TCRLA_Public/100713.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

              Tuesday, July 13, 2010, Vol. 11, No. 136

                            Headlines



A N T I G U A  &  B A R B U D A

CABLE & WIRELESS: LIME Antigua Files Suit to Recover EC$23MM
DIGICEL GROUP: Antigua Unit Faces Bypass Suit From LIME Antigua
LIAT LTD: To Close City Offices; May Fire Up to 12 Workers


A R G E N T I N A

ALL SOFTWARE: Creditors' Proofs of Debt Due on September 20
DANIEL RAMOS: Asks for Preventive Contest
FIBRA PAPELERA: Asks for Preventive Contest
LOMADA SA: Creditors' Proofs of Debt Due on September 14
MADEIMPRES SA: Creditors' Proofs of Debt Due on September 9

MANDATOS Y RECUPEROS: Creditors' Proofs of Debt Due on Sept. 14
MATAMIN SA: Creditors' Proofs of Debt Due on September 9
MATRICERIA AUSTRAL: Asks for Opening of Preventive Contest
PROMAKERS SA: Creditors' Proofs of Debt Due on September 14


B E R M U D A

SYNCORA HOLDINGS: Enters Second Waiver and Amendment


B R A Z I L

CAMARGO CORREA: Gets License for US$1.1-Billion Ethanol Pipe
GERDAU SA: BRL2.4BB Investment Will Diversify Product Portfolio
JBS SA: Files Injunction in Italy Over INALCA


C A Y M A N  I S L A N D S

AR ASIA: Shareholders' Final Meeting Set for July 30
BARYON FAR: Members' Final Meeting Set for August 20
BASSWOOD OPPORTUNITY: Member to Hear Wind-Up Report on Aug. 10
BRASEXPRESS INC: Shareholder to Receive Wind-Up Report on July 29
CNC CAYMAN: Shareholders' Final Meeting Set for July 30

FLAGNON COMPANY: Members' Final Meeting Set for August 20
FUND IV: Shareholders' Final Meeting Set for August 6
GLOBAL SCIENCE: Shareholder to Receive Wind-Up Report on Aug. 9
GLOBAL SCIENCE: Shareholder to Receive Wind-Up Report on Aug. 9
GOLDMAN SACHS: Shareholders' Final Meeting Set for August 6

H.A.B. INVESTMENTS: Shareholders' Final Meeting Set for August 6
JUPITER FUND: Members' Final Meeting Set for July 27
LATITUDE HOLDINGS: Shareholders' Final Meeting Set for August 6
ORION FUND: Members' Final Meeting Set for August 11
ORION MASTER: Members' Final Meeting Set for August 11

POSITIVE FUND: Members' Final Meeting Set for August 6
RL MILLENNIUM: Members' Final Meeting Set for August 10
ROCK CAPITAL: Members' Final Meeting Set for August 13
STERLING STAMOS: Shareholders' Final Meeting Set for August 9
WCIP HOLDING: Shareholders' Final Meeting Set for August 6


C O L O M B I A

BANCO DE COMERCIO: S&P Gives Positive Outlook; Keeps 'BB+' Rating
ECOPETROL SA: S&P Gives Positive Outlook; Affirms 'BB+' Rating
TERMOEMCALI SA: Fitch Affirms 'B-' Rating on $153.7 Mil. Notes


J A M A I C A

AIR JAMAICA: T&T Government Says More Workers Could Lose Jobs
DIGICEL GROUP: Appoints Harry Smith to Board of Directors


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Lawyers Investigating Firm Terminated


T U R K S  &  C A I C O S  I S L A N D S

JOHNSTON INT'L: Placed in Receivership by British Caribbean Bank


V E N E Z U E L A

BANCO INDUSTRIAL: Seeks Settlement With Florida Regulators


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


CABLE & WIRELESS: LIME Antigua Files Suit to Recover EC$23MM
------------------------------------------------------------
Cable and Wireless' LIME Antigua has filed suit in the Eastern
Caribbean Supreme Court against Digicel Antigua seeking to have
Digicel Antigua cease and desist, with immediate effect, from
illegally bypassing LIME's international network, Jamaica Observer
reports.  The report relates that LIME Antigua is also seeking
redress in the sum of EC$23 million that represents revenue that
LIME and the Antigua Public Utilities Authority have lost over the
past three years because of Digicel Antigua's bypass activities

"LIME has determined that Digicel Antigua is engaged in bypass
activities in relation to the origination and termination of
international calls out of and into Antigua and Barbuda in
contravention of the exclusive license under which LIME operates.
This action by Digicel has resulted in significant financial
losses to both LIME and APUA and by extension the Government of
Antigua and Barbuda.  We wrote to Digicel some weeks ago asking
that they put a halt to these activities failing which we would
have to pursue other options available to us.  They have not
discontinued the bypass activities and we therefore had no other
recourse but to initiate legal action seeking legal redress
through the law courts," the report quoted Don Austin, LIME's
Executive Vice President for Legal and Regulatory, as saying.

                            About LIME

LIME (Landline, Internet, Mobile, Entertainment), is a
communications provider owned by the British based Cable &
Wireless Communications plc operating in Anguilla, Antigua &
Barbuda, Barbados, British Virgin Islands, Cayman Islands,
Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St.
Lucia, St. Vincent & the Grenadines and Turks & Caicos in the
Caribbean.

                     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.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010, the company continues to carry these low
ratings from Moody's:

   -- long-term corp family rating at "B2"
   -- senior undecured debt rating at "Caa1"
   -- probability of default at "B2"


DIGICEL GROUP: Antigua Unit Faces Bypass Suit From LIME Antigua
---------------------------------------------------------------
Cable and Wireless' LIME Antigua has filed suit in the Eastern
Caribbean Supreme Court against Digicel Antigua seeking to have
Digicel Antigua cease and desist, with immediate effect, from
illegally bypassing LIME's international network, Jamaica Observer
reports.  The report relates that LIME Antigua is also seeking
redress in the sum of EC$23 million that represents revenue that
LIME and the Antigua Public Utilities Authority have lost over the
past three years because of Digicel Antigua's bypass activities

"LIME has determined that Digicel Antigua is engaged in bypass
activities in relation to the origination and termination of
international calls out of and into Antigua and Barbuda in
contravention of the exclusive license under which LIME operates.
This action by Digicel has resulted in significant financial
losses to both LIME and APUA and by extension the Government of
Antigua and Barbuda.  We wrote to Digicel some weeks ago asking
that they put a halt to these activities failing which we would
have to pursue other options available to us.  They have not
discontinued the bypass activities and we therefore had no other
recourse but to initiate legal action seeking legal redress
through the law courts," the report quoted Don Austin, LIME's
Executive Vice President for Legal and Regulatory, as saying.

                            About LIME

LIME (Landline, Internet, Mobile, Entertainment), is a
communications provider owned by the British based Cable &
Wireless Communications plc operating in Anguilla, Antigua &
Barbuda, Barbados, British Virgin Islands, Cayman Islands,
Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St.
Lucia, St. Vincent & the Grenadines and Turks & Caicos in the
Caribbean.

                     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.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010, the company continues to carry these low
ratings from Moody's:

   -- long-term corp family rating at "B2"
   -- senior undecured debt rating at "Caa1"
   -- probability of default at "B2"


LIAT LTD: To Close City Offices; May Fire Up to 12 Workers
----------------------------------------------------------
LIAT Limited will close its city offices in St John's, along with
the others across the Caribbean on August 31, 2010, which may
result to the dismissal of up to 12 workers, Antigua Observer
reports, citing General Secretary of the Antigua & Barbuda
Workers' Union Senator David Massiah.  "As was intimated through
ongoing dialogue through the consultative meetings, this decision
was taken as a result of the company's need to adapt its business
model in keeping with the changing economic and technological
environment.  And to promote the use of web-based and telephone
bookings."

According to the report, LIAT assured workers that all statutory
and collective bargaining commitments and procedures will be met;
all severance payments due to affected employers will be provided
at the time of concluded employment with the company and that
enhanced severance packages are also being proposed for the
affected employees.

The report notes that ABWU was among several unions which met in
Grenada to discuss the proposed office closures.  The report
relates that Mr. Massiah said that the consensus at those talks
was that LIAT's decision was not well founded and is a bad
business decision.

President of the Technical Allied Workers Union in Grenada,
Chester Humphrey, said that LIAT's proposal would increase already
dismal unemployment figures in the region and he is hoping the
unions can get LIAT to change its mind, the report adds.

                           About LIAT

Headquartered in Antigua and Barbuda, LIAT Limited --
http://www.liatairline.com-- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.


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


ALL SOFTWARE: Creditors' Proofs of Debt Due on September 20
-----------------------------------------------------------
Guillemi, Marta Susana, the court-appointed trustee for All
Software SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until September 20, 2010.

Mr. Susana will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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.

The Trustee can be reached at:

         Guillemi, Marta Susana
         Av. Corrientes 1585
         Argentina


DANIEL RAMOS: Asks for Preventive Contest
-----------------------------------------
Daniel Ramos SRL asked for preventive contest by cessation of
payments.


FIBRA PAPELERA: Asks for Preventive Contest
-------------------------------------------
Fibra Papelera SA asked for preventive contest.

The company stopped making payments last June 28.


LOMADA SA: Creditors' Proofs of Debt Due on September 14
--------------------------------------------------------
Javier Marcelo Espineira, the court-appointed trustee for Lomada
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 14, 2010.

Mr. Espineira will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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.

The Trustee can be reached at:

         Javier Marcelo Espineira
         Quirno Costa 1256
         Argentina


MADEIMPRES SA: Creditors' Proofs of Debt Due on September 9
-----------------------------------------------------------
Elsa Ester Andrade, the court-appointed trustee for Madeimpres
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until September 9, 2010.

Mr. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 31, 2011.

The Trustee can be reached at:

         Elsa Ester Andrade
         avenida Callao 449
         Argentina


MANDATOS Y RECUPEROS: Creditors' Proofs of Debt Due on Sept. 14
---------------------------------------------------------------
Carlos Alberto Carlino, the court-appointed trustee for Mandatos y
Recuperos SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until September 14, 2010.

Mr. Veiga will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14, 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.

The Trustee can be reached at:

         Carlos Alberto Carlino
         Bolivia 4309


MATAMIN SA: Creditors' Proofs of Debt Due on September 9
--------------------------------------------------------
Eduardo Horacio Rotger, the court-appointed trustee for Matamin
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 9, 2010.

Mr. Rotger will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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.

The Trustee can be reached at:

         Eduardo Horacio Rotger
         Sarmiento 1164
         Argentina


MATRICERIA AUSTRAL: Asks for Opening of Preventive Contest
----------------------------------------------------------
Matriceria Austral SA asks for opening of preventive contest.

The company stopped making payments last June 23, 2010.


PROMAKERS SA: Creditors' Proofs of Debt Due on September 14
-----------------------------------------------------------
Leonor Haydee Veiga, the court-appointed trustee for Promakers
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 14, 2010.

Ms. Veiga will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 23
in Buenos Aires, with the assistance of Clerk No. 46, 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.

The Trustee can be reached at:

         Leonor Haydee Veiga
         Bartolome Mitre 1711
         Argentina


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


SYNCORA HOLDINGS: Enters Second Waiver and Amendment
----------------------------------------------------
Syncora Holdings Ltd.'s subsidiary, Syncora Guarantee Inc.
("SGI"), has entered into a second waiver and amendment to the
Master Transaction Agreement of April 26, 2009 which allowed for a
partial pre-payment from SGI's wholly owned subsidiary, Syncora
Capital Assurance Inc., to SGI of $75 million of a $150 million
surplus note due to be paid in December 2011.  This pre-payment
will not change statutory surplus at SGI but it will reduce
statutory surplus at SCAI by the amount of the pre-payment.  The
pre-payment is one of several components of a plan being pursued
by SGI to address its previously announced surplus and liquidity
needs.  No assurance can be given that SGI will be successful in
pursuing or effectuating the remainder of its plan in a timely
manner or at all.

SHL also announced that an amended complaint has been filed by the
lead plaintiff in the putative securities class action brought
against Security Capital Assurance Ltd. and certain former
officers of SHL. In its press release of April 5, 2010, SHL
announced that the court had dismissed all claims in the original
complaint but had granted the lead plaintiff 90 days to file an
amended complaint.

                 About Syncora Guarantee Inc.

Syncora Guarantee Inc. -- http://www.syncora.com/-- is a wholly
owned subsidiary of Syncora Holdings Ltd.  Syncora Holdings Ltd.
is a Bermuda-domiciled holding company.

In April 2009, Standard & Poor's Ratings Services revised its
financial strength and financial enhancement ratings on Syncora
Guarantee Inc. to 'R' from 'CC'.  Standard & Poor's also revised
its counterparty credit rating on Syncora to 'D' from 'CC'.  An
insurer rated 'R' is under regulatory supervision because of its
financial condition.  The 'CC' counterparty credit, financial
strength, and financial enhancement ratings on Syncora Guarantee
U.K. Ltd. are unchanged because at this time, that company is not
subject to any regulatory orders that mandate the suspension of
claims payments.


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


CAMARGO CORREA: Gets License for US$1.1-Billion Ethanol Pipe
------------------------------------------------------------
Camargo Correa SA, Petroleo Brasileiro SA, and Mitsui & Co.
received a preliminary environmental license to build a US$1.1
billion ethanol pipeline in Brazil, Lucia Kassai at Bloomberg News
reports.  The report, citing a regulatory filing, relates that the
542-kilometer (337-mile) pipeline, set to start up in the second
half of 2011, will link mills in the states of Minas Gerais and
Sao Paulo to the Atlantic coast.

According to the report, Petrobras said that the pipeline will
transport 12.9 billion liters of ethanol a year.  The report
relates that construction is expected to start in the second half
of 2010.  The companies also plan to build two ethanol collection
centers, the report adds.

                      About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last 12
months through June 2007, Camargo Correa had net sales of BRL9.2
billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings rated Camargo and its special-
purpose vehicle CCSA Finance Limited:

   -- foreign currency issuer default rating 'BB';
   -- local currency issuer default rating 'BB';


GERDAU SA: BRL2.4BB Investment Will Diversify Product Portfolio
---------------------------------------------------------------
Local brokerage Brascan said that Gerdau S.A.'s BRL 2.4 billion
investments to begin producing flat steel will diversify its
product portfolio and result in increased revenues and improved
cash flow from 2012, Steel Guru News reports, citing BNAmericas.

According to the report, Brascan said that Gerdau SA will install
one hot rolling mill and one heavy plate mill at its A‡ominas unit
in Minas Gerais state's Ouro Branco.  Together, the report
relates, they will have installed capacity of 1.9 million tonnes
per annum.

Brascan, the report notes, said that the capacity expansion of
rolled products will be focused on supplying the domestic market,
so Gerdau SA will also benefit from its distribution network to
supply current and potential new clients.  Gerdau SA will also
lower exposure to volatility in raw material prices once it starts
using its own iron ore production to supply up to 95% of its needs
in 2012, Brascan added, the report says.

                           About Gerdau S.A.

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

                           *     *     *

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


JBS SA: Files Injunction in Italy Over INALCA
---------------------------------------------
JBS S.A. has filed an injunction with Italian legal authorities to
resolve pending corporate governance issues with the Cremonini
Group from whom JBS SA bought 50% of INALCA to form INALCA JBS,
Meat Trade Daily News reports.  INALCA JBS represents 2.8% of the
consolidated company's revenues.

According to the report, due to the non-compliance of certain
valid contractual clauses, JBS S.A. is taking this action in the
Italian judicial system to guarantee that its shareholders are not
jeopardized.  The report relates that the injunction is in
preparation for arbitration at the International Chamber of
Commerce in Paris and is directly related to the board members
indicated by JBS SA (including the chairman of the board) having
complete access to all relevant information and installations of
INALCA JBS and to the fulfillment of the clause which delegates to
JBS S.A. the nomination of the c.f.o. of INALCA JBS as well as the
c.f.o. of all subsidiaries of INALCA JBS.

                         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.


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


AR ASIA: Shareholders' Final Meeting Set for July 30
----------------------------------------------------
The shareholders of AR Asia Select Fund will hold their final
general meeting, on July 30, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BARYON FAR: Members' Final Meeting Set for August 20
----------------------------------------------------
The members of Baryon Far East Equity Fund will hold their final
general meeting, on August 20, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BASSWOOD OPPORTUNITY: Member to Hear Wind-Up Report on Aug. 10
--------------------------------------------------------------
The sole shareholder of Basswood Opportunity Partners, Inc. will
receive, on August 10, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877


BRASEXPRESS INC: Shareholder to Receive Wind-Up Report on July 29
-----------------------------------------------------------------
The sole shareholder of Brasexpress Inc. will receive, on July 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust Corporate Services (Cayman) Limited
         P.O. Box 32322, Grand Cayman
         KY1-1209 Cayman Islands
         Telephone: (345) 814-6712


CNC CAYMAN: Shareholders' Final Meeting Set for July 30
-------------------------------------------------------
The shareholders of CNC Cayman, Limited will hold their final
general meeting, on July 30, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FLAGNON COMPANY: Members' Final Meeting Set for August 20
---------------------------------------------------------
The members of Flagnon Company Limited will hold their final
general meeting, on August 20, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FUND IV: Shareholders' Final Meeting Set for August 6
-----------------------------------------------------
The shareholders of Fund IV Cayman, Co. will hold their final
general meeting, on August 6, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GLOBAL SCIENCE: Shareholder to Receive Wind-Up Report on Aug. 9
---------------------------------------------------------------
The sole shareholder of Global Science & Research Master Fund
Limited will receive, on August 9, 2010, at 12:00 noon, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9876


GLOBAL SCIENCE: Shareholder to Receive Wind-Up Report on Aug. 9
---------------------------------------------------------------
The sole shareholder of Global Science & Research Feeder Fund
Limited will receive, on August 9, 2010, at 12:00 noon, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9876


GOLDMAN SACHS: Shareholders' Final Meeting Set for August 6
-----------------------------------------------------------
The shareholders of Goldman Sachs Volatility Opportunities Fund,
Ltd. will hold their final general meeting, on August 6, 2010, at
9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


H.A.B. INVESTMENTS: Shareholders' Final Meeting Set for August 6
----------------------------------------------------------------
The shareholders of H.A.B. Investments Ltd. will hold their final
general meeting, on August 6, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


JUPITER FUND: Members' Final Meeting Set for July 27
----------------------------------------------------
The members of Jupiter Fund, Ltd will hold their final general
meeting, on July 27, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LATITUDE HOLDINGS: Shareholders' Final Meeting Set for August 6
---------------------------------------------------------------
The shareholders of Latitude Holdings Limited will hold their
final general meeting, on August 6, 2010, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ORION FUND: Members' Final Meeting Set for August 11
----------------------------------------------------
The members of Orion Fund will hold their final general meeting,
on August 11, 2010, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ORION MASTER: Members' Final Meeting Set for August 11
------------------------------------------------------
The members of Orion Master Fund will hold their final general
meeting, on August 11, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


POSITIVE FUND: Members' Final Meeting Set for August 6
------------------------------------------------------
The members of The Positive Fund SPC will hold their final general
meeting, on August 6, 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:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 914-8694
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


RL MILLENNIUM: Members' Final Meeting Set for August 10
-------------------------------------------------------
The members of RL Millennium Funding Company will hold their final
general meeting, on August 10, 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:

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


ROCK CAPITAL: Members' Final Meeting Set for August 13
------------------------------------------------------
The members of Rock Capital (GP) Ltd. & Rock Real Estate
Securities Fund L.P. will hold their final general meeting, on
August 13, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Andrew David Law
         Montague Sterling Centre
         P.O. Box N-3924 Nassau
         The Bahamas


STERLING STAMOS: Shareholders' Final Meeting Set for August 9
-------------------------------------------------------------
The shareholders of Sterling Stamos Concentrated Value (Offshore)
Fund will hold their final general meeting, on August 9, 2010, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


WCIP HOLDING: Shareholders' Final Meeting Set for August 6
----------------------------------------------------------
The shareholders of WCIP Holding Co I (Cayman) Ltd. will hold
their final general meeting, on August 6, 2010, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


BANCO DE COMERCIO: S&P Gives Positive Outlook; Keeps 'BB+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Banco de Comercio Exterior de Colombia S.A., the Republic of
Colombia's state-owned development bank, to positive from stable.
At the same time, S&P affirmed its 'BB+' long-term foreign
currency rating on the bank.

"S&P revised its outlook on BANCOLDEX following a similar change
to the outlook on Colombia," said Standard & Poor's credit analyst
Joydeep Mukherji.  BANCOLDEX's stand-alone credit profile is
equivalent to the issuer credit rating on the bank.  "S&P believes
the bank has a very strong link with Colombia and fulfills a very
important role in the sovereign's economic development strategy,"
said Mr. Mukherji.  "S&P also thinks that the likelihood of timely
and extraordinary government support to BANCOLDEX during a period
of financial distress is very high."

The Colombian government owns 99.7% of the bank, and the private
sector owns the remaining portion.  The bank likely will remain
under almost full governmental control, at least over the next
five years.

BANCOLDEX plays a key role in meeting the government's objective
of promoting exports, industrial competitiveness, and the growth
of small and medium-size enterprises and microcredits.  The
government is not involved in the daily management of the bank,
but it does have strong oversight of its activities and has
administrative mechanisms in place to monitor the bank's
performance and to respond in a timely manner in times of stress.
The government does not provide a direct guarantee on the bank's
debts, except on debt incurred from multilateral creditors.


ECOPETROL SA: S&P Gives Positive Outlook; Affirms 'BB+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Colombian majority state-owned oil and gas company
Ecopetrol S.A. and pipeline projects Centragas - Transportadora de
Gas de la Region Central de AP Gasoductos Administracion & Cia.
S.C.A. and TransGas de Occidente S.A. to positive from stable.

At the same time, S&P affirmed its 'BB+' corporate credit rating
on Ecopetrol and the 'BB+' issue-level ratings on Centragas' and
Transgas' respective $172 million and $240 million notes due 2010.

The outlook revision followed Standard & Poor's July 7 revision of
the foreign currency outlook on the Republic of Colombia (foreign
currency: BB+/Positive/B; local currency: BBB+/Stable/A-2)to
positive from stable, while affirming the 'BB+' foreign currency
and 'BBB+' ratings on the sovereign.

The positive foreign currency outlook on Colombia reflects the
likelihood of an upgrade if the next administration, led by
president-elect Juan Manuel Santos, pursues policies that
strengthen the growing resilience of the economy, including
reducing its vulnerability to external shocks.  Although
Colombia's net external liability position has widened in recent
years, this has stemmed largely from foreign direct investment,
with the portion of external debt shrinking modestly.

"The outlook revision on Ecopetrol results from the high
likelihood that the government of Colombia would provide timely
and sufficient extraordinary support to the company in the event
of financial distress, and from its stand-alone credit profile,"
said Standard & Poor's credit analyst Fabiola Ortiz.

S&P assesses the stand-alone credit profile on Ecopetrol in the
'BB' category.

According to S&P's government-related entities criteria, if S&P
raised its sovereign rating on Colombia to 'BBB-', S&P would
similarly raise its corporate credit rating on Ecopetrol, based on
its view of a "high" likelihood of extraordinary government
support.

The rating on Ecopetrol also reflects its leading position in
Colombia's oil and gas industry, low production costs, and proven
access to capital markets.

However, the rating is limited by the firm's exposure to commodity
price volatility and its aggressive expansion plans.

Ecopetrol is a vertically integrated oil company and plays a key
role in the local energy supply market.

The 'BB+' foreign currency ratings on Centragas' and Transgas'
notes reflect the position of majority state-owned oil and gas
company Ecopetrol as the single source of repayment and the
projects' adequate liquidity position relative to debt.

The positive outlooks reflect S&P's foreign currency sovereign
outlook on Colombia.  The positive outlook on Centragas and
Transgas mirrors that on Ecopetrol.


TERMOEMCALI SA: Fitch Affirms 'B-' Rating on $153.7 Mil. Notes
--------------------------------------------------------------
Fitch ratings has affirmed and simultaneously withdraws its 'B-'
long term rating on TermoEmcali's $153.7 million restructured
senior secured notes due on 2019.

As Fitch was expecting, on June 30, 2010, TermoEmcali's issuance
was paid in full with the proceeds of the bid offered by Ashmore
consistent with the takeover conditions.  As such, the notes are
completely paid off.  Consequently, Fitch withdraws the rating of
outstanding debt related to the project.



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


AIR JAMAICA: T&T Government Says More Workers Could Lose Jobs
-------------------------------------------------------------
The Trinidad and Tobago government could not assure that there
will be no more job losses at Air Jamaica Limited, RadioJamaica
reports.

As reported in the Troubled Company Reporter-Latin America on
May 7, 2010, Jamaica Observer said that Finance Minister Audley
Shaw said that 1,823 Air Jamaica employees were given redundancy
and severance payments through issued cheques from the
governments.  The report related that the move was a precursor to
the transition process for the divestment of the operations of the
national carrier to Trinidad and Tobago's Caribbean Airlines,
which took effect on May 1.

According to the Observer, Kamla Persad Bissessar, Prime Minister
of Trinidad and Tobago, said that given the many complexities
involved in operating Air Jamaica, anything is possible.  "There
is no guarantee when you go into business, the only guarantee we
can have is that we will try our very best to make it a success
because that is to our benefit and the benefit of our people hear
in Jamaica and in Trinidad and Tobago," the report quoted Ms.
Bissessar 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.


DIGICEL GROUP: Appoints Harry Smith to Board of Directors
---------------------------------------------------------
Digicel Jamaica has appointed former head of marketing Harry Smith
to its board of directors, Jamaica Observer reports.  The report
relates that Mr. Smith brings to the Digicel board a wealth of
commercial insight from his roles with companies like Red Stripe,
Shell Jamaica, Colgate-Palmolive and PA Benjamin.

According to the report, Mr. Smith, who is also on the boards of
Mona School of Business, UTech Foundation, Cari-Med, Kirk
Distributors and NCB Capital Markets, joins esteemed businessman
and fellow Jamaican, Tony Chang, on the Digicel Jamaica board.

"Digicel Jamaica holds a huge place in my heart.  For seven years
up to 2007, I was proud to be part of one of the biggest corporate
success stories that Jamaica has ever seen.  In my new role, I am
looking forward to helping to ensure that our loyal customers
continue to receive the best value, best service and best network,
courtesy of Jamaica's Bigger, Better Network", the report quoted
Mr. Smith as saying.

The report notes Mark Linehan, CEO of Digicel Jamaica, lauded Mr.
Smith's contribution to the development of Digicel and said he was
delighted to be welcoming him back to the Digicel family.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010, the company continues to carry these low
ratings from Moody's:

   -- long-term corp family rating at "B2"
   -- senior undecured debt rating at "Caa1"
   -- probability of default at "B2"


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


CL FINANCIAL: Lawyers Investigating Firm Terminated
---------------------------------------------------
Trinidad and Tobago Attorney General Anand Ramlogan has fired
teams of lawyers working in at least six separate jurisdictions on
the international criminal investigation against CL Financial
Limited on concern whether the government will continue to pursue
the expensive probe, Trinidad Express reports.

According to the report, among the lawyers whose briefs were
terminated were:

   -- Ed Davis of Florida, United States;
   -- Marlene Davidge of Canada;
   -- Queen's Counsel James Lewis of the United Kingdom;
   -- Senior Counsel Douglas Mendes;
   -- Frederick Gilkes;
   -- Michael Quamina and Stuart Young in Trinidad and Tobago; and
   -- lawyers in Barbados, Cayman Islands, Turks and Caicos and
      Guernsey in the Channel Islands of the United Kingdom.

The report says that unnamed sources said that close to TT$20
million had been budgeted to pay legal and expert fees for the
probe but as the investigation moved into a higher gear it was
evident the cost would have escalated.

Mr. Ramlogan told the Express that the "Clico matter is being
actively investigated and considered by my office.  And I intend
to explore both civil and criminal liability in pursuit of justice
on behalf of the innocent investors and policy holders."  The
report relates Mr. Ramlogan expressed concern during a recent
meeting about the vast amount of resources being expended to
pursue the investigation and questioned whether at the end of the
day the State will "get empty justice".

The report discloses that the investigations centre around the
February 2009 sale of Clico Energy, one of CL Financial's most
profitable companies, to Proman Holdings (Barbados) days after a
memorandum of understanding was signed by founder Lawrence Duprey
and the then Minister of Finance Karen Nunez-Tesheira debarring
the sale of the company's assets without the approval or consent
of the government.

                        About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies showed a deficit between US$6 billion
and US$8 billion.  Tobago President George Maxwell Richards, The
Express related, signed bailout bills for CL Financial, giving the
government the authority to control the company's unit, Colonial
Life Insurance Company, and giving the central bank extensive
powers to treat with CL Financial's collapse and the consequent
systemic crisis.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================



JOHNSTON INT'L: Placed in Receivership by British Caribbean Bank
----------------------------------------------------------------
Major Turks and Caicos Islands contractor Johnston International
Ltd. has been placed in receivership by British Caribbean Bank
Ltd., confirming rumors of financial problems since the company
locked the doors to its offices in the bank's building on
Governor's Road in Leeward two weeks ago, fptci.com reports.

According to the report, BCB Managing Director Andrew Ashcroft
said that Keith Arnold of Governor's Road, Leeward, was appointed
receiver of Johnston on July 7.

Johnston International is a Civil Engineering and Building
Contractor, specializing in construction and related services
throughout the Caribbean since 1966.


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


BANCO INDUSTRIAL: Seeks Settlement With Florida Regulators
----------------------------------------------------------
Florida banking regulators have backed away from their push to
close Banco Industrial de Venezuela's Miami agency, as both sides
have started settlement talks, Brian Bandell at South Florida
Business Journal reports.

According to the report, in November, BIV requested a hearing in
Florida Administrative Court after the Florida Office of Financial
Regulation moved to close the bank because it fell below the US$25
million in required capital for international banks.  The report
relates that the regulator called the bank "insolvent," and said
it does not have a functional board of directors or executive
management.  The OFR complaint also said BIV was out of compliance
with anti-money-laundering laws, the report says.

The report notes the bank had US$137 million in assets in Miami on
March 31.  The report relates that many of its accounts are used
to support Venezuelan business interests and governmental
activities in the U.S.

In its response to the OFR, the report discloses, the bank said
that the government of Venezuela would financially support it.

On June 30, 2010, the report says, the OFR and BIV filed a joint
motion to put the case in abeyance as they negotiate a settlement.
The bank told the regulator it would submit a new business plan.
The OFR said it started a routine examination of BIV's Miami
agency in cooperation with federal regulators, the report relates.

The Journal notes that an agreement has been drafted to settle the
dispute, but the joint motion did not reveal any details.  The
parties have 90 days to reach a settlement or the case would be
reopened, the report adds.

Banco Industrial de Venezuela is a Venezuelan state-owned bank.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                    Total
                                     Total    Shareholders
                                     Assets         Equity
Company             Ticker          (US$MM)        (US$MM)
-------             ------        ------------     -------


ARGENTINA

SOC COMERCIAL PL    SCDPF US       135360486     -251112324
SNIAFA SA-B         SDAGF US        11229696    -2670544.88
AUTOPISTAS SOL      APDSF US       358937631    -3636032.25
SOC COMERCIAL PL    CAD IX         135360486     -251112324
SOC COMERCIAL PL    CVVIF US       135360486     -251112324
SOC COMERCIAL PL    CADN EO        135360486     -251112324
COMERCIAL PL-ADR    SCPDS LI       135360486     -251112324
SOC COMERCIAL PL    COME AR        135360486     -251112324
SOC COMERCIAL PL    CADN SW        135360486     -251112324
COMERCIAL PLA-BL    COMEB AR       135360486     -251112324
COMERCIAL PL-C/E    COMEC AR       135360486     -251112324
COMERCIAL PLAT-$    COMED AR       135360486     -251112324
SNIAFA SA           SNIA AR         11229696    -2670544.88
SNIAFA SA-B         SNIA5 AR        11229696    -2670544.88
AUTOPISTAS SOL      AUSO AR        358937631    -3636032.25
IMPSAT FIBER NET    IMPTQ US       535007008      -17165000
IMPSAT FIBER NET    330902Q GR     535007008      -17165000
IMPSAT FIBER NET    XIMPT SM       535007008      -17165000
IMPSAT FIBER-CED    IMPT AR        535007008      -17165000
IMPSAT FIBER-C/E    IMPTC AR       535007008      -17165000
IMPSAT FIBER-$US    IMPTD AR       535007008      -17165000
IMPSAT FIBER-BLK    IMPTB AR       535007008      -17165000


BRAZIL

DOC IMBITUBA-RTC    IMBI1 BZ        94039192    -39398915.1
DOC IMBITUBA-RTP    IMBI2 BZ        94039192    -39398915.1
TELECOMUNICA-ADR    81370Z BZ      244857050    -14105541.5
FABRICA TECID-RT    FTRX1 BZ        63036915      -59781833
PROMAN              PRMN3B BZ       13088926    -87154.5455
TEKA-ADR            TEKAY US       237346006     -337859942
BOMBRIL             BMBBF US       292257859     -115839632
TELEBRAS-PF RCPT    CBRZF US       244857050    -14105541.5
TEKA                TKTQF US       237346006     -337859942
TEKA-PREF           TKTPF US       237346006     -337859942
PET MANG-RIGHTS     RPMG1 BZ       111979912     -134952358
PET MANG-RIGHTS     RPMG2 BZ       111979912     -134952358
PET MANG-RECEIPT    RPMG9 BZ       111979912     -134952358
PET MANG-RECEIPT    RPMG10 BZ      111979912     -134952358
SANESALTO           SNST3 BZ        28244078    -875835.818
BOMBRIL-RGTS PRE    BOBR2 BZ       292257859     -115839632
BOMBRIL-RIGHTS      BOBR1 BZ       292257859     -115839632
TELEBRAS/W-I-ADR    TBH-W US       244857050    -14105541.5
LAEP-BDR            MILK11 BZ      446499199    -70952298.9
LAEP INVESTMENTS    LEAP LX        446499199    -70952298.9
BALADARE            BLDR3 BZ       157282424    -54153845.9
TEXTEIS RENAU-RT    TXRX1 BZ        63634626    -91597740.4
TEXTEIS RENAU-RT    TXRX2 BZ        63634626    -91597740.4
TEXTEIS RENA-RCT    TXRX9 BZ        63634626    -91597740.4
TEXTEIS RENA-RCT    TXRX10 BZ       63634626    -91597740.4
TELEBRAS SA-RT      TELB9 BZ       244857050    -14105541.5
CIA PETROLIF-PRF    MRLM4 BZ       377602195    -3014291.72
CIA PETROLIFERA     MRLM3 BZ       377602195    -3014291.72
NOVA AMERICA SA     NOVA3 BZ        21287489     -183535527
NOVA AMERICA-PRF    NOVA4 BZ        21287489     -183535527
PROMAN              PRMN3 BZ        13088926    -87154.5455
STEEL DO BRASIL     STLB3 BZ        24189041    -2271641.06
TELEBRAS SA         TELB3 BZ       244857050    -14105541.5
TELEBRAS SA         TLBRON BZ      244857050    -14105541.5
TELEBRAS SA         TBASF US       244857050    -14105541.5
TELEBRAS SA-PREF    TELB4 BZ       244857050    -14105541.5
TELEBRAS SA-PREF    TLBRPN BZ      244857050    -14105541.5
TELEBRAS-ADR        TBAPY US       244857050    -14105541.5
TELEBRAS-ADR        TBRAY GR       244857050    -14105541.5
TELEBRAS-CEDE PF    RCTB4 AR       244857050    -14105541.5
TELEBRAS-CED C/E    RCT4C AR       244857050    -14105541.5
TELEBRAS-CEDEA $    RCT4D AR       244857050    -14105541.5
TELEBRAS-CEDE BL    RCT4B AR       244857050    -14105541.5
TELEBRAS-ADR        TBH US         244857050    -14105541.5
TELEBRAS-ADR        TBX GR         244857050    -14105541.5
TELEBRAS-ADR        RTB US         244857050    -14105541.5
TELEBRAS-ADR        TBASY US       244857050    -14105541.5
TELEBRAS-RCT PRF    TELB10 BZ      244857050    -14105541.5
TELEBRAS-RTS CMN    RCTB1 BZ       244857050    -14105541.5
TELEBRAS-RTS PRF    RCTB2 BZ       244857050    -14105541.5
TELEBRAS-RTS CMN    TCLP1 BZ       244857050    -14105541.5
TELEBRAS-RTS PRF    TLCP2 BZ       244857050    -14105541.5
TELEBRAS-COM RT     TELB1 BZ       244857050    -14105541.5
TELEBRAS-CM RCPT    RCTB31 BZ      244857050    -14105541.5
TELEBRAS-CM RCPT    TELE31 BZ      244857050    -14105541.5
TELEBRAS-RCT        RCTB33 BZ      244857050    -14105541.5
TELEBRAS-CM RCPT    TBRTF US       244857050    -14105541.5
TELEBRAS-CM RCPT    RCTB32 BZ      244857050    -14105541.5
TELEBRAS-PF RCPT    RCTB41 BZ      244857050    -14105541.5
TELEBRAS-PF RCPT    TELE41 BZ      244857050    -14105541.5
TELEBRAS-PF RCPT    RCTB42 BZ      244857050    -14105541.5
TELEBRAS-CEDE PF    TELB4 AR       244857050    -14105541.5
TELEBRAS-CED C/E    TEL4C AR       244857050    -14105541.5
TELEBRAS-CM RCPT    RCTB30 BZ      244857050    -14105541.5
TELEBRAS-PF RCPT    RCTB40 BZ      244857050    -14105541.5
TELEBRAS-PF RCPT    TBAPF US       244857050    -14105541.5
TELEBRAS-RECEIPT    TLBRUO BZ      244857050    -14105541.5
TELEBRAS-PF RCPT    TLBRUP BZ      244857050    -14105541.5
TELEBRAS-BLOCK      TELB30 BZ      244857050    -14105541.5
TELEBRAS-PF BLCK    TELB40 BZ      244857050    -14105541.5
TELEBRAS-CEDEA $    TEL4D AR       244857050    -14105541.5
ARTHUR LANGE        ARLA3 BZ        11642256    -17154461.9
ARTHUR LANGE SA     ALICON BZ       11642256    -17154461.9
ARTHUR LANGE-PRF    ARLA4 BZ        11642256    -17154461.9
ARTHUR LANGE-PRF    ALICPN BZ       11642256    -17154461.9
ARTHUR LANG-RT C    ARLA1 BZ        11642256    -17154461.9
ARTHUR LANG-RT P    ARLA2 BZ        11642256    -17154461.9
ARTHUR LANG-RC C    ARLA9 BZ        11642256    -17154461.9
ARTHUR LANG-RC P    ARLA10 BZ       11642256    -17154461.9
ARTHUR LAN-DVD C    ARLA11 BZ       11642256    -17154461.9
ARTHUR LAN-DVD P    ARLA12 BZ       11642256    -17154461.9
BOMBRIL             BOBR3 BZ       292257859     -115839632
BOMBRIL CIRIO SA    BOBRON BZ      292257859     -115839632
BOMBRIL-PREF        BOBR4 BZ       292257859     -115839632
BOMBRIL CIRIO-PF    BOBRPN BZ      292257859     -115839632
BOMBRIL SA-ADR      BMBPY US       292257859     -115839632
BOMBRIL SA-ADR      BMBBY US       292257859     -115839632
CAF BRASILIA        CAFE3 BZ        18540302     -790303366
CAFE BRASILIA SA    CSBRON BZ       18540302     -790303366
CAF BRASILIA-PRF    CAFE4 BZ        18540302     -790303366
CAFE BRASILIA-PR    CSBRPN BZ       18540302     -790303366
CHIARELLI SA        CCHI3 BZ        22274027    -44537138.2
CHIARELLI SA        CCHON BZ        22274027    -44537138.2
CHIARELLI SA-PRF    CCHI4 BZ        22274027    -44537138.2
CHIARELLI SA-PRF    CCHPN BZ        22274027    -44537138.2
DOC IMBITUBA        IMBI3 BZ        94039192    -39398915.1
DOCAS IMBITUBA      IMBION BZ       94039192    -39398915.1
DOC IMBITUB-PREF    IMBI4 BZ        94039192    -39398915.1
DOCAS IMBITUB-PR    IMBIPN BZ       94039192    -39398915.1
SCHLOSSER           SCLO3 BZ        13140656    -56631899.1
SCHLOSSER SA        SCHON BZ        13140656    -56631899.1
SCHLOSSER-PREF      SCLO4 BZ        13140656    -56631899.1
SCHLOSSER SA-PRF    SCHPN BZ        13140656    -56631899.1
D H B               DHBI3 BZ       133817651     -443044246
DHB IND E COM       DHBON BZ       133817651     -443044246
D H B-PREF          DHBI4 BZ       133817651     -443044246
DHB IND E COM-PR    DHBPN BZ       133817651     -443044246
DOCA INVESTIMENT    DOCA3 BZ       319046939     -119089653
DOCAS SA            DOCAON BZ      319046939     -119089653
DOCA INVESTI-PFD    DOCA4 BZ       319046939     -119089653
DOCAS SA-PREF       DOCAPN BZ      319046939     -119089653
DOCAS SA-RTS PRF    DOCA2 BZ       319046939     -119089653
ACO ALTONA          EALT3 BZ        80346370    -11622480.4
ACO ALTONA SA       EAAON BZ        80346370    -11622480.4
ACO ALTONA-PREF     EALT4 BZ        80346370    -11622480.4
ACO ALTONA-PREF     EAAPN BZ        80346370    -11622480.4
FABRICA RENAUX      FTRX3 BZ        63036915      -59781833
FABRICA RENAUX      FRNXON BZ       63036915      -59781833
FABRICA RENAUX-P    FTRX4 BZ        63036915      -59781833
FABRICA RENAUX-P    FRNXPN BZ       63036915      -59781833
HAGA                HAGA3 BZ        17657785    -62285757.3
FERRAGENS HAGA      HAGAON BZ       17657785    -62285757.3
FER HAGA-PREF       HAGA4 BZ        17657785    -62285757.3
FERRAGENS HAGA-P    HAGAPN BZ       17657785    -62285757.3
TECEL S JOSE        SJOS3 BZ        17924946    -18569451.2
TECEL S JOSE        FTSJON BZ       17924946    -18569451.2
TECEL S JOSE-PRF    SJOS4 BZ        17924946    -18569451.2
TECEL S JOSE-PRF    FTSJPN BZ       17924946    -18569451.2
CIMOB PARTIC SA     GAFP3 BZ        36817395    -33083086.5
CIMOB PARTIC SA     GAFON BZ        36817395    -33083086.5
CIMOB PART-PREF     GAFP4 BZ        36817395    -33083086.5
CIMOB PART-PREF     GAFPN BZ        36817395    -33083086.5
GAZOLA              GAZO3 BZ        12452143    -40298506.3
GAZOLA SA           GAZON BZ        12452143    -40298506.3
GAZOLA-PREF         GAZO4 BZ        12452143    -40298506.3
GAZOLA SA-PREF      GAZPN BZ        12452143    -40298506.3
GAZOLA-RCPTS CMN    GAZO9 BZ        12452143    -40298506.3
GAZOLA-RCPT PREF    GAZO10 BZ       12452143    -40298506.3
GAZOLA SA-DVD CM    GAZO11 BZ       12452143    -40298506.3
GAZOLA SA-DVD PF    GAZO12 BZ       12452143    -40298506.3
IGB ELETRONICA      IGBR3 BZ       145256033     -273857292
GRADIENTE ELETR     IGBON BZ       145256033     -273857292
GRADIENTE-PREF A    IGBR5 BZ       145256033     -273857292
GRADIENTE EL-PRA    IGBAN BZ       145256033     -273857292
GRADIENTE-PREF B    IGBR6 BZ       145256033     -273857292
GRADIENTE EL-PRB    IGBBN BZ       145256033     -273857292
GRADIENTE-PREF C    IGBR7 BZ       145256033     -273857292
GRADIENTE EL-PRC    IGBCN BZ       145256033     -273857292
HERCULES            HETA3 BZ        10710103     -164239944
HERCULES SA         HERTON BZ       10710103     -164239944
HERCULES-PREF       HETA4 BZ        10710103     -164239944
HERCULES SA-PREF    HERTPN BZ       10710103     -164239944
HOTEIS OTHON SA     HOOT3 BZ       238707299    -35774972.9
HOTEIS OTHON SA     HOTHON BZ      238707299    -35774972.9
HOTEIS OTHON-PRF    HOOT4 BZ       238707299    -35774972.9
HOTEIS OTHON-PRF    HOTHPN BZ      238707299    -35774972.9
RENAUXVIEW SA       TXRX3 BZ        63634626    -91597740.4
TEXTEIS RENAUX      RENXON BZ       63634626    -91597740.4
RENAUXVIEW SA-PF    TXRX4 BZ        63634626    -91597740.4
TEXTEIS RENAUX      RENXPN BZ       63634626    -91597740.4
PARMALAT            LCSA3 BZ       388720052     -213641144
PARMALAT BRASIL     LCSAON BZ      388720052     -213641144
PARMALAT-PREF       LCSA4 BZ       388720052     -213641144
PARMALAT BRAS-PF    LCSAPN BZ      388720052     -213641144
PARMALAT BR-RT C    LCSA5 BZ       388720052     -213641144
PARMALAT BR-RT P    LCSA6 BZ       388720052     -213641144
ESTRELA SA          ESTR3 BZ        61011894    -54580283.6
ESTRELA SA          ESTRON BZ       61011894    -54580283.6
ESTRELA SA-PREF     ESTR4 BZ        61011894    -54580283.6
ESTRELA SA-PREF     ESTRPN BZ       61011894    -54580283.6
RIOSULENSE SA       RSUL3 BZ        68368524    -9647727.04
RIOSULENSE SA       RSULON BZ       68368524    -9647727.04
RIOSULENSE SA-PR    RSUL4 BZ        68368524    -9647727.04
RIOSULENSE SA-PR    RSULPN BZ       68368524    -9647727.04
WETZEL SA           MWET3 BZ        84310496    -7570637.42
WETZEL SA           MWELON BZ       84310496    -7570637.42
WETZEL SA-PREF      MWET4 BZ        84310496    -7570637.42
WETZEL SA-PREF      MWELPN BZ       84310496    -7570637.42
MINUPAR             MNPR3 BZ        63223032    -58260845.7
MINUPAR SA          MNPRON BZ       63223032    -58260845.7
MINUPAR-PREF        MNPR4 BZ        63223032    -58260845.7
MINUPAR SA-PREF     MNPRPN BZ       63223032    -58260845.7
NORDON MET          NORD3 BZ        15427479    -20563974.4
NORDON METAL        NORDON BZ       15427479    -20563974.4
NORDON MET-RTS      NORD1 BZ        15427479    -20563974.4
NOVA AMERICA SA     NOVA3B BZ       21287489     -183535527
NOVA AMERICA SA     NOVAON BZ       21287489     -183535527
NOVA AMERICA-PRF    NOVA4B BZ       21287489     -183535527
NOVA AMERICA-PRF    NOVAPN BZ       21287489     -183535527
NOVA AMERICA-PRF    1NOVPN BZ       21287489     -183535527
NOVA AMERICA SA     1NOVON BZ       21287489     -183535527
PETRO MANGUINHOS    RPMG3 BZ       111979912     -134952358
PETRO MANGUINHOS    MANGON BZ      111979912     -134952358
PET MANGUINH-PRF    RPMG4 BZ       111979912     -134952358
PETRO MANGUIN-PF    MANGPN BZ      111979912     -134952358
RIMET               REEM3 BZ        63757622     -107162240
RIMET               REEMON BZ       63757622     -107162240
RIMET-PREF          REEM4 BZ        63757622     -107162240
RIMET-PREF          REEMPN BZ       63757622     -107162240
SANSUY              SNSY3 BZ       147187163    -86606310.8
SANSUY SA           SNSYON BZ      147187163    -86606310.8
SANSUY-PREF A       SNSY5 BZ       147187163    -86606310.8
SANSUY SA-PREF A    SNSYAN BZ      147187163    -86606310.8
SANSUY-PREF B       SNSY6 BZ       147187163    -86606310.8
SANSUY SA-PREF B    SNSYBN BZ      147187163    -86606310.8
BOTUCATU TEXTIL     STRP3 BZ        35101567    -13482713.5
STAROUP SA          STARON BZ       35101567    -13482713.5
BOTUCATU-PREF       STRP4 BZ        35101567    -13482713.5
STAROUP SA-PREF     STARPN BZ       35101567    -13482713.5
TEKA                TEKA3 BZ       237346006     -337859942
TEKA                TEKAON BZ      237346006     -337859942
TEKA-PREF           TEKA4 BZ       237346006     -337859942
TEKA-PREF           TEKAPN BZ      237346006     -337859942
TEKA-ADR            TKTPY US       237346006     -337859942
TEKA-ADR            TKTQY US       237346006     -337859942
VARIG SA            VAGV3 BZ       966298026    -4695211316
VARIG SA            VARGON BZ      966298026    -4695211316
VARIG SA-PREF       VAGV4 BZ       966298026    -4695211316
VARIG SA-PREF       VARGPN BZ      966298026    -4695211316
WIEST               WISA3 BZ        39838114    -93371563.1
WIEST SA            WISAON BZ       39838114    -93371563.1
WIEST-PREF          WISA4 BZ        39838114    -93371563.1
WIEST SA-PREF       WISAPN BZ       39838114    -93371563.1
FER C ATLANT        VSPT3 BZ       1.185E+09    -50468104.7
FER C ATLANT-PRF    VSPT4 BZ       1.185E+09    -50468104.7
FERROVIA CEN-DVD    VSPT11 BZ      1.185E+09    -50468104.7
FERROVIA CEN-DVD    VSPT12 BZ      1.185E+09    -50468104.7
FER C ATL-RCT CM    VSPT9 BZ       1.185E+09    -50468104.7
FER C ATL-RCT PF    VSPT10 BZ      1.185E+09    -50468104.7
CIA PETROLIFERA     MRLM3B BZ      377602195    -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ      377602195    -3014291.72
CIA PETROLIFERA     1CPMON BZ      377602195    -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ      377602195    -3014291.72
VARIG PART EM TR    VPTA3 BZ        49432124     -399290426
VARIG PART EM-PR    VPTA4 BZ        49432124     -399290426
VARIG PART EM SE    VPSC3 BZ        96617351     -460274609
VARIG PART EM-PR    VPSC4 BZ        96617351     -460274609


CHILE

CHILESAT CO-ADR     TL US          649980376    -82003656.5
CHILESAT CORP SA    TELEX CI       649980376    -82003656.5
CHILESAT CO-RTS     CHISATOS CI    649980376    -82003656.5
TELMEX CORP SA      CHILESAT CI    649980376    -82003656.5
TELEX-A             TELEXA CI      649980376    -82003656.5
TELMEX CORP-ADR     CSAOY US       649980376    -82003656.5
TELEX-RTS           TELEXO CI      649980376    -82003656.5


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *