TCRLA_Public/100728.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

              Wednesday, July 28, 2010, Vol. 11, No. 147

                            Headlines



A R G E N T I N A

DOBLE D: Stops Making Payments
FOOD & SERVICES: Stops Making Payments
LAVADERO LIBRA: Stops Making Payments
NEGOCIOS AGROPECUARIOS: Creditors' Proofs of Debt Due on Aug. 25
ODITEC SA: Stops Making Payments

* ARGENTINA: Wins Decision Blocking Bond Seizure


B R A Z I L

BANCO BMG: Fitch Assigns 'B' Rating on Subordinated Notes
BANCO PANAMERICANO: Moody's Assigns Rating on Senior Notes
BRF-BRAZIL: Cut to Equalweight From Overweight at Morgan Stanley
EMBRATEL SA: 2nd Quarter Net Profit Drops to BRL291.7 Million


C O L O M B I A

ECOPETROL SA: 2Q Net Profit Likely Tripled, Survey Shows
EMPRESA DE ENERGIA: Sees 2010 Net Profit Near COP700 Billion


E L  S A L V A D O R

EL SALVADOR: Gets US$60 Million Loan From IDB


J A M A I C A

LORRESTON A BAILEY: Yet to Respond to FSC's Cease & Desist Order
NATIONAL COMMERCIAL BANK: Pays Out Interim Dividend
NATIONAL COMMERCIAL BANK: To Reduce Lending Rates


M E X I C O

AXTEL SAB: Posts MXN2.7 Billion Revenue in Second Quarter
BANCO PANAMERICANO: To Issue 5-Year Bond Seen Yielding Around 6%
HOMEX SAB: Net Profit Falls 18% to MXN431.4 Million
URBI DESARROLLOS: Net Profit Up 4.8% to MXN432.4 Million


V I R G I N  I S L A N D S

FAIRFIELD SENTRY: Krys & Associates Gets Cross-Border Recognition




                         - - - - -


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


DOBLE D: Stops Making Payments
------------------------------
Doble D SRL stopped making payments last June.


FOOD & SERVICES: Stops Making Payments
--------------------------------------
Food & Services Consulting SA stopped making payments last June 9,
2010.


LAVADERO LIBRA: Stops Making Payments
-------------------------------------
Lavadero Libra SRL stopped making payments last May 3.


NEGOCIOS AGROPECUARIOS: Creditors' Proofs of Debt Due on Aug. 25
----------------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for Negocios
Agropecuarios SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 25, 2010.

Mr. Gruden will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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.


ODITEC SA: Stops Making Payments
--------------------------------
Oditec SA stopped making payments last March 5, 2007.


* ARGENTINA: Wins Decision Blocking Bond Seizure
------------------------------------------------
Argentina won a court decision that keeps so-called vulture funds
with judgments against the country from gaining possession of
bonds held in a Buenos Aires government trust account, Bob Van
Voris at Bloomberg News reports.

According to the report, U.S. District Judge Thomas Griesa in
Manhattan ruled against Aurelius Capital Partners LP and Blue
Angel Capital I LLC's claim that the funds in the trust were
subject to U.S. law because of the trust's controlling documents.
The report relates that Judge Griesa ruled July 23 that because
the bonds are in Argentina he has no jurisdiction over them.
"Because the Trust Bonds are not property 'in the United States'
of a foreign state, they are immune from attachment and execution"
under the Foreign Sovereign Immunities Act, Judge Griesa ruled.

Bloomberg notes that the plaintiffs, who own defaulted Argentine
bonds held out from a second restructuring last month, were
seeking the securities to collect on judgments awarded by Judge
Griesa since the country's debt default in December 2001.

The bonds in the account, the report says, stemmed from a US$42
billion exchange in November 2001.  The report relates that the
bondholders turned over their securities in a swap for local
Argentine loans, guaranteed by the government and to be paid from
dedicated tax revenue.  Judge Griesa said Argentina has continued
to meet its obligations under the terms of the swap, the report
adds.

The case is Aurelius Capital Partners LP v. Argentina, Case No.
07-cv-2715, U.S. District Court, Southern District of New York
(Manhattan).

                          *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" CC long-term foreign bank deposit rating and "B2"
CC long-term foreign currency debt ratings.  The company also
continues to carry Standard and Poor's "B-" currency long-term
debt ratings and "C" currency short-term debt ratings.


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


BANCO BMG: Fitch Assigns 'B' Rating on Subordinated Notes
---------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B' to Banco BMG
S.A.'s upcoming issuance of subordinated notes due 2020.

The notes will carry semi-annual payments of interest at a fixed
interest rate to be set at the time of issuance.  The final rating
for the notes is contingent on the receipt of final documentation
conforming to information already received.  The expected rating
of the subordinated notes is two notches below the bank's long-
term local currency IDR of 'BB-'.  The notching of the issue below
the bank's IDRs reflects the issue's subordinated status.

BMG's IDRs are driven by its Individual rating, which reflects the
bank's strong franchise in its product niche, lending against
public sector payrolls and beneficiary payments of the Brazilian
social security agency payments, which have contributed to the
bank's good profitability and good asset quality.  At the same
time, the vulnerability to external factors coupled with the
bank's dependence on a sole product and few institutional funding
sources, which constrains its individual rating and could affect
its profitability and loan origination.

The securities are subject to approval from Brazil's Central Bank
to be treated as Tier II instruments for regulatory capital
purposes and will likely be considered as class D securities and
receive 75% equity-credit under Fitch's guidelines regarding its
capital assessment approach, reflecting their high loss absorption
capacity.  BMG has historically maintained capitalization ratios
in line with local peers although continued loan growth, as
anticipated, has put some pressure on its capital ratios; the
regulatory capital stood at 13.9% at the end of the second quarter
of 2010.  The proceeds arising from the subordinated issue will be
used to both strengthen its total capitalization ratio in view of
expected continued growth of its loan operations in 2010/2011 and
will help ease the expected impact on earnings in 2011 of new
accounting requirements related to loan assignment expected for
January 2011.

Under Fitch's criteria, eligible hybrids and other capital
securities (equity-like instruments) can represent up to 30% of
Fitch eligible capital, defined as core capital plus eligible
hybrid debt and other capital securities.  With this issue, these
will stand at about 27% of Fitch eligible capital, which should
stand at a relatively tight ratio of approximately 12.5%.

BMG has its origins back in 1930 and is owned by Mr. Flavio
Pentagna Guimaraes and his family, which directly and indirectly
control approximately 98.9% of total voting shares.  The Guimaraes
family also has interests in real state, agribusiness and food
processing.


BANCO PANAMERICANO: Moody's Assigns Rating on Senior Notes
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency debt
rating to the senior unsecured notes due 2015 in the amount of
approximately US$250 million to be issued by Banco Panamericano
S.A.  The notes will be issued under the bank's existing
US$500 million Medium-Term Note Program rated Ba2 by Moody's.  The
outlook on the rating is positive.

The positive outlook on Panamericano's local and foreign currency
deposit ratings, as well as foreign currency debt ratings, is in
response to the partnership with Caixa Econ“mica Federal, approved
by local regulators on July 19, 2010.

The last rating action on Banco Panamericano was on April 19,
2010, when Moody's assigned a Ba3 foreign currency subordinated
debt rating to the bank's US$500 million Tier II subordinated
notes due 2020.  The outlook on the rating is positive.  All other
ratings remained unchanged.

Banco Panamericano is headquartered in Sao Paulo, Brazil and had
total consolidated assets of BRL11.81 billion (US$6.56 billion)
and equity of BRL1.62 billion (US$894.8 million) as of March 31,
2010.

This rating was assigned to the proposed Senior Unsecured Notes
due 2015, in the amount of approximately US$250 million, to be
issued by Banco Panamericano S.A.:

* Ba2 long-term foreign currency debt rating, positive outlook


BRF-BRAZIL: Cut to Equalweight From Overweight at Morgan Stanley
----------------------------------------------------------------
Morgan Stanley downgraded its recommendation for shares of BRF-
Brazil Foods SA to equalweight from overweight on July 26, 2010,
Rogerio Jelmayer at Dow Jones Newswires reports, citing the
investment house's research report for its clients.

"We downgrade our rating to equalweight on concerns about approval
from CADE [the Brazilian antitrust regulator], higher feed costs
and a peaking chicken cycle," the report quoted Morgan Stanley as
saying.  "In our view, BRF will continue to perform in line with
the market until CADE approval, most probably in 2011," it added,
the report relates.

As reported on the Troubled Company Reporter-Latin America on
July 7, 2010, Bloomberg News said that BRF Brasil Foods's final
approval of an acquisition may be delayed until next year from
September.  According to the report, Meat Trade News Daily said
that SEAE recommended that regulator Cade require BRF-Brasil Foods
to license one of its two main brands or sell a block of assets
before granting approval of the takeover of Sadia SA.  The report
related that the licensing of either the Sadia SA or Perdigao SA
brand should be for a minimum of five years.

                     About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil Foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of April 12, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating.  The company also continues to
carry Standard and Poor's "BB+" long-term issuer credit ratings.


EMBRATEL SA: 2nd Quarter Net Profit Drops to BRL291.7 Million
-------------------------------------------------------------
Embratel Participacoes SA's second quarter net profit decreased to
BRL291.7 million (US$166 million) from BRL403.4 million a year
earlier due to an increase in its debt-service costs, Dow Jones
Newswires reports.

According to the report, the company attributed the reduction of
its net profit to the depreciation of Brazilian reals versus the
U.S dollar, which affected its debt-service costs.

The report notes that expenses with net exchange and monetary
variation amounted to BRL105.2 million in the second quarter,
compared with a gain of BRL245.7 million in the second quarter of
2009.  The report relates that the depreciation in the Brazilian
real against the U.S. dollar in the period generated exchange
losses on dollar-denominated loans.

The company's second quarter net revenue increased 7.2% to BRL2.75
billion from a year earlier.  The company's earnings before
interest, taxes, depreciation and amortization (Ebitda) totaled
BRL822.8 million, up from BRL660.3 million, the report adds.

                         About Embratel

Empresa Brasileira de Telecomunicacoes S.A --
http://www.embratel.com.br-- is a major telecommunications
carrier in Brazil.  It offers up-to-date telecommunications
solutions to the Brazilian market including local, long distance
domestic and international calling; data, video and Internet
transmission.  Embratel can provide services all over the country
through its satellite solutions.  Embratel has been part of the
history of Brazil for 43 years, playing a major role in the
country's development.

                           *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.


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


ECOPETROL SA: 2Q Net Profit Likely Tripled, Survey Shows
--------------------------------------------------------
Ecopetrol SA will likely report that its net profit more than
tripled from the same period in 2009, due to increased production
and higher crude-oil prices, Darcy Crowe at Dow Jones Newswires
reports.  A survey of five analysts polled by Dow Jones Newswires
produced a median estimate of a net profit of COP2.3 trillion
(US$1.2 billion), up from COP762 billion in the first quarter of
2009.  The report relates that estimates ranged from COP2.1
trillion to COP2.66 trillion.

According to the report, Ecopetrol SA is seeing a boost in its oil
production thanks to an alliance with Pacific Rubiales Energy Corp
(PRE.T) and other joint ventures with smaller oil firms.

The report, citing a data from government oil-licensing agency,
ANH, notes that the gross production of Ecopetrol SA and its
subsidiaries averaged 689,000 barrels per day in the April-June
period, up from 604,000 barrels per day in the same months last
year.

Ecopetrol SA also calculated its budget for this year at $56 per
barrel, which means that the company hasn't had to finance its
investments with loans or debt issues, the report adds.

                       About Ecopetrol S.A.

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

                          *     *     *

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


EMPRESA DE ENERGIA: Sees 2010 Net Profit Near COP700 Billion
------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that Empresa de
Energia de Bogota SA expects its net profit in 2010 to be similar
to last year's at close to COP700 billion (US$376 million), thanks
to dividends from the state-controlled power company's stakes in
different power and gas companies.

"We are forecasting very good revenues and lower debt payments
because of the (peso) re-evaluation," Chief Executive Monica De
Greiff told Dow Jones Newswires in an interview.  "Additionally,
our recent investment in gas transportation will start generating
revenues," she added.

According to the report, the company made net profit of COP723
billion in 2009, and COP219 billion in 2008.

The firm's net results are important because the company generally
distributes most of its profits in dividends, as its principal
shareholder, the city of Bogota, "always needs a lot of cash for
its social programs," The report quoted Ms. De Greiff as saying.
The report relates that EEB is also paying interest on its US$750
million in international bonds sold in 2007.

The report says that the company is currently investing in
expansion projects for about US$1 billion in gas pipelines in
Colombia and Peru, as well as an electricity transmission grid in
Guatemala.  The report relates that EEB will also try to raise
cash through the sale of its minority stakes in two other state-
owned power firms, Interconexion Electrica SA and Isagen SA.
Together, the stakes are worth about $200 million at current
market price, the report adds.

                     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 L  S A L V A D O R
====================


EL SALVADOR: Gets US$60 Million Loan From IDB
---------------------------------------------
The Inter-American Development Bank approved a US$60 million loan
to finance for an integrated public health service network for El
Salvador.

The loan will support the country's efforts to provide high-
quality universal primary health care for its population.   The
integrated system will allow the country to more effectively treat
and manage the growing incidence of chronic diseases as well as
infectious diseases and other types of illnesses related to
poverty.

The IDB loan is for a 25 years, with a 5-year grace and
disbursement periods.  The interest rate is based on LIBOR.  The
government of El Salvador will provide an additional US$22.7
million in local counterpart funds.

                         *     *     *

As of July 27, 2010, the company continues to carry Fitch Rating's
"BB" issuer default ratings and long-term debt ratings.


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


LORRESTON A BAILEY: Yet to Respond to FSC's Cease & Desist Order
----------------------------------------------------------------
Lorreston A Bailey and its agents, including Deborah Bailey, are
yet to issue a response to the cease and desist order filed
against them by the Financial Services Commission, RadioJamaica
reports.

According to the report, RJR's Financial tried unsuccessfully to
get a comment from Mr. Bailey and it is unclear if a statement has
been issued to clients.

As reported in the Troubled Company Reporter-Latin America on
July 27, 2010, Jamaica Observer said that the FSC prohibited the
company and its agents including Deborah Bailey, from engaging in
further securities trading activities.  The report related that
Lorreston A Bailey is also prohibited from accepting or paying out
money to new or existing clients, advertising or soliciting its
activities and withdrawing and transferring the property of the
company. According to the report, FSC has also assumed control of
the company until further notice.

Lorreston Bailey is a licensed security dealer.


NATIONAL COMMERCIAL BANK: Pays Out Interim Dividend
---------------------------------------------------
National Commercial Bank said it will pay out just over a third of
the US$2.76 billion it made in profits, between April and June, as
an interim dividend to its shareholders, RadioJamaica reports.

According to the report, the bank's directors decided to pay its
shareholders 40 cents, as dividend for every stock held, which
means the bank will be sharing JM$987 million with shareholders.
The report relates that the amount to be shared amounts to just
about 35% of the profits made in the June quarter.  The share of
profits will be paid on August 20, 2010.

However, the report notes, to be included in the disbursement,
investors will have to be on record as an NCB shareholder, as of
August 9.

As reported in the Troubled Company Reporter-Latin America on
July 27, 2010, Jamaica Observer said that the National
Commercial Bank Group reported a JM$2.76 billion third quarter
profit, a marginal JM$42 million increase over the corresponding
period last year.  The report related that the performance of the
Group was affected by the Jamaica Debt Exchange, concluded March
2010, in which the Government of Jamaica exchanged its high
interest bearing instruments for those with lower yields and
longer maturities.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NATIONAL COMMERCIAL BANK: To Reduce Lending Rates
-------------------------------------------------
National Commercial Bank will reduce its base lending rates by 300
bases points or 3%, from 20.75%, to 17.75% by August 1, 2010,
against the background of an increasingly competitive market for
loan income, Jamaica Observer reports, citing NCB Group Managing
Director Patrick Hylton.

According to the report, there will also be a reduction of one per
cent or 100-150 bases points for other loans not tied to the base
rate.  "We compete very aggressively.  There is very limited
appetite in the market for loans.  The banks outside compete
aggressively on a daily basis and one of the main basis on which
we compete is the interest rate which we offer," the report quoted
Mr. Hylton as saying.

Meanwhile, the report notes Mr. Hylton said that the bank would be
adding value to customers through product innovation and superior
service.  Consequently, NCB will launch by early September, a new
unit for medium sized businesses, the report adds.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


AXTEL SAB: Posts MXN2.7 Billion Revenue in Second Quarter
---------------------------------------------------------
Axtel, S.A.B. de C.V. posted its unaudited second quarter results
ended June 30, 2010.

Revenues from operations totaled MXN 2,762 million in the second
quarter of year 2010 from MXN 2,746 million for the same period in
2009, an increase of MXN 17 million, or 1%.

Revenues from operations totaled MXN 10,657 million in the twelve-
month period ended June 30, 2010, compared to MXN 11,332 million
in the same period in 2009, a decrease of MXN 675 million, or 6%.

For the second quarter of 2010, the gross profit accounted for
MXN 2,013 million, a decrease of MXN 12 million compared with the
same period in year 2009.  The gross profit margin decrease from
73.8% to 72.9% year-over-year, mostly due to reduced business from
the company's largest wholesale customer.  For the twelve-month
period ended June 30, 2010, gross profit totaled MXN 7,777
million, compared to MXN 8,064 million recorded in the same period
of year 2009, a decrease of MXN 287 million or -4%.

As of June 30, 2010, total assets sum MXN 22,454 million compared
to MXN 21,178 million as of June 30,2009, an increase of MXN 1,276
million. Total liabilities was MXN 14,480 million as of June 30,
2010 compared to MXN 13,199 million as of June 30, 2010, an
increase of MXN 1,281 million or 10%.  On June 30, 2010, the
stockholders equity of the Company was MXN 7,974 million compared
with MXN 7,979 million as of June 30, 2009, a marginal decrease of
MXN 5 million.  The capital stock remained unchanged at MXN 7,562
million as of June 30, 2010, and June 30, 2009.

A full-text copy of the earnings report is available for free at:

     http://ResearchArchives.com/t/s?671d

                        About Axtel SAB

Axtel S.A.B. de C.V. is the second largest fixed-line integrated
services telephony company in Mexico and is one of the primary
virtual private network operators in the country.  AXTEL SAB
provides comprehensive telecommunications services to every
sector, from residential and small and medium businesses to large
corporations, financial institutions, and government entities.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2010, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Mexican telecommunications
company Axtel S.A.B de C.V. to 'B+' from 'BB-'.  At the same time,
S&P lowered the rating on the company's senior unsecured notes to
'B+' from 'BB-' and affirmed the recovery rating of '3' on the
notes (indicating the expectation of meaningful (50%-70%) recovery
in the event of payment default).  The outlook is stable.


BANCO PANAMERICANO: To Issue 5-Year Bond Seen Yielding Around 6%
----------------------------------------------------------------
Banco Panamericano SA plans to issue a five-year dollar-
denominated bond, which is expected to offer investors a yield
around 6%, Kejal Vyas at Dow Jones Newswires reports, citing an
unnamed source.  The report relates that the deal is slated to
price midweek.

According to the report, the size of the transaction and the yield
guidance haven't been finalized yet but analysts at Moody's
Investors Service said that the company is expected to raise
approximately US$250 million.

Bradesco BBI, Itau and UBS are bookrunners on the transaction.

                    About Banco Panamericano

Banco Panamericano SA attracts deposits and offers commercial
banking services.  The Bank offers loans, personal credit,
investments, credit cards, and lease financing.  Banco
Panamericano operates throughout Brazil.

                          *     *     *

As of July 27, 2010, the company continues to carry Moody's "Ba2"
long-term rating, foreign currency long-term debt rating, and
long-term bank deposits ratings.


HOMEX SAB: Net Profit Falls 18% to MXN431.4 Million
---------------------------------------------------
Desarrolladora Homex S.A.B. de C.V.'s net profit fell 18% in the
second quarter from a year ago to MXN431.4 million (US$34
million), as a higher tax bill offset increases in sales and
operating profit, Paul Kiernan at Dow Jones Newswires reports.

According to the report, Homex's revenue rose 16% to MXN4.83
billion as the company continued its strategy of capitalizing on a
government push to expand low-income housing through state-run
mortgage lenders Infonavit and Fovissste.  Homex registered 60% of
its homes in the second quarter through Infonavit, while another
27% were registered through Fovissste, the report relates.

The company, the report notes, registered 12,312 homes in the
second quarter, up 3.3% from a year ago.  The homes fetched an
average price of MXN378,000 in the second quarter, up 8.6%, the
report says.

Dow Jones Newswires notes that earnings before interest, taxes,
depreciation and amortization (Ebitda) rose 9.1% to MXN1.06
billion, while operating profit rose 12% in the April to June
period, to MXN793.6 million.

However, the report says, the company's income tax bill surged 46%
to MXN315.7 million, largely explaining the year-over-year drop in
net profit last quarter.

The company sees 2010 sales up 12% to 14% from last year, with an
Ebitda margin of between 21% and 22%, the report adds.

                 About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                           *      *     *

As of March 8, 2010, the company continues to carry Moody's "Ba3"
local currency issuer and senior unsecured debt ratings.  The
company also continues to carry Standard and Poor's "BB-" long-
term issuer credit ratings.


URBI DESARROLLOS: Net Profit Up 4.8% to MXN432.4 Million
--------------------------------------------------------
Urbi Desarrollos Urbanos SAB's net profit rose 4.8% in the second
quarter to MXN32.4 million (US$34.1 million) from the same quarter
last year due to higher sales and a smaller financial loss, Paul
Kiernan at Dow Jones Newswires reports.  The report relates that
Urbi's revenue grew 9.1% in the quarter to MXN3.35 billion.

According to the report, the company sold 8,517 homes, up 28% from
the second quarter of 2009, as it focused more on low-income
housing, which the Mexican government is trying to expand, and
less on middle-income housing.  The report relates that the
average price of Urbi's homes fell 22% from the year-ago quarter
to MXN361,576.

The report notes that Ebitda fell 0.7% to MXN894.2 million, and
operating profit slid 4.4% to MXN629.1 million.

Urbi reported financing costs of MXN10.4 million in the second
quarter, smaller than the MXN71.8 million loss in the year-ago
quarter, the report adds.

                    About Urbi Desarrollos

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.

                           *     *     *

As of June 21, 2010, the company continues to carry Moody's "Ba3"
long-term rating, long-term family rating, and senior unsecured
debt rating.  The company also continues to carry Fitch rating's
"BB" issuer default ratings and senior unsecured debt rating.


==========================
V I R G I N  I S L A N D S
==========================


FAIRFIELD SENTRY: Krys & Associates Gets Cross-Border Recognition
-----------------------------------------------------------------
Messrs Kenneth Krys and Christopher Stride of Krys & Associates
(BVI) Limited, the Liquidators of Fairfield Sentry Limited,
Fairfield Sigma Limited and Fairfield Lambda Limited obtained
cross-border recognition as foreign main proceedings by the United
States Bankruptcy Court for the Southern District of New York of
the Funds' insolvency proceedings, pending in the British Virgin
Islands.

Fairfield Sentry Limited was the largest "feeder fund" to Bernard
L. Madoff Investment Securities LLC, and invested approximately
95% of its assets with BLMIS.  BLMIS was placed into liquidation
proceedings in the United States in December 2008, after it was
revealed that Bernard Madoff operated BLMIS as a Ponzi scheme for
many years.  Fairfield Sigma Limited and Fairfield Lambda Limited
were both feeder funds of Fairfield Sentry Limited, and invested
all of their assets with Fairfield Sentry Limited.

On June 14, 2010, the Liquidators, represented by their U.S.
Counsel, Brown Rudnick LLP, sought cross-border recognition of the
Funds' British Virgin Islands based insolvency proceedings as
foreign main proceedings under Chapter 15 of the United States
Bankruptcy Code as part of the Liquidators' efforts to realize
upon and maximize recoveries available for distribution to the
Funds' stakeholders.

A contested hearing on the Liquidators' Chapter 15 petitions was
held by the Bankruptcy Court on July 22, 2010.  Ruling from the
bench, United States Bankruptcy Judge Burton R. Lifland granted
"foreign main recognition" to the Funds' British Virgin Islands
based insolvency proceedings under section 1517(b)(1) of the
Bankruptcy Code.  In granting the relief sought by the
Liquidators, the Court observed that "non-recognition where
recognition is due may forestall needed inter-nation cooperation."
As part of the relief granted, a lawsuit brought derivatively on
behalf of Fairfield Sentry Limited by purported shareholders in
Fairfield Sentry Limited was stayed.

The filings relating to the funds' Chapter 15 petitions, including
the Bankruptcy Court's July 22, 2010 Order, have been uploaded to:

     http://www.fairfieldsentry.com
     http://www.fairfieldsigma.com
     http://www.fairfieldlambda.com

Krys & Associates is a firm dedicated to Corporate Recovery,
Insolvency, Forensic Accounting and Business Advisory Services.
The Firm's Chief Executive Officer and Founder is Kenneth Krys,
who has over 20 years of experience dealing with complex
international assignments.

                            *     *     *

As reported in the Troubled Company Reporter on June 17, 2010,
Bloomberg News said that Fairfield Sentry Ltd., the biggest feeder
fund in Bernard Madoff's fraudulent investment business, filed a
petition under Chapter 15 of the U.S. Bankruptcy Code on June 14,
2010 (Bankr. S.D.N.Y. Case No. 10-13164).  Bloomberg noted
Fairfield Sentry seeks U.S. recognition of the bankruptcy case
filed in the British Virgin Islands in April 2009. Bloomberg,
citing the bankruptcy petition, related Fairfield Sentry took
money from non-U.S. residents and some U.S.-based tax- exempt
entities to be invested with Madoff.  Bloomberg related
that, according to the court filing, 95% of Fairfield Sentry's
assets were invested with Bernard L. Madoff Investment Securities
LLC.  Account statements showed $7 billion of Fairfield Sentry
assets Madoff claimed to hold in October 2008, it said.

                            ***********

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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