TCRLA_Public/100714.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

              Wednesday, July 14, 2010, Vol. 11, No. 137

                            Headlines



A R G E N T I N A

COA CONSTRUCCIONES: Creditors' Proofs of Debt Due on September 30
COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due on Sept. 17
GRUPPO PRETTO: Creditors' Proofs of Debt Due on September 4
LOS PINOS: Asks for Preventive Contest
MARKETING AND: Creditors' Proofs of Debt Due on August 30

* ARGENTINA: Fitch Upgrades Issuer Default Rating to 'B'


B E R M U D A

NORWEGIAN OFFSHORE: Creditors' Proofs of Debt Due on July 27
NORWEGIAN OFFSHORE: Members' Final Meeting Set for August 19
WOHL CHARITABLE: Creditors' Proofs of Debt Due on July 27
WOHL CHARITABLE: Members' Final Meeting Set for August 19


B R A Z I L

ALL AMERICAN: Brazil to Issue New Decree to Boost Competition
BANCO MERCANTIL: Moody's Assigns 'Ba3' Rating on US$200 Mil. Notes
BANCO SOFISA: To Enter "Quiet Period" on July 20
COMPANHIA SIDERURGICA: Wisco to Invest in Riversdale Mining
GERDAU SA: Won't Join Amazon Dam Joint Venture

GOL FINANCE: S&P Assigns 'B+' Rating on Senior Unsec. Notes
GOL LINHAS: Fitch Assigns 'BB-' Rating on Proposed Senior Notes
GOL LINHAS: To Offer Senior Notes Due 2020
GRUPO FAMSA: Fitch Assigns 'B+/RR4' Rating on US$200 Mil. Notes


C A Y M A N  I S L A N D S

AGAM SPV: Shareholders' Final Meeting Set for July 16
AGAM SPV: Shareholders' Final Meeting Set for July 16
AL-SANABEL INVESTMENTS: Shareholders' Final Meeting Set for Aug. 6
ALPHA REAL: Shareholders' Final Meeting Set for August 6
BBVA CAPITAL: Shareholders' Final Meeting Set for August 12

BLUEWATER EQUITY: Shareholders' Final Meeting Set for August 9
BLUEWATER FUNDS: Shareholders' Final Meeting Set for August 9
BOEDROMIA INVESTMENTS: Shareholders' Final Meeting Set for Aug. 12
CAIRN CAPITAL: Shareholders' Final Meeting Set for August 9
CREF NO. 3: Shareholder to Hear Wind-Up Report on August 23

DUNBAR INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 13
LONGACRE SPECIAL: Shareholders' Final Meeting Set for August 9
MATRIX EUROPE: Shareholders' Final Meeting Set for August 16
MATRIX EUROPE: Shareholders' Final Meeting Set for August 16
MBT CAYMAN: Shareholder to Receive Wind-Up Report on July 29

NORTHBAY INVESTMENTS: Member to Hear Wind-Up Report on August 13
STANFORD-HAVELL: Shareholder to Receive Wind-Up Report on July 27
STONE FUND: Shareholders' Final Meeting Set for August 6
STONE FUND: Shareholders' Final Meeting Set for August 6
VINO ABSOLUTE: Shareholders' Final Meeting Set for August 6


C O L O M B I A

ECOPETROL SA: To Update Code of Good Governance
PETROECUADOR: June Oil Exports Rise 35% to US$553.6 Million


J A M A I C A

AIR JAMAICA: JHTA Says Airline Brand Will be Retained
JPSCO: Customers to See Further Rate Decline
JPSCO: Former Legislator Claims JM$250,000++ Legal Costs


M E X I C O

CONSORCIO ARA: 2009 Recession Caused Revenue to Stall
FINANCIERA INDEPENDENCIA: Names New Chief Financial Officer
FINANCIERA INDEPENDENCIA: To Hold 2Q Conference Call on July 29
GRUPO FAMSA: S&P Assigns Corporate Credit Rating at 'B'




                         - - - - -


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


COA CONSTRUCCIONES: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------------
Andres Luis Martorelli, the court-appointed trustee for COA
Construcciones y Servicios Publicos SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until September 30,
2010.

Mr. Martorelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

         Andres Luis Martorelli
         Beruti 2926
         Agentina


COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due on Sept. 17
------------------------------------------------------------------
Claudio Jorge Haimovici, the court-appointed trustee for
Comunicaciones Graficas SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until September 17, 2010.

Mr. Haimovici 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. 8, 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:

         Claudio Jorge Haimovici
         Maipu 1131
         Argentina


GRUPPO PRETTO: Creditors' Proofs of Debt Due on September 4
-----------------------------------------------------------
Anibal Carrillo, the court-appointed trustee for Gruppo Pretto
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until September 4, 2010.

Mr. Carrillo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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 May 13, 2011.

The Trustee can be reached at:

         Anibal Carrillo
         Juncal 615
         Argentina


LOS PINOS: Asks for Preventive Contest
--------------------------------------
Los Pinos Maderas en Chapa SRL asked for preventive contest.

The company stopped making payments last December 5, 2009.


MARKETING AND: Creditors' Proofs of Debt Due on August 30
---------------------------------------------------------
Luis A. Cortes, the court-appointed trustee for Marketing and
Phone SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 30, 2010.

Mr. Cortes will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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:

         Luis A. Cortes
         Avenida Cordoba 1646
         Argentina


* ARGENTINA: Fitch Upgrades Issuer Default Rating to 'B'
--------------------------------------------------------
Fitch Ratings has upgraded Argentina's long-term foreign currency
Issuer Default Rating to 'B' from 'RD' with a Stable Outlook.
Fitch also upgraded the long-term local currency IDR to 'B' from
'B-'.  The Outlook on the Local Currency IDR is also Stable.  In
addition, Fitch has affirmed Argentina's short-term IDR at 'B' and
the Country Ceiling at 'B'.  Fitch withdraws the ratings of
Argentine secured and unsecured debt instruments currently rated
'D' and assigns a 'B' rating to the Global 2017 US$950 million
issued as part of the recent exchange.

The removal of the 'RD' long-term foreign currency IDR reflects
the completion of the second defaulted debt swap with a 67%
participation rate.  As a result of this last transaction and the
one in 2005, Argentina has completed the restructuring of over 90%
of the 2001 defaulted bonds.  In Fitch's view, this represents a
positive step toward normalizing relations with creditors.

Argentina's 'B' long-term foreign currency IDR is supported by
comparatively high per capita income levels, high economic growth
in recent years, a relatively favorable public debt composition
and eight consecutive years of current account surpluses.
Moreover, Argentina was able to manage balance of payments
pressures and continued to service debt in 2008 and 2009 despite
the external and domestic shocks and financing constraints it
faced during this period.

"Relatively manageable public sector financing needs, improved
near-term economic prospects, as well as demonstrated flexibility
to respond to external and domestic confidence shocks in 2009
support Argentina's capacity to service its debt obligations over
Fitch's forecast horizon," said Erich Arispe, Director in Fitch's
Sovereign Group.  Fitch forecasts Argentina's growth to top 5% in
2010 underpinned by favorable commodity prices, improved
confidence indicators and continued rapid fiscal spending.

In addition, financing requirements appear manageable over the
next two years and could be met due to continued intra-public
sector financing, significant holdings of government debt (37% of
total outstanding before the exchange) by public sector entities,
and the ability to tap into the central bank reserves for debt
service.

Nevertheless, Argentina's credit profile is constrained by its
volatile macroeconomic performance, a weak policy framework, as
well as still high government debt ratios relative to sovereigns
rated in the 'B' category.  Fitch notes Argentina's fiscal policy
remains expansionary and medium-term fiscal sustainability depends
greatly on the economic cycle.  Moreover, the completion of the
2010 debt swap does not automatically open new funding sources,
hence financing flexibility remains limited.  Access to voluntary
debt markets will be dependent on investors' risk perception and
the development of legal challenges by holdout bondholders.

A weakened macroeconomic and institutional framework, policy
unpredictability, and increased state intervention in the economy
limit medium-term growth prospects.  In addition, weakened
credibility of official data, particularly with regards to GDP and
inflation, also undermines investor confidence.

While reserves stand currently above US$50 billion (approximately
15% of GDP), Argentina's international liquidity ratio of 112.7%
is low in comparison with peers.  "High commodity dependence in
terms of exports, comparatively low foreign direct investment
inflows, and recent episodes of capital flight highlight the risk
to external accounts," added Mr. Arispe.

Greater availability of sources of financing, policy adjustments
that improve the overall macroeconomic framework, and greater
transparency of official data could bolster Argentina's
creditworthiness.  On the contrary, emergence of a difficult
financing outlook in the context of a significant deterioration in
the fiscal stance could undermine creditworthiness.  Renewed
threats to investor confidence leading to capital flight, currency
instability and/or erosion of international reserves could also
put downward pressure on Argentina's ratings.


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


NORWEGIAN OFFSHORE: Creditors' Proofs of Debt Due on July 27
------------------------------------------------------------
The creditors of Norwegian Offshore Consultants Ltd. are required
to file their proofs of debt by July 27, 2010, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canonas Court, 22 Victoria Street
         Hamilton, Bermuda


NORWEGIAN OFFSHORE: Members' Final Meeting Set for August 19
------------------------------------------------------------
The members of Norwegian Offshore Consultants Ltd. will hold their
final general meeting, on August 19, 2010, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canonas Court, 22 Victoria Street
         Hamilton, Bermuda


WOHL CHARITABLE: Creditors' Proofs of Debt Due on July 27
---------------------------------------------------------
The creditors of Wohl Charitable Enterprises are required to file
their proofs of debt by July 27, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canonas Court, 22 Victoria Street
         Hamilton, Bermuda


WOHL CHARITABLE: Members' Final Meeting Set for August 19
---------------------------------------------------------
The members of Wohl Charitable Enterprises will hold their final
general meeting, on August 19, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canonas Court, 22 Victoria Street
         Hamilton, Bermuda


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


ALL AMERICAN: Brazil to Issue New Decree to Boost Competition
-------------------------------------------------------------
Transportation Minister Paulo Sergio Passos said that Brazil's
government will start talks with ALL America Latina Logistica SA
and other railroad operators about new rules designed to boost
competition and cut freight costs, Carla Simoes and Katia Cortes
at Bloomberg News report.  President Luiz Inacio Lula da Silva
will issue a decree "soon" that aims to increase the sharing of
railways and put idled tracks back into operation, Mr. Passos told
the news agency an interview.

According to the report, Mr. Passos said that under the new
regulatory framework, the government would grant licenses to use a
portion of the rail's capacity rather than awarding the full
rights to a single company or group.  "By doing that, we'll cut
freight costs and create more competition," the report quoted Mr.
Passos as saying.  "Existing contracts will be respected."

Brazil, the report notes, wants companies such as ALL America,
Vale and MRS Logistica SA to help expand the nation's rail
network.  The Transportation Ministry said that the investments
will help increase the percentage of goods transported by rail to
35% by 2025 from 25% now.

The National Association of Railroad Operators, the report says,
ALL America, and Vale and Curitiba hold two-thirds of the rail
concessions granted in the South American nation.  "The government
will need to negotiate well with the operators to avoid judicial
disputes," Rosangela Ribeiro, a utilities analyst for Sao Paulo-
based SLW Corretora de Valores e Cambio Ltda, told the news agency
in a telephone interview.  "If the government is willing to
negotiate, then it's going in the right direction," he added.

                 About All American Latina Logistica

All American Latina Logistica (ALL) transports freight.  The
company ships grain and consumer goods by rail in Brazil and
Argentina.  ALL also offers warehousing, logistics, and other
services.

                        *     *     *

As of January 12, 2010, the company continues to carry Fitch
rating's "BB-" long-term issuer default ratings.


BANCO MERCANTIL: Moody's Assigns 'Ba3' Rating on US$200 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term foreign
currency debt rating to the US$200 million subordinated notes
issued by Banco Mercantil do Brasil S.A.  The notes are due July
2020, and will be eligible for Tier 2 equity treatment upon
regulatory approval.  The outlook on the rating is stable.

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential to
BMB's Ba2 global local currency deposit rating, per Moody's
notching convention.  Moody's also noted that BMB's foreign
currency debt ratings remain unconstrained by Brazil's Baa2
foreign currency country ceiling for bonds and notes.

The last rating action on BMB was on November 1st, 2007, when
Moody's assigned long-term foreign currency debt rating of Ba2 to
BMB's US$175 million senior unsecured notes.  All other ratings
remained unchanged.

BMB is headquartered in Belo Horizonte, Brazil, with assets
totaling BRL8.65 billion (US$4.86 billion) and equity of
BRL704 million (US$395 million) as of March 31, 2010.

This rating was assigned to the US$200 million Subordinated Notes
due 2020:

  -- Long-term foreign currency debt rating: Ba3, with stable
     outlook


BANCO SOFISA: To Enter "Quiet Period" on July 20
------------------------------------------------
Banco Sofisa S.A. informed the market that, in line with the best
practices of Corporate Governance, it will enter its Quiet Period
on July 20, 2010.  From this date on till its earnings disclosure
to the market, Banco Sofisa will not comment on matters related to
its results in order to ensure greater transparency and fairness
in the information provided to the market.

The schedule of the Announcement of 2Q10 Results is:

   Period                          Event
   ------                          -----
   07.20.2010 to 08.04.2010        Quiet Period
   08.04.2010 *                    Announcement 2Q10 Results
   08.05.2010 - 10:00 a.m.(BR)     Conference Call in Portuguese
   08.05.2010 - 11:00 a.m.(BR)     Conference Call in English

   * After trading hours

                        About Banco Sofisa

Banco Sofisa SA is a full service commercial bank.  The bank
specializes in credit for small to medium companies, Banco
operates branches throughout Brazil.

As of April 14, 2010, the bank continues to carry Moody's "Ba1"
long-term rating, long-term bank deposits ratings, and senior
unsecured debt rating.  The bank also carries Moody's "D+" bank
financial rating.


COMPANHIA SIDERURGICA: Wisco to Invest in Riversdale Mining
-----------------------------------------------------------
China's Wuhan Iron and Steel Corporation (Wisco) plans to invest
in Riversdale mining, Business Standard reports.  Tata Steel and
Companhia Siderurgica Nacional S.A. holds 21.8% and 16% stake,
respectively, in the company.  The report relates that Wisco would
subscribe for an 8%.

According to the report, all the three companies are looking to
secure raw material supplies in a volatile market.

Last year, the report notes, Riversdale disclosed an updated
resource and reserve statement for the Benga coal project in Tete
province.  Based on the data collected, a coal resource of four
billion tonnes has been estimated, the report adds.

                              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+.


GERDAU SA: Won't Join Amazon Dam Joint Venture
----------------------------------------------
Lucia Kassai at Bloomberg News reports that Gerdau SA said it
won't join the group building Brazil's Belo Monte power dam in the
Amazon as rising demand prompts it to focus investments on steel.

According to the report, the company commented on the decision in
an e-mailed statement.

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 lon
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.


GOL FINANCE: S&P Assigns 'B+' Rating on Senior Unsec. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
rating to the senior unsecured guaranteed notes issued by Gol
Finance Inc., a wholly owned subsidiary of Gol Linhas Aereas
Inteligentes S.A. (BB-/Stable/--).  The notes will be
unconditionally guaranteed by GOL and VRG Linhas Aereas S.A. (not
rated).

The rating is one notch lower than the corporate credit rating on
GOL, reflecting the effective subordination of the notes to
existing secured debts.  Under S&P's criteria, operating leases
and other aircraft financing are assumed to be senior secured
obligations with priority of payment relative to unsecured debt.
Proceeds from the issuance are to be used for the repayment of
certain debt, to extend the overall maturity profile.

The stable outlook on GOL reflects S&P's opinion that the company
will keep improving its financial metrics in the next few
quarters, even assuming moderate yield expansion, thanks to its
more-efficient operations and some domestic market improvement.
This would allow GOL to deleverage, to an operating-lease-adjusted
(OLA) total debt to EBITDA of about 5x by year-end 2010, while
maintaining a cash position of more than Brazilian reais
(R$) 1.5 billion in the next few years.

S&P could raise the ratings if GOL reduces its indebtedness and
further improves cash generation to a level beyond what S&P
expect, reaching an OLA total debt to EBITDA of less than 4x.  A
downgrade could result from deteriorating liquidity and material
changes in profitability, due to cost pressures or a more
competitive market with even weaker yields, with OLA total debt to
EBITDA consistently in excess of 6x and declining cash reserves.

                           Ratings List

                Gol Linhas Aereas Inteligentes S.A.

   Corporate Credit Rating                         BB-/Stable/--

                           New Rating

                         Gol Finance Inc.

        Senior Unsecured                                B+


GOL LINHAS: Fitch Assigns 'BB-' Rating on Proposed Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Gol Linhas Aereas
Inteligentes S.A.'s proposed senior guaranteed notes due 2020.
These notes will be issued through GOL's subsidiary, GOL Finance,
and will be unconditionally guaranteed by GOL and VRG Linhas
Aereas S.A., a wholly owned subsidiary of GOL.  The notes will be
junior to any outstanding secured debt of the issuer and its
guarantors and will rank pari passu with the outstanding
US$200 million of senior notes due 2017.  The target amount of
the proposed issuance is in the range of US$200 million to
US$400 million; the final amount of the issuance will depend on
market conditions.  Proceeds from the proposed issuance will be
used to refinance existing debt.

Fitch currently rates GOL:

  -- Foreign currency and local currency Issuer Default Ratings
     'BB-';

  -- US$200 million perpetual bonds 'BB-';

  -- US$200 million of senior notes due 2017 'BB-';

  -- National scale rating 'A-(bra)'.

The Rating Outlook is Stable.

The ratings reflect GOL's consistent improvements in cash flow
generation, comfortable liquidity, and continued decline in
leverage during the last several quarters.  The ratings also
factor in expectations that the company will continue lowering its
net leverage while maintaining an ample cash position.  The
company is exposed to fuel cost volatility and other industry-
related risks, such as revenue volatility, high operating leverage
and increasing competition.  The ratings incorporate the high
degree of sensitivity of GOL's operations to changes in the
macroeconomic scenario.

The Stable Outlook reflects expectations that GOL will maintain
its solid market position as Brazil's second largest airline and
that the company will continue to benefit from stronger domestic
demand for domestic air travel in the business and leisure
segments following the recovery in Brazil's economy.  Any material
event that would positively or negatively alter the company's
business and/or financial profile could affect the company credit
quality.

Business Strategy Focused on Domestic Market:

GOL has a solid market position in the Brazilian domestic market
with a 41% market share at the end of May 2010; this segment is
benefiting the most from the improving Brazilian economy.  In the
first quarter of 2010 (1Q'10) and for the first five months of
2010 (January-May), Brazil's domestic flight demand, measured by
revenue passenger kilometers (domestic RPK) increased by 35% and
29.9%, respectively, over the same periods of the prior year.
Brazil's demand for international traffic, meanwhile, increased at
lower rates of 12.8% and 11.7%, respectively, during the same
periods.

The company has focused its operations primarily in the domestic
market and is taking advantage of the most profitable routes in
Brazil, and from its access to approximately 45%-50% of the
available slots in Brazil's most important airports.  This
business strategy allowed the company to maintain EBITDAR margins
around 20% during the last six quarters ended in March 2010.

Solid Liquidity, Cash 20%-25% Revenues:

Positively, GOL dramatically improved its liquidity during
the last four quarters as well as its commitment to maintain
specific cash targets in the range of 20%-25% over its last 12-
month period revenues.  The company ended the 1Q'10 with a cash
position of BRL1.4 billion, 2.5 times and 7.7x higher than its
cash position by the end of fiscal year 2008 (BRL415 million)
and 1Q'09 (BRL396 million), respectively.  Steps taken by GOL
during 2009 to improve its liquidity included a capital
increase of BRL203.5 million and the issuance of BRL400 million
in local debentures due in 2011.  In addition, the company
completed an equity offering which generated net proceeds of
BRL602 million.  The company also raised BRL255 million through
the advance sale of miles to Bradesco and Banco do Brasil.

Improving Cash Flow Generation, Further Deleverage Expected:

GOL's net leverage is expected to be around 4x by the end of FY
2010 as the company continues to improve cash flow generation,
measured by EBITDAR, and reduce its net leverage.  EBITDAR
improvements are expected to be driven by higher load factors and
lower ex-fuel costs, while yields are not expected to improve.
During the LTM ended March 2010, GOL generated BRL1.3 billion of
EBITDAR, an improvement from BRL826 million and BRL681 million
during the comparable period in 2009 and FY 2008, respectively.

GOL's total debt adjusted for operating leases was BRL7.3 billion
at the end of March 2010, while its cash and marketable securities
balance was BRL1.4 billion.  These figures result in an adjusted
net debt-to-EBITDAR ratio of 4.7x for the LTM ended in March 2010,
which favorably compares with the company's net leverage by the
end of December 2008 and September 2009 of 11.0x and 6.2x,
respectively.  GOL's on-balance-sheet debt totalled BRL3.2 billion
by the end of March 2010 and consists of BRL1.8 billion of secured
debt and financial leases, BRL134 million in PDP loans, and BRL687
million in local public debentures and perpetual bonds.  Lease
expense for the LTM were BRL583 million, resulting in an off-
balance-sheet debt adjustment of BRL4.1 billion.

High Operational Risk:

GOL's operational results are highly correlated to the domestic
economy.  The lack of product and geographic diversification in
the company's business model is the result of the domestic
passenger segment representing approximately 90% of its revenues.
The ratings also incorporate the positive current business
environment affecting the domestic segment as the Brazilian
economy is expected to grow by 7.0% and 4.5% during 2010 and 2011,
respectively.  Negative changes in the macroeconomic scenario
could create pressure on ratings.

The company is exposed to currency risk as approximately 90% of
the company's revenues are denominated in local currency, while
its cost structure has a significant component in U.S. dollars,
representing approximately 60% of the company's total costs.  In
addition, the company's debt is mostly denominated in U.S.
dollars, which represents approximately 80% of the company's total
debt.  Also factored into the ratings is the company's exposure to
oil price volatility, since fuel costs represent approximately
32%-42% of its cost structure.

Overcapacity Risk, Increasing Competition:

Based on the company's fleet plan, overcapacity risk is moderate
during the next two years, 2010 and 2011.  By 2013 and thereafter,
the company's increase in capacity could potentially generate some
overcapacity and affect the company's cash flow generation.  GOL's
fleet plan for the next two years considers the growth of its
operational fleet from 108 aircrafts by the end of March 2010 to
111 and 115 by the end of 2010 and 2011, respectively.  The
company's capacity will increase from 12% to 18% in 2010 on a
year-over-year basis, from 39.9 billions available seat kilometers
posted by the end of 2009.  The company maintains aircraft
commitments for years 2010 and 2011 of BRL772 million and
BRL1.2 billion, respectively, while for 2012 and 2013 the company
maintains aircraft commitments of BRL842 million and BRL2.7
billion, respectively.  At the end of March 2010, GOL maintains a
standardized fleet composed primarily of 737NG aircrafts with and
average age of 5.8 years.

Increasing competition has and will continue to pressure the
industry's yields during the next quarters with the main players
focusing more on absorbing demand through increased load factors.
Counterbalancing this increase in competition is the limited
access to slots in the Brazilian airports, which will continue to
limit the access of new players while allowing main local players
to maintain strong market positions.


GOL LINHAS: To Offer Senior Notes Due 2020
------------------------------------------
Brazilian airline GOL Linhas Aereas Inteligentes S.A. will issue
senior guaranteed dollar-denominated notes due 2020 through its
subsidiary, GOL Finance, Alastair Stewart at Dow Jones Newswires
reports, citing a company filing.

According to the report, an unnamed source said that the deal is
expected to price this week through managers Bank of America
Merrill Lynch, Citigroup, Itau and BB Securities.  The report
relates the securities are noncallable for five years and are
rated B+ by Standard & Poor's and BB- by Fitch Ratings.

GOL and its subsidiary VRG Linhas Aereas S.A. (VRG) will guarantee
the operations.

The company, the report notes, plans to use the funds to pay of
debts that come due over the next three years.  Fitch ratings said
GOL Linhas hopes to raise US$200 million to US$400 million from
the issuance, the report adds.

                         About Gol Linhas

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

                           *     *     *

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


GRUPO FAMSA: Fitch Assigns 'B+/RR4' Rating on US$200 Mil. Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4' rating to the up to
US$200 million of Grupo Famsa, S.A.B. de C.V. proposed senior
notes due in up to five years.  Proceeds from the issuance will be
used to refinance current debt as well as for general corporate
purposes.

Additionally, Fitch has assigned these ratings:

  -- Local currency Long-Term Issuer Default Rating at 'B+';
  -- Foreign currency Long-Term IDR at 'B+'.

Fitch currently rates Famsa on the National Scale:

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

  -- Short-term national scale rating 'F3(mex)';

  -- Certificados Bursatiles issuance with partial guarantee from
     NAFIN of MXP$1,000 million 'A(mex)';

  -- Short term national scale Certificados Bursatiles 'F3(mex)'.

The Rating Outlook is Stable.

The ratings reflect Famsa's market position in the retail sector,
diversification of business risk by commercializing a different
array of products with cash and credit in the different markets
the company serves in Mexico and the United States, being the
latter of increasing importance within Famsa's operation after the
acquisitions done in 2007 and 2008, and also incorporate the 'BBB-
(mex)' and 'F3(mex)' ratings assigned to Banco Ahorro Famsa.  On
the other hand, these are limited by the weakness in free cash
flow as a result of a lower economy dynamism that has affected
same-store sales both in Mexico and the United States.  However,
Famsa's same store sales in Mexico have experienced a recovery
trend since the first quarter of 2009 (1Q'09).

Famsa's banking subsidiary, Banco Ahorro Famsa, Institucion de
Banca Multiple, has gradually improved its financial performance,
despite pressures from high provisions (1Q'10: 48.1% of adjusted
financial margin).  Origination growth has settled down, which has
contributed to reduce such costs; although, client sensibility
toward a challenging economic environment is a concern for asset
quality metrics in the foreseeable future.  At 1Q'10, returns on
assets and on equity stand at 3.9% and 26.7%, respectively, while
the efficiency ratio is 35.8%, which is expected to remain stable.
Fitch does not rule out the continuity of a gradual improvement in
financial performance, though it will remain pressured by credit
costs.

Banco Ahorro Famsa's retail deposits from its broad client base
have grown to substitute, almost entirely, for the bank's
wholesale and interbank financing.  Its geographic
diversification, growing customer base and the creation of
patrimonial bank services are factors that have positively
contributed to increase long-term deposits.  However, Fitch
considers that deposit permanence is still a challenge, therefore
it does not rule out the possibility of some deposits volatility
in the near term.  Given its short operating track record it will
be important for BAF to prove its stability on recurring sources
of financing.

Historically, BAF's capital adequacy has been dependent on
contributions from its shareholders, given the net losses
registered in the recent past; nonetheless Fitch expects the
improvement in financial performance should contribute to
gradually strengthen the capital basis in the medium-term.  At
1Q'10 the capitalization ratio recorded 12.6% (end 2009: 11.8%),
which is expected to remain stable in the near future through an
adequate financial performance.

Famsa is one of the most important participants within its
industry sector competing with other companies nationwide such as
Elektra and Coppel.  As part of its strategy the company has made
new store openings an important strategy during the last years in
order to further grow its market position.  At March 31, 2010, the
company had 356 stores in Mexico in addition to the 51 stores in
the U.S. During 2007 and 2008 the company acquired 20 stores in
the U.S. from regional appliance and furniture retailers primarily
based in California and Texas, which together with Famsa's organic
growth has yielded an increasing presence in the attractive
Hispanic market.

After a busy period of store openings, during 2009, the company
focused on consolidating its operations with the purpose of
optimizing store-network productivity through a process of
selective store closures, mainly small and older stores located in
the vicinity of modern full-format units.  During 2006-2008 the
company executed an aggressive store opening and acquisitions
program, mainly backed by resources coming from the capital
issuance on the order of MXP$1,540 million.  During this period,
107 new stores were added both in Mexico and the U.S., including
12 stores from furniture chain "La Canasta" in March of 2007,
mostly located in the state of California, and eight stores from
"Edelstein's Better Furniture" with operations in south Texas.
These acquisitions, in conjunction with the beginning of the
operations of Banco Ahorro Famsa, meant higher operating expenses.
More recently, during August 2009, the company raised additional
capital of MXP$1,200 million, which was used to support the
company's ongoing retail operation as well as to capitalize the
Bank.

Although the current economic environment has pressured some of
the operating indicators on the retail side of the business, Fitch
believes that inasmuch as the economy improves, these indicators
will resume growth given the great product variety (white goods,
electronics, furniture, seasonal articles, cellular phones,
household goods, clothing) which is commercialized through credit
(representing more than 80% of company's sales) and cash both in
Mexico and the United States.

One of the risks in the sector where Famsa participates is that it
is exposed to the increase of past-due loans, which in Famsa's
case has been reflected in some volatility in charges over bad
loans, which moved from 4.6% in 2008 to 4.4% at 2009 year-end.  At
March 31, 2010, this figure was 4.8%, which compares to 5.2% at
the same period during 2009.  Fitch estimates that this figure
should diminish and there should be less volatility as the level
of economic activity starts recovering.

During 2009, revenues associated with the retail operation without
incorporating the Bank operation, diminished 2.7% as compared to
2008.  During the these periods, EBITDA contracted 5.1%, a
development that affected the EBITDA margin being 10.0% and 10.3%,
respectively.  During 1Q'10, retail operation revenues improved
slightly and EBITDA remained practically the same as compared to
the same period in 2009.  Regarding interest coverage and Debt-to-
EBITDA (not including the Banking operation), these strengthened
as a result of lower debt levels of MXP$3,427 million at March 31,
2010, which compares to MXP$4,798 million at the same period in
2009.  This development reflects the migration of accounts
receivables and financing of this debt to Banco Ahorro Famsa,
being the first 3.8 times and 2.3x and Debt-to-EBITDA (last-12-
months) 2.4x and 3.6x in each of the periods previously mentioned.
When including rental expenses in the company's total debt, which
has increased during the past years as a result of a higher
proportion of leased stores (Fitch considers 7x the rental
expenses on an annual basis as part of its debt) the Adjusted
Debt-to-EBITDAR ratio is 4.3x and 4.9x, respectively.

Considering total debt as of March 31, 2010 previously stated, 71%
is short-term.  The currency mix is 68% Mexican pesos and 32% in
American dollars, which is adequate given the company's revenue
mix.  At the same date the company's cash and cash equivalents
position amounted to MXP$1,244 million.


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


AGAM SPV: Shareholders' Final Meeting Set for July 16
-----------------------------------------------------
The shareholders of Agam SPV Six Limited will hold their final
meeting, on July 16, 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:

         Christopher P. Meyering
         Sciens Hedge Fund Management LLC
         667 Madison Avenue New York
         NY 10065 USA


AGAM SPV: Shareholders' Final Meeting Set for July 16
-----------------------------------------------------
The shareholders of Agam SPV Five Limited (Cayman) will hold their
final meeting, on July 16, 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:

         Christopher P. Meyering
         Sciens Hedge Fund Management LLC
         667 Madison Avenue New York
         NY 10065 USA


AL-SANABEL INVESTMENTS: Shareholders' Final Meeting Set for Aug. 6
------------------------------------------------------------------
The shareholders of Al-Sanabel Investments Limited will hold their
final 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:

         Yaser A. Juma'A
         Dar Al-Awadi Towers 27th to 30th Floors
         Ahmad Al-Jaber Street Sharq
         PO Box 28808 Safat 13149, Kuwait


ALPHA REAL: Shareholders' Final Meeting Set for August 6
--------------------------------------------------------
The shareholders of Alpha Real Return Strategies Limited will hold
their final 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:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


BBVA CAPITAL: Shareholders' Final Meeting Set for August 12
-----------------------------------------------------------
The shareholders of BBVA Capital Funding Ltd. will hold their
final meeting, on August 12, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BLUEWATER EQUITY: Shareholders' Final Meeting Set for August 9
--------------------------------------------------------------
The shareholders of Bluewater Equity SPC will hold their final
meeting, on August 9, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


BLUEWATER FUNDS: Shareholders' Final Meeting Set for August 9
-------------------------------------------------------------
The shareholders of Bluewater Funds Management SPC will hold their
final meeting, on August 9, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


BOEDROMIA INVESTMENTS: Shareholders' Final Meeting Set for Aug. 12
------------------------------------------------------------------
The shareholders of Boedromia Investments Limited will hold their
final meeting, on August 12, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAIRN CAPITAL: Shareholders' Final Meeting Set for August 9
-----------------------------------------------------------
The shareholders of Cairn Capital CDO will hold their final
meeting, on August 9, 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:

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


CREF NO. 3: Shareholder to Hear Wind-Up Report on August 23
-----------------------------------------------------------
The sole shareholder of CREF NO. 3 Limited will receive, on
August 23, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


DUNBAR INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 13
-----------------------------------------------------------------
The shareholders of Dunbar International Limited will hold their
final meeting, on August 13, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         Adam Keenan
         Telephone: (345) 914-8743
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


LONGACRE SPECIAL: Shareholders' Final Meeting Set for August 9
--------------------------------------------------------------
The shareholders of Longacre Special Equities Offshore Fund, Ltd.
will hold their final meeting, on August 9, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


MATRIX EUROPE: Shareholders' Final Meeting Set for August 16
------------------------------------------------------------
The shareholders of Matrix Europe Fund Limited will hold their
final meeting, on August 16, 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


MATRIX EUROPE: Shareholders' Final Meeting Set for August 16
------------------------------------------------------------
The shareholders of Matrix Europe Master Fund Limited will hold
their final meeting, on August 16, 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


MBT CAYMAN: Shareholder to Receive Wind-Up Report on July 29
------------------------------------------------------------
The sole shareholder of MBT Cayman Islands 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
         c/o Wilmington Trust Corporate Services (Cayman) Limited
         P.O. Box 32322, Grand Cayman
         KY1-1209 Cayman Islands
         Telephone: (345) 814-6712


NORTHBAY INVESTMENTS: Member to Hear Wind-Up Report on August 13
----------------------------------------------------------------
The sole shareholder of Northbay Investments Limited will receive,
on August 13, 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:

         Campbell Directors Limited
         Peter A. de Vere
         c/o Campbells
         P.O. Box 268, Grand Cayman KY1-1104
         Telephone: (345) 949-2648
         Facsimile: (345) 949-8613


STANFORD-HAVELL: Shareholder to Receive Wind-Up Report on July 27
-----------------------------------------------------------------
The sole shareholder of Stanford-Havell Emip Ltd. will receive, on
July 27, 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 Joel Reid
         Telephone: (345) 815-1828
         Facsimile: (345) 949-9877


STONE FUND: Shareholders' Final Meeting Set for August 6
--------------------------------------------------------
The shareholders of Stone Fund Ltd will hold their final 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:

         Wu Qianghua
         c/o Julie Reynolds/Ellen Downey
         Telephone: 945-4777
         Facsimile: 945-4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


STONE FUND: Shareholders' Final Meeting Set for August 6
--------------------------------------------------------
The shareholders of Stone Fund Asset Management Ltd will hold
their final 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:

         Wu Qianghua
         c/o Julie Reynolds/Ellen Downey
         Telephone: 945-4777
         Facsimile: 945-4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


VINO ABSOLUTE: Shareholders' Final Meeting Set for August 6
-----------------------------------------------------------
The shareholders of Vino Absolute Return Strategies Limited will
hold their final 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:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


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


ECOPETROL SA: To Update Code of Good Governance
-----------------------------------------------
Ecopetrol S.A. informed interested parties and the general public
that on July 9, 2010, its Board of Directors approved a project to
update the Company's Code of Good Governance in order to simplify
the language therein and facilitate understanding by the various
interested parties.  The update will consist of form changes and
will comply with the guiding principles of the Company's corporate
governance practices.

The complete text of the Code of Good Governance can be read at
http://www.ecopetrol.com./

Ecopetrol S.A. -- http://www.ecopetrol.com.co/-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas Company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined
products.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" long-term issuer credit ratings. The company also
continues to carry Fitch Ratings' "BB+" long-term foreign currency
issuer default ratings and "BB+" senior unsecured debt rating.


PETROECUADOR: June Oil Exports Rise 35% to US$553.6 Million
-----------------------------------------------------------
Petroecuador reported oil export revenue of US$553.6 million in
June, a 35% increase from the US$409.2 million in June 2009,
Mercedes Alvaro at Dow Jones Newswires reports.

According to the report, by volume, Petroecuador exported 8.27
million barrels of crude oil in June, an increase of 29% from the
6.40 million barrels registered in the same month of 2009.  The
report relates that that translates into exports of 275,655
barrels a day in June from 213,357 barrels a day registered in the
same month of 2009.

Dow Jones notes that exports of Oriente crude were 6.08 million
barrels in June, while exports of Napo crude were 2.19 million
barrels.  The report relates that the average price for Oriente
crude was US$67.54 per barrel in June while the average price for
Napo crude was US$65.25 per barrel.

Petroecuador reported oil export revenue of US$542 million in May,
the report adds.

                      About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil company
owned by the Ecuador government.  It produces crude petroleum and
natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure. The
report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.


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


AIR JAMAICA: JHTA Says Airline Brand Will be Retained
-----------------------------------------------------
Jamaica Hotel and Tourist Association President Wayne Cummings
said that plans to phase out Air Jamaica Limited's name following
its takeover by Trinidad's Caribbean Airlines Limited have been
shelved, RadioJamaica reports.

According to the report, Mr. Cummings said that keeping the Air
Jamaica brand alive will continue to boost the country's image on
the world travel market.  "I'm very excited about it as Air
Jamaica has helped our tourism brand and the fact that it will
continue to exist is something we can continue to be proud of no
matter who owns the carrier.  It is that little piece of Jamaica
that will continue to fly and be part of representing who we are,"
the report quoted Mr. Cummings as saying.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline will acquire
Air Jamaica for US$50 million 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.


JPSCO: Customers to See Further Rate Decline
--------------------------------------------
Jamaica Public Service Company Limited is indicating that
customers could see a bigger decline in electricity rates this
month, than was previously thought, RadioJamaica reports.

According to the report, last month, after receiving a 4.79%
increase in non-fuel rates, the light and power company, sought to
stifle public furor by pointing out that declines in the price of
oil and a strengthening of the Jamaican dollar would more than
offset the increase.  The report relates that the forecast was
that the declines in oil prices and the stronger Jamaican dollar
would result in a 1.34% decline for the typical consumer.

However, the report notes, with final calculations, JPSCO said the
decline in bills for the typical customer will be twice as large
at 2.68%.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


JPSCO: Former Legislator Claims JM$250,000++ Legal Costs
--------------------------------------------------------
Ken Chaplin at Jamaica Observer reports that Colonel CLG Harris,
former Maroon leader and legislator, is claiming JM$250,000 plus
legal costs from the Jamaica Public Service Company for settlement
of a matter concerning the disconnection of electricity at his
home in Moore Town, Portland.

According to the report, on October 17, 2007 Colonel, Harris made
a written complaint about the "unlawful disconnection" of
electricity supply from his home on September 26, 2007.  The
report relates that there was no response, so by letter dated
December 14, 2009, by Harris' lawyer Frank Phipps, he made a
formal demand on the JPSCO for compensation for the loss and other
injury suffered by the colonel up to and after the reconnection of
the service on September 27, 2007.

The report notes that Mr. Phipps sought for a refund of the amount
paid by Col Harris for the reconnection of the electricity supply,
with interest to date of settlement; and a further demand for
compensation for consequential damages.  The report relates that
the amount involved will far exceed the jurisdiction of the
Resident Magistrate's Court, but Mr. Phipps is prepared to advise
Col Harris to accept US$250,000, plus legal costs, for settlement
of this unnecessarily long drawn-out matter.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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


CONSORCIO ARA: 2009 Recession Caused Revenue to Stall
-----------------------------------------------------
Jens Erik Gould and Jonathan J. Levin at Bloomberg News report
that Consorcio ARA SAB Chairman German Ahumada Russek said that
the 2009 recession caused revenue at the Mexican homebuilder to
stall.

The report relates Mr. Russek said that as the economy improves
this year, he expects total sales will increase 10%.  "There's
practically no inventory in Mexico City," Mr. Russek told the news
agency in a telephone interview.  "People are definitely a lot
more optimistic now that employment is recovering," he added, the
report notes.

According to the report, citing Alejandro Garza, a money manager
at Emerging Markets Management LLC, and Ben Laidler, head of Latin
America strategy at JPMorgan Chase & Co., homebuilders are poised
to rally as Mexican jobs rise to a record and government-
subsidized mortgages boost demand.  The report notes that this
year through July 12, 2010, the Habita index of six Mexican
homebuilders including ARA, Urbi Desarrollos Urbanos SAB,
Desarrolladora Homex SAB and Corporacion GEO SAB has fallen 15%,
more than the 0.8% drop in Mexico's benchmark IPC Index.

                       About Consorcio ARA

Consorcio ARA, S.A. de C.V. and its subsidiaries design and
construct entry-level and middle-income residential housing
developments throughout Mexico.  The Company also operates as a
contractor for non-affiliated clients in the construction,
promotion, and marketing of commercial and industrial projects.

                          *     *     *

As of July 13, 2010, the company continues to carry Moody's "Ba2"
LC currency issuer rating.


FINANCIERA INDEPENDENCIA: Names New Chief Financial Officer
-----------------------------------------------------------
Financiera Independencia, S.A.B. de C.V., disclosed that effective
June 30, 2010, Didier Mena Campos stepped down as Chief Financial
Officer.  Mr. Mena has decided to return to his investment banking
career.

"Mr. Mena has been a valuable member of our team and we would like
to thank him for his contribution as CFO for the past two years,
and we wish him well in his future career endeavors," said Mr.
Noel Gonzalez, Chief Executive Officer.

Mr. Luis Miguel Diaz-Llaneza Langenscheidt will join Financiera
Independencia as CFO starting July 1, 2010.  "Mr. Diaz-Llaneza is
an accomplished executive with extensive experience in the
financial and tourism industries, holding senior positions as CEO
of Global Go (Grupo Posadas and Mexicana de Aviacion joint-
venture) and at the same time as CEO and founder of Ampersand
Soluciones de Lealtad (also a Grupo Posadas company), and formerly
as Regional Vice President Latin America and the Caribbean and
General Manager in Mexico for American Express Establishment
Services" concluded Mr. Gonzalez.

Mr. Diaz-Llaneza holds a Master's degree in Business
Administration from Georgetown University and a BA degree in
Business Administration from Trinity University.

                   About Financiera Independencia

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia), is a Mexican microfinance lender of personal
loans to individuals and working capital loans through group
lending microfinance.  Independencia provides microcredit loans on
an unsecured basis to individuals in the low-income segments in
Mexico in urban areas of both the formal and informal economy.  As
of March 31, 2010, Independencia had a total outstanding loan
balance of Ps.5.403 billion, operated 369 offices in Mexico and
Brazil and had a total labor force of 11,460 people.  The Company
listed on the Mexican Stock Exchange on November 1, 2007, where it
trades under the symbol "FINDEP".  On November 30, 2009
Independencia launched a sponsored Level I American Depositary
Receipt (ADR) program in the United States.  Each ADR represents
15 shares of Independencia common stock and trades over-the-
counter (OTC).

                        *     *     *

As of June 1, 2010, the company continues to carry Standard and
Poor's "BB-" long-term issuer credit ratings.  The company also
continues to carry these low ratings from Fitch ratings:

   -- BB- long-term issuer default ratings
   -- BB- senior unsecured debt rating
   -- B short-term issuer default ratings


FINANCIERA INDEPENDENCIA: To Hold 2Q Conference Call on July 29
---------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V. will hold its fiscal 2010
second quarter conference call Thursday, July 29, 2010, at 11:00
a.m. U.S. Eastern Time (10:00 am Mexico City Time).  The earnings
release for the second quarter ending June 30, 2010 will be issued
on Wednesday, July 28, 2010.

The conference call can be accessed by dialing 866-393-9621
(U.S./Canada) or 706-758-4196 (international) and entering
passcode 86236100.

A replay will be available between 12:00 pm EST on July 29 and
11:59 pm ET on August 5, 2010.  The replay is accessible by
dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (international)
and entering passcode 86236100.

A slide presentation will also be available beginning July 29,
2010 at 8:00 am U.S. Eastern Time (7:00 am Mexico City Time) for
download from the investor relations section (quarterly earnings)
of the Company's corporate Web site at:

                  http://www.independencia.com.mx

                   About Financiera Independencia

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia), is a Mexican microfinance lender of personal
loans to individuals and working capital loans through group
lending microfinance.  Independencia provides microcredit loans on
an unsecured basis to individuals in the low-income segments in
Mexico in urban areas of both the formal and informal economy.  As
of March 31, 2010, Independencia had a total outstanding loan
balance of Ps.5.403 billion, operated 369 offices in Mexico and
Brazil and had a total labor force of 11,460 people.  The Company
listed on the Mexican Stock Exchange on November 1, 2007, where it
trades under the symbol "FINDEP".  On November 30, 2009
Independencia launched a sponsored Level I American Depositary
Receipt (ADR) program in the United States.  Each ADR represents
15 shares of Independencia common stock and trades over-the-
counter (OTC).

                        *     *     *

As of June 1, 2010, the company continues to carry Standard and
Poor's "BB-" long-term issuer credit ratings.  The company also
continues to carry these low ratings from Fitch ratings:

   -- BB- long-term issuer default ratings
   -- BB- senior unsecured debt rating
   -- B short-term issuer default ratings


GRUPO FAMSA: S&P Assigns Corporate Credit Rating at 'B'
-------------------------------------------------------
Standard & Poor's Ratings services said that it has assigned
its 'B' corporate credit rating to Grupo Famsa S.A.B. de C.V.
and its 'B' senior unsecured debt rating to the firm's proposed
$200 million fixed-rate notes.  S&P also assigned a recovery
rating of '3' to the notes, indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
The outlook is stable.

"GFamsa is limited by the potential support of its bank operations
by its retail division, negative free operating cash flow
generation, and stiff competition in the industry.  The rating
also incorporates the company's relatively strong position in the
Mexican retail industry, its increasing geographic and client
diversification, and its recent expansion into the U.S. Hispanic
market," said Standard & Poor's credit analyst Monica Ponce.

BancoAhorro Famsa's role within GFamsa's strategy is to reduce
dependence on wholesale financing by providing a steady source of
funding for its retail operations.  Funding comes from customer
deposits -- which increased 130% in 2009.  S&P believes
competition in the banking segment is moderate, since the company
targets low- and lower-middle income segments which normally do
not have access to credit cards issued by large banks.  Overall,
S&P believes BAF's credit risk is weak.

The outlook is stable.  S&P expects the deposit base will remain
stable.  S&P also anticipates the company will strengthen its
current position in the Mexican retail industry.  "S&P could take
a positive rating action if the company generates positive free
operating cash flow faster than S&P currently anticipates and its
adjusted total debt to EBITDA stays below 3.0x.  S&P could take a
negative rating action if the company is not able to refinance its
short-term debt, if GFamsa takes on additional debt to fund its
growth, or if its U.S. operations deteriorate beyond S&P's
expectations," Ms. Ponce added.


                            ***********

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.

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