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

              Monday, July 26, 2010, Vol. 11, No. 145

                            Headlines



A R G E N T I N A

COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due on Sept. 17
CONTRERAS HERMANOS: Moody's Assigns 'B3' Corporate Family Rating
COOPERATIVA DE: Creditors' Proofs of Debt Due on August 26
ELS SA: Creditors' Proofs of Debt Due on September 28
NATIONAL POST: Creditors' Proofs of Debt Due on September 17

SEBAMAR SA: Creditors' Proofs of Debt Due on September 22
TOP AIR: Creditors' Proofs of Debt Due on September 16
TRANSPORTES CANADA: Creditors' Proofs of Debt Due on October 6


B A R B A D O S

FOUR SEASONS: Project Stalls; US$120MM Gov't Guarantee Not Enough


B E R M U D A

CENTRAL EUROPEAN: To Release 2nd Quarter 2010 Earnings on July 28


B R A Z I L

BRASKEM SA: Launches US$350MM of Reopened 2020 Bonds at 6.875%
CAIXA ECONOMICA: Provides US$58MM Financing to Corsan
JBS FINANCE: Moody's Assigns 'B1' Rating on Senior Unsec. Notes
MARFRIG ALIMENTOS: BNDESPar to Acquire Firm's Debentures


C A Y M A N  I S L A N D S

ATB LTD: Shareholders' Final Meeting Set for August 17
BANK VONTOBEL: Creditors' Proofs of Debt Due on August 9
BORONIA FINANCE: Shareholders' Final Meeting Set for August 20
CYPRESS ASSET: Shareholders' Final Meeting Set for August 23
DURATEX OVERSEAS: Shareholders' Final Meeting Set for August 27

FLINDERS AIRCRAFT: Shareholders' Final Meeting Set for August 20
KAL JAPAN: Shareholders' Final Meeting Set for August 20
MA BLUETREND: Sole Shareholder to Hear Wind-Up Report on Aug. 10
MITRA CORP: Shareholders' Final Meeting Set for August 23
ORPHEUS II: Shareholders' Final Meeting Set for August 20

R-ONE TAKATSUKI: Shareholders' Final Meeting Set for August 20
SWISS-SYSTEMATIC: Shareholders' Final Meeting Set for August 27
TCM SPECTRUM: Shareholders' Final Meeting Set for August 18
TCM SPECTRUM: Shareholders' Final Meeting Set for August 18
TELT LIMITED: Shareholders' Final Meeting Set for August 27

TREETOP GLOBAL: Shareholders' Final Meeting Set for August 20
VONTOBEL TRUST: Creditors' Proofs of Debt Due on August 9
VTC DIRECTOR: Creditors' Proofs of Debt Due on August 9
WEST LAKE: Shareholders' Final Meeting Set for August 20
WP X INVESTMENTS: Shareholders' Final Meeting Set for August 20


C O L O M B I A

ECOPETROL SA: To Post 2ndQ and 1H 2010 Earnings Release on July 28
EMPRESA DE ENERGIA: Plans to Pay US$110 Million to Shareholders


E C U A D O R

CONSTRUTORA NORBERTO: Unit to Obtain US$516 Million From BNDES
PETROECUADOR: Needs 75 Days for Oil Spill Clean-Up


J A M A I C A

LONG POND: Farmers to Receive JM$21 Million in Compensation
RED STRIPE: To Start Making Jobs Redundant


M E X I C O

USINAS SIDERURGICAS: JV With Sumitomo May Expand Iron Ore Capacity


S T  V I N C E N T  &  T H E  G R E N A D I N E S

CL FINANCIAL: Prime Minister Wants TT Equity for BAICO


X X X X X X X X

* BOND PRICING: For the Week July 19, to July 23, 2010




                         - - - - -


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A R G E N T I N A
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COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due on Sept. 17
------------------------------------------------------------------
The court-appointed trustee for Comunicaciones Graficas S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 17, 2010.


CONTRERAS HERMANOS: Moody's Assigns 'B3' Corporate Family Rating
----------------------------------------------------------------
Moody's Latin America assigned a B3 local currency corporate
family rating and a Baa1.ar Argentina National Scale rating to
Contreras Hermanos S.A.  The outlook is stable.

The B3 local currency corporate family rating and Baa1.ar .ar
Argentina National Scale rating reflect Contreras's small size,
earnings volatility and substantial geographic and project
concentration.  In addition, the ratings are constrained by
volatile cash flow that the company experienced during the
expansive cycle of Contreras' top line growth in recent years.
Contreras is the leading provider of energy-related construction
services, primarily serving the oil and gas industry in Argentina,
and has recently became a niche player in the Brazilian market.
Although the end market it serves is cyclical and market
conditions have been challenging, the company's revenues during
recent years have grown substantially due to expansion investments
in countries such as Brazil and Argentina.  Nevertheless,
Contreras' margins have been under pressure and its revenues were
exposed to significant concentration risk.

Contreras' ratings are supported by the company's sound business
model, its established track record in the industry as well as a
strategic focus in growing industry segments.  An adequate balance
between public and private projects, as well as the relatively
high credit quality of its main private clients are also factors
that support the ratings.  In addition, while the company's growth
rate has been high, Contreras has experienced declining margins,
although they remain solid and the company has managed its growth
without increasing debt materially.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
between relative risks.  NSRs in Argentina are designated by the
".ar" suffix.  NSRs differ from global scale ratings in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

Contreras' consolidated revenues for the fiscal year ending
December 2009, totaled approximately AR$1.8 billion (or
U$450 million), which is very low when compared to its
international peers.  In addition, Contreras' revenues remain
volatile.  This volatility is the consequence of tremendous growth
over the last couple of years, due to industry dynamics in both
Argentina and Brazil.

Despite attempts to obtain greater diversification, Contreras'
revenues are expected to remain concentrated in the oil and gas
segment.  The top three contracts represented more than 50% of
total revenues for the fiscal year ending December 2009, and the
bulk of the order backlog rests in only three projects.  And while
Contreras' profit ratios are high in relation to its B3 rating,
margins have been under pressure.  In spite of cost recovery
protection clauses on its contracts, cost overruns were not fully
recovered, either because of high inflation in Argentina or
because of a delayed recovery, which has had a negative effect on
margins.

The company's ability to demonstrate pricing and bidding
discipline in a softened growth period and the recovery of its
increased costs will be a key rating consideration going forward.

Historically Contreras' liquidity has been comfortable, as it was
able to fund its cash needs internally.  However, during the last
few years the company's free cash flow has been weak because of
significant working capital needs resulting from strong growth.
As a consequence, short-term debt has increased because of the
need to financing working capital to support growth.  The need for
such investments in support of a high-growth strategy is likely to
decrease in the near to medium-term.  The decline of its WC needs
should liberate funds for debt repayment.

Moody's acknowledges that Contreras has developed solid
relationships with banks and that it has demonstrated access to
uncommitted bank facilities.  Moody's also acknowledge that
Contreras has entered in two longer-term loans that helped it to
reduce its exposure to short-term debt to some extent.
Nonetheless the dependence on uncommitted short term credit
facilities remains a credit negative.

The stable outlook reflects Moody's expectation that Contreras'
revenues will stabilize and that the company will be able to
sustain or improve its margins going forward.  The stable outlook
also anticipates that Contreras will likely maintain a highly
concentrated project portfolio.

If Contreras is not able to reverse the declining margin trend and
to reduce its working capital investment such that it fails to
generate positive levels of cash from operations, the ratings
could come under downward pressure.  Quantitatively, if the EBITA
margin drops to below 6%, cash from operations is negative and
debt to EBITDA is above 2.0 times, the ratings could be
downgraded.

If Contreras is able to generate more stable revenues going
forward while margins recover to historical levels, the ratings
could come under upward rating pressure.  In addition, a rating
upgrade could result from the continued development of ongoing
projects that result in high levels of internal cash generation
for debt reduction.

In addition, a better-structured debt maturity profile that
reduces exposure to short-term debt and improved financial
disclosure could also add positive rating pressure.

Headquartered in Buenos Aires, Argentina, Contreras Hermanos S.A.
is an Argentinean construction company, focused on the civil and
industrial infrastructure industry segments, with a strong focus
in the oil and gas industry.  Most of Contreras' operations are in
Brazil and Argentina, although it operates in various countries in
South America.  Contreras reported consolidated revenues for the
fiscal year ending December 31, 2009, of ARS1.8 billion (about
$450 million).


COOPERATIVA DE: Creditors' Proofs of Debt Due on August 26
----------------------------------------------------------
The court-appointed trustee for Cooperativa de Vivienda Credito y
Consumo Surikata Limitada'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 October 7, 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 18, 2010.


ELS SA: Creditors' Proofs of Debt Due on September 28
-----------------------------------------------------
The court-appointed trustee for Els S.A.'s bankruptcy proceedings
will be verifying creditors' proofs of claim until September 28,
2010.

The trustee will present the validated claims in court as
individual reports on November 10, 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 23, 2010.


NATIONAL POST: Creditors' Proofs of Debt Due on September 17
------------------------------------------------------------
The court-appointed trustee for National Post S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 17, 2010.

The trustee will present the validated claims in court as
individual reports on November 2, 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 20, 2010.


SEBAMAR SA: Creditors' Proofs of Debt Due on September 22
---------------------------------------------------------
The court-appointed trustee for Sebamar S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 22, 2010.


TOP AIR: Creditors' Proofs of Debt Due on September 16
------------------------------------------------------
The court-appointed trustee for Top Air Security S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until September 16, 2010.

The trustee will present the validated claims in court as
individual reports on October 28, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 8, 2011.


TRANSPORTES CANADA: Creditors' Proofs of Debt Due on October 6
--------------------------------------------------------------
The court-appointed trustee for Transportes Canada S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until October 6, 2010.


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B A R B A D O S
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FOUR SEASONS: Project Stalls; US$120MM Gov't Guarantee Not Enough
-----------------------------------------------------------------
A Four Seasons Hotel project in Barbados has run into problems
after the US$20 million government guarantee that has kick-started
the stalled project is said to be not enough to complete the
planned luxury facility, Geralyn Edward at Jamaica Observer
reports.

The report relates Professor Avinash Persaud said that it was
enough, however, to get the buy-in of confidence-shaken villa
owners and creditors.  Mr. Persaud is the respected international
economist and financier who was invited by Prime Minister David
Thompson to work with the Government to get the project going
again.

According to the report, Mr. Persaud said that ideally the
Paradise Beach, St Michael tourism project would have required at
least US$240-million to complete without further financing.  "As a
member of the National Council of Economic Advisors, I was well
aware of Government's tight fiscal position and indeed I have made
my job harder by limiting the size of the Government guarantee to
the minimum possible to get the project up on its feet," the
report quoted Mr. Persaud as saying.  "The size of the Government
guarantee is not sufficient to ensure that the project does not
need any further financing.  It would have been ideal, from a
private point of view, if the guarantee was twice its size.
However, it would not be appropriate for Barbados," he added.

The report notes that the government guarantee of a US$120-million
ANSA McAL Merchant Bank loan will see Paradise Beach Limited
manage the construction of 26 luxury villas and a Four Seasons
hotel.

The report says that so far, 16 villas have been sold and Persaud
said work would resume once villa owners signed off on a villa
construction plan.

                        About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com/-- manages some
75 luxury hotels and resorts in more than 30 countries.  Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.


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B E R M U D A
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CENTRAL EUROPEAN: To Release 2nd Quarter 2010 Earnings on July 28
-----------------------------------------------------------------
Central European Media Enterprises Ltd. will release its second
quarter 2010 financial results before U.S. market hours on
Wednesday, July 28, 2010.

CME will also host a teleconference and video webcast to discuss
its second quarter 2010 results on Wednesday, July 28, 2010 at
9:00 a.m. New York time (2:00 p.m. London and 3:00 p.m. Prague
time).  The video webcast and teleconference will refer to
presentation slides which will be available on CME's Web site at
http://www.cetv-net.com/prior to the call.

To access the teleconference, U.S. and international callers may
dial +1 785-424-1051 ten minutes prior to the start time and
reference passcode 7CETVQ2.  The conference call will be video
webcasted live via http://www.cetv-net.com/

The video webcast and a digital audio replay in MP3 format will be
available for two weeks following the call at:

                     http://www.cetv-net.com/

                    About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's EUR150
million senior notes due 2014.


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B R A Z I L
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BRASKEM SA: Launches US$350MM of Reopened 2020 Bonds at 6.875%
--------------------------------------------------------------
Braskem SA launched US$350 million of 10-year bonds July 21, 2010,
at 6.875% in a reopening of its 2020 issue, according to a person
familiar with the transaction, Jelmayer, Kejal Vyas and Riva
Froymovich at Dow Jones Newswires report.  The report relates that
the yield is below early guidance of 7%.

HSBC, BB Securities, Banco Bradesco and Banco Santander are lead
managers on the debt sale.

According to the report, the bonds will be issued through Braskem
Finance Ltd. and are guaranteed by Braskem SA.  "The proposed
notes issuance is part of Braskem's liability management to
improve its debt maturity profile," Moody's said in a statement,
the report relates.

In May, the report notes, the company raised US$400 million in the
bond deal, offering investors a yield of 7%.

                        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 and senior unsecured debt ratings.


CAIXA ECONOMICA: Provides US$58MM Financing to Corsan
-----------------------------------------------------
Caixa Economica Federal is providing BRL102 million (US$58
million) in financing to Rio Grande do Sul state water utility
Corsan for sanitation works, Business News Americas reports,
citing an unnamed Corsan spokesperson.

"While BRL20.7 million is being financed for water supply
projects, a total of BRL80.9 million is being allocated to improve
and expand sewerage service in the state," the report quoted the
spokesperson as saying.

According to the report, water supply projects are being carried
out in municipalities Arroio do Meio, Cachoeira, Carlos Barbosa,
Encantado, Gravatai, Sao Sepe, Sapiranga, Tramandai and Viamao.
The report relates that the majority of the investments will go
towards Tramandai, Encantado, Gravatai and Sapiranga, with funding
of BRL5.3 million, BRL4 million, BRL3.4 million and BRL3.4
million, respectively.

The report relates that sewerage work is taking place in the
municipalities of Capao da Canoa, Passo Fundo, Rio Grande,
Encantado, Osorio and Torres.  The report notes that most of the
work is going toward Osorio, Rio Grande, Capao da Canoa and Passo
Fundo, which are receiving BRL21.6 million, BRL20 million, BRL17.7
million and BRL15 million, respectively.

The official, the report adds, said that the utility is currently
investing a total of BRL1.2 billion in sanitation improvements for
Rio Grande do Sul.

                     About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of June 29, 2010, the bank continues to carry Moody's "D+" bank
financial strength rating.


JBS FINANCE: Moody's Assigns 'B1' Rating on Senior Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 foreign currency
rating to the proposed senior unsecured notes of approximately
US$400 million due in January 2018 to be issued by JBS Finance II
Ltd. (Cayman Islands) and guaranteed by JBS S.A. (Brazil) as well
as by JBS Hungary Holdings Kft (Hungary).  The company's existing
ratings have been affirmed.  The ratings outlook remains positive.

The proposed new issuance is part of JBS'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 short term debt.  The rating of the proposed notes
assumes 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.

Rating assigned is:

Issuer: JBS Finance II Ltd. (Cayman Islands), guaranteed by JBS
S.A. (Brazil) and JBS Hungary Holdings Kft (Hungary).

* Proposed approximately US$400 million senior unsecured
  guaranteed notes due in January 2018: B1 (foreign currency)

Existing ratings affirmed:

Issuer: JBS S.A.

* Corporate Family Rating: B1 (global scale)

Issuer: JBS S.A.

* US$275 million senior unsecured notes due 2011 issued by JBS
  S.A. and secured by J&F and JBS Agropecuaria Ltda.: B1 foreign
  currency rating

Issuer: JBS USA, LLC (Colorado, United States)

* US$700 million senior unsecured notes due 2014 issued by JBS USA
LLC and JBS USA Finance and guaranteed by JBS S.A.: B1 foreign
currency rating

- US$300 million senior unsecured notes due 2016 issued by JBS
USA, LLC and guaranteed by JBS S.A.: B1 foreign currency rating

Issuer: Bertin S.A. (the note issuer).

* US$350 million 10.25% senior unsecured notes due 2016: B1
  foreign currency rating.  Bertin was fully merged into JBS which
  assumed all of Bertin's debt obligations.

The outlook for all ratings is positive.

* The B2 rating and stable outlook of Vigor, formerly a subsidiary
  of Bertin, remain unchanged.  Vigor is a 99.4%-owned subsidiary
  of JBS and has US$100 million 9.25% senior unsecured notes due
  2017: B2 foreign currency rating and stable outlook.

The B1 rating reflects JBS's leading position as a diversified
global protein producer (diversified in chicken, beef, pork and
lamb).  JBS is also the world's largest hides/leather processor
and a significant producer of dairy products in Brazil.  Revenues
in 2009 reached BRL55,2 billion on a pro-forma basis including the
acquisitions of Pilgrim's Pride and Bertin.  The ratings, however,
are constrained by the company's acquisitive growth strategy and
the lack of historical free cash flow generation.

The positive outlook reflects the company's improved size, scale
and product diversification as well as the significant synergy
opportunities resulting from the recent acquisitions.  Going
forward Moody's expect the company to improve its consolidated
margins, and prudently manage its liquidity position and capital
structure, which would include reducing leverage in terms of Total
Debt to EBITDA to less than 4x.  Moody's also regards as credit
positive the fact that the Brazilian National Development Bank,
BNDES, through its equity arm, BNDES Participa‡oes S.A. is a
strategic shareholder in JBS.  BNDESpar (rated A3 Stable) has a
track record for supporting its equity investments, a source of
cheap financing for local currency debt and considered a lender of
last resort to troubled credits in Brazil.

Moody's last rating action on JBS occurred on Sept. 18, 2009, when
Moody's changed JBS's ratings outlook to positive.

Headquartered in Sao Paulo, Brazil, JBS is the world's largest
protein company in terms of slaughter capacity.  The company is
the largest beef player on a global basis with a slaughter
capacity of 90,300 heads per day.  JBS's is also a global leader
with slaughter capacity of 7,6 million heads per day of chicken,
27,500 heads per day of lamb and, the third largest pork producer
in the USA through 3 slaughtering plants with installed capacity
of 48,500 heads per day for hogs.  Still, JBS is the third largest
Brazilian dairy producer with 1,400 tons per day.


MARFRIG ALIMENTOS: BNDESPar to Acquire Firm's Debentures
--------------------------------------------------------
BNDESPar, the shareholding and investment arm of the National
Development Bank (BNDES), will subscribe convertible debentures to
be issued by the local meatpacker Marfrig Alimentos SA, Rogerio
Jelmayer, Dow Jones Newswires reports, citing a company statement.

According to the report, Marfrig SA will issue convertible
debentures worth BRL2.5 billion (US$1.4 billion) due in five
years, to finance the acquisition of U.S.-based Keystone Foods.

As reported in the Troubled Company Reporter-Latin America on
June 16, 2010, Bloomberg News said that Marfrig Alimentos agreed
to pay US$1.26 billion for chicken nugget maker Keystone Foods
LLC.  The report related that Marfrig Alimentos signed an
agreement with Lindsay Goldberg LCC to buy all the shares in
closely held West Conshohocken, Pennsylvania-based Keystone.
According to the report, Marfrig Alimentos said that buying
Keystone gives the company access to a supplier to international
food and restaurant companies such as McDonald's Corp. and
Campbell Soup Co. Marfrig has sought to expand production through
acquisitions in the past three years.

                    About Marfrig Alimentos

Marfrig Alimentos SA processes food.  The Company processes beef,
pork, lamb, and poultry; and produces frozen vegetables, canned
meats, fish, ready meals, and pasta.  Marfrig operates in South
American, the United States, and Europe.

                        *     *     *

As of July 24, 2010, the company continues to carry Moody's "B1"
long-term rating and long-term corp. family rating.  The company
also continues to carry Standard and Poor's "B+" long-term issuer
credit ratings.


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C A Y M A N  I S L A N D S
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ATB LTD: Shareholders' Final Meeting Set for August 17
------------------------------------------------------
The shareholders of ATB Ltd. will hold their final meeting, on
August 17, 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:

         Patrick Shaunessy
         The Crighton Building
         Suite 201 256 Crewe Road
         P.O. Box 1166, Grand Cayman KY1-1102


BANK VONTOBEL: Creditors' Proofs of Debt Due on August 9
--------------------------------------------------------
The creditors of Bank Vontobel Cayman are required to file their
proofs of debt by August 9, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Russell Smith
         c/o Jill Zadny
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


BORONIA FINANCE: Shareholders' Final Meeting Set for August 20
--------------------------------------------------------------
The shareholders of Boronia Finance Limited will hold their final
meeting, on August 20, 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:

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


CYPRESS ASSET: Shareholders' Final Meeting Set for August 23
------------------------------------------------------------
The shareholders of Cypress Asset Holdings Ltd. will hold their
final meeting, on August 23, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Graham Robinson
         c/o 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: Shareholders' Final Meeting Set for August 27
---------------------------------------------------------------
The shareholders of Duratex Overseas will hold their final
meeting, on August 27, 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:

         Flavio Marassi Donatelli
         Duratex Av. Paulista nr.
         1938-Terrace Sao Paulo-SP, Brazil


FLINDERS AIRCRAFT: Shareholders' Final Meeting Set for August 20
----------------------------------------------------------------
The shareholders of Flinders Aircraft Finance Limited will hold
their final meeting, on August 20, 2010, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KAL JAPAN: Shareholders' Final Meeting Set for August 20
--------------------------------------------------------
The shareholders of Kal Japan ABS 3 Cayman Limited 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 SPV Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


MA BLUETREND: Sole Shareholder to Hear Wind-Up Report on Aug. 10
----------------------------------------------------------------
The sole shareholder of MA Bluetrend Limited will receive, on
August 10, 2010, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K. Beighton
         c/o Jenny Broadbridge
         Telephone: 345-815-2686
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


MITRA CORP: Shareholders' Final Meeting Set for August 23
---------------------------------------------------------
The shareholders of Mitra Corp. will hold their final meeting, on
August 23, 2010, at 12:00 noon to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


ORPHEUS II: Shareholders' Final Meeting Set for August 20
---------------------------------------------------------
The shareholders of Orpheus II Limited will hold their final
meeting, on August 20, 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:

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


R-ONE TAKATSUKI: Shareholders' Final Meeting Set for August 20
--------------------------------------------------------------
The shareholders of R-One Takatsuki Holdings will hold their final
meeting, on August 20, 2010, at 9:30 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SWISS-SYSTEMATIC: Shareholders' Final Meeting Set for August 27
---------------------------------------------------------------
The shareholders of Swiss-Systematic Japan Trends Limited will
hold their final meeting, on August 27, 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:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman


TCM SPECTRUM: Shareholders' Final Meeting Set for August 18
-----------------------------------------------------------
The shareholders of TCM Spectrum Fund (Offshore) II Ltd. will hold
their final 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:

         Reid Services Limited
         PO Box 1350, Clifton House
         75 Fort Street George Town
         Grand Cayman KY1-1108
         Cayman Islands
         Telephone: + 345 949 4900


TCM SPECTRUM: Shareholders' Final Meeting Set for August 18
-----------------------------------------------------------
The shareholders of TCM Spectrum Fund (Offshore) Ltd. will hold
their final 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:

         Reid Services Limited
         PO Box 1350, Clifton House
         75 Fort Street George Town
         Grand Cayman KY1-1108
         Cayman Islands
         Telephone: + 345 949 4900


TELT LIMITED: Shareholders' Final Meeting Set for August 27
-----------------------------------------------------------
The shareholders of Telt Limited will hold their final meeting, on
August 27, 2010, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman


TREETOP GLOBAL: Shareholders' Final Meeting Set for August 20
-------------------------------------------------------------
The shareholders of Treetop Global Long/Short Meridian Fund Inc.
will hold their final meeting, on August 20, 2010, at 9:15 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


VONTOBEL TRUST: Creditors' Proofs of Debt Due on August 9
---------------------------------------------------------
The creditors of Vontobel Trust Company Cayman are required to
file their proofs of debt by August 9, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Russell Smith
         c/o Jill Zadny
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


VTC DIRECTOR: Creditors' Proofs of Debt Due on August 9
-------------------------------------------------------
The creditors of VTC Director Services are required to file their
proofs of debt by August 9, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Russell Smith
         c/o Jill Zadny
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


WEST LAKE: Shareholders' Final Meeting Set for August 20
--------------------------------------------------------
The shareholders of West Lake Aircraft Company Limited will hold
their final meeting, on August 20, 2010, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WP X INVESTMENTS: Shareholders' Final Meeting Set for August 20
---------------------------------------------------------------
The shareholders of WP X Investments III 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:

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


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


ECOPETROL SA: To Post 2ndQ and 1H 2010 Earnings Release on July 28
------------------------------------------------------------------
Ecopetrol SA will release its second quarter and first half 2010
results on Wednesday, July 28, 2010, after the market closes. The
earnings release will be available on the Company's Web site:
http://www.ecopetrol.com.co/

On Thursday, July 29, Ecopetrol's senior management will host two
webcasts to review the performance in the second quarter and first
half 2010:

    In Spanish                                In English
    1:30 p.m. Bogota                          3:00 p.m. Bogota
    2:30 p.m. New York                        4:00 p.m. New York


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

                          *     *     *

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


EMPRESA DE ENERGIA: Plans to Pay US$110 Million to Shareholders
---------------------------------------------------------------
Empresa de Energia de Bogota SA's board approved the distribution
of an extraordinary COP205 billion (US$110 million) to its
shareholders, Dow Jones Newswires reports, citing Chief Executive
Officer Monica De Greiff.  The report relates that if the
company's shareholders and local regulators approve the
distribution, the company would pay its shareholders COP2,384 a
share.

According to the report, EEB has received an extraordinary payment
of COP229 billion from local power generation company Emgesa,
which is operated by Spain's Endesa SA and partly owned by EEB.

Henry Navarro, EEB's vice president for planning, said that EEB's
board decided it can finance its investment plans with its own
cash flow and planned debt and doesn't need the new cash, the
report notes.

Dow Jones Newswires notes Johanna Castro, a stock analyst with
local brokerage Corredores Asociados, said that the payment is
good for minority shareholders, though in the medium term it might
have been better to reduce debt instead of paying shareholders.
"There is some politics involved. The company is mainly owned by
the city council, which is always in need of cash," the report
quoted Ms. Asociados as saying.

                    About Empresa de Energia

Empresa de Energia de Bogota S.A. ESP generates, transmits,
distributes and markets electric energy, natural gas and other
liquid fuels in Colombia.

                         *     *     *

As of July 24, 2010, the company continues to carry Standard and
Poor's "BB+" long-term issuer credit ratings.  The company also
continues to carry Fitch rating's "BB" long-term issuer default
ratings and senior unsecured debt rating.


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


CONSTRUTORA NORBERTO: Unit to Obtain US$516 Million From BNDES
--------------------------------------------------------------
Brazil's toll-road operator Rota das Bandeiras S.A. signed a
contract to obtain financing worth BRL921.5 million (US$516
million) from National Development Bank (BNDES), Rogerio Jelmayer
at Dow Jones Newswires reports.  The company is controlled by
Construtora Norberto Odebrecht SA.

According to the report, Rota das Bandeiras said it will use the
proceeds to finance investments in the expansion and maintenance
of one of its highways in Sao Paulo state.

The report notes that BNDES loans are offered at lower interest
rates than private banks.  The report relates that the loans are
calculated in accordance with the government's long-term interest
rate, known as the TJLP, which is 6%, plus an average spread of
2%.

                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.


PETROECUADOR: Needs 75 Days for Oil Spill Clean-Up
--------------------------------------------------
Petroecuador estimated that it will take two and a half months to
clean up a heavy diesel fuel spill that contaminated the Teaone
River in the northern coastal province of Esmeraldas, The Latin
American Herald reports.

The heads of the company's health, safety and environmental units
arrived at that timeframe after touring contaminated areas where
cleaning crews were "manually weeding out and clearing the
vegetation affected" by the July 10 spill, Petroecuador said in a
statement obtained by the news agency.  The report relates that
some 1,300 barrels of fuel oil spilled that day at the state-run
Esmeraldas refinery contaminating two nearby rivers.

The company, the report notes, said that the local population
"will continue receiving medical assistance" for possible health
problems related to the spill, adding that the clean-up and
remediation of the shores of the Teaone River will be completed by
mid-September if weather conditions allow.  The report relates
that at the same time, organic waste will be treated at the
refinery and later used for composting.

Around 100 barrels have been recovered thanks to the work of the
cleaning crews, while an estimated 50 barrels of fuel oil
contaminated the banks of the river and the surrounding
undergrowth, Petroecuador said, the report adds.

                          About Petroecuador

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

                           *     *     *

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


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


LONG POND: Farmers to Receive JM$21 Million in Compensation
-----------------------------------------------------------
Around 200 cane farmers in Trelawny and St. James who were unable
to harvest their cane five years ago, due to the premature end of
the 2004/2005 sugar crop at the then state-run Long Pond Sugar
Estate, are to receive UJM$21 million in compensation, Jamaica
Observer reports, citing Allan Rickards, the chairman of the All
Island Jamaica Cane Farmers Association.

The report relates Mr. Rickards said that the farmers that the
agreement was reached when he met with Robert Levy, the chairman
of the Sugar Company of Jamaica.

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.

According to the report, the compensation package being hammered
out will include the supply of cane seeds, fertilisers, weedicides
and tillage operations to the farmers.  The report recalls that
five years ago, Long Pond sugar factory ceased the manufacturing
of sugar at the facility without giving the farmers the prescribed
30-day notice.  Following the closure, the report relates, cane
farmers in Trelawny and St James who are contracted to supply Long
Pond, claimed that they were unable to harvest 12,804 tonnes of
cane, due to the premature closure of the facility.

Mr. Rickards, the report relates, also told the cane farmers in
the Clarendon area, who were unable to harvest their canes in
2005, are to get just over JM$17 million in compensation.  The
farmers claimed that they were unable to harvest 10,020 tonnes of
cane, the report adds.


RED STRIPE: To Start Making Jobs Redundant
------------------------------------------
About 60 people are to lose their jobs at brewing giant Red
Stripe, RadioJamaica reports.  The report relates that Red Stripe
said the cuts have become necessary due to a decline in business.

According to the report, the management has also revised the
company's business model to maintain viability and prepare for
future growth.

As reported in the Troubled Company Reporter-Latin America on
July 12, 2010, RadioJamaica said that Red Stripe Head of Corporate
Relations Margaret Cremin said the company will fire 60 employees
on July 23, 2010, the latest redundancy exercise to be undertaken
at the company.  According to the report, Red Stripe's management
also revealed that a number of vacant positions will not be
filled, and have been cancelled.  The report related that Ms.
Cremin said that line staff and management personnel are among
those to lose their jobs.  The report noted that Red Stripe's
business performance had declined progressively over the last two
years.

Red Stripe is a Jamaican beer company.


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


USINAS SIDERURGICAS: JV With Sumitomo May Expand Iron Ore Capacity
------------------------------------------------------------------
Masumi Suga and Ichiro Suzuki at Bloomberg News reports that
Sumitomo Corp. said that its venture with Usinas Siderurgicas de
Minas Gerais SA may expand iron ore production by two thirds amid
rising demand in Asia.  The venture with Usiminas Siderurgicas may
be able to boost estimated annual iron ore output to 50 million
metric tons, Sumitomo Managing Executive Officer Toru Furihata
told the news agency in an interview.  That's an increase on its
plan to produce 30 million tons by 2015 from 7 million ton by
expanding capacity at its mine in the state of Minas Gerais, he
added.

The report notes Sumitomo Corp. has agreed to pay US$1.93 billion
for a 30% stake in a unit of Usiminas as rising steel consumption
in China and India drives demand and prices for the ore.  The
venture could further expand output by buying or developing mines,
or paying royalties to producers near its project in the Serra
Azul region, Mr. Furihata said, the report relates.

Sumitomo Corp., Bloomberg News notes, said it will boost its iron
ore supplies 10-fold by 2015 to about 10 million tons by taking a
stake in the venture with Belo Horizonte-based Usiminas.  Sumitomo
intends to sell the material to mills in Japan, China, India,
South Korea and Taiwan, the report adds.

                    About Usinas Siderurgicas

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.


=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================


CL FINANCIAL: Prime Minister Wants TT Equity for BAICO
------------------------------------------------------
St. Vincentian Prime Minister Dr. Ralph Gonsalves said that he
expects Trinidad and Tobago to get involved in the formation of a
new entity to replace the financially troubled British American
Insurance Company (BAICO), Jamaica Gleaner reports.  BAICO is a
unit of CL Financial Group Limited.

As reported in the Troubled Company Reporter-Latin America on
August 7, 2009, The Royal Gazette said KPMG Advisory will proceed
with the liquidation of BAICO's Bermuda branch following the
Bermuda Monetary Authority's statement that it had started winding
up proceedings against the company in the Supreme Court.
According to the Gazette, BMA's move was aimed to protect its
customers in light of "the continuing severe financial
difficulties"faced by BAICO and its parent, CL Financial Group.

According to the report, BAICO has been placed under judicial
management, and the Organization of Eastern Caribbean States and
other regional governments are partnering with investors to form a
new company to assume its liabilities.

Mr. Gonsalves, the report notes, appears to be seeking from the
Kamla Persad-Bissesar administration similar commitments to that
made by her predecessor.

The Gleaner says that the Patrick Manning administration had
agreed to contribute US$100 million, in addition to the US$50
million it has given from the Petroleum Facility, to aid with the
capitalization of the new company, which will need an estimated
US$400-million injection.  The report relates that the Eastern
Caribbean Central Bank said it is working with the judicial
managers to assess "whether BAICO is able to recover funds from
certain individuals or organizations who may have contributed to
BAICO's financial and other problems."

"The relevant authorities within each of the Eastern Caribbean
countries, where BAICO conducted business, may also need to
evaluate and pursue potential criminal activity regarding BAICO,"
the company said in a statement obtained by the news agency.  The
statement warned, however, that legal action, whether criminal or
civil, may lead to the recovery of more assets, but "is a long and
often costly road," the report relates.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* BOND PRICING: For the Week July 19, to July 23, 2010
------------------------------------------------------

Issuer               Coupon   Maturity   Currency          Price
------               ------   --------   --------          -----


ANTIGUA

NOBEL BIOCARE IN         1   11/8/2011     CHF          99.82912
TEVA PHARM FIN        1.75   2/1/2026      USD               120
CARNIVAL CORP            2   4/15/2021     USD               100


ARGENTINA

ARGENT-$DIS           8.28   12/31/2033    USD            72.875
ARGENT-$DIS           8.28   12/31/2033    USD                60
ARGENT-$DIS           8.28   12/31/2033    USD                72
ARGENT-PAR            1.18   12/31/2038    ARS             71.25
ARGENT-?DIS           7.82   12/31/2033    EUR             61.25
ARGENT-?DIS           7.82   12/31/2033    EUR             61.75
ARGNT-BOCON PR13         2   3/15/2024     ARS              70.8
BANCO MACRO SA       10.75   6/7/2012      USD          68.14786
BUENOS AIRE PROV     9.625   4/18/2028     USD         73.077936
MENDOZA PROVINCE       5.5   9/4/2018      USD         77.351176
XSTRATA CAPITAL          4   8/14/2017     USD         107.50376


BRAZIL

BNDES PARTICIP           6   1/15/2012     BRL                20
CESP                  9.75   1/15/2015     BRL         66.397489


CAYMAN ISLAND

BANCO BPI (CI)        4.15   11/14/2035    EUR            62.409
BANIF FIN LTD            3   12/31/2019    EUR            51.125
BARION FUNDING        1.44   12/20/2056    GBP          31.35551
BARION FUNDING        0.63   12/20/2056    GBP          17.76799
BCP FINANCE CO       4.239                 EUR         62.857143
BCP FINANCE CO       5.543                 EUR         65.134939
BES FINANCE LTD       5.58                 EUR         64.643713
BES FINANCE LTD      6.984   2/7/2035      EUR         63.933789
BES FINANCE LTD      1.625   4/15/2013     USD           87.9482
BES FINANCE LTD       1.25   2/26/2011     USD          96.02417
BES FINANCE LTD          3   5/19/2015     EUR          89.10373
CHINA MED TECH         3.5   11/15/2011    USD                88
CHINA MED TECH           4   8/15/2013     USD              65.5
COUNTRY GARDEN         2.5   2/22/2013     CNY           110.198
DUBAI HLDNG COMM         6   2/1/2017      GBP            70.788
EFG ORA FUNDING        1.7   10/29/2014    EUR          60.66678
ESFG INTERNATION     5.753                 EUR         64.571428
FAIR VANTAGE LTD         1   6/3/2013      HKD          115.8433
FAR EAST CONSORT     3.625   3/5/2015      HKD            96.625
FERTINITRO FIN        8.29   4/1/2020      USD              69.5
FUFENG GROUP LTD       4.5   4/1/2015      CNY            97.975
HIDILI INDUSTRY        1.5   1/19/2015     CNY          92.96667
INDEPENDENCIA IN        12   12/30/2016    USD             29.25
JA SOLAR HOLD CO       4.5   5/15/2013     USD             85.05
KEYSTONE CAPITAL       0.1   4/4/2011      JPY           98.5491
KEYSTONE CAPITAL       0.1   4/4/2013      JPY          97.35834
LDK SOLAR CO LTD      4.75   4/15/2013     USD            82.875
MAZARIN FDG LTD       1.44   9/20/2068     GBP         28.737541
MELCO PBL SPV          2.4   9/10/2012     USD            99.675
PUBMASTER FIN        6.962   6/30/2028     GBP                71
SHANDA INTERACT          2   9/15/2011     USD             109.4
SHINSEI FIN CAYM     6.418   #N/A Field NotUSD              63.3
SHINSEI FIN CAYM     6.418   #N/A Field NotUSD         63.973797
SHINSEI FINANCE       7.16   #N/A Field NotUSD                65
SOHO CHINA LTD        3.75   7/2/2014      HKD          104.1475
SOLARFUN POWER H       3.5   1/15/2018     USD            67.465
SUNTECH POWER            3   3/15/2013     USD            79.175
TRANSOCEAN INC         1.5   12/15/2037    USD                93
TRANSOCEAN INC         1.5   12/15/2037    USD                89
TRANSOCEAN INC       1.625   12/15/2037    USD             98.25
TRINA SOLAR LTD          4   7/15/2013     USD           135.833
AGUAS NUEVAS           3.4   5/15/2012     CLP            0.6943
ESVAL S.A.             3.8   7/15/2012     CLP         50.404121


   PANAMA

WILLBROS GROUP        2.75   3/15/2024     USD             96.89


  PUERTO RICO

PUERTO RICO CONS       6.2   5/1/2017      USD                48
PUERTO RICO CONS       6.5   4/1/2016      USD                57


VENEZUELA

PETROLEOS DE VEN         5   10/28/2015    USD         52.770915
PETROLEOS DE VEN       4.9   10/28/2014    USD         57.456901
PETROLEOS DE VEN      5.25   4/12/2017     USD          56.89125
PETROLEOS DE VEN     5.375   4/12/2027     USD         45.839455
PETROLEOS DE VEN       5.5   4/12/2037     USD         44.724242
PETROLEOS DE VEN     5.125   10/28/2016    USD          51.13993
SIDETUR FINANCE         10   4/20/2016     USD              68.5
VENEZUELA             7.75   10/13/2019    USD            63.125
VENEZUELA                6   12/9/2020     USD             55.91
VENEZUELA                9   5/7/2023      USD            63.925
VENEZUELA             8.25   10/13/2024    USD            59.825
VENEZUELA             7.65   4/21/2025     USD            57.625
VENEZUELA             9.25   9/15/2027     USD              69.5
VENEZUELA             9.25   9/15/2027     USD         65.209631
VENEZUELA                7   12/1/2018     USD              61.5
VENEZUELA             9.25   5/7/2028      USD                64
VENEZUELA             5.75   2/26/2016     USD             65.25
VENEZUELA                7   3/31/2038     USD              53.5
VENEZUELA                7   3/31/2038     USD         51.307847
VENZOD - 189000      9.375   1/13/2034     USD              63.5


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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