Debt Due on July 21
KITE IAM: Creditors' Proofs of Debt Due on July 21
OVERSEAS IAM: Creditors' Proofs of Debt Due on July 21

PEQUOT EVENT: Creditors' Proofs of Debt Due on July 21
PEQUOT EVENT: Creditors' Proofs of Debt Due on July 21
PEQUOT NEW: Creditors' Proofs of Debt Due on July 21
PEQUOT NEW: Creditors' Proofs of Debt Due on July 21
PEQUOT SPINNAKER: Creditors' Proofs of Debt Due on July 21

PEQUOT SPINNAKER: Creditors' Proofs of Debt Due on July 21
PHOENIX IAM: Creditors' Proofs of Debt Due on July 21
PRUDENCE IAM: Creditors' Proofs of Debt Due on July 21
SOUNDBITE DENTAL: Commences Liquidation Proceedings
SUNRISE CAPITAL: Creditors' Proofs of Debt Due on August 9


C O L O M B I A

BANCOLOMBIA SA: Enters Settlement Deal With Gilinski Family
BANCOLOMBIA SA: Fitch Upgrades Issuer Default Rating From 'BB+'


J A M A I C A

AIR JAMAICA: Committee Named to Probe CAL-Air Jamaica Deal
NATIONAL COMMERCIAL BANK: Adds Mobile Banking to Services List


M E X I C O

HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'B2'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Clico Investment Petitions High Court for Winding Up


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Glitches & Gas Drop Affect Oil Output





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


STANFORD INT'L: Prosecutors Want One Trial in Ponzi Case
--------------------------------------------------------
Prosecutors told U.S. District Judge David Hittner in Houston that
it would be a waste of judicial resources to allow Laura
Pendergest-Holt, former chief investment officer at Stanford
Financial Group, to get her own trial, Jonathan Stempel at Reuters
reports.

According to the report, Ms. Holt made the request, saying the
"egregious and circus-like conduct" by Robert Allen Stanford (and
his latest set of lawyers), who have been accused of insurance
fraud and whom she accused of having "faked health issues in
court," could jeopardize her right to a fair trial.  The report
relates that former Stanford accounting executives Mark Kuhrt and
Gilbert Lopez joined her motion.  A fifth defendant is Leroy King,
a former head of Antigua's Financial Services Regulatory
Commission, the report says.

However, the report relates, federal prosecutors, appealing to
Judge Hittner, said in a court filing that any potential prejudice
from Mr. Stanford's activities can be overcome.  "One of the most
experienced federal trial judges in this country is presiding and
can readily prevent any such potential courtroom antics,"
prosecutor Gregg Costa wrote in a note obtained by the news
agency.  "To the extent that Stanford or his current lead counsel
does engage in improper behavior before the jury, the usual
cautionary instructions would provide a sufficient remedy," he
added, Reuters relates.

A jury trial is scheduled to begin on January 24, 2011.

Prosecutors, the report notes, said that the five defendants face
the same fraud and money laundering charges, while Mr. Stanford,
Ms. Holt and Mr. King face charges of obstruction and conspiracy
to obstruct justice.  A severance would result in "two or more
multi-month trials with massive overlap in the presentation of
evidence," they added.

                  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
=================


INDUSTRIAL SUPPLIER: Creditors' Proofs of Debt Due on August 13
---------------------------------------------------------------
Eva Mabel Bogado, the court-appointed trustee for Industrial
Supplier SRL's reorganization proceedings will be verifying
creditors' proofs of claim until August 13, 2010.

Ms. Bogado will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Eva Mabel Bogado
         Paraguay 1465


INTERBAE SA: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
Esther Palma, the court-appointed trustee for Interbae SA's
reorganization proceedings will be verifying creditors' proofs of
claim until August 20, 2010.

Ms. Palma will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Esther Palma
         Avenida Cordoba 1351
         Argentina


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

Mr. Ezequiel will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Aquilino Fernando Ezequiel
         Montevideo 571
         Argentina


SOLARES DE TIGRE: Creditors' Proofs of Debt Due on August 11
------------------------------------------------------------
Hector Palma, the court-appointed trustee for Solares de Tigre
SA's reorganization proceedings will be verifying creditors'
proofs of claim until August 11, 2010.

Mr. Palma will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 25
in Buenos Aires, with the assistance of Clerk No. 49, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Hector Palma
         Viamonte 920
         Argentina


SURMA SA: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------
Lidia Margarita Diaz, the court-appointed trustee for Surma SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until August 20, 2010.

Ms. Diaz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 2, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Lidia Margarita Diaz
         Avenida Independencia 2031
         Argentina


* ARGENTINA: Debt Swap May Reach 66% Participation
--------------------------------------------------
Argentina's debt restructuring may attract creditors holding 66%
of the US$18.3 billion in bonds left out of a 2005 offering, Laura
Price at Bloomberg News reports, citing El Cronista.

According to the report, the newspaper said that holders of 62% of
the debt had agreed to take part in the swap by June 18, 2010, and
the level of acceptance has tripled since then to more than US$300
million a day.

El Cronista, the report relates, said that the government hasn't
decided whether to extend the debt swap beyond June 22, 2010.

                        *     *     *

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


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B E R M U D A
=============


AURUM ASIA: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Asia Pacific Fund Ltd. are required to file
their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Asia Pacific Fund Ltd. will hold their final
general meeting on July 16, 2010, at 10:15 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Asia Pacific Dollar Fund Ltd. are required
to file their proofs of debt by June 30, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Asia Pacific Dollar Fund Ltd. will hold their
final general meeting on July 16, 2010, at 10:20 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Asia Pacific Euro Fund Ltd. are required to
file their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Asia Pacific Euro Fund Ltd. will hold their
final general meeting on July 16, 2010, at 10:25 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Asia Pacific Sterling Fund Ltd. are
required to file their proofs of debt by June 30, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ASIA: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Asia Pacific Sterling Fund Ltd. will hold
their final general meeting on July 16, 2010, at 10:30 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Isis Plus Fund Ltd. are required to file
their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Isis Plus Fund Ltd. will hold their final
general meeting on July 16, 2010, at 10:35 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Isis Plus Dollar Fund Ltd. are required to
file their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Isis Plus Dollar Fund Ltd. will hold their
final general meeting on July 16, 2010, at 10:40 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Isis Plus Euro Fund Ltd. are required to
file their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Isis Plus Euro Fund Ltd. will hold their
final general meeting on July 16, 2010, at 10:45 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Aurum Isis Plus Sterling Fund Ltd. are required
to file their proofs of debt by June 30, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM ISIS: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Aurum Isis Plus Sterling Fund Ltd. will hold their
final general meeting on July 16, 2010, at 10:50 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
The creditors of Aurum Resource Fund Ltd. are required to file
their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Members' Final Meeting Set for July 16
------------------------------------------------------
The members of Aurum Resource Fund Ltd. will hold their final
general meeting on July 16, 2010, at 10:55 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
The creditors of Aurum Resource Dollar Fund Ltd. are required to
file their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Members' Final Meeting Set for July 16
------------------------------------------------------
The members of Aurum Resource Dollar Fund Ltd. will hold their
final general meeting on July 16, 2010, at 11:00 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
The creditors of Aurum Resource Euro Fund Ltd. are required to
file their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Members' Final Meeting Set for July 16
------------------------------------------------------
The members of Aurum Resource Euro Fund Ltd. will hold their final
general meeting on July 16, 2010, at 11:05 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
The creditors of Aurum Resource Sterling Fund Ltd. are required to
file their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


AURUM RESOURCE: Members' Final Meeting Set for July 16
------------------------------------------------------
The members of Aurum Resource Sterling Fund Ltd. will hold their
final general meeting on July 16, 2010, at 11:10 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 4, 2010.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton, Bermuda


SYNCORA HOLDINGS: Guarantee Unit Short of its Remediation Plan
--------------------------------------------------------------
Syncora Holdings Ltd. disclosed that, despite having made
significant progress on certain of its planned liquidity
remediation actions, its wholly owned New York financial guarantee
subsidiary, Syncora Guarantee Inc. remains materially short of its
remediation plan.  Syncora also announced that on June 17, 2010
the New York Insurance Department issued a supplemental order
withdrawing the order issued on April 10, 2009 under Section 1310
of the New York Insurance Law, which prohibited Syncora Guarantee
from paying claims until it had removed the impairment to its
statutorily mandated minimum surplus to policyholders.  In
connection with this, Syncora Guarantee has been ordered to
provide the NYID with a plan for the payment of accrued and unpaid
claims and for the payment of new claims as they become due in the
ordinary course of business.

Notwithstanding the withdrawal of the 1310 Order following Syncora
Guarantee's elimination of the impairment of its statutory capital
and its return to compliance with statutorily mandated required
minimum surplus to policyholders, Syncora Guarantee believes that
it needs to complete further significant actions in order to
satisfy its known and anticipated short and medium term liquidity
needs and resume claims payments.  Some of the required actions
are outside of Syncora Guarantee's ordinary course of business and
will require the consent or approval of parties outside of its
control.  No assurance can be given that Syncora Guarantee will be
successful in pursuing or effectuating such actions or obtaining
such consents or approvals in a timely manner or at all.

Since the issuance of the 1310 Order on April 10, 2009, Syncora
Guarantee has made material progress towards removing the
impairment to its statutory capital and restoring it beyond the
minimum statutory requirement of $65 million.  At March 31, 2010,
Syncora Guarantee's statutory surplus was reported as
$104.1 million.  Based on preliminary second quarter 2010 reserve
estimates, continued remediation efforts during the second quarter
are expected to have a material positive effect on statutory
surplus; however, this is expected to be offset in part, or
possibly exceeded, by adverse development in Syncora Guarantee's
reserves.

In light of its liquidity position and needs and the current
timing of the withdrawal of the 1310 Order, Syncora Guarantee is
considering all of its options, is continuing to seek to resolve
its liquidity issues and will continue to evaluate whether it can
make sufficient progress towards the implementation of its ongoing
liquidity remediation plan to be able to resume claims payments.
In the event Syncora Guarantee is unable to resolve its
anticipated liquidity needs in order to resume claims payments at
this time, or is unable to provide the NYID with a plan that is
acceptable to Syncora Guarantee and the NYID for the payment of
accrued and unpaid claims and for the payment of new claims as
they become due in the ordinary course of business, the NYID could
take regulatory action against it or Syncora Guarantee could
submit itself to regulatory action by the NYID, including placing
Syncora Guarantee in rehabilitation or liquidation.

                    About Syncora Guarantee Inc.

Syncora Guarantee Inc. -- http://www.syncora.com/-- is a wholly
owned subsidiary of Syncora Holdings Ltd.  Syncora Holdings Ltd.
is a Bermuda-domiciled holding company.

In April 2009, Standard & Poor's Ratings Services revised its
financial strength and financial enhancement ratings on Syncora
Guarantee Inc. to 'R' from 'CC'.  Standard & Poor's also revised
its counterparty credit rating on Syncora to 'D' from 'CC'.  An
insurer rated 'R' is under regulatory supervision because of its
financial condition.  The 'CC' counterparty credit, financial
strength, and financial enhancement ratings on Syncora Guarantee
U.K. Ltd. are unchanged because at this time, that company is not
subject to any regulatory orders that mandate the suspension of
claims payments.


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B R A Z I L
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BANCO INDUSTRIAL: To Pay US$14.7 Million in Dividends
-----------------------------------------------------
Banco Industrial e Comercial S.A. (Bic Banco) will pay a total of
BRL26 million (US$14.7 million) in dividends, in the form of
interest on its own capital, Rogerio Jelmayer at Dow Jones
Newswires reports, citing a bank statement.

According to the report, the bank said that the total amount
represents a payment of BRL0.10 a share.  The report relates that
it will be paid June 30 and will be based on shareholders'
positions as of June 11.

                         About Bicbanco

Banco Industrial e Comercial S.A. is headquartered in Sao Paulo,
Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 15, 2010, Moody's Investors Service assigned a Ba1 long-
term foreign currency debt rating to the US$275 million senior
unsecured notes issued by Banco Industrial e Comercial S/A.  The
notes, due in January 2013, were issued under the bank's existing
US$1 billion Global EURMedium-term Note Program.  The outlook on
the rating is stable.


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C A Y M A N  I S L A N D S
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ALADDIN TALF: Creditors' Proofs of Debt Due on July 13
------------------------------------------------------
The creditors of Aladdin Talf Offshore Fund Limited are required
to file their proofs of debt by July 13, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

         Ogier
         c/o Patrick Rosenfeld
         Telephone: (345) 815-1851
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


ALLIED FUND: Creditors' Proofs of Debt Due on July 11
-----------------------------------------------------
The creditors of Allied Fund Managers Limited are required to file
their proofs of debt by July 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 28, 2010.

The company's liquidator is:

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


APAL (SPC): Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on May 24, 2010, the
members of Apal (SPC) Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

         Kenneth M. Krys
         Timothy Le Cornu
         Krys & Associates Cayman Limited
         23 Lime Tree Bay Avenue
         Governors Square
         Building 6, 2nd Floor
         P.O. Box 31237, KY1-1205
         Grand Cayman, Cayman Islands


BACCHUS & ALKES: Creditors' Proofs of Debt Due on July 21
---------------------------------------------------------
The creditors of Bacchus & Alkes Holdings Inc. are required to
file their proofs of debt by July 21, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 2, 2010.

The company's liquidator is:

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


DEBAFU DEAL: Creditors' Proofs of Debt Due on July 21
-----------------------------------------------------
The creditors of Debafu Deal Limited are required to file their
proofs of debt by July 21, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


DRAGON IAM: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of Dragon IAM Limited are required to file their
proofs of debt by July 21, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


DRAKE LONG: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of The Drake Long Volatility Master Fund, Ltd. are
required to file their proofs of debt by July 21, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 3, 2010.

The company's liquidator is:

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


EXPRESSWAY PARTNERS: Creditors' Proofs of Debt Due on July 21
-------------------------------------------------------------
The creditors of Expressway Partners, Ltd. are required to file
their proofs of debt by July 21, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 1, 2010.

The company's liquidator is:

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


KITE IAM: Creditors' Proofs of Debt Due on July 21
--------------------------------------------------
The creditors of Kite IAM Limited are required to file their
proofs of debt by July 21, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


OVERSEAS IAM: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
The creditors of Overseas IAM Limited are required to file their
proofs of debt by July 21, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


PEQUOT EVENT: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
The creditors of Pequot Event Driven Offshore Fund, Ltd. are
required to file their proofs of debt by July 21, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

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


PEQUOT EVENT: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
The creditors of Pequot Event Driven Master Fund, Ltd. are
required to file their proofs of debt by July 21, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

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


PEQUOT NEW: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of Pequot New Vista Offshore Fund, Ltd. are required
to file their proofs of debt by July 21, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

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


PEQUOT NEW: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of Pequot New Vista Master Fund, Ltd. are required
to file their proofs of debt by July 21, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

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


PEQUOT SPINNAKER: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
The creditors of Pequot Spinnaker Master Fund, Ltd. are required
to file their proofs of debt by July 21, 2010, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


PEQUOT SPINNAKER: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
The creditors of Pequot Spinnaker Offshore Fund, Ltd. are required
to file their proofs of debt by July 21, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

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


PHOENIX IAM: Creditors' Proofs of Debt Due on July 21
-----------------------------------------------------
The creditors of Phoenix IAM Limited are required to file their
proofs of debt by July 21, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


PRUDENCE IAM: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
The creditors of Prudence IAM Limited are required to file their
proofs of debt by July 21, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


SOUNDBITE DENTAL: Commences Liquidation Proceedings
---------------------------------------------------
On May 24, 2010, the members of Soundbite Dental Inc. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


SUNRISE CAPITAL: Creditors' Proofs of Debt Due on August 9
----------------------------------------------------------
The creditors of Sunrise Capital Corporation are required to file
their proofs of debt by August 9, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 31, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 345 949-7755
         Facsimile: 345 949-7634


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


BANCOLOMBIA SA: Enters Settlement Deal With Gilinski Family
-----------------------------------------------------------
Bancolombia S.A. entered into a settlement agreement with the
Gilinski family, pursuant to which the parties have agreed to end
all disagreements relating to the acquisition by the former Banco
Industrial Colombiano, now Bancolombia SA, of the majority
shareholder of the former Banco de Colombia.

The settlement agreement represents an end to all civil and
commercial actions among the parties and a voluntary dismissal of
all actions relating to criminal proceedings.

Bancolombia expresses its satisfaction with the entry into this
settlement agreement.

                     About Bancolombia S.A.

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.


BANCOLOMBIA SA: Fitch Upgrades Issuer Default Rating From 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Bancolombia's ratings:

  -- Foreign Currency Long-Term Issuer Default Rating to
     'BBB-' from 'BB+';

  -- Local Currency Long-Term IDR to 'BBB-' from 'BB+';

  -- Foreign Currency Short-Term IDR to 'F3' from 'B';

  -- Local Currency Short-Term IDR to 'F3' from 'B';

  -- Individual Rating to 'C' from 'C/D';

  -- Support Floor to 'BB' from 'BB-';

  -- Subordinated debt to 'BB+' from 'BB'.

Fitch also affirmed this rating for Bancolombia:

  -- Support Rating at '3'.

The Rating Outlook is Stable.

Fitch's upgrade of Bancolombia's Individual rating and IDRs
reflect the sustained improvement of the bank's solvency and
reserve coverage ratios and the resilience to the crisis it showed
by maintaining good asset quality, stable profitability and strong
earnings generation.  Having successfully taken over and
consolidated Banco Agricola's operations, Bancolombia evolved into
a regional player showing solid performance through the crisis.
The bank achieved profitability and healthy growth over the past
few years and proved it has the diversification, tools and
expertise to manage through a downturn.  Hence it emerges from the
crisis not only bigger but also better positioned and poised to
resume growth within a more benign economic scenario.

Bancolombia's IDRs are driven by its Individual rating, and this
reflects its strong franchise, strong earnings generation, ample
deposit and customer base, diversified loan portfolio and
revenues, good asset quality, adequate reserve coverage and strong
liquidity.  The IDRs also factor in the relatively higher costs,
somewhat lower efficiency, higher loan loss provisions expenses
and capital which, while improving, still compares unfavorably to
higher rated regional peers.

Given the systemic importance of Bancolombia, there is, in Fitch's
opinion, a moderate probability of support from Colombia's central
bank, whose ability to provide such support is reflected in
Colombia's sovereign rating ('BB+' with a Stable Outlook).

Bancolombia's IDRs would benefit from stronger capitalization,
controlled costs, improved efficiency and better asset quality.
The ratings would be pressured downwards if asset quality
deteriorates beyond reasonable levels, performance declines
significantly and/or the bank's capital/reserves cushion weakens.

Bancolombia's performance during 2009 and into 2010 reflected the
decline of loan portfolio volumes that was partially offset by
improving margins and strong non-interest revenues.  Efficiency
declined as operating costs increased faster than operating
revenues, but loan loss provisions stabilized, albeit at a still
high level.  Positively, the bank achieved a positive and still
flattering profitability while improving its solvency and coverage
ratios and dealing with declining asset quality.

Asset quality declined but remains adequately covered and within
reasonable levels, comparing well to that of its regional peers.
Deposits grew, compensating for a decline in foreign funding and
reducing funding costs while capital ratios, which had become a
weakness of the bank, consolidated their improvement thanks to
retained earnings and slower asset growth.

As economic prospects brighten, Bancolombia's loan portfolio
should resume a moderate growth (8%-10% per annum) during the
second half of 2010; margins should remain resilient, underpinned
by low funding costs, but they are likely to start a slow decline
from 2011.  Costs, which were well contained during the boom
years, should play a little catch-up, but loan loss provisions
could become less pressing as the effects of the crisis wind down.
Overall profitability should stabilize around 20% (ROAE) or close
to 2.1% (ROAA) thus sustaining adequate capital and reserve
coverage ratios; in particular, Fitch expects Bancolombia to
maintain its Fitch eligible capital ratio around its current
level.

Bancolombia is the country's largest universal bank, and after
several years of strong organic growth and strategic acquisitions
holds about 20% of the banking system's assets as of March 2010.
Bancolombia has developed a strategic plan to become a regional
player; it included the acquisition of Banco Agricola (El
Salvador's largest bank, rated 'BB+' with a Negative Outlook by
Fitch).  Bancolombia is controlled by a conglomerate of companies;
its main shareholders are Grupo Suramericana and Inversiones
Argos.


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


AIR JAMAICA: Committee Named to Probe CAL-Air Jamaica Deal
----------------------------------------------------------
Linda Hutchinson-Jafar at Jamaica Gleaner reports that Trinidad
and Tobago's new Finance Minister Winston Dookeran has appointed a
three-member committee to probe the merger deal between Caribbean
Airlines Limited and Air Jamaica Limited.

According to the report, the transaction cost Trinidad and Tobago
US$50 million to acquire and operate six Air Jamaica aircraft and
eight of its routes.  Jamaica got a 16% stake in the merged
operation, with CAL owning 84%.

Mr. Dookeran, the report notes, said that he now has the
information relating to the new arrangements between CAL and Air
Jamaica that were finalized ahead of the May 24, 2010, national
elections in Trinidad.  "The minister of finance is of the view
that there is an urgent need to clarify the precise nature and
scope of these new arrangements, particularly having regard to the
possible significant level of fiscal resources involved, the
relative lack of disclosure regarding the details of the new
arrangements and the need to ensure that the resources of the
country are utilized for the maximum benefit of its citizens," the
report quoted Mr. Dookeran as saying.

The report says that the working committee which includes Conrad
Aleong, a former president of CAL, and Selby Wilson, a former
finance minister, will access the status and implications of the
CAL/Air Jamaica arrangements.

Among its objectives, the report says, the committee will conduct
a comprehensive assessment of the operations of CAL with a view to
identifying opportunities for improving the efficiency and
profitability of the airline; undertake a comprehensive
cost/benefit evaluation of the proposed/new arrangements from both
a financial and economic perspective; and make recommendations
regarding the preferred future strategic direction for CAL to
secure maximum benefits for the citizens of Trinidad and Tobago in
the short, medium and long term.

                       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.


NATIONAL COMMERCIAL BANK: Adds Mobile Banking to Services List
--------------------------------------------------------------
National Commercial Bank will launch mobile banking services to
customers, Jamaica Observer reports, citing Sunday Finance.

According to the report, unnamed sources said that NCB Mobile
Banking will allow customers to execute account transactions from
their mobile phones via the Internet.  The report relates that
with the launch, NCB will become the latest financial institution
to set up mobile banking.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'B2'
-------------------------------------------------------------
Moody's de Mexico downgraded Hipotecaria Su Casita's senior
unsecured debt rating to B2, from B1, national scale issuer rating
to Baa3.mx, from Baa1.mx, and the global scale local currency
issuer rating to B2, from B1.  The rating outlook remains
negative.

The rating downgrade reflects the current credit market
dislocation which has pressured and will continue to strain the
company's liquidity and operating margins.  Operating statistics
as of March 31, 2010, remain stressed with margins and interest
coverage at 10.9% and 1.15x, respectively as well as high debt to
assets levels of 89%.  Furthermore, the delinquent portfolio for
Su Casita has increased significantly to 11.6% as of March 31,
2010.  Growth at Su Casita has been stalled for the past twelve
months as the company has worked to decelerate the rise in its
delinquent portfolio while maintaining required higher capital
levels.  The slowdown in the securitization market, which the
sofom relied upon to fund additional loans is expected to continue
this trend; reliance on SHF for all its funding, like all other
independent mortgage sofols/sofoms, will be virtually 100%.

Moody's current B2 global local currency and Baa3.mx national
scale ratings continue to reflect Su Casita's experienced and
conservative management team.  Furthermore, the company has a
strong relationship with SHF and committed shareholders.  In
April, Su Casita announced a $370 million Mexican pesos equity
contribution by its shareholders, strengthening its balance sheet.
In addition, the company announced that concurrent with this
equity capital infusion Sociedad Hipotecaria Federal (SHF)
provided it with $2 billion Mexican pesos in credit lines to be
used for the issuance of mortgages and construction loans for the
low and low-middle income housing segment.

The negative outlook continues to reflect Moody's expectations
that Su Casita's operating margins, portfolio quality and growth
will continue to be pressured as economic indicators such as the
unemployment rate remain weak (with only modest improvement in
2010) and continued capital markets dislocation.  In addition,
regulatory changes in Mexico are expected for non-bank finance
companies by 2011, which could potentially increase
sofoles/sofomes capital requirements.  Moody's will closely
monitor the company's capitalization ratio, funding sources, its
relationship with SHF and its shareholders, its delinquent
portfolio as well as the changing regulatory environment in Mexico
as it navigates the very volatile domestic and global capital
markets.

Moody's stated that the rating outlook would be revised to stable
should the company maintain its current credit metrics and
capitalization ratios while continuing to lower its exposure to
short-term debt.  In addition, Moody's anticipates that the
company's delinquent portfolio (on balance sheet) will continue to
deteriorate through the remainder of 2010, albeit at a slower pace
than in 2009, and reach an inflection point by no later than the
end of 2010.  The ratings could face further downward pressure
should the company have any liquidity challenges, margins be
consistently negative, while its debt levels exceed 90% and
interest coverage fall below 1x over a 12 month period.  Downward
ratings pressure would also take place should the delinquent
portfolio (on balance sheet) exceed current levels on a consistent
basis.

These ratings were downgraded with a negative outlook:

* Hipotecaria Su Casita, S.A.  De C.V.  -- National scale issuer
  rating to Baa3.mx, from Baa1.mx; global scale local currency
  issuer rating to B2, from B1; corporate family rating to B2,
  from B1 and senior notes to B2, from B1.

The last rating action with respect to Su Casita was on May 21,
2009, when Moody's downgraded its senior unsecured debt rating to
B1, from Ba3, national scale issuer rating to Baa1.mx, from A3.mx,
the global scale local currency issuer rating to B1, from Ba3 and
the LT corporate family rating to B1, from Ba3.  The rating
outlook was revised to negative from stable.

Su Casita, based in Mexico City, Mexico, started operations in
1994 as a non-bank financial institution/Sofol Mortgage Company.
Su Casita's main activity consists of extending mortgage loans
financed by monies from SHF to low income individuals -- an
important role in the low-income housing market, as there is no
rental market in Mexico.  As of March 31, 2010, the company
reported total assets of approximately $38.6 billion Mexican
pesos, and $2.7 billion Mexican pesos in equity.

Su Casita's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Su Casita's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.


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


CL FINANCIAL: Clico Investment Petitions High Court for Winding Up
------------------------------------------------------------------
Clico Investment Bank Ltd, which the T&T Government agreed to
bailout in January 2009, has applied to the High Court to be
officially wounded up, Trinidad and Tobago Guardian reports.  CIB
is a subsidiary of CL Financial Group.

According to the report, CIB Acting Attorney Lydia Mendonca on
April 16, 2010, petitioned the High Court for the winding up of
the bank.  The petition is to be heard in the High Court by
Justice Ronnie Boodoosingh, at 9:00 a.m., on July 9, 2010, in
court room POS 18.

The report notes that the petitioner has stated that any creditor
or contributory of CIB who wants to support or oppose the making
of an order of the petition may appear at the hearing in person or
by his attorney.  The Guardian, citing a published notice, says
that CIB said anyone who intends to appear on the hearing of the
petition must serve on or send by post to Mendonca at Lydia
Mendonca & Company, Abercromby Court, 86 Abercromby Street, Port-
of-Spain, notice in writing of his intention to do so.

"The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their attorney, (if any), and must
be served, or if posted must be sent by post in sufficient time to
reach the above-named (Lydia Mendonca and Company), not later than
6 p.m. of Wednesday, June 30, 2010," the notice stated, the report
relates.

                        About CL Financial

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

                           *     *     *

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


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


PETROLEOS DE VENEZUELA: Glitches & Gas Drop Affect Oil Output
-------------------------------------------------------------
Petroleos de Venezuela's 2009 oil production dropped because of
lower gas supply, fitful electric power supply, labor clashes and
overdue payment to providers, Mayela Armas at El Universal
reports.  The report relates that PDVSA FY2009 financial statement
showed that the industry had troubles with oil production,
refining and trade.

According to EL Universal, citing a report produced by the
petroleum industry, output in 2009 totaled 3.01 million bpd
compared with 3.4 million bpd in 2008.  The report relates PDVSA
said that due to lower gas supply, the commitments related to
steam drive and generation could not be fulfilled, with the
subsequent failure to accomplish the plans on drilling.  Glitches
in the national electricity grid also made an impact on
production, it added, the report notes.

PDVSA, the report relates, said that payment in arrears to
providers have resulted in delayed supply.  The report notes PDVSA
said that labor conflicts were also mirrored in the outcome.
There was "a hostile operational environment which protracted the
idle term of drills due to labor troubles and closure of ways and
gates," the report quoted PDVSA as saying.

The report discloses that PDVSA also said that electricity
failures damaged all the corporate business.  The report relates
that troubles with electric power supply to the refining area,
endangering the operations at the Puerto La Cruz and El Palito
refineries.

PDVSA added that trade and supply was hit by several factors,
including the oil market behavior the first half of 2009, the
report notes.

                            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.


                            ***********

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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