TCRLA_Public/100722.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 22, 2010, Vol. 11, No. 143

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Officers Don't Want to Testify in Lloyd's Case


A R G E N T I N A

AGENCIA DE: Creditors' Proofs of Debt Due on August 24
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
ITAL GNC: Creditors' Proofs of Debt Due on August 6
JBS FINANCE: S&P Assigns 'BB' Senior Unsecured Debt Rating
JG ENOLOGIA: Creditors' Proofs of Debt Due on August 26

JUEGOS DEL: Creditors' Proofs of Debt Due on September 22
RECUPERO ENERGETICO: Creditors' Proofs of Debt Due on September 21
SALTO FLET: Creditors' Proofs of Debt Due on August 30


B E R M U D A

DIAMOND INDEMNITY: Creditors' Proofs of Debt Due on August 9
DIAMOND INDEMNITY: Members' Final Meeting Set for August 25
SYNCORA HOLDINGS: Unit Completes Remediation Plan


B R A Z I L

ALL AMERICA: EBITDA Up 11% in Second Quarter
CONSTRUTORA NORBERTO: Reaches Agreement With Ecuador
GOL LINHAS: To Release Second Quarter Earnings on August 9
MARFRIG ALIMENTOS: BNDES May Buy All Convertible Bonds
USINAS SIDERURGICAS: To Raise Steel Prices on August 1

USINAS SIDERURGICAS: To Disclose 2nd Qtr. 2010 Results on July 29


C A Y M A N  I S L A N D S

AI-DIVERSIFIED: Creditors' Proofs of Debt Due on August 18
AI-RELATIVE VALUE: Creditors' Proofs of Debt Due on August 18
ATB LTD: Creditors' Proofs of Debt Due on August 19
BANK VONTOBEL: Commences Liquidation Proceedings
BORONIA FINANCE: Creditors' Proofs of Debt Due on August 19

CYPRESS ASSET: Creditors' Proofs of Debt Due on August 19
DURATEX OVERSEAS: Creditors' Proofs of Debt Due on August 16
FLINDERS AIRCRAFT: Creditors' Proofs of Debt Due on August 19
KAL JAPAN: Creditors' Proofs of Debt Due on August 19
MAYFAIR EQUITIES: Creditors' Proofs of Debt Due on August 16

ORPHEUS II: Creditors' Proofs of Debt Due on August 19
PETROEXPORT: Creditors & Contributories to Meet on August 18
R-ONE TAKATSUKI: Creditors' Proofs of Debt Due on August 19
SKYSCRAPER TRADING: Creditors' Proofs of Debt Due on August 19
SWISS-SYSTEMATIC: Creditors' Proofs of Debt Due on August 16

TELT LIMITED: Creditors' Proofs of Debt Due on August 16
VEDIOR INSURANCE: Commences Liquidation Proceedings
VONTOBEL TRUST: Commences Liquidation Proceedings
VTC DIRECTOR: Commences Liquidation Proceedings
WEST LAKE: Creditors' Proofs of Debt Due on August 19


J A M A I C A

AIR JAMAICA: Trinidadian Travel Agents Cautious on Deal
LONG POND: Farmers Demand Firm to Take Their Sugar Cane Harvests


M E X I C O

BBVA BANCOMER: Plans MXN10 Billion Bond Sale
COZUMEL CARIBE: Drop in Tourists, Devaluation Cue Ch. 15 Filing
TV AZTECA: Unit Taps Sergio Romero as Programming Manager
VITRO SAB: Noteholders Reject Restructuring Proposal


P U E R T O  R I C O

LIZ CLAIBORNE: To Exit Branded Outlet Stores in U.S. & Puerto Rico


X X X X X X X X

DFL CARIBBEAN: Fitch Affirms Issuer Default Rating at 'BB'
* LATAM: Fitch Lists Rating Actions for June, 2010
* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


STANFORD INT'L: Officers Don't Want to Testify in Lloyd's Case
--------------------------------------------------------------
Former Stanford Financial Group executives -- Chief Investment
Officer Laura Pendergest-Holt, Chief Accounting Officer Gilbert
Lopez, and Global Controller Mark Kuhrt -- shouldn't be forced to
testify at an insurance-coverage trial about their roles in an
alleged US$7 billion fraud run by Robert Allen Stanford before a
criminal trial can be held, Laurel Brubaker Calkins at Bloomberg
News reports, citing the defendants' lawyer Lee Shidlofsky.

The report relates the former officials said in a court filing
that Lloyd's of London is trying to "place the civil cart before
the criminal horse" in their lawsuit against the underwriters.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Caribbean Net News said that Mr. Stanford and
his former executives sued Lloyd's of London for defense costs.
The report related that Lloyd's had advanced some legal fees under
a directors and officers policy but the insurer sent a letter on
Nov. 16 declining to extend coverage for beyond August 27.
According to Bloomberg News, Lloyd's of London said that the
admission made by former Stanford International Bank Limited
Chief Financial Officer, James "Jim" Davis when he pleaded guilty
relieves the insurance syndicate of the obligation to pay defense
costs for Mr. Stanford and his codefendants.  The report related
that Lloyd's lawyers told U.S. District Court Judge David
Hittner that the statements reveal criminal activity that takes
the defendants actions outside the terms of their directors' and
officers' insurance coverage.

Mr. Shidlofsky, Bloomberg News says, said that the attempt by
Lloyd's to force the executives to testify and provide written
answers to justify their activities forces them into "a
constitutional Hobson's choice" over their right against self-
incrimination, said their lawyer.  The report relates Mr.
Shidlofsky said that anything the executives say under oath in the
insurance case could be used against them in the criminal case.
Yet if they invoke their Fifth Amendment right not to testify, the
judge in the insurance case can legally infer that they're guilty
and may rule against their insurance claim, which they say is
their only source of funds to pay defense lawyers, he added,
Bloomberg states.

Mr. Shidlofsky, the report notes, said that the insurance dispute
shouldn't be decided until after the criminal trial, when the
Lloyd's policies give the underwriters the right to sue for
reimbursement of any funds spent defending guilty individuals.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


AGENCIA DE: Creditors' Proofs of Debt Due on August 24
------------------------------------------------------
The court-appointed trustee for Agencia de Investigaciones
Privadas San Justo S.R.L.'s bankruptcy proceedings, will be
verifying creditors' proofs of claim until August 24, 2010.

The trustee will present the validated claims in court as
individual reports on October 5, 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 16, 2010.


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXXVII issued by
Deutsche Bank S.A. - acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale) and
Caa3 (Global Scale, Local Currency) to the subordinated
Certificates.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 21,176 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS80,001,870.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

                            Structure

Deutsche Bank S.A. issued three classes of Debt Securities (Class
A Fixed Rate Securities, Floating Rate Securities and Class C
Fixed Rate Securities) and one class of Certificates, all
denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11.75%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus 352 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 12%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 19.50%.

Overall credit enhancement is comprised of subordination: 65% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

                         Rating Rationale

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for losses centered around the most likely
scenario of 10%.  Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 20%.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. (Argentina) will be appointed as the back-up
servicer.

                          Rating Action

Originator: Banco Supervielle S.A.

  -- ARS28,000,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXVII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS40,000,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXVII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS8,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXVII",
     rated Ba1.ar (Argentine National Scale) and Caa1 (Global
     Scale, Local Currency)

  -- ARS4,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXXVII", rated Caa2.ar (Argentine
     National Scale) and Caa3 (Global Scale, Local Currency)


ITAL GNC: Creditors' Proofs of Debt Due on August 6
---------------------------------------------------
The court-appointed trustee for Ital Gnc S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 6, 2010.


JBS FINANCE: 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 proposed senior unsecured
notes to be issued by JBS Finance II Ltd., a wholly owned
subsidiary of JBS S.A. (BB/Stable/--).

The notes will be unconditionally guaranteed by JBS and JBS
Hungary Holdings Kft. (not rated).  Proceeds from the issuance
will be used primarily to repay debt and extend JBS' overall
maturity profile.

                           Ratings List

                        JBS Finance II Ltd.

         Senior Unsecured Debt                        BB


JG ENOLOGIA: Creditors' Proofs of Debt Due on August 26
-------------------------------------------------------
The court-appointed trustee for J.G. Enologia S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 26, 2010.

The trustee will present the validated claims in court as
individual reports on September 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
November 15, 2010.


JUEGOS DEL: Creditors' Proofs of Debt Due on September 22
---------------------------------------------------------
The court-appointed trustee for Juegos del Centenario S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 22, 2010.

The trustee will present the validated claims in court as
individual reports on November 4, 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 17, 2010.


RECUPERO ENERGETICO: Creditors' Proofs of Debt Due on September 21
------------------------------------------------------------------
The court-appointed trustee for Recupero Energetico S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 21, 2010.

The trustee will present the validated claims in court as
individual reports on November 3, 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 16, 2010.


SALTO FLET: Creditors' Proofs of Debt Due on August 30
------------------------------------------------------
The court-appointed trustee for Salto Flet S.H.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 30, 2010.

The trustee will present the validated claims in court as
individual reports on October 15, 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 30, 2010.


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


DIAMOND INDEMNITY: Creditors' Proofs of Debt Due on August 9
------------------------------------------------------------
The creditors of Diamond Indemnity, Ltd. are required to file
their proofs of debt by August 9, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda


DIAMOND INDEMNITY: Members' Final Meeting Set for August 25
-----------------------------------------------------------
The members of Diamond Indemnity, Ltd. will hold their final
meeting on August 25, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda


SYNCORA HOLDINGS: Unit Completes Remediation Plan
-------------------------------------------------
Syncora Holdings Limited's wholly owned subsidiary, Syncora
Guarantee Inc. has completed its remediation plan sufficient to
meet its minimum statutory policyholder surplus requirements and
address previously announced short and medium term liquidity
issues.  The remediation plan included purchases of certain of
SGI's guaranteed exposures, monetization of certain of its
illiquid assets, receipt of a partial pre-payment of a surplus
note from its wholly owned subsidiary Syncora Capital Assurance
Inc. and various other loss remediation and restructuring actions.

Syncora also announced that, as required by a supplemental order
issued by the New York Insurance Department on June 17, 2010, SGI
has provided, and the NYID has approved, SGI's plan for the
payment of new claims as they become due in the ordinary course of
business and for the payment of claims accrued and unpaid since
April 26, 2009 (the date after which SGI was ordered by the NYID
to suspend claims payments until it had eliminated its impairment
to its statutory capital and returned to compliance with minimum
statutory capital).

In accordance with the Plan, SGI will commence making claim
payments on regularly scheduled payment dates occurring on or
after July 21, 2010.  Current claims will be paid in full on their
regularly scheduled payment dates as they occur on or after
July 21, 2010.  Accrued and unpaid claims from and including
April 26, 2009 to and including July 20, 2010 will be paid over a
six month period:

   (i) up to twenty percent (20%) of the aggregate outstanding
       unpaid amount of the accrued claims for a given transaction
       (measured on July 21, 2010) shall be paid on the first
       payment date occurring on or after July 21, 2010; and

  (ii) up to forty percent (40%) of the aggregate outstanding
       unpaid amount of the accrued claims for a given transaction
       (measured on July 21, 2010) shall be paid on each
       succeeding payment date, with the complete payment of these
       accrued claims expected to be made on or before January 21,
       2011.

Information with respect to accrued claims payments will be posted
from time to time on http://www.syncora.com/ Bondholders of SGI
wrapped RMBS securities may also be able to obtain claims payment
information from bond trustee reports.

Finally, Syncora also announced that while SGI's loss reserve
analysis is still ongoing, it now expects SGI to report statutory
surplus as of June 30, 2010, in line with, or in excess of, the
US$104.1 million reported as of March 31, 2010.  Syncora notes,
however, that this is a preliminary estimate and SGI's actual
statutory policyholder surplus reported for the second quarter may
differ.

                     About Syncora Holdings

Syncora Holdings Limited -- http://www.syncora.com-- is a
Bermuda-domiciled holding company.

                          *     *     *

As of July 21, 2010, the company continues to carry Moody's "C"
long term and preferred stock rating


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


ALL AMERICA: EBITDA Up 11% in Second Quarter
--------------------------------------------
Laura Price at Bloomberg News reports that ALL America Latina
Logistica SA said that total earnings before interest, taxes,
depreciation and amortization (EBITDA) rose 11% in the second
quarter.

According to the report, the total transported volume rose 4.1% in
the second quarter from a year earlier.  The report relates,
citing a regulatory filing, the transported volume rose 3.1% in
Brazil and 16% in Argentina.

Ms. Price reports that ALL America Latina Logistica SA said its
outlook for the second half of the year is "promising" as the
company will benefit from an 18% increase in grain output in the
regions where it operates in Brazil.  According to the report, the
company said that in Argentina, the recovery of the agricultural
harvest may lead to "good volume growth" in the short term.

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

                          *     *     *

As of July 21, 2010, the company continues to carry Fitch Ratings'
"BB-" long-term issuer default ratings.


CONSTRUTORA NORBERTO: Reaches Agreement With Ecuador
----------------------------------------------------
Ecuador's government reached an agreement with Construtora
Norberto Odebrecht SA to end all disputes stemming from a 2008
conflict over the construction over a hydroelectric plant, Nathan
Gill at Bloomberg News reports, citing Ecudor's state news
service, Andes.

According to the report, citing Andes' interview with Strategic
Sectors Minister Jorge Glas, Odebrecht SA will make a
"transactional" payment for operation delays at Ecuador's San
Francisco hydroelectric plant, carry out necessary repairs,
guarantee its work for five years and train employees in how to
operate the dam.

As reported in the Troubled Company Reporter-Latin America on
October 8, 2009, Reuters said President Correa expelled Odebrecht
SA in September and seized the company's installations over a
disputed hydroelectric dam that the government says was badly
built.  The report related that the company later offered to
comply with the government's demands for reimbursement of damages
in a last ditch effort to keep US$800 million worth of contracts
with the government.  In an October 1 report, Reuters disclosed
that after Ecuador expelled the firm, it sent troops to seize
US$800 million worth of projects, including an airport, two
hydroelectric plants and a rural irrigation project.  Mr. Correa
also threatened not to pay back a US$200 million loan from Brazil
linked to Odebrecht SA, Reuters added.

              About Construtora Norberto Odebrecht

Construtora Norberto Odebrecht SA is a Latin American engineering
and construction company fully owned by the Odebrecht Group, one
of the 10 largest Brazilian private groups.  Construtora Norberto
is the world's largest builder of hydroelectric plants, of
sanitary and storm sewers, water treatment and desalination
plants, transmission lines and aqueducts.  The Group's main
businesses are heavy engineering and construction based in Rio de
Janeiro, Brazil, and Braskem S.A., its chemicals/petrochemicals
company, based in Sao Paulo, Brazil.

                        *     *     *

As of July 21, 2010, the company continues to carry Fitch ratings'
"BB+" long-term issuer default ratings and senior unsecured debt
rating.  The company also continues to carry Standard and Poor's
"BB" long-term issuer credit ratings.


GOL LINHAS: To Release Second Quarter Earnings on August 9
-----------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. will release its 2010 earnings
release on August 9, 2010 (after market closing).  The release
will be available on its Web site: http://www.voegol.com.br/ir

In accordance with fair disclosure and corporate governance best
practices, GOL will start its Quiet Period on July 31 and will end
immediately after the conference call on August 10.

                        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 reported in the Troubled Company Reporter-Latin America on
July 16, 2010, 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


MARFRIG ALIMENTOS: BNDES May Buy All Convertible Bonds
------------------------------------------------------
Marfrig Alimentos SA said that BNDES may buy all of the BRL2.5
billion of convertible bonds the company plans to sell, Carlos
Caminada at Bloomberg News reports, citing a regulatory filing.

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the United States, and Europe.

                           *     *     *

As of June 28, 2010, the company continues to carry Moody's "B1"
long-term rating and LT corp family rating.  The company also
continues to carry Fitch Rating's "B+" long-term issuer default
ratings.


USINAS SIDERURGICAS: To Raise Steel Prices on August 1
------------------------------------------------------
Jessica Brice at Bloomberg News reports that Usinas Siderurgicas
de Minas Gerais SA said it plans to raise steel prices after raw-
material costs increased.

According to the report, citing a company statement, prices will
rise by 3.5% to 6% as of August 1, 2010.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of May 7, 2010, the company continues to carry Moody's "Ba1"
subordinate debt rating.


USINAS SIDERURGICAS: To Disclose 2nd Qtr. 2010 Results on July 29
-----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A.'s second quarter 2010
results conference call will be on Thursday, July 29, 2010, at
10:30 AM EDT, before the opening of BM&FBOVESPA's trading session.

Interested parties will have to log on at
http://www.mediatown.com.br/prnewswire/player/?id=340

Investor Relations from USIMINAS: +55 31 3499-8710 or
                         Contact: investidores@usiminas.com

The conference call will be archived at http://www.usiminas.com/ri
To access the replay, click on Investor Relations Section.

    To take part in the Conference Call dial:
    From USA - (1 888) 700-0802
    From Brazil - (11) 4688-6361
    From Other Countries - (1 786) 924-6977

                         About Usiminas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of May 7, 2010, the company continues to carry Moody's "Ba1"
subordinate debt rating.


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


AI-DIVERSIFIED: Creditors' Proofs of Debt Due on August 18
----------------------------------------------------------
The creditors of AI-Diversified Strategies Fund, Ltd. are required
to file their proofs of debt by August 18, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidators are:

         Figaro Advisors, Ltd
         Fabian Schonenberg
         Andrea Shakir
         Telephone: (441) 295-5588
         Facsimile: (441) 295-5578
         2 Reid Street, Hamilton HM 11
         Bermuda


AI-RELATIVE VALUE: Creditors' Proofs of Debt Due on August 18
-------------------------------------------------------------
The creditors of AI-Relative Value Strategies Fund, Ltd. are
required to file their proofs of debt by August 18, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidators are:

         Figaro Advisors, Ltd
         Fabian Schonenberg
         Andrea Shakir
         Telephone: (441) 295-5588
         Facsimile: (441) 295-5578
         2 Reid Street, Hamilton HM 11
         Bermuda


ATB LTD: Creditors' Proofs of Debt Due on August 19
---------------------------------------------------
The creditors of ATB Ltd. are required to file their proofs of
debt by August 19, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 6, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building
         Suite 201 256 Crewe Road
         P.O. Box 1166 Grand Cayman KY1-1102


BANK VONTOBEL: Commences Liquidation Proceedings
------------------------------------------------
Bank Vontobel Cayman commenced liquidation proceedings on June 30,
2010.

The company's liquidators are:

         Christopher Johnson
         Russell Smith
         c/o Johnson Smith Associates Ltd
         Elizabethan Square
         80 Shedden Road
         PO Box 2499, Grand Cayman KY1-1104


BORONIA FINANCE: Creditors' Proofs of Debt Due on August 19
-----------------------------------------------------------
The creditors of Boronia Finance Limited are required to file
their proofs of debt by August 19, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

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


CYPRESS ASSET: Creditors' Proofs of Debt Due on August 19
---------------------------------------------------------
The creditors of Cypress Asset Holdings Ltd. are required to file
their proofs of debt by August 19, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2010.

The company's liquidator is:

         Graham Robinson
         Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


DURATEX OVERSEAS: Creditors' Proofs of Debt Due on August 16
------------------------------------------------------------
The creditors of Duratex Overseas are required to file their
proofs of debt by August 16, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 1, 2010.

The company's liquidator is:

         Flavio Marassi Donatelli
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


FLINDERS AIRCRAFT: Creditors' Proofs of Debt Due on August 19
-------------------------------------------------------------
The creditors of Flinders Aircraft Finance Limited are required to
file their proofs of debt by August 19, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

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


KAL JAPAN: Creditors' Proofs of Debt Due on August 19
-----------------------------------------------------
The creditors of KAL Japan ABS 3 Cayman Limited are required to
file their proofs of debt by August 19, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 8, 2010.

The company's liquidator is:

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


MAYFAIR EQUITIES: Creditors' Proofs of Debt Due on August 16
------------------------------------------------------------
The creditors of Mayfair Equities Limited are required to file
their proofs of debt by August 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2010.

The company's liquidator is:

         John Sutlic
         Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


ORPHEUS II: Creditors' Proofs of Debt Due on August 19
------------------------------------------------------
The creditors of Orpheus II Limited are required to file their
proofs of debt by August 19, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 9, 2010.

The company's liquidator is:

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


PETROEXPORT: Creditors & Contributories to Meet on August 18
------------------------------------------------------------
The creditors and contributories of Petroexport Limited will hold
their first meeting, on August 18, 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:

         Roy Bailey
         c/o Claire Loebell
         Ernst & Young Ltd
         62 Forum Lane Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 814-8922
         Facsimile: (345) 949-8529
         e-mail: Claire.loebell@ky.ey.com


R-ONE TAKATSUKI: Creditors' Proofs of Debt Due on August 19
-----------------------------------------------------------
The creditors of R-One Takatsuki Holdings are required to file
their proofs of debt by August 19, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 8, 2010.

The company's liquidator is:

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


SKYSCRAPER TRADING: Creditors' Proofs of Debt Due on August 19
--------------------------------------------------------------
The creditors of Skyscraper Trading Co. are required to file their
proofs of debt by August 19, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 9, 2010.

The company's liquidator is:

         Takashi Sugimoto
         2-2-103 Akitsu 1-chome
         Narashino-city Chiba Prefecture
         Japan
         c/o Victor Murray
         Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


SWISS-SYSTEMATIC: Creditors' Proofs of Debt Due on August 16
------------------------------------------------------------
The creditors of Swiss-Systematic Japan Trends Limited are
required to file their proofs of debt by August 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 6, 2010.

The company's liquidator is:

         John Sutlic
         Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


TELT LIMITED: Creditors' Proofs of Debt Due on August 16
--------------------------------------------------------
The creditors of Telt Limited are required to file their proofs of
debt by August 16, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 8, 2010.

The company's liquidator is:

         John Sutlic
         Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


VEDIOR INSURANCE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on June 24, 2010, the
shareholders of Vedior Insurance, Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

         Sean Bradley
         Ron Fuccillo
         c/o Randstad Professionals US, LP
         60 Harvard Mill Square
         Wakefield Massachusetts 01880, U.S.A.
         Telephone: +1-781-213-1500
         Facsimile: +1-781-213-1520


VONTOBEL TRUST: Commences Liquidation Proceedings
-------------------------------------------------
Vontobel Trust Company Cayman commenced liquidation proceedings on
June 30, 2010.

The company's liquidators are:

         Christopher Johnson
         Russell Smith
         c/o Johnson Smith Associates Ltd
         Elizabethan Square
         80 Shedden Road
         PO Box 2499, Grand Cayman KY1-1104


VTC DIRECTOR: Commences Liquidation Proceedings
-----------------------------------------------
VTC Director Services commenced liquidation proceedings on
June 30, 2010.

The company's liquidators are:

         Christopher Johnson
         Russell Smith
         c/o Johnson Smith Associates Ltd
         Elizabethan Square
         80 Shedden Road
         PO Box 2499, Grand Cayman KY1-1104


WEST LAKE: Creditors' Proofs of Debt Due on August 19
-----------------------------------------------------
The creditors of West Lake Aircraft Company Limited are required
to file their proofs of debt by August 19, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

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


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


AIR JAMAICA: Trinidadian Travel Agents Cautious on Deal
-------------------------------------------------------
Another group in Trinidad and Tobago is expressing reservation
about the Caribbean Airlines Limited and Air Jamaica Limited deal,
RadioJamaica reports.   The report relates that the Travel Agents
Association believes that the takeover is not a good one, despite
a statement to the contrary by Finance Minister Winston Dookeran.

According to the report, TAA President Wayne Rodriguez said that
the Air Jamaica routes which were sold to Caribbean Airlines are
not profitable and deemed to be high risk due to intense
competition.  The report relates Mr. Rodriguez added that
competition will further increase with Jamaica's open skies
agreement.

Mr. Rodriguez, the report notes, has called for the report and
findings of the committee which reviewed the Caribbean
Airlines/Air Jamaica deal to be made public.  RadioJamaica
discloses that Caribbean Airlines has responded to Mr. Rodriguez's
concerns stating that while there are challenges ahead due to the
state of the global airline industry it made the right choice in
entering the deal with Air Jamaica.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline will acquire
Air Jamaica for US$50 million and operate six Air Jamaica aircraft
and eight of its routes.  Jamaica got a 16% stake in the merged
operation, with CAL owning 84%.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 19, 2010, Standard & Poor's Ratings Services said that it
raised its corporate credit rating on Jamaican national airline
Air Jamaica Ltd. to 'B-' from 'CCC', and removed it from
CreditWatch, where it was placed with developing implications on
Feb. 24, 2010.  The outlook is stable.  At the same time, S&P
affirmed its 'B-' rating on Air Jamaica's notes due 2015 and 2027,
guaranteed by the government of Jamaica (B-/Stable/C).


LONG POND: Farmers Demand Firm to Take Their Sugar Cane Harvests
----------------------------------------------------------------
Mark Cummings at Jamaica Observer reports that Cane Farmers in
Trelawny and St. James are demanding that Long Pond Sugar
Company's management accept their canes next crop, during the
closure of the sugar processing plant.

"We are demanding that the canes be taken to Long Pond and ground
as usual, and the juice then taken to another factory for
processing . . . and that is our demand," the report quoted Allan
Rickards, the chairman of the All Island Jamaica Cane Farmers'
Association, as saying.  "If what we want is not in place, we will
not sell them one stick of cane again," he warned, the report
relates.

As reported in the Troubled Company Reporter-Latin America on
July 21, 2010, RadioJamaica said that the Sugar Industry Authority
has been asked to investigate the extended closure of the Long
Pond which was divested by the government a year ago.  The report
related that questions have been raised about the firm's state of
affairs which is likely to remain closed for several months.

The Observer notes that Mr. Rickards argued that the proposal for
Long Pond to mill the canes during the closure of the factory is
feasible and would not be more expensive than the cost of
transporting it to the Monymusk Sugar factory in Clarendon.

Meanwhile, the report relates that Mr. Rickards pointed out that
the cane farmers' proposal would save the jobs of scores of
factory workers employed to the Long Pond factory, who would
otherwise be out of work during the closure of the facility.

Long Pond Sugar Factory is a sugar company based in Trelawny,
Jamaica.


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


BBVA BANCOMER: Plans MXN10 Billion Bond Sale
--------------------------------------------
BBVA Bancomer seeks to sell up to MXN10 billion (US$773.2 million)
in bonds on the local debt market to support its lending
operations, Ken Parks at Dow Jones Newswires reports.

According to the report, the bank said it aims to sell the 10-year
inflation-linked bonds on August 13, 2010, and will use the
proceeds to "maintain adequate liquidity levels based on the
projected growth of its credit portfolios."

Dow Jones Newswires notes that the bank's brokerage arm, Casa de
Bolsa BBVA Bancomer, is acting as the lead placement agent in the
deal, which will be the seventh issuance under a four-year, MXN60
billion bond program.

                          *     *     *

As of July 1, 2010, Standard & Poor's Ratings Services said that
it affirmed BBVA Bancomer S.A.'s 'BB+' rating on its US$500
million nonpreferred subordinated notes due 2015.  The outlook
remains stable.


COZUMEL CARIBE: Drop in Tourists, Devaluation Cue Ch. 15 Filing
---------------------------------------------------------------
Cozumel Caribe SA, a Mexican provider of tourism services at a
beachfront hotel in Cozumel, filed for Chapter 15 bankruptcy
protection Tuesday before the U.S. Bankruptcy Court for the
Southern District of New York.  Jacqueline Palank at Dow Jones
Daily Bankruptcy Review reports Cozumel Caribe blamed its
bankruptcy filing on the "drastic" drop in foreign tourists
visiting the Hotel Park Royal Cozumel, from where the company
operates.

"The recent world recession and crisis in the Mexican tourism
sector has brought about a reduction in the flows of cash required
to cover the costs and expenses of operating tourism-related
businesses," Agustin Garcia Bolanos Cacho, chairman of Cozumel
Caribe's board of directors, said in court papers, according to
Dow Jones.

The report continues that the crisis Mr. Cacho was referring to
includes the devalution of the Mexican peso and last year's H1N1
flu epidemic.  Mr. Cacho also noted that more tourists were
staying home in light of rampant drug violence, the topic of man
recent U.S. news reports.

Dow Jones reports the company said that although it took such
emergency steps as reducing its staff and operating costs,
negotiating better trade conditions with its suppliers and trying
to create new business plans, it found itself strapped for cash
when its lenders decided to withhold funds.  According to
Bloomberg, Cozumel Caribe reported more than US$100 million in
debts and assets of more than US$10 million in its bankruptcy
petition.


TV AZTECA: Unit Taps Sergio Romero as Programming Manager
---------------------------------------------------------
Azteca America appointed Sergio Romero to the position of
Programming Manager.  The appointment is effective immediately.

"With more than 20 years of experience working with Telemundo and
Univision in areas such as Programming, Sales and Promotion, he
will surely strengthen our reach within the U.S. Hispanic
community," said Alberto Santini Lara, Executive Vice President of
Programming, Production and Marketing.

Mr. Romero began his media career at age 13 as a DJ for KINT in El
Paso.  After graduating from the University of Colorado in Boulder
and being the voice of KBNO radio in Denver, he began his
television career with local stations in Denver and Houston,
before moving to the position of Network Producer of Programming
and Promotion for Telemundo and later Director of Promotions for
Univision.

He will report directly to Alberto Santini Lara, working in close
coordination to refine the Azteca America network grid to reach
the broadest appeal for Hispanic audiences.

                       About Azteca America

Azteca America is the alternative choice in broadcast television
for Spanish speaking families residing in the United States.
Azteca America operates in 70 markets nationwide and can also be
seen on DIRECTV Mas Channel 441 (AZA 441) and DISH Network Channel
825.  The company is wholly owned by Mexican broadcaster TV
Azteca, S.A. de C.V.

                       About TV Azteca SA

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's
"B1" senior unsecured debt rating.


VITRO SAB: Noteholders Reject Restructuring Proposal
----------------------------------------------------
The Steering Group for the Ad Hoc Committee of Vitro Noteholders
(the Steering Group) has rejected the latest restructuring
proposal made by VITRO, S.A.B. de C.V., which forms the basis of
Vitro's announced "consent solicitation" to holders of the Senior
Notes  (the Vitro Proposal).

The Steering Group is comprised of holders, or investment advisors
to holders, of more than US$500 million of Vitro's Senior Notes
due 2012, 2013, and 2017 (collectively, the Senior Notes) issued
by Vitro, S.A.B. de C.V.  Vitro has been in default under the
Senior Notes for more than 15 months, having failed to make
scheduled bi-annual interest payments On February 1, 2009, May 1,
2009, August 1, 2009, November 1, 2009, February 1, 2010, and
May 1, 2010.  Moreover, the Senior Notes were accelerated by
holders of the Senior Notes and/or the indenture trustees for such
notes earlier this year -- which makes the full amount of the
Senior Notes (approximately US$1.2 billion principal amount) plus
accrued and unpaid interest immediately due and payable by Vitro
and its more than 50 Mexican and U.S. subsidiary guarantors of the
Senior Notes.

Since the initial default by Vitro in February 2009, certain
members of the Steering Group have urged Vitro to engage in a
thoughtful, deliberate restructuring process that will maximize
recoveries for holders of the Senior Notes.

Notably, the Vitro Proposal continues to undervalue the financial
condition of Vitro's business and its ability to satisfy claims of
holders of the Senior Notes.  The Vitro Proposal (and the
unsupported consent solicitation) is intended to redistribute
value away from Vitro's creditors to its shareholders (including
controlling family member shareholders).  As a result, the
Steering Group reserves all its rights and is reviewing the
exercise of appropriate remedies and options to protect holders of
the Senior Notes.

The Steering Group is represented by White & Case LLP and Chanin
Capital Partners LLC as counsel and financial advisors,
respectively.

Holders of the Senior Notes who are interested in obtaining more
information are encouraged to contact these advisors for the
Steering Group:

     White & Case LLP
     John Cunningham
     Tel: (305) 995-5252
     E-mail: jcunningham@whitecase.com
     Richard Kebrdle
     Tel: (305) 995-5276
     E-mail: rkebrdle@whitecase.com

     Chanin Capital Partners
     Brian Cullen
     Tel: (310) 445-4010
     E-mail: BCullen@chanin.com
     Mark Catania
     Tel: (310) 445-4010
     E-mail: MCatania@chanin.com

                         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.


====================
P U E R T O  R I C O
====================


LIZ CLAIBORNE: To Exit Branded Outlet Stores in U.S. & Puerto Rico
------------------------------------------------------------------
Following a comprehensive review, Liz Claiborne Inc. plans to exit
its Liz Claiborne branded outlet stores in the United States and
Puerto Rico.  As a result of this decision, the Company expects
the meaningful operating losses related to this business to be
eliminated in early 2011 when this action is anticipated to be
completed.  The Company's other outlet stores in the United States
and Puerto Rico for its Juicy Couture, Lucky Brand, Kate Spade and
Kensie brands are not impacted by this decision.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc.,
said: "With the launches of the Liz Claiborne brand at JCPenney
and Liz Claiborne New York at QVC -- both next month -- we're
announcing today that we will be exiting our 87 Liz Claiborne
branded outlet stores in the United States and Puerto Rico, the
majority of which will be exited in the coming months."

Mr. McComb continued, "A number of factors precipitated this
decision.  Our current fleet of Liz Claiborne branded outlet
stores was originally designed and leased to handle clearance for
many brands in our portfolio -- an outdated consumer proposition
and one that no longer makes economic sense, given the vast
changes we have made to our portfolio and business strategy over
the past three years."

Mr. McComb concluded, "In addition, our corporate strategy
allocates the majority of our capital dollars to our retail-based
Direct Brands, while leveraging a stable of Partnered Brands for
additional revenue generation and to help support our growth
opportunities across the Company.  Considering the capital
efficient, licensing-oriented model for the Liz Claiborne brand,
our organizational energy and resources are better used to support
successful and profitable businesses at JCPenney and QVC."

In connection with this action, the Company currently estimates
that it will incur non-cash impairment charges of approximately
$7.0 million in the second quarter of 2010 and may incur
additional non-cash charges in future periods.  The Company also
expects to record cash charges related to lease terminations and
severance and is in the process of determining these cash charges.
The Company will provide more comments on this process during its
second quarter earnings conference call, which is scheduled for
August 5th at 10am.

                       About Liz Claiborne

Liz Claiborne Inc. -- http://lizclaiborneinc.com-- designs and
markets a global portfolio of retail-based premium brands
including Juicy Couture, Kate Spade, Lucky Brand and Mexx.  The
Company also has a refined group of department store-based brands
with strong consumer franchises including the Monet family of
brands, Kensie, Kensiegirl, Mac & Jac, and the licensed DKNY(R)
Jeans and DKNY(R) Active brands.  The Dana Buchman and Axcess
brands are sold at Kohl's, and beginning in Fall 2010, the Liz
Claiborne and Claiborne brands will be available at JCPenney and
the Liz Claiborne New York brand designed by Isaac Mizrahi will be
available at QVC and internationally.

                          *     *     *

As reported in the Troubled Company Reporter on March 25, 2010,
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on New York-based Liz Claiborne Inc. to
'B-' from 'B'.  The outlook is developing.


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


DFL CARIBBEAN: Fitch Affirms Issuer Default Rating at 'BB'
----------------------------------------------------------
Fitch Ratings affirms these ratings for DFL Caribbean Holdings
Limited and its subsidiary, Development Finance Limited:

DFL Caribbean Holdings Limited

  -- Long-term Issuer Default rating at 'BB';
  -- Short-Term IDR at 'B';
  -- Individual rating at 'D';
  -- Support rating at '3'.

Development Finance Limited

  -- Long-term Issuer Default Rating at 'BB';
  -- Short-term IDR at 'B';
  -- Individual rating at 'D';
  -- Support rating at '3'.

Fitch also downgrades DFL's preferred stock rating to 'B-' from
'B+'.  The Rating Outlook for DFL is Stable.

DFL's long-term IDR is underpinned by Fitch's view that there is
moderate probability of support, which is reflected in the '3'
support rating, from DFL's owners in the event of need.  The
largest shareholders are RBTT (owned by Royal Bank of Canada) with
31%, the Government of Trinidad and Tobago with 28%, the European
Investment Bank with 8.5%, and the Inter-American Investment
Corporation with 8.5%.  DFL's focus on lending to SMEs and
microfinance appears consistent with policy goals of the
government, the EIB and IIC.  Fitch considers potential support to
be institutional in nature, thus there is no rating floor
assigned.

The Individual rating, which measures standalone financial
strength, reflects exposure concentrations, a large level of
impaired loans and operations in riskier markets counterbalanced
by DFL's solid capital ratio and long-term funding structure.
Given its policy related lending focus, DFL's financial measures
may not be comparable to those of typical banks and other
financial institutions.

Under Fitch's criteria, ratings of preferred stock and other
hybrid instruments are based on an institution's standalone
financial strength as reflected in the Individual rating.  With
this in mind, the downgrade of DFL's preferred stock rating
reflects aforementioned concerns combined with declining financial
performance in 2009.

The long-term IDR could be affected if Fitch's view of the
probability of support changes.  Any upside to the long-term IDR
or Individual rating is constrained by DFL's small size, limited
market position and credit concentration risk.  A downgrade of the
Individual rating or a further downgrade of the preferred stock
rating could occur in the event of significant operating losses
and impairment of capital.

Established in 1970, DFL converted to a holding company structure
in 2007 under parent company, DFL Caribbean Holdings Limited.
Subsidiaries of this holding company are Development Finance
Limited, DFLSA Incorporated, Caribbean Development Capital
Limited, and Caribbean Microfinance Trinidad and Tobago and CDN
Management Services Limited.  Development Finance Limited is by
far the largest component of the group.  This unit focuses on
lending to SMEs for a variety of industries in T&T and other
countries in the region.


* LATAM: Fitch Lists Rating Actions for June, 2010
--------------------------------------------------
This is a comprehensive list of Fitch Ratings 101 Latin America
National scale rating changes for the month of June 2010, which
include: new ratings, upgrades, downgrades, Rating Outlook and
Rating Watch revisions, and withdrawn ratings.  These rating
actions were previously announced via separate press releases in
Spanish or Portuguese.

Fitch has assigned these national ratings:

Banco Latinoamericano de Comercio Exterior (Bladex) (Chile)

  -- Bond Program No (en tramite) national long-term rating
     'AA-(cl)';

  * (Rating action took place on June 1, 2010.)

HIR PYME S.A. de C.V., Sofol (Mexico)

  -- National long-term rating 'BB-(mex)';
  -- The Rating Outlook is Stable;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on June 1, 2010.)

Scotiabank Chile (Chile)

  -- Bonds Serie I (BP Numero en tramite) national long-term
     rating 'AAA(cl)';

  -- Bonds Serie J (BP Numero en tramite) national long-term
     rating 'AAA(cl)';

  -- Bonds Program Numero (en tramite) national long-term rating
     'AAA(cl)';

  -- Bonds Program Numero (en tramite) national long-term rating
     'AAA(cl)';

  * (Rating action took place on June 1, 2010.)

Banco de Chile and Subsidiaries (Chile)

  -- Bonds Serie UC national long-term rating 'AAA(cl)';
  -- Bonds Serie UD national long-term rating 'AAA(cl)';
  -- Bonds Serie UE national long-term rating 'AAA(cl)';
  -- Bonds Serie UF national long-term rating 'AAA(cl)';
  -- Bonds Serie UG national long-term rating 'AAA(cl)';
  * (Rating action took place on June 3, 2010.)

Municipio de Celaya, Gto. (Mexico)

  -- National long-term rating at 'AA-(mex)';
  * (Rating action took place on June 4, 2010.)


Facileasing, S.A. de C.V. (Mexico)

  -- Programa C.B. de C.P serie 2010 national short-term rating
     'F2(mex)';

  * (Rating action took place on June 4, 2010.)

Banco Rodobens S.A. (Brasil)

  -- National long-term rating 'A(bra)';
  -- The Rating Outlook is Stable;
  -- National short-term rating 'F1(bra)';
  * (Rating action took place on June 4, 2010.)

Instituto para el Desarrollo y Financiamiento del Estado de
Quintana Roo (Mexico)

  -- Loan HSBC serie 2010 national long-term rating 'AA(mex)';

  -- Loan Interacciones ser 2010 national long-term rating
     'AA(mex)';

  * (Rating action took place on June 7, 2010.)

Companhia de Locacao das Americas (Brasil)

  -- National long-term rating 'BBB+(bra)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 8, 2010.)

Empresa Distribuidora San Luis S.A. (Argentina)

  -- ONs Garantizadas Serie 5 series 5 national long-term rating
     'BBB(arg)';
  * (Rating action took place on June 8, 2010.)

Empresa Distribuidora de Electricidad de Salta S.A. (Argentina)

  -- Ons garantizadas Serie 4 serie 4 national long-term rating
     'BBB+(arg)';

  -- Senior unsecured debt national long-term rating
     'BBB+(exp)(arg)';

  * (Rating action took place on June 8, 2010.)

Runtuna S.A. (Uruguay)

  -- Obligaciones Negociables serie 1 national long-term rating
     'BBB(ury)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 9, 2010.)

Instituto Municipal de Transito de Pereira (Colombia)

  -- National long-term rating 'BBB-(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 09, 2010.)

Municipio de Itagui (Colombia)

  -- National long-term rating 'A(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 9, 2010.)

Municipio de Monteria (Colombia)

  -- National long-term rating 'BB+(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 9, 2010.)

Empresa Distribuidora San Luis S.A. (Argentina)

  -- Guaranteed national long-term rating 'BBB+(exp)(arg)';
  * (Rating action took place on June 10, 2010.)

Banco Cetelem Argentina (Argentina)

  -- ON Clase 1 national long-term rating 'AA+(arg)';
  -- ON Clase 2 national short-term rating 'A1+(arg)';
  * (Rating action took place on June 10, 2010.)

Banco de Servicios Financieros S.A. (Argentina)

  -- ON Clase 1 national long-term rating 'AA(arg)';
  * (Rating action took place on June 10, 2010.)

Enjoy S.A. (Chile)

  -- Bonds Serie A (BP No 637) national long-term rating
     'BBB+(cl)';

  -- Bonds Serie C (BP No 638) national long-term rating
     'BBB+(cl)';

  -- The Rating Outlook is Positive;

  * (Rating action took place on June 15, 2010.)

Financiera Finsol, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BBB+(mex)';
  -- National short-term rating 'F2(mex)';
  * (Rating action took place on June 16, 2010.)

Rodobens Negocios Imobiliarios S.A. (Brasil)

  -- National long-term rating 'BBB(bra)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 16, 2010.)

Estado de Nuevo Leon (Mexico)

  -- Loan Afirme - 2010 serie 2010 national long-term rating
     'AA(mex)';

  -- Loan Bajio - 2010 serie 2010 national long-term rating
     'AA(mex)';

  * (Rating action took place on June 16, 2010.)

Rodobens Negocios Imobiliarios S.A. (Brasil)

  -- Securities serie 2010-1 national long-term rating
     'BBB+(bra)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 16, 2010.)

Sul Invest Fundo de Investimento em Direitos Creditorios
Multisetorial (Brasil)

  -- Mezzanine expected rating national long-term rating
     'BB+(exp)(bra)';

  -- Debt serie 2009-1 national long-term rating 'BBB+(bra)';

  -- Debt serie 2010-2 expected rating national long-term rating
     'BBB+(exp)(bra)';

  -- Debt serie 2010-3 expected rating national long-term rating
     'BBB+(exp)(bra)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 16, 2010.)

Electrificadora de Meta S.A. E.S.P. (Colombia)

  -- National long-term rating 'AA+(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 17, 2010.)

Orion Reinsurance Limited (Colombia)

  -- National Insurer Financial Strength 'BBB-(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 17, 2010.)

Empresa de Acueducto y Alcantarillado de Zipaquira EAAAZ E.S.P.
(Colombia)

  -- National long-term rating 'BB(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 18, 2010.)

Multiservicios S.A. (Colombia)

  -- National long-term rating 'B-(col)';
  -- The Rating Outlook is Negative;
  * (Rating action took place on June 21, 2010.)

Brazilian Securities Companhia de Securitizacao (Brasil)

  -- Certificates serie 2009-130 national long-term rating
     'A(bra)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 21, 2010.)

Seguros e Inversiones, S.A. y Filial (El Salvador)

  -- National Insurer Financial Strength rating 'AAA(slv)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 23, 2010.)

Hypermarcas S.A. (Brasil)

  -- National long-term rating 'A+(bra)';
  -- The Rating Outlook is Stable;
  -- 3rd Debentures Issue national long-term rating 'A+(bra)';
  * (Rating action took place on June 23, 2010.)

Montepio Luz Savinon, Institucion de Asistencia Privada (Mexico)

  -- Prog.  C.B de L.P serie 2010 national long-term rating at
     'AA+(mex)';

  * (Rating action took place on June 24, 2010.)

OAS Empreendimentos S.A. (Brasil)

  -- National long-term rating 'BB+(bra)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 24, 2010.)

Union de Credito de Productores de Cafe de Oaxaca (Mexico)

  -- National short-term rating 'B(mex)';
  * (Rating action took place on June 24, 2010.)

Acueducto y Alcantarillado de Popayan S.A. E.S.P. (Colombia)

  -- National long-term rating 'BBB-(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 28, 2010.)

Patrimonio Autonomo Concesionaria de Occidente S.A. (Colombia)

  -- Toll road securitization serie A national long-term rating
     'AAA(col)';

  -- Toll road securitization serie B national long-term rating
     'AA+(col)';

  -- Toll road securitization serie C national long-term rating
     'AA+(col)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 28, 2010.)

Liag Argentina S.A. (Argentina)

  -- Valores de Corto Plazo national short-term rating 'AA+(arg)';
  * (Rating action took place on June 28, 2010.)

Fideicomiso de Fomento Minero (Mexico)

  -- FIFOMI 00110 series 2010 national short-term rating
     'F1(mex)';

  -- Programa de C.B.  de C.P ser 2010 national short-term rating
     'F1(mex)';

  * (Rating action took place on June 29, 2010.)

Banco Economico S.A. (Bolivia)

  -- National long-term rating 'A+(bol)';
  -- The Rating Outlook is Stable;
  -- National short-term rating 'F1(bol)';
  -- National long-term local currency rating 'AA(bol)';
  -- The Rating Outlook is Stable;
  -- National short-term local currency rating 'F1+(bol)';
  * (Rating action took place on June 30, 2010.)

Banco Nacional de Bolivia S.A. (Bolivia)

  -- National long-term rating 'AA-(bol)';
  -- National short-term rating 'F1+(bol)';
  -- National long-term local currency rating 'AAA(bol)';
  -- National short-term local currency rating 'F1+(bol)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 30, 2010.)

CRESUD S.A. (Argentina)

  -- ON Clase 3 national long-term rating 'A(arg)';
  -- ON Clase 4 national long-term rating 'A(arg)';
  * (Rating action took place on June 30, 2010.)

Citi Structures Mexico S. de R.L. de C.V. (Mexico)

  -- CITIMEX 10-2 series 2010 national long-term rating 'AA(mex)';
  * (Rating action took place on June 30, 2010.)

La Boliviana Ciacruz de Seguros y Reaseguros S.A. (La Boliviana)
(Bolivia)

  -- National Insurer Financial Strength 'AA+(bol)';
  * (Rating action took place on June 30, 2010.)

Seguros Illimani S.A. (Bolivia)

  -- National Insurer Financial Strength 'BBB(bol)';
  * (Rating action took place on June 30, 2010.)

Seguros y Reaseguros Credinform International S.A. (Bolivia)

  -- National Insurer Financial Strength 'A(bol)';
  * (Rating action took place on June 30, 2010.)

Zurich Boliviana Seguros Personales S.A. (Zurich Vida) (Bolivia)

  -- National Insurer Financial Strength 'AA+(bol)';
  * (Rating action took place on June 30, 2010.)

Corporacion Unviersitaria de la Costa (Colombia)

  -- National long-term rating 'BBB-(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 30, 2010.)

Fideicomiso Financiero NASA (Argentina)

  -- Valores Representativos de Deuda Serie A national long-term
     rating 'A-(arg)';

  -- Valores Representativos de Deuda Serie B national long-term
     rating 'A-(arg)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 30, 2010.)

Electropaz(Bolivia)

  -- Bonos Electropaz II national long-term rating at 'AA-(bol)';
  * (Rating action took place on June 30, 2010.)

Fitch has upgraded these national ratings:

MPD KC Fundo de Investimento em Direitos Creditorios Imobiliarios
(Brasil)

  -- Residential mortgage-backed securitization ser 2007-1
     National long-term rating to 'A+(bra)' from 'A(bra)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 1, 2010.)

Inteligo Bank Ltd. (Panama)

  -- National long-term rating to 'BBB(pan)' from 'BBB-(pan)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 1, 2010.)

Empresa Distribuidora de Electricidad de Salta S.A. (Argentina)

  -- National long-term rating to 'BBB+(arg)' from 'BBB(arg)';

  -- Senior secured medium-term notes serie 1 national long-term
     rating to 'BBB+(arg)' from 'BBB(arg)';

  * (Rating action took place on June 8, 2010.)

Empresa Distribuidora de Electricidad de La Rioja (Argentina)

  -- National long-term rating to 'BBB+(arg)' from 'BBB(arg)';

  -- Senior secured medium-term notes serie 1 national long-term
     rating to 'BBB+(arg)' from 'BBB(arg)';

  * (Rating action took place on June 8, 2010.)

Empresa Distribuidora de Electricidad de Salta S.A. (Argentina)

  -- National long-term rating to 'BBB+(arg)' from 'BBB(arg)';

  -- Senior secured medium-term notes serie 1 national long-term
     rating to 'BBB+(arg)' from 'BBB(arg)';

  * (Rating action took place on June 8, 2010.)

Industrias Metalurgicas Pescarmona S.A. (IMPSA) (Argentina)

  -- National long-term rating to 'AA-(arg)' from 'A(arg)';
  -- The Rating Outlook is Stable;

  -- ON Serie 2 national long-term rating to 'AA-(arg)' from
     'A(arg)';

  -- ON Serie 3 national long-term rating to 'AA-(arg)' from
     'A(arg)';

  -- Senior unsecured notes national long-term rating to 'AA-
     (arg)' from 'A(arg)';

  -- Senior unsecured notes series REGS national long-term rating
     to 'AA-(arg)' from 'A(arg)';

  * (Rating action took place on June 8, 2010.)

Sul America S.A. (Brasil)

  -- National long-term rating to 'AA(bra)' from 'AA-(bra)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 29, 2010.)

Asociacion Romana de Ahorros y Prestamos (Republica Dominicana)

  -- National long-term rating to 'BB-(dom)' from 'B(dom)';
  * (Rating action took place on June 10, 2010.)

MAPFRE BHD Compania de Seguros, S.A. (Republica Dominicana)

  -- National Insurer Financial Strength to 'A(dom)' from 'A-
     (dom)';

  * (Rating action took place on June 10, 2010.)

Grupo Bimbo, S.A. (Mexico)

  -- BIMBO 02-2 serie 02-2 national long-term rating to 'AA+(mex)'
     from 'AA(mex)';

  -- Rating Outlook revised to Positive from Stable;

  -- BIMBO 09 serie 2009 national long-term rating to 'AA+(mex)'
     from 'AA(mex)';

  -- BIMBO 09-02 serie 2009 national long-term rating to
     'AA+(mex)' from 'AA(mex)';

  -- BIMBO 09U serie 2009 national long-term rating to 'AA+(mex)'
     from 'AA(mex)';

  -- The Rating Outlook is Positive;

  * (Rating action took place on June 10, 2010.)

Estado de Mexico (Mexico)

  -- National long-term rating to 'A-(mex)' from 'BBB+(mex)';

  -- BBVA Bancomer 2 serie 2008 national long-term rating to
     'AAA(mex)' from 'AA+(mex)';

  -- BBVA Bancomer serie 2008 national long-term rating to
     'AAA(mex)' from 'AA+(mex)';

  -- BBVA Banamex serie 2008 national long-term rating to
     'AAA(mex)' from 'AA+(mex)';

  -- Bank Loan Bajio serie 2009 national long-term rating to
     'AA(mex)' from 'AA-(mex)';

  -- Loans Banorte (1) serie 2004 national long-term rating to
     'AA(mex)' from 'AA-(mex)';

  -- Loans Banorte 2008 serie 2008 national long-term rating to
     'AA(mex)' from 'AA-(mex)';

  -- Banorte serie 2008 national long-term rating to 'AAA(mex)'
     from 'AA+(mex)';

  -- Dexia 1 serie 2008 national long-term rating to 'AAA(mex)'
     from 'AA+(mex)';

  -- Dexia 2 serie 2008 national long-term rating to 'AAA(mex)'
     from 'AA+(mex)';

  -- FOREMEX serie 2004 national long-term rating to 'AA(mex)'
     from 'AA-(mex)';

  -- HSBC serie 2008 national long-term rating to 'AAA(mex)' from
     'AA+(mex)';

  -- ISSSEMYM serie 2004 national long-term rating to 'AA(mex)'
     from 'AA-(mex)';

  -- Inbursa serie 2008 national long-term rating to 'AAA(mex)'
     from 'AA+(mex)';

  -- Interacciones serie 2008 national long-term rating to
     'AAA(mex)' from 'AA+(mex)';

  -- Santander serie 2008 national long-term rating to 'AAA(mex)'
     from 'AA+(mex)';

  -- Loans Banorte serie 2005 national long-term rating to
     'AA(mex)' from 'AA-(mex)';

  -- Loans Bansi serie 2006 national long-term rating to 'AA(mex)'
     from 'AA-(mex)';

  -- Loans Dexia serie 2006 national long-term rating to 'AA(mex)'
     from 'AA-(mex)';

  -- Loans Inbursa serie 2006 national long-term rating to
     'AA(mex)' from 'AA-(mex)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 10, 2010.)

Motor Credito, S.A., Banco de Ahorro y Credito (Republica
Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'BBB(dom)';

  -- National short-term rating to 'F2(dom)' from 'F3(dom)';

  -- Bonos Corproativos serie 2008 national long-term rating to
     'BBB+(dom)' from 'BBB(dom)';

  * (Rating action took place on June 22, 2010.)

Carso Global Telecom, S.A.B. de C.V. (Mexico)

  -- National long-term rating to 'AAA(mex)' from 'AA(mex)';
  -- National short-term rating to 'F1+(mex)' from 'F1(mex)';
  -- Removed from Rating Watch Positive;
  * (Rating action took place on June 23, 2010.)

Telmex Internacional S.A.B. de C.V. y Subsidiarias (Mexico)

  -- National long-term rating to 'AAA(mex)' from 'AA+(mex)';

  -- Dual Certificates Program national long-term rating to
     'AAA(mex)' from 'AA(mex)';

  -- TELINT 09-2 serie 2009 national long-term rating to
     'AAA(mex)' from 'AA(mex)';

  -- TELINT 09 serie 2009 national long-term rating to 'AAA(mex)'
     from 'AA(mex)';

  -- Removed from Rating Watch Positive;

  * (Rating action took place on June 23, 2010.)

Sociedad Anonima Inmobiliaria Terrenos y Establecimientos
Comerciales S.A. (Chile)

  -- National long-term rating to 'AA-(cl)' from 'A+(cl)';

  -- Bonds Serie A national long-term rating to 'AA-(cl)' from
     'A+(cl)';

  -- Bonds Serie B national long-term rating to 'AA-(cl)' from
     'A+(cl)';

  -- Bond Program No 463 national long-term rating to 'AA-(cl)'
     from 'A+(cl)';

  -- The Rating Outlook is Stable;
  * (Rating action took place on June 24, 2010.)

Furnas Centrais Eletricas S.A. (Brasil)

  -- National long-term rating to 'AA+(bra)' from 'AA(bra)';
  -- Rating Outlook revised to Positive from Stable;
  * (Rating action took place on June 29, 2010.)

Caja de Compensacion de Asignacion Familiar La Araucana (Chile)

  -- National long-term rating to 'A(cl)' from 'A-(cl)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 30, 2010.)

Banco da Amazonia S.A. (Brasil)

  -- National long-term rating to 'AA+(bra)' from 'AA(bra)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 30, 2010.)

Caixa Economica Federal (Brasil)

  -- National long-term rating to 'AA+(bra)' from 'AA(bra)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 30, 2010.)

Santander Sociedad Securitizadora (Chile)

  -- PS 2000-2 residential mortgage-backed securitization serie
     2000-2 C national long-term rating to 'AAA(cl)' from
     'AA(cl)';

  -- PS 2000-2 residential mortgage-backed securitization serie
     2000-2 D national long-term rating to 'AAA(cl)' from
     'AA(cl)';

  -- Rating Outlook revised to Stable from Positive;

  * (Rating action took place on June 30, 2010.)

Fitch has also downgraded these ratings:

Hipotecaria Su Casita, S.A. de C.V. SOFOL (Mexico)

  -- National long-term rating to 'BB-(mex)' from 'BBB(mex)';

  -- Placed on Rating Watch Negative;

  -- National short-term rating to 'B(mex)' from 'F2(mex)';

  -- Placed on Rating Watch Negative;

  -- CASIT07-3 serie 2007 National long-term rating to 'BB-(mex)'
     from 'BBB(mex)';

  -- Placed on Rating Watch Negative;

  -- CASITA 07-2 serie 2007 national long-term rating to 'BB-
     (mex)' from 'BBB(mex)';

  -- Placed on Rating Watch Negative;

  -- CASITA 06 serie 2006 national long-term rating to 'BB-(mex)'
     from 'BBB(mex)';

  -- Placed on Rating Watch Positive;

  -- CASITA 06-02 serie 2006 national long-term rating to 'BB-
     (mex)' from 'BBB(mex)';

  -- CASITA 07 serie 2007 national long-term rating to 'BB-(mex)'
     from 'BBB(mex)';

  -- Placed on Rating Watch Negative;

  * (Rating action took place on June 2, 2010.)

EMGASUD S.A. (Argentina)

  -- National long-term rating to 'CCC(arg)' from 'BB+(arg)';
  -- Removed from Rating Watch Negative;
  * (Rating action took place on June 2, 2010.)

Facileasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';

  -- Rating Outlook revised to Negative from Stable;

  -- National short-term rating to 'F2(mex)' from 'F1(mex)';

  -- FACILSA 07 serie 2007 national long-term rating to 'A-(mex)'
     from 'A(mex)';

  -- FACILSA 08 ser 2008 national long-term rating to 'A-(mex)'
     from 'A(mex)';

  -- Rating Outlook revised to Negative from Stable;

  -- Programa C.B.  de L.P serie 2006 national long-term rating to
     'A-(mex)' from 'A(mex)';

  -- The Rating Outlook is Negative;

  * (Rating action took place on June 4, 2010.)

Union de Credito Allende, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BB-(mex)' from 'BB(mex)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 4, 2010.)

Vertice VERTICB07 (F#238988) (Mexico)

  -- National long-term rating to 'A(mex)' from 'AAA(mex)';
  -- Rating Watch Negative;
  * (Rating action took place on June 14, 2010.)

Desarrollos Forestales San Carlos II S.A. (DEFORSA II) (Venezuela)

  -- National long-term rating to 'BBB+(ven)' from 'A-(ven)';

  -- Rating Outlook is Negative; removed from Rating Watch
     Negative;

  * (Rating action took place on June 15, 2010.)

Banco Trasatlantico SA (Panama)

  -- National long-term rating to 'B-(pan)' from 'B(pan)';
  -- Placed on Rating Watch Negative;
  * (Rating action took place on June 16, 2010.)

Estado de Nuevo Leon (Mexico)

  -- National long-term rating to 'A(mex)' from 'A+(mex)';
  -- Removed from Rating Watch Negative;
  * (Rating action took place on June 16, 2010.)

Compania Financiera Argentina (Argentina)

  -- National long-term rating to 'A(arg)' from 'A+(arg)';
  -- Removed from Rating Watch Negative;
  * (Rating action took place on June 16, 2010.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'A+(ven)' from 'AA(ven)';
  -- National short-term rating to 'A1(ven)' from 'A1+(ven)';
  * (Rating action took place on June 22, 2010.)

Sociedad Electrica Santiago S.A. (ESSA) (Chile)

  -- National long-term rating to 'BB(cl)' from 'BBB+(cl)';

  -- Senior unsecured bonds serie B national long-term rating to
     'BB(cl)' from 'BBB+(cl)';

  -- Rating Watch Negative;

  * (Rating action took place on June 23, 2010.)

Titularizadora UVR E-2 (Colombia)

  -- Securities B national long-term rating to 'B+(col)' from 'BB-
     (col)';

  -- Rating Outlook revised to Negative from Stable;

  * (Rating action took place on June 23, 2010.)

Titularizadora UVR E-4 (Colombia)

  -- Securities B national long-term rating to 'B+(col)' from 'BB-
     (col)';

  -- Placed on Rating Watch Negative;

  -- Securities A-3 national long-term rating to 'AA+(col)' from
     'AAA(col)';

  -- The Rating Outlook is Stable;

  * (Rating action took place on June 23, 2010.)

Patrimonio, S.A. de C.V., S.F.O.L. (Mexico)

  -- National long-term rating to 'BBB-(mex)' from 'BBB(mex)';

  -- Rating Outlook revised to Negative from Stable;

  -- National short-term rating to 'F3(mex)' from 'F2(mex)';

  -- Patrimonio 10 serie 2010 national long-term rating to
     'BBB+(mex)' from 'A-(mex)';

  -- Patrimonio 10 serie 2010 national long-term rating to 'BBB-
     (mex)' from 'BBB(mex)';

  -- Assigned Negative Rating Outlook;

  -- Programa Dual de C.B.  de C.P.  serie 2006 national short-
     term rating to 'F3(mex)' from 'F2(mex)';

  * (Rating action took place on June 28, 2010.)

Sociedad de Ahorro y Credito Apoyo Integral, S.A. (El Salvador)

  -- National long-term rating to 'BBB-(slv)' from 'BBB(slv)';
  -- Rating Outlook revised to Negative from Stable;
  * (Rating action took place on June 30, 2010.)

Fitch has made these Outlook and Rating Watch revisions:

Fundo de Investimento em Direitos Creditorios Marcopolo Financeiro
(Brasil)

  -- Securities serie 2006-1 national long-term rating at 'AA-
     (bra)';

  -- Assigned Stable Rating Outlook;

  * (Rating action took place on June 2, 2010.)

Fundo de Investimento em Direitos Creditorios Omni CDC Veiculos
III (Brasil)

  -- Consumer loans serie 2006-1 national long-term rating at
     'AA+(bra)';

  -- Consumer loans serie 2007-2 national long-term rating at
     'AA+(bra)';

  -- Placed on Rating Watch Negative; removed Negative Rating
     Outlook;

  * (Rating action took place on June 02, 2010.)

Fundo de Investimento em Direitos Creditorios Omni CDC Veiculos IV
(Brasil)

  -- Consumer loans serie 2007-1 national long-term rating at 'AA-
     (bra)';

  -- Placed on Rating Watch Negative; removed Negative Rating
     Outlook;

  * (Rating action took place on June 2, 2010.)

Fundo de Investimento em Direitos Creditorios Omni CDC Veiculos V
(Brasil)

  -- Consumer loans serie 2007-1 national long-term rating at
     'AA+(bra)';

  -- Securities serie 2008-1 national long-term rating at
     'AA+(bra)';

  -- Placed on Rating Watch Negative; removed Negative Rating
     Outlook;

  * (Rating action took place on June 2, 2010.)

San Agustin SAGUSCB04 (F#242837) (Mexico)

  -- Securities serie 2006-1 national long-term rating at 'AA-
     (mex)';

  -- Placed on Rating Watch Negative; removed Negative Rating
     Outlook;

  * (Rating action took place on June 4, 2010.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National long-term rating at 'AA+(cl)';
  -- Rating Outlook revised to Stable from Negative;
  * (Rating action took place on June 4, 2010.)

Marfrig Alimentos S.A. (Brasil)

  -- National long-term rating at 'BBB+(bra)';

  -- Placed on Rating Watch Negative; removed Stable Rating
     Outlook;

  * (Rating action took place on June 16, 2010.)

Municipio de Atizapan de Zaragoza, E.M. (Mexico)

  -- Securities serie 2006-1 national long-term rating at
     'AA(mex)';

  -- Placed on Rating Watch Negative;

  * (Rating action took place on June 28, 2010.)

Banco Ripley (Chile)

  -- National long-term rating at 'A(cl)';
  -- National short-term rating at 'N1(cl)';
  -- Rating Outlook revised to Stable from Negative;
  * (Rating action took place on June 30, 2010.)

Fitch has affirmed and withdrawn these ratings:

Empresa de los Ferrocarriles del Estado (Chile)

  -- Guaranteed bonds serie 0 national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie D1 national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie F national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie G national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie H national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie J national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie J national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie K national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie L national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie M national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie N national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie P national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie R national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie S national long-term rating at
     'AAA(cl)';

  -- Guaranteed bonds serie T national long-term rating at
     'AAA(cl)';

  * (Rating action took place on June 11, 2010.)

Municipio de Acolman, E.M. (Mexico)

  -- National long-term rating at 'BBB(mex)';
  * (Rating action took place on June 14, 2010.)

E.S.E. Hospital Universitario Hernando Moncaleano Perdomo de Neiva
(Colombia)

  -- National long-term rating at 'A(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 15, 2010.)

Empresa Ibaguerena de Acueducto y Alcantarillado IBAL S.A. E.S.P.
(Colombia)

  -- National long-term rating at 'A(col)';
  -- Rating Outlook is Stable;
  * (Rating action took place on June 15, 2010.)

Municipio de Floridablanca (Colombia)

  -- National long-term rating at 'BBB+(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 16, 2010.)

Beneficencia del Valle del Cauca - Loteria del Valle (Colombia)

  -- National long-term rating at 'BB(col)';
  -- The Rating Outlook is Positive;
  * (Rating action took place on June 21, 2010.)

Infrastructure Celular - Infracel S.A. E.S.P. (Colombia)

  -- National long-term rating at 'AAA(col)';
  -- The Rating Outlook is Stable;
  * (Rating action took place on June 28, 2010.)

Industria Nigua (Republica Dominicana)

  -- National long-term rating at 'A+(dom)';
  -- National short-term rating at 'F1(dom)';
  * (Rating action took place on June 29, 2010.)


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

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 * * *