TCRLA_Public/100715.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, July 15, 2010, Vol. 11, No. 138

                            Headlines



A R G E N T I N A

ELWELL TRADE: Creditors' Proofs of Debt Due on September 16
SKY ARGENTINA: Creditors' Proofs of Debt Due on September 1
BANCO HIPOTECARIO: S&P Affirms 'B-' Counterparty Credit Rating
BANCO HIPOTECARIO: S&P Affirms 'B-' Counterparty Credit Rating


B E R M U D A

TOTAL HOME: Court to Hear Wind-Up Petition on August 6


B R A Z I L

BR MALLS: Raised to 'Buy' From 'Hold' at Banco Santander
GOL LINHAS: Gol Finance Sells US$300-Million 10-Year Notes
TAM SA: Plans to Buy Tam Milor for BRL169.9 Million


C A Y M A N  I S L A N D S

BANCOLOMBIA SA: Fitch Assigns 'BB+' Rating on Subordinated Notes
EAST ATLANTIC: Shareholders' Final Meeting Set for August 9
GENERAL LEASING: Shareholders' Final Meeting Set for August 12
GENERAL LEASING: Shareholders' Final Meeting Set for August 12
STARTS (CAYMAN): Shareholders' Final Meeting Set for August 12

TALA PARTNERS: Shareholders' Final Meeting Set for July 30
THARGELIA INVESTMENTS: Shareholders' Final Meeting Set for Aug. 12
WORLD MOMENTUM: Shareholders' Final Meeting Set for August 12


C O L O M B I A

ECOPETROL SA: Inks Polymer Study Contract With Mustang
BANCOLOMBIA SA: Readies Bond Sale for US$634 Million


E C U A D O R

* ECUADOR: Minister Confirms Talks With China on US$1 Billion Loan


J A M A I C A

JPSCO: Plans to Spend US$56 Million Into Plant Upgrades
JPSCO: Adds 4,000 Tivoli Clients in Bid to Stem Losses


M E X I C O

CEMEX SAB: Invests US$300 Million in Panama Operations
CORPORACION GEO: Expands Into Hidalgo State With MXN2.4BB Project
GRUPO PAPELERO: Moody's Maintains 'Ba3' Rating with Stable Outlook
GRUPO TMM: To Publish 2Q 2010 Earnings Release on July 28
VITRO SAB: Sada Group Holds 24.4% of Common Stock


T R I N I D A D  &  T O B A G O

CL FIN'L: T&T Government Denies Scaling Down CLICO Probe


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Oil Delivery Joint Venture Formed


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars





                         - - - - -


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


ELWELL TRADE: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------------
The court-appointed trustee for Elwell Trade S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 16, 2010.

The trustee will present the validated claims in court as
individual reports on October 29, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 13, 2010.


SKY ARGENTINA: Creditors' Proofs of Debt Due on September 1
-----------------------------------------------------------
The court-appointed trustee for Sky Argentina S.C.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 1, 2010.

The trustee will present the validated claims in court as
individual reports on October 14, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 25, 2010.


BANCO HIPOTECARIO: S&P Affirms 'B-' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
counterparty credit rating on Banco Hipotecario S.A.  The outlook
remains stable.

"The ratings on Banco Hipotecario reflect the risks inherent in
operating in Argentina," said Standard & Poor's credit analyst
Sebasti n Liutvinas.  "They also incorporate the bank's relatively
low profitability and the challenge to continue expanding the
credit portfolio while maintaining adequate financial indicators
and increasing market position amid less favorable economic
conditions."

Banco Hipotecario's strong capitalization and adequate liquidity
mitigate these weaknesses.

In accordance with its criteria, S&P classify Banco Hipotecario as
a government-related entity with a low likelihood of extraordinary
government support.  S&P's assessment of Banco Hipotecario is
based on:Limited importance due to the GRE's role as a profit-
seeking enterprise in a competitive environment.  Banco
Hipotecario is one among other GREs and/or its activity could be
undertaken by a private-sector entity or another GRE if it ceased
to exist.

Limited link with the Argentine government, as the government is a
minority shareholder and doesn't interfere more than other
minority shareholders do in the GRE's strategic decisions and
operations.

Because of its uncertainties about the Argentine economy, S&P
believes the close link between the credit quality of the Republic
of Argentina (B-/Stable/C) and that of the Argentine financial
system directly affect the bank's business and prospects.


BANCO HIPOTECARIO: S&P Affirms 'B-' Counterparty Credit Rating
--------------------------------------------------------------
On July 13, 2010, Standard & Poor's Ratings Services affirmed its
'B-' counterparty credit rating on Banco Hipotecario S.A.  The
outlook remains stable.

The ratings on Banco Hipotecario reflect the risks inherent in
operating in Argentina.  They also incorporate the bank's
relatively low profitability and the challenge to continue
expanding the credit portfolio while maintaining adequate
financial indicators and increasing market position amid less
favorable economic conditions.  Banco Hipotecario's strong
capitalization and adequate liquidity mitigate these weaknesses.

In accordance with its criteria, S&P classify Banco Hipotecario as
a government-related entity with a low likelihood of extraordinary
government support.  S&P's assessment of Banco Hipotecario is
based on: Limited importance due to the GRE's role as a profit-
seeking enterprise in a competitive environment.  Banco
Hipotecario is one among other GREs and/or its activity could be
undertaken by a private-sector entity or another GRE if it ceased
to exist.  Limited link with the Argentine government, as the
government is a minority shareholder and doesn't interfere more
than other minority shareholders do in the GRE's strategic
decisions and operations.

Because of its uncertainties about the Argentine economy, S&P
believes the close link between the credit quality of the Republic
of Argentina (B-/Stable/C) and that of the Argentine financial
system directly affect the bank's business and prospects.

Banco Hipotecario is challenged to improve its market position.
With consolidated assets of Argentine pesos (ARP)11.72 billion
($3.02 million at ARP3.8763 to $1) as of March 31, 2010, it ranks
No. 13 in the local financial system in loans, with a 2.4% market
share, and is the 11th-largest in total assets (about 2.7% of the
Argentine banking industry).  The bank has sought to increase the
penetration of its banking products by expanding and diversifying
its loan portfolio, while maintaining adequate asset quality.  As
of March 31, 2010, the bank's loans to the private sector
decreased by 5.6% year-over-year, with the nonperforming loans-to-
total loans ratio decreasing to 4.1%.  Loans other than mortgages
increased 9% during the period, to 59% of the total portfolio,
from only 4% as of year-end 2002.  Also, mortgage loans decreased
21.1% because of the securitization of approximately 33% of
mortgage loan portfolio during second-half 2009.  Lending to the
private sector was strong for a long time but has started to slow
in the recent years, creating more adverse conditions for
generating new business and funding.

Banco Hipotecario has a relatively low profitability.  However,
the bank has improving its profits after a reported loss in 2008.
Results for first-quarter 2010 represent an average return on
average assets of 1.4%, which, though less than the 2.3% average
for the system, compare favorably with the 1.0% it reported for
the same period of 2009.  This increase is mainly explained by
lower provisions and higher securities gains -- mainly on public
bonds -- and net fee income.  Despite this improvement in the
bank's profitability, interest income on lending to the private
sector decreased, mainly on a decline in mortgages and personal
loans.  S&P believes Banco Hipotecario will remain challenged to
consolidate its income from intermediation activity and provision
of services in an uncertain Argentine economy.

Banco Hipotecario's capitalization has remained very high and is
adequate to support medium-term growth in its loan portfolio.
Equity to adjusted assets according to S&P's methodology was a
robust 24.0%, higher than the average in the local financial
system.

The stable outlook on Banco Hipotecario reflects that on
Argentina.  S&P believes the bank will be able to keep expanding
its loan portfolio while maintaining adequate asset quality.  S&P
could lower the ratings on Banco Hipotecario if economic and
industry risk for Argentine banks rises or the bank's credit
standing weakens.  The rating on the sovereign limits rating
upside on the bank.

                         Ratings Affirmed

                       Banco Hipotecario S.A.

                     Counterparty Credit Rating

        Global Scale                          B-/Stable/--
        National Scale                        raA+/Stable/--

                         Senior Unsecured

        Foreign Currency                      B-
        National Scale                        raA+/Stable

                      Certificate Of Deposit

       National Scale                        raA+/Stable/raA-1+


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


TOTAL HOME: Court to Hear Wind-Up Petition on August 6
------------------------------------------------------
A petition to wind up the operations of Total Home Ltd will be
heard before the Supreme Court of Bermuda, on August 6, 2010, at
9:30 a.m.

The petition was presented by the Supreme Court on July 7, 2010.


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


BR MALLS: Raised to 'Buy' From 'Hold' at Banco Santander
--------------------------------------------------------
Shiyin Chen at Bloomberg News reports that BR Malls Participacoes
SA was raised to "buy" from "hold" by Banco Santander SA analysts
led by Flavio Queiro.

According to the report, Mr. Queiro cited the company's "strong"
growth prospects, its "robust track record" in turning around
acquired units and the growth in rental prices.  The report
relates the analysts said that the shares may rise to BRL32.50
next year, compared with this year's forecast of BRL28.

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- foreign currency issuer default rating at 'BB-';
  -- local currency issuer default rating at 'BB-';
  -- long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.


GOL LINHAS: Gol Finance Sells US$300-Million 10-Year Notes
----------------------------------------------------------
Gol Linhas Aereas Intelligentes SA's subsidiary, Gol Finance, sold
US$300 million of senior notes in the 144a private placement
market, Reuters reports, citing IFR, a Thomson Reuters service.

According to the report, the size of the deal was increased from
an originally planned US$200 million.  Bank of America Merrill
Lynch, Citi and Itau were the joint bookrunning managers for the
sale.

   BORROWER: GOL FINANCE
   AMT $300 MLN           COUPON 9.25 PCT     MATURITY 7/20/2020
   TYPE SR NTS            ISS PRICE 98.409    FIRST PAY 1/20/2011
   MOODY'S N/A            YIELD 9.50 PCT      SETTLEMENT 7/20/2010
   S&P B-PLUS             SPREAD N/A          PAY FREQ SEMI-ANNUAL
   FITCH BB-MINUS         MORE THAN TREAS     NON-CALLABLE 5 YRS
   * MAKE-WHOLE CALL

As reported in the Troubled Company Reporter-Latin America on
July 14, 2010, Dow Jones Newswires said that Gol Finance plans to
use the funds from an offering to pay of debts that come due over
the next three years.

                         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.


TAM SA: Plans to Buy Tam Milor for BRL169.9 Million
---------------------------------------------------
Laura Price at Bloomberg News reports that Tam SA's board approved
a plan to buy Tam Milor Taxi Aereo, Representacoes, Marcas e
Patentes SA for BRL169.9 million.  The report, citing a regulatory
filing, relates that the acquisition will give the company control
of the Tam brands.

According to the report, the company will buy 257,000 shares for
BRL661 each.  The report relates that Tam SA said it will pay 15%
in cash on the date the contract is signed and will pay the
remaining 85% in promissory notes.

                            About TAM SA

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

                           *     *     *

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


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


BANCOLOMBIA SA: Fitch Assigns 'BB+' Rating on Subordinated Notes
----------------------------------------------------------------
Fitch Ratings has assigned Bancolombia's upcoming U.S. dollar
subordinated notes an expected long-term foreign currency rating
of 'BB+'.

The notes - for an amount to be determined -- will mature in 10
years, and interest payments will be made semi-annually at a fixed
interest rate to be set at time of issuance.  The notes will be
subordinated to Bancolombia's existing and future senior debt and
rank pari-passu with Bancolombia's existing subordinated debt.
The final rating is contingent upon the receipt of final documents
conforming to information already received.

Bancolombia has a long-term local currency Issuer Default Rating
of 'BBB-' and a long-term foreign currency IDR of 'BBB-'.  The
bank has outstanding subordinated debt maturing in 2017 that Fitch
rates 'BB+'.  The expected rating of the subordinated notes is one
notch below the bank's long-term foreign currency IDR of 'BBB-'.
This reflects the notes subordinated status to Bancolombia's
present or future senior debt.

The securities, which will be recognized by Colombia's regulator
as Tier II capital instruments for regulatory capital purposes,
lack an interest deferral clause and thus will likely be
considered as Fitch's class A securities and will not receive any
equity-credit under the agency's guidelines.

Bancolombia will use the proceeds from the planned issue to
sustain its asset growth and better match the maturities of its
assets and liabilities.

Bancolombia is the country's largest universal bank (held about
20% of the banking system's assets as of June 2010) and in 2007
became a regional player through the acquisition of El Salvador's
largest bank.  Bancolombia is controlled by a conglomerate of
companies; its main shareholders are Grupo Suramericana and
Inversiones Argos.

Fitch rates Bancolombia:

  -- Foreign currency long-term IDR 'BBB-';
  -- Foreign currency short-term IDR 'F3';
  -- Local currency long-term IDR 'BBB-';
  -- Local currency short-term IDR 'F3';
  -- Individual rating 'C';
  -- Support rating '3';
  -- Support floor 'BB';
  -- Subordinated debt 'BB+'

The Rating Outlook is Stable.


EAST ATLANTIC: Shareholders' Final Meeting Set for August 9
-----------------------------------------------------------
The shareholders of East Atlantic Funding Corporation will hold
their final general meeting, on August 9, 2010, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GENERAL LEASING: Shareholders' Final Meeting Set for August 12
--------------------------------------------------------------
The shareholders of General Leasing Company (Cayman Islands) II
Ltd. will hold their final general meeting, on August 12, 2010, at
10:05 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


GENERAL LEASING: Shareholders' Final Meeting Set for August 12
--------------------------------------------------------------
The shareholders of General Leasing Company (Cayman Islands) Ltd.
will hold their final general meeting, on August 12, 2010, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


STARTS (CAYMAN): Shareholders' Final Meeting Set for August 12
--------------------------------------------------------------
The shareholders of Starts (Cayman) Limited 2007-26 will hold
their final general meeting, on August 12, 2010, at 9:10 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


TALA PARTNERS: Shareholders' Final Meeting Set for July 30
----------------------------------------------------------
The shareholders of Tala Partners Offshore Ltd. will hold their
final general meeting, on July 30, 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:

         Tala Investments LP
         Kalyan Kotamraju
         9720 Wilshire Blvd, Suite 205
         Beverly Hills CA 90212
         United States of America
         Telephone: + 1 310 550 7270
         Facsimile: + 1 310 550 7199
         e-mail: info@jeereddi.com


THARGELIA INVESTMENTS: Shareholders' Final Meeting Set for Aug. 12
------------------------------------------------------------------
The shareholders of Thargelia Investments Limited will hold their
final general meeting, on August 12, 2010, at 10:10 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


WORLD MOMENTUM: Shareholders' Final Meeting Set for August 12
-------------------------------------------------------------
The shareholders of World Momentum Equity Fund will hold their
final general meeting, on August 12, 2010, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


ECOPETROL SA: Inks Polymer Study Contract With Mustang
------------------------------------------------------
Ecopetrol SA has entered into a contract with Mustang for
conceptual engineering and technology evaluation to optimize
polymer production at a planned petrochemical complex, Oil and Gas
Journal reports.

According to the report, Mustang, part of the Wood Group, will
study ways to generate revenue from production of polyethylene,
polyethylene, and aromatics from ethane, LPG, and naphtha produced
at Ecopetrol's 205,000-b/d Barrancabermeja and 75,000-b/d
Cartagena refineries and the Cusiana gas fields.

The report notes that the grassroots petrochemical complex will be
located at Cusiana in the southern part of the country or
Cartagena on the northern coast.

                      About Ecopetrol S.A.

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 reported in the Troubled Company Reporter-Latin America on
July 13, 2010, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on Ecopetrol SA.


BANCOLOMBIA SA: Readies Bond Sale for US$634 Million
----------------------------------------------------
Bancolombia SA is readying an international bond sale for US$634
million, Darcy Crowe at Dow Jones Newswires reports, citing local
brokerage firm Alianza Valores.  The bonds are expected to yield
between 5.9% and 6.1%, and will mature in 2020, Alianza Valores
said in a research note obtained by the news agency.

As reported in the Troubled Company Reporter Latin America on
July 9, 2010, Dow Jones Newswires said that Bancolombia S.A's
board authorized the company's management to sell up to COP1.2
trillion (US$637 million) in bonds on the domestic or
international market.  According to the report, the bank will
offer the bonds, which will carry a 10-year maturity, in one or
several sales in Colombia or abroad depending on market
conditions.  The report related the bank said that it will use the
proceeds from the bond sales for "general corporate purposes,"
which include all the activities financial companies are allowed
to carry out in Colombia.

According to Dow Jones Newswires, Armando Mejia said that the bank
was working with its underwriters to finalize this week the terms
of the issue.  The report relates Mejia confirmed that the debt
issue will be in international, dollar-denominated bonds.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006. Bancolombia
is the only Colombian company with an ADR level III program in the
New York Stock Exchange.

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" long-term issuer default ratings and subordinate debt
rating.  The company also continues to carry short-term foreign
currency issuer default ratings.


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


* ECUADOR: Minister Confirms Talks With China on US$1 Billion Loan
------------------------------------------------------------------
Ecuador's Non-renewable Natural Resources Minister Wilson Pastor
said that Ecuador is negotiating a loan with China, which could be
repaid with oil, Mercedes Alvaro at Dow Jones Newswires reports.

According to the report, the loan will likely be repaid with the
sale of 36,000 barrels per day of oil or fuel oil from state-run
Petroecuador to China's state-owned PetroChina International Co.,
a unit of PetroChina Co.

The report notes that Ecuador is turning to China for financing
after a market-unfriendly sovereign debt buyback last year and
relations soured with multilateral lenders such as the World Bank
and the International Monetary Fund, badly hampering its access to
overseas private capital.

According the minutes of the meetings, signed on June 12 and
reviewed recently by Dow Jones Newswires, a loan tranche of US$200
million will be used for financing investment projects in Ecuador,
selected from Ecuador's Planning Secretary's priority list of
projects in the infrastructure and energy sectors, and in which
Chinese companies are involved.  The report notes that the
remaining US$800 million will be freely available for use by the
Andean nation's finance ministry.

The loan will have a fixed interest rate of 6.5%, the report adds.

                           *     *     *

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


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


JPSCO: Plans to Spend US$56 Million Into Plant Upgrades
-------------------------------------------------------
Jamaica Public Service Company plans to spend US$56 million
(US$4.8 billion) to upgrade its plant and equipment in 2010, which
will include a windfarm, Steven Jackson at Jamaica Observer
reports.  The firm also noted that the future introduction of
liquefied natural gas will slash energy costs for Jamaicans, the
report adds.

According to the report, the investment is flat compared with
previous years, but will see JPS reduce its reliance on oil via
renewables. However, the report relates JPSCO Chairman Tomofumi
Fukuda was anxious about the savings that could result from the
introduction of LNG or coal.

"It is very important to bring gas or coal to Jamaica immediately
because gas prices are down, so it is very good timing.  Coal is
the most competitive fuel but it has issues," the report quoted
Mr. Fukuda as saying.  "Definitely we have to take immediate
action.  And from that perspective I appreciate the government's
strong initiative to bring LNG," he added, Jamaica Observer
relates.

According to the report, the company's quarter ending March 2010
earnings results was affected by fluctuations in the global price
of oil used to produce electricity.  The report relates that JPSCO
fuel cost rose to a whopping US$139.9 million in the review
quarter from US$76.4 million in the similar 2009 quarter.  The JPS
is also benefiting from an energy charge that the Office of
Utilities Regulations approved last year which represented an
increase in rates of 23 to 29%, the report adds.

                             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: Adds 4,000 Tivoli Clients in Bid to Stem Losses
------------------------------------------------------
Jamaica Public Service Company has added 4,000 new customers from
Tivoli Gardens and other surrounding communities since January in
a bid to stem the billions lost in electricity theft, Jamaica
Observer reports.  The report relates that the threat of violence
prevented JPSCO from entering these troubled communities prior to
mounted operations by the security forces.

According to the report, since January the company has connected
the communities of Seaview Gardens, Retirement Road, Portmore
Villa, Tivoli Gardens, Denham Town and Rose Town.  JPS told the
news agency that 620 of the 4,000 were residents of Tivoli
Gardens, who were added following the Labour Day incursion by the
security forces.

In 2009, the report notes, the JPS Anti-Theft Task Force which was
dispatched to western urban centres and the corporate area
uncovered some 9,300 cases of irregularities.  The report relates
that this led to the recovery of about six million kilowatt hours
of electricity valued at US$1.2 million (JM$103 million).  Several
arrests were made and the team investigated 24,000 customers
supplied by major distribution feeders, the report says.

The JPSCO, the report adds, said it is working with the Rural
Electrification Program to execute this build out of
infrastructure within communities.

                             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
===========


CEMEX SAB: Invests US$300 Million in Panama Operations
------------------------------------------------------
CEMEX, S.A.B. de C.V. said it has invested about US$300 million in
its Panama operations over the last two years, The Associated
Press reports.  The report relates that the company has tripled
its cement production capacity in the country.

According to the report, Cemex SAB said that it has recently
signed a contract to supply 500,000 tons of cement for the Panama
Canal expansion project.  The report relates that the cement will
be destined for the construction of a third set of locks on the
waterway.

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

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


CORPORACION GEO: Expands Into Hidalgo State With MXN2.4BB Project
-----------------------------------------------------------------
Corporacion GEO Sab de CV said it's expanding into central Hidalgo
state with a MXN2.4 billion (US$189 million) housing project,
Anthony Harrup at Dow Jones Newswires reports.

According to the report, Geo SAB said the Hacienda Margarita
development will extend its presence to 56 cities in 17 Mexican
states.  The report relates that the development calls for the
construction of 9,000 homes and will generate 35,000 jobs, Geo
said in a press release.  The project also includes the
construction of a sewage-treatment plant, a cycle track, a primary
school, and shops, the report notes.

Geo sold 56,537 homes in 2009, generating revenue of MXN19.21
billion, the report discloses.

                        About Corp Geo

Corporacion GEO Sab de CV, through its subsidiaries, designs and
constructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets housing developments.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 29, 2010, Standard & Poor's Ratings Services said that it has
affirmed its 'BB-' long-term corporate credit rating on
Corporacion Geo S.A.B. de C.V. with a negative outlook.  At the
same time, S&P assigned its 'BB-' senior unsecured long-term debt
rating to Geo's proposed up to US$250 million fixed-rate notes, to
which S&P has also assigned a recovery rating of '4', indicating
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.  Geo will use proceeds of the issuance mainly to
refinance short-term notes.


GRUPO PAPELERO: Moody's Maintains 'Ba3' Rating with Stable Outlook
------------------------------------------------------------------
Moody's said that it continues to maintain a stable rating outlook
for Grupo Papelero Scribe, S.A. de C.V.'s Ba3 ratings despite the
significant run-up of global pulp prices since early 2010.  The
outlook is based on the rating agency's current view that credit
metrics, while under pressure compared to 2009, are likely to
remain in line with levels acceptable for the Ba3 rating category
in 2010.

The last rating action on Scribe was on March 23, 2010, when
Moody's assigned a Ba3 corporate family rating to Scribe and also
rated the company's US$300 million 8.875% senior unsecured notes
at Ba3.

Grupo Papelero Scribe, S.A. de C.V., headquartered in Mexico City,
emerged in 2006 as a result of the buyout of Kimberly-Clark de
Mexico's (not rated) Industrial Products division.  Scribe is
Mexico's largest producer of printing and writing paper and
notebooks based on sales volume.  For the 12 months ended
March 31, 2010, the company reported MXN5.81 billion
(US$443 million) in revenues.


GRUPO TMM: To Publish 2Q 2010 Earnings Release on July 28
---------------------------------------------------------
Grupo TMM, S.A.B., will publish its second-quarter 2010 financial
results on Wednesday, July 28, 2010.

TMM's management will host a conference call and webcast to review
financial and operational highlights on Thursday, July 29, 2010,
at 11:00 a.m. Eastern time.

To participate in the conference call, please dial (888) 857-6932
(domestic) or (719) 457-2665 (international) at least five minutes
prior to the start of the event.  Accompanying visuals and a
simultaneous webcast of the meeting will be available at:

        http://www.visualwebcaster.com/event.asp?id=70471

A replay of the conference call will be available through August
29 at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719)
457-0820, and entering passcode 1156408.  On the Internet a replay
will be available for 30 days at:

        http://www.visualwebcaster.com/event.asp?id=70471

                      About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM and
BMV: TMM A) --  http://www.grupotmm.com/-- is one of the largest
integrated logistics and transportation companies in Mexico
providing specialized maritime services and integrated logistics
services, including trucking services and ports and terminals
management services, to premium clients throughout Mexico.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 6, 2010, Grupo TMM, S.A.B., filed on June 30, 2010, its
annual report on Form 20-F for the fiscal year ended December 31,
2009.  Salles, Sainz - Grant Thornton, S.C., in Mexico City,
Mexico, expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009.  The independent
auditors noted that the Company has sustained substantial losses
from continuing operations during the past five years.


VITRO SAB: Sada Group Holds 24.4% of Common Stock
-------------------------------------------------
Adrian Sada Gonzalez, Esther Cueva de Sada, Adrian Sada Cueva, and
Alejandra Sada Gonzalez disclosed holding American Depositary
Shares of VITRO, S.A.B. de C.V. -- evidenced by American
Depositary Receipts -- each of which represents 3 Ordinary
Participation Certificates (Certificados de Participacion
Ordinarios), which each represents one Common Share, without par
value.

According to their regulatory filing on July 8, the Sada group may
be deemed to hold in the aggregate 94,287,630 shares or roughly
24.4% of Vitro common stock.

Mr. Sada has been a member of the Board of Directors of Vitro
since 1984.  Mr. Sada is currently the Chairman of the Board of
Directors of Vitro, a member of the Boards of Alfa, S.A.B. de
C.V., Gruma, S.A.B. de C.V., Cydsa, S.A.B. de C.V., Regio
Empresas, S.A.B. de C.V., the Latin American Executive Board for
the Wharton School of Finance, the Mexican Businessmen Council and
the Consejo de Industriales de Nuevo Leon.  In addition, Mr. Sada
is also President of Vitro's Finance and Planning Committee.  Mrs.
Sada has no present occupation; Mr. Sada Jr. is the Chief
Financial Officer of Vitro's Glass Containers business unit.

According to the filing, Mr. Sada beneficially owns 14,358,722
Shares consisting of 13,855,822 Shares he owns directly and
502,900 vested options held by Mr. Sada pursuant to Vitro's stock
option plan.  Mrs. Sada directly beneficially owns 3,257,651
Shares and, jointly with Mr. Sada Jr., indirectly beneficially
owns the 9,878,494 Shares held in the Family Trust.  Mr. Sada Jr.
directly beneficially owns 2,558,519 Shares and jointly with Mrs.
Sada indirectly beneficially owns the 9,878,494 Shares held in the
Family Trust.

Ms. Alejandra Sada Gonzalez (Mr. Sada's sister), directly owns
26,062,963 Shares, representing 6.7% of the total outstanding
Shares.  Mr. Sada, Mrs. Sada, Mr. Sada Jr. and Ms. Alejandra Sada
Gonzalez have a voting agreement to exercise their voting rights
as a unit.  Mr. Sada, Mrs. Sada, Mr. Sada Jr. and Ms. Alejandra
Sada Gonzalez beneficially own, as a group, an aggregate of
55,613,449 shares, which represents 14.4% of the total outstanding
Shares.  502,900 vested options held by Mr. Sada pursuant to
Vitro's stock option plan are not included in the agreement.

Alfredo Harp Helu beneficially owns 38,171,281 through a trust,
representing 9.9% of the total outstanding shares.  Mr. Harp has
entered into a voting agreement with Mr. Sada, Mrs. Sada, Mr. Sada
Jr. and Ms. Alejandra Sada Gonzalez that became effective as of
April 28, 2010 upon approval of the agreement by Vitro's board of
directors.  Pursuant to the voting agreement, Mr. Harp agrees to
vote his shares in the same manner as the Sada Group votes in any
ordinary or extraordinary shareholders meeting of Vitro and that
the member of the Board appointed by Mr. Harp will vote in the
same way the majority of the members of the Board of Directors
appointed by the Sada Group vote.  In addition, certain transfers
of the shares of common stock to third parties are subject to
certain restrictions, including rights of first offer.

Mr. Sada's other siblings, Mr. Federico Sada Gonzalez, and Mrs.
Maria Nelly Sada de Yarte, their spouses and children own an
aggregate of 46,907,202 Shares, representing 12.1% of the total
outstanding Shares.  The members of the Reporting Group disclaim
beneficial ownership of the Shares owned by Mr. Sada's other
siblings and their spouses and children.

Mr. Sada is a member of the technical committee of Vitro's stock
option trust, which owns 39,777,907 Shares, representing 10.3% of
the total outstanding Shares. The members of the technical
committee share the right to vote and the right to sell the shares
held by Vitro's stock option trust with the other member of the
technical committee.  The members of the Reporting Group disclaim
beneficial ownership of the Shares owned by Vitro's stock option
trust.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                          *     *     *

In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company.

Andres R. Martinez at Bloomberg News said in June that Vitro was
suspended from trading in Mexico City after failing to file its
fourth-quarter earnings report.  The company missed June 2's
deadline for the results, Mexico's stock exchange said in an
e-mailed statement obtained by the news agency.  Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge.  Vitro said that the suspension won't affect
company operations.

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


CL FIN'L: T&T Government Denies Scaling Down CLICO Probe
--------------------------------------------------------
The Trinidad and Tobago government has denied media reports that
legal teams in six separate jurisdictions investigating
allegations relating to CL Financial Group had been terminated
because of mounting financial bills, Jamaica Gleaner reports.

The report relates that a statement issued by the Office of the
Attorney General said there was need to streamline the
investigative efforts to "ensure that the state gets the best
legal value for its dollar."

According to the report, the statement said that there was no
truth in the allegation that teams of lawyers working in at least
six separate jurisdictions on the international criminal
investigation against CL Financial have all been terminated.

As reported in the Troubled Company Reporter-Latin America on
July 13, 2010, Trinidad Express said that 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.  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 said 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.

The Gleaner notes that the Central Authority Unit of the Ministry
of the Attorney General has been in contact with British Queen
Counsel James Lewis, and that Attorney General Anand Ramlogan has
also been in regular contact with the forensic specialist, Robert
Lindquist.  The report relates that a number of local lawyers had
offered to return their briefs in this matter and the decision to
accept them was necessary "after a critical review was undertaken
with a view to determining the nature of and necessity for the
work done by the local team and the overall cost implications".

The AG's office, the report adds, said that Mr. Ramlogan has
"given no instructions" for terminating the services of any
foreign advisers, but that there was a need to streamline the
efforts of the various state agencies involved in the CLICO
investigation to "ensure that the state gets the best legal value
for its dollar, lest the candle cost more than the funeral."

                          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.


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


PETROLEOS DE VENEZUELA: Oil Delivery Joint Venture Formed
---------------------------------------------------------
Belarus and Venezuela have launched a joint venture to organize
the delivery of Venezuelan oil to Belarus, RIA Novosti news
reports, citing an unnamed source from the Belarusian Oil Company.

According to the report, the source said that Belarusian Oil
Company and Petroleos de Venezuela organized the venture.  Belarus
owns 25% and Venezuela 75%.

According to the report, Minsk and Caracas agreed on the supplies
of Venezuelan oil to Belarus in March, shortly after Belarus's
brief dispute over oil supplies with Russia.

Venezuelan oil is delivered by tankers to the Ukrainian port of
Odessa and is transported by railroad through Ukraine to Belarus,
the report notes.

                          About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" long-term issuer credit ratings.

As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Reuters said that Petroleos de Venezuela's total
debt jumped 42% in 2009 after it borrowed heavily to pay off
service company debts and intervene in currency markets.  The\
report related that PDVSA said that total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before.  According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.


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


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

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

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

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

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

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

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

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

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

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

                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *