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

              Friday, July 16, 2010, Vol. 11, No. 139

                            Headlines



A R G E N T I N A

CINEFOT SA: Creditors' Proofs of Debt Due on September 2
ETICA IMPRESORA: Creditors' Proofs of Debt Due on September 15
HONESTIDAD SRL: Creditors' Proofs of Debt Due on September 24
MADEIMPRES SA: Creditors' Proofs of Debt Due on September 9
METALES DILFER: Creditors' Proofs of Debt Due on September 3

UNI-BOX SRL: Creditors' Proofs of Debt Due on August 20
VINETZ SA: Creditors' Proofs of Debt Due on September 15


B R A Z I L

GOL LINHAS: Rating Raised at Raymond James on "Earnings Momentum"
GOL LINHAS: Moody's Raises Corporate Family Ratings to 'Ba3'
COMPANHIA SIDERURGICA: Moody's Affirms 'Ba1' Corp. Family Rating
CSN RESOURCES: S&P Assigns 'BB+' Senior Unsecured Debt Rating
JBS SA: Acquires TOLEDO Group for US$14 Million

JBS SA: McElhaney Feedyard Acquistion Still Awaiting Regulatory OK
TAM SA: Stocks Upgraded to "Outperform" at Raymond James


C O L O M B I A

ECOPETROL SA: To Invest US$80 Billion to Double Production


J A M A I C A

DIGICEL GROUP: Raises Concern on Tax Hikes Across the Caribbean
SPIKE INDUSTRIES: To Pay Outstanding Taxes Amid Assets Seizures
SUGAR COMPANY OF JAMAICA: Chinese Firm to Buy Remaining Factories


M E X I C O

CONTROLADORA COMERCIAL: Files for Pre-Approved Bankruptcy
* Alejandro Landa Joins Chadbourne & Parke Mexico City Office


P E R U

DOE RUN PERU: Still Refuses to Open Smelter as Deadline Nears




                         - - - - -


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


CINEFOT SA: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The court-appointed trustee for Cinefot S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 2, 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 11, 2010.


ETICA IMPRESORA: Creditors' Proofs of Debt Due on September 15
--------------------------------------------------------------
The court-appointed trustee for Etica Impresora S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until September 15, 2010.

The trustee will present the validated claims in court as
individual reports on October 27, 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 22, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 23, 2011.


HONESTIDAD SRL: Creditors' Proofs of Debt Due on September 24
-------------------------------------------------------------
The court-appointed trustee for Honestidad S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
September 24, 2010.

The trustee will present the validated claims in court as
individual reports on November 8, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 21, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 29, 2011.


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

The trustee will present the validated claims in court as
individual reports on October 22, 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 3, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 6, 2011.


METALES DILFER: Creditors' Proofs of Debt Due on September 3
------------------------------------------------------------
The court-appointed trustee for Metales Dilfer S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 3, 2010.


UNI-BOX SRL: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
The court-appointed trustee for Uni-Box S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
August 20, 2010.

The trustee will present the validated claims in court as
individual reports on October 8, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 23, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 27, 2011.


VINETZ SA: Creditors' Proofs of Debt Due on September 15
--------------------------------------------------------
The court-appointed trustee for Vinetz S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 15, 2010.

The trustee will present the validated claims in court as
individual reports on November 18, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 25, 2011.


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


GOL LINHAS: Rating Raised at Raymond James on "Earnings Momentum"
-----------------------------------------------------------------
Alexander Ragir at Bloomberg News reports that Raymond James &
Associates Inc. has raised GOL Intelligent Airlines aka GOL Linhas
Areas Inteligentes S.A.'s stock rating to "outperform" from
"underperform" on July 14, 2010, citing "earnings momentum."

"Latin America, we believe, is the best airline market in the
world for investment because of its high growth," wrote analysts
James Parker and Duane Pfennigwerth in a note obtained by the news
agency.  "Earnings momentum for Gol is expected to build
considerably over the next several quarters," they added, the
report relates.

As reported in the Troubled Company Reporter-Latin America on
July 15, 2010, Reuters said that Gol Linhas's subsidiary, Gol
Finance, sold US$300 million of senior notes in the 144a private
placement market.  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.  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.


GOL LINHAS: Moody's Raises Corporate Family Ratings to 'Ba3'
------------------------------------------------------------
Moody's Investors Service raised its Corporate Family and senior
unsecured ratings for Gol Linhas Aereas Inteligentes S.A. and Gol
Finance to Ba3 from B1 reflecting improved operating performance
and financial flexibility especially following the recent debt
issuance.  The ratings outlook is stable.

Ratings upgraded with a stable outlook:

Issuer: Gol Finance

  -- 7.5% US$225 million senior unsecured notes due 2017: Ba3
  -- 8.75% US$200 million senior unsecured perpetual notes: Ba3

Issuer: Gol Linhas Aereas Inteligentes S.A.

  -- Corporate Family Rating: Ba3

"The ratings upgrade reflects the company's continued commitment
to improve its financial flexibility which was again demonstrated
by yesterday's successful US$300 million placement of unsecured
debt securities due 2020 as well as the progress the company has
made in reaching the targets for a potential upgrade which Moody's
outlined in Moody's last rating action" said Moody's Senior Vice
President, Filippe Goossens.  Specifically, Gol has continued to
show improvement in its operating margin and its leverage has been
reduced to less than 6.0 times Debt to EBITDA (5.8 times in the
LTM ended in March 2010).  With the recent note offering the
company has refinanced all upcoming funded debt maturities through
2012.  Its liquidity, as measured by unrestricted cash and short
term investments, now exceeds 40% of unadjusted debt (46% as of
March 2010).  Moody's action also incorporates Moody's expectation
that the company will achieve Retained Cash Flow to Net Debt of
15% (13.4% in the LTM ended in March 2010) by sometime next year.

"The Ba3 rating now fully embodies the unique position in which
Gol finds itself of operating in a country with enviable growth
prospects at a time of considerable concern about the economic
prospects of the developed world but also to be able to reap the
benefits, for the time being, of a domestic market which while
encouraging new competition, provides significant benefits to the
two incumbents due largely to existing capacity constraints in the
nation's infrastructure" commented the Moody's analyst.  The
prospect of being able to host in 2014 and 2016 two world class
sporting events and the tremendous investments that will be
required to develop the country's pre-salt oil deposits provides
Brazil with the potential to partially mitigate a potential
slowdown in its key export markets such as China.

The stable outlook reflects Moody's forward looking view that the
company will continue to implement a number of initiatives which
it has announced since last year with the objective of continuing
to improve the company's operational and financial performance.
Notable are the company's ongoing efforts to attract more leisure
travelers from the more traditional bus mode of transportation,
its focus on optimizing returns from its existing route network
rather than the pursuit of market share, the ongoing
standardization of its fleet built on the Boeing 737 NG platform,
the further enhancement of its virtual global network through
strategic code share and loyalty program integration agreements
with well positioned international carriers and the pursuit of
selective ancillary business opportunities such as its cargo
operations and nascent e-commerce platform.  Moody's also expect
the management team to continue to implement the lessons learned
from the challenged acquisition of Varig and remain committed to
its current attractive business model of being a low cost operator
focused predominantly on providing short haul flights centered
around the six main Brazilian airports of Congonhas, Confins,
Curitiba, Brasilia, Santos Dumont and Galeano.

Following the rating action Moody's deem it unlikely that ratings
would experience upward pressure over the near-to-medium term.
However, Moody's would view as positive sustained deleveraging of
the company's balance sheet to below 4.0 times on a gross debt
basis (5.8 times in the LTM ended in March 2010), retained cash
flow to net debt of between 25-35% (13.4% in the LTM ended in
March 2010), EBIT to interest coverage approaching 4 times (1.7
times in the LTM ended in March 2010) and additional improvements
in its financial flexibility.

On the other hand, downward pressure on Gol's ratings or rating
outlook could occur if liquidity deteriorates such that cash and
short term investments fell below 30% of total unadjusted debt
(46% as of March 2010) for two consecutive quarters or if gross
leverage stayed above 6.5 times (5.8 times in the LTM ended in
March 2010) persistently due to a combination of high fuel prices,
a weaker real or increased competition in the duopolistic
Brazilian airline market.  A major departure from the company's
current business model would also be viewed as a negative
development and potentially result in a negative rating or change
in Moody's rating outlook.

Moody's last rating action on Gol Finance and Gol Linheas Aereas
Inteligentes S.A. occurred on November 26, 2009, when Moody's
revised Moody's outlook to positive from negative.

Gol Linhas Aereas Inteligentes S.A., a Brazilian low-cost carrier,
provides passenger airline service to all Brazil's major cities
and a growing number of destinations across South America.


COMPANHIA SIDERURGICA: Moody's Affirms 'Ba1' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed Companhia Siderurgica
Nacional's corporate family rating of Ba1 on the global scale and
Aa1.br on the Brazilian national scale.  The rating outlook
remains stable.  Simultaneously, Moody's assigned a Ba1 foreign
currency rating and a stable rating outlook to the issuance of
senior unsecured notes due 2020 in the amount of between
US$500 million and US$1 billion by CSN Resources S.A., to be fully
and unconditionally guaranteed by CSN.  The net proceeds of the
issuance will be used for general corporate purposes.

These ratings were affirmed:

-- Issuer: Companhia Siderurgica Nacional -- CSN

    * Corporate Family Rating: Ba1 (global scale), Aa1.br
      (Brazilian national scale)

-- Issuer: CSN Islands VIII Corporation

    * US$550 million 9.750% Guaranteed Senior Unsecured Notes Due
      2013: Ba1 Foreign Currency Rating

-- Issuer: CSN Islands IX Corporation

    * US$400 million 10.500% Guaranteed Senior Unsecured Notes Due
      2015: Ba1 Foreign Currency Rating

-- Issuer: CSN Islands XI Corporation

    * US$750 million 6.875% Guaranteed Senior Unsecured Notes Due
      2019: Ba1 Foreign Currency Rating

This rating was assigned:

-- Issuer: CSN Resources S.A. (Luxembourg)

    * between US$500 million and US$1 billion Guaranteed Senior
      Unsecured Notes Due 2020: Ba1 Foreign Currency Rating

The outlook for all ratings is stable.

The Ba1 rating and stable outlook of the proposed notes assume
that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.  The fact that the notes are rated the same as
CSN's corporate family rating reflects the low level of secured
debt on a consolidated basis as well as the fact that the large
majority of consolidated debt is either at or guaranteed by CSN.

CSN's Ba1 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products.  Historically, the company has
reported a strong EBITDA margin in the 40% range, supported by its
solid domestic market position and globally competitive production
costs.  CSN's operational efficiency and low costs reflect the
large scale of its integrated steel mill, its own captive iron ore
mine and its self-sufficiency in electricity and 75% self-
sufficiency in coke.  Also supporting CSN's high margins are the
company's strategic location in the most industrialized region of
Brazil and its proximity to high-grade iron ore reserves and port
terminals, as well as its efficient logistics.  While Moody's
believe that the company is better-positioned than most of its
global peers to face the ups and downs of the cyclical steel
industry from an operational standpoint, CSN's ratings are
primarily constrained by its track record of aggressive
shareholder return, low operational diversity, with the
concentration of its steel production in a single site, and by the
event risk from its large capex program to expand iron ore mining,
cement and logistics operations.

The stable outlook reflects Moody's expectation that CSN will
continue to report robust operating performance as demonstrated in
the last two quarters, with recurring EBITDA margins (as defined
by Moody's) above 40%, which Moody's believe are sustainable over
the near term based mainly on the company's efficient cost
controls and on the continuous expansion of the high-margin iron
ore operations.  Although CSN has aggressive investment plans for
the next several years, Moody's expect the company to manage its
modular-in-nature capex and dividends in order to maintain
adequate leverage and liquidity.

CSN's ratings could be positively affected if the company
maintains a strong liquidity position (with cash balance covering
130% of short term debt maturities) and adequate leverage during
the execution of its large capex program, with Net Debt
(considering a minimum readily available liquidity cushion of BRL
3.5 billion) to EBITDA below 3x.  Sustainable Cash From Operations
less Dividends to Net Debt approaching 20% would also be necessary
for an upgrade.

Conversely, the rating could suffer downward pressure should CSN's
operating margins weaken significantly and dividends remain high,
resulting in CFO less Dividends to Net Debt consistently in the
single digit range, or in the case of a substantive deterioration
of its liquidity position, with an inability to cover 130% of
short term debt with readily available liquidity and free cash
flow.  Downward pressure could also affect the ratings or outlook
if Consolidated Net Debt (considering a minimum readily available
liquidity cushion of BRL3.5 billion) to EBITDA remains above 3.5x
for an extended time period.  A significant increase in
consolidated secured debt or debt benefiting from claim priority
could negatively affect the rating or outlook of CSN's senior
unsecured debt.

Moody's last rating action on CSN occurred on February 25, 2010,
when its corporate family ratings of Ba1 on the global scale and
Aa1.br on the Brazilian national scale were confirmed and the
rating outlook was revised to stable following the announcement
that CSN failed in its attempt to acquire a controlling stake in
Cimpor -- Cimentos de Portugal SGPS S.A. (unrated).  The launch of
the takeover for Cimpor in December 2009 had prompted Moody's
review for possible downgrade.

Companhia Siderurgica Nacional is a vertically integrated, low-
cost producer of flat-rolled steel, with an annual capacity of
5.6 million tons of crude steel and 5.1 million tons of rolled
products.  CSN also produces and sells iron ore and cement.  In
the twelve months ended on March 31, 2010 CSN recorded
consolidated net revenues of BRL 11.7 billion (US$6.2 billion
converted by the average exchange rate).


CSN RESOURCES: S&P Assigns 'BB+' Senior Unsecured Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
senior unsecured debt rating to the senior unsecured guaranteed
notes maturing in 2020 to be issued by CSN Resources S.A.  The
rating reflects the credit quality of the Brazil-based integrated
steel producer Companhia Siderurgica Nacional (BB+/Positive/--),
as CSN unconditionally and irrevocably guarantees the notes.

The issuance is part of CSN's liability management.  The company
will use the proceeds from the notes to improve its debt profile
and for general corporate purposes.  S&P considers CSN's current
liquidity position as adequate, which was an important positive
factor to the rating while lower steel prices and lower demand
prevailed in 2009.  The company's rapid adjustment in production
and postponement of its relevant capital expenditure program
helped it protect cash-flow metrics in 2009.

CSN's sizable investment program is focused on increasing its iron
ore production at Casa de Pedra and Namisa mining operations, and
adding value to its steel production by diversifying into long
steel products.  New expansion projects have also been announced
to meet increasing global steel and transportation demands, with
investments in the Transnordestina railway and the expansion of
its port terminal.  S&P believes CSN benefits from flexibility in
the pace of these investments, so that it can adjust its internal
cash generation.  The company's increasing diversification is a
positive for its business profile.

                           Ratings List

                         CSN Resources S.A.

     Senior Unsecured Guaranteed Notes Due 2020           BB+


JBS SA: Acquires TOLEDO Group for US$14 Million
-----------------------------------------------
Meat Trade News Daily reports that JBS S.A. has expanded its
footprint in Western Europe with the purchases of Belgium-based
TOLEDO Group for US$14 million.

According to the Feedstuffs, Toledo Group has more than 100
customers in the foodservice and food manufacturing sectors that
use beef products in their finished products.  The report relates
that the company had sales that exceeded EUR39.3 million (US$50.0
million) last year.  Feedstuffs relates JBS SA Chief Executive
Officer Joesley Batista said the acquisition should enhance the
company's customer base and value-added portfolio, which it plans
to continue expanding.

TOLEDO Group specializes in customized cooked and frozen beef
products which are used by foodservice, industrial kitchens and
large food companies for ingredients in their finished products.

                            About JBS SA

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

                           *     *     *

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


JBS SA: McElhaney Feedyard Acquistion Still Awaiting Regulatory OK
------------------------------------------------------------------
JBS SA's planned purchase of McElhaney Feedyard in Arizona, USA,
for US$24 million is still awaiting regulatory approval.  The
investment deal will give JBS 100% ownership of the asset, in
addition to yards and the feed mill.

The Feedyard has a one-time capacity to feed 130,000 head of
cattle and is strategically placed in the region of the company's
facility in Tolleson, as well in the Arizona state.

Wesley Batista, head of JBS SA' US operations reiterated that the
company was very delighted over the proposed acquisition
investment of the state of the art installation via which it will
be able to liaise with local producers and ranchers to offer feed
service for their cattle and customize the animal diet to suit the
demands of its many customers, not only in America, but globally
as well.

Mr. Batista said the company still beliefs in the US livestock
community and will persist with its efforts to bring efficiencies
to the sector for the benefit of everyone, adding that the
investment was the right call.  The Brazilian meat giant has been
on the prowl for investment after investment, taking up
corporations in its stride.

With the acquisition investment of the Arizona feed lot, JBS SA
will become more self sufficient as it internally reinforced its
infrastructure with a previous one time capacity of 838,000 heads
of cattle with the addition of 13 feedlots.

                            About JBS SA

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

                           *     *     *

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


TAM SA: Stocks Upgraded to "Outperform" at Raymond James
--------------------------------------------------------
Raymond James & Associates Inc. has upgraded TAM S.A.'s stock
rating to "outperform" from "market perform."on July 14, 2010,
Alexander Ragir at Bloomberg News reports.

"Latin America, we believe, is the best airline market in the
world for investment because of its high growth," wrote analysts
James Parker and Duane Pfennigwerth in a note obtained by the news
agency.  "Earnings momentum for Tam SA is expected to build
considerably over the next several quarters," they added, the
report relates.

As reported in the Troubled Company Reporter-Latin America on
July 15, 2010 Bloomberg News said 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, related that the acquisition will give the company control
of the Tam brands.

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


ECOPETROL SA: To Invest US$80 Billion to Double Production
----------------------------------------------------------
Heather Walsh at Bloomberg News reports that Ecopetrol SA plans to
invest US$80 billion through 2020 to more than double daily output
to 1.3 million barrels of crude.  The report relates the company
reiterated that it plans to produce 1 million barrels of oil daily
in 2015.

According to the report, Ecopetrol is expanding its search for oil
in Colombia, Brazil, the U.S. Gulf of Mexico and Peru to meet its
production goals.  The report notes that rising output at
Ecopetrol SA will help increase overall production in Colombia to
1 million barrels a day by next year.

                        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.


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


DIGICEL GROUP: Raises Concern on Tax Hikes Across the Caribbean
---------------------------------------------------------------
Digicel Group has raised concerns over plans to raise taxes on
mobile handsets in several markets in the region,
Telecommunications Insight reports.

According to the report, economies hard hit by the recession are
considering raising rates on a number of areas of telecoms revenue
as the market remained robust throughout the economic downturn.
However, the report notes that rising costs for subscribers may
lead to lower usage, impacting operators such as Digicel Group as
they increasingly rely on new services to drive revenues.

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

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

                           *     *     *

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

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


SPIKE INDUSTRIES: To Pay Outstanding Taxes Amid Assets Seizures
---------------------------------------------------------------
Spike Industries Limited's assets were seized by a Special
Enforcement Team from the Inland Revenue Department, RadioJamaica
reports.  The report relates that the Special Enforcement Team's
operation resulted in the seizure of four vehicles by the agents
after the company did not pay its taxes following several
warnings.

According to the report, the company said it was in dialogue with
the Department regarding its tax obligations, and it already made
a payment of JM$3 million.  The report relates the company said
that it indicated that it was being adversely affected by domestic
and global economic conditions.

Spike Industries, the report notes, said it is still in dialogue
with the tax authorities with a view to reaching an amicable
solution to settling its liabilities.

Headquartered in Windward Road, Spike Industries is a bag and box
juice manufacturer.


SUGAR COMPANY OF JAMAICA: Chinese Firm to Buy Remaining Factories
-----------------------------------------------------------------
Chinese company Complant International Sugar Industry Company
Limited has struck a deal to buy The Sugar Company of Jamaica
Holdings Limited's three remaining government-owned sugar
factories, The Associated Press reports.  The report relates that
Agriculture Minister Christopher Tufton said that the Cabinet has
approved the planned sale.

According to the report, Complant International will pay US$9
million for the factories and control surrounding sugar cane lands
under a 50-year lease.  The report relates that the deal also
calls for the company to improve the factories and build a sugar
refinery.

The report notes that Jamaica's government in 2007 began efforts
to sell the five companies that made up the Sugar Company of
Jamaica because of mounting financial losses.  The report relates
that the two other factories were sold to local interests in June
2009.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2010, RadioJamaica said that Mr. Tufton said that
negotiations are progressing with the bidders for the remaining
state-run sugar factories owned by Sugar Company of Jamaica
Holdings Limited.  According to the report, a number of local and
overseas firms have expressed an interest in acquiring the three
remaining factories: Monymusk, Bernard Lodge and Frome.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


CONTROLADORA COMERCIAL: Files for Pre-Approved Bankruptcy
---------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that Controladora
Comercial Mexicana SAB said it filed for pre-approved bankruptcy
on July 14, 2010.  Operations will continue normally, the company
said in an e-mailed statement obtained by the news agency.

According to Dow Jones Newswires, Comercial Mexicana has submitted
its prepackaged US$1.54 billion debt-restructuring agreement to a
Mexican court with 98% of its creditors on board.  The report
relates that the restructuring agreement, which was announced in
late May, has the support of all of its derivatives counterparties
and bank creditors, and 88% of its bond creditors.  The
restructuring already has been approved by the company's
shareholders, the report says.

Under the agreement, the report states, the company will issue new
debt in pesos and U.S. dollars with an average life of 6.7 years,
which includes loans for about MXN14.4 billion (US$1.12 billion)
at floating rates, MXN1.89 billion in eight-year peso bonds at
9.25%, and US$226.3 million in eight-year dollar-denominated bonds
at 7%.  The report relates that it also includes a cash payment of
US$45 million on closing of the deal, and a lock-up fee for
certain bond holders equivalent to 1 percentage point of principal
amount held.

                       About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D"
long-term issuer credit ratings.  The company also continues to
carry Fitch Ratings' "D" long-term issuer default ratings.


* Alejandro Landa Joins Chadbourne & Parke Mexico City Office
-------------------------------------------------------------
The international law firm of Chadbourne & Parke LLP announced
today that Alejandro Landa has joined the firm as counsel in the
Mexico City office.

Mr. Landa has advised Mexican and foreign companies and financial
institutions on the corporate finance components of public bids,
mergers and acquisitions, joint ventures, and domestic and cross-
border asset-backed securitizations.  His experience includes
knowledge of regulatory procedures and preparation of filings with
the Mexico Ministry of Finance, the National Banking and
Securities Commission, PEMEX and other federal and local
government entities.  He also advises on general corporate matters
and transactions related to infrastructure and oil and gas
projects.

Mr. Landa was most recently with Thompson & Knight Abogados, S.C.
in Mexico City.

"We are pleased to welcome Alejandro to our Mexico City office,"
said Chadbourne Managing Partner Charles K. O'Neill.  "We continue
to aggressively add attorneys to our Latin America practice, and
Alejandro will provide additional support to our clients in Mexico
on a range of matters."

"Alejandro brings the right mix of corporate legal expertise that
we and our clients need in Mexico," added Boris Otto, Managing
Partner of Chadbourne's Mexico City office.

Mr. Landa earned an Industrial and Systems Engineer Degree (B.S.)
from Instituto Tecnologico y de Estudios Superiores de Monterrey
in 2002; a law degree (J.D. equivalent) with honors from the
Instituto Tecnologico Autonomo de Mexico in 2004; and a Master in
Financial Law (LL.M.) degree from Columbia University Law School
in 2008.

He has written articles in a range of publications on such topics
as infrastructure, the global financial crisis and cross-border
financing. Mr. Landa is also a member of the Association of
International Petroleum Negotiators.

                     About the Mexico City Office

The Mexico City office opened in 1999.  The office has one of the
largest corporate practices in Mexico and the largest
international and domestic litigation/arbitration practice within
a non-boutique litigation law firm in Mexico.  The expansion into
Latin America reflected the firm's strong practices in energy,
project finance, corporate finance, securitizations, cross-border
mergers & acquisitions and international litigation/arbitration as
well as Chadbourne's solid client relationships in the region.

Lawyers in the corporate and project finance groups of the Mexico
City office have extensive experience in corporate finance
(including structured loans, equity offerings, debt offerings,
leveraged leasing and acquisition and leveraged financing),
securitizations, public finance (including securitizations,
structured loans, regulatory and debt restructurings), private
equity, mergers and acquisitions, infrastructure, energy, real
estate and privatizations.

                    About Chadbourne & Parke LLP

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


=======
P E R U
=======


DOE RUN PERU: Still Refuses to Open Smelter as Deadline Nears
-------------------------------------------------------------
Doe Run Company's Doe Run Peru continues to refuse to restart
operations at the polymetallic smelter in the town of La Oroya, as
the July 27, 2010, deadline approaches, Steel Guru reports.

According to the report, before restarting operations, the company
is asking for flexibility to pay taxes and fines, as well as
modification of a 1997 privatization agreement that would protect
the firm and its parent company from environmental lawsuits
abroad.  The report relates that Doe Run Peru also requested the
government to delay application of environmental standards at the
La Oroya complex.

While the company continues to dodge government demands, workers
have been without work, the report says.

The report relates that one possible solution considered by Doe
Run Peru is to relocate operations entirely, this would decimate
the economy in La Oroya and neighboring Junin region, and Doe Run
Peru workers will not accept relocation plan.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.  According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe Run Peru
is "close" to reaching an agreement on US$156 million of debt to
reopen its zinc and lead smelter.  The report recalled that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations.  Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide business
located in Washington.  Doe Run Peru is a subsidiary of the
company.

Doe Run Peru operates a polymetallic smelter at La Oroya and
copper mine at Cobriza both in Peru.

                           *     *     *

As of June 21, 2010, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings' individual rating at


                            ***********

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.


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