TCRLA_Public/100628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, June 28, 2010, Vol. 11, No. 125

                            Headlines



A R G E N T I N A

BLU SRL: Creditors' Proofs of Debt Due on July 8
FARMACIA ROMANA: Creditors' Proofs of Debt Due on August 31
SODISTAL SA: Creditors' Proofs of Debt Due on July 7
TRANSPORTES TRA-MA: Creditors' Proofs of Debt Due on August 23


C A Y M A N  I S L A N D S

ANALYTIC MARKET: Creditors' Proofs of Debt Due on July 21
ASIAN INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 21
ASIAN INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 21
AUSTENITIC RESOURCES: Creditors' Proofs of Debt Due on July 21
DURLACHER ASSURANCE: Creditors' Proofs of Debt Due on July 16

EVOL HOLDINGS: Creditors' Proofs of Debt Due on July 21
ING CLARION: Creditors' Proofs of Debt Due on July 12
ING CLARION: Creditors' Proofs of Debt Due on July 12
INTREPID CAPITAL: Creditors' Proofs of Debt Due on July 21
INTREPID CAPITAL: Creditors' Proofs of Debt Due on July 21

INTREPID CAPITAL: Creditors' Proofs of Debt Due on July 21
MARATHON GTF: Creditors' Proofs of Debt Due on July 22
MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due on July 22
PLATINUM LIBRA: Creditors' Proofs of Debt Due on July 12
PRISMA RISING: Creditors' Proofs of Debt Due on July 19

SB TB: Creditors' Proofs of Debt Due on July 16
SB TRADING: Creditors' Proofs of Debt Due on July 21
TE ACLLP: Creditors' Proofs of Debt Due on July 21
TELECOM INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 21
TURKISH FALCON 1: Creditors' Proofs of Debt Due on July 21


C O L O M B I A

ECOPETROL SA: Nicaragua Says Firm Can't Claim Disputed Block
* COLOMBIA: IDB Approves US$25 Million Loan


M E X I C O

CORPORACION GEO: Sells US$250 Million in 10-Year Notes
CORPORACION GEO: Fitch Assigns 'BB-/RR3' Rating on Senior Notes


N I C A R A G U A

* NICARAGUA: Says Ecopetrol SA Can't Claim Disputed Block


P A R A G U A Y

* PARAGUAY: Moody's Reviews 'B3' Ratings on Government Bonds


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Eyes Offers for Caribbean Drilling
PETROLEOS DE VENEZUELA: Venezuela Will Pay for H&P Rigs


X X X X X X X X

* BOND PRICING: For the Week June 21, to June 25, 2010





                         - - - - -


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


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

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


FARMACIA ROMANA: Creditors' Proofs of Debt Due on August 31
-----------------------------------------------------------
The court-appointed trustee for Farmacia Romana S.C.S.'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 13, 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 24, 2010.


SODISTAL SA: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The court-appointed trustee for Sodistal S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 7, 2010.

The trustee will present the validated claims in court as
individual reports on September 3, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 18, 2010.


TRANSPORTES TRA-MA: Creditors' Proofs of Debt Due on August 23
--------------------------------------------------------------
The court-appointed trustee for Transportes Tra-Ma S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 23, 2010.

The trustee will present the validated claims in court as
individual reports on October 4, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 15, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 16, 2011.


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


ANALYTIC MARKET: Creditors' Proofs of Debt Due on July 21
---------------------------------------------------------
The creditors of Analytic Market Neutral V-6, 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 June 8, 2010.

The company's liquidator is:

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


ASIAN INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 21
--------------------------------------------------------------
The creditors of Asian Infrastructure Fund Management Company
Limited LDC 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 31, 2010.

The company's liquidator is:

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


ASIAN INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 21
--------------------------------------------------------------
The creditors of The Asian Infrastructure 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 liquidation proceedings on May 31, 2010.

The company's liquidator is:

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


AUSTENITIC RESOURCES: Creditors' Proofs of Debt Due on July 21
--------------------------------------------------------------
The creditors of Austenitic Resources 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 26, 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


DURLACHER ASSURANCE: Creditors' Proofs of Debt Due on July 16
-------------------------------------------------------------
The creditors of Durlacher Assurance Company, Ltd. are required to
file their proofs of debt by July 16, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2010.

The company's liquidator is:

         Stephen Culen
         5709 South Kilbourn
         Chicago, Illinois, 60629-4811
         USA


EVOL HOLDINGS: Creditors' Proofs of Debt Due on July 21
-------------------------------------------------------
The creditors of Evol Holdings, 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 8, 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


ING CLARION: Creditors' Proofs of Debt Due on July 12
-----------------------------------------------------
The creditors of ING Clarion U.S., 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 wind-up proceedings on May 28, 2010.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


ING CLARION: Creditors' Proofs of Debt Due on July 12
-----------------------------------------------------
The creditors of ING Clarion Europe, 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 wind-up proceedings on May 28, 2010.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


INTREPID CAPITAL: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
The creditors of Intrepid Capital Fund (Offshore) Leveraged, 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 8, 2010.

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


INTREPID CAPITAL: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
The creditors of Intrepid Capital Fund (Offshore) Leveraged
Intermediate, 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 8, 2010.

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


INTREPID CAPITAL: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
The creditors of Intrepid Capital Fund (Offshore) Leveraged
Master, 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 8, 2010.

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


MARATHON GTF: Creditors' Proofs of Debt Due on July 22
------------------------------------------------------
The creditors of Marathon GTF Holdings Limited are required to
file their proofs of debt by July 22, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Yvonne R. Kunetka
         Marathon Oil Company
         5555 San Felipe Street
         Houston Texas 77056-2799
         United States of America


MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due on July 22
----------------------------------------------------------------
The creditors of Marathon International Petroleum Mercury Limited
are required to file their proofs of debt by July 22, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Yvonne R. Kunetka
         Marathon Oil Company
         5555 San Felipe Street
         Houston Texas 77056-2799
         United States of America


PLATINUM LIBRA: Creditors' Proofs of Debt Due on July 12
--------------------------------------------------------
The creditors of Platinum Libra Fund Limited are required to file
their proofs of debt by July 12, 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:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


PRISMA RISING: Creditors' Proofs of Debt Due on July 19
-------------------------------------------------------
The creditors of Prisma Rising Sun Fund Ltd. are required to file
their proofs of debt by July 19, 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:

         Linburgh Martin
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


SB TB: Creditors' Proofs of Debt Due on July 16
-----------------------------------------------
The creditors of SB TB Holding Limited are required to file their
proofs of debt by July 16, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814-7366
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SB TRADING: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of SB Trading Co. II SPC 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 8, 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


TE ACLLP: Creditors' Proofs of Debt Due on July 21
--------------------------------------------------
The creditors of TE ACLLP Portfolio, 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 27, 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


TELECOM INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------------
The creditors of Telecom Infrastructure, 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 8, 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


TURKISH FALCON 1: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
The creditors of Turkish Falcon 1, 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 9, 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


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


ECOPETROL SA: Nicaragua Says Firm Can't Claim Disputed Block
------------------------------------------------------------
Blake Schmidt at Bloomberg News reports Nicaragua Hydrocarbons
Director Veronica Artiles said that Colombia shouldn't be allowed
to offer oil concessions in disputed Caribbean waters that the
Central American country is fighting for control of in the
International Court of Justice.

According to the report, Ecopetrol SA was the highest bidder in
the June 22 auction for two exploration blocks near the Caribbean
island of San Andres.  The report relates Ms. Artiles said that
Nicaragua claims one of the blocks and part of the other.  "That's
impossible because those blocks are currently in litigation in The
Hague," Ms. Artiles told the news agency by phone from Managua.
"They cannot grant concessions until the case is resolve," she
added.

The International Court in 2007, the report recalls, upheld a 1928
treaty that gave Colombia sovereignty over San Andres.  The report
notes that it has yet to rule on conflicting maritime claims.

Nicaragua, the report says, doesn't recognize the 1928 treaty
granting the area to Colombia because it was signed during a U.S.
military occupation.  The report relates former Nicaraguan Foreign
Minister Norman Caldera said that the accord was agreed upon as
the U.S. was expanding military power in the hemisphere to control
the Panama Canal.

Mr. Caldera, the report relates, said that he expects a ruling by
The Hague within a year.  Disputes over Central American waters
are escalating as the region's growing economies seek offshore oil
to power growth and as fishing boats cross more frequently into
neighboring waters, he added.

Bloomberg News, citing maps provided by the two countries'
hydrocarbon agencies, discloses that Nicaragua claims about 20,000
square kilometers (7,200 square miles) in the area offered for
auction by Colombia.

                      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 June 23, 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.


* COLOMBIA: IDB Approves US$25 Million Loan
-------------------------------------------
The Inter-American Development Bank approved a US$25 million loan
to help increase investment and efficiency in innovation,
scientific and technological activities in Colombia.  This is
Phase I of what is anticipated to be a long-term process of
sustained cooperation between the IDB and the science and
technology sector in Colombia.

The project will increase Colombia ability to produce,
disseminate, use and integrate knowledge to accelerate economic
growth and reduce inequity.

The project will be implemented by Colciencias, the Administrative
Department of Science, Technology and Innovation.  Among the
results expected for this new project are the strengthening of
Colciencias ability to design, implement and evaluate policies on
Science and Technology; an increase in innovation activities in
Colombian companies, particularly those in strategic sectors; and
an improvement in Colombian society's assessment and use of
knowledge, particularly in groups not directly linked to
scientific and technological activities.

"This is an innovative project," says Juan Carlos Navarro, the IDB
project team leader.  "New instruments are been used, and there is
a concentration of resources in areas of great potential:
biodiesel, sustainable energy, water and forest resources," There
will also be an effort to develop specific agendas of research in
the private sector."

                           *     *     *

As of June 27, 2010, the country continues to carry Moody's "Ba2"
CC LT foreign bank deposit rating and "Ba1" FC currency issuer
rating and foreign currency LT debt rating.


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


CORPORACION GEO: Sells US$250 Million in 10-Year Notes
------------------------------------------------------
Corporacion GEO SAB de CV sold US$250 million of senior unsecured
notes in a 144a private placement market, Reuters reports, citing
IFR, a Thomson Reuters service.

According to the report, the size of the deal was increased from
an originally planned US$200 million.  The report relates that
Morgan Stanley, Citigroup and Banco Santander were the joint
bookrunning managers for the sale.

Corporacion GEO Sab de CV, through its subsidiaries, designs and
constructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets housing developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed-
rate notes.


CORPORACION GEO: Fitch Assigns 'BB-/RR3' Rating on Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR3' rating to the Corporacion
Geo, S.A.B. de C.V.'s proposed US$250 million senior notes due in
up to 10 years.  Proceeds from the proposed issuance will be used
to refinance current debt.

Fitch currently rates GEO:

  -- Local currency Issuer Default Rating 'B+';
  -- Foreign currency IDR 'B+'.
  -- US$250MM Senior Notes 'BB-/RR3'.

Geo's current National Scale are:

  -- Long-term national scale rating 'BBB+(mex)';

  -- Certificados Bursatiles issuances (GEO 05-2, GEO 06, GEO 08,
     GEO 09, GEO 09-2) 'BBB+(mex)'.

The Rating Outlook is Stable.

The ratings reflect Geo's strong market position in the highly
fragmented Mexican homebuilding industry, being one of the largest
homebuilders in Mexico in terms of home units sold; its geographic
and product diversification, significant land reserve using
different acquisition schemes and its adequate financial profile.
Geo's ratings are constrained by its dependency on financing
government-related mortgage funding of low-income homes and high
working capital requirements related to the operation.  The 'BB-
/RR3' rating of the proposed notes reflects above-average recovery
prospects in the range of 50%-70% in the event of default.

The ratings also incorporate an adverse economic environment
characterized by credit restrictions, which could affect Geo's
financial position.  The rating also factors in refinancing risk,
given that short-term debt represents 52% of the total debt.  On a
pro forma basis, this risk will be lowered given that the
projected issuance will be used to pay short-term debt.

Geo maintains an important market share position within a very
competitive and fragmented sector, being one of the largest
homebuilders in Mexico in terms of number of units sold.  During
2009, the company sold 56,537 homes.  Fitch's analysis considers
that Geo's geographic diversification with a presence in 50 cities
in Mexico, along with a sales mix at different selling prices,
mitigates the inherent risks associated with operating in a
specific region and commercializing one single type of product.

As of March 31, 2010, the company had an important land reserve
equivalent to 357,137 homes, which represents around five years in
terms of output.  Land reserves have been built up using different
schemes: own, outsourcing, purchase option, and a joint-venture
with Prudential, among other funds.  In Fitch's view this provides
Geo flexibility by reducing working capital requirements and
allowing it to use cash flow for other purposes.

In the next few years, slower revenue growth rates and operating
margin contraction in relation to historical trends are expected
given the company's strategy to increase its sales mix toward
lower-value homes.

Historically, the company has shown ability to improve its revenue
mix by home category, operating efficiencies between the
production-selling cycle, as well as strict expense control.  From
2003 to 2009 the company showed a positive performance, increasing
the number of homes sold from 29,520 to 56,537, while revenues and
operating income (under the percentage of completion accounting
method) registered a compounded annual growth rate of 14.5% and
15.4%, respectively.  Additionally, EBITDA margin slightly
strengthened to 23.0% from 22.6% during the same period.

Fitch expects that the total debt to EBITDA ratio will remain
below 2.5 times under the INIF-14 accounting regulation (the
company began implementing this accounting method in 2010) which
recognizes revenues based on titling rather than percentage-of-
completion method.  On a pro forma basis, incorporating the INIF-
14 accounting regulation, interest coverage for 2009 was 2.7x and
total debt to EBITDA (including factoring in accounts receivables
with recourse) was 2.3x.  On a pro forma basis, for the last 12
months ended March 31, 2010, interest coverage reached 2.9x while
debt to EBITDA (including factoring in accounts receivables) was
2.2x.

At March 31, 2010, Geo had cash balances of MXN1.177 million,
which helps mitigate, to some extent, the refinancing risk given
the large portion of short-term debt that the company had.  At the
same date, on-balance-sheet debt was MXN9.158 million,
representing a 9.1% increase from the same period in 2009,
reflecting higher working capital requirements associated with the
normal business operation, acquisition of land reserve, as well as
the homebuilding factory and megaproject investments.  Although
the debt-maturity profile improved since the third quarter of 2009
as a result of the US$250 million senior notes issuance, the
proposed new issuance of senior notes should further extend the
company's debt maturity profile, strengthening its financial
flexibility.  Short-term debt represented 52% of GEO's total debt
at the end of the first quarter of 2010 and pro forma for after
the proposed new issuance, will be reduced to 26%.


=================
N I C A R A G U A
=================


* NICARAGUA: Says Ecopetrol SA Can't Claim Disputed Block
---------------------------------------------------------
Blake Schmidt at Bloomberg News reports Nicaragua Hydrocarbons
Director Veronica Artiles said that Colombia shouldn't be allowed
to offer oil concessions in disputed Caribbean waters that the
Central American country is fighting for control of in the
International Court of Justice.

According to the report, Ecopetrol SA was the highest bidder in
the June 22 auction for two exploration blocks near the Caribbean
island of San Andres.  The report relates Ms. Artiles said that
Nicaragua claims one of the blocks and part of the other.  "That's
impossible because those blocks are currently in litigation in The
Hague," Ms. Artiles told the news agency by phone from Managua.
"They cannot grant concessions until the case is resolve," she
added.

The International Court in 2007, the report recalls, upheld a 1928
treaty that gave Colombia sovereignty over San Andres.  The report
notes that it has yet to rule on conflicting maritime claims.

Nicaragua, the report says, doesn't recognize the 1928 treaty
granting the area to Colombia because it was signed during a U.S.
military occupation.  The report relates former Nicaraguan Foreign
Minister Norman Caldera said that the accord was agreed upon as
the U.S. was expanding military power in the hemisphere to control
the Panama Canal.

Mr. Caldera, the report relates, said that he expects a ruling by
The Hague within a year.  Disputes over Central American waters
are escalating as the region's growing economies seek offshore oil
to power growth and as fishing boats cross more frequently into
neighboring waters, he added.

Bloomberg News, citing maps provided by the two countries'
hydrocarbon agencies, discloses that Nicaragua claims about 20,000
square kilometers (7,200 square miles) in the area offered for
auction by Colombia.

                         *     *     *

As of June 27, 2010, Nicaragua continues to carry Moody's "Caa1"
CC LT foreign bank deposit rating and "B2" CC LT foreign currency
debt rating.


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


* PARAGUAY: Moody's Reviews 'B3' Ratings on Government Bonds
-------------------------------------------------------------
Moody's Investors Service has placed Paraguay's B3 foreign and
local currency government bond ratings on review for possible
upgrade.  The rating review, which is typically concluded within
three months, will focus on the sustainability of the country's
favorable fiscal and debt metrics as well the ability of the
economy and political system to deal with domestic and external
shocks.

"Paraguay's debt metrics now compare favorably with most B-rated
sovereigns," says Moody's Vice President-Senior Analyst Gabriel
Torres.  "Moody's expects government debt as a percentage of its
revenues to fall to 75% this year and still further in 2011." This
is less than half the median for other countries with similar
ratings.

The improvement in debt numbers mirrors a general improvement in
GDP growth, as Paraguay benefitted from the global commodity
cycle.  Total exports, pushed by demand for Paraguay's
agricultural products, have more than tripled since 2002.  This in
turn has pushed up GDP growth, which had averaged -0.4% in the
five years to 2003 but has been running close to 4% since.  For
2010 Moody's expect a recovery from last year's recession with
growth close to 6%.

Moody's explains that President Lugo's administration came to
power after four decades of single party rule in which corruption
was perceived as a serious problem, so expectations were high for
positive changes.  Since then, however, the government has
struggled with several scandals of its own and lack of a
parliamentary majority.  A key focus of our review will be to
assess the risks posed by the political situation and the
government's ability to manage domestic demands without weakening
debt metrics.

In a related rating action, Paraguay's foreign currency country
ceilings for bonds and deposits, currently B2 and B3 respectively,
are also placed on review for possible upgrade.

The last change in Paraguay's ratings was implemented on April 9,
2008 when the government bond ratings were upgraded to B3 from
Caa1.  At the same time, the foreign currency bond ceiling was
raised to B2 from B3, the foreign currency deposit ceiling to B3
from Caa2, and the local currency deposit ceiling to Ba2 from Ba3.


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


PETROLEOS DE VENEZUELA: Eyes Offers for Caribbean Drilling
----------------------------------------------------------
Petroleos de Venezuela said that Venezuela is studying offers to
restart drilling at an offshore natural gas well in the Caribbean
Sea after an exploration platform sank there, Deist Buitrago at
Reuters reports citing Oil Minister Rafael Ramirez.

According to the report, the Aban Pearl rig was drilling 150 km
from Venezuela's northeastern coast when it vanished beneath the
waves without fatalities or immediate environmental damage.  The
report relates Mr. Ramirez said that the company had received
"eight very viable offers of new equipment for work in the area,"
and that the technical commission in charge of evaluating the
offers was "focusing on two proposals that meet all the pertinent
conditions and characteristics."

The report notes PDVSA said in a statement that Mr. Ramirez
forecasted an increase of 600,000 bpd in oil production from the
Orinoco extra heavy crude region by 2012 as new developments come
on line.

Venezuela is developing several large oil fields in the Orinoco
belt with the help of U.S., Russian, Chinese and Spanish
companies, among others, the report adds.

                           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.


PETROLEOS DE VENEZUELA: Venezuela Will Pay for H&P Rigs
-------------------------------------------------------
Venezuela Oil Minister Rafael Ramirez said that the country will
pay Helmerich and Payne for a fleet of oil rigs it seized from the
company, Alexandra Valencia at Reuters reports.

"Here we pay book value," the report quoted Mr. Ramirez as saying.
"A process begins by which we establish fair price between the two
parties," he added.

As reported in the Troubled Company Reporter-Latin America on
June 25, 2010, Bloomberg News said 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, Mr. Ramirez 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.




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


* BOND PRICING: For the Week June 21, to June 25, 2010
------------------------------------------------------

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


ARGENT- DIS           5.83  12/31/2033   ARS          98.43475
ARGENT-$DIS           8.28  12/31/2033   USD             68.25
ARGENT-$DIS           8.28  12/31/2033   USD           65.7775
ARGENT-$DIS           8.28  12/31/2033   USD             66.75
ARGENT-PAR            1.18  12/31/2038   ARS          33.41542
ARGENT-?DIS           7.82  12/31/2033   EUR             56.25
ARGNT-BOCON PR13         2  3/15/2024    ARS          70.35693
BOGAR 2018               2  2/4/2018     ARS          117.2512
BUENOS AIRE PROV     9.375  9/14/2018    USD         72.890202
BUENOS AIRE PROV     9.375  9/14/2018    USD            72.331
BUENOS AIRE PROV     9.625  4/18/2028    USD           70.9232
MENDOZA PROVINCE       5.5  9/4/2018     USD         77.073751


BRAZIL

CESP                  9.75  1/15/2015    BRL         70.837834

CAYMAN ISLAND

BANIF FIN LTD            3  12/31/2019   EUR            69.713
BARION FUNDING        0.63  12/20/2056   GBP         17.245162
BARION FUNDING        1.44  12/20/2056   GBP         30.617533
BCP FINANCE CO       4.239               EUR         61.083333
BCP FINANCE CO       5.543               EUR            61.091
BES FINANCE LTD      6.984  2/7/2035     EUR          65.14375
BES FINANCE LTD       5.58               EUR         64.118329
BISHOPSGATE ASSE     4.808  8/14/2044    GBP          74.94492
CHINA MED TECH           4  8/15/2013    USD             67.25
CHINA SUNERGY         4.75  6/15/2013    USD            72.897
DUBAI HLDNG COMM         6  2/1/2017     GBP            71.763
EFG ORA FUNDING        1.7  10/29/2014   EUR          64.79721
ESFG INTERNATION     5.753               EUR         64.916667
FERTINITRO FIN        8.29  4/1/2020     USD              69.5
INDEPENDENCIA IN        12  12/30/2016   USD             39.75
MAZARIN FDG LTD       1.44  9/20/2068    GBP         28.083471
PUBMASTER FIN        6.962  6/30/2028    GBP           70.3194
SHINSEI FIN CAYM     6.418               USD         63.844678
SHINSEI FIN CAYM     6.418               USD             62.55
SHINSEI FINANCE       7.16               USD                65
SOLARFUN POWER H       3.5  1/15/2018    USD                64
XL CAPITAL LTD         6.5               USD             71.75


   PUERTO RICO

PUERTO RICO CONS       6.2  5/1/2017     USD                48
PUERTO RICO CONS       6.5  4/1/2016     USD              50.5


VENEZUELA

PETROLEOS DE VEN         5  10/28/2015   USD         56.258356
PETROLEOS DE VEN       4.9  10/28/2014   USD          60.18797
PETROLEOS DE VEN     5.125  10/28/2016   USD          54.22218
PETROLEOS DE VEN       5.5  4/12/2037    USD         45.999109
PETROLEOS DE VEN     5.375  4/12/2027    USD         47.251394
PETROLEOS DE VEN      5.25  4/12/2017    USD         56.645306
SIDETUR FINANCE         10  4/20/2016    USD                68
VENEZUELA             5.75  2/26/2016    USD                64
VENEZUELA                7  12/1/2018    USD                61
VENEZUELA             7.75  10/13/2019   USD             63.25
VENEZUELA                6  12/9/2020    USD                55
VENEZUELA                9  5/7/2023     USD              62.5
VENEZUELA             8.25  10/13/2024   USD                58
VENEZUELA             7.65  4/21/2025    USD                56
VENEZUELA             9.25  9/15/2027    USD              70.5
VENEZUELA             9.25  9/15/2027    USD         62.330361
VENEZUELA             9.25  5/7/2028     USD              64.5
VENEZUELA                7  3/31/2038    USD                53
VENEZUELA                7  3/31/2038    USD          48.51723
VENZOD - 189000      9.375  1/13/2034    USD              61.5


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *