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

              Tuesday, August 3, 2010, Vol. 11, No. 150

                            Headlines



A R G E N T I N A

COMPANIA DE TRANSPORTE: Fitch Affirms 'B-' Issuer Default Rating
YPF SA: Fitch Affirms Long-Term Issuer Default Rating at 'BB-'
TRANSPORTADORA DE GAS: Fitch Affirms 'B' Issuer Default Rating
PETROBRAS ARGENTINA: Fitch Affirms 'BB-' Issuer Default Rating
* ARGENTINA: S&P Assigns 'B-' Rating on Cordoba Province's Notes


B E L I Z E

FRESH CATCH: Forced Into Receivership by First Caribbean Bank
BELIZE AGGREGATES: Belize Bank Taps Stanley Ermeav as Receiver
WOOD DEPOT: Goes Into Receivership
JOHNSTON INTERNATIONAL: Hasn't Made Payments; Bailiff Criticized


B E R M U D A

CHINA MERCHANTS: Creditors' Proofs of Debt Due on August 18
CHINA MERCHANTS: Members' Final Meeting Set for September 7
PATRIOT AVIATION: Creditors' Proofs of Debt Due on August 18
PATRIOT AVIATION: Members' Final Meeting Set for September 7
PREMIUM JET: Creditors' Proofs of Debt Due on August 18

PREMIUM JET: Members' Final Meeting Set for September 7


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Fitch Affirms Issuer Default Rating at 'B-'
EMPRESA GENERADORA: Fitch Affirms Issuer Default Rating at 'B-'
EMPRESA GENERADORA: Fitch Affirms 'B-' Issuer Default Ratings


J A M A I C A

SUGAR COMPANY OF JAMAICA: Government & Complant Ink Sale Pact
NATIONAL COMMERCIAL BANK: Squeezes Visa Card Holders


M E X I C O

MEXICANA AIRLINE: Seeks to Resolve 'Critical' Financial Ills


P E R U

DOE RUN PERU: Peru Cancels Parent's Operating License


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Resolution to CLICO Issue Expected 'Fairly Shortly'
CL FINANCIAL: Lascelles de Mercado Net Profit Drops to JM$1.6BB


T U R K S  &  C A I C O S  I S L A N D S

TCI BANK: Three Investor Groups Make Sales Pitch to Creditors


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Paid US$54 Million Surcharge to Buy Food


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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A R G E N T I N A
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COMPANIA DE TRANSPORTE: Fitch Affirms 'B-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Compania de Transporte de Energia
Electrica en Alta Tension S.A. international bond ratings:

  -- Long-term foreign currency Issuer Default Rating at 'B-';
  -- Long-term local currency IDR at 'B-';
  -- US$220 million 2016 notes at 'B-/RR4';
  -- US$59.3 million 2016 notes at 'B-/RR4'.

The Rating Outlook is Stable.

Approximately US$155 million of local and international bonds are
affected.  Transener's senior unsecured notes due 2016 were
assigned a recovery rating of 'RR4', which indicates recovery
prospects in the range of 31%-50% of current principal and related
interest in the event of default.  The 'RR4' recovery rating
reflects Argentina's recovery rating cap.

Transener's rating affirmation and Stable Outlook reflects the
company's success in reducing its debt levels and maintaining
conservative credit metrics, within a challenging environment of
frozen tariffs and rising costs.  It also incorporates the
company's first priority of payment from the wholesale electricity
market, and a debt maturity profile concentrated in the long term.
The ratings are tempered by the prevailing weak regulatory
environment as evidenced by a material lag in tariff adjustments
and the company's exposure to growing inflation and to the
currency mismatch between revenues and debt.

Delays in collections of its regulated revenues from the
administrator of the wholesale electric market (CAMMESA) are a
concern due to the deficit of the electric system.  A significant
and sustained delay in such collections could potentially lead to
a negative rating action.

Transener's capital structure is characterized by high US$
denominated debt burden which is well structured in the long term
with its most relevant maturity in 2013 for approximately
US$38 million.  At March 2010, total debt was US$159 million (97%
dollar denominated), with a total adjusted debt/EBITDA ratio of
3.4 times and an EBITDA/interest expenses of 2.4x.  Such ratios
moderately improved from 2008 levels as they incorporate the full
impact of 2008 rate adjustments to reflect cost increases, and as
dollar denominated debt has decreased.  Latest 12 months EBITDA as
of March 2010 was US$46 million, and is expected to decline
subject to the peso devaluation and cost increases.  Despite an
adverse environment, Transener has a good track record in terms of
service quality.  Service interruptions were low at 0.62 per
100km.  With the current tariff scheme, contemplating moderate
cost increases and a moderate peso devaluation, Fitch anticipates
decrease in EBITDA to approximately US$40 million for 2010.

Transener has the exclusive concession to operate the main
national high voltage transmission grid and the province of Buenos
Aires' transmission grid, through its 90% stake in Transba S.A.
Transener accounts for approximately 95% of the national high
voltage grid.  In addition, the company has non-regulated revenues
associated with services provided to third parties both locally
and internationally.


YPF SA: Fitch Affirms Long-Term Issuer Default Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings affirms YPF S.A.'s Issuer Default Ratings and debt
ratings:

  -- Long-term foreign currency IDR at 'BB-';

  -- Long-term local currency IDR at 'BB';

  -- National long-term rating at 'AAA (arg)';

  -- Notes due 2028 at 'BB-';

  -- Debt Issuance Program for US$1 billion (2008) at 'AAA
     (arg)';

  -- Debt Issuance Program for US$1 billion (2002) at 'AAA
     (arg)';

  -- Senior unsecured ARP 205 million notes at 'AAA (arg);

  -- Senior unsecured ARP 143 million notes at 'AAA (arg);

  -- Senior unsecured US$70 million notes at 'AAA (arg);

  -- Equity rating; at 'Level 1 (arg)'.

The Rating Outlook on the long-term IDRs is Stable.

YPF's ratings reflect its solid business profile as Argentina's
dominant integrated oil company, Fitch's expectation that its
credit metrics will remain strong and incorporate its weak
upstream metrics, asset concentration in Argentina and its
exposure to government intervention in the energy sector.  The
two-notch foreign currency IDR above the country ceiling of
Argentina is supported by YPF's reliable strong internal cash flow
generation, high level of dollar-denominated export revenues
relative to long-term debt maturities which mitigates its exposure
to currency mismatch, its right to maintain up to 70% of export
revenues offshore which mitigates transfer and convertibility
risk, and the controlling ownership by financially strong Repsol
YPF.  In addition, the company has a track record of payment
during distressed sovereign scenarios.

Key credit concerns center on YPF's reserves depletion and
production decrease rate, which have resulted in weak operating
metrics as measured by a reserve life of 4.9 years which is well
below Fitch's ideal range of 10 years.  In 2009, total production
was 206 million barrels of oil equivalent per day (boepd) compared
to 223 million in 2008, a 7.6% year-over-year decrease.  Total
proven (p1) reserves decreased by 10.4% in 2009 to 1,014 million
boe.  Total proven developed reserves increased to 79% from 75%,
near the limit of Fitch's optimal range of 60% - 80%.  Fitch
believes there is potential for YPF to see a further deterioration
in its operating metrics over the next two years as the company's
operations are concentrated in mature fields and new projects have
a long lead time.

Fitch expects YPF's EBITDA to climb to more than US$3.5 billion in
2010, from US$3.1 billion in 2009, and its cash from operations to
exceed US$2.2 billion.  The improvement in cash generation will
primarily reflect price increases in the refined product business
during the first half of 2010, and the full impact of cost-cutting
measures adopted in 2009.  Fitch acknowledges and factors into the
current ratings, YPF's renewed focus on exploration in an attempt
to increase its reserve base and anticipates capital expenditures
to increase to the range of US$2 billion-US$2.5 billion in 2010
and 2011 up from US$1.5 billion in 2009.

Pursuant to YPF's shareholders agreement, the company will
continue with an aggressive dividend policy with a payout
equivalent to 90% of year-end net income.  In 2010, YPF will most
likely finance its capex and dividend payments with its cash
generation and cash in hand.  However, Fitch anticipates YPF will
increase its indebtness during 2011 and 2012, while maintaining a
debt to EBITDA ratio below 1.0 times, and a consolidated debt to
reserves ratio below US$6/barrel of oil equivalent, which are
consistent with current ratings.  YPF's current low leverage as
measured on a consolidated debt/boe basis of US$1.8/boe provides
the company flexibility to raise debt within the current ratings.

Fitch views YPF's liquidity as strong.  As of March 2010, the
company had US$897 million of cash and marketable securities and
US$1.6 billion of total debt.  Of the US$1 billion of short-term
debt, US$661 million related to bank debt, US$285 million is debt
with related parties and US$58 million correspond to a bond that
matures in March 2011.  As of March 2010, 65% of total debt is
concentrated in the short-term; or 46% excluding debt to related
parties.  Management expects to improve this profile over the
medium term but its success will depend upon the financial market
conditions.  Repsol has maintained its support to YPF, as
reflected by a US$308 million loan from Repsol Netherland Finance,
and a guarantee extended to YPF's US$300 million loans granted in
May 2009.

YPF S.A. is Argentina's largest integrated oil and gas company.
It is controlled by Repsol YPF (rated 'BBB+', Outlook Stable by
Fitch).  The Petersen Group has a 15.1% stake in YPF and the
option to acquire an additional 10% until 2012.  The shareholders
have agreed that YPF will make an IPO for approximately 20% of its
equity, after which Repsol's stake in YPF would be reduced to
approximately 55%, although Repsol will maintain a controlling
stake in YPF.


TRANSPORTADORA DE GAS: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Transportadora de Gas del Sur S.A.'s
international ratings:

  -- Long-term Foreign Currency Issuer Default Rating at 'B'
  -- Long-term Local Currency IDR at 'B+'
  -- US$500 million, 2017 notes, at 'B/RR4'

The Rating Outlook is Stable.  Approximately US$381 million of
local and international bonds are affected.

TGS's senior unsecured notes due 2017 were assigned a Recovery
Rating of 'RR4', which indicates recovery prospects in the range
of 31%-50% of current principal and related interest in the event
of default.  The 'RR4' reflects Argentina's Recovery Rating cap.

Credit concerns include the effect of volatile commodity prices
for the natural gas processing business unit, the prevalence of
flat tariffs for its transportation business unit (representing
34% of sales and 45% of EBITDA) and a broad domestic economic
downturn.  Tariff adjustments remain a critical factor in the
regulated gas transportation business profitability and margins,
particularly within a context of rising inflation and cost
increases.  In December 2009, a presidential decree approving a
20% tariff increase retroactive through September 2008 was signed.
However, at present the new tariff scheme has not yet been
applied.  Fitch estimates that such a tariff increase would result
in a US$20 million-US$25 million increase in EBITDA (subject to
the exchange rate).  Fitch's credit analysis and metrics do not
include this impact.

In 2009, TGS grew its firm contracted capacity to 78.3 million
cubic meters per day (MMm3/d) following the advances made under
the 2006/2009 national expansion plan which up to date has added
3.9 MMm3/d.  However, natural gas continued to be redirected to
satisfy residential demand which resulted in a decrease in TGS's
annual load factor to 79% from 86% in 2008.  The injection of
approximately 5.9 MMm3/d of natural gas from the regasification
vessel during the winter reduced the restrictions on natural gas
availability and resulted in a load factor during the winter
season of 85%, similar to that of 2008,

The company's gas processing unit (representing 57% of sales and
47% of EBITDA) was affected in 2009 by a decline in liquid natural
gas (LGN) international prices.  In 2010, however, the negative
trend in LGN prices has reverted, and prices have improved.
Despite lower export sales, TGS's right to maintain up to 70% of
its exports proceeds abroad continues to provide some degree of
flexibility under a potential scenario of exchange controls.  In
2009 export proceeds were US$90 million.

TGS's ratings reflect the weak regulatory framework, lack of
tariff adjustments, and government interference in the sector,
which are tempered by TGS's solid credit metrics.  Despite frozen
tariffs for its pipeline business and rising inflation, TGS
continued to reduce debt levels and build up cash through during
the first quarter of 2010.  TGS's liquidity is strong, with
US$284 million in cash and equivalents, no debt maturities until
May 2014, and annual interest payments of approximately US$30
million for 2010.  Fitch expects an EBITDA of approximately US$160
million, absent tariff adjustments, which will result in interest
coverage of approximately 4.7 times and debt/EBITDA of
approximately 2.6x.  For the 12 months ended May 31, 2010,
operating EBITDA was US$187 million, interest coverage was 4.8x
and debt/EBITDA was 2.1x.  Near-term capex plans are expected to
remain at a minimum level of approximately US$40 million, allowing
TGS to continue generating positive free cash flow and to maintain
considerable financial flexibility.

TGS is primarily controlled by Compania de Inversiones de Energia,
which holds 55.3% of the company's common stock, and its major
shareholder is Petrobras Energia S.A.  PESA is materially involved
in the operations of TGS, as it has a three-year contract to
provide technical support until 2011.  The remaining 50% of
CIESA's equity is distributed between Enron Corp. subsidiaries
(10%) and a trust administered by ABN Ambro Bank N.V. (40%).


PETROBRAS ARGENTINA: Fitch Affirms 'BB-' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Petrobras Argentina S.A. (formerly
Petrobras Energia S.A.) Issuer Default Ratings and outstanding
debt ratings:

  -- Foreign currency IDR at 'BB-';
  -- Local currency IDR at 'BB';
  -- Senior unsecured notes due 2011 at 'BB-' ;
  -- Senior unsecured notes due 2013 at 'BB-' ;
  -- Guaranteed notes due 2017 at 'BBB'.

The Rating Outlook is Stable for all ratings.

PESA's ratings are supported by solid credit metrics, an
integrated business profile, and a competitive cost structure.
The two-notch differential between the foreign currency IDR and
Argentina's country ceiling reflects PESA's strong parent support
from Petroleo Brasiliero S.A. (IDR rated 'BBB' by Fitch), reliable
sound internal cash flow generation, high level of dollar-
denominated revenues relative to long-term debt maturities which
mitigates its exposure to currency mismatch, and its right to
maintain up to 70% of export revenues offshore which mitigates
transfer and convertibility risk.

Key credit concerns center on the Argentina's government
interference in the energy sector, the prevailing regulatory
framework, PESA?s asset and revenue concentration in the domestic
market, declining production and reserve levels in recent years,
and its exposure to commodity price volatility.

Through 2009 and first-quarter 2010, PESA's financial profile
improved, as reflected by a positive free cash flow generation and
stronger credit metrics.  Free cash flow generation was
US$260 million in the latest twelve months ended March 2010
compared to US$160 million in fiscal year-end 2009.  Leverage
(FFO adjusted Leverage) remains moderate at 2.3 times and is in
line with PESA?s target.  Expected solid credit metrics and
reduced debt levels are critical to maintain sufficient financial
flexibility to offset current weak operating upstream metrics.

At March 31, 2010 (last 12 months basis), net debt to EBITDA was
1.8x, and EBITDA to interest expense was 4.8x, which compared to
2.0x and 5.2x, respectively, for the same period in 2009.  Exports
and sales outside Argentina (generating revenues in hard currency)
reached almost US$1 billion, or 54% of total financial debt.  The
liquidity buffer created by various asset sales, including PESA's
stake in PVIE for US$619 million in April 2009 and the Fertilizers
business unit for US$80 million to Bunge in January 2010, covers
2010 debt maturities of US$467 million.  As of July, 2010, PESA
fully paid US$349 million of senior unsecured notes with internal
cash generation.  Scheduled maturities are comfortably covered by
PESA's liquidity position, including expected free cash flow
generation and cash balances.

PESA benefits from Petrobras' leadership position in both upstream
and downstream operations and its brand name awareness in Latin
America.  While PESA operates fairly autonomously and has ready
access to the international capital markets, it benefits from the
financial strength of its majority shareholder, Petrobras.  PESA?s
US$300 million notes rating is supported by a stand-by purchase
agreement by Petrobras International Finance Co.

As of December 2009, PESA's reserves-to-production (R/P) ratio was
6.9 years , with total combined proved reserves of 290 million
barrels of oil equivalent (BOE), of which 59% were developed.  As
of December 2009, PESA's total reserves declined by 30% mainly due
to the effect of the divestment of Lote X in Peru (70.6 million
BOE) and on a minor extent due to the mature portfolio of upstream
assets in Argentina.  While leverage metrics measured by debt/boe
appear to be higher than its peers in Argentina, moderate
production levels compared to reserves indicates the ability of
PESA to generate sustainable cash flows to service its debt
balances.

Recent Events:

In May 2010 PESA's Board decided the sale of its majority stake in
Refineria San Lorenzo and 360 gas stations to Oil Combustibles
S.A., an Argentine corporation.  The price, including inventories
for US$74 million, is US$110 million.  While these assets
represent almost half of PESA's refining and distribution
resources, operating margins are likely to improve as a result of
the convergence of PESA?s refining capacity with its production
levels, assuming refining prices will keep an upward trend.  As
PESA's crude oil production gradually dropped to 50 thousands bpd
from more than 100 thousands bpd, the company needed to either buy
crude oil at higher prices or maintain a low utilization of its
refining capacity.  After several years of negative operating
results due to capped prices at the gas stations, the refining and
distribution business unit showed in fiscal year 2009 positive
cash flow generation as prices started to recover somewhat.

Petrobras Energia is an integrated energy company, engaged in oil
and gas exploration and production, refining, petrochemicals,
electricity generation, transmission and distribution and
hydrocarbon marketing and transportation.  PESA is an Argentine
corporation with operations in Argentina, Bolivia, Brazil,
Ecuador, Mexico and Venezuela.  As of Dec. 31, 2009, approximately
80% of total assets, net sales, proved oil and gas reserves and
combined crude oil and gas production were concentrated in the
domestic market.


* ARGENTINA: S&P Assigns 'B-' Rating on Cordoba Province's Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
issue-level and recovery ratings to an initial $250 million and up
to $410 million in senior unsecured notes to be issued by the
Province of Cordoba (B-/Stable/--).

The issue-level rating is 'B-' (the same as the issuer credit
rating on the province), and the recovery rating of '3' indicates
expectation of meaningful (50% to 70%) recovery in the event of a
payment default.

The issuance is subject to authorization by the federal government
of the Republic of Argentina (B-/Stable/C).

The medium-tenor amortizing notes are to be issued pursuant to
Cordoba's medium-term note program and are to be denominated in
U.S. dollars.  The province plans to use proceeds to pay the
purchase price of the outstanding $150 million principal amount of
its 12% series 1 notes due 2017, to holders that accept an offer
to purchase, and to finance infrastructure investments at both the
provincial and municipal levels.  This would be the province's
first issuance in the global markets; it issued its 2009 bond in
the local market.

"S&P's 'B-' issuer credit rating on Cordoba is constrained by the
high risk inherent to Argentina," said Standard & Poor's credit
analyst Delfina Cavanagh.  "Negative factors locally include high
inflation, low investment, and the country's unpredictable
economic policies.  S&P also sees the province's high debt
relative to that of other provinces and its limited fiscal
flexibility as factors constraining the rating."

"However, S&P also believe that Cordoba's diverse economic
structure tends to minimize its vulnerability to unexpected
economic shocks, supporting its creditworthiness," Ms. Cavanagh
added.

The '3' recovery rating on the unsecured notes is supported by
S&P's opinion of Cordoba's moderate debt service burden, favorable
debt terms, flexibility to decrease real salaries when conditions
are inflationary, and interest in maintaining a good reputation in
the capital markets.

Nonetheless, the province has relatively high debt, in S&P's view,
which restricts its fiscal flexibility, and S&P assumes that no
liquidation of assets is possible.  S&P also assumes that the
sovereign could request, as a precondition to continuing to
provide financial assistance, that the province introduce larger
cuts in its restructuring proposals.

Cordoba's total debt reached Argentine pesos 9.6 billion as of
March 31, 2010, representing 73% of the province's budgeted 2010
operating revenues.  Including the $250 million in notes to be
issued, the province's total debt would reach 80% of its estimated
operating revenues for the year.  Standard & Poor's doesn't
believe this additional debt significantly deteriorates the
province's financial profile; however, S&P will continue
monitoring further debt increases to analyze the sustainability of
the province's debt.

The stable outlook reflects S&P's expectation that Cordoba's
relatively prudent fiscal policies will continue to compensate for
the risks of its relatively high debt and the high inflation
context in which it operates.  Nonetheless, S&P believes that,
over the coming years, the province will face significant
challenges related to the pension system's structural deficit.

Greater fiscal deterioration or an increase in debt to an
unsustainable level could prompt us to lower the ratings.


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B E L I Z E
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FRESH CATCH: Forced Into Receivership by First Caribbean Bank
-------------------------------------------------------------
Fresh Catch Belize Limited had been forced into receivership by
First Caribbean Bank, The Belize Times reports.  The report
relates that Fresh Catch has already reduced operations,
drastically cut back on the work force, and is expected to try and
maintain minimal operations while it seeks a buyer.

Amadala News reports that it was not sure if the 25% drop in
fisheries production in the first quarter is the cause of the
company's financial troubles.  Amadala News relates the company is
"mum" on the issue.

According to channel5belize.com, Fresh Catch was reportedly unable
to remain sustainable and the company was defaulting in loan
payments.  channel5belize.com says that Fresh Catch is estimated
to have run into millions of dollars in debt with First Caribbean

Amadala News recalls that in October 2005, the company acquired a
US$10.6 million debt with First Caribbean International Bank
(Barbados) Ltd. and First Caribbean International Bank (Cayman)
Limited.  Amadala News relates that apart from family funds and
local public sector funding from the Development Finance
Corporation and the Social Security Board (US$3.3 million), the
tilapia farm also accessed external project funding to help
establish the enterprise.

Amadala News notes that the Inter-American Investment Corporation
said that Fresh Catch got US$2 million under a US$20 million
agency line agreement signed between the Inter-American Investment
Corporation and Latin American Agribusiness Development
Corporation in 1999, to implement a US$4.2 million start-up
tilapia-farming project.

                      About Fresh Catch

Headquartered in Belize, Fresh Catch Belize Limited is a tilapia
exporter.  Fresh Catch is part of the Mena Group of companies.
Fresh Catch was inaugurated in December 2002.


BELIZE AGGREGATES: Belize Bank Taps Stanley Ermeav as Receiver
--------------------------------------------------------------
The Belize Bank had appointed accountant Stanley Ermeav as
receiver for Belize Aggregates Limited (Belagg), The Belize Times
reports.  The report relates that Belize Aggregates is a victim of
the massive slowdown in the construction industry.

According to Amadala News, the Ashcroft group is putting Belize's
former Central Bank Governor, Keith Arnold, at the head of the
company's operations.

Headquartered in Belize, Belize Aggregates is the limestone
aggregate quarrying and crushing operation of Johnston
International.


WOOD DEPOT: Goes Into Receivership
----------------------------------
The Wood Depot had been forced into receivership by First
Caribbean Bank, The Belize Times reports.

According to channel5belize.com, the company has been affected by
the economic downturn and similarly ran into financial troubles
despite efforts to save it from the creditors.  channel5belize.com
relates that aside from the heavy financial losses, hundreds of
workers will be also joining the unemployment line.

Amadala News notes that the company, about a decade old, acquired
a debt of US$10.6 million from First Caribbean International Bank
(Barbados) Ltd. and First Caribbean International Bank (Cayman)
Limited.

                        About Wood Depot

Headquartered in Belize, The Wood Depot is part of the Mena Group
of companies.


JOHNSTON INTERNATIONAL: Hasn't Made Payments; Bailiff Criticized
----------------------------------------------------------------
The lawyers from Swann and Swann Attorneys-at-law, who represents
Johnston International employee Winston McLaughlin, hinted that
the Bailiff's Office lack effort to carry-out a Supreme Court
order to seize property belonging to the construction company
equivalent to what was owed to its client before it went into
receivership, Turks and Caicos Sun reports.

According to the report, Johnston International is now in
receivership having been seized by British Caribbean Bank f/k/a
Belize Bank after it apparently failed to navigate rugged
financial terrain.

The report notes, Mr. McLaughlin, who was employed by Johnston
International in September of 2995, parted the company on
January 18, 2008, the date he was placed on 'short time' but was
never recalled by the company.  The report relates Mr. McLaughlin
took the matter to the Labor Tribunal, which ordered Johnston
International to fork-out BZ$44,435.00 and BZ$1,336.58 to the
National Insurance Board.  However, the report says, the
construction company took the matter to the Supreme Court, which
also sided with the Labor Tribunal, and ordered on June 3, that
items valued the sum to be paid to Mr. McLaughlin be seized, plus
interest of 24% or BZ$29.22 per day to be paid retroactive to
May 26.

The report says that on July 7, 2010, the construction company
went into receivership, triggering outrage from Mr. McLaughlin's
lawyers.

Addressed to Alvanetta Williams, Bailiff of the Supreme Court, the
law firm noted that it provided the writ to that office seven days
after the Supreme Court made the ruling and was searching for
clues as why such order was never carried out, while acknowledging
the response given by that office, the report discloses.

                 About Johnston International

Johnston International is a Civil Engineering and Building
Contractor, specializing in construction and related services
throughout the Caribbean since 1966.  Johnston International Ltd.
(("JIL") is a Caribbean based construction company.  JIL was
purchased from Belize Holdings Inc by Oxford Ventures Ltd, a
company based in the Turks & Caicos Islands, in May 1999.


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B E R M U D A
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CHINA MERCHANTS: Creditors' Proofs of Debt Due on August 18
-----------------------------------------------------------
The creditors of China Merchants (Bermuda) Company Limited are
required to file their proofs of debt by August 18, 2010, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


CHINA MERCHANTS: Members' Final Meeting Set for September 7
-----------------------------------------------------------
The members of China Merchants (Bermuda) Company Limited will hold
their final meeting on September 7, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

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


PATRIOT AVIATION: Creditors' Proofs of Debt Due on August 18
------------------------------------------------------------
The creditors of Patriot Aviation (Bermuda) Ltd. are required to
file their proofs of debt by August 18, 2010, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


PATRIOT AVIATION: Members' Final Meeting Set for September 7
------------------------------------------------------------
The members of Patriot Aviation (Bermuda) Ltd. will hold their
final meeting on September 7, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PREMIUM JET: Creditors' Proofs of Debt Due on August 18
-------------------------------------------------------
The creditors of Premium Jet Ltd. are required to file their
proofs of debt by August 18, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


PREMIUM JET: Members' Final Meeting Set for September 7
-------------------------------------------------------
The members of Premium Jet Ltd. will hold their final meeting on
September 7, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


==================================
D O M I N I C A N  R E P U B L I C
==================================


AES DOMINICANA: Fitch Affirms Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed these ratings of AES Dominicana Energia
Finance, S.A. and AES Andres B.V.;

AES Dominicana

  -- International foreign currency Issuer Default Ratings at
     'B-';

  -- US$160 million senior unsecured notes due 2015 at 'B-/ RR4'.

The Rating Outlook is Stable.

AES Andres B.V.

  -- National long-term IDR at 'BBB(dom)';
  -- US$30 million bond due 2012 at 'BBB'.

AES Dominicana's notes are jointly and severally guaranteed by the
company's two operating subsidiaries, AES Andres B.V. and
Dominican Power Partners.  In addition, the notes benefit from a
six-month debt-service reserve account and a US$23.5 million
guarantee from AES Corp. (IDR 'B+').  The 'RR4' Recovery Rating
reflects the recovery rating cap of companies domiciled in the
Dominican Republic.

AES Dominicana's ratings reflect the company's dependence on
government subsidies for its financial sustainability.
Notwithstanding recent improvements in the timeliness of
government payments, the risks of operating electric generation
assets in the Dominican Republic remain high and reflect the
distribution companies' low collections and high losses.  These
risks translate into high cash flow volatility for all generation
companies.

The sector trends are favorable mostly as a result of the
Dominican Republic's new stand-by arrangement with the
International Monetary Fund.  As part of this stand-by
arrangement, the government committed to implement structural
reforms in the electricity sector that should ensure its self
sustainability and lower the sector's dependence on government
transfers.  The most relevant change for the country's electricity
generators was the government's commitment to remain current with
its payments to these companies.

Ratings Constrained by Credit Quality of the Government;
Framework:

The Dominican Republic's power sector is characterized by low
collections from end users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.

Over the past five years, distribution companies' gross margin
(losses) has amounted to a negative US$1.76 billion (or
US$350 million on average per year).  Total government transfers
to the sector have been significantly higher than this given that
distribution companies have not generated any positive cash flow
from operation since before 2005.  Although above historical
levels, distribution companies' cash recovery index continues to
be low at approximately 68.5%, on average, for the first quarter
of 2010.  This means that of all the electricity that goes in to
the national grid, only 68.5% is paid for and the balance
disappears as theft, nonpayment, free electricity and technical
losses.

IMF Agreement Positive for Generators:

The agreement signed with the IMF seeks to gradually eliminate the
tariff deficit; increase the cash recovery index to 70%, from the
historical 50%, by incorporating approximately 600,000 non-paying
users into paying and metered users; and eliminate free
electricity zones.  The agreement should also result in focused
subsidies and the creation of a central account to pay all
generation companies.

Under terms of the agreement, electricity generators should now be
paid by the government within 45 days.  This compares with an
average of approximately 170 to 200 days during the past few
years.  The new management team of the distribution companies has
adhered to the recently revised electricity law and has also
implemented loss reduction programs such as the zero debt zero
theft initiative.

Strong Credit Protection Measures:

AES Dominicana has a strong standalone credit profile for the
rating category.  The company generated approximately
US$110 million of EBITDA during the latest 12 months ended
March 31, 2010, an increase from US$90 million during the LTM
ended March 31, 2009.  AES Dominicana's cash flow measures have
also improved.  For the LTM ended March 31, 2010, the company
reported funds from operation and cash flow from operations of
approximately US$37 million and US$76 million, respectively, up
from US$14 million and negative US$42 million during the prior LTM
ended March 31, 2009.

The company can meet its annual debt service of approximately
US$18 million with CFO or by using some of its US$113 million cash
holdings.  Liquidity for the company's bonds is further enhanced
by AES Corp's US$23.5 million guarantee or the six months interest
reserve account.  With only US$156 million of total debt, AES
Dominicana's leverage, as measured by total debt-to-EBITDA, is low
at 1.4x.

Solid Assets Portfolio:

Andres and DPP, AES Dominicana's two main electricity generation
assets, enjoy a competitive advantage due to their favorable power
purchase agreements and the use of liquefied natural gas, as the
company controls the only LNG import terminal in the Dominican
Republic.

Andres is the newest and most efficient power plant in the country
and ranks among the lowest cost electricity generators in the
country.  Andres' combined-cycle plant burns natural gas and is
expected to be fully dispatched as a base-load unit as long as the
LNG price is not more than 15% higher than the price of imported
fuel oil No. 6.  AES Dominicana generates a significant portion of
its combined operating margin from indirectly servicing DPP's PPA
with AES Andres, which is a more efficient plant.


EMPRESA GENERADORA: Fitch Affirms Issuer Default Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Empresa Generadora de
Electricidad Itabo, S.A.:

  -- International foreign currency Issuer Default Rating at
     'B-', Stable Outlook;

  -- International local currency IDR at 'B-', Stable Outlook;

  -- US$125 million senior unsecured notes due 2013 at 'B-/RR4';

  -- National long term IDR at 'BBB(dom)';

  -- US$25 local senior unsecured issuance program at 'BBB(dom)'.

Itabo's ratings reflect the company's dependence upon government
subsidies for its financial sustainability.  Notwithstanding
recent improvements in the timeliness of government payments, the
risks of operating electric generation assets in the Dominican
Republic remain high and reflect the distribution companies' low
collections and high losses.  These risks translate into high cash
flow volatility for all generation companies.

The sector trends are favorable mostly as a result of the
Dominican Republic's new stand-by arrangement with the
International Monetary Fund.  As part of this stand-by
arrangement, the government committed to implement structural
reforms in the electricity sector that should ensure its self-
sustainability and lower the sector's dependence on government
transfers.  The most relevant change for the country's electricity
generators was the government's commitment to remain current with
its payments to these companies.

             Ratings Constrained by Credit Quality of
                     the Government; Framework

The Dominican Republic power sector is characterized by low
collections from end users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies, and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.

Over the past five years, distribution companies' gross margin
(losses) has amounted to a negative US$1.76 billion (or
US$350 million on average per year).  Total government transfers
to the sector have been significantly higher than this given that
distribution companies have not generated any positive cash flow
from operation since before 2005.  Although above historical
levels, distribution companies' cash recovery index continues to
be low at approximately 68.5%, on average, for the first quarter
of 2010.  This means that of all the electricity that goes into
the national grid, only 68.5% is paid for and the balance
disappears as theft, nonpayment, free electricity and technical
losses.

               IMF Agreement Positive for Generators

The agreement signed with the IMF seeks to gradually eliminate the
tariff deficit; increase the cash recovery index to 70% from the
historical 50% by converting approximately 600 thousand non-paying
users into paying and metered users; and eliminate free
electricity zones.  The agreement should also result in focused
subsidies and the creation of a central account to pay all
generation companies.

Under terms of the agreement, electricity generators should now be
paid by the government within 45 days.  This compares with an
average of approximately 170 to 200 days during the past few
years.  The new management team of the distribution companies has
adhered to the recently revised electricity law and has also
implemented loss reduction programs such as the zero debt - zero
theft initiative.

                Strong Credit Protection Measures

The company's financial profile is considered strong for the
rating.  However, during the first quarter of 2010, EBITDA was
negatively affected by lower sale prices and higher fuel cost due
to tariff adjustment lag under the company's power purchase
agreement and unfavorable coal contracts.  For the last 12 months
ended March 31, 2010, the company reported EBITDA of approximately
US$52 million, down from US$70 million reported during 2009.
Going forward EBITDA is expected to marginally increase, yet stay
below historical levels.  The company's total debt of
US$125 million was composed of senior unsecured notes maturing in
2013.  This translated into a leverage ratio of approximately 2.4
times and 1.8x for the LTM ended March 31, 2010 and Dec. 31, 2009,
respectively, which is considered strong for the rating category.

Itabo has benefited from the distribution companies' improved
payment track record during recent months and as of LTM March 31,
2010, and year-end 2009, the company's funds from operations
increased to US$94 million and US$134 million, respectively, from
negative US$12 million during 2008.  This translated into a solid
liquidity position for the company supported by its cash on hand
position of approximately US$88 million as of March 31, 2010.

                    Strong Competitive Position

Itabo's ratings are supported by its strong competitive position
as the lowest-cost thermoelectric generator in the country.  Itabo
operates two low-cost, carbon-fueled electric generation units and
sells electricity to three distribution companies through well-
structured, long-term U.S.-dollar denominated purchase power
agreements.  While multiple off-takers diversify its revenue
stream, and long-dated PPAs mitigate price and volume risks, Itabo
could face collection risks from the electric distribution
companies, which are still in the process of improving their own
losses and collection rates.

Itabo's fuel mix of coal and pet coke as well as its base load
operating characteristics provide it with competitive advantages
versus other thermoelectric generators in the country.  However,
the company's recent coal supply contracts at unfavorable prices
will weigh on its cash flow generation during the next three
years.  Itabo is a low-cost thermoelectric generator, which is
usually the first unit to be dispatched in the Interconnected
National Electric System after the hydroelectric plants.  Should
new hydroelectric or other cost efficient generation units come
on-line, Itabo's competitive advantage is expected to be only
marginally affected, and still be dispatched as a base load unit.


EMPRESA GENERADORA: Fitch Affirms 'B-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Empresa Generadora de
Electricidad Haina, S.A.;

  -- International foreign currency Issuer Default Ratings at
     'B-';

  -- International local currency IDR at 'B-';

  -- US$175 million senior unsecured notes due 2017 at 'B-/RR4';

  -- National long-term IDR at 'BBB(dom)';

  -- US$30 million local senior unsecured issuance program at
     'BBB(dom)'.

The Rating Outlook is Stable for all ratings except the National
long-term IDR.

EGE Haina's ratings reflect the company's dependence on government
subsidies for its financial sustainability.  Notwithstanding
recent improvements in the timeliness of government payments, the
risks of operating electric generation assets in the Dominican
Republic remain high and reflect the distribution companies' low
collections and high losses.  These risks translate into high cash
flow volatility for all generation companies.

The sector trends are favorable mostly as a result of the
Dominican Republic's new stand-by arrangement with the
International Monetary Fund.  As part of this stand-by
arrangement, the government committed to implement structural
reforms in the electricity sector that should ensure its self
sustainability and lower the sector's dependence on government
transfers.  The most relevant change for the country's electricity
generators was the government's commitment to remain current with
its payments to these companies.

Ratings Constrained by Credit Quality of the Government;
Framework:

The Dominican Republic power sector is characterized by low
collections from end users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.

Over the past five years, distribution companies' gross margin
(losses) has amounted to a negative US$1.76 billion (or
US$350 million on average per year).  Total government transfers
to the sector have been significantly higher than this given that
distribution companies have not generated any positive cash flow
from operation since before 2005.  Although above historical
levels, distribution companies' cash recovery index continues to
be low at approximately 68.5%, on average, for the first quarter
of 2010.  This means that of all the electricity that goes in to
the national grid, only 68.5% is paid for and the balance
disappears as theft, nonpayment, free electricity and technical
losses.

IMF Agreement Positive for Generators:

The agreement signed with the IMF seeks to gradually eliminate the
tariff deficit; increase the cash recovery index to 70%, from the
historical 50%, by incorporating approximately 600,000 non-paying
users into paying and metered users; and eliminate free
electricity zones.  The agreement should also result in focused
subsidies and the creation of a central account to pay all
generation companies.

Under terms of the agreement, electricity generators should now be
paid by the government within 45 days.  This compares with an
average of approximately 170 to 200 days during the past few
years.  The new management team of the distribution companies has
adhered to the recently revised electricity law and has also
implemented loss reduction programs such as the zero debt zero
theft initiative.

Adequate Credit Protection Measures:

EGE Haina's credit metrics are currently adequate for the rating
category and had been weakening during the past year and a half
due to the fall of hydrocarbon prices.  For the last 12 months
ended March 31, 2010, and year end 2009, the company reported
EBITDA of US$57 million and US$45 million, respectively, down from
US$74 million reported during 2008.  However, cash flow from
operations has seen a positive trend as a result of the company's
commercial strategy to recover account receivables and the
improved payment track record of distribution companies.  For the
LTM ended March 31, 2010, the company reported a CFO of
approximately US$47 million, up from negative US$17 million during
2009.  This translates into a strong liquidity position with cash
on hand of approximately US$105 million as of March 31, 2010.
Total debt of approximately US$202 as of March 31, 2010, was
composed of US$165 million of senior unsecured notes due 2017,
US$30 million of local bonds due through December 2012 and the
balance was local bank debt.  As of March 31, 2010, EGE Haina
leverage ratio, as measured by total debt-to-EBITDA, of 3.5 times
was adequate for the rating category.  Net leverage of 1.7x is
considered strong.

Diversified Portfolio of Assets:

EGE Haina benefits from its diversified portfolio of assets using
different fuel sources to generate electricity, its strong market
position and its operating efficiency.  EGE Haina's generation
assets are composed of fuel oil, diesel, and coal power generation
plants scattered throughout the country.  This gives EGE Haina
different positions on the dispatch merit list (starting from the
second thermoelectric plant to be dispatched in the system after
the coal generation units and ending with peak units).  In
addition, EGE Haina is the largest generation company in the
country, with an installed capacity of 578MW (megawatts).  EGE
Haina's operating efficiency compares well with other generation
companies in the country.

Going forward, EGE Haina's business risk is expected to moderate
bolstered by the company's diversified portfolio of generation
assets and sales to CEPM, its sister company serving the tourist
east side of the island.  EGE Haina has entered into a Power
Purchase Agreement with CEPM for 50MW.  This contract reduces
somewhat the company's exposure to the DR electricity sector
systemic risk as the east part of the country does not face these
issues.


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


SUGAR COMPANY OF JAMAICA: Government & Complant Ink Sale Pact
-------------------------------------------------------------
The Jamaican government and Complant International Sugar Company
has closed the deal on the sale of the Sugar Company of Jamaica
Holdings Limited's three remaining state-run sugar factories --
Bernard Lodge, Monymusk and Frome Sugar -- to the Chinese firm,
RadioJamaica reports.

According to the report, the government will collect US$774
million from the sale of SCJ's assets.  The report notes Dr.
Christopher Tufton, Minister of Agriculture, said that Complant
International will immediately begin taking control of some of the
sugar assets.

"The agreement is that we will conclude the agreement that we have
with Tate & Lyle, the first year agreement . . . we had a two-year
agreement which states that it could be terminated after year one.
We will terminate at the end of year one and then Complant will
have access to the factories and the cane fields once they sign
and they will be taking full control on the fields in the
instance," the report quoted Dr. Tufton as saying.  Complant
International will then assume full control of the sugar factories
come next year, he added, the report relates.

                            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.


NATIONAL COMMERCIAL BANK: Squeezes Visa Card Holders
----------------------------------------------------
Alicia Roache at Jamaica Observer reports that National Commercial
Bank's customers who hold balances on their local and
international Visa cards may be subject to a higher rate of
interest if that balance is transferred to the new Visa Classic
card which will be introduced in lieu of existing Visa cards come
September.

According to the report, the phasing out of the Visa card and the
introduction of the Visa Classic will take place by September 30,
this year.

The report notes that some customers are seeking the aid of the
Financial Services Commission regarding this matter.  The report
relates that there have been calls for the intervention of
regulatory authorities in the matter of fees and interest charged
to customers.

                         About NCB Jamaica

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

                          *     *     *

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


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


MEXICANA AIRLINE: Seeks to Resolve 'Critical' Financial Ills
------------------------------------------------------------
Jose Enrique Arrioja and Crayton Harrison at Bloomberg News
reports that Grupo Mexicana de Aviacion said its financial
situation is "critical" and the company will present shareholders
with proposals to keep the carrier operating.  The report relates
Mexicana Airline spokesman Adolfo Crespo said that executives and
investors held an extraordinary meeting in Mexico City to review
the airline's "difficult" financial circumstances, and couldn't
decide on whether to file for bankruptcy.

According to the report, the discussions came a day after lessor
Air Canada seized two planes in what Mexicana called a
misunderstanding.  The report relates Mexico City's El Universal
newspaper reported that Mexicana told its pilot and flight
attendant unions it was considering bankruptcy, a sale to the
labor groups or an operational restructuring plan.

However, the report discloses, Humberto Trevino, an undersecretary
with the Communications and Transportation Ministry, said that
Mexicana Airline won't go bankrupt "at this time."

Meanwhile, the report notes, Lyzette Clavel, secretary general of
the workers' union, said that Mexicana Airline is proposing to lay
off 500 attendants, reduce salaries in as much as 50% and
eliminate most non-economic benefits.  Mexicana is also seeking a
60% cut in overtime payments, Ms. Clavel added.

Ms. Clavel, the report adds, said that Mexicana Airline gave the
union, which represents about 1,300 attendants at the airline, an
August 9, 2010, deadline to reach a new labor agreement.

                      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 Cancún International Airport, and Guadalajara's Don
Miguel Hidalgo y Costilla International Airport.

                         *     *     *

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.


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


DOE RUN PERU: Peru Cancels Parent's Operating License
-----------------------------------------------------
Peru President Alan Garcia said it will cancel the operating
license of US-based Doe Run for a large smelter complex in La
Oroya as its subsidiary, Doe Run Peru, failed to meet a deadline
for submitting a new environmental protection plan, Andina
reports.

According to the report, Mr. Garcia said that the law will be
strictly enforced and the operating permit canceled.  "The
deadline has passed for Doe Run to resolve the issue of
environmental contamination," the report quoted Mr. Garcia as
saying.

The report notes Mr. Garcia stated that the Peruvian government
will not allow a firm to blackmail the country and will cancel the
license rather than continue negotiations with the company.

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.

                           *     *     *

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


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FINANCIAL: Resolution to CLICO Issue Expected 'Fairly Shortly'
-----------------------------------------------------------------
Minister of State in the Ministry of Finance Senator Darcy Boyce
said that the Colonial Life Insurance Company (CLICO) matter
should be resolved shortly, The Barbados Advocate reports.  CLICO
is a subsidiary of CL Financial Limited.

"We expect that the CLICO matter will be resolved fairly shortly
and that it would be resolved in a way that will not cause damage
to the principal of the investments in the company," Mr. Boyce
asserted, the report relates.

According to the report, Mr. Boyce said that the evidence
indicated that the life insurance polices of policyholders are
adequately protected by the company's assets; he also stated that
there was a reasonable way for some investments to be returned in
time to its owners.

"Of course, these were made in full knowledge by the participants
with the relative rates of return on them as compared to other
rates of return with similar investments," the report quoted Mr.
Boyce as saying.  Nevertheless, the report relates Mr. Boyce
warned, "We must be careful as we deal with this situation not to
introduce more hazards where people profit from a situation where
they ought not to."

The report notes Mr. Boyce, stating he was unable to say whether
the company would be put under judicial management, noted "that
will have to be worked out by the AGs."

Mr. Boyce, the report adds, said he was unaware if there had been
any further extension of the life of the Oversight Committee, but
emphasized that the Supervisor of Insurance had a responsibility
to monitor what has transpired with the company.

                        About CL Financial

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

                          *     *     *

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

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


CL FINANCIAL: Lascelles de Mercado Net Profit Drops to JM$1.6BB
---------------------------------------------------------------
Lascelles de Mercado suffered a sharp drop in profit for the first
nine months of its financial year, RadioJamaica reports.

According to the report, despite a near JM$700 million increase in
revenue, its net profit at the end of last month totalled JM$1.6
billion compared to JM$2.7 billion during the corresponding period
last year.  The report relates that during the nine months
Lascelles earned JM$19.5 billion, up from JM$18.8 billion in 2009.

Lascelles deMercado & Company is a subsidiary of CL Financial
Limited.

                        About CL Financial

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

                          *     *     *

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

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


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


TCI BANK: Three Investor Groups Make Sales Pitch to Creditors
-------------------------------------------------------------
Three groups of investors -- ECIC Holdings Ltd., Investors David
Kosoy and Phil Biden, and The Temple/Altima group -- made their
sales pitch to creditors on July 23-24, offering similar plans all
repaying a $5.5 million loan by the National Insurance Board
shortly before the bank was closed, fptci.com reports.

According to the report, the groups of investors each offer to put
money into the bank and reopen it, giving depositors back varying
amounts of their money.  These are their proposed offers:

   -- ECIC's offer would give customers full access to accounts
      containing up to $50,000 on the day the bank reopens, with
      an extra $50,000 available in loans over the first year.
      The rest of the depositors would have to leave their money
      in the bank for up to five years, but they could borrow
      against their money.

   -- Investors David Kosoy and Phil Biden offered to pay each
      depositor $1,500, which would repay fully 3,458 of 4,464
      depositors.  The rest would get as much as 85% of
      their money periodically over three to five years.

   -- The Temple/Altima group also offered to repay as much money
      as possible to all depositors.

The Creditors Committee, the report notes, hopes to regain as much
as possible of their $15 million in the bank, as does the NIB,
which with $22 million is the single largest creditor of the bank.

The report says that if any of the offers is accepted by Justice
Richard Williams after a hearing August 3, the FSC will have to
approve the deal before it goes into effect.  If none of the
offers is accepted, the bank will go into full liquidation, which
provisional liquidator Anthony Kikivarakis has said will take a
minimum of two to three years, the report relates.

As reported on in the Troubled Company Reporter-Latin America on
June 2, 2010, the Financial Services Commission closed TCI Bank on
April 9 because of mounting unpaid loans and an abrupt $4 million
withdrawal of funds by three large, unidentified customers.
Court-appointed liquidators, Anthony Kikivarakis and Mark
Munnings, partners at Deloitte & Touche Bahamas, are supposed to
be evaluating the remaining assets of shareholders and depositors
and considering any buyout or investment offers that are presented
to them.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Paid US$54 Million Surcharge to Buy Food
----------------------------------------------------------------
Petroleos de Venezuela auditor-general Jesus Villanueva was
informed in early 2009 of certain criticisms about opaque dealings
related to the purchase of food by PDVSA's subsidiaries Bariven
and PDVSA Services, Inc (PSI).  Ironically, the report relates,
Rafael Ramirez, the president of PDVSA, holds this position.

According to the report, in April 2009, Mr. Villanueva sent a
confidential memo to Mr. Ramirez advising him, among other things,
that in the purchase of food by PDVSA's subsidiaries between
November 2007 and June 2008, "the best price deals made by
suppliers in some processes were not considered."  Mr. Villanueva,
the report relates, estimated that it represented a US$54 million
surcharge.  Venezuela paid only in one operation a US$10 million
surcharge, the memo said, the report notes.

The report adds Mr. Villanueva said that PDVSA granted unsecured
advances to suppliers amounting to US$111 million.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" long-term issuer credit ratings.

As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Reuters said that Petroleos de Venezuela's total
debt jumped 42% in 2009 after it borrowed heavily to pay off
service company debts and intervene in currency markets.  The\
report related that PDVSA said that total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before.  According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                     Total
                                      Total    Shareholders
                                      Assets         Equity
Company               Ticker         (US$MM)        (US$MM)
-------               ------        ------------     -------


ARGENTINA

IMPSAT FIBER-$US    IMPTD AR         535007008       -17165000
IMPSAT FIBER-BLK    IMPTB AR         535007008       -17165000
IMPSAT FIBER NET    IMPTQ US         535007008       -17165000
IMPSAT FIBER-C/E    IMPTC AR         535007008       -17165000
IMPSAT FIBER NET    330902Q GR       535007008       -17165000
IMPSAT FIBER-CED    IMPT AR          535007008       -17165000
IMPSAT FIBER NET    XIMPT SM         535007008       -17165000
AUTOPISTAS SOL      AUSO AR          358937631     -3636037.41
AUTOPISTAS SOL      APDSF US         358937631     -3636037.41
SOC COMERCIAL PL    CVVIF US         135360486      -251112324
COMERCIAL PL-ADR    SCPDS LI         135360486      -251112324
COMERCIAL PLA-BL    COMEB AR         135360486      -251112324
COMERCIAL PL-C/E    COMEC AR         135360486      -251112324
COMERCIAL PLAT-$    COMED AR         135360486      -251112324
SOC COMERCIAL PL    COME AR          135360486      -251112324
SOC COMERCIAL PL    CADN SW          135360486      -251112324
SOC COMERCIAL PL    CADN EO          135360486      -251112324
SOC COMERCIAL PL    SCDPF US         135360486      -251112324
SOC COMERCIAL PL    CAD IX           135360486      -251112324
SNIAFA SA-B         SDAGF US          11229696     -2670544.88
SNIAFA SA-B         SNIA5 AR          11229696     -2670544.88
SNIAFA SA           SNIA AR           11229696     -2670544.88


BRAZIL

FER C ATL-RCT CM    VSPT9 BZ         1.185E+09     -50468104.7
FER C ATLANT-PRF    VSPT4 BZ         1.185E+09     -50468104.7
FER C ATLANT        VSPT3 BZ         1.185E+09     -50468104.7
FERROVIA CEN-DVD    VSPT11 BZ        1.185E+09     -50468104.7
FER C ATL-RCT PF    VSPT10 BZ        1.185E+09     -50468104.7
FERROVIA CEN-DVD    VSPT12 BZ        1.185E+09     -50468104.7
VARIG SA-PREF       VAGV4 BZ         966298026     -4695211316
VARIG SA            VARGON BZ        966298026     -4695211316
VARIG SA            VAGV3 BZ         966298026     -4695211316
VARIG SA-PREF       VARGPN BZ        966298026     -4695211316
LAEP-BDR            MILK11 BZ        446499199     -70952298.9
LAEP INVESTMENTS    LEAP LX          446499199     -70952298.9
PARMALAT            LCSA3 BZ         388720052      -213641144
PARMALAT BR-RT C    LCSA5 BZ         388720052      -213641144
PARMALAT-PREF       LCSA4 BZ         388720052      -213641144
PARMALAT BRAS-PF    LCSAPN BZ        388720052      -213641144
PARMALAT BR-RT P    LCSA6 BZ         388720052      -213641144
PARMALAT BRASIL     LCSAON BZ        388720052      -213641144
CIA PETROLIFERA     1CPMON BZ        377602195     -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ        377602195     -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ        377602195     -3014291.72
CIA PETROLIF-PRF    MRLM4 BZ         377602195     -3014291.72
CIA PETROLIFERA     MRLM3 BZ         377602195     -3014291.72
CIA PETROLIFERA     MRLM3B BZ        377602195     -3014291.72
DOCA INVESTI-PFD    DOCA4 BZ         319046939      -119089653
DOCAS SA            DOCAON BZ        319046939      -119089653
DOCAS SA-PREF       DOCAPN BZ        319046939      -119089653
DOCAS SA-RTS PRF    DOCA2 BZ         319046939      -119089653
DOCA INVESTIMENT    DOCA3 BZ         319046939      -119089653
BOMBRIL-PREF        BOBR4 BZ         292257859      -115839632
BOMBRIL SA-ADR      BMBPY US         292257859      -115839632
BOMBRIL-RIGHTS      BOBR1 BZ         292257859      -115839632
BOMBRIL             BMBBF US         292257859      -115839632
BOMBRIL CIRIO SA    BOBRON BZ        292257859      -115839632
BOMBRIL             BOBR3 BZ         292257859      -115839632
BOMBRIL CIRIO-PF    BOBRPN BZ        292257859      -115839632
BOMBRIL SA-ADR      BMBBY US         292257859      -115839632
BOMBRIL-RGTS PRE    BOBR2 BZ         292257859      -115839632
TELEBRAS-CEDEA $    TEL4D AR         244857050     -14105541.5
TELEBRAS-ADR        TBAPY US         244857050     -14105541.5
TELEBRAS SA-PREF    TELB4 BZ         244857050     -14105541.5
TELEBRAS-PF BLCK    TELB40 BZ        244857050     -14105541.5
TELEBRAS-RTS PRF    RCTB2 BZ         244857050     -14105541.5
TELEBRAS-PF RCPT    RCTB41 BZ        244857050     -14105541.5
TELEBRAS-PF RCPT    CBRZF US         244857050     -14105541.5
TELEBRAS SA-PREF    TLBRPN BZ        244857050     -14105541.5
TELEBRAS-CEDE BL    RCT4B AR         244857050     -14105541.5
TELEBRAS-CEDE PF    TELB4 AR         244857050     -14105541.5
TELEBRAS-CED C/E    TEL4C AR         244857050     -14105541.5
TELEBRAS-CM RCPT    RCTB31 BZ        244857050     -14105541.5
TELEBRAS-RCT PRF    TELB10 BZ        244857050     -14105541.5
TELEBRAS-RECEIPT    TLBRUO BZ        244857050     -14105541.5
TELEBRAS-CM RCPT    TELE31 BZ        244857050     -14105541.5
TELEBRAS-PF RCPT    RCTB40 BZ        244857050     -14105541.5
TELEBRAS SA-RT      TELB9 BZ         244857050     -14105541.5
TELEBRAS/W-I-ADR    TBH-W US         244857050     -14105541.5
TELEBRAS-PF RCPT    TELE41 BZ        244857050     -14105541.5
TELEBRAS-PF RCPT    TBAPF US         244857050     -14105541.5
TELEBRAS SA         TBASF US         244857050     -14105541.5
TELEBRAS-ADR        RTB US           244857050     -14105541.5
TELEBRAS-CED C/E    RCT4C AR         244857050     -14105541.5
TELECOMUNICA-ADR    81370Z BZ        244857050     -14105541.5
TELEBRAS-BLOCK      TELB30 BZ        244857050     -14105541.5
TELEBRAS-RCT        RCTB33 BZ        244857050     -14105541.5
TELEBRAS-ADR        TBRAY GR         244857050     -14105541.5
TELEBRAS-RTS CMN    RCTB1 BZ         244857050     -14105541.5
TELEBRAS-ADR        TBH US           244857050     -14105541.5
TELEBRAS-ADR        TBX GR           244857050     -14105541.5
TELEBRAS-CEDE PF    RCTB4 AR         244857050     -14105541.5
TELEBRAS-CEDEA $    RCT4D AR         244857050     -14105541.5
TELEBRAS-CM RCPT    TBRTF US         244857050     -14105541.5
TELEBRAS-COM RT     TELB1 BZ         244857050     -14105541.5
TELEBRAS-CM RCPT    RCTB32 BZ        244857050     -14105541.5
TELEBRAS-RTS PRF    TLCP2 BZ         244857050     -14105541.5
TELEBRAS-PF RCPT    RCTB42 BZ        244857050     -14105541.5
TELEBRAS-PF RCPT    TLBRUP BZ        244857050     -14105541.5
TELEBRAS SA         TELB3 BZ         244857050     -14105541.5
TELEBRAS-ADR        TBASY US         244857050     -14105541.5
TELEBRAS SA         TLBRON BZ        244857050     -14105541.5
TELEBRAS-CM RCPT    RCTB30 BZ        244857050     -14105541.5
TELEBRAS-RTS CMN    TCLP1 BZ         244857050     -14105541.5
HOTEIS OTHON SA     HOOT3 BZ         238707299     -35774972.9
HOTEIS OTHON SA     HOTHON BZ        238707299     -35774972.9
HOTEIS OTHON-PRF    HOOT4 BZ         238707299     -35774972.9
HOTEIS OTHON-PRF    HOTHPN BZ        238707299     -35774972.9
TEKA                TKTQF US         237346006      -337859942
TEKA                TEKAON BZ        237346006      -337859942
TEKA-ADR            TKTQY US         237346006      -337859942
TEKA-ADR            TKTPY US         237346006      -337859942
TEKA-ADR            TEKAY US         237346006      -337859942
TEKA-PREF           TEKAPN BZ        237346006      -337859942
TEKA                TEKA3 BZ         237346006      -337859942
TEKA-PREF           TEKA4 BZ         237346006      -337859942
TEKA-PREF           TKTPF US         237346006      -337859942
BALADARE            BLDR3 BZ         159454016     -52992212.8
SANSUY SA-PREF A    SNSYAN BZ        147187163     -86606310.8
SANSUY-PREF A       SNSY5 BZ         147187163     -86606310.8
SANSUY-PREF B       SNSY6 BZ         147187163     -86606310.8
SANSUY SA           SNSYON BZ        147187163     -86606310.8
SANSUY              SNSY3 BZ         147187163     -86606310.8
SANSUY SA-PREF B    SNSYBN BZ        147187163     -86606310.8
GRADIENTE EL-PRC    IGBCN BZ         145256033      -273857292
GRADIENTE EL-PRB    IGBBN BZ         145256033      -273857292
IGB ELETRONICA      IGBR3 BZ         145256033      -273857292
GRADIENTE-PREF C    IGBR7 BZ         145256033      -273857292
GRADIENTE ELETR     IGBON BZ         145256033      -273857292
GRADIENTE EL-PRA    IGBAN BZ         145256033      -273857292
GRADIENTE-PREF B    IGBR6 BZ         145256033      -273857292
GRADIENTE-PREF A    IGBR5 BZ         145256033      -273857292
DHB IND E COM       DHBON BZ         133817651      -443044246
D H B               DHBI3 BZ         133817651      -443044246
D H B-PREF          DHBI4 BZ         133817651      -443044246
DHB IND E COM-PR    DHBPN BZ         133817651      -443044246
PET MANG-RECEIPT    RPMG10 BZ        111979912      -134952358
PET MANG-RIGHTS     3678569Q BZ      111979912      -134952358
PET MANG-RECEIPT    RPMG9 BZ         111979912      -134952358
PETRO MANGUINHOS    MANGON BZ        111979912      -134952358
PET MANG-RT         RPMG2 BZ         111979912      -134952358
PETRO MANGUIN-PF    MANGPN BZ        111979912      -134952358
PETRO MANGUINHOS    RPMG3 BZ         111979912      -134952358
PET MANG-RIGHTS     3678565Q BZ      111979912      -134952358
PET MANG-RT         RPMG1 BZ         111979912      -134952358
PET MANGUINH-PRF    RPMG4 BZ         111979912      -134952358
VARIG PART EM-PR    VPSC4 BZ          96617351      -460274609
VARIG PART EM SE    VPSC3 BZ          96617351      -460274609
RIMET               REEMON BZ         94618909      -152507221
RIMET-PREF          REEMPN BZ         94618909      -152507221
RIMET-PREF          REEM4 BZ          94618909      -152507221
RIMET               REEM3 BZ          94618909      -152507221
DOCAS IMBITUBA      IMBION BZ         94039192     -39398915.1
DOC IMBITUB-PREF    IMBI4 BZ          94039192     -39398915.1
DOCAS IMBITUB-PR    IMBIPN BZ         94039192     -39398915.1
DOC IMBITUBA-RTC    IMBI1 BZ          94039192     -39398915.1
DOC IMBITUBA-RTP    IMBI2 BZ          94039192     -39398915.1
DOC IMBITUBA        IMBI3 BZ          94039192     -39398915.1
WETZEL SA           MWET3 BZ          84310496     -7570637.42
WETZEL SA-PREF      MWELPN BZ         84310496     -7570637.42
WETZEL SA-PREF      MWET4 BZ          84310496     -7570637.42
WETZEL SA           MWELON BZ         84310496     -7570637.42
ACO ALTONA          EALT3 BZ          80346370     -11622480.4
ACO ALTONA-PREF     EALT4 BZ          80346370     -11622480.4
ACO ALTONA-PREF     EAAPN BZ          80346370     -11622480.4
ACO ALTONA SA       EAAON BZ          80346370     -11622480.4
ESTRELA SA-PREF     ESTR4 BZ          76255458     -69760619.7
ESTRELA SA          ESTRON BZ         76255458     -69760619.7
ESTRELA SA-PREF     ESTRPN BZ         76255458     -69760619.7
ESTRELA SA          ESTR3 BZ          76255458     -69760619.7
RIOSULENSE SA       RSULON BZ         68368524     -9647727.04
RIOSULENSE SA-PR    RSULPN BZ         68368524     -9647727.04
RIOSULENSE SA-PR    RSUL4 BZ          68368524     -9647727.04
RIOSULENSE SA       RSUL3 BZ          68368524     -9647727.04
TEXTEIS RENAUX      RENXON BZ         63634626     -91597740.4
TEXTEIS RENAU-RT    TXRX2 BZ          63634626     -91597740.4
RENAUXVIEW SA       TXRX3 BZ          63634626     -91597740.4
TEXTEIS RENA-RCT    TXRX10 BZ         63634626     -91597740.4
TEXTEIS RENA-RCT    TXRX9 BZ          63634626     -91597740.4
TEXTEIS RENAUX      RENXPN BZ         63634626     -91597740.4
RENAUXVIEW SA-PF    TXRX4 BZ          63634626     -91597740.4
TEXTEIS RENAU-RT    TXRX1 BZ          63634626     -91597740.4
MINUPAR SA-PREF     MNPRPN BZ         63223032     -58260845.7
MINUPAR             MNPR3 BZ          63223032     -58260845.7
MINUPAR SA          MNPRON BZ         63223032     -58260845.7
MINUPAR-PREF        MNPR4 BZ          63223032     -58260845.7
FABRICA RENAUX-P    FRNXPN BZ         63036915       -59781833
FABRICA RENAUX      FTRX3 BZ          63036915       -59781833
FABRICA RENAUX-P    FTRX4 BZ          63036915       -59781833
FABRICA TECID-RT    FTRX1 BZ          63036915       -59781833
FABRICA RENAUX      FRNXON BZ         63036915       -59781833
VARIG PART EM-PR    VPTA4 BZ          49432124      -399290426
VARIG PART EM TR    VPTA3 BZ          49432124      -399290426
WIEST               WISA3 BZ          39838114     -93371563.1
WIEST SA-PREF       WISAPN BZ         39838114     -93371563.1
WIEST SA            WISAON BZ         39838114     -93371563.1
WIEST-PREF          WISA4 BZ          39838114     -93371563.1
CIMOB PARTIC SA     GAFON BZ          36817395     -33083086.5
CIMOB PARTIC SA     GAFP3 BZ          36817395     -33083086.5
CIMOB PART-PREF     GAFP4 BZ          36817395     -33083086.5
CIMOB PART-PREF     GAFPN BZ          36817395     -33083086.5
BOTUCATU TEXTIL     STRP3 BZ          35101567     -13482713.5
STAROUP SA          STARON BZ         35101567     -13482713.5
BOTUCATU-PREF       STRP4 BZ          35101567     -13482713.5
STAROUP SA-PREF     STARPN BZ         35101567     -13482713.5
SANESALTO           SNST3 BZ          31044051     -1843297.83
STEEL DO BRASIL     STLB3 BZ          24189041     -2271641.06
CHIARELLI SA        CCHI3 BZ          22274027     -44537138.2
CHIARELLI SA-PRF    CCHI4 BZ          22274027     -44537138.2
CHIARELLI SA-PRF    CCHPN BZ          22274027     -44537138.2
CHIARELLI SA        CCHON BZ          22274027     -44537138.2
NOVA AMERICA SA     1NOVON BZ         21287489      -183535527
NOVA AMERICA SA     NOVA3 BZ          21287489      -183535527
NOVA AMERICA-PRF    1NOVPN BZ         21287489      -183535527
NOVA AMERICA-PRF    NOVA4 BZ          21287489      -183535527
NOVA AMERICA-PRF    NOVAPN BZ         21287489      -183535527
NOVA AMERICA SA     NOVA3B BZ         21287489      -183535527
NOVA AMERICA-PRF    NOVA4B BZ         21287489      -183535527
NOVA AMERICA SA     NOVAON BZ         21287489      -183535527
CAFE BRASILIA SA    CSBRON BZ         18540302      -790303366
CAFE BRASILIA-PR    CSBRPN BZ         18540302      -790303366
CAF BRASILIA        CAFE3 BZ          18540302      -790303366
CAF BRASILIA-PRF    CAFE4 BZ          18540302      -790303366
TECEL S JOSE        SJOS3 BZ          17924946     -18569451.2
TECEL S JOSE-PRF    SJOS4 BZ          17924946     -18569451.2
TECEL S JOSE-PRF    FTSJPN BZ         17924946     -18569451.2
TECEL S JOSE        FTSJON BZ         17924946     -18569451.2
FERRAGENS HAGA      HAGAON BZ         17657785     -62285757.3
FERRAGENS HAGA-P    HAGAPN BZ         17657785     -62285757.3
HAGA                HAGA3 BZ          17657785     -62285757.3
FER HAGA-PREF       HAGA4 BZ          17657785     -62285757.3
NORDON MET          NORD3 BZ          15427479     -20563974.4
NORDON METAL        NORDON BZ         15427479     -20563974.4
NORDON MET-RTS      NORD1 BZ          15427479     -20563974.4
SCHLOSSER SA        SCHON BZ          13140656     -56631899.1
SCHLOSSER-PREF      SCLO4 BZ          13140656     -56631899.1
SCHLOSSER           SCLO3 BZ          13140656     -56631899.1
SCHLOSSER SA-PRF    SCHPN BZ          13140656     -56631899.1
PROMAN              PRMN3B BZ         13088926     -87154.5455
PROMAN              PRMN3 BZ          13088926     -87154.5455
GAZOLA SA-DVD CM    GAZO11 BZ         12452143     -40298506.3
GAZOLA-RCPTS CMN    GAZO9 BZ          12452143     -40298506.3
GAZOLA-RCPT PREF    GAZO10 BZ         12452143     -40298506.3
GAZOLA SA-PREF      GAZPN BZ          12452143     -40298506.3
GAZOLA              GAZO3 BZ          12452143     -40298506.3
GAZOLA-PREF         GAZO4 BZ          12452143     -40298506.3
GAZOLA SA           GAZON BZ          12452143     -40298506.3
GAZOLA SA-DVD PF    GAZO12 BZ         12452143     -40298506.3
ARTHUR LAN-DVD C    ARLA11 BZ         11642256     -17154461.9
ARTHUR LANG-RC C    ARLA9 BZ          11642256     -17154461.9
ARTHUR LANG-RC P    ARLA10 BZ         11642256     -17154461.9
ARTHUR LAN-DVD P    ARLA12 BZ         11642256     -17154461.9
ARTHUR LANGE        ARLA3 BZ          11642256     -17154461.9
ARTHUR LANGE-PRF    ARLA4 BZ          11642256     -17154461.9
ARTHUR LANGE SA     ALICON BZ         11642256     -17154461.9
ARTHUR LANG-RT P    ARLA2 BZ          11642256     -17154461.9
ARTHUR LANG-RT C    ARLA1 BZ          11642256     -17154461.9
ARTHUR LANGE-PRF    ALICPN BZ         11642256     -17154461.9
HERCULES            HETA3 BZ          10710103      -164239944
HERCULES SA         HERTON BZ         10710103      -164239944
HERCULES-PREF       HETA4 BZ          10710103      -164239944
HERCULES SA-PREF    HERTPN BZ         10710103      -164239944


CHILE

CHILESAT CO-ADR     TL US            649980376     -82003656.5
CHILESAT CORP SA    TELEX CI         649980376     -82003656.5
TELMEX CORP SA      CHILESAT CI      649980376     -82003656.5
CHILESAT CO-RTS     CHISATOS CI      649980376     -82003656.5
TELEX-A             TELEXA CI        649980376     -82003656.5
TELMEX CORP-ADR     CSAOY US         649980376     -82003656.5
TELEX-RTS           TELEXO CI        649980376     -82003656.5


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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