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

              Wednesday, July 7, 2010, Vol. 11, No. 132

                            Headlines



A R G E N T I N A

* ARGENTINA: Government Vows to Maintain Stakes in Companies


B E R M U D A

ASIA ALUMINUM: Scheme Creditors' Meeting Set for July 15
BVI BUSINESS: Scheme Creditors to Hold Meeting on July 15
CLOVERDALE THREE: Placed Under Voluntary Liquidation
ENVIRONMENTAL ENERGY: Appoints Morrison and Thresh as Liquidators
LARKSPUR COMPANY: Creditors' Proofs of Debt Due on July 30

MAN AHL: Creditors' Proofs of Debt Due on July 14
MAN AHL: Members' Final Meeting Set for August 11
MAN-IP 333: Creditors' Proofs of Debt Due on July 14
MAN-IP 333: Members' Final Meeting Set for August 11
MULTI-STRATEGY: Creditors' Proofs of Debt Due on July 14

MULTI-STRATEGY: Members' Final Meeting Set for August 11
SABBEL INSURANCE: Creditors' Proofs of Debt Due on July 12
SABBEL INSURANCE: Members' Final Meeting Set for July 26
TRADING 333: Creditors' Proofs of Debt Due on July 14
TRADING 333: Members' Final Meeting Set for August 10

WINCHESTER FUND: Creditors' Proofs of Debt Due on July 14
WINCHESTER FUND: Members' Final Meeting Set for August 11


B R A Z I L

BRF-BRASIL: Final Approval for Sadia SA Takeover Maybe Delayed
CAIXA ECONOMICA: To Hit Markets for US$560 Million in Coming Days
COSAN SA: Unit Gets US$226 Million From TPG & Gavea Investimentos
GENERAL MOTORS: Expects Brazil Sales to Increase by 68%
GOL LINHAS: Hires BofA, Citi & Itau to Arrange Investor Meeting

JBS SA: May Take Over Smithfield Foods
LUPATECH SA: Signs US$80 Million Contract With Petrobras
TAM SA: Gets ANAC Authorization to Begin Brazil-Colombia Flights


C A Y M A N  I S L A N D S

AABAR SUKUK: Shareholders' Final Meeting Set for July 28
DIAGEO FUNDING: Shareholders Receive Wind-Up Report
GANDHARA CAPITAL: Shareholders' Final Meeting Set for August 10
SEAFIELD RESOURCES: Shareholders' Final Meeting Set for July 28
TRIBECA GLOBAL: Shareholders' Final Meeting Set for July 13


C O L O M B I A

ISAGEN SA: Colombia Seeks to Replace Revenue From Scrapped Sale


E C U A D O R

* ECUADOR: Denies Seeking to Repay China Loan With Oil


H O N D U R A S

MILLICOM INTERNATIONAL: Acquires Full Control of Celtel


V E N E Z U E L A

PETROLEOS DE VENEZUELA: CPC Corp. Files Charges Against Firm
PETROLEOS DE VENEZUELA: Will Absorb Helmerich & Payne's Workers


V I R G I N  I S L A N D S

K1 GROUP: Manager Dieter Frerichs Commits Suicide




                         - - - - -


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


* ARGENTINA: Government Vows to Maintain Stakes in Companies
------------------------------------------------------------
Matthew Cowley at Dow Jones Newswires reports that Argentina's
government said it has no plans to sell the stakes in local
companies that it inherited when it nationalized private-sector
pension funds in late 2008, as it would damage the interests of
both the state and the companies.

According to the report, with the opposition calling for higher
payouts for pensioners, and a debate under way about how the
government should finance government pensions, Economy Minister
Amado Boudou ruled out the sale of shares in the 43 companies in
which it now owns stakes.

In late 2008, the report recalls, the state social security plan
ANSES took over some US$23.5 billion in assets, including shares,
from about 10 private-sector pension funds.  The report relates
that the small stakes owned by each of the funds in some of the
largest Argentine companies were merged under single ownership,
giving the government significant clout.

The report notes ANSES said that its total investment in shares
was worth ARS15.9 billion (US$4 billion) at the end of April,
equivalent to about 11% of its total assets.  It received ARS311
million in dividends in 2009, and expects to receive ARS577
million in 2010, according to a June 1 presentation by ANSES to
Congress, the report says.

Bloomberg News discloses that ANSES, through its Fondo de Garantia
de Sustentabilidad, owns about:

   -- 19.4% of Pampa Energia.
   -- 25% of Telecom Argentina,
   -- 20% of Grupo Galicia, and
   -- 7% of Petrobras Energia

Mr. Boudou, the report relates, said that if the government took
the "irresponsible action" of selling the shares, losses would be
about 50% of the value of companies such as Telecom, Siderar and
Banco Macro.  It would also risk putting ownership of the
companies into the hands of international speculators, he added.
"This would be a loss of private and social capital which this
government is going to defend," the report quoted Mr. Boudou as
saying.  "When we see what effect the instantaneous sale of shares
and investment funds could have, we also see this would have a
stong impact on the consumption and credit of Argentine families."

Bloomberg News says that the impact of the pension fund takeover
on the local stock market was devastating.  The report relates
that not only did the government remove the main players
practically overnight, but it also consumed most of the free
float, leaving just a small fraction of shares available for
investors to trade.

Market participants, the report relates, said that ANSES is far
less active than the pension funds were.  Share trading, which had
already dwindled since an economic collapse in 2001-2002, shrunk
even further to levels of around $10 million a day, the report
adds.

                           *     *     *

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
=============


ASIA ALUMINUM: Scheme Creditors' Meeting Set for July 15
--------------------------------------------------------
A meeting for the scheme creditors of Asia Aluminum Holdings
Limited will be held on July 15, 2010, at 10:00 a.m., to consider
approving a scheme of arrangement proposed to be made between the
company and the creditors.  The meeting will be held at the 1st
Floor of Duke of Windsor Social Service Building, 15 Hennessy
Road, in Wan Chai, Hong Kong.


BVI BUSINESS: Scheme Creditors to Hold Meeting on July 15
---------------------------------------------------------
The High Court of Justice of the BVI directed that concurrent
meetings of the BVI Scheme Creditors of Sino Advance Investments
Limited, Asia Aluminum Group Limited and Global Applied
Technologies Finance Limited be convened on July 15, 2010, at
10:00 a.m.

The purpose of the meeting is to consider and if thought fit,
approve a scheme of arrangement pursuant to Section 179A of the
BVI Business Companies Act 2004 between the BVI Scheme Companies
and the BVI Scheme Creditors and the appointment of Roderick John
Sutton, Fok Hei Yu and William Tacon as BVI Scheme Administrators.


CLOVERDALE THREE: Placed Under Voluntary Liquidation
----------------------------------------------------
Cloverdale Three Ltd. commenced liquidation proceedings on
June 10, 2010.

Lee Osborne of Palm Grove House, P.O. Box 438, Road Town, Tortola,
British Virgin Islands is the company's liquidator.


ENVIRONMENTAL ENERGY: Appoints Morrison and Thresh as Liquidators
-----------------------------------------------------------------
Michael W. Morrison and Charles Thresh of KPMG Advisory Limited
were appointed as liquidators of Environmental Energy Corporation
on June 17, 2010.


LARKSPUR COMPANY: Creditors' Proofs of Debt Due on July 30
----------------------------------------------------------
The creditors of Larkspur Company Limited are required to file
their proofs of debt by July 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 18, 2010.

The company's liquidators are:

         Mike Morrison
         Charles Thresh
         KPMG Advisory Limited
         Crown House, 4 Par-la-Ville Road
         Hamilton HM 08, Bermuda


MAN AHL: Creditors' Proofs of Debt Due on July 14
-------------------------------------------------
The creditors of Man AHL Diversified EU Ltd are required to file
their proofs of debt by July 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN AHL: Members' Final Meeting Set for August 11
-------------------------------------------------
The members of Man AHL Diversified EU Ltd will hold their final
meeting, on August 11, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN-IP 333: Creditors' Proofs of Debt Due on July 14
----------------------------------------------------
The creditors of Man-IP 333 Limited are required to file their
proofs of debt by July 14, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN-IP 333: Members' Final Meeting Set for August 11
----------------------------------------------------
The members of Man-IP 333 Limited will hold their final meeting,
on August 11, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MULTI-STRATEGY: Creditors' Proofs of Debt Due on July 14
--------------------------------------------------------
The creditors of Multi-Strategy Aggregated Pooling Limited are
required to file their proofs of debt by July 14, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MULTI-STRATEGY: Members' Final Meeting Set for August 11
--------------------------------------------------------
The members of Multi-Strategy Aggregated Pooling Limited will hold
their final meeting, on August 11, 2010, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


SABBEL INSURANCE: Creditors' Proofs of Debt Due on July 12
----------------------------------------------------------
The creditors of Sabbel Insurance 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 June 18, 2010.

The company's liquidator is:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton, Bermuda


SABBEL INSURANCE: Members' Final Meeting Set for July 26
--------------------------------------------------------
The members of Sabbel Insurance Ltd. will hold their final meeting
on July 26, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 18, 2010.

The company's liquidator is:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton, Bermuda


TRADING 333: Creditors' Proofs of Debt Due on July 14
-----------------------------------------------------
The creditors of Trading 333 Limited are required to file their
proofs of debt by July 14, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


TRADING 333: Members' Final Meeting Set for August 10
-----------------------------------------------------
The members of Trading 333 Limited will hold their final meeting,
on August 10, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


WINCHESTER FUND: Creditors' Proofs of Debt Due on July 14
---------------------------------------------------------
The creditors of Winchester Fund Limited are required to file
their proofs of debt by July 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


WINCHESTER FUND: Members' Final Meeting Set for August 11
---------------------------------------------------------
The members of Winchester Fund Limited will hold their final
meeting, on August 11, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Beverly Mathias is the company's liquidator.


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


BRF-BRASIL: Final Approval for Sadia SA Takeover Maybe Delayed
--------------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that BRF Brasil Foods
SA's final approval of an acquisition may be delayed until next
year from September.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2010, Meat Trade News Daily said that the antitrust arm of
Brazil's Finance Ministry, SEAE, recommended that regulator Cade
require BRF-Brasil Foods SA to license one of its two main brands
or sell a block of assets before granting approval of the takeover
of Sadia SA.  The report related that the licensing of either the
Sadia SA or Perdigao SA brand should be for a minimum of five
years.

According to the report, Raymond James & Associates
Inc. said that an identical finding by the Justice Ministry on
July 1, 2010, sparked speculation that final approval will be
delayed until 2011.

"We expect the shares to react negatively to this news," the
report quoted analyst Daniela Bretthauer, as saying. Postponed
approval by Cade "will delay the integration plans and synergies
extraction even more," he added, according to Bloomberg.

Bloomberg notes that while Cade has 60 days after the Justice
Ministry delivers its opinion to make a decision, it may extend
that period and hasn't set a date for final approval.

                    About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of April 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating.  The company also continues to carry
Standard and Poor's BB+ LT Issuer Credit Ratings.



CAIXA ECONOMICA: To Hit Markets for US$560 Million in Coming Days
-----------------------------------------------------------------
Caixa Economica Federal will hit private sector capital markets
for about BRL1 billion (US$560 million) in coming days, as the
bank works to diversify its funding base to keep up with strong
loan growth, James Newman at Business News America reports, citing
Finance Vice President Marcio Percival.

"Since Caixa's credit has grown a lot, particularly in long-term
commercial operations, we've also been looking to increase our
funding base," the report quoted Mr. Percival as saying.

According to the report, citing central bank BCB, the company had
BRL135 billion in loans at end-March, up 51% from 12 months prior,
and is targeting growth of 30-40% in 2010 -- well above the market
growth projection for the year of 20-25%.

Mr. Percival, the report notes, said that while "letras
financeiras" (LF) -- a new two-year minimum local bond product for
banks -- could be an important funding tool in the future, they
were still quite expensive.  The report, citing clearinghouse
Cetip, relates that they have reached a stock of BRL4.69 billion,
as of July 5, 2010, after only starting to trade in April.

Mr. Percival said that CEF will continue to explore its funding
options and could have important news on this front in the next
month, the report adds.

                     About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of June 29, 2010, the bank continues to carry Moody's "D+" bank
financial strength rating.


COSAN SA: Unit Gets US$226 Million From TPG & Gavea Investimentos
-----------------------------------------------------------------
Cosan SA's logistics unit will receive a BRL400 million (US$226
million) capital injection from private equity firms Texas Pacific
Group and Gavea Investimentos, Guillermo Parra-Bernal at Reuters
reports.

According to the report, Cosan SA said that each fund will
contribute half of the money, which will be used to replenish the
Rumo Logistica unit's capital base.   The report relates that the
buyout firms could swap their stake in Rumo for Cosan SA shares
after a 12 month-period if certain unspecified conditions are met.

                      About Cosan S.A.

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

                          *     *     *

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


GENERAL MOTORS: Expects Brazil Sales to Increase by 68%
-------------------------------------------------------
General Motors Co. expects sales in Brazil to grow by 68% to 1
million vehicles by 2014 as growth in the country stokes demand
for fancier cars, Bloomberg News reports, citing GM South America
Chief Jaime Ardila.

"Brazilians are getting richer and the currency is stronger,"
Jaime Ardila, head of GM South America, told the news agency in an
interview.  The country will make a "significant contribution to
the company's profits" in the next few years, he added, according
to Bloomberg.

According to the report, Mr. Ardila said that GM predicts that
sales of Chevrolets in Brazil will rise to 650,000 vehicles this
year from almost 600,000 in 2009, and then surge to the 1 million
mark in 2014.  The report relates that Mr. Ardila said GM plans to
increase deliveries "in line with the market or a little bit
ahead" as total Brazilian car sales advance to 4 million in 2014.

Mr. Ardila, the report notes, said that GM is investing more than
BRL5 billion (US$2.8 billion) in Brazil through 2012 as a
burgeoning middle class, a strong currency and more jobs spur
demand for cars.  "South America is perhaps one of the most
important assets and best returns on investment that GM has," Mr.
Ardila told Bloomberg.  The report relates Mr. Ardila said that GM
is focusing the investment on product development and spending
BRL1.4 billion on two plants in the state of Sao Paulo to increase
production.

Mr. Ardila, the report discloses, said that sales of GM's luxury
brands, such as the Omega, Malibu and Captiva, have grown
"tremendously" in Brazil in the past few years to more than 20,000
vehicles, and that GM sees "growing prospects" for premium cars.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GOL LINHAS: Hires BofA, Citi & Itau to Arrange Investor Meeting
---------------------------------------------------------------
Gol Linhas Aereas Inteligentes SA hired Bank of America Corp.,
Citigroup Inc. and Itau Unibanco SA to arrange meetings with bond
investors, Gabrielle Coppola at Bloomberg News reports, citing a
person familiar with the company's plans.

According to the report, the source said that the meetings will
begin July 5, 2010.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


JBS SA: May Take Over Smithfield Foods
--------------------------------------
Speculations have emerged that JBS S.A may take over Smithfield
Foods Inc., Meat Trade Daily News reports, citing Valor Economico.
The report relates that unnamed market sources told Valor
Economico that JBS SA may seek discussions over an acquisition
with Smithfield Foods.

According to the report, analysts said that with Smithfield Foods
weakened from a deep pork industry slump in recent years, the
company may be vulnerable to a takeover by a larger, stronger
company.  "JBS has a history of buying beat-up food companies and
cutting costs and people to get them profitable," the report
quoted Steve Share, a managing director and analyst with Wisco
Research LLC in Madison, Wis., as saying.  However, JBS SA "still
has a lot on its plate" with Pilgrim's Pride and other recent
purchases, he added, the report relates.

The report, citing industry data, says that an acquisition of
Smithfield would give JBS a dominant share of U.S. pork processing
-- or about 36% of the US nationwide slaughtering capacity.

Analysts, the report adds, said that any JBS purchase would likely
have to be cleared by U.S. antitrust regulators.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.


LUPATECH SA: Signs US$80 Million Contract With Petrobras
--------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Lupatech SA
signed a contract to provide services to state-run energy company
Petroleo Brasileiro SA (Petrobras).  The report relates that the
contract, valued at BRL140 million (US$80 million) will be in
place for 18 months.

"The contract comprises the supply of polyester anchoring ropes
for new platform projects of Petrobras until Dec. 31, 2011. The
anchoring ropes will be supplied by [a unit of Lupatech] that has
production capacity available to completely fulfill the contract
in the estimated period," the company said in a statement obtained
by the news agency.  With this current contract, the report
relates, the Lupatech SA backlog amounts to over BRL2.5 billion,
with approximately BRL466 million to be converted into revenue in
the next 12 months and the remaining BRL2.1 billion after 12
months.

Furthermore, Peter Millard at Bloomberg News reports that Lupatech
SA Chief Financial Officer Thiago Alonso de Oliveira sees "growing
demand" from Petrobras for its services as the state-controlled
producer boosts spending to double output in a decade.  "We are
facing a moment when the things we supply are in a period of
growing demand," Mr. Oliveira told Bloomberg in a telephone
interview.  "It's a period when several discoveries are in the
beginning development phase."

The report notes Mr. Oliveira said that Petrobras is investing
US$224 billion in the next five years to increase production of
oil and gasoline, giving Lupatech an opportunity to expand sales
in Brazil.  The report relates that Petrobras plans to double
output to 5.38 million barrels a day by 2020 as it taps the
largest offshore discoveries in the Americas since Mexico
discovered Cantarell in 1976.

                         About Lupatech SA

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

                           *     *     *

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


TAM SA: Gets ANAC Authorization to Begin Brazil-Colombia Flights
----------------------------------------------------------------
TAM SA received authorization from the National Civil Aviation
Agency (ANAC) to begin a daily flight between Sao Paulo and
Bogota, Colombia.  The operation should start by December this
year, with an A320 aircraft configured in two classes of service:
Economy and Business.

"Bogota is the last major market we were not operating in South
America and has strategic importance for us: it is a metropolis
with the economy based on industry, commerce and financial
businesses, and has a wide cultural and tourism range", says Paulo
Castello Branco, our Commercial and Planning Vice President.

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B+" LT issuer credit ratings.  The company also continues
to carry Fitch Rating's "BB-" LT issuer default ratings.


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


AABAR SUKUK: Shareholders' Final Meeting Set for July 28
--------------------------------------------------------
The shareholders of Aabar Sukuk Limited will hold their final
meeting, on July 28, 2010, at 11:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DIAGEO FUNDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Diageo Funding Company No. 1 Limited received
on June 23, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GANDHARA CAPITAL: Shareholders' Final Meeting Set for August 10
---------------------------------------------------------------
The shareholders of Gandhara Capital Management Limited will hold
their final meeting, on August 10, 2010, at 7:30 p.m. to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jeff Levy
         c/o Marc Randall
         Telephone: 1 345 814-5748
         Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SEAFIELD RESOURCES: Shareholders' Final Meeting Set for July 28
---------------------------------------------------------------
The shareholders of Seafield Resources (Ghana) LLC will hold their
final meeting, on July 28, 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:

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


TRIBECA GLOBAL: Shareholders' Final Meeting Set for July 13
-----------------------------------------------------------
The shareholders of Tribeca Global Convertible Investments Ltd.
will hold their final meeting on July 13, 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:

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


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


ISAGEN SA: Colombia Seeks to Replace Revenue From Scrapped Sale
---------------------------------------------------------------
Helen Murphy and Heather Walsh at Bloomberg News report that
Colombia Finance Minister Oscar Ivan Zuluaga said that the
government will seek to replace revenue from the scrapped sale of
state controlled power company Isagen SA and the delayed sale of
five regional electric companies.

According to Bloomberg, Mr. Zuluaga told reporters in Bogota
Friday that the government will auction an additional 2 trillion
pesos (US$1.06 billion) of local bonds, and raise the equivalent
of US$1 billion in pesos internationally, of which US$500 million
will be by way of international debt and US$500 million from
multilateral lenders.  Under the plan, the report notes, the
government is increasing its international financing target for
2010 to US$3.25 billion and its local debt issuance to 27.5
trillion pesos.

As reported in the Troubled Company Reporter-Latin America on
July 6, 2010, Dow Jones Newswires said that the Colombian
government will increase its borrowing on the local market and
abroad by about US$2 billion to replace revenue from
privatizations that were scheduled for this year.  The report
related Mr. Zuluaga said that the government will borrow US$500
million in international bonds, US$500 million more from
multilateral lenders and COP2 trillion (US$1.06 billion) to
replace about COP4.5 trillion expected to be raised in
privatizations.

According to a TCR-LA report on June 29, 2010, citing Bloomberg
News, Future Finance Minister Juan Carlos Echeverry said that
Colombian President-elect Juan Manuel Santos won't sell government
stakes in Isagen SA to finance spending.

                       About Isagen SA

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

                           *     *     *

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


=============
E C U A D O R
=============


* ECUADOR: Denies Seeking to Repay China Loan With Oil
------------------------------------------------------
Nathan Gill at Bloomberg News reports that Ecuador, which is
negotiating a loan with China, denied a Wall Street Journal report
that it is seeking to repay the credit with oil.

Talks between China and Ecuador are continuing and don't have a
set deadline to conclude, Ecuador finance ministry said in an e-
mailed statement obtained by the news agency.  An unnamed press
official declined to provide additional information in a telephone
interview with the news agency.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2010, Dow Jones Newswires said that Ecuador is negotiating
with China Development Bank Corp. for a US$1 billion loan to be
repaid by the sale of oil or fuel oil from state-run Petroecuador
to China's state-owned PetroChina International Co.  According to
the report, Ecuador is turning to China for financing after a
market-unfriendly sovereign debt buyback last year and after
relations soured with multilateral lenders such as the World Bank
and the International Monetary Fund, which badly hampered the
country's access to overseas private capital.  The report noted
that Ecuador is facing a budget deficit of more than US$4 billion
this year and needs the funding for public works projects to keep
an already sputtering economy from stalling.  Dow Jones Newswires
said that Petroecuador will supply PetroChina with 36,000 barrels
of its Oriente and Napo crudes or fuel oil per day until all
amounts under the loan have been paid.

                          *     *     *

As of June 28, 2010, the country continues to carry Moody's "Caa2"
CC LT foreign bank deposit ratings, and "Caa3" foreign currency
issuer rating and foreign currency LT debt rating.


===============
H O N D U R A S
===============


MILLICOM INTERNATIONAL: Acquires Full Control of Celtel
-------------------------------------------------------
Millicom International Cellular S.A and its local partner in
Honduras have reached an agreement that gives Millicom
International full control of Celtel, its Honduran subsidiary.  As
a result of this agreement, Celtel will now be fully consolidated
into the Millicom Group financial statements from Q3 2010.
Previously, the results of the Honduras operations were
proportionately consolidated.

Under the revised shareholders' agreement, the local partner has
granted Millicom International an unconditional call option for
his 33% stake for the next five years.  Millicom International
has granted a put option for the same duration to the local
partner in the event of a change of control of Millicom
International.

While having no impact on reported net profit or Millicom
International's overall financial exposure to Honduras, the pro
forma impact of this change on the Group financial statements for
the year to December 2009 is to increase revenues by 6%, EBITDA by
7% and operating free cash flow by 9%.

                  About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.

                          *     *     *

As of July 6, 2010, the company continues to carry Moody's "Ba2"
long term and LT corp family ratings and "Ba2" senior unsecured
debt rating.


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


PETROLEOS DE VENEZUELA: CPC Corp. Files Charges Against Firm
------------------------------------------------------------
Taiwanese state-owned oil company CPC Corp. has lodged a complaint
against its Venezuelan counterpart Petroleos de Venezuela related
to the termination of two prospection works in the Gulf of Paria,
where CPC Corp had spent more than US$80 million, El Universal
News reports.

According to the report, the charges were filed at the
International Center for Settlement of Investment Disputes,
attached to the World Bank, following the nationalization of the
two projects.

The report notes CPC Corp said that in one of the projects, a
large amount of natural gas was found.  CPC Corp, the report
relates, considers that their nationalization has resulted in huge
losses that have not been remedied.

                           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: Will Absorb Helmerich & Payne's Workers
---------------------------------------------------------------
Petroleos de Venezuela said Sunday that it will absorb all workers
employed at U.S. oilfield services company Helmerich & Payne and
will also deploy the rigs it took over in the eastern and western
parts of the country, Platts.com reports.

According to the report, in eastern Venezuela the rigs will be
deployed in two areas, Punta de Mata and El Furrial, while in
western Venezuela they will be sent to La Ceiba, Tomoporo and
Franquera.  The report relates that El Furrial is rich in gas,
while the others are mostly oil fields.

As reported in the Troubled Company Reporter-Latin America on
June 28, 2010, Reuters said 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.

According to a TCR-LA report on June 25, 2010, citing Bloomberg
News, PDVSA 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.  The report
related that 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.

                           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
==========================


K1 GROUP: Manager Dieter Frerichs Commits Suicide
-------------------------------------------------
Dieter Frerichs, a suspect in an investigation K1 Group, committed
suicide Saturday to escape apprehension from authorities, Jann
Bettinga and Angela Cullen at Bloomberg News report, citing state
prosecutors in the German city of Wuerzburg.  Mr. Frerichs was a
managing director of two British Virgin Island-based K1 investment
funds.

Mr. Frerichs shot himself while being arrested by police in Spain,
the prosecutors said in an e-mailed statement obtained by the news
agency.

According to the report, K1 Group is at the center of an
international criminal probe after saddling banks including
Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA with losses.
The report relates that the Wuerzburg prosecutors said they expect
the total damage incurred by an alleged deception scheme to be
more than EUR300 million (US$376 million).

The report notes that a court in Madrid ordered the arrest of Mr.
Frerichs after German prosecutors had sought extradition of the
manager.

K1 Group is a German hedge fund firm.


                            ***********

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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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