/raid1/www/Hosts/bankrupt/TCRLA_Public/100802.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

              Monday, August 2, 2010, Vol. 11, No. 149

                            Headlines



A R G E N T I N A

AZUL MAYORISTA: Trustee Verifying Proofs of Claim Until August 27
SPORT BREAK: Trustee Verifying Proofs of Claim Until August 26
YPF SA: Parent Still Plans to Sell 20% Stake


B R A Z I L

BANCO BMG: Moody's Assigns 'Ba3' Rating on US$250 Mil. Notes
BANCO BRADESCO: Provides US$65 Million Loan to BR Malls
BANCO DO BRASIL: Fitch Affirms Individual Rating at 'C/D'
BANCO PANAMERICANO: Closes Foreign Issue of US$300 Million
BR MALL: Obtains US$65 Million Loan From Banco Bradesco

METROGAS SA: NYSE to Remove Firm's American Depositary Shares
TAM LINHAS: Shareholders to Inject US$81 Million in Fresh Capital


C O L O M B I A

BANCOLOMBIA SA: Chief Executive Officer to Retire in 'Medium Term'
ECOPETROL SA: Output to Surge 27% by End of Next Year


J A M A I C A

AIR JAMAICA: Debt Still Floating
JUTC: Continues on Loss-Making Path
RBTT BANK: 38 Workers to Lose Jobs as Three Branches Close
SUGAR COMPANY OF JAMAICA: New Owner to Maximize Use of Local Labor


M E X I C O

GRUPO TMM: Consolidates 3 Tranches of Trust Certificates Program
MEXICANA AIRLINE: Canada Flights Canceled at Creditor's Request


P E R U

DOE RUN PERU: Government Cannot Close Down La Oroya Facility


X X X X X X X X

* BOND PRICING: For the Week July 26, to July 30, 2010




                         - - - - -


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


AZUL MAYORISTA: Trustee Verifying Proofs of Claim Until August 27
-----------------------------------------------------------------
The court-appointed trustee for Azul Mayorista S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 27, 2010.

The trustee will present the validated claims in court as
individual reports on October 8, 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 24, 2010.


SPORT BREAK: Trustee Verifying Proofs of Claim Until August 26
--------------------------------------------------------------
The court-appointed trustee for Sport Break S.A.'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 19, 2010.


YPF SA: Parent Still Plans to Sell 20% Stake
--------------------------------------------
YPF SA's parent company, Repsol YPF SA, said that it is still
planning to sell a stake in the firm, Juan Pablo Spinetto and
Esteban Duarte at Bloomberg News report, citing Repsol YPF Chief
Operating Officer Miguel Martinez.

According to the report, Repsol YPF SA is seeking to sell about
20% of YPF SA through a stock offering in Buenos Aires and New
York.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Bloomberg News said that Chief Executive Officer
Antonio Brufau wants to cut Repsol SA's stake in YPF SA after
Argentine restrictions on natural gas exports and price caps on
crude reduced profitability.  Repsol SA, the report noted, delayed
a public offering of a stake in YPF SA in November after paying
US$15.5 billion for more than 80% of YPF SA in 1999.  In 2008,
Repsol SA sold a 15% stake in YPF SA for US$2.2 billion to
Argentine investor Enrique Eskenazi, the report added.

                          About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary of
Repsol YPF, S.A., a Spanish company engaged in oil exploration and
refining, which holds 99.04% of its shares.  Its international
operations are conducted through its subsidiaries, YPF
International S.A. and YPF Holdings Inc.

                           *     *     *

As of August 1, 2010, the company continues to carry Moody's "Ba1"
long-term rating and local currency issuer rating.  The company
also continues to carry Fitch Rating's "BB-" long-term issuer
default ratings and foreign currency long-term debt ratings.


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


BANCO BMG: Moody's Assigns 'Ba3' Rating on US$250 Mil. Notes
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term foreign
currency debt rating to the US$250 million subordinated notes
issued by Banco BMG S.A.  The notes are due August 2020, and are
eligible for Tier 2 capital treatment upon regulatory approval.
The outlook on the rating is stable.

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential to
BMG's Ba2 global local currency deposit rating as per Moody's
notching convention.

Banco BMG is headquartered in Belo Horizonte, Brazil, and had
total consolidated assets of BRL10.77 billion (US$6 billion) and
equity of BRL2.2 billion (US$1.2 billion) as of June 30, 2010.

The last rating action on Banco BMG was on November 5, 2009, when
Moody's rated the bank's existing US$300 million Tier II
subordinated notes due in 2019.

This rating was assigned to the US$ 250 million subordinated notes
due 2020:

* Ba3 long-term foreign currency subordinated debt rating, stable
  outlook


BANCO BRADESCO: Provides US$65 Million Loan to BR Malls
-------------------------------------------------------
BR Malls Participacoes S.A. obtained a financing worth BRL115
million (US$65 million) from Banco Bradesco SA, Rogerio Jelmayer
at Dow Jones Newswires reports, citing a company statement.

According to the report, the financing will mature in 12 years and
the company will pay an annual interest rate of 9.8 percentage
points over the variation of the local index called TR.

BR Malls, the report relates, will use the proceeds to finance the
construction of a shopping center in Sao Paulo city.

                         About BR Malls

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- foreign currency issuer default rating at 'BB-';
  -- local currency issuer default rating at 'BB-';
  -- long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco
S.A.'s Support Rating Floor at 'BB'.


BANCO DO BRASIL: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco do Brasil S.A.:

  -- Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BBB-'; Outlook Positive;

  -- Short-term Foreign and Local Currency IDRs at 'F3';

  -- Support Rating at '2';

  -- Support Rating Floor at 'BBB-';

  -- Individual Rating at 'C/D';

  -- Long-Term National Rating at 'AA+(bra)'; Outlook Stable;

  -- Short-Term National Rating at 'F1+(bra)'.

These affirmations of the IDRs and National Ratings reflect
Fitch's belief in federal government support for BdB if needed, in
light of its government ownership and its systemic importance.
BdB's IDRs are at their Support Floor, and are the same as those
assigned to the sovereign.  The Positive Outlook for its IDRs
derives from the Outlook for the sovereign rating and federal
government support capacity.

The Individual Rating considers its solid and expanding franchise,
which has benefited its operational performance, and which Fitch
expects will continue to support the bank's growth.  With a solid
and diversified base of deposits and customers, BdB is considered
a safe haven in times of crisis.  The Individual Rating also
considers its significant exposure to agribusiness risk and the
relatively poor quality of its tight capital base, pressured by
growing business leveraging and a significant volume of
intangibles, which also affects other local peers.  Even after
considering the effect of the recent capital increase, BdB's Fitch
eligible capital ratio (estimated at 8% after the successful
public offer of new shares) remains among the lowest for major
banks in the region.  A still high dependence on hybrid capital, a
relatively high dividend payout ratio, and continued growth will
continue pressuring this measure of capital quality.

BdB's operational performance has improved since 2007 as a result
of higher revenue generation and its credit portfolio expansion in
segments with higher margins.  This improvement partially
compensated for the additional provisioning needed in 2008/2009 in
light of significant loan growth in an economic downturn and
pressures from the bank's still significant weight in the
agribusiness.  Profitability should become more in line with peers
although pressures on earnings are expected from administrative
expenses influenced by consolidation in the near term.

BdB is the largest Brazilian conglomerate and market leader in
deposits, credit, foreign trade operations and asset management.
In 2008/2009, the bank reached a larger scale through its organic
growth and the acquisition of credit portfolios from smaller banks
(public payroll deductible loans and auto lending) and capital
participations in other financial institutions.  Its acquisitions
of Nossa Caixa and 50% of Banco Votorantim S.A. were the most
relevant, adding to BdB more than BRL100 billion in assets and
liabilities.

At the first quarter of 2010 (1Q'10), BdB's assets, credit
portfolio and regulatory capital totaled, respectively,
BRL725 billion, BRL306 billion, and BRL61.6 billion.  Although
hybrid capital and subordinated debts have aligned BdB's capital
ratios with the local prudential regulations since 2007, the
higher leverage and growing business activities reduced its
regulatory capital to 13.7% and the Fitch eligible capital ratio
fell below 6% at the end of 1Q'10.

In Fitch's opinion, BdB's tight capital base remains a constraint
for its long-term development.  The capital injection of
BRL7 billion in July of 2010, with resources raised through its
successful public offer of new shares, will give the bank room to
manage its growth in 2010.  However, it does not provide a long-
term strategic growth plan for beyond 2011.  While Fitch
recognizes the improvements noted above, the Individual Rating
could still come under pressure should the Fitch eligible capital
measures return to their pre-offering level.


BANCO PANAMERICANO: Closes Foreign Issue of US$300 Million
----------------------------------------------------------
Banco PanAmericano closed its issue of senior debt in the
international markets, where the banks Itau, Bradesco, UBS
Investment Bank and Standard Bank were the coordinators.  The
amount made available was US$300 million.  The demand for the
notes was so great that the volume of requests reached US$2.02
billion.  The term of issue is for 5 years, with a 5.5% coupon
p.a. and yield 5.625% p.a.

The interest in the PanAmericano notes was so great that the books
were closed in only two and a half days.  Additionally, the high
demand allowed the bank to lower the initial rate indicator.  The
resources will be utilized to improve the bank's capital structure
and to expand its credit portfolio, according to Wilson Roberto de
Aro, Financial Director and Director of Investor Relations at
Banco PanAmericano.

Even without holding a physical road show, more than 170 different
investors participated in this deal.  Of unique interest is the
strong geographical and investor type diversification, with many
investors participating in a PanAmericano deal for the first time.
Today's issue is part of Banco PanAmericano's Program of US$ 500
million in Medium Term Notes and will be listed on the Irish Stock
Exchange. Moody's gave the operation a rating of Ba2 (Positive
outlook).

                    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.


BR MALL: Obtains US$65 Million Loan From Banco Bradesco
-------------------------------------------------------
BR Malls Participacoes S.A. obtained a financing worth BRL115
million (US$65 million) from Banco Bradesco SA, Rogerio Jelmayer
at Dow Jones Newswires reports, citing a company statement.

According to the report, the financing will mature in 12 years and
the company will pay an annual interest rate of 9.8 percentage
points over the variation of the local index called TR.

BR Malls, the report relates, will use the proceeds to finance the
construction of a shopping center in Sao Paulo city.

                         About BR Malls

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- foreign currency issuer default rating at 'BB-';
  -- local currency issuer default rating at 'BB-';
  -- long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco
S.A.'s Support Rating Floor at 'BB'.


METROGAS SA: NYSE to Remove Firm's American Depositary Shares
-------------------------------------------------------------
New York Stock Exchange LLC notified the Securities and Exchange
Commission of its intention to remove the entire class of American
Depositary Shares (Each representing ten Class B shares) of
Metrogas SA from listing and registration on the Exchange at the
opening of business on July 26, 2010, pursuant to the provisions
of Rule 12d2-2(b), because, in the opinion of the Exchange, the
American Depositary Shares are no longer suitable for continued
listing and trading on the Exchange.

The Exchange's action is being taken in view of the Company's
announcement on June 17, 2010, that the Company has decided to
file for reorganization proceedings under Argentine Law.  The NYSE
noted the uncertainty as to the timing and outcome of the
reorganization process in Argentina.

   -- The Exchange's Listed Company Manual, subsection 802.01D,
      states that the Exchange would normally give consideration
      to suspending or delisting a security of a company when an
      'intent to file under any of the sections of the bankruptcy
      law has been announced or a filing has been made
      or liquidation has been authorized and the company is
      committed to proceed.'

   -- The Exchange, on June 17, 2010, determined that the American
      Depositary Shares should be suspended immediately from
      trading, and directed the preparation and filing with the
      Commission of this application for the removal of the
      American Depositary Shares from listing and registration on
      the Exchange.  The company was notified by letter on
      June 17, 2010.

   -- Pursuant to the above authorization, a press release was
      immediately issued by the Exchange and an announcement was
      made on the 'ticker' of the Exchange at the close of the
      trading session on June 17, 2010 of the suspension of
      trading in the American Depositary Shares.  Similar
      information was included on the Exchange's website.

   -- The Company had a right to appeal to the Committee for
      Review of the Board of Directors of NYSE Regulation, Inc.
      the Determination of the Exchange to delist its American
      Depositary Shares, provided that it filed a written request
      for such a review with the Secretary of the Exchange within
      ten business days of receiving notice of the delisting
      determination.  The Company did not file such request within
      the specified time period.

                        About Metrogas SA

Metrogas SA is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG (54.7%; A2 Stable) and YPF (45.3; Ba1, Sta.).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Moody's assigned Caa3 global scale ratings and
Caa3.ar national scales ratings to Metrogas S.A. up to US$600
million MTM Program.  The outlook for all the ratings is negative.


TAM LINHAS: Shareholders to Inject US$81 Million in Fresh Capital
-----------------------------------------------------------------
TAM Linhas Aereas's controlling shareholders would pump as much as
BRL144.4 million (US$81 million) in fresh capital through the
purchase of new shares, Guillermo Parra-Bernal at Reuters reports.

According to the report, the proceeds from the private placement
will be used to buy out TAM Milor Taxi Aereo, a separate air taxi
unit from the holding, according to a securities filing.  The
report relates that five members of TAM's founding family, the
Amaros, will subscribe the new 5.62 million shares at a price of
BRL25.69, according to the filing.

TAM SA, the report notes, said that if the share sale fails to be
fully subscribed, other TAM shareholders will be allowed to buy
the new stock.  Itau Unibanco will handle the transaction.

                     About TAM Linhas Aereas

TAM Linhas Aereas -- http://www.tam.com.br/-- has business
agreements with the regional airlines Pantanal, Passaredo, Total
and Trip.  The daily flight on the Corumba -- Campo Grande route
in Mato Grosso do Sul began to be operated by a partnership with
Trip.  With the expansion of the agreement with NHT, TAM will now
be serving 82 destinations in Brazil, 45 of which with its own
flights.  In addition, the company is strengthening its presence
in Rio Grande do Sul and Santa Catarina.

                           *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


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


BANCOLOMBIA SA: Chief Executive Officer to Retire in 'Medium Term'
------------------------------------------------------------------
Bancolombia SA Chief Executive Officer Dr. Jorge Londono will step
down voluntarily in the "medium term," Inti Landauro at Dow Jones
Newswires reports, citing a bank statement.

"Several months ago, Dr. Jorge Londono told us informally of his
wish to retire in the medium term from the company's presidency,"
Chairman David Bojanini said in a statement obtained by the news
agency.  No date was set up for Dr. Londono's departure and he
will stay as the bank's CEO until a successor is found, Mr.
Bojanini added, the report relates.

According to the report, Dr. Londono said that the successor won't
take over during 2010.  The report relates that Andres Jimenez, a
market analyst with local brokerage Interbolsa SA, said Dr.
Londono's successor will likely be Sergio Restrepo, the vice
president of Corporate Development.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.  Bancolombia
is the only Colombian company with an ADR level III program in the
New York Stock Exchange.

                          *     *     *

As of July 29, 2010, the company continues to carry Moody's "Ba2"
long-term and foreign long-term bank deposits ratings.  The
company also continues to carry Fitch Ratings' "B+" subordinate
debt rating.


ECOPETROL SA: Output to Surge 27% by End of Next Year
-----------------------------------------------------
Heather Walsh at Bloomberg News reports that Ecopetrol SA said
production will increase 27% next year, when the company may sell
shares to fund investment.

According to the report, the company said that output will rise to
871,000 barrels of oil and natural gas a day at the end of 2011
from 685,000 barrels at the end of this year.  The report relates
Chief Executive Officer Javier Gutierrez said that the company may
sell a 9.9% stake in 2011 to help fund spending.

Ecopetrol SA plans to invest us$80 billion through 2020 to more
than double production to 1.3 million barrels of oil per day, the
report notes.

                       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.


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


AIR JAMAICA: Debt Still Floating
--------------------------------
The Jamaican government is yet to settle Air Jamaica Limited's
debt totaling JM$12.6 billion nearly three months after it sold
the carrier to Caribbean Airlines Limited, Go-Jamaica reports.

According to the report, a document from the finance ministry
revealed that US$22.5 billion in capital expenditure was allocated
to Air Jamaica.  However, the report relates that up to June 30,
only US$10 billion was disbursed under the heading of expenditure.

Deputy Financial Secretary Annmarie Rhoden said the ministry is
working with Air Jamaica to settle the outstanding obligations,
the report notes.

Trinidad and Tobago carrier Caribbean Airlines took over the
operations of Air Jamaica on May 1, 2010 this year.

                        About Air Jamaica

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

                           *     *     *

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

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


JUTC: Continues on Loss-Making Path
-----------------------------------
Jamaica Urban Transit Company has continued to experience
financial woes, RadioJamaica reports, citing a report tabled in
Parliament.

According to RadioJamaica, the report, which was tabled by
Transport Minister Mike Henry, stated that the bus company
continues to face difficulties meeting its daily operational
expenses.  The report relates that JUTC is in need of immediate
funding to clear mounting liabilities and to fund some of its
day-to-day operations.

RadioJamaica notes that during its 2009/2010 financial year, the
company racked up a JM$948 million loss.  RadioJamaica relates
that while it was a decline from the JM$1.1 billion loss suffered
in the previous year, the report also shows that the JUTC
continues to face challenges in meeting the recovery of costs from
fare income due to inadequate passenger loads.

RadioJamaica says that other reasons cited were the increasing
cost of operations due to domestic and overseas inflationary
factors and traffic congestion, which affects the bus company in
maintaining its schedules.

                             About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, RadioJamaica said JUTC defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.  The Ministry of Information,
as cited by Radio Jamaica, stated that the JUTC operates an
overdraft facility of US$520 million at the National Commercial
Bank which expired in February.  The report noted that the
Ministry said this facility is consistently utilized at the upper
limit and, on occasions, exceeds the limit giving rise to the
imposition of penalty charges above 43%.


RBTT BANK: 38 Workers to Lose Jobs as Three Branches Close
----------------------------------------------------------
More than 30 employees of RBTT bank could lose their jobs
following the closure of three of the bank's branches,
RadioJamaica reports.  The report relates that RBTT bank disclosed
that following a strategic review of its operations it has decided
to close it branches at Fairview in Montego Bay, St. James, Port
Antonio in Portland and Southfield in St. Elizabeth.

According to the report, the Bustamante Industrial Trade Union,
which represents RBTT workers, said it was informed at a meeting
with the management Thursday evening that the closures will result
in 38 positions being cut.

However, the report relates, Kavon Gayle, BITU President-General,
is trying to get the workers deployed to other areas of the bank.

"The union will be monitoring the situation as we go along.  Not
only are we concerned about the closure of these branches but the
impact in terms of the redistribution of the clients and customers
to other branches and how that will impact on the work load of the
existing membership.  We're monitoring the situation and will
continue to have discussions with the bank in this regard," the
report quoted Mr. Gayle as saying.

                          About RBTT Bank

RBTT Bank Jamaica Limited (formerly Union Bank of Jamaica Limited)
-- http://www.rbtt.com-- was acquired by RBTT Financial Holdings
Limited on March 22, 2001.  Through its 20 branches, the bank
provides a complete range of products and services, and includes
different classes of saving and chequing accounts, certificates of
deposit, US dollar accounts, credit facilities, international
trade services, card services, telephone banking services, foreign
business, and general services such as night deposit, safety
deposit boxes, payroll preparation and standing orders.


SUGAR COMPANY OF JAMAICA: New Owner to Maximize Use of Local Labor
------------------------------------------------------------------
Mark Titus at Jamaica Gleaner reports that Complant International
Sugar Company Limited Chairman Tang Jianguo said that his company
will be seeking to maximize the use of local labor in day-to-day
operations.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, The Associated Press said that Complant
International struck a deal to buy SCJ's three remaining
government-owned sugar factories for US$9 million under a 50-year
lease.  The report related that the deal also calls for the
company to improve the factories and build a sugar refinery.

The report relates Mr. Tang said that Chinese workers would only
be brought in where necessary.  "As I said in my speech, we need
to work closely with local engineers, technicians and laborers,"
Mr. Tang said in an interview with the Gleaner.

The report notes that the Chinese company, under the Economic
Partnership Agreement with Europe, can sell its sugar to Tate &
Lyle to be refined in England and will have access to the United
States and CARICOM's 15 markets, Jamaica included.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


GRUPO TMM: Consolidates 3 Tranches of Trust Certificates Program
----------------------------------------------------------------
Grupo TMM, S.A.B. consolidated the three tranches of its 20-year,
non-recourse Mexican Trust Certificates Program into one issuance,
for MXN$10.5 billion (approximately US$817 million dollars).
Grupo TMM will use the additional proceeds of this issuance to
prepay certain U.S. dollar denominated debt and for general
corporate purposes.  The new issuance rate is TIIE* +245 basis
points and was rated AA (domestic) by HR Ratings de Mexico.  The
Company's shareholders approved this new issuance on April 30,
2010, at the Company's Annual Ordinary Shareholders Meeting.

Jose F. Serrano, chairman and chief executive officer of Grupo
TMM, said, "With this new financing, the vast majority of TMM's
debt will be peso-denominated, non recourse to the Company and at
a 20-year term. Additionally, TMM's short-term debt will be less
than 3 percent of the Company's total debt."

                          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.


MEXICANA AIRLINE: Canada Flights Canceled at Creditor's Request
---------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Corporacion
Mexicana de Aviacion SA said two flights from Canada to Mexico
City were canceled after a creditor asked Canadian authorities to
take grounding actions to clarify "rumors" about the company's
debt obligations.

According to the report, the airline said the creditor's actions
are unjustified and are the result of errors by media outlets.
The report relates that the airline is working with the
authorities to resolve the issue and avoid disruptions.

As reported in the Troubled Company Reporter - Latin America on
July 27, 2010, Aviation Daily said that Compania Mexicana de
Aviacion, S.A. de C.V. is coming under pressure from creditors
after failing to meet debt obligations, including some aircraft
lease payments.  According to the report, several sources said
that creditors have questioned data Mexicana must provide lenders,
while others note that debt payments have been missed.  The report
disclosed that some think the contracts may be defaulted, while
others hold that the payments are just late.  One source, the
report added also said Mexicana is considering a court-protected
debt restructuring.

                     About Mexicana Airline

Compania Mexicana de Aviacion, S.A. de C.V., commonly known as
Mexicana, was the first airline established in Mexico.  In
addition to domestic services, it is the country's largest
international airline in terms of most passengers transported as
well Mexico's Flag Carrier, operating services to North America,
Central America, the Caribbean, South America and Europe.  Its
primary hub is Mexico City's Benito Juarez International Airport,
with hubs at Cancun International Airport, and Guadalajara's Don
Miguel Hidalgo y Costilla International Airport.


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


DOE RUN PERU: Government Cannot Close Down La Oroya Facility
------------------------------------------------------------
Doe Run Peru's failure to restart operations at its polymetallic
smelter in La Oroya by the July 27 deadline can be sanctioned with
a fine but the government cannot close down the facility, Business
News Americas reports.

According to the report, an unnamed spokesman said that "current
legislation does not permit the closure of the complex if the
company does not restart operations by the date established by
law.  There could be a fine but not the automatic closure of the
complex."

The report notes that the government previously threatened to
permanently shut down the facility if Doe Run Peru did not restart
operations by the deadline.

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 of 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.


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


* BOND PRICING: For the Week July 26, to July 30, 2010
------------------------------------------------------

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


ARGENTINA

ALTO PALERMO SA           11      6/11/2012  USD            42.5
ARGENT- DIS             5.83     12/31/2033  ARS             116
ARGENT-$DIS             8.28     12/31/2033  USD              60
ARGENT-PAR              1.18     12/31/2038  ARS            75.5
ARGENT-?DIS             7.82     12/31/2033  EUR              65
ARGENT-?DIS             7.82     12/31/2033  EUR           65.75
ARGENT-DIS             4.33     12/31/2033  JPY              12
ARGENT-PAR&GDP         0.45     12/31/2038  JPY               8
ARGNT-BOCON PR11           2      12/3/2010  ARS          67.447
BANCO MACRO SA         10.75       6/7/2012  USD         69.9833
EDESUR                 11.75      6/19/2012  ARS         39.3126
MENDOZA PROVINCE         5.5       9/4/2018  USD         78.6259


BRAZIL

CESP                    9.75      1/15/2015  BRL          69.775


CAYMAN ISLAND

BANCO BPI (CI)          4.15     11/14/2035  EUR          67.348
BANIF FIN LTD              3     12/31/2019  EUR              54
BARION FUNDING          0.63     12/20/2056  GBP         17.0199
BARION FUNDING          1.44     12/20/2056  GBP          30.415
BCP FINANCE CO         4.239                 EUR         67.5278
BCP FINANCE CO         5.543                 EUR         69.3056
BES FINANCE LTD         5.58                 EUR         68.5018
BES FINANCE LTD        6.984       2/7/2035  EUR         64.7549
CHINA MED TECH             4      8/15/2013  USD            65.5
CHINA SUNERGY           4.75      6/15/2013  USD            69.5
DUBAI HLDNG COMM           6       2/1/2017  GBP          70.813
EFG ORA FUNDING          1.7     10/29/2014  EUR          65.838
ESFG INTERNATION       5.753                 EUR         69.5833
FERTINITRO FIN          8.29       4/1/2020  USD              68
IMCOPA INTL CAYM      10.375     12/16/2014  USD          27.375
MAZARIN FDG LTD         1.44      9/20/2068  GBP         27.9308
PUBMASTER FIN          6.962      6/30/2028  GBP              71
SHINSEI FIN CAYM       6.418                 USD         64.7183
SHINSEI FINANCE         7.16                 USD              65
AGUAS NUEVAS             3.4      5/15/2012  CLP          0.8418


   COLOMBIA

ESVAL S.A.               3.5      2/15/2026  CLP         66.5141
ESVAL S.A.               3.8      7/15/2012  CLP         51.1179


   PERU

AMERICA LEASING          5.8     11/19/2013  PEN          0.9982
BANCO CONTINENTL      3.5625     11/19/2032  PEN           0.999
BANCO INTER PERU         3.5      9/10/2023  PEN          1.0027
CONC TRASV OLMOS       6.625       9/9/2025  PEN          0.9953
CONC TRASV OLMOS       6.625       9/9/2025  PEN          1.0012
LUZ DEL SUR           4.7813     10/10/2010  PEN         13.6453
PERU B SOBERANO         5.79     12/11/2013  PEN               1
PERU B SOBERANO          5.8      1/30/2014  PEN               1
PERU B SOBERANO          5.9      4/14/2016  PEN               1
PERU B SOBERANO          6.7      2/20/2011  PEN               1
PERU B SOBERANO         6.84       6/8/2016  PEN               1
PERU B SOBERANO          7.4      7/13/2019  PEN               1
TELEFON DEL PERU       2.875      4/22/2028  PEN          1.0002
TELEFON DEL PERU       3.125      5/22/2028  PEN          0.9991
TELEFON DEL PERU       3.375      3/18/2018  PEN          1.0021
TELEFON DEL PERU      3.6875     10/23/2017  PEN          1.0002
TELEFON DEL PERU      3.6875     11/30/2019  PEN          0.9985


  PUERTO RICO

PUERTO RICO CONS         6.2       5/1/2017  USD              48
PUERTO RICO CONS         6.5       4/1/2016  USD            54.3


VENEZUELA

PETROLEOS DE VEN         4.9     10/28/2014  USD         62.7908
PETROLEOS DE VEN           5     10/28/2015  USD         58.2309
PETROLEOS DE VEN       5.125     10/28/2016  USD         55.3734
PETROLEOS DE VEN        5.25      4/12/2017  USD         60.6713
PETROLEOS DE VEN       5.375      4/12/2027  USD         48.4816
PETROLEOS DE VEN         5.5      4/12/2037  USD         47.0261
SIDETUR FINANCE           10      4/20/2016  USD            67.5
VENEZUELA               5.75      2/26/2016  USD           69.25
VENEZUELA                  6      12/9/2020  USD           60.25
VENEZUELA                  7      12/1/2018  USD              64
VENEZUELA                  7      3/31/2038  USD            56.5
VENEZUELA                  7      3/31/2038  USD         55.1368
VENEZUELA               7.65      4/21/2025  USD            61.5
VENEZUELA               7.75     10/13/2019  USD          67.288
VENEZUELA               8.25     10/13/2024  USD           64.75
VENEZUELA                  9       5/7/2023  USD            68.5
VENEZUELA               9.25      9/15/2027  USD           72.25
VENEZUELA               9.25      9/15/2027  USD         69.9644
VENEZUELA               9.25       5/7/2028  USD           67.85
VENZOD - 189000        9.375      1/13/2034  USD           67.75



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *