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

              Friday, July 2, 2010, Vol. 11, No. 129

                            Headlines



A R G E N T I N A

BARADERO FRUTALES: Creditors' Proofs of Debt Due on November 22
CASA INO: Creditors' Proofs of Debt Due on July 14
CO VI: Creditors' Proofs of Debt Due on September 8
GLOBAL CEREALES: Creditors' Proofs of Debt Due on August 18
MGM PRODUCTOS: Creditors' Proofs of Debt Due on September 9

PAPEL 2.0: Creditors' Proofs of Debt Due on August 13
REPUNTE GRAFICA: Creditors' Proofs of Debt Due on October 14
SKOWER SA: Creditors' Proofs of Debt Due on August 25
* ARGENTINA: Debt Swap Offer Accepted by 66% of Creditors


B E R M U D A

PROTOSTAR LTD: Committee Opposes Longer Plan Exclusivity


B R A Z I L

BANCO CRUZEIRO: Sells US$200 Million of Notes
GERDAU AMERISTEEL: Enters Definitive Arrangement Agreement
GERDAU SA: Enters Definitive Arrangement Agreement
USIMINAS SIDERURGICAS: Sumitomo to Acquire 30% Stake in Unit
USINAS SIDERURGICAS: Mineracao Sale Won't Affect S&P's Ratings


C A Y M A N  I S L A N D S

APACHE CHINA: Shareholders' Final Meeting Set for July 12
APACHE CHINA: Shareholders' Final Meeting Set for July 12
APACHE NORTH: Shareholders' Final Meeting Set for July 12
APACHE NORTH: Shareholders' Final Meeting Set for July 12
CHICORY IAM: Shareholders' Final Meeting Set for August 3

COURT HILL: Shareholders' Final Meeting Set for July 21
FOCUS 500: Members' Final Meeting Set for July 22
FOCUS 700: Members' Final Meeting Set for July 22
FOCUS 800: Members' Final Meeting Set for July 22
MARINE ACE: Members' Final Meeting Set for July 22

NAPA PARTNERS: Members' Final Meeting Set for July 22
OAK ROAD: Members' Final Meeting Set for July 22
PACIFIC CORAL: Members' Final Meeting Set for July 22
SR GGI: Shareholders' Final Meeting Set for July 21
SR GGI: Shareholders' Final Meeting Set for July 21

TORANOMON COURT: Members' Final Meeting Set for July 22
TORREY PINES: Shareholders' Final Meeting Set for July 23
VICTORIA VIEW: Members' Final Meeting Set for July 22
VINEYARD FUND: Members' Final Meeting Set for July 22
WATERS EDGE: Members' Final Meeting Set for July 22


C H I L E

MASISA SA: Fitch Downgrades Issuer Default Ratings to 'BB'


C O L O M B I A

BANCOLOMBIA SA: Taps Alejandro Mejia as Investor Relations Manager


J A M A I C A

AIR JAMAICA: Trinidad Government Won't Close Caribbean Airlines
IBEROSTAR HOTEL: Dispute With Union Referred to IDT


P A N A M A

AES EL: Moody's Affirms 'Ba2' Senior Unsecured Debt Rating


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Records US$4.6 Billion Profit in 2009
PETROLEOS DE VENEZUELA: Lake Maracaibo Oil Spill Under Control


V I R G I N  I S L A N D S

DANIEL SPITZER FUNDS: U.S. SEC Sues for US$105 Million Fraud





                         - - - - -


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


BARADERO FRUTALES: Creditors' Proofs of Debt Due on November 22
---------------------------------------------------------------
The court-appointed trustee for Baradero Frutales S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until November 22, 2010.

The trustee will present the validated claims in court as
individual reports on February 4, 2011.  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
March 18, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 29, 2011.


CASA INO: Creditors' Proofs of Debt Due on July 14
--------------------------------------------------
The court-appointed trustee for Casa Ino S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
July 14, 2010.

The trustee will present the validated claims in court as
individual reports on September 8, 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 20, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 20, 2011.


CO VI: Creditors' Proofs of Debt Due on September 8
---------------------------------------------------
The court-appointed trustee for CO VI Seguridad S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 8, 2010.

The trustee will present the validated claims in court as
individual reports on October 21, 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 2, 2010.


GLOBAL CEREALES: Creditors' Proofs of Debt Due on August 18
-----------------------------------------------------------
The court-appointed trustee for Global Cereales S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 18, 2010.

The trustee will present the validated claims in court as
individual reports on September 29, 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 11, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 17, 2011.


MGM PRODUCTOS: Creditors' Proofs of Debt Due on September 9
-----------------------------------------------------------
Gustavo Adrian Milio, the court-appointed trustee for MGM
Productos SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 9, 2010.

Mr. Milio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 28, 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 trustee and its creditors.

The Trustee can be reached at:

         Gustavo Adrian Milio
         Echenagucia 925
         Argentina


PAPEL 2.0: Creditors' Proofs of Debt Due on August 13
-----------------------------------------------------
The court-appointed trustee for Papel 2.0 S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
August 13, 2010.

The trustee will present the validated claims in court as
individual reports on September 27, 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 9, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 17, 2011.


REPUNTE GRAFICA: Creditors' Proofs of Debt Due on October 14
------------------------------------------------------------
The court-appointed trustee for Repunte Grafica S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until October 14, 2010.

The trustee will present the validated claims in court as
individual reports on November 26, 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
February 10, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 12, 2011.


SKOWER SA: Creditors' Proofs of Debt Due on August 25
-----------------------------------------------------
Miguel Angel Bottarelli, the court-appointed trustee for Skower
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 25, 2010.

Mr. Bottarelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 trustee and its creditors.

The Trustee can be reached at:

         Miguel Angel Bottarelli
         Parana 326
         Argentina


* ARGENTINA: Debt Swap Offer Accepted by 66% of Creditors
---------------------------------------------------------
Argentina's offer to restructure US$18.3 billion worth of
defaulted bonds held out of a 2005 settlement was accepted by 66
percent of creditors, Drew Benson and Silvia Martinez at Bloomberg
News reports, citing Economy Minister Amado Boudou.

As reported in the Troubled Company Reporter-Latin America on
June 2, 2010, Bloomberg News said that Argentina extended its bid
to restructure its defaulted debt in an effort to draw more
creditors after Europe's fiscal crisis undermined the value of its
offer.  The report related Finance Secretary Hernan Lorenzino said
that the swap, which was scheduled to close June 7, will be open
until June 22 and could be extended further.  According to the
report, Goldman Sachs Group Inc. economist Alberto Ramos said that
a financial crisis that began in Greece and spread to Spain has
unsettled markets and lowered the value of the swap.  The report
related the Argentina government said that a successful end to the
restructuring would allow Argentina to tap international credit
markets for the first time since its record 2001 default on US$95
billion in bonds.

                             *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" CC LT foreign bank deposit rating and "B2" CC LT
foreign currency debt ratings.  The company also continues to
carry Standard and Poor's "B-" currency LT debt ratings and "C"
currency ST debt ratings.


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

PROTOSTAR LTD: Committee Opposes Longer Plan Exclusivity
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Official
Committee of Unsecured Creditors for ProtoStar Ltd. is opposing an
extension of the exclusive right for ProtoStar to propose a
Chapter 11 plan. A hearing on ProtoStar's third exclusivity motion
is scheduled for July 7.

To recall, the Debtors sought an extension, saying they need
additional time to consensually resolve certain issues with regard
to, and to file one or more Chapter 11 Plans in the near future
with respect to the remaining ProtoStar entities or all of the
ProtoStar entities.  The Committee is currently pursuing against
secured lenders to invalidate their lien on the ProtoStar I
satellite.

The Committee, according to the Bloomberg report, said June 25,
that the case is "in a state of limbo" with no settlement
"imminent."  The Committee contends that a longer exclusivity
period "would likely retard efforts to reach a global settlement."

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


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


BANCO CRUZEIRO: Sells US$200 Million of Notes
---------------------------------------------
Gabrielle Coppola at Bloomberg News reports that Banco Cruzeiro do
Sul SA sold US$200 million of three-year notes to yield 7.25%.
According to the report, BCP Securities arranged the offering.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2010, Moody's Investors Service assigned a Ba2 long-
term foreign currency debt rating to the US$250 million senior
unsecured notes issued by Banco Cruzeiro do Sul S.A.  The notes,
due in February 2015, were issued under the bank's existing US$1
billion Global Medium Term Note Program.  The outlook on the
rating is negative.


GERDAU AMERISTEEL: Enters Definitive Arrangement Agreement
----------------------------------------------------------
Gerdau Ameristeel Corporation and Gerdau S.A. have entered into a
definitive arrangement agreement to implement the previously
announced (on June 2, 2010) proposal to take Gerdau Ameristeel
private at a price of US$11.00 cash per Common Share.

The transaction, which values Gerdau Ameristeel's publicly held
shares at US$1.6 billion, will be implemented by way of a court-
approved plan of arrangement under Ontario law.

The transaction has been approved unanimously by the board of
directors of Gerdau Ameristeel (with the representatives of Gerdau
S.A. declaring their interests in the transaction and abstaining
from voting) following the report and unanimous recommendation of
a special committee of independent directors.  In doing so, the
board of directors of Gerdau Ameristeel determined that the
arrangement is fair to the shareholders of Gerdau Ameristeel and
is in the best interests of Gerdau Ameristeel.  The board of
directors of Gerdau Ameristeel also determined unanimously (with
the representatives of Gerdau S.A. declaring their interests in
the transaction and abstaining from voting) to recommend to the
shareholders of Gerdau Ameristeel that they vote their Common
Shares in favour of the transaction.  The complete recommendations
and reasons of the Special Committee and the board of directors of
Gerdau Ameristeel and full details of the terms of the transaction
will be included in the management proxy circular that will be
sent to holders of Common Shares in connection with the special
meeting to consider the arrangement.

The special meeting of shareholders to consider the arrangement
will be held on August 10, 2010.  A record date of June 18, 2010
for determining shareholders entitled to vote and receive notice
of the meeting was announced by Gerdau Ameristeel earlier this
month.

To be implemented, the arrangement will require approval by two-
thirds of the votes cast by holders of Common Shares.  Gerdau S.A.
has agreed to vote all Common Shares held directly or indirectly
by it in favour of the arrangement.  The arrangement also will
require approval by a simple majority of the votes cast by holders
of Common Shares, other than Gerdau S.A., Gerdau Steel North
America Inc., their respective directors and senior officers and
any other "related parties", "interested parties" and "joint
actors". In addition, the arrangement will require approval by the
Ontario Superior Court of Justice and will be subject to certain
customary conditions.

Copies of the arrangement agreement and certain related documents
will be filed with Canadian securities regulators and with the
U.S. Securities and Exchange Commission and will be available on
the Canadian SEDAR website at http://www.sedar.com/and on the
U.S. Securities and Exchange Commission's website at
http://www.sec.gov. The management proxy circular in connection
with the special meeting of shareholders to consider the
arrangement is expected to be mailed to shareholders in July.  The
circular also will be available as part of Gerdau Ameristeel's
public filings at http://www.sedar.com/and http://www.sec.gov.

It is anticipated that the transaction, if approved by
shareholders, will be completed in August 2010.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
LT corporate family rating, senior unsecured debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.

                       About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's Ba1 LT
corporate family rating and Ba1 senior unsecured debt ratings.


GERDAU SA: Enters Definitive Arrangement Agreement
--------------------------------------------------
Gerdau Ameristeel Corporation and Gerdau S.A. have entered into a
definitive arrangement agreement to implement the previously
announced (on June 2, 2010) proposal to take Gerdau Ameristeel
private at a price of US$11.00 cash per Common Share.

The transaction, which values Gerdau Ameristeel's publicly held
shares at US$1.6 billion, will be implemented by way of a court-
approved plan of arrangement under Ontario law.

The transaction has been approved unanimously by the board of
directors of Gerdau Ameristeel (with the representatives of Gerdau
S.A. declaring their interests in the transaction and abstaining
from voting) following the report and unanimous recommendation of
a special committee of independent directors.  In doing so, the
board of directors of Gerdau Ameristeel determined that the
arrangement is fair to the shareholders of Gerdau Ameristeel and
is in the best interests of Gerdau Ameristeel.  The board of
directors of Gerdau Ameristeel also determined unanimously (with
the representatives of Gerdau S.A. declaring their interests in
the transaction and abstaining from voting) to recommend to the
shareholders of Gerdau Ameristeel that they vote their Common
Shares in favour of the transaction.  The complete recommendations
and reasons of the Special Committee and the board of directors of
Gerdau Ameristeel and full details of the terms of the transaction
will be included in the management proxy circular that will be
sent to holders of Common Shares in connection with the special
meeting to consider the arrangement.

The special meeting of shareholders to consider the arrangement
will be held on August 10, 2010.  A record date of June 18, 2010
for determining shareholders entitled to vote and receive notice
of the meeting was announced by Gerdau Ameristeel earlier this
month.

To be implemented, the arrangement will require approval by two-
thirds of the votes cast by holders of Common Shares.  Gerdau S.A.
has agreed to vote all Common Shares held directly or indirectly
by it in favour of the arrangement.  The arrangement also will
require approval by a simple majority of the votes cast by holders
of Common Shares, other than Gerdau S.A., Gerdau Steel North
America Inc., their respective directors and senior officers and
any other "related parties", "interested parties" and "joint
actors". In addition, the arrangement will require approval by the
Ontario Superior Court of Justice and will be subject to certain
customary conditions.

Copies of the arrangement agreement and certain related documents
will be filed with Canadian securities regulators and with the
U.S. Securities and Exchange Commission and will be available on
the Canadian SEDAR website at http://www.sedar.com/and on the
U.S. Securities and Exchange Commission's website at
http://www.sec.gov. The management proxy circular in connection
with the special meeting of shareholders to consider the
arrangement is expected to be mailed to shareholders in July.  The
circular also will be available as part of Gerdau Ameristeel's
public filings at http://www.sedar.com/and http://www.sec.gov.

It is anticipated that the transaction, if approved by
shareholders, will be completed in August 2010.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
LT corporate family rating, senior unsecured debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.

                       About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's Ba1 LT
corporate family rating and Ba1 senior unsecured debt ratings.


USIMINAS SIDERURGICAS: Sumitomo to Acquire 30% Stake in Unit
------------------------------------------------------------
Sumitomo Corp. will acquire a 30% stake in an Usiminas
Siderurgicas de Minas Gerais's iron ore unit Mineracao Usiminas
S.A. for US$1.93 billion, Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.  The report relates that
Sumitomo Corp. said the payment for the stake will be made through
a subscription of shares of the iron ore division.

According to the report, in February, Usiminas Siderurgicas
announced its intention to separate its iron ore operations from
its steel business.  The report notes that under Mineracao
Usiminas, the company placed its mining in a separate company.
Usiminas also created a separate company for its logistic arm,
called Usiminas Participacoes e Logisticas S.A.

                         About Usiminas

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

                           *     *     *

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


USINAS SIDERURGICAS: Mineracao Sale Won't Affect S&P's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Brazil-
based steel company Usinas Siderurgicas de Minas Gerais S.A. (BBB-
/Stable/--) is not affected by the sale of 30% of its subsidiary
Mineracao Usiminas S.A. (not rated) to Sumitomo Corp. (A/Stable/A-
1).

The recently created subsidiary now holds all Usiminas's mining
assets, a stake in MRS Logistica S.A. (BB/Stable/--), and land for
the potential construction of a port in Rio de Janeiro State.
Usiminas expects iron ore production to reach 29 million tons per
year by 2015.  Sumitomo's payment of $1.9 billion to Usiminas (out
of which $579 million is pending certain future events) helps the
company finance its sizable capital expenditure program and
increase iron ore self-sufficiency for steel production, thus
reducing exposure to cost volatility.

S&P expects Usiminas's profitability to improve in 2010 after
2009's steep deterioration.  The company's adequate cash position
and capital expenditure postponement have been key rating factors.


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


APACHE CHINA: Shareholders' Final Meeting Set for July 12
---------------------------------------------------------
The shareholders of Apache China Management LDC will hold their
final meeting, on July 12, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Avril G. Brophy
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE CHINA: Shareholders' Final Meeting Set for July 12
---------------------------------------------------------
The shareholders of Apache China Holdings LDC will hold their
final meeting, on July 12, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Avril G. Brophy
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE NORTH: Shareholders' Final Meeting Set for July 12
---------------------------------------------------------
The shareholders of Apache North Sea Holdings LDC will hold their
final meeting, on July 12, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Avril G. Brophy
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE NORTH: Shareholders' Final Meeting Set for July 12
---------------------------------------------------------
The shareholders of Apache North Sea Management LDC will hold
their final meeting, on July 12, 2010, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Avril G. Brophy
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


CHICORY IAM: Shareholders' Final Meeting Set for August 3
---------------------------------------------------------
The shareholders of Chicory IAM SP Limited will hold their final
meeting, on August 3, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for July 21
-------------------------------------------------------
The shareholders of Court Hill Offshore Ltd will hold their final
meeting, on July 21, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FOCUS 500: Members' Final Meeting Set for July 22
-------------------------------------------------
The members of Focus 500 Ltd. will hold their final meeting, on
July 22, 2010, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FOCUS 700: Members' Final Meeting Set for July 22
-------------------------------------------------
The members of Focus 700 Ltd. will hold their final meeting, on
July 22, 2010, at 11:05 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 22
-------------------------------------------------
The members of Focus 800 Ltd. will hold their final meeting, on
July 22, 2010, at 11:10 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MARINE ACE: Members' Final Meeting Set for July 22
--------------------------------------------------
The members of Marine Ace Capital will hold their final meeting,
on July 22, 2010, at 9:35 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 22
-----------------------------------------------------
The members of Napa Partners will hold their final meeting, on
July 22, 2010, at 9:40 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 22
------------------------------------------------
The members of Oak Road Investments will hold their final meeting,
on July 22, 2010, at 9:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PACIFIC CORAL: Members' Final Meeting Set for July 22
-----------------------------------------------------
The members of Pacific Coral Capital will hold their final
meeting, on July 22, 2010, at 9:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SR GGI: Shareholders' Final Meeting Set for July 21
---------------------------------------------------
The shareholders of SR GGI Offshore Ma Ltd. will hold their final
meeting, on July 21, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SR GGI: Shareholders' Final Meeting Set for July 21
---------------------------------------------------
The shareholders of SR GGI Master Ma Ltd. will hold their final
meeting, on July 21, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TORANOMON COURT: Members' Final Meeting Set for July 22
-------------------------------------------------------
The members of Toranomon Court Holdings will hold their final
meeting, on July 22, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


TORREY PINES: Shareholders' Final Meeting Set for July 23
---------------------------------------------------------
The shareholders of Torrey Pines Asia Master Fund Ltd. will hold
their final meeting, on July 23, 2010, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VICTORIA VIEW: Members' Final Meeting Set for July 22
-----------------------------------------------------
The members of Victoria View Ltd. will hold their final meeting,
on July 22, 2010, at 10:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


VINEYARD FUND: Members' Final Meeting Set for July 22
-----------------------------------------------------
The members of Vineyard Fund will hold their final meeting, on
July 22, 2010, at 10:20 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 22
---------------------------------------------------
The members of Waters Edge Ltd. will hold their final meeting, on
July 22, 2010, at 10:25 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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 H I L E
=========


MASISA SA: Fitch Downgrades Issuer Default Ratings to 'BB'
----------------------------------------------------------
Fitch Ratings has taken these rating actions for the ratings of
Masisa S.A.:

  -- Foreign and local currency Issuer Default Ratings downgraded
     to 'BB' from 'BB+';

  -- Long-term national scale ratings affirmed at 'A-(cl)';

  -- National scale rating of Bond Line No. 355, No. 356, No. 439,
     No. 440 and No. 560 affirmed at 'A-(cl)'.

  -- Short-term rating affirmed at 'F1(cl)'.

  -- Equity rating affirmed at 'Level 2'.

The Rating Outlook is Stable.

The rating actions reflects Masisa's continued weak credit ratios
for the rating category as well as an increasingly negative
operating environment in Venezuela and the risks of operating in
Argentina, which more appropriately places the company in the 'BB'
international rating category; the company's risk profile still
remains consistent with the national scale rating of 'A-(cl)',
which provide a moderately wider range of credit risk on the
national scale.

The ratings also incorporate the expectation that Masisa will be
able to offset some of the negative impact of the Venezuelan
devaluation on its consolidated EBITDA in 2010 due to a sound
recovery of Latin American markets, especially Brazil and Chile.
Both markets are expected to benefit from better macroeconomics,
growing demand, the start up of operations of the new MDP plant in
Brazil last June 2009 and the restart of the Mapal MDF line in
Chile in July 2010.

Positively, Masisa continues to take steps to de-leverage, which
include the selling of standing wood.  Further, Masisa is not
facing significant amortization and/or refinancing risks during
the year.  Fitch is projecting a net debt/EBITDA under 3.5 times
by the end of 2010, which should gradually improve.

Venezuela's Business Environment Continues to Challenge:

After the devaluation of the Bolivar in January 2010 and the
following deterioration of EBITDA in Venezuela, the government
announced during April 2010 its intention to recover certain
forestry plantations owned by a multinational firm that the press
has identified as Masisa.  To date, Masisa has not received any
additional information on this matter.  Currently, the Venezuelan
plants and businesses are operating normally and 2010 EBITDA is
projected at US$22 million-$26 million.  Fitch will closely
monitor sovereign related risks in Venezuela, which may hinder
Masisa operating performance and credit metrics.

Strong Recovery to Offset Venezuela Results:

After a difficult operational environment in 2009, Masisa's EBITDA
grew by 41% reaching US$32 million during the first quarter of
2010 (1Q'10).  This positive comparison was achieved despite the
temporary shutdown of its mills and a US$3 million lower EBITDA
due to the earthquake in Chile at the end of February, and the
devaluation in Venezuela in January 2010, increasing from
BOL2.15/USD to BOL4.3/USD.  Latin American markets are showing a
strong economic recovery, especially in Brazil and Chile, which
has helped increase in boards' sales of 111% and 7% (despite lower
March sales due to the earthquake) respectively, during 1Q'10
compared to 1Q'09.  In Brazil, Masisa has been able to place all
production coming from the new MDP plant, while in Chile the
reconstruction process will lead further growth in demand.  For
2010, Masisa is expecting to reach US$180 million Recurrent
EBITDA, of which Chile and Brazil should generate more than 55%,
while Venezuela should generate close to 14%.  Additionally,
Masisa is receiving US$23 million cash flow coming from the sale
of standing wood.

Masisa Leverage High, Adequate Debt Maturity Profile:

Masisa's leverage is moderately high and is consistent with the
new international rating category with total debt/EBITDA of 4.0x
and net debt/EBITDA of 3.5x at March 31, 2010; total debt was
US$684 million, latest 12 months EBITDA was US$171 million and
cash was US$79 million.  Masisa should be able to maintain net
debt levels at approximately US$620 million given its CAPEX
program of US$80 million per annum in 2010 and 2011, while
maintaining a cash balance above US$50 million.  CAPEX program
during this period should primarily be financed with cash flow.
The CAPEX program consists primarily of the new MDP plant in
Chile; total investment is US$55 million and the remaining balance
relates to maintenance CAPEX.

After implementing its 'Financial Strengthening Plan' during 2009,
Masisa was able to reduce net debt by US$52 million reaching
US$584 million as of December 2009 and refinanced short-term debt.
During 1Q'10, Masisa continued with its financial strategy, which
will allow it to reduce debt maturities for 2010 and 2011,
maintaining similar net debt levels.

Capacity Additions in Brazil and Chile:

In June 2009, Masisa's new 750.000 cubic meters MDP mill in Brazil
started operations.  Currently, it is operating at 60% and is
expected to reach full operating capacity by 2012.  The mill is
expected to generate an annual EBITDA in the range of
US$30 million-US$40 million.  Access to fiber is secured through a
strategic alliance with an international timber fund (Hancock).
In addition, Masisa is carrying out in Chile a new MDP mill with
280,000 cubic meters and US$55 million investment.  The mill
should start operations in 3Q'11 to achieve full capacity in 2012.


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


BANCOLOMBIA SA: Taps Alejandro Mejia as Investor Relations Manager
------------------------------------------------------------------
Bancolombia S.A. has appointed Alejandro Mejia as the new Investor
Relations Manager for the bank, replacing Juan Esteban Toro who
will take a leave of absence from the Bank in order to pursue a
Master's Degree in Business Administration in the United States.

Mr. Mejia has occupied different positions in financial areas of
Leasing Bancolombia and recently returned to Colombia after
obtaining an MBA from the Goizueta Business School at Emory
University.  Mr. Mejia will be available to assist analysts,
investors and stockholders who may contact him at:

   almejia@bancolombia.com
   investorrelations@bancolombia.com
   Tel: (574) 4041837

                      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.


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


AIR JAMAICA: Trinidad Government Won't Close Caribbean Airlines
---------------------------------------------------------------
The Trinidad government has allayed fears that Caribbean Airlines
Limited could be closed down after taking control of Air Jamaica
Limited, RadioJamaica reports.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Jamaica Gleaner said that the merger deal between
Caribbean Airlines Limited and Air Jamaica Limited 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%.

According to the report, Caribbean Airlines is currently in a
transition phase to fully absorb Air Jamaica into its operations
under a deal struck with the Jamaican government at the beginning
of May.  However, the report relates that there were fears in the
twin island republic that the takeover of Air Jamaica would cause
undue financial stress, prompting the new Trinidad government led
by Prime Minister Kamla Persaud Bissesar to launch an
investigation into the airlines future.

RadioJamaica notes that according to the report that was presented
to Trinidad's Cabinet, Caribbean Airline could still be operated
viably, even after Air Jamaica is absorbed fully into the
operation and despite expected financial commitments.  The report
relates that closing Caribbean Airlines it said is "not at all on
the cards."

                         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.


IBEROSTAR HOTEL: Dispute With Union Referred to IDT
---------------------------------------------------
The dispute between the Iberostar Rose Hall Beach Hotel and the
University and Allied Workers Union has been referred to the
Industrial Disputes Tribunal, RadioJamaica reports.  The report
relates that the dispute surrounds the dismissal of more than
2,000 employees.

According to the report, the UAWU and the management of Iberostar
have been at odds since August 2009, when the hotel's management
closed down operations, citing a downturn in the global economy.
The report relates that as a result the positions of all the
employees in the bargaining unit represented by the UAWU were made
redundant.

The UAWU, the report says, objected to the hotel management's
approach and after several meetings requested the assistance of
the Ministry of Labor to resolve the dispute.

The report discloses that the Iberostar Rose Hall Beach Hotel has
since been reopened, however, none of the former employees have
reportedly been rehired.  The UAWU wrote to the Permanent
Secretary in the Labour Ministry and requested that what it calls
"unjustified dismissals" be sent to the IDT for its adjudication,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, RadioJamaica said that the IBEROSTAR Hotels &
Resorts, which was opened in 2007, one of three hotels on the
Spanish chain's property in Montego Bay, was closed September 1,
due to low occupancy.

                 About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com/-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance to
ensure full guest satisfaction.  With a star as its symbol, the
chain has managed to win over customers with its philosophy and
values, and its efficient, professional staff.


===========
P A N A M A
===========


AES EL: Moody's Affirms 'Ba2' Senior Unsecured Debt Rating
----------------------------------------------------------
Moody's Investors Service affirmed the Ba2 senior unsecured long
debt rating and Corporate Family Rating of AES El Salvador Trust
and also changed the rating outlook to stable from negative."

"The rating affirmation and change in Trustco's outlook to stable
reflects the improved liquidity profile following the guarantors'
execution of a new working capital credit facility at the end of
2009, as well as the better than anticipated guarantors'
performance and collection data during 2009 despite the recession
and the elimination of general electricity subsidies" said
Natividad Martel, an analyst at Moody's.  "The facility has eased
Moody's concerns about the guarantors' ability to meet working
capital requirements arising from the semiannual tariff-
adjustments associated with the price of electricity given the
high reliance on the volatile spot energy markets, " added Martel.

The ratings affirmation takes into consideration that all
stakeholders, including the Superintendencia General de
Electricidad y Telecomunicaciones, are taking steps to address
some of the weaknesses in the electric regulatory framework and
are pursuing improvements in a cooperative way, while preserving
their interests.  The ratings are still tempered by some
prevailing regulatory uncertainty, and Moody's observe the delays
in implementing several measures that Moody's believes could
reduce the guarantors' cash flow volatility, further improving the
company's liquidity profile and fostering new investment in
generation within the country.  Those measures include delays in
transitioning the spot-price setting-mechanism from a bid-based
system to a marginal cost system as well as greater utilization of
public auctions to procure a higher proportion of the distribution
companies' power requirements under power purchase agreements.
However, the ratings already incorporate some degree of
uncertainty around a timely and successful implementation of these
measures given the complexities of the system and the diverging
interests of key stakeholders.

While some of the guarantors' reported credit metrics at year-end
2009 are commensurate with a higher rating, as consolidated CFO
before changes in working capital represents about 17% of total
debt and consolidated CFO pre-W/C coverage of interest expense was
around 3.0x, the year-over-year volatility in cash flow, which is
extreme, remains commensurate with the current "Ba" speculative
grade rating.

Moody's stable rating outlook reflects Moody's expectation that
the current challenges that exist within the El Salvadorian power
system are captured in the Ba2 rating at Trustco, and that the
working credit facility expiring early 2011 will be extended or
replaced.  Prospective credit metrics will depend on the country's
economic performance, the success in implementing changes within
the regulatory framework that better matches the average of cost
of production with the rates charges to end-use customers, the
ability of Trustco to recover deferred power costs on a timely
basis, and the credit supportiveness of the outcome of the next
distribution-tariff review due at the end of 2012.  In any case,
assuming progress is made on implementing several of these
measures, Moody's expects no significant deterioration in the
metrics and the rating over the medium term but Moody's will
continue monitoring developments along with the related impact on
the guarantors' consolidated performance.

Moody's last rating action on Trustco was in June 30, 2009, when
the senior unsecured rating and CFR were downgraded from Ba1, and
a negative outlook was assigned.

AES El Salvador Trust is a Panamanian trust set up by AES El
Salvador S.A., de C.V., to issue debt for the benefit of four
electricity distribution affiliates in El Salvador (El Salvador's
government bond rating: Ba1, negative outlook), namely: CompaNIa
de Alumbrado Electrico de San Salvador, S.A. de C.V.; the 98.32%-
owned subsidiary of CAESS, Distribuidora de Electrica de Usulutan,
S.A. de C.V.; AES CLESA y Compa¤ia, S.A. de C.V.; and Empresa
Electrica de Oriente, S.A. de C.V.  These four jointly,
unconditionally and severally guarantee the debt of Trustco.  The
guarantors' ultimate parent company is AES Corp (Corporate Family
Rating: B1), headquartered in Arlington, Virginia, which holds
ownership stakes ranging between 64.15% and 89.11%, averaging 80%
overall.  At year-end 2009, the guarantors reported consolidated
assets of $753.7 million.


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


PETROLEOS DE VENEZUELA: Records US$4.6 Billion Profit in 2009
-------------------------------------------------------------
Petroleos de Venezuela recorded a US$4.6 billion profit in 2009,
Frank Jack Daniel at Reuters reports, citing Oil Minister Rafael
Ramirez.  The report relates that the figure is less than half its
profit in 2008.

According to the report, PDVSA has not yet published its audited
results for 2009.  The report relates that the company earned
US$9.4 billion in 2008, when oil prices hit a record $147 per
barrel.  Oil prices fell sharply last year, with an average price
about a third lower than the year before, the report notes.

PDVSA saw its production drop last year to about 2.9 million
barrels per day from 3 million bpd, officially to meet OPEC
quotas, but also because of accidents and planned maintenance in
its network of refineries, the report discloses.

                            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: Lake Maracaibo Oil Spill Under Control
--------------------------------------------------------------
Petroleos de Venezuela said that it has controlled oil leaks that
caused a tar-like slick in Lake Maracaibo, Fabiola Sanchez at The
Associated Press reports.

According to the report, black streaks mar the lake's waters and
oil has washed up on its eastern shores.  The report relates that
fishermen and environmentalists have denounced the spill during
the past month saying it is causing significant harm to fish and
birds.  "That situation is under control," the report quoted
Ramiro Ramirez, chief environmental official for Petroleos de
Venezuela SA, as saying.

Mr. Ramirez, the report notes, described the spill as "a moderate
impact caused by small leaks," saying in a statement that the
leaks were detected at five spots where crude is pumped from the
lake bottom.

The report relates that Mr. Ramirez said officials suspect the
leaks were caused by "organized groups that continually sabotage
our facilities in the lake."

PDVSA, the report discloses, said that about 2,000 people have
been working to control the leaks and clear oil from the shores,
predicting the coastal cleanup should be complete in less than
four weeks.  About 600 fishermen have vowed to take legal action
and demand compensation, 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.


==========================
V I R G I N  I S L A N D S
==========================


DANIEL SPITZER FUNDS: U.S. SEC Sues for US$105 Million Fraud
------------------------------------------------------------
The Securities and Exchange Commission disclosed fraud charges and
an emergency asset freeze against a purported fund manager based
in the U.S. Virgin Islands who perpetrated a US$105 million Ponzi
scheme against investors.

The SEC alleges that Daniel Spitzer, a resident of St. Thomas,
used several entities and sales agents to misrepresent to
investors that their money would be invested in investment funds
that, in turn, would be invested primarily in foreign currency.
Investors were falsely told that Mr. Spitzer's funds had never
lost money and historically produced profitable annual returns
that one year reached over 180 percent.  Mr. Spitzer instead used
money raised from new investors to pay earlier investors, and
misappropriated investor funds to pay unrelated business expenses.
He concealed his scheme by issuing phony documents to investors
that led them to believe their investments were profiting.

The SEC has obtained an emergency court order freezing the assets
of Spitzer and his companies.

"Daniel Spitzer ran an elaborate Ponzi scheme that he disguised by
moving investor money through a complex network of foreign bank
and brokerage accounts," said Merri Jo Gillette, Director of the
SEC's Chicago Regional Office.  "He deceived investors into
believing that he was using a sophisticated investment strategy
that didn't really exist."

According to the SEC's complaint, filed in U.S. District Court for
the Northern District of Illinois, Mr. Spitzer conducted his
fraudulent scheme, which involved 400 investors, from at least
2004 to present.  Mr. Spitzer only invested approximately US$30
million of the more than US$105 million he raised from investors.
Of that amount, Mr. Spitzer used approximately US$13.5 million to
invest through an offshore entity via a bank account in the
Netherlands Antilles.  These investments, some of which were
placed in a French financial institution, lost money and were
subsequently liquidated.  Mr. Spitzer used another US$16 million
to invest in money market funds that earned only a few thousand
dollars. Mr. Spitzer liquidated these investments as well.  After
the investments were liquidated, the money was returned to Mr.
Spitzer, and he used it to repay investors in Ponzi-like fashion.
To cover up his scheme, Mr. Spitzer issued to his investors false
Schedule K-1s that showed inflated returns and led them to believe
that their investments were profitable.

The SEC's complaint alleges that Spitzer used offshore bank
accounts to pay purported business expenses of his companies.
Spitzer deposited investor funds into bank accounts at the
National Bank of Anguilla and the First Bank of Puerto Rico, from
which he paid more than US$15 million in purported operating
expenses and payments to himself and various sales agents. Mr.
Spitzer also used more than US$4.8 million to pay third-party
business expenses.  The SEC further alleges that Spitzer led an
extravagant lifestyle and spent more than $900,000 at a Las Vegas
casino.

According to the SEC's complaint, Mr. Spitzer's scheme is on the
verge of collapse as he has attempted to delay and avoid paying
investor redemptions.  As recently as March 2010, Spitzer obtained
$100,000 from an investor for an investment in one of his
purportedly more conservative investment funds. Rather than invest
the money, Mr. Spitzer used a portion of the money in April 2010
to pay other investors and third-party expenses.

At the SEC's request for emergency relief for investors, the Hon.
Harry D. Leinenweber of the U.S. District Court for the Northern
District of Illinois issued an order freezing all assets of
Spitzer and his companies.  Among other things, the court order
requires that the defendants repatriate to the U.S. all assets
located overseas.

The SEC's complaint charges Mr. Spitzer and the defendant entities
with violations of Section 17(a) of the Securities Act of 1933,
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-
5 thereunder.  The complaint also charges Spitzer and two of the
asset management companies with violations of Section 206(1),
206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule
206(4)-8 thereunder.  The complaint also seeks a court order of
permanent injunction against Spitzer and each of the defendant
entities, as well as an order of disgorgement including
prejudgment interest.  The complaint also seeks financial
penalties against Mr. Spitzer and five of the asset management
companies.

The SEC's investigation was conducted by Natalie G. Garner,
Wilburn Saylor, James G. Lundy, Andrew P. O'Brien, Barry Isenman
and Peter K.M. Chan of the Chicago Regional Office.  The SEC
acknowledges the assistance of the Commodity Futures Trading
Commission, Irish Financial Regulator, Danish Financial
Supervisory Authority, Autorit‚ des marches financier in France,
the Ontario Securities Commission and the Financial Intelligence
and Investigations Unit Attached to the Royal Anguilla Police
Force in Anguilla.

The SEC's investigation is continuing.  Investors with questions
or information about this matter may call the SEC's Chicago
Regional Office's telephone line dedicated to the case at (312)
353-0626.


                            ***********

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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