TCRLA_Public/100708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, July 8, 2010, Vol. 11, No. 133

                            Headlines



A R G E N T I N A

ORDENA TU: Creditors' Proofs of Debt Due on October 4
UNICOLOR SRL: Creditors' Proofs of Debt Due on July 21
WORLD FABRICS: Creditors' Proofs of Debt Due on August 27


B R A Z I L

COMPANHIA SIDERURGICA: To Consider Mine Assets IPO in September
* Chadbourne & Parke to Launch Brazil Office; Hires Finance Team


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
ANTHRACITE CFO: Creditors' Proofs of Debt Due on August 6

ANTHRACITE MASTER: Creditors' Proofs of Debt Due on August 6
ANTHRACITE REFERENCE: Creditors' Proofs of Debt Due on August 6
AR ASIA: Creditors' Proofs of Debt Due on July 30
CNC CAYMAN: Creditors' Proofs of Debt Due on July 30
DENEBOLA CAYMAN: Creditors' Proofs of Debt Due on August 6

FOXTON LIMITED: Creditors' Proofs of Debt Due on August 6
GOLDMAN SACHS: Creditors' Proofs of Debt Due on August 6
HONOR IAM: Creditors' Proofs of Debt Due on August 3
LATITUDE HOLDINGS: Creditors' Proofs of Debt Due on August 6
PETROEXPORT LIMITED: Placed Under Voluntary Wind-Up

RL MILLENNIUM: Creditors' Proofs of Debt Due on August 9
SHANGHAI AROMATICS: Creditors' Proofs of Debt Due on August 6
STERLING STAMOS: Creditors' Proofs of Debt Due on August 9
SUPREME IAM: Creditors' Proofs of Debt Due on August 3
WCIP HOLDING: Creditors' Proofs of Debt Due on August 6


E L  S A L V A D O R

* EL SALVADOR: Fitch Affirms Issuer Default Ratings at 'BB'


J A M A I C A

AIR JAMAICA: T&T PM Assures Merger Issues Will be Resolved
AIR JAMAICA: Names Howard Hall as General Manager
CABLE & WIRELESS: To Roll Out Cable TV Service


M E X I C O

URBI DESARROLLOS: Teams Up With Aureos on Rent-To-Buy Home Sales


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Helmerich Warns Firms on Rigs Seizure


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ORDENA TU: Creditors' Proofs of Debt Due on October 4
-----------------------------------------------------
The court-appointed trustee for Ordena Tu Espacio S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 4, 2010.

The trustee will present the validated claims in court as
individual reports on November 16, 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 1, 2011.


UNICOLOR SRL: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
The court-appointed trustee for Unicolor S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 21, 2010.


WORLD FABRICS: Creditors' Proofs of Debt Due on August 27
---------------------------------------------------------
The court-appointed trustee for World Fabrics S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 27, 2010.

The trustee will present the validated claims in court as
individual reports on October 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
November 22, 2010.


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


COMPANHIA SIDERURGICA: To Consider Mine Assets IPO in September
---------------------------------------------------------------
Cia. Siderurgica Nacional SA Chief Executive Officer Benjamin
Steinbruch said that the company delayed a possible initial public
offering of its mining unit as global market conditions make share
sales "difficult," Lucia Kassai at Bloomberg News reports, citing
Agencia Estado.

According to the report, Mr. Steinbruch said that the company
probably won't sell shares until September.

The report notes that Agencia Estado said that Mr. Steinbruch
previously announced the company aimed to conclude the IPO by
June.  The report relates Agencia Estado said that CSN aims to
raise steel prices by an average 4% in July and an additional 4%
in October.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
currency long term debt ratings at Ba1.  The company also
continues to carry Standard and Poor's Issuer credit ratings at
BB+.


* Chadbourne & Parke to Launch Brazil Office; Hires Finance Team
----------------------------------------------------------------
The international law firm of Chadbourne & Parke announced that it
will strengthen its long-standing Latin America practice with the
opening of a new office in Sao Paulo and the hiring of two finance
attorneys.

The new office will open as soon as all regulatory approvals are
obtained from the Brazilian Bar. Chadbourne has been in the
process of organizing a consultancy on foreign law, as required by
Brazilian Bar rules, and expects to have such consultancy
completed and authorized by the Brazilian Bar over the next few
weeks.

Charles Johnson will join Chadbourne as a partner in the firm's
new Sao Paulo office.  Mr. Johnson, who has worked in Brazil for
the past eight years, has extensive experience on a wide range of
structured finance transactions in Brazil and elsewhere in Latin
America.

Daniel Spencer will also join Chadbourne to participate in the
Brazil launch.  Mr. Spencer specializes in cross-border finance,
trade finance and securitization transactions.

Felipe Creazzo will move from Chadbourne's New York office to
Brazil to join the new office.  Mr. Creazzo's practice involves
M&A, corporate finance and international corporate transactions.

Chadbourne partners Talbert Navia and Allen Miller, who together
co-head the Latin America practice, and Carlos Albarracin, Oliver
Armas and Marc Rossell will actively support the new venture.

"The success and growth of our Latin America practice, and the
increasing significance of Brazil in the world economy, encouraged
us to move decisively to gain on-the-ground capabilities in
Brazil," said Charles K. O'Neill, Chadbourne's Managing Partner.

"We are delighted to have Charles and Daniel join Chadbourne to
help us launch our new venture in Brazil," said Mr. Miller.
"Their Brazil focus and strong international finance experience
will strengthen our capabilities in a market where we have been
active for more than 15 years," said Mr. Navia.  "We will continue
to take steps to reinforce the firm's position as a dominant legal
player in the Brazilian market."

"With the new office, we will be one of only two New York-based
firms with offices in both Brazil and Mexico, the two largest
economies in Latin America," said Mr. Miller, who with Mr. Navia
spearheaded the firm's 2008 expansion into Mexico City.

"Chadbourne's experience and reputation in international finance
and project finance coupled with its long-standing commitment to
Latin America offer me an ideal platform to serve clients and to
expand my practice," said Mr. Johnson.  He is joining Chadbourne
from the Sao Paulo office of Clifford Chance, where he had been
head of the Banking and Finance Practice for that firm in Brazil.
Mr. Spencer, who joins Chadbourne from Mayer Brown in Sao Paulo,
previously worked with Mr. Johnson at Clifford Chance.

Mr. Johnson attended College of Law York and received an LLB from
University of Bristol in 1995.  He is fluent in Portuguese and is
admitted as a consultant on foreign law in Sao Paulo and as a
solicitor of the Supreme Court of England and Wales.

Mr. Spencer graduated from BPP Law School in 2002 and received an
LLB from the University of Exeter in 2001.  He is fluent in
Portuguese and is admitted as a consultant on foreign law in Sao
Paulo and as a solicitor of the Supreme Court of England and
Wales.

Mr. Creazzo holds an LL.B. degree from the Pontifical Catholic
University of Sao Paulo and an LL.M. from the Georgetown
University Law Center.  In addition to his native Portuguese, he
is fluent in English and Spanish, and is admitted as a consultant
on foreign law in Sao Paulo and as an attorney in New York.

Chadbourne's new office in Brazil will be multi-disciplinary, with
a focus on cross-border M&A, international bank finance (including
trade finance), project finance, capital markets, securitization,
private equity and international arbitration.

              About Chadbourne's Latin America Practice

A leader and pioneer in Latin America since the 1980's, Chadbourne
is one of only a few U.S. law firms ranked by Chambers Latin
America for its work across multiple disciplines, including
corporate/M&A, capital markets, banking and finance, projects and
international arbitration.  Twelve Chadbourne partners are focused
almost exclusively on the region.  Lawyers and support staff are
fluent in Spanish and/or Portuguese.

                    About Chadbourne & Parke LLP

Chadbourne & Parke LLP, an international law firm headquartered in
New York City, provides a full range of legal services, including
mergers and acquisitions, securities, project finance, private
equity, corporate finance, venture capital and emerging companies,
energy/renewable energy, communications and technology, commercial
and products liability litigation, arbitration/IDR, securities
litigation and regulatory enforcement, special investigations and
litigation, intellectual property, antitrust, domestic and
international tax, insurance and reinsurance, environmental, real
estate, bankruptcy and financial restructuring, employment law and
ERISA, trusts and estates and government contract matters. Major
geographical areas of concentration include Russia, Central and
Eastern Europe, the Middle East, Latin America and Canada.  The
firm has offices in New York, Washington, DC, Los Angeles, Mexico
City, London, Moscow, St. Petersburg, Warsaw, Kyiv, Almaty, Dubai
and Beijing.


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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
--------------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-57) Limited are
required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
--------------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-50) Limited are
required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
--------------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-34) Limited are
required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on August 6
--------------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-8) Limited are
required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE CFO: Creditors' Proofs of Debt Due on August 6
---------------------------------------------------------
The creditors of Anthracite CFO Issuer No.1 Limited are required
to file their proofs of debt by August 6, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE MASTER: Creditors' Proofs of Debt Due on August 6
------------------------------------------------------------
The creditors of Anthracite Master Company (2) Limited are
required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE REFERENCE: Creditors' Proofs of Debt Due on August 6
---------------------------------------------------------------
The creditors of Anthracite Reference Company (23) Limited are
required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


AR ASIA: Creditors' Proofs of Debt Due on July 30
-------------------------------------------------
The creditors of AR Asia Select Fund 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 liquidator is:

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


CNC CAYMAN: Creditors' Proofs of Debt Due on July 30
----------------------------------------------------
The creditors of CNC Cayman, 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 16, 2010.

The company's liquidator is:

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


DENEBOLA CAYMAN: Creditors' Proofs of Debt Due on August 6
----------------------------------------------------------
The creditors of Denebola Cayman Limited are required to file
their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 16, 2010.

The company's liquidator is:

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


FOXTON LIMITED: Creditors' Proofs of Debt Due on August 6
---------------------------------------------------------
The creditors of Foxton Limited are required to file their proofs
of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 15, 2010.

The company's liquidator is:

         Kontor International Inc.
         c/o Ms. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, George Town Grand Cayman KY1-1103


GOLDMAN SACHS: Creditors' Proofs of Debt Due on August 6
--------------------------------------------------------
The creditors of Goldman Sachs Volatility Opportunities Fund, Ltd.
are required to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 10, 2010.

The company's liquidator is:

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


HONOR IAM: Creditors' Proofs of Debt Due on August 3
------------------------------------------------------
The creditors of Honor Iam Limited are required to file their
proofs of debt by August 3, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 15, 2010.

The company's liquidator is:

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


LATITUDE HOLDINGS: Creditors' Proofs of Debt Due on August 6
------------------------------------------------------------
The creditors of Latitude Holdings Limited are required to file
their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PETROEXPORT LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------------
On June 11, 2010, the Grand Court of the Cayman Islands entered an
order that voluntarily winds up the operations of Petroexport
Limited.

The company's liquidators are:

         Roy Bailey
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510, Grand Cayman KY1-1106
         Cayman Islands;

         Margaret Mills
         Ernst & Young LLP
         1 More London Place
         London, SE1 2AF, United Kingdom


RL MILLENNIUM: Creditors' Proofs of Debt Due on August 9
--------------------------------------------------------
The creditors of RL Millennium Funding Company are required to
file their proofs of debt by August 9, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043 Grand Cayman KY1-1102
         Cayman Islands


SHANGHAI AROMATICS: Creditors' Proofs of Debt Due on August 6
-------------------------------------------------------------
The creditors of Shanghai Aromatics are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 14, 2010.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769-4422
         Facsimile: (+1) 345 769-9351
         Landmark Square 1st Floor
         64 Earth Close, West Bay Beach
         PO Box 715, George Town Grand Cayman KY1-1107
         Cayman Islands


STERLING STAMOS: Creditors' Proofs of Debt Due on August 9
----------------------------------------------------------
The creditors of Sterling Stamos Concentrated Value (Offshore)
Fund are required to file their proofs of debt by August 9, 2010,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 16, 2010.

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


SUPREME IAM: Creditors' Proofs of Debt Due on August 3
------------------------------------------------------
The creditors of Supreme Iam Limited are required to file their
proofs of debt by August 3, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 15, 2010.

The company's liquidator is:

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


WCIP HOLDING: Creditors' Proofs of Debt Due on August 6
-------------------------------------------------------
The creditors of WCIP Holding Co I (Cayman) Ltd. are required to
file their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2010.

The company's liquidator is:

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


====================
E L  S A L V A D O R
====================


* EL SALVADOR: Fitch Affirms Issuer Default Ratings at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed El Salvador's long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Negative
Rating Outlook.  Fitch has also affirmed El Salvador's short-term
IDR at 'B' and Country Ceiling at 'BBB-'.

Monetary stability underpinned by official dollarization, a good
track record on structural reforms, a stable financial sector and
continued multilateral support underpin El Salvador's credit
ratings.  Moreover, the country was able to navigate the global
financial crisis and an unprecedented domestic political
transition whereby the FMLN led-government took power after nearly
20-years of ARENA-led democratic government.

The Funes administration has pledged policy continuity and moved
forward with a revenue-enhancing fiscal reform to facilitate
modest fiscal consolidation.  Near-term financing constrains
present in 2009 have also eased due to continued multilateral
support, a considerable reduction in short-term government debt
and the ability of El Salvador to access domestic and
international capital markets in the fourth quarter of 2009.

In spite of these developments, Fitch notes that greater than
expected economic contraction and a high fiscal deficit led to a
sharp deterioration in public debt, which reached 49% of GDP in
2009 from 39.7% in 2008.  In Fitch's view, the low growth and
still unfavorable debt dynamics present risks to El Salvador's
sovereign creditworthiness, justifying the Negative Outlook on the
ratings.

'In the context of dollarization, continued rise in public debt
burden would further limit the country's fiscal maneuverability in
the event of potential external and domestic shocks,' said Erich
Arispe, Director in Fitch's Sovereign Group.  'At the same time,
measures to invigorate growth to alleviate debt dynamics do not
feature prominently in the policy agenda.'

Among Central American sovereigns rated by Fitch, El Salvador was
the most affected by the global financial crisis as a result of
its close economic ties to the U.S., reliance on workers
remittances, the absence of monetary policy and lack of fiscal
cushion.  The economy contracted 3.5% in 2009 after expanding 2.4%
2008.

'El Salvador's growth recovery and future prospects appear weaker
than those of most peers in light of the country's economic
narrowness, low investment levels and continued economic and
political uncertainty,' added Arispe.  Hence, Fitch forecasts
growth of 1% and 1.8% in 2010 and 2011, respectively, lower than
the 'BB' median of 3% and 4%.

Fiscal consolidation over the forecast period could be challenged
by growth and revenue under-performance and/or a delay in the
implementation of expenditure saving strategies.  Fitch forecasts
that El Salvador's non-financial public sector debt could continue
increasing through 2011 reaching over 50% of GDP this year,
against the 'BB' median of 42%.  Continued pro-active policy
response will be needed to stabilize the debt burden should growth
fail to gain pace.

Significant deterioration of fiscal solvency ratios without signs
of stabilization, deterioration in the financing outlook, and
reemergence of political gridlock could result in downward
pressure on El Salvador's sovereign ratings.  On the other hand,
continued macroeconomic stability and an appropriate policy
response to stabilize the government debt burden and invigorate
growth could lead to the revision of the Outlook to Stable.


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


AIR JAMAICA: T&T PM Assures Merger Issues Will be Resolved
----------------------------------------------------------
Trinidad and Tobago Prime Minister Kamla Persad-Bissessar assures
that concerns regarding the deal her country's Caribbean Airline
Limited recently inked with Air Jamaica Limited will be "resolved
to the benefit of both countries," Caribbean360.com reports.

According to the report, after taking over the government in the
twin-island republic last month, Ms. Persad-Bissessar's
administration had raised concerns about the agreement finalized
in April, under the former Patrick Manning government, for
Caribbean Airlines to take over Air Jamaica's operations.  The
report relates Finance Minister Winston Dookeran had said there
would be a review of it.

However, the report notes that responding to media questions about
the matter, the Trinidad and Tobago leader said her concerns
surrounded issues of transparency since her administration was not
aware of the details of the agreement nor did it have an input in
the decisions involving the takeover.  "We felt that we needed to
get as much information as we could.  We have received such
information, we have a preliminary report from a committee that we
had established to do it (and) the report is available," the
report quoted Ms. Persad-Bissessar as saying.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Jamaica Gleaner said that Trinidad and Tobago's new
Finance Minister Winston Dookeran appointed a three-member
committee to probe the merger deal between Caribbean Airlines
Limited and Air Jamaica.  According to the report, the transaction
cost Trinidad and Tobago US$50 million to acquire and operate six
Air Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake in the merged operation, with CAL owning 84%.

                      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.


AIR JAMAICA: Names Howard Hall as General Manager
-------------------------------------------------
Radiojamaica reports that Howard Hall, Air Jamaica's Vice
President, has assumed the post of General Manager of Air Jamaica.
Air Jamaica Former Chief Executive Officer Bruce Nobles's contract
with the airline ended at the end of last month, the report
relates.

According to the report, Mr. Nobles has agreed to take up a
consultancy post with the airline to help with Caribbean Airline's
takeover of the airline.  "Mr. Hall was and is the Chief Financial
Officer and worked very closely with me and I will continue to
work with him, assist him to get the transition done over the next
few months.  I think the situation will continue just fine going
forward," the report quoted Mr. Nobles as saying.

                      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.


CABLE & WIRELESS: To Roll Out Cable TV Service
----------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a subsidiary of Cable &
Wireless plc, has indicated it is now just months away from
launching its subscriber TV offering in the Caribbean,
RadioJamaica reports.

According to the report, Lime's CEO David Shaw said that the
company will be partnering with a couple of specialist outlets to
offer the service, but did not give a timeline for the roll out.

The company, the report notes, hinted that it may have to
diversify into new markets to garner growth after continued
disappointing results in the current 13 markets in the English
speaking Caribbean in which it operates.

                            About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- provides national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


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


URBI DESARROLLOS: Teams Up With Aureos on Rent-To-Buy Home Sales
---------------------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports that Urbi
Desarrollos Urbanos SAB has reached an agreement with Aureos Latin
America Fund to boost its rent-to-buy option for home sales, aimed
at potential buyers of low-income houses who aren't otherwise
eligible for traditional mortgage loans.

According to the report, Urbi Desarrollos said that under the
scheme, ALAF, the private equity fund run by Aureos Capital Ltd.,
will finance the initial stage of sales made through the rent-to-
buy program.  The report relates that potential home buyers who
don't have access to mortgages through government-run housing
funds Infonavit or Fovissste, or access to bank loans, can obtain
a home and have six months to pay the first 10% of its value as a
down payment.  The report notes that if that goal is met, the
buyer qualifies for a mortgage loan from government housing
development bank Sociedad Hipotecaria Federal (SHF), covering the
remaining 90%.

Dow Jones Newswires notes Urbi Desarrollos said sales through the
accord with ALAF are expected to be equivalent to 12% to 15% of
its projected revenue over the next four years.  The report
relates that the agreement will complement its existing rent-to-
buy program--Alternativa Urbi -- which is expected to account for
an additional 12% of revenue.

The report says that instead of Urbi Desarrollos keeping the homes
in inventory for the six-month period, Aureos will pay Urbi and be
the deed-holder through a trust until the buyer receives a
mortgage loan.  That will allow the company to increase its sales
without further pressuring its working capital needs, Investor
Relations Director Antonio Jorge told the news agency in a
telephone interview.  The report relates that the company has
limited its existing rent-to-buy program to MXN2 billion (US$154
million).

The agreement doesn't mean the company is changing its guidance
for 2010 -- Urbi is targeting 10% revenue growth this year--but it
could help raise sales in the future, Mr. Jorge added, the report
says.


                     About Urbi Desarrollos

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.

                           *     *     *

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


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


PETROLEOS DE VENEZUELA: Helmerich Warns Firms on Rigs Seizure
-------------------------------------------------------------
Dan Molinski at Dow Jones Newswires reports that Helmerich & Payne
is warning other oil-field-services companies doing business in
Venezuela after its idled rigs were seized by the government.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2010, Bloomberg News said that Venezuelan President
Hugo Chavez decreed the seizure of 11 Helmerich & Payne Inc. oil
rigs after the company idled its equipment because of a payment
dispute.  According to Bloomberg News, PDVSA accused Helmerich &
Payne of trying to slow oil production in Venezuela.  Helmerich &
Payne idled its drilling rigs last year after PDVSA fell behind
with payments to service suppliers amid a drop in oil output and
revenue, the report recalled.

According to Dow Jones Newswires, Helmerich & Payne said that
other oil-services firms should be contemplating on whether to
stay in Venezuela.  The report relates that it also criticized the
way Petroleos de Venezuela conducts its business.

"Reflecting on last week's forced exit from Venezuela, it is clear
now that PDVSA was not interested in both sides achieving
commercial terms to return our rigs to work," the report quoted
Helmerich & Payne as saying.  "That approach only heightens
concerns for our oil-field-service peers contemplating their
future there, as it should," it added, the report relates.

                           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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *