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

              Friday, July 30, 2010, Vol. 11, No. 149

                            Headlines



A R G E N T I N A

IBRERIAS CIENFUEGOS: Creditors' Proofs of Debt Due on Nov. 22


B E R M U D A

CENTRAL EUROPEAN: Reports US$165.2 Million Net Income in 2nd Qtr.


B R A Z I L

BANCO PANAMERICANO: Raises US$300 Million From Bond Sale
CAIXA ECONOMICA: Provides Petrobras With BRL2 Billion Credit Line
COSAN SA: Quarterly Revenue Rises 12% to BRL3.99 Billion
DIAGNOSTICOS DA AMERICA: Cut to "Neutral" at Credit Suisse
GERDAU SA: ISS & Glass Lewis Recommend in Favor of Unit Buyout

GERDAU AMERISTEEL: ISS & Glass Lewis in Favor of Parent Buyout
JBS SA: Pilgrim's May Absorb US Operations to Curb BNDES Influence
ULTRAPAR PARTICIPACOES: Cut to "Neutral" at Credit Suisse
USINAS SIDERURGICAS: To Boost Brazil Steel Processing for Subsalt


C O L O M B I A

ECOPETROL SA: Records COL$1.8 Trillion Net Income in Second Qtr.
ECOPETROL SA: To Take on US$23 Billion in Debt in 2011-2020


J A M A I C A

LORRESTON BAILEY: FSC Appoints Ken Tomlinson as Temporary Manager


M E X I C O

COMERCIAL MEXICANA: Second Qtr. Sales Up 1.2% to MXN13.54 Billion
FINANCIERA INDEPENDENCIA: 1st Half Net Income Up 12.3%
GRUPO TMM: Consolidated Revenues Up 1.2% in Second Quarter
VITRO SAB: Second Quarter Sales Increase of 2.2%


P E R U

DOE RUN PERU: Ministry to Begin Process of Winding Down




                         - - - - -


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A R G E N T I N A
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IBRERIAS CIENFUEGOS: Creditors' Proofs of Debt Due on Nov. 22
-------------------------------------------------------------
The court-appointed trustee for Librerias Cienfuegos S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 22, 2010.

The trustee will present the validated claims in court as
individual reports on February 2, 2011.  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
March 16, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 19, 2011.


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


CENTRAL EUROPEAN: Reports US$165.2 Million Net Income in 2nd Qtr.
-----------------------------------------------------------------
Central European Media Enterprises Ltd. posted its financial
results for the three months and six months ended June 30, 2010.

Net revenues for the second quarter of 2010 increased US$18.8
million to $201.7 million, compared to the second quarter of 2009.

OIBDA for the quarter increased US$0.4 million to US$46.2 million.
Operating income for the quarter decreased US$3.3 million to
US$25.5 million.  Net income attributable to the shareholders of
CME for the quarter increased US$141.1 million to $165.2 million,
which included a gain of US$217.6 million on the disposal of our
former Ukraine operations, which have been treated as discontinued
operations for all periods presented.  Fully diluted income per
share increased by US$2.12 to US$2.59.  Results for the second
quarter of 2010 include the Media Pro Entertainment businesses
acquired by CME in December 2009.

Net revenues for the six months ended June 30, 2010 increased
US$26.1 million to US$345.4 million, compared to the first half of
2009.  OIBDA for the first half of 2010 decreased US$26.5 million
to US$47.0 million.  Operating income for the first half increased
US$48.8 million to $6.3 million.  Net income attributable to the
shareholders of CME for the first half increased US$143.2 million
to US$122.9 million, and fully diluted income per share increased
by US$2.35 to $1.92.

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

     http://ResearchArchives.com/t/s?6740

                   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.


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


BANCO PANAMERICANO: Raises US$300 Million From Bond Sale
--------------------------------------------------------
Banco Panamericano SA raised US$300 million in a five-year bond
sale on July 28, 2010, Dow Jones Newswires reports, citing an
unnamed source.  The report relates that the securities priced at
99.462 and carry a yield of 5.625%, considerably lower than
whispers of yields closer to 6% earlier this week.

Bradesco BBI, Itau and UBS AG were bookrunners on the transaction.

According to the report, Panamericano's last foray into the
overseas debt market came in April when it raised US$500 million
and offered a yield around 8.625%

The terms were:

Amount:    US$300 Million
Maturity:  Aug. 4, 2015
Coupon:    5.5%
Price:     99.462
Yield:     5.625%
Spread:    385.7 basis points basis points over Treasurys
Ratings:   Ba2 (Moody's Investors Service)

                     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.


CAIXA ECONOMICA: Provides Petrobras With BRL2 Billion Credit Line
-----------------------------------------------------------------
Jeff Fick at Dow Jones Newswires reports that Petroleo Brasileiro
(Petrobras) received a BRL2 billion (US$1.1 billion) credit line
from Caixa Economica Federal.

According to the report, Petrobras said that it arranged the BRL2
billion in financing via credit export notes (NCEs).  The report
relates that credit line was offered at "attractive rates and
conditions, compatible with the market."

However, the report says, the financing deal could likely create
controversy in Brazil, where a similar loan in 2008 during the
height of the financial crisis caused an outcry from government
opposition leaders.

Dow Jones Newswires notes that the latest Caixa Economica
financing deal was revealed in central bank figures released
July 27, 2010, when it was revealed that public banking credit
volumes swelled in June.  The report, citing a central bank
disclosure, relates that a state-run bank made a BRL2 billion
credit deal with a federal company, but details of the transaction
were not released.

                       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.


COSAN SA: Quarterly Revenue Rises 12% to BRL3.99 Billion
--------------------------------------------------------
Cosan S.A. Industria e Comercio's net revenue rose 12% in the
fiscal quarter ended on June 30, aided by a surge in prices that
helped offset lower sales volumes, Guillermo Parra-Bernal at
Reuters reports.  The report relates that net revenue totaled
BRL3.99 billion (US$2.26 billion) in the so-called first quarter
of 2011, from BRL2.57 billion a year earlier.

According to the report, quarterly net sales were BRL4.39 billion
in the prior quarter.

The company notes that the company sold 932,400 tonnes of sugar in
the three months ended on June 30, compared with 988,500 tonnes in
the year earlier period.

The company, the report says, will unveil quarterly results on
August 12.  Cosan SA's fiscal year starts on April 1 and ends on
March 31, following the sugar cane harvesting cycle in Brazil's
center-south region.

                         About Cosan S.A.

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                          *     *     *

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


DIAGNOSTICOS DA AMERICA: Cut to "Neutral" at Credit Suisse
----------------------------------------------------------
Credit Suisse downgraded Diagnosticos da America SA to "neutral"
from "outperform" on July 28, 2010, Riva Froymovich at Dow Jones
Newswires reports.

According to the report, research analysts said in a note that
Diagnosticos da America's current valuation already reflects the
positive outlook for margin expansion and a good environment for
revenue growth.  "Over the next few quarters Diagnosticos da
America is likely to continue reporting improvements in
profitability as the benefits of the cost reduction initiatives
start to kick-in, but at the same time we believe market might be
disappointed with revenue growth, which we now expect to be closer
to the low-end of the 12% to 16% guidance by the company,"
according to the note, the report relates.

                   About Diagnosticos da America

Diagnosticos da America specializes in diagnostic medicine and
preventive health.  The Company provides services to patients in
the area of clinical analysis, specialized tests and image
diagnosis.  The Company maintains locations in the States of Sao
Paulo, Rio de Janeiro and Parana, Brazil.

                         *     *     *

As of July 29, 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.


GERDAU SA: ISS & Glass Lewis Recommend in Favor of Unit Buyout
---------------------------------------------------------------
Gerdau S.A. and Gerdau Ameristeel Corporation disclosed that ISS
Proxy Advisory Services and Glass Lewis & Co., leading proxy
advisory firms who provide advice and voting recommendations to
shareholders, have each published a report recommending that their
subscribers vote "FOR" the resolution approving the plan of
arrangement between Gerdau SA and Gerdau Ameristeel announced on
June 2, 2010 pursuant to which Gerdau S.A. would acquire all of
the common shares of Gerdau Ameristeel Corporation that it does
not already own at a price of US$11.00 cash per common share.

Both reports point to, among other things, the significant premium
being provided to the minority shareholders, as well as the
unanimous support of the Gerdau Ameristeel Corporation special
committee of independent directors, in concluding that minority
shareholders should support the transaction.  Copies of the
reports are available upon request to the investor relations
contacts of Gerdau S.A. and Gerdau Ameristeel Corporation.

"We are pleased to have received positive recommendations in
favour of the transaction from leading independent sources such as
ISS and Glass Lewis & Co.," said Jorge Gerdau Johannpeter,
Chairman of the Board of Directors of Gerdau S.A.  "The
recommendations from these respected proxy advisory firms are
further evidence that the transaction is fair to the minority
shareholders."

A special meeting of Gerdau Ameristeel Corporation's shareholders
is currently scheduled to be held at the TMX Broadcast Centre, The
Exchange Tower, 130 King Street West, Toronto, Ontario, Canada on
August 10, 2010, commencing at 10:00 a.m. (Toronto time) to
consider the transaction.  Shareholders are urged to carefully
read the information circular dated July 7, 2010 that was mailed
to them in connection with the transaction.

Proxies must be received no later than 5:00 p.m. (Toronto time) on
August 6, 2010.  Shareholders who have questions regarding the
contents of the information circular or require assistance in
completing their proxy forms are urged to contact Gerdau S.A.,
Gerdau Ameristeel Corporation or their proxy solicitation agent,
The Laurel Hill Advisory Group Company, toll-free, at 1-866-508-
3236.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating, senior unsecured debt rating,
and probability of default rating.  The company also continues to
carry Standard and Poor's BB+ issuer credit ratings.

                         About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating and "Ba1" senior unsecured debt
ratings.


GERDAU AMERISTEEL: ISS & Glass Lewis in Favor of Parent Buyout
--------------------------------------------------------------
Gerdau S.A. and Gerdau Ameristeel Corporation disclosed that ISS
Proxy Advisory Services and Glass Lewis & Co., leading proxy
advisory firms who provide advice and voting recommendations to
shareholders, have each published a report recommending that their
subscribers vote "FOR" the resolution approving the plan of
arrangement between Gerdau SA and Gerdau Ameristeel announced on
June 2, 2010 pursuant to which Gerdau S.A. would acquire all of
the common shares of Gerdau Ameristeel Corporation that it does
not already own at a price of US$11.00 cash per common share.

Both reports point to, among other things, the significant premium
being provided to the minority shareholders, as well as the
unanimous support of the Gerdau Ameristeel Corporation special
committee of independent directors, in concluding that minority
shareholders should support the transaction.  Copies of the
reports are available upon request to the investor relations
contacts of Gerdau S.A. and Gerdau Ameristeel Corporation.

"We are pleased to have received positive recommendations in
favour of the transaction from leading independent sources such as
ISS and Glass Lewis & Co.," said Jorge Gerdau Johannpeter,
Chairman of the Board of Directors of Gerdau S.A.  "The
recommendations from these respected proxy advisory firms are
further evidence that the transaction is fair to the minority
shareholders."

A special meeting of Gerdau Ameristeel Corporation's shareholders
is currently scheduled to be held at the TMX Broadcast Centre, The
Exchange Tower, 130 King Street West, Toronto, Ontario, Canada on
August 10, 2010, commencing at 10:00 a.m. (Toronto time) to
consider the transaction.  Shareholders are urged to carefully
read the information circular dated July 7, 2010 that was mailed
to them in connection with the transaction.

Proxies must be received no later than 5:00 p.m. (Toronto time) on
August 6, 2010.  Shareholders who have questions regarding the
contents of the information circular or require assistance in
completing their proxy forms are urged to contact Gerdau S.A.,
Gerdau Ameristeel Corporation or their proxy solicitation agent,
The Laurel Hill Advisory Group Company, toll-free, at 1-866-508-
3236.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating, senior unsecured debt rating,
and probability of default rating.  The company also continues to
carry Standard and Poor's BB+ issuer credit ratings.

                         About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating and "Ba1" senior unsecured debt
ratings.


JBS SA: Pilgrim's May Absorb US Operations to Curb BNDES Influence
------------------------------------------------------------------
JBS SA is considering making its US$7.1 billion Pilgrim's Pride
unit the parent of U.S. operations to limit the influence of
Brazil's BNDES state development bank, Lucia Kassai at Bloomberg
News reports, citing an unnamed source.

According to the report, the source said that JBS SA is weighing
the transaction to prevent Brazil from taking greater control
after BNDES bought US$2 billion of convertible bonds.  The report
relates that the bonds are convertible into JBS SA stock if the
company fails to hold an IPO of its JBS USA Holdings Inc. unit by
2011.

BNDES could more than double its stake under the offer terms to
34%, from 17%, Rafael Cintra, a Sao Paulo-based analyst with Link
Investimentos SA, told the news agency in a phone interview.
Under the plan, the source said that JBS SA would merge its
existing U.S. business into Pilgrim's Pride and BNDES would take a
stake in the combined U.S. unit, the report notes.

JBS denied the story and said it isn't in negotiations for a
merger or acquisition, according to a regulatory filing obtained
by the news agency.

Meanwhile, the report says that JBS SA executives said that the
company had "no plans" for the IPO of JBS USA this year,
postponing for a second time the planned share sale.  The company
said Jan. 28 it would delay the offering after "market conditions
deteriorated," the report adds.

                            About JBS SA

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2010, Fitch Ratings upgraded these ratings of JBS S.A.:

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

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

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

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

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


ULTRAPAR PARTICIPACOES: Cut to "Neutral" at Credit Suisse
---------------------------------------------------------
Credit Suisse downgraded Ultrapar Participacoes SA to "neutral"
from "outperform" on July 28, 2010, Riva Froymovich at Dow Jones
Newswires reports.

According to the report, Ultrapar Participacoes, it has
outperformed the Ibovespa by 16% year-to-date and by 63% since the
market peak two years ago, leading Credit Suisse to downgrade the
company's stock.  "While we believe this performance may be
justified by the value creation delivered by the company in the
last few years, we believe this movement is now overdone," said
analysts in the note obtained by the news agency.

The report notes that Credit Suisse is also cutting its 2010 and
2011 earnings per share forecast by 6% on Ultrapar Participacoes,
saying the next quarterly results should show a deceleration in
the growth rate of earnings before interest, taxes, depreciation
and amortization, as margins start to stabilize or even decline.

                  About Ultrapar Participacoes

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through its
also fully-owned subsidiary Oxiteno S.A.).  A third smaller but
growing business is the transportation and storage of chemicals
and fuels, Ultracargo Operacoes Logisticas e Participacoes Ltda.,
which completes Ultrapar's business portfolio and reinforces the
trend for further business diversity in the long run.

                           *      *      *

As of October 19, 2009, the company continues to carry Moody's
"BB+" long-term issuer credit ratings.


USINAS SIDERURGICAS: To Boost Brazil Steel Processing for Subsalt
-----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA (Usiminas) aims to boost
value-added processing of its steel products at least threefold by
2015, to meet demand from the subsalt oil and other sectors, Diana
Kinch at Dow Jones Newswires reports.

According to the report, Sergio Leite, Usiminas' businesses vice
president, said that Usiminas aims to further process 50% of the
10 million metric tons a year of flat-steel products it will be
producing in 2015.  Currently, the steelmaker adds value-added
processing to only 15% of its current output of 7.2 million tons a
year of flat products, Mr. Leite added, the report relates.

"Of our BRL10 billion (US$5.68 billion) investment program for
2008 to 2012, more than BRL4 billion is directed to steel
production for the oil and gas area," the report quoted Mr. Leite
as saying.  "We're updating our technologies," he added.

                    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.


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


ECOPETROL SA: Records COL$1.8 Trillion Net Income in Second Qtr.
----------------------------------------------------------------
Ecopetrol S.A.'s recorded a net income of COL$1.8 trillion with a
136.8% increase over the second quarter of 2009.  The company has
EBITDA of COL$3.6 trillion for the second quarter of 2010 with a
29% increase over the same period in 2009, with an EBITDA margin
of 40%.  Net income for the first half of 2010 amounted to COL$3.9
trillion.

Production for the Ecopetrol Business Group was 593.9 mboed in
second quarter and 589.3 mboed for the first half of the year, an
increase of 14.5% and 17.1% compared to the same periods of 2009.

Revised and expanded strategic plan for 2020 was presented calling
for a production goal of 1.3 "clean" mmboed.

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

     http://ResearchArchives.com/t/s?673a

                       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.


ECOPETROL SA: To Take on US$23 Billion in Debt in 2011-2020
-----------------------------------------------------------
Ecopetrol SA planned to take on US$23 billion in debt and issue
US$6 billion in shares to help fund its 2011-2020 expansion plan,
Jack Kimball at Reuters reports.

According to the report, the company said that it would fund its
US$80 billion 2011-2020 strategic plan by taking on US$23 billion
in debt and issuing US$6 billion in shares or 9.9% of the company.
The report relates that the remaining amount will come from its
own resources.

The company, the report notes, said earlier this month it planned
to invest US$80 billion between 2011 and 2020 to meet with nearly
80 percent in exploration and production.  The report relates that
Ecopetrol SA said that the strategic plan would add 6 billion
barrels of oil equivalent to reserves by 2020.

The company said that if current oil prices remain stable, it
would "possibly" not be necessary to take on debt in the second
half of the year to finance investments, 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.


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J A M A I C A
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LORRESTON BAILEY: FSC Appoints Ken Tomlinson as Temporary Manager
-----------------------------------------------------------------
Alicia Roache at Jamaica Observer reports that the Financial
Services Commission has appointed Ken Tomlinson, CEO of Business
Recovery Services Limited, as the temporary manager to oversee the
operations of Lorreston A Bailey.  The report relates that Mr.
Tomlinson was put in place "to ensure that clients' investments
with the troubled trader are safeguarded."

According to the report, at stake is the JM$151.4-million funds
under management that LB managed on behalf of its 64 clients
reported by the dealer.  However, FSC Executive Director Rohan
Barnett told the Business Observer that investigations to
determine the true financial position of the entity are still
ongoing.

The report notes that FSC did not confirm that LB would be wound-
up, instead arguing that Mr. Tomlinson would "manage the affairs
of the licensee in a manner consistent with statutory requirements
and that is aligned with the interests of investors".  The report
says that there was also no word on when the investors with LB
would be able to recover their money.

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.


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


COMERCIAL MEXICANA: Second Qtr. Sales Up 1.2% to MXN13.54 Billion
-----------------------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci)'s second
quarter sales rose 1.2% to MXN13.54 billion (US$1.05 billion),
while same-store sales fell 0.4% from the second-quarter of 2009,
Anthony Harrup at Dow Jones Newswires reports.

According to the report, the company heads into the third quarter
with a weight off its shoulders, after reaching a pre-arranged
US$1.54 billion debt restructuring agreement with creditors that
is expected to clear bankruptcy courts in about four months.

The report notes that the deal leaves the retailer some room for
modest store expansion starting in 2011, although below the rate
of rivals Organizacion Soriana, Wal-Mart de Mexico and Grupo
Comercial Chedraui, as competition for gradually recovering
consumer demand heats up.

Comercial Mexicana said second-quarter operating cash flow rose
4.9% to MXN1 billion, and net profit jumped to MXN250 million from
MXN84 million on sharply lower financial costs, the report adds.

                          About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a. Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is third-largest
food retailer in Mexico with 231 stores and 73 Restaurantes
California restaurants as of the end of 2009.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.

Controladora Comercial Mexicana SAB filed for Chapter 15
bankruptcy in the United States on July 16, 2010 (Bankr. S.D.N.Y.
Case No. 10-13750) to aid its main restructuring in Mexico,
already approved by creditors.  CCM listed both debt and assets of
more than US$1 billion in its Chapter 15 petition.

The U.S. filing seeks to protect the company from U.S. lawsuits
and creditor claims, following a July 14 announcement that it
filed to restructure in Mexico.

Fried Frank Harris Shriver & Jacobson, based in New York, is
representing Controladora Comercial Mexicana SAB in the Chapter 15
case.


FINANCIERA INDEPENDENCIA: 1st Half Net Income Up 12.3%
------------------------------------------------------
Financiera Independencia, S.A.B. de C.V.'s net income up 4.9% for
the quarter and 12.3% for the first half, year-on-year.

Total loan portfolio growth of 16.7% YoY, driven by a 15.2%
increase in client base, mainly from CrediPopular and Finsol.
Finsol's total loans reached MXN783.4 million in 2Q10, a 7.8%
sequential growth from the MXN726.7 million posted on 1Q10.

Non-performing loans to total loans ratio improved to 11.2%,
compared to 12.7% in 2Q09.

NIM after provisions including fees of 42.6% in 2Q10 below the
48.9% in 2Q09, reflecting the effect of the surplus cash remaining
from the US$200 million bond issue.  For the first half of the
year this ratio stood at 50.8% compared to 49.2% in 1H09.

Provisions for loan losses in 2Q10 represented 32.5% of financial
margin, compared with 40.0% in 2Q09, and 31.4% in 1Q10.

Efficiency ratio was 80.5% in 2Q10, the increase mostly due to the
integration of Finsol and its related non-recurring expenses for
the quarter of Ps. 41.7 million.  Excluding Finsol, the efficiency
ratio improved to 71.9% in 2Q10 from 73.4% in 1Q10, and better
than the 2009 quarterly average of 74.3%.

Equity to total assets increased to 34.1% from 29.7% in 2Q09, and
27.2% in 1Q10.

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

     http://ResearchArchives.com/t/s?674a

                  About Financiera Independencia

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia), is a Mexican microfinance lender of personal
loans to individuals and working capital loans through group
lending microfinance.  Independencia provides microcredit loans on
an unsecured basis to individuals in the low-income segments in
Mexico in urban areas of both the formal and informal economy.  As
of March 31, 2010, Independencia had a total outstanding loan
balance of Ps.5.403 billion, operated 369 offices in Mexico and
Brazil and had a total labor force of 11,460 people.  The Company\
listed on the Mexican Stock Exchange on November 1, 2007, where it
trades under the symbol "FINDEP".  On November 30, 2009
Independencia launched a sponsored Level I American Depositary
Receipt (ADR) program in the United States.  Each ADR represents
15 shares of Independencia common stock and trades over-the-
counter (OTC).

                        *     *     *

As of June 1, 2010, the company continues to carry Standard and
Poor's "BB-" long-term issuer credit ratings.  The company also
continues to carry these low ratings from Fitch ratings:

   -- BB- long-term issuer default ratings
   -- BB- senior unsecured debt rating
   -- B short-term issuer default ratings


GRUPO TMM: Consolidated Revenues Up 1.2% in Second Quarter
----------------------------------------------------------
Grupo TMM, S.A.B. posted its financial results for the second
quarter and first half of 2010.

Compared to the same periods of last year, consolidated revenues
increased 1.2% in the 2010 second quarter and 1.4% in the 2010
first half.

Operating profit increased 33.9% and 67.3% in the 2010 second
quarter and 2010 first half, respectively.  Higher operating
profit in the 2010 periods was mainly due to improvements at the
Maritime and Ports divisions.  Additionally, consolidated
operating margin grew to 11.7% in the 2010 first half compared to
7.1% in the 2009 first half.

In the 2010 second quarter, EBITDA increased 30.8% to US$22.1
million compared to US$16.9 million in the same period of last
year.  In the first half of 2010, EBITDA increased 39.6% to
US$45.1 million compared to US$32.3 million in the same period of
2009.  Second-quarter 2009 EBITDA includes a US$4.4 million profit
from the sale of two vessels.  Without this one-time profit,
EBITDA increased 76.8%, or US$9.6 million, in the 2010 second
quarter, and 61.6%, or US$17.2 million, in the 2010 first half,
compared to the same periods last year.

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

     http://ResearchArchives.com/t/s?674b

                         About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM and
BMV: TMM A) --  http://www.grupotmm.com/-- is one of the largest
integrated logistics and transportation companies in Mexico
providing specialized maritime services and integrated logistics
services, including trucking services and ports and terminals
management services, to premium clients throughout Mexico.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 6, 2010, Grupo TMM, S.A.B., filed on June 30, 2010, its
annual report on Form 20-F for the fiscal year ended December 31,
2009.  Salles, Sainz - Grant Thornton, S.C., in Mexico City,
Mexico, expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009.  The independent
auditors noted that the Company has sustained substantial losses
from continuing operations during the past five years.


VITRO SAB: Second Quarter Sales Increase of 2.2%
------------------------------------------------
Vitro S.A.B. de C.V. posted its second quarter 2010, unaudited
results.  Year-over-year consolidated net sales increased 2.2%
benefited by a 4.1% peso appreciation during last twelve months.
Consolidated EBITDA increased 26.7% YoY while the consolidated
EBITDA margin increased to 15.3% from 12.4% in the same period
last year.

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

     http://ResearchArchives.com/t/s?674c

                       About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                          *     *     *

In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company.

Andres R. Martinez at Bloomberg News said in June that Vitro was
suspended from trading in Mexico City after failing to file its
fourth-quarter earnings report.  The company missed June 2's
deadline for the results, Mexico's stock exchange said in an e-
mailed statement obtained by the news agency.  Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge.  Vitro said that the suspension won't affect
company operations.

On June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


DOE RUN PERU: Ministry to Begin Process of Winding Down
-------------------------------------------------------
Doe Run Peru will lose its smelter concession after failing to
meet environmental obligations, John Quigley at Bloomberg News
reports, citing Peruvian President Alan Garcia.

According to the report, Mr. Garcia said that the government will
renegotiate contracts with producers exporting gas from the
country's Camisea fields.

As reported in the Troubled Company Reporter - Latin America on
July 29, 2010, Bloomberg News said that Doe Run Peru failed to
reopen its smelter by a government-set deadline on July 27, 2010.
According to the report, Peru Energy & Mines Regulator Osinergmin
will decide what action to take against the company.  A separate
TCRLA report on July 27, 2010, related that Reuters said Peru's
mining ministry said that Doe Run Peru failed to submit proof it
has financial guarantees that will allow it to reopen its
sprawling metals smelter.  According to Reuters, the Peruvian
government gave Doe Run Peru until July 22, 2010, to prove it has
sufficient financing to restart its metals smelter, and to submit
signed agreements with its suppliers and creditors.

                        About Doe Run Peru

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

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

                          *     *     *

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


                            ***********

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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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