TCRLA_Public/100723.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

              Friday, July 23, 2010, Vol. 11, No. 144

                            Headlines



A R G E N T I N A

CORNET JUAN: Creditors' Proofs of Debt Due on August 31
EMBOTELLADORA SIERRAS: Creditors' Proofs of Debt Due on Sept. 9
INDUSTRIAS Y: Creditors' Proofs of Debt Due on September 30
LAVATEL SA: Creditors' Proofs of Debt Due on October 5
MANDATOS Y RECUPEROS: Creditors' Proofs of Debt Due on Sept. 14

PETROBRAS ENERGIA: Parent Renames Firm to Petrobras Argentina


B E R M U D A

ASPEN INTERNATIONAL: Creditors' Proofs of Debt Due on August 9
ASPEN INTERNATIONAL: Members' Final Meeting Set for August 26
RUGGED LIMITED: Creditors' Proofs of Debt Due on August 9
RUGGED LIMITED: Members' Final Meeting Set for August 26


B R A Z I L

BANCO MACRO: Cut to 'Market Perform' at Raymond James
BRASKEM FINANCE: Moody's Assigns 'Ba1' Rating on Senior Notes
BRASKEM FINANCE: Fitch Assigns 'BB+' Rating on US$350 Mil. Notes
BRASKEM SA: Gets License to Run "100% Renewable" Plastics Plant
BRASKEM SA: Reopening of Notes Won't Affect S&P's 'BB+' Rating

COMPANHIA SIDERURGICA: Asian Group Likely to Take Stake in Unit
COMPANHIA SIDERURGICA: Fitch Keeps BB Note Rating on Nat'l Steel
DIAGNOSTICOS DA: Fitch Affirms 'BB' Issuer Default Ratings
JBS SA: Fitch Upgrades Issuer Default Rating to 'BB-'
MINERVA SA: Approves BRL200 Million Local Bond Sale

RB CAPITAL: Moody's Assigns 'Ba3' Rating on Certificates


C A Y M A N  I S L A N D S

ADIC GLOBAL: Creditors' Proofs of Debt Due on August 19
ARUMON OFFSHORE: Shareholders' Final Meeting Set for August 23
ASIAN INFRASTRUCTURE: Creditors' Proofs of Debt Due on August 19
BLACK RIVER: Creditors' Proofs of Debt Due on August 19
BLUETRACK ASSET: Shareholders' Final Meeting Set for August 30

BROOKLINE AVENUE: Shareholders' Final Meeting Set for August 20
CALABASH RE: Creditors' Proofs of Debt Due on August 19
EXEMPLAR CAPITAL: Creditors' Proofs of Debt Due on August 30
FOXWOOD (FP): Shareholders' Final Meeting Set for September 30
HYUNDAI CAPITAL: Shareholders' Final Meeting Set for August 20

INVESTCORP AMPERSAND: Creditors' Proofs of Debt Due on August 19
IRONWOOD (FP): Shareholders' Final Meeting Set for September 30
KOISHIKAWA HOLDINGS: Creditors' Proofs of Debt Due on August 19
NETHERFIELD INVESTMENTS: Member to Hear Wind-Up Report on Aug. 6
SILVERWOOD (FP): Shareholders' Final Meeting Set for September 30

SITHE GLOBAL: Shareholders' Final Meeting Set for August 20
SKYSCRAPER LIMITED: Creditors' Proofs of Debt Due on August 19
STARTS (CAYMAN): Creditors' Proofs of Debt Due on August 19
TRICOM LATINOAMERICA: Member to Hear Wind-Up Report on Aug. 23
TUSCAN CAYMAN: Shareholders' Final Meeting Set for August 20


J A M A I C A

AIR JAMAICA: Jamaica Leases Airline Trademarks for US$5 a Year
FINSAC: Public Sector Transformation Unit Seeks to Abolish Firm
FIS: Public Sector Transformation Unit Seeks to Abolish Firm


M E X I C O

COMERCIAL MEXICANA: Aims to Expand After Debt Restructuring
INDUSTRIAS UNIDAS: Moody's Withdraws 'Caa3' Corp. Family Rating


P E R U

DOE RUN PERU: Peru Asks for Proof of Funds to Operate


P U E R T O  R I C O

FIRST BANCORP: Completes Convertible Preferred Stock Exchange




                         - - - - -


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


CORNET JUAN: Creditors' Proofs of Debt Due on August 31
-------------------------------------------------------
The court-appointed trustee for Cornet Juan Carlos y Taverne
Marcelo Jose S.H.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until August 31, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 10, 2010.


EMBOTELLADORA SIERRAS: Creditors' Proofs of Debt Due on Sept. 9
---------------------------------------------------------------
The court-appointed trustee for Embotelladora Sierras del
Atlantico S.R.L.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until September 9, 2010.

The trustee will present the validated claims in court as
individual reports on October 21, 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.


INDUSTRIAS Y: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The court-appointed trustee for Industrias y Manufacturas del Sud
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until September 30, 2010.

The trustee will present the validated claims in court as
individual reports on November 12, 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 27, 2010.


LAVATEL SA: Creditors' Proofs of Debt Due on October 5
------------------------------------------------------
The court-appointed trustee for Lavatel S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
October 5, 2010.

The trustee will present the validated claims in court as
individual reports on November 17, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 3, 2011.

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


MANDATOS Y RECUPEROS: Creditors' Proofs of Debt Due on Sept. 14
---------------------------------------------------------------
The court-appointed trustee for Mandatos y Recuperos S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until September 14, 2010.

The trustee will present the validated claims in court as
individual reports on October 27, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 9, 2010.


PETROBRAS ENERGIA: Parent Renames Firm to Petrobras Argentina
-------------------------------------------------------------
Petrobras Energia S.A. has been renamed to Petrobras Argentina by
its parent Petroleo Brasileiro (Petrobras), Taos Turner at Dow
Jones Newswires reports, citing a company statement.  The report
relates that the local unit has been renamed for the second time
in less than a year.  Petrobras Energia was previously named as
Energia Participaciones.

According to the report, Petrobras said that the name change was
part of a streamlining process.

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production of
fuels.  The refining and distribution segment is engaged in the
refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is engaged
in the production of styrene, polystyrene, rubber, fertilizers and
polypropylene through Innova SA and Petroquimica Cuyo SA.  The gas
and energy segment is involved in the production of gas and
electric energy, and energy transportation through Transportadora
de Gas del Sur SA.  The company also operates in Bolivia, Ecuador,
Peru, Colombia and Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2010, Standard & Poor's Ratings Services affirmed its
'B+' ratings on Argentinean oil and gas company Petrobras Energia
S.A. following the announcement on the sale of refining and
marketing assets.  The outlook is stable.


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


ASPEN INTERNATIONAL: Creditors' Proofs of Debt Due on August 9
--------------------------------------------------------------
The creditors of Aspen International Investment Limited 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 19, 2010.

The company's liquidator is:

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


ASPEN INTERNATIONAL: Members' Final Meeting Set for August 26
-------------------------------------------------------------
The members of Aspen International Investment Limited will hold
their final meeting, on August 26, 2010, at 9:30 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 19, 2010.

The company's liquidator is:

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


RUGGED LIMITED: Creditors' Proofs of Debt Due on August 9
---------------------------------------------------------
The creditors of Rugged Limited 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 19, 2010.

The company's liquidator is:

         Paula Wardynski
         News America Inc., 3rd Floor
         1211 Avenue of the Americas
         New York, New York 10036
         U.S.A.


RUGGED LIMITED: Members' Final Meeting Set for August 26
--------------------------------------------------------
The members of Rugged Limited will hold their final meeting, on
August 26, 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 19, 2010.

The company's liquidator is:

         Paula Wardynski
         News America Inc., 3rd Floor
         1211 Avenue of the Americas
         New York, New York 10036
         U.S.A.


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


BANCO MACRO: Cut to 'Market Perform' at Raymond James
-----------------------------------------------------
Banco Macro SA was downgraded to "Market perform" from
"Outperform" at Raymond James by equity analyst Federico Rey-
Marino, Bloomberg News reports.

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 20, 2010, Fitch Ratings has upgraded Banco Macro's ratings as
shown, following the upgrade of Argentina's sovereign ratings by
Fitch announced on July 12, 2010:

  -- Local currency long-term Issuer Default Ratings to 'B+' from
     'B';

At the same time, Fitch has affirmed these ratings:

  -- Foreign currency long-term IDR at 'B';
  -- Foreign and local currency short-term IDRs at 'B';


BRASKEM FINANCE: Moody's Assigns 'Ba1' Rating on Senior Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
rating to the senior unsecured notes due 2020 in the amount of
approximately US$350 million to be issued by Braskem Finance Ltd.
(Cayman Islands) and guaranteed by Braskem S.A.  The proposed
issuance is a reopening of a similar issuance concluded in May
2010 when Braskem raised US$400 million.  The proposed notes
issuance is part of Braskem's liability management to improve its
debt maturity profile, and will not affect its leverage metrics
since the net proceeds will be used to prepay existing debt.  The
rating outlook is stable.

Rating assigned is:

Issuer: Braskem Finance Ltd. (Cayman Islands)

  -- Approximately US$350 million senior unsecured guaranteed
     notes due 2020: Ba1 foreign currency rating

Existing ratings:

Issuer: Braskem S.A.

  -- Corporate Family Rating: Ba1 (global scale); Aa2.br
     (Brazilian national scale)

Issuer: Braskem Finance Ltd. (Cayman Islands)

  -- US$500 million senior unsecured notes due 2018 guaranteed by
     Braskem S.A.: Ba1 foreign currency rating

  -- US$400 million senior unsecured notes due 2020 guaranteed by
     Braskem S.A.: Ba1 foreign currency rating

The outlook for all ratings is stable.

The rating of the proposed notes and the stable outlook assume
that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.

Braskem's Ba1 corporate family rating is supported by its large
size as the largest petrochemical company in Brazil and in the
Americas by production capacity, with above industry average
operating margins that result from historically high capacity
utilization rates, long-term client relationships, product
customization and logistics-related barriers for thermoplastic
resin imports.  The rating also factors in the company's high
exposure to volatile naphtha prices, its low geographic
diversification compared to international peers, and the event
risk associated with the company's internationalization process,
which includes potential investments in greenfield projects in
neighboring countries.  The recent acquisitions of Quattor
Participacoes S.A. and Sunoco Chemical's assets in the U.S. have
helped to improve the operational diversity of Braskem by adding
three relevant site locations.  Finally, Braskem's above-average
level of disclosure, its overall good governance practices and the
relevant interest of Petrobras in the company are regarded as
credit positives.  The Ba1 rating of the notes at the same level
as Braskem's Ba1 (outlook stable) corporate family rating
anticipates the decline in the near term of the level of secured
debt and debt with claim priority towards about 20% of Braskem's
total consolidated debt pro-forma for Quattor and Sunoco
Chemicals' polypropylene assets in the U.S.

The stable outlook reflects Moody's expectation that Braskem will
maintain its leading position in the Brazilian thermoplastic
resins market, improve its consolidated margins, and prudently
manage its liquidity position (maintaining a minimum cash position
of BRL3 billion) and capital structure, which would include
reducing leverage in terms of Total Adjusted Net Debt to EBITDA to
about 3.0x in the near term.  Also, the stable outlook assumes
that the greenfield projects will be structured in a way to ring-
fence Braskem from any obligations other than the anticipated
equity contribution.

Given Braskem's high leverage for its rating category Moody's does
not anticipate upward pressure on the company's rating or outlook
over the near term.  Nevertheless, the rating or outlook could be
upgraded if leverage decreases to a level which Moody's considers
to be more compatible with the volatile nature of Braskem's cash
flows, with Total Adjusted Net Debt to EBITDA expected to
stabilize at around 2.5x even during years when there is margin
pressure.  An upgrade would also require that Braskem maintain
strong liquidity.  Finally, Braskem's ability to maintain EBITDA
margins above 15% during a down cycle in the global industry would
be positive for the ratings.

Negative pressure on the rating or outlook could result from
weaker liquidity management or from persistently high leverage,
with Retained Cash Flow (defined as Funds from Operations less
Dividends) to Total Adjusted Net Debt materially below 20% and
Total Adjusted Net Debt to EBITDA above 3.0x.  Furthermore, the
rating or outlook could be negatively affected if Braskem assumes
higher risks in greenfield projects than anticipated.  The foreign
currency rating of Braskem Finance Ltd's guaranteed notes could be
under negative pressure if Braskem's level of consolidated secured
debt does not decline as anticipated over the near term or in case
Braskem provides guarantees to Quattor's debt.

Moody's last rating action on Braskem occurred on April 22, 2010
when Moody's assigned a Ba1 foreign currency rating to the senior
unsecured guaranteed notes due 2020 issued by Braskem Finance Ltd.
(Cayman Islands).

Pro-forma for the acquisition of Quattor and Sunoco's
polypropylene assets in U.S., Braskem is the largest petrochemical
company in the Americas, with annual production capacity of some
6.5 million tons of thermoplastic resins besides aromatics and
automotive gasoline.  Consolidated net revenues in 2009 pro-forma
for Quattor and Sunoco Chemical polypropylene assets amounted to
US$11 billion.


BRASKEM FINANCE: Fitch Assigns 'BB+' Rating on US$350 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' to Braskem Finance Ltd's
proposed add-on issuance of US$350 million senior unsecured note
in a reopening of its 7% notes due in 2020 to new and existing
investors.  The notes are unconditionally guaranteed by Braskem
S.A.  The guarantee will rank pari passu with other unsecured and
unsubordinated obligations of Braskem.  The majority of this
issuance proceeds will be used to refinance indebtedness.

Fitch currently rates Braskem:

  -- Long-term foreign Issuer Default Rating 'BB+';
  -- Long-term local currency IDR 'BB+';
  -- National scale rating 'AA(bra)'.

The Rating Outlook is Stable.

Braskem's ratings reflect its dominant position in the Brazilian
and Latin American petrochemical sector.  The company enjoys a
competitive advantage within the region's petrochemical industry
due to its vertical integration, strong relationship with
Petrobras, and raw material diversification.  The company's
ratings are also supported by its strong liquidity position and
manageable debt amortization schedule.

During the first semester of 2010, Braskem announced two important
acquisitions: Quattor Participacoes S.A, the, second largest
petrochemical company in Brazil, for BRL700 million plus debt
assumption of BRL7.4 billion, and the polypropylene business of
Sunoco Chemicals, Inc., in the U.S. for US$350 million.  These two
companies generated EBITDA of BRL551 million and US$80 million,
respectively, during 2009.  To finance these transactions,
Braskem's primary shareholders, Odebrecht S.A and Petrobras S.A,
contributed BRL3.5 billion of equity, while its minoritary
shareholders contributed BRL200 million through a capital
increase.  The acquisition of Quattor was strategically positive
for Braskem as it further strengthens the company's position in
the domestic market (market share in thermoplastic resins should
reach 80%) and should improve its competitive position in the
global petrochemical market.  The main drivers for the Sunoco
Chemicals acquisition were that company's access to competitive
raw materials and an expansion of Braskem's geographic
diversification.

Fitch believes that Braskem should benefit from cost and operating
synergies as well as an improving business environment, which
should result in net leverage (net debt/EBITDA) approaching 3.0
times by the end of 2010 from a pro forma 2009 figure of 5.0x
considering the acquisitions.  Further deleveraging efforts beyond
2011 are uncertain and ultimately will depend on Braskem's level
of investments, as the company continues to have ambitions plans
to reach a more significant position in the global petrochemical
industry.

Braskem's performance is strongly focused on the Brazilian
economy, as around 80% of its revenue is generated by the local
market, although its prices are benchmarked to the international
market.  For 2010 and 2011, Fitch expects that the Brazilian
economy will grow 7.0% and 4.5%, respectively.  The favorable
environment for the domestic market should partially mitigate a
more challenging global environment for the petrochemical
industry.  Braskem's main challenges are related to the
integration of recently acquired assets during a period of soft
prices.  The proposed notes issuance is in line with the strategy
of refinancing Quattor's indebtedness.  As of March 2010, Quattor
showed high refinancing risk with BRL7.4 billion of total debt, of
which BRL3.1 billion comes due during 2010 and 2011.  The company
has a cash position of BRL544 million.  Braskem's total debt as of
March 31, 2010 was BRL11.8 billion.  It has BRL3.3 billion of cash
and marketable securities and faces debt amortizations of BRL3.3
billion through the end of 2011, including the tax rescheduling
program (Refis).  Braskem's EBITDA and FFO were BRL2.7 billion and
BRL1.6 billion, respectively, during the last 12 months period
ended in March 2010.

Braskem's credit metrics are weak for the rating category.  The
company's ability to return its metrics to prior levels will be
key to maintaining its ratings at current levels.  The total
debt/EBITDA ratio was slightly lower in 2009, at 4.7x compared to
2008, at 5.0x.  The net debt/EBITDA ratios were 3.4x and 3.8x,
respectively.  On a pro forma basis, incorporating the Quattor and
Sunoco acquisitions, Braskem's net leverage ratio was 4.4x at
March 31, 2010.  Considering the capital injection (BRL3.7
billion), the ratio declines to 3.3x.

Braskem's liquidity remains substantial and essential to support
the rating.  Even after the acquisition, Braskem's liquidity
position remains robust compared to its short-term debt and
scheduled amortizations.  With the capitalization resources, the
company's cash position (BRL7.5 billion) should be sufficient to
cover scheduled debt amortizations through 2011.  The strategy
shall be pre-paying Quattor's debts and look for improvements in
terms of payment terms and financial cost.  Fitch understands that
in view of the strong liquidity shown and proven access to the
international debt market in recent years, Braskem should be
successful in its strategy.

Key Rating Drivers:

Braskem's ratings may suffer negative pressure if the company
fails to refinance Quattor's debt profile.  The ratings may also
come under pressure if the company is unable to capture the
expected synergies from the recent acquisitions and reduce overall
indebtedness.  In the short to medium term, event risk remains
high, as the company will continue to seek growth through
acquisitions abroad.  Depending on the financing strategy for
future strategic actions, size and funding for any investment plan
could negatively affect the company's leverage, liquidity and
credit ratings.  The ratings could benefit from a greater-than-
expected cash generation which could translate into sustainable
reduction in leverage and have a positive effect on the company
credit profile.


BRASKEM SA: Gets License to Run "100% Renewable" Plastics Plant
---------------------------------------------------------------
Braskem S.A. will start the operation of its 100% renewable
plastic plant n August after it received a license to go ahead
with its operations, Platts news reports.  The report relates the
company said that the plant will use ethylene produced 100% from
ethanol and is expected to produce 200,000 metric tons of "green
plastics" from 470 million liters of ethanol a year, or about 1.5%
of Brazil's expected output of the fuel in 2010.

According to the report, the BRL500 million (US$290 million)
operation in Triunfo, Brazil, would be the first to produce
plastics on an industrial scale using a 100% a renewable
feedstock.   The report notes that about 80% of its planned output
has already been pre-sold to companies in the U.S., Europe and
Asia who will use the resins to make products such as soda
bottles.

                        About Braskem SA

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "Ba1"
rating.  The company also continues to carry Fitch Ratings'
BB+ long-term issuer default ratings and senior unsecured debt
Rating


BRASKEM SA: Reopening of Notes Won't Affect S&P's 'BB+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Braskem S.A. (BB+/Stable/--) and on Braskem Finance Ltd.'s
$750 million senior unsecured notes due 2020 are not affected
by the announced reopening of the notes issuance (additional
$350 million).  The rating on the notes is the same as that on the
guarantor because they are comparable with Braskem's other
unsecured debt.  Braskem's secured debt represented 9.5% of its
assets as of March 2010.

S&P's rating on Braskem reflects the company's exposure to
volatile input costs and working-capital swings; high debt
leverage and aggressive credit metrics; reliance on the local
market to sustain margins; and risks inherent in its planned
international expansion.  Braskem's dominant position in the
Brazilian petrochemical industry; integrated production and
economies of scale; geographic diversification and strengthening
export capabilities; and technological expertise supporting the
development of new products and value-added services partly offset
the risks.


COMPANHIA SIDERURGICA: Asian Group Likely to Take Stake in Unit
---------------------------------------------------------------
A consortium of Asian companies, which includes Nippon Steel,
Nisshin Steel, JFE Steel and Posco, may acquire a stake in the new
iron-ore and logistics unit to be spun off Companhia Siderurgica
Nacional S.A., Diana Kinch at Dow Jones Newswires reports, citing
an unnamed executive.  A stake in the new unit will likely be sold
independently of whether shares in this new unit are also offered
on the Brazilian stock exchange in an IPO, which is likely to
happen in 2011, the executive told Dow Jones in an interview.

According to the report, CSN said that it would spin off its iron
ore and logistics assets into a separate company.  The report
relates that the development, originally expected to occur in
first quarter 2010, has been delayed as market conditions weren't
right to ensure the success of an IPO for the new unit.

The Asian companies interested in taking a stake in the new unit
are the same that took a 40% stake in CNS's Nacional Minerios SA
or Namisa in 2008, the executive disclosed according to Dow Jones.

The report notes that CSN's new "drop down" iron ore company will
include CSN's Casa de Pedra iron ore mine in Minas Gerais state,
the 60% of Namisa the Asians don't already own, iron ore export
facilities at Itaguai port in Rio de Janeiro state, and CSN's
stake in the MRS railway network.

                           About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service affirmed Companhia
Siderurgica Nacional's corporate family rating of "Ba1" on the
global scale.  The rating outlook remains stable.  Simultaneously,
Moody's assigned a "Ba1" foreign currency rating and a stable
rating outlook to the issuance of senior unsecured notes due 2020
in the amount of between US$500 million and US$1 billion by CSN
Resources S.A., to be fully and unconditionally guaranteed by CSN.


COMPANHIA SIDERURGICA: Fitch Keeps BB Note Rating on Nat'l Steel
----------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings and
outstanding debt ratings of Companhia Siderurgica Nacional and
related issuances:

  -- Foreign currency IDR at 'BBB-';

  -- Local currency IDR at 'BBB-';

  -- National scale rating and local debenture issuances at
     'AA(bra)';

  -- Unsecured debt obligations issued by CSN Islands entities
     'BBB-';

  -- Senior Unsecured Euro Note issued by CSN Resources S.A.
     'BBB-';

National Steel S.A. (National Steel)

  -- US$450 million 9.875% perpetual notes at 'BB'

The Rating Outlook is Stable.

CSN's ratings are supported by the swift recovery in steel sales
volumes sustained by solid domestic demand, low cost production,
strong balance sheet, and a move to diversify significantly into
higher margin iron ore mining and other strategic businesses.  The
ratings are further supported by the company's strong financial
profile and solid business position as a vertically integrated
steel producer.  CSN's slab production cost per metric ton was
US$266 in 2009, compared to the global weighted average of US$336
per metric ton.  As of March 31, 2010, CSN had BRL9.3 billion of
cash and marketable securities and BRL15.8 billion of total
adjusted debt.  Liquidity is strong with only BRL1.2 billion and
BRL2.1 billion of short-term debt maturing during 2010 and 2011,
with a cash-to-short-term debt ratio of 8.7 times and a funds from
operations + cash-to-short-term debt ratio of 9.4x for the period.

CSN's ratios are sound for the rating category considering the
weak operating environment faced by the company during 2009 that
resulted in low steel prices and volumes.  For the latest 12
months ended March 31, 2010, the company generated BRL4.1 billion
of EBITDA and BRL772 million of FFO.  These figures translate to a
net debt/EBITDA ratio of 1.6x, a FFO adjusted leverage of 4.1x,
and FFO interest coverage of 1.3x.  CSN has some of the highest
EBITDA margins in the steel industry, which dropped to a low of
28% in the first quarter of 2009 -- higher than many international
peers at the top of the business cycle -- and recovered quarter on
quarter to 41% in the first quarter of 2010.

Fitch's base case forecast for CSN during 2010 results in a growth
of EBITDA in the range of BRL5.5 million to BRL6.5 billion from
BRL3.6 billion in 2009, with net debt-to-EBITDA expected around
1.6x-1.8x, in line with historical averages.  The main drivers of
this growth include higher average prices for steel products
compared to 2009 driven by iron ore price increases, rising output
from the company's mining division, and significantly higher sales
volumes driven by high domestic steel demand.  Steel sales volumes
showed a marked rebound in the first quarter of 2010 compared to
the first quarter of 2009 with a 56% increase, reflecting the
difficult trading conditions during the start of 2009.

CSN's free cash flow is expected to turn positive as cash
generation continues to improve in 2010 due to higher domestic
steel demand and growing iron ore production and shipments.  FCF
in 2009 was negative BRL5 billion, as calculated by Fitch.  The
negative FCF generation was a result of lower cash generation as a
whole during the tough operating year of 2009, alongside large
capital expenditure of BRL1.9 billion and dividends of
BRL2 billion.  From this last figure, around BRL300 million
(US$180 million) of dividends are required to service the annual
debt commitments of National Steel.

The improvement in FCF is expected to be offset by large-scale
investments.  Fluctuating FCF generation for CSN is factored into
the current rating level due to the cyclicality inherent in the
steel industry.  However, Fitch expects the company to maintain a
sizeable liquidity cushion and strong balance sheet throughout the
bottom of the cycle.  Should liquidity deteriorate, the ratings
could be downgraded.

In addition to the strong financial profile, Fitch's credit
ratings also reflect CSN's strong market position as a flat steel
producer in Brazil, as well as its growing presence in iron ore
from its high quality asset of Casa de Pedra.  CSN's domestic
market share for flat steel was 36% in 2009, an increase on 33% in
2008.  On a standalone basis, the company's galvanized steel
market share for the civil construction and white goods industries
were 90% and 88%, respectively, for 2009.  CSN's galvanized
automotive market share increased to 30% in 2009 from 24% in 2008.

CSN recently announced an ambitious investment plan from 2010-2016
which Fitch views favorably in terms of future revenue
diversification.  The aim is to create a diversified company
centered on five core business units of steel, mining, logistics,
cement and energy.  Part of this plan includes the President
Vargas Steelworks Longs Project, which will be CSN's first foray
into long steel production.  The long steel operations are
expected to begin in the first half of 2011 with production of
500,000 metric tons per year of long steel, comprised of 400,000
metric tons of rod bars and 100,000 tons of wire rods.  The total
investment for this will be approximately US$340 million.  The
target is for CSN to produce 1.5 million metric tons of long steel
per year by 2013.

Casa de Pedra's standalone expansion plan will increase its
production capacity from 21 million tons per year currently, to
50 million metric tons per year by 2014.  This will be achieved in
two phases: 40 million metric tons per year for Phase I by 2010,
and 10 million metric tons per year for Phase II by 2014.  In
addition, the port logistics at Itaguai will be increased to a
future handling capacity of 84 million metric tons per year from
30 million metric tons per year currently.

The creation of a new mining and logistics company, which will
make up the majority of the mining business unit, has also been
announced by CSN and this is expected to take place in the coming
months.  Following the completion of this new company, CSN may
conduct a partial IPO on the new legal entity, which will remain
majority owned by CSN.  The company could apply the proceeds from
the proposed IPO to fund the majority of the large investments
planned in 2011 of around BRL10.8 billion.

Rating concerns such as event risk and cyclicality of prices and
demand are ever-present for the steel industry.  As a leading
Brazilian steel company with a growing presence in iron ore
exports, along with a comfortable liquidity position and capital
structure, CSN is well positioned to take advantage of strategic
opportunities during the rest of 2010.

An upgrade or Positive Outlook could be considered following the
large-scale diversification into iron ore with the new mining
company accounting for a significant portion of consolidated CSN
group revenues (16% in 2009, 20% expected in 2010).  Such
consideration could also follow the growth of CSN's other business
units resulting in the dilution of steel business unit to around
half of total consolidated revenues, providing significant
protection against the cyclicality of the steel business.


DIAGNOSTICOS DA: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB' Foreign and Local Currency
Issuer Default Ratings of Diagnosticos da America S.A.  Fitch has
also affirmed the company's 'A+(bra)' national scale rating and
the 'BB' rating of its US$250 million senior unsecured notes due
in 2018.

The Rating Outlook has been revised to Positive from Stable.

The Positive Outlook reflects the expectation that Dasa will
continue to increase its cash flow generation through a
combination of synergies from recent acquisitions, improvements in
its costs structure and increasing demand for diagnostics
services.  The Positive Outlook also incorporates some acquisitive
growth given the company's ability absorb these and still maintain
a strong financial profile for the rating category.  Fitch expects
that the company will maintain its conservative strategy with
regard to its capital structure, while maintaining a strong cash
position.  Dasa's challenges further improve its credit profile
are associated with its success on capturing synergies from
ongoing acquisitions and in managing competitive pressures.

DASA's credit ratings are supported by the company's leading
position in the Brazilian medical diagnostics industry.  The
ratings also take into consideration the company's conservative
financial strategy, historically using a mix of debt and equity to
fund growth.  Further factored into DASA's ratings are its
presence in many segments of the diagnostic healthcare market and
the diversification of its exposure to multiple counterparties.
Considerations that limit DASA's ratings are the rapid
consolidation of the diagnostic industry, the need to manage
reputational risks and the potential for counterparty payment risk
to increase during an economic crisis and currency mismatch risk.

Strong Business Position to Face Threat of Increasing Competition:

As the leading provider of diagnostic services in Brazil, DASA is
able to provide an array of services not offered by its
competitors.  Its size and reputation have enabled it to charge
competitive prices versus most of its peers and to lower per unit
diagnostic costs, which benefit its profitability.

Better Working Capital Management And Lower Capex Benefits Free
Cash Flow Generation:

DASA generated BRL301,5 million of EBITDA and BRL128 million of
funds from operations during 2009.  DASA had a very strong first
quarter of 2010.  Its EBITDA during the quarter was
BRL93,6 million, an increase from BRL76,5 million during the same
quarter in 2009.  As a result, the company's last 12 months EBITDA
for the period ended March 31, 2009, was BRL318 million, while FFO
reached BRL146,2 million.  The EBITDA margin in 2009 was 21.7% and
increased to 22.4% in the LTM ended in March 2010, which
positively compares with the average of 21% reached between 2006-
2008.  Free cash flow, defined as cash flow from operations less
dividends and capital expenditures, grew to BRL78 million during
the LTM ended March 2010 from BRL39 million during 2009.

Solid Financial Profile:

DASA's leverage is moderately low for the rating category.  In
March 2010, DASA's FFO adjusted leverage ratio was 2.9 times,
while its total debt/EBITDA ratio was 2.1x.  The company's net
debt/EBITDA remains below covenant levels at 1.3x.  DASA's target
ratio of net debt/Ebitda is 2.0x.  DASA's total consolidated debt
was BRL668 million, which primarily consists of BRL458 million of
senior notes due 2018, BRL78 million of leasing and BRL66 million
of debentures due to 2011.

Liquidity is solid.  As of March 2010, DASA had BRL241 million of
cash and marketable securities and BRL149 million as short-term
debt.  The company faces debt amortizations of BRL149 million
during the next 12 months and BRL76 million during 2011 and 2012.
Approximately 70% of DASA's debt is denominated in US$.  With all
of its revenues generated in Brazilian reais, the company is
exposed to the risk of currency mismatch.  The debentures have
financial covenants.  The most restrictive are a consolidated net
debt/EBITDA lower or equal to 2.5x and an EBITDA/net consolidated
financial expenses ratio of at least 2.0x.

Favorable Outlook For The Brazilian Healthcare Industry:

An improved socio-economic environment in Brazil during the last
few years has increased per capita GDP levels and has lowered
unemployment.  These factors have enabled many people to switch
from public healthcare to private healthcare.  For 2010 and 2011,
Fitch expects an increase in healthcare spending of 7% and 4.5%,
respectively, which should benefit DASA's business fundamentals.
The availability of a larger number of diagnostic tests, as well
as an aging population should also support the increase of sector
demand over the next few years.

Key Rating Drivers:

Ratings upgrades could occur with some combination of these
factors: a sustainable improvement in cash flow generation,
maintenance of strong liquidity position and successful
consolidation of the medical diagnostic industry by DASA without
leveraging its balance sheet.  Ratings downgrades would most
likely be driven by large debt financed acquisitions that move the
company's capital structure away from historical levels, change in
management's strategy with regard to the conservative capital
structure and/or a deterioration in the company's reputation and
leading market position.


JBS SA: Fitch Upgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------
Fitch Ratings has upgraded these ratings of JBS S.A.:

  -- Local currency Issuer Default Rating to 'BB-' from 'B+';

  -- Foreign currency IDR to 'BB-' from 'B+';

  -- US$275 million senior unsecured notes due in 2011, to 'BB-'
     from 'B+/RR4';

  -- US$700 million senior unsecured notes due in 2014, to 'BB-'
     from 'B+/RR4';

  -- US$300 million senior unsecured notes due in 2016, to 'BB-'
     from 'B+/RR4';

  -- Long-term national scale rating to 'A-(bra)' from
     'BBB+(bra)'.

The Rating Outlook of the corporate ratings is Stable.

Fitch has assigned 'BB-' to a proposed issuance of US$400 million
of senior unsecured notes due January 2018.  The notes will be
issued by JBS Finance II Ltd., a special-purpose vehicle wholly
owned by JBS and incorporated in the Cayman Island, and is
unconditionally guaranteed by JBS and its subsidiary JBS Hungary
Holdings Kft.  The proceeds are expected to be used to finance
working capital needs.

The upgrade is supported by the strengthening of JBS' business
profile, after completion of the acquisition of 64% stake in
Pilgrim's Pride Co. and the merger with Bertin during December
2009.  These transactions were funded primarily with equity
through the issuance of US$2 billion in mandatory convertible
debentures, and by a BRL1.6 billion equity issuance in May 2010.
The acquisitions have positioned JBS to consolidate its leadership
position in the main business segments it operates, improve its
geographic and product diversification, and increase the economies
of scale in both the U.S. and in Brazil.  These acquisitions add
about US$900 million to JBS EBITDA and the potential synergies
between JBS and the newly acquired operations should result in a
greater operational cash generation from 2010 onwards.

JBS' ratings incorporate the commodity and cyclical risks
associated with the meat business and the company's still high
financial leverage, resulting from the company's aggressive growth
strategy over the past few years.  The ratings also incorporate
expectations that JBS will maintain its high liquidity position
and that its credit measures will gradually strengthen due to the
recent acquisition of PCC and Bertin.

Leadership and Diversification Strengthen JBS' Business Profile:

The company's business profile was strengthened by the acquisition
of PCC and the merger with Bertin.  These acquired assets are
complementary to JBS and will increase product diversification
through the entrance in the poultry, dairy products and leather
markets.  The acquisitions allows JBS to become the largest global
company in the multi-protein segment, one of the biggest leather
processor globally, and one of the leading companies in the dairy
segment domestically.  Further, it solidifies JBS' position as the
largest producer and exporter of fresh meat and meat by-products
in Brazil, Argentina and Australia and as the third largest in the
U.S.

JBS benefits from its geographic diversification both
domestically, with plants in 12 Brazilian states, and
internationally, with plants in the United States, Argentina,
Italy and Australia.  The geographic diversification of its
businesses mitigates risks related to disease, the imposition of
sanitary restrictions by governments, market concentrations, as
well as tariffs or quotas applied regionally by some importing
blocs or countries.  JBS' businesses are exposed to the volatility
of raw material costs, live cattle and local and international
beef prices, the imbalance between supply and demand in the
protein market, and competitive pressures on the part of other
Brazilian or international producers and exporters.

Growing Operational Cash Generation; Improvements in Operational
Margins:

During December 2009, JBS completed the acquisition of PPC's
shares for US$800 million, and the merger with Bertin for an
exchange of shares, which should result in total combined revenue
of BRL53 billion and BRL3.3 billion in EBITDA.  The consolidation
of these new assets is expected to strengthen the consolidated
profitability of JBS through synergies of about BRL950 million.
Pro forma latest 12 months EBITDA margin was 6.3% ending March
2010 compared with 5.5% in 2009.  Consolidated EBITDA margin in
2009, not considering the new operations, had been 3.7%.  Despite
of the challenges to incorporate the new operations, the track
record of fast integration of new assets by JBS is positive, as
the company has successfully consolidated prior acquisitions such
as Swift, Tasman Group and Smithfield Beef in 2007 and 2008 as
well as its joint venture with Inalca in 2008.

Leveraged Capital Structure; Potential to Improve:

JBS' capital structure continues to be leveraged.  Pro forma March
2010 LTM total debt/EBITDA and net debt/EBITDA were 4.2 times and
3.3x, respectively.  The fast expansion of the company has been
financed by a combination of debt and equity; however, strong
working capital needs have resulted in increasing outstanding debt
in recent years.  The acquisition of PPC was financed by a
mandatorily debentures issuance purchased by BNDESPar.  The
debentures must be converted into JBS USA or JBS' shares by
December 2011.  According to Fitch methodology, the mandatory
convertible debentures met the criteria to receive 100% equity
credit, and is not considered as financial debt and does not
impact JBS' leverage.  Fitch expects the improving EBITDA
generation results in leverage reduction to levels below 3.0x in
2011.

Negative Free Cash Flow; Liquidity and Debt Amortization Profile
Manageable:

JBS' strong expansion has led to higher working capital needs
that, combined with capital investments, have resulted in negative
free cash flow in the previous years.  In March 2010 LTM, FCF is
expected to remains negative, pressured by the working capital
requirements.  Fitch expects FCF will improve, while the company
consolidates the recent acquisitions, reduces its costs and
improves the profitability, allowing the company to reduce debt
and strengthen liquidity.

The company's liquidity is supported by BRL3 billion of cash and
marketable securities, and further strengthened by BRL1.6 billion
of equity issuance in May 2010.  The proceeds from this issuance
are being used to finance the working capital and should result in
the reduction of short-term debt, as the current trade finance
debt are repaid.  In March 2010, short-term debt was
BRL5.7 billion (or 30% of the total debt) and corresponded to
outstanding trade finance lines.  The availability of about
US$1 billion in revolving credit lines at JBS USA and PPC also
enhances JBS' liquidity and mitigate refinancing risk.

Key Rating Drivers:

JBS' rating could be positively affected by some combination of
these: a significant decrease in leverage, generation of positive
FCF, completion of its planned growth strategy via acquisitions,
reduction of the company's heavy reliance in short-term debt and
further revenue diversification.  A rating downgrade could be
triggered by a deterioration or lack of improvement in the
company's leverage, or by a low level of cash liquidity, an
inability to roll over short-term credit lines, a continuation of
negative FCF generation and/or a significant deterioration of
operations due to trade restrictions or sanitary outbreaks.


MINERVA SA: Approves BRL200 Million Local Bond Sale
---------------------------------------------------
Minerva SA approved a sale of local bonds worth BRL200 million,
Robin Stringer at Bloomberg News reports, citing a regulatory
filing.  The report relates that the bonds are redeemable in July
2015.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch also
maintains these ratings on Minerva, which remain on Rating Watch
Negative:

Minerva S.A.

-- Local currency Issuer Default Rating 'B';
-- Foreign currency IDR 'B';
-- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

-- US$200 million senior unsecured notes due 2017 'B/RR4'.


RB CAPITAL: Moody's Assigns 'Ba3' Rating on Certificates
--------------------------------------------------------
Moody's America Latina has assigned definitive ratings of A2.br
(Brazilian National Scale) and of Ba3 (Global Scale, Local
Currency) to the first issuance of the 39th Series of certificates
issued by RB Capital Securitizadora S.A.  The certificates are
backed by payments under a purchase and sale agreement of the Top
Center shopping mall and guaranteed by certain assets held in
trust (Alienacao Fiduciaria) for the benefit of the certificate
investors.  The assets backing the certificates are two Brazilian
regional shopping mall properties: "Top Center", located in the
city of Sao Paulo, and "Shopping do Vale", located in the City of
Cachoeirinha do Sul.  The certificates will have 120 monthly
scheduled principal and interest payments based on a fully
amortizing loan schedule.

The definitive ratings are based on these factors:

  -- Full recourse to the properties with aggregate loan-to-value
     of 82% considering Moody's stressed value for the two
     properties,

  -- Full recourse to Net Operating Income (NOI) derived from the
     on-going business activities of the properties, such as
     rental payments, fees, merchandising income and other income
     derived from use of the properties,

  -- Projected debt-service-coverage ratio that is expected to
     remain stable at 1.2x based on a 10 year fully amortizing
     loan schedule,

  -- Granularity of the cash flows backing the 111 separate
     tenancy agreements,

  -- Co-obligation of the owner/operator/sponsor of the shopping
     malls, General Shopping Brazil (GSB), Not Rated, to maintain
     the minimum 1.2x DSCR as well as the co obligation under the
     purchase and sale agreement,

  -- The structural and legal features of the transaction,
     including reserve accounts, continuous cash sweeps of rental
     payments into the segregated transaction account held by RB
     Capital, the isolation of the assets and cash flows assigned
     to the issuer (Alienacao Fiduciaria and Cessao Fiduciaria)
     and that ultimately guarantee the certificates.

                          Certificates

The certificates will pay investors principal and interest monthly
over 120 monthly installments starting the first month after the
closing of the transaction.  There will be no grace period on the
certificates.  The interest rate will be fixed at a spread of 2.3%
p.a.  over the yield of the NTN-B (Nota do Tesouro Nacional -
Serie B, or Brazilian Government Treasury Notes -- Series B) with
maturity in 2015.  The outstanding loan amount will be indexed to
the IPCA index (Indice Nacional de Precos ao Consumidor Amplo, a
Brazilian consumer price index).

               Collateral And Transaction Structure

The certificates are backed by a purchase and sale agreement in
the value of BRL 60 million with co-obligation to GSB and
benefiting from a wide collateral package including:

  -- Cash flows from rent payments arising from 111 separate
     tenancy agreements (of which 67 agreements relate to Top
     Center and 44 to Shopping do Vale).  Moody's stressed net
     cash flows for 2010 are BRL 8.3 million which are 16% under
     the base case cash flows derived from projections and
     information received from GSB.

  -- Full recourse to the real estate collateral.  In the event of
     a failure of GSB to guarantee timely payment of principal on
     the certificates or insure the minimum 1.2x DSCR is
     maintained, the administrator of the transaction has the
     ability to enforce collateral.  Moody's value for the two
     properties, using a discounted cash flow model on the
     stressed net cash flows, is BRL 72.8 million, or
     approximately 82% Loan-to-Value.

  -- Co-obligation of GSB under the purchase and sale agreement
     and thereby ultimately guaranteeing the cash flows under the
     certificates

                         Cash Management

The receivables will be collected in two separate cash accounts
opened with a major financial institution contracted for this
purpose (Payment Bank).  The Payment Bank will continuously
transfer payments received to a bank account in the name of RB
Capital for the benefit of the certificate holders.

                         Reserve Account

A reserve account with a minimum balance of BRL2.3 million in cash
and liquid assets is established to cover any shortfalls in
scheduled principal and interest payments.  Should the reserve
account be drawn, GSB is obliged to top up the reserve account
within 10 calendar days.

                        Rating Methodology

The ratings of the 39th series certificates are based on:
(i) available cash flows derived from 111 separate tenancy
agreements to service the debt schedule; (ii) stressed LTV of 82%
at the closing of the transaction; (iii) economic incentive of
GSB, the sponsor, owner and operator of the two shopping malls, to
service the properties given the equity interest in the two
transactions; (iv) the fact that vacancy costs will be covered by
GSB and (v) co-obligation to GSB in case the minimum 1.2x DSCR is
not met.

                 Structural And Legal Protections

The legal and structural protections from which the certificates
benefit include: (i) assignment of the CCI (Cedulas de Credito
Imobiliario), which is backed by the tenancy payments from the
underlying properties to RB Capital for the benefit of certificate
holders; (ii) GSB's acknowledgement of the fund's issuance of the
CCI and its assignment to RB Capital, as well as GSB
acknowledgement for the Payment Bank to continuously transfer
rental proceeds from the properties to RB Capital, and (iii) the
isolation of the assets and cash flows assigned to the issuer that
back the payment of the certificates from claims from creditors of
the securitization company or creditors of GSB in the event of
default of either.

                          Rating Summary

* Certificates -- RB Capital Securitizadora S.A.-39th Series --
  A2.br (National Scale Rating) & Ba3 (Global Scale, Local
  Currency).


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


ADIC GLOBAL: Creditors' Proofs of Debt Due on August 19
-------------------------------------------------------
The creditors of Adic Global Equity Hedge Fund 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:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Robert Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164


ARUMON OFFSHORE: Shareholders' Final Meeting Set for August 23
--------------------------------------------------------------
The shareholders of Arumon Offshore Fund, Ltd will hold their
final meeting, on August 23, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ASIAN INFRASTRUCTURE: Creditors' Proofs of Debt Due on August 19
----------------------------------------------------------------
The creditors of Asian Infrastructure Mezzanine Capital Fund 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:

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


BLACK RIVER: Creditors' Proofs of Debt Due on August 19
-------------------------------------------------------
The creditors of Black River Commodity Select Fund 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 June 24, 2010.

The company's liquidator is:

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


BLUETRACK ASSET: Shareholders' Final Meeting Set for August 30
--------------------------------------------------------------
The shareholders of Bluetrack Asset Funding Limited will hold
their final meeting, on August 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464, Grand Cayman KY1-1202
         Cayman Islands


BROOKLINE AVENUE: Shareholders' Final Meeting Set for August 20
---------------------------------------------------------------
The shareholders of Brookline Avenue Offshore Fund, Ltd. will hold
their final meeting, on August 20, 2010, at 9:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CALABASH RE: Creditors' Proofs of Debt Due on August 19
-------------------------------------------------------
The creditors of Calabash Re II 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 8, 2010.

The company's liquidators are:

         Damien Austin
         Anya Payne
         P.O. Box 1109, HSBC House 68 West Bay Road
         Grand Cayman Cayman Islands
         Telephone: 914-7505
         Facsimile: 949-6021


EXEMPLAR CAPITAL: Creditors' Proofs of Debt Due on August 30
------------------------------------------------------------
The creditors of Exemplar Capital Management, Ltd. are required to
file their proofs of debt by August 30, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 28, 2010.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming
         Telephone: (345) 945-2187 /(345) 945-2197
         PO Box 30464, Grand Cayman
         KY1-1202 Cayman Islands


FOXWOOD (FP): Shareholders' Final Meeting Set for September 30
--------------------------------------------------------------
The shareholders of Foxwood (FP) Limited will hold their final
meeting, on September 30, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ferrybridge Investments Limited
         Trevor Martin
         Telephone: +44 20 7995 2646
         Facsimile: +44 20 7995 4549
         2 King Edward Street
         London EC1A 1HQ


HYUNDAI CAPITAL: Shareholders' Final Meeting Set for August 20
--------------------------------------------------------------
The shareholders of Hyundai Capital Auto Funding IV Limited will
hold their final meeting, on August 20, 2010, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INVESTCORP AMPERSAND: Creditors' Proofs of Debt Due on August 19
----------------------------------------------------------------
The creditors of Investcorp Ampersand 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 June 29, 2010.

The company's liquidator is:

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


IRONWOOD (FP): Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Ironwood (FP) Limited will hold their final
meeting, on September 30, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Breckenridge Investments Limited
         c/o Trevor Martin
         Telephone: +44 20 7995 2646
         Facsimile: +44 20 7995 4549
         2 King Edward Street
         London EC1A 1HQ


KOISHIKAWA HOLDINGS: Creditors' Proofs of Debt Due on August 19
---------------------------------------------------------------
The creditors of Koishikawa Holdings 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:

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


NETHERFIELD INVESTMENTS: Member to Hear Wind-Up Report on Aug. 6
----------------------------------------------------------------
The sole member of Netherfield Investments Limited will receive,
on August 6, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Edward Lavelle
         HSBC Guyerzeller Trust Company SA
         5 Rue Alfred Vincent
         PO Box 2019, CH-1211
         Geneva 1, Switzerland


SILVERWOOD (FP): Shareholders' Final Meeting Set for September 30
-----------------------------------------------------------------
The shareholders of Silverwood (FP) Limited will hold their final
meeting, on September 30, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stourbridge Investments Limited
         c/o Trevor Martin
         Telephone: +44 20 7995 2646
         Facsimile: +44 20 7995 4549
         2 King Edward Street London EC1A 1HQ


SITHE GLOBAL: Shareholders' Final Meeting Set for August 20
-----------------------------------------------------------
The shareholders of Sithe Global Ghana Holdings, Ltd. (Caymans)
will hold their final meeting, on August 20, 2010, at 8:45 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SKYSCRAPER LIMITED: Creditors' Proofs of Debt Due on August 19
--------------------------------------------------------------
The creditors of Skyscraper 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:

         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


STARTS (CAYMAN): Creditors' Proofs of Debt Due on August 19
-----------------------------------------------------------
The creditors of Starts (Cayman) Limited 2009-7S 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:

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


TRICOM LATINOAMERICA: Member to Hear Wind-Up Report on Aug. 23
--------------------------------------------------------------
The sole shareholder of Tricom Latinoamerica, S.A. will receive,
on August 23, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Scot Fischer
         Scot Fischer 1 North Federal Highway
         Suite 400 Boca Raton
         Florida 33432, USA
         Telephone: 1-561-953-4164


TUSCAN CAYMAN: Shareholders' Final Meeting Set for August 20
------------------------------------------------------------
The shareholders of Tuscan Cayman GP, Ltd. will hold their final
meeting, on August 20, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


AIR JAMAICA: Jamaica Leases Airline Trademarks for US$5 a Year
--------------------------------------------------------------
Caribbean Airlines Limited has rights to the Air Jamaica Limited
name for one year, but the licensing agreement struck with the
Bruce Golding administration also gives the carrier option to
renew the arrangement annually, RadioJamaica reports.  The report
relates Jamaica Finance Minister Audley Shaw said that it would
cost CAL US$5.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2010, RadioJamaica said Mr. Shaw said that based on the
essential provisions of that Agreement, Caribbean Airlines Limited
has the right to use -- for an initial 12-month period -- those
trademarks which are listed in attachments to the agreement.  The
report related that at the end of the initial 12-month period, the
right to continue using them is automatically renewed every year
at a royalty amount of US$5 per year.

"It is important to note, however, that the trademarks which
Caribbean Airlines may use are restricted to those listed in the
licence agreement," the report quoted Mr. Shaw as saying.  "The
agreement covers the major trademarks, but not all," he added.

The report points out that the agreement is nullified if Caribbean
Airlines becomes bankrupt; assigns or attempts to assign the
rights to some other entity; or the Government of Trinidad and
Tobago's stake in CAL falls below 50.1%.  The agreement may also
be terminated if Caribbean Airlines does not use the trademarks
for a six-month span, the report adds.

                       About Air Jamaica

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


FINSAC: Public Sector Transformation Unit Seeks to Abolish Firm
---------------------------------------------------------------
The Public Sector Transformation Unit has recommended that the
Financial Sector Adjustment Company (FINSAC) and Financial
Institution Service Limited (FIS) should be abolished,
RadioJamaica reports.  The report relates that the Public Sector
Transformation Unit has also recommended that FINSAC be wound up
over a period of time.

According to the report, both institutions were established during
the financial sector collapse in the late 1990s and were given
responsibility to manage failed banks and insurance companies and
oversee the collection and sale of their assets.

The report notes that the Transformation also recommended that
several major agencies which fall under the Ministry of Finance
could be transferred to other ministries.


FIS: Public Sector Transformation Unit Seeks to Abolish Firm
------------------------------------------------------------
The Public Sector Transformation Unit has recommended that the
Financial Sector Adjustment Company (FINSAC) and Financial
Institution Service Limited (FIS) should be abolished,
RadioJamaica reports.  The report relates that the Public Sector
Transformation Unit has also recommended that FINSAC be wound up
over a period of time.

According to the report, both institutions were established during
the financial sector collapse in the late 1990s and were given
responsibility to manage failed banks and insurance companies and
oversee the collection and sale of their assets.

The report notes that the Transformation also recommended that
several major agencies which fall under the Ministry of Finance
could be transferred to other ministries.


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


COMERCIAL MEXICANA: Aims to Expand After Debt Restructuring
-----------------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci) aims to resume
modest expansion next year with a handful of new stores once it
completes its US$1.54 billion pre-packaged debt-restructuring
agreement, DBR news reports.

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 20, 2010, Dow Jones Newswires reports said that Controladora
Comercial Mexicana SAB filed for Chapter 15 bankruptcy in the
United States to aid its main restructuring in Mexico, already
approved by creditors.  The report related that CCM listed
both debt and assets of more than US$1 billion in documents filed
in U.S. Bankruptcy Court in Manhattan.  The report relates that
the U.S. filing seeks to protect the company from U.S. lawsuits
and creditor claims, following a July 14 announcement that it
filed to restructure in Mexico.  According to the report, the
Chapter 15 filing was made to stop creditors such as some
noteholders from taking actions to derail CCM's efforts to
restructure.


INDUSTRIAS UNIDAS: Moody's Withdraws 'Caa3' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service withdrew its Caa3 corporate family
rating on Industrias Unidas, S.A. de C.V.'s as well as its Ca
rating on the company's US$200 million in guaranteed senior
unsecured notes due in 2016 because the agency believes it lacks
adequate information to maintain a rating.

Industrias Unidas is a Mexican diversified industrial group,
manufacturing a wide range of copper-based and electrical products
for the housing and electrical power sectors mainly in Mexico and
the U.S.  As of September 2009, last twelve month revenues were
about US$1.3 billion.


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


DOE RUN PERU: Peru Asks for Proof of Funds to Operate
-----------------------------------------------------
Marco Aquino at Reuters reports the Peruvian government gave Doe
Run Peru until July 22, 2010, to prove it has sufficient financing
to restart its metals smelter, and to submit signed agreements
with its suppliers and creditors.  Doe Run should "show detailed
proof it is taking steps to restart operations by the deadline,"
Peru's energy and mining ministry said in a letter sent to the
company that was obtained by the news agency.

According to the report, the request represented a last-ditch
effort to spur the company facing possible liquidation into
action.

As reported in the Troubled Company Reporter-Latin America on
July 21, 2010, Business News Americas said that Doe Run Peru has
drawn up a 48-month plan to pay back the principal of its US$97
million debt to its creditors.  According to the report, the
company would start to make monthly payments to creditors two
months after operations restart at its polymetallic smelter in La
Oroya.  The report related that the plan involves repaying US$26
million during the remainder of 2010, US$25 million in 2011 and
the remaining US$46 million in 2012.  The company told creditors
that payments of the interest will begin one month after the
principal is repaid, the report said.  Business News Americas
noted that the company's new business plan is designed to decrease
total liabilities from US$519 million in 2010 to US$381 million in
2014.  The report related that the plan projects net sales of
US$398 million in 2010, US$1.32 billion in 2011, US$1.34 billion
in 2012, and US$1.14 billion in both 2013 and 2014.

                          About Doe Run Peru

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

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

                          *     *     *

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

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


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


FIRST BANCORP: Completes Convertible Preferred Stock Exchange
-------------------------------------------------------------
First BanCorp has completed the transaction with the United States
Department of the Treasury involving the exchange of preferred
stock pursuant to the agreement executed on July 7, 2010.  The
Corporation issued 424,174 shares of Series G Mandatorily
Convertible Preferred Stock to the U.S. Treasury in exchange for
the Series F preferred stock it previously held.  As disclosed in
SEC filings, the Series G preferred stock is convertible into
approximately 380.2 million shares of the Corporation's common
stock upon the satisfaction of certain conditions.

                        About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico operate under U.S. banking
laws and regulations.  The Corporation operates a total of 175
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.

                         *     *     *

As of June 18, 2010, the bank continues to carry Standard & Poor's
"CCC+" long-term issuer credit ratings.


                            ***********

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 * * *