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

              Friday, June 25, 2010, Vol. 11, No. 124

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Rules Owner Will be Tried Alone


A R G E N T I N A

DYDCOM ARGENTINA: Creditors'Proofs of Debt Due on August 31
INDUSTRIAS FAMEL: Creditors'Proofs of Debt Due on August 12
MAGGI SRL: Creditors'Proofs of Debt Due on September 7
TELECOM ARGENTINA: Court Annuls Antitrust Rulings


B R A Z I L

BRASKEM SA: Signs BRL1 Billion Contract With Cosan SA
CAMAGRO CORREA: To Build 2 Office Towers in Sao Paulo
COSAN SA: Signs BRL1 Billion Contract With Braskem SA


C A Y M A N  I S L A N D S

APACHE CHINA: Creditors'Proofs of Debt Due on July 12
APACHE CHINA: Creditors'Proofs of Debt Due on July 12
APACHE NORTH: Creditors'Proofs of Debt Due on July 12
APACHE NORTH: Creditors'Proofs of Debt Due on July 12
CHICORY IAM: Creditors'Proofs of Debt Due on July 27

COURT HILL: Creditors'Proofs of Debt Due on July 21
ELEXIR FUNDS: Creditors'Proofs of Debt Due on July 22
FOCUS 500: Creditors'Proofs of Debt Due on July 21
FOCUS 700: Creditors'Proofs of Debt Due on July 21
FOCUS 800: Creditors'Proofs of Debt Due on July 21

MARINE ACE: Creditors'Proofs of Debt Due on July 21
NAPA PARTNERS: Creditors'Proofs of Debt Due on July 21
PACIFIC CORAL: Creditors'Proofs of Debt Due on July 21
OAK ROAD: Creditors'Proofs of Debt Due on July 21
RC OPPORTUNITY: Creditors'Proofs of Debt Due on July 23

SR GGI: Creditors'Proofs of Debt Due on July 12
SR GGI: Creditors'Proofs of Debt Due on July 12
TORREY PINES: Creditors'Proofs of Debt Due on July 21
VINEYARD FUND: Creditors'Proofs of Debt Due on July 21
WATERS EDGE: Creditors'Proofs of Debt Due on July 21


C O L O M B I A

ECOPETROL SA: May Not Need to Issue Debt This Year
ECOPETROL SA: Expects to Produce Close to 700,000 bpd by Year End
ECOPETROL SA: INCO Renews Port Concession at Maritime Terminal
ISAGEN SA: Expects to Earn Close to COP386 Billion This Year


J A M A I C A

* JAMAICA: IMF to Disburse SDR63.7 Million Following First Review


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Apologizes to Policyholders


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Seek Seizure of 11 Helmerich Oil Rigs




                         - - - - -


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


STANFORD INT'L: Judge Rules Owner Will be Tried Alone
-----------------------------------------------------
Stanford International Bank Limited owner, Robert Allen Stanford,
the financier accused of orchestrating a multi-billion Ponzi
scheme, will face trial by himself, Reuters reports, citing a U.S.
federal judge.  The report relates that the judge's decision
grants motions by Stanford co-defendants to have a separate trial.

According to the report, Mr. Stanford's jury trial will proceed on
January 24, 2011, while the co-defendants will be tried jointly
after the end of that trial, U.S. District Judge David Hittner
said in a two-page ruling.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Reuters said that 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.  According to the report, Ms. Holt made the request, saying
the "egregious and circus-like conduct" by Mr. 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 related
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 said.

               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
=================


DYDCOM ARGENTINA: Creditors'Proofs of Debt Due on August 31
------------------------------------------------------------
The court-appointed trustee for Dydcom Argentina S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 31, 2010.

The trustee will present the validated claims in court as
individual reports on October 14, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 26, 2010.


INDUSTRIAS FAMEL: Creditors'Proofs of Debt Due on August 12
------------------------------------------------------------
The court-appointed trustee for Industrias Famel S.A.C.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 12, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 8, 2010.


MAGGI SRL: Creditors'Proofs of Debt Due on September 7
-------------------------------------------------------
The court-appointed trustee for Maggi S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 7, 2010.

The trustee will present the validated claims in court as
individual reports on October 20, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 1, 2010.


TELECOM ARGENTINA: Court Annuls Antitrust Rulings
-------------------------------------------------
Chiara Remondini at Bloomberg News reports that Telecom Italia SpA
said an Argentine court annulled some rulings by antitrust
regulator CNDC affecting the company's business in Argentina,
including restrictions on exercising rights in Telecom Argentina
SA.

According to the report, Telecom Italia said in a stock-exchange
statement that the appeals court also canceled a decision that
suspended rights to exercise and sell a call option on a stake in
Sofora Telecomunicaciones SA held by the Werthein family. Sofora
is the holding that controls Telecom Argentina.

The annulment "does not imply the lifting of the judicial
decisions on the same matters that imposes similar restrictions on
Telecom Italia," the report quoted Telecom Italia as saying.

                      About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
Ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


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


BRASKEM SA: Signs BRL1 Billion Contract With Cosan SA
------------------------------------------------------
Cosan S.A. Industria e Comercio signed a BRL1 billion (US$561
million) contract to provide ethanol for the local petrochemicals
company Braskem SA, Rogerio Jelmayer at Dow Jones Newswires
reports, citing O Estado de S. Paulo newspaper.

According to the report, citing the newspaper, Cosan SA Exports
and Imports Director Mark Lyra said that under the contract, Cosan
SA will provide ethanol for Braskem SA for the next five years.
The report relates Braskem SA will use the ethanol to produce
environmentally friendly plastics.

                       About Cosan S.A.

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                          *     *     *

As of June 21, 2010, the company continues to carry Moody's "Ba3"
long term rating, long-term corp family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's "BB-" long-term issuer credit ratings.

                       About Braskem S.A.

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

                           *     *     *

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


CAMAGRO CORREA: To Build 2 Office Towers in Sao Paulo
-----------------------------------------------------
Camargo Correa Desenvolvimento Imobiliario SA plans to build two
office towers in Sao Paulo with an overall estimated sales value
of BRL1.5 billion (US$835 million), Telma Marotto at Bloomberg
News reports, citing Brasil Economico

According to the report, Brasil Economico did not disclose where
it obtained the information.

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';


COSAN SA: Signs BRL1 Billion Contract With Braskem SA
-----------------------------------------------------
Cosan S.A. Industria e Comercio signed a BRL1 billion (US$561
million) contract to provide ethanol for the local petrochemicals
company Braskem SA, Rogerio Jelmayer at Dow Jones Newswires
reports, citing O Estado de S. Paulo newspaper.

According to the report, citing the newspaper, Cosan SA Exports
and Imports Director Mark Lyra said that under the contract, Cosan
SA will provide ethanol for Braskem SA for the next five years.
The report relates Braskem SA will use the ethanol to produce
environmentally friendly plastics.

                       About Cosan S.A.

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                          *     *     *

As of June 21, 2010, the company continues to carry Moody's "Ba3"
long term rating, long-term corp family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's "BB-" long-term issuer credit ratings.

                       About Braskem S.A.

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

                           *     *     *

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


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


APACHE CHINA: Creditors'Proofs of Debt Due on July 12
------------------------------------------------------
The creditors of Apache China Management LDC are required to file
their proofs of debt by July 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2010.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE CHINA: Creditors'Proofs of Debt Due on July 12
------------------------------------------------------
The creditors of Apache China Holdings LDC are required to file
their proofs of debt by July 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2010.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE NORTH: Creditors'Proofs of Debt Due on July 12
------------------------------------------------------
The creditors of Apache North Sea Holdings LDC are required to
file their proofs of debt by July 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2010.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE NORTH: Creditors'Proofs of Debt Due on July 12
------------------------------------------------------
The creditors of Apache North Sea Management LDC are required to
file their proofs of debt by July 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2010.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


CHICORY IAM: Creditors'Proofs of Debt Due on July 27
-----------------------------------------------------
The creditors of Chicory IAM SP Limited are required to file their
proofs of debt by July 27, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 7, 2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


COURT HILL: Creditors'Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of Court Hill Offshore 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 liquidation proceedings on May 28, 2010.

The company's liquidator is:

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


ELEXIR FUNDS: Creditors'Proofs of Debt Due on July 22
------------------------------------------------------
The creditors of Elexir Funds SPC are required to file their
proofs of debt by July 22, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 4, 2010.

The company's liquidator is:

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


FOCUS 500: Creditors'Proofs of Debt Due on July 21
---------------------------------------------------
The creditors of Focus 500 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 2, 2010.

The company's liquidator is:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


FOCUS 700: Creditors'Proofs of Debt Due on July 21
---------------------------------------------------
The creditors of Focus 700 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 2, 2010.

The company's liquidator is:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


FOCUS 800: Creditors'Proofs of Debt Due on July 21
---------------------------------------------------
The creditors of Focus 800 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 2, 2010.

The company's liquidator is:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MARINE ACE: Creditors'Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of Marine Ace Capital 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:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NAPA PARTNERS: Creditors'Proofs of Debt Due on July 21
-------------------------------------------------------
The creditors of Napa Partners 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:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PACIFIC CORAL: Creditors'Proofs of Debt Due on July 21
-------------------------------------------------------
The creditors of Pacific Coral Capital 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:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


OAK ROAD: Creditors'Proofs of Debt Due on July 21
--------------------------------------------------
The creditors of Oak Road Investments 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:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


RC OPPORTUNITY: Creditors'Proofs of Debt Due on July 23
--------------------------------------------------------
The creditors of RC Opportunity Fund Ltd are required to file
their proofs of debt by July 23, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2010.

The company's liquidator is:

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


SR GGI: Creditors'Proofs of Debt Due on July 12
------------------------------------------------
The creditors of SR GGI Offshore MA Ltd. are required to file
their proofs of debt by July 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 4, 2010.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe, London


SR GGI: Creditors'Proofs of Debt Due on July 12
------------------------------------------------
The creditors of SR GGI Master Ma Ltd. are required to file their
proofs of debt by July 12, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 4, 2010.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe, London


TORREY PINES: Creditors'Proofs of Debt Due on July 21
------------------------------------------------------
The creditors of Torrey Pines Asia 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 KY1-9002, Cayman Islands


VINEYARD FUND: Creditors'Proofs of Debt Due on July 21
-------------------------------------------------------
The creditors of Vineyard Fund 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:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


WATERS EDGE: Creditors'Proofs of Debt Due on July 21
-----------------------------------------------------
The creditors of Waters Edge 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:

         Richard Finlay
         Telephone: (345) 945-3901
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


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


ECOPETROL SA: May Not Need to Issue Debt This Year
--------------------------------------------------
Ecopetrol SA may not need to issue debt this year thanks to an
increase in the price of oil, Inti Landauro and Darcy Crowe at Dow
Jones Newswires report, citing Ecopetrol Chief Executive Officer
Javier Gutierrez.  The report relates Mr. Gutierrez said that the
company "is not seeing a need [for debt sales] in the short term."

According to the report, the company drafted its 2010 plan with an
estimated oil price at US$55.70 per barrel for West Texas
Intermediate crude.  The report relates Mr. Gutierrez explained
that prices have been hovering much higher, which will result in
higher-than-expected income and less pressure to sell debt.

In February, the report notes, Ecopetrol SA had said it planned to
borrow as much as US$3.5 billion in 2010 to finance part of its
US$8.48 billion investment plan.  The report relates that the
company's shareholders approved the sale of up to COP5.5 trillion
(US$2.81 billion) in bonds this year over the next 12 months.

                      About Ecopetrol S.A.

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

                           *     *     *

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


ECOPETROL SA: Expects to Produce Close to 700,000 bpd by Year End
-----------------------------------------------------------------
Ecopetrol SA expects its oil production to near 700,000 barrels
per day by the end of this year, Jack Kimball at Reuters reports.

According to the report, after a steady decline in production
towards the turn of the century, Colombia has been able to
increase its hydrocarbons output, mainly through technical
measures and an influx of foreign investment due to improved
security.

"We hope by the end of the year to reach near 700,000 barrels per
day," the report quoted Nelson Navarrete, a senior official with
Ecopetrol SA, as saying.

Ecopetrol SA, the report notes, has 1.88 billion barrels of
reserves and had recently won nine new exploration blocks in an
oil auction in Colombia's coastal city of Cartagena.

The company, the report says, plans to invest around US$100
million in the blocks with 2.8 million hectares in the Llanos and
Magdalena Basins as well as offshore blocks in the Caribbean and
Pacific.  It will partner with Repsol and SK Energy in three
blocks, the report discloses.

Reuters says that Ecopetrol SA has averaged 13% to 14% above its
target so far this year, producing an average of 675,000 bpd year
to date.  Output averaged 614,000 last year, the report adds.

                       About Ecopetrol S.A.

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

                           *     *     *

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


ECOPETROL SA: INCO Renews Port Concession at Maritime Terminal
--------------------------------------------------------------
The National Institute of Concessions has renewed the port
concession Ecopetrol S.A. has had to occupy the Pozos Colorados
Maritime Terminal.  The port concession renewal provides Ecopetrol
with exclusive and temporary access to the terminal for a period
of 20 years beginning June 2010.  The Company's previous
concession to the terminal expired on June 13, 2010.

The Pozos Colorados Maritime Terminal is located in the Santa
Marta District of Magdalena Province and has been in operation
since 1963.  It constitutes a vital infrastructure in the
importing and exporting of hydrocarbons in Colombia.
The concession allows Ecopetrol to guarantee continuity of
operations, job creation and economic benefits for the city of
Santa Marta and the province of Magdalena.  Ecopetrol SA's
investment plan in the concession totals US$20,234,859.  In
addition, an annual compensation will be paid in the amount of
US$536,969.

Continuity of operations helps Colombia breathe clean air and
makes production and transport of heavy crude from Colombia's Mid-
Eastern Region viable, which in turn provides many benefits to the
local communities in terms of royalties, transport tariffs and job
creation.

                       About Ecopetrol S.A.

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

                           *     *     *

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


ISAGEN SA: Expects to Earn Close to COP386 Billion This Year
------------------------------------------------------------
Isagen SA will likely book a net profit in 2010 close to COP386
billion (US$204 million), which was what the company reported in
2009, Inti Landauro at Dow Jones Newswires reports, citing Company
Chief Executive Officer Fernando Rico.

According to the report, Mr. Rico said that the company reported a
decline of revenue in early 2009 as a result of severe droughts
related to the El Nino weather pattern.  The report relates that
as a result of the drought, Isagen SA's net profit in the first
quarter of 2010 fell 38% compared with the same period a year ago,
to COP78 billion.

Mr. Rico, the report notes, said that since rains resumed, the
company's reservoirs have filled to almost normal levels.  He
expects that increased revenue in the second half of the year will
offset the decline in the first quarter, the report says.

The company reported a net profit of COP260 billion in 2008.

Meanwhile, Dow Jones Newswires relates that the company is working
on a massive 3,000-megawatt hydropower plant in northeastern
Colombia to boost its capacity.  The report says that the dam to
be built on the Sogamoso River in Santander province will cost
about US$2.2 billion, and Isagen originally planned to borrow
COP2.7 trillion.  The company will only need around COP2.4
trillion, Mr. Rico added.

Isagen SA, the report adds, has already secured COP2 trillion with
commercial bank loans and bonds and expects to get the rest of
financing from its suppliers, mainly Germany's Andritz AG, Japan's
Toshiba and France's Alstom.

                        About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "BB+"
LT Issuer Default ratings.


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


* JAMAICA: IMF to Disburse SDR63.7 Million Following First Review
-----------------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
the first review of Jamaica's economic performance under the
Stand-By Arrangement.  Completion of the review enables the
immediate disbursement of an amount equivalent to SDR63.7 million
(about US$93.9 million), bringing total disbursements under the
arrangement to SDR478 million (about US$704.6 million).

Jamaica has performed very well under the program.  All
quantitative performance targets and structural benchmarks for
end-March were met and prospects for meeting the end-June targets
and benchmarks appear favorable.

The IMF's Executive Board approved a 27-month SBA in an amount
equivalent to 300% of quota (SDR 820.5 million, or about US$1.21
billion) on February 4, 2010.  The pillars of the program include:

   (i) fiscal consolidation and institutional reform, including
       fiscal responsibility legislation and Central Treasury
       Management;

  (ii) public debt restructuring, which was completed as a prior
       action under the program; and

(iii) financial sector reform, including to improve consolidated
       supervision and the regulation of non-banks.

Following the Executive Board discussion on Jamaica, Mr. Naoyuki
Shinohara, Deputy Managing Director and Acting Chair, made the
following statement:

"Overall macroeconomic performance under the program has been
encouraging.  All end-March quantitative targets and structural
benchmarks were met.  Since the approval of the SBA and completion
of the debt exchange, financial market conditions have improved
substantially: market interest rates have fallen to levels not
seen since the 1980s and the foreign exchange market has
stabilized, with the exchange rate appreciating in recent months.
Financial institutions have been able to absorb losses from the
debt exchange.  There have been no requests for access to the
Financial System Support Fund, which has played an important role
in fostering confidence and supporting financial system stability.
Notwithstanding an overall weak economic context, the authorities
preserved program targets on the basis of strengthened tax
administration and expenditure restraint.

"Despite these early successes, growth and employment are expected
to remain weak this year and vigilance is needed as risks are
high.  Advancing planned fiscal structural reforms is necessary to
improve debt dynamics and strengthen the basis for growth.  This
involves amendments to strengthen the Fiscal Responsibility
Framework, strengthening tax administration, and introducing a
Central Treasury Management system.  Reforming the system of tax
incentives will also help reduce economic distortions. The sale of
Air Jamaica represents an important milestone.  It will now be
necessary to focus on moving the public sector reform program
forward.

"In the financial sector, efforts to strengthen the supervisory
and regulatory framework are advancing in line with program
expectations.  This includes work to enhance capital and margin
rules for securities dealers and the introduction of risk-weight
rules for foreign-currency denominated government securities," Mr.
Shinohara said.

                         *     *     *

According to the TCR-LA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating to 'C' from
'CCC'.  In addition, Fitch has affirmed Jamaica's long-term and
short-term foreign currency ratings at 'CCC' and 'C' respectively,
and affirmed the Country Ceiling at 'B-'.  Jamaica's sovereign
ratings Outlook remains Negative.


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


CL FINANCIAL: CLICO Apologizes to Policyholders
-----------------------------------------------
Wade Gibbons at NationNews.com reports that CLICO International
Life Insurance has issued letters of apology to policyholders for
its inability to honor its financial obligations.  CLICO
International is a subsidiary of CLICO Holdings Barbados Limited
(CHBL).

According to the report, the correspondence blamed the company's
liquidity problems on the near collapse of its parent company CL
Financial Limited, as well as policyholders withdrawing their
investments.  The report relates that the company informed
policyholders that it was working with the assistance of a
consulting actuary and accounting firm Ernst & Young to develop a
proposal on the options available to settle its obligations.

Ernst & Young, the report notes, is also preparing a report to
illustrate how Government can provide temporary liquidity support.

The report says that the company's liquidity headache is
exacerbated by a massive multi-million-dollar deficit in its
statutory fund, as well as an imminent TT$300 million demand on
the Executive Flexible Premium Annuities.  CIL, the report
relates, said it expected to have the final Ernst & Young report
and a response from Government on the extent of its involvement
"within the next few weeks".

The report recalls that an Oversight Committee was established
through a Memorandum of Understanding between Government and CLICO
early last year to, among other things, attract a buyer for CIL.
However, the report relates, due to the company's liquidity
problems those efforts have failed thus far.  Last March, the
report notes, committee chairman William Layne said that if they
failed to find a buyer for CIL by 2012, CLICO assets would have to
be sold.  That committee officially ended its assignment on
June 12, the report adds.

                         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: To Seek Seizure of 11 Helmerich Oil Rigs
----------------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Petroleos de
Venezuela SA is seeking the nationalization of 11 oil drilling
rigs owned by Helmerich & Payne Inc., which it accuses of trying
to slow oil production in Venezuela.  PDVSA will seek National
Assembly approval to seize the 11 rigs in Anzoategui state after a
long payment battle with Helmerich & Payne, Rafael Ramirez, oil
minister and president of PDVSA, said in an e-mailed statement
obtained by the news agency.

According to the report, Helmerich & Payne idled its drilling rigs
last year after PDVSA fell behind with payments to service
suppliers amid a drop in oil output and revenue.  The report
relates Mr. Ramirez has overseen the nationalization of ventures
with Exxon Mobil Corp. and ConocoPhillips and the seizure of
assets from more than 60 services companies last year.

The report discloses Helmerich Executive Vice President John
Lindsay said that the company would keep the rigs idled until
overdue debts were paid and accumulated bolivars were converted
into U.S. dollars abroad.  "While we will continue to pursue
future drilling opportunities in Venezuela for these 11
conventional rigs, we do not expect to return to work in Venezuela
until additional progress is made on pending receivable
collections and on conversion of local currency to U.S. dollars,"
the report quoted Mr. Lindsay as saying.

                             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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