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

              Friday, August 6, 2010, Vol. 11, No. 154

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: SFG Receiver Sues Former Employees


A R G E N T I N A

ARGENTINE GAMING: Moody's Assigns 'B3' Corporate Family Rating
BANCO MACRO: Second Qtr. Net Income Up 36% to ARS222.1 Million
BI POOL: Requests for Preventive Contest
CASEMA SRL: Asks for Preventive Contest
OMERAL AGRO: Asks for Opening of Preventive Contest

NET OF COMPUTERS: Requests for Declaration of Bankruptcy
TELECOM ARGENTINA: First-Half Net Income Up 23% to ARS865 Million


B E R M U D A

VALIDUS HOLDINGS: Declares BM$0.22 Quarterly Dividend


B R A Z I L

BANCO SAFRA: S&P Raises Counterparty Credit Rating From 'BB+/B'
NET SERVICOS: Embratel SA to Buy Preferred Shares for BRL4.58BB


C A Y M A N  I S L A N D S

AP3 CO-INVESTMENT: Creditors' Proofs of Debt Due on September 2
CAPITAL CONSOLIDATED: Creditors' Proofs of Debt Due on August 30
CYMRAEG, INC: Creditors' Proofs of Debt Due on September 2
DOCURETAIN CAPITAL: Creditors' Proofs of Debt Due on August 25
DOCUSEARCH CAPITAL: Creditors' Proofs of Debt Due on August 25

DOCUVIEW CAPITAL: Creditors' Proofs of Debt Due on August 25
GEO ADVISORS: Creditors' Proofs of Debt Due on September 6
GODIVA INVESTMENTS: Creditors' Proofs of Debt Due on September 2
HADSPHALTIC: Creditors' Proofs of Debt Due on August 23
HOME RUN: Creditors' Proofs of Debt Due on September 2

KILLARNEY CONSULTING: Creditors' Proofs of Debt Due on Sept. 20
LATTICE PORTFOLIO: Creditors' Proofs of Debt Due on August 23
MARATHON REAL: Creditors' Proofs of Debt Due on August 25
MITRA CORP: Creditors' Proofs of Debt Due on August 23
RAFFIA INVESTMENT: Creditors' Proofs of Debt Due on September 2

SELECTICA FUND: Court Enters Wind-Up Order
SOLENT CREDIT: Creditors' Proofs of Debt Due on August 23
SOLENT CREDIT: Creditors' Proofs of Debt Due on August 23
SOLENT CREDIT: Creditors' Proofs of Debt Due on August 23


C O L O M B I A

BANCOLOMBIA SA: 2Q Net Profit Up 15% to COP291 Billion
ISAGEN SA: Second Quarter Net Income Up 16% to COP121 Billion


J A M A I C A

SCJ: BITU Wants Assurance Local Workers Won't Be Replaced


M E X I C O

MEXICANA AIRLINE: Suspends Ticket Sales After Bankruptcy Filing
* MEXICO: Moody's Affirms Rating on Veracruz's Lending Program
* MEXICO: Moody's Cuts Issuer Rating on State of Veracruz to 'Ba3'


P U E R T O  R I C O

* PUERTO RICO: Moody's Affirms 'Caa1' Rating on Trust Fund's Notes


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Angostura Records TT$101.3MM Profit in 1st Half 2010


V E N E Z U E L A

PETROLEOS DE VENEZUELA: 2010 Investment Estimated at US$16.4BB
* VENEZUELA: Pares US$20 Billion China Debt With Oil Supply Accord




                         - - - - -


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


STANFORD INTERNATIONAL: SFG Receiver Sues Former Employees
----------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
is suing former employees of Robert Allen Stanford to get back the
money they received after investing in the allegedly fraudulent
certificates of deposits from the Stanford International Bank
Limited, Caribbean360.com reports.  The report relates that Mr.
Janvey has identified 77 employees who received individual sums
ranging from to just over US$52,358 to US$3 million.

"Collectively, these 77 former employee investors received over
US$27 million in CD proceeds, at least," Mr. Janvey wrote in his
complaint filed last month, insisting that what they got was
"stolen money," the report relates.  "The CD proceeds the former
employee investors received from SIBL were not, in fact, their
actual principal or interest earned on the funds they invested.
Instead, the money used to make those payments came directly from
the sale of SIBL CDs to other investors.  When [Mr.] Stanford paid
CD Proceeds to the Former Employee Investors, he did no more than
take money out of other investors' pockets and put it into the
hands of the former employee investors," the report quoted Mr.
Janvey as saying.

Mr. Janvey's lawyer has also written to the individual employees,
demanding the money back, the report adds.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston).  The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


ARGENTINE GAMING: Moody's Assigns 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Latin America has assigned a first-time B3 local currency
corporate family rating and an A3.ar Argentina national scale
rating to Argentine Gaming Group.  The outlook for all ratings is
stable.

AGG's B3 and A3.ar ratings reflect its position as one of the
largest private gaming companies in term of revenues operating in
Argentina and solid operating performance.  Its gaming revenues
continued to grow despite the impact of the recession, which was
driven by an increasing inflationary framework that led to higher
consumer expenditures.  Continued marketing and promotional
activity and a favorable competitive position in its primary
market are also helping ACG's performance.  The ratings also
reflect AGG's relatively low leverage and solid credit metrics for
its rating category.

Credit negatives that partly offset these strengths include AGG's
small revenues and assets size, high property concentration risk,
with cash flow generation coming from a single market niche, and
its relatively short historical track as operations started only
in 2007.  Going forward, Moody's will continue to closely monitor
the likelihood that negative pressure on future revenues and
earnings will develop because of potentially reduced gaming demand
in the company's primary market.  Such a reduction is possible
given the high level of unemployment in areas around its
operations, which could reduce gaming demand in the coming months.

AGG's B3 local currency rating reflects its global default and
loss expectation, while the A3.ar national scale rating reflects
the standing of AGG's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A3.ar present above average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

The stable outlook indicates that Moody's expects AGG to continue
to have success implementing its business model, thus allowing the
company to maintain strong credit metrics for its rating category.
The outlook also shows that Moody's expects the company to follow
prudent financial policies in terms of up-streaming any cash or
dividend payout to its parent company.  Finally, the outlook is
stable because Moody's expects that AGG will be able to maintain
adequate access to bank loans, even as market conditions remain
challenging.

An upgrade of the ratings or outlook could result from AGG
increasing its revenues and assets size and becoming more
geographically diverse as the business environment in Argentina
improves.  Quantitatively, upward momentum could result if AGG's
total adjusted debt to EBITDA is sustained below 1 times (2.0
times as of last fiscal year ended December 31, 2009) and
operating margins above 28% (23.7% as of last fiscal year ended
December 31, 2009).  Also important for upward rating pressure is
for Argentina to have a more predictable outlook for economic
activity.

Negative pressure on the ratings or outlook could result from
recovery in the Argentinean economy having a less-than-expected
positive impact on gaming demand, affecting revenues and margins.
Quantitatively, a downgrade could result from a drop in AGG's EBIT
margin to below 15.0% on a three-year average basis or a
significant increase in leverage, with adjusted total debt to
EBITDA of above 3.5 times.  Indications of a weakening market
share in the domestic gaming market could also drive negative
pressure.

Headquartered in Panama, Hillview Enterprises Inc. is a company
which started operations on April 4th, 2007 and is engaged in
investment activities.  VR Global Partners L.P., a hedge fund
based in Russia, is its controlling company, holding an ownership
interest in Hillview of 60.2%.  Holding 0.4% of shares, AGG's
manages all companies operating three gaming halls (bingos and
electronic gaming machines) in Argentina.  With total revenues of
US$101 million as of last fiscal year ended December 31, 2009, the
main gaming hall was founded in 1992 and is one of the largest
gaming companies operating in Argentina.


BANCO MACRO: Second Qtr. Net Income Up 36% to ARS222.1 Million
--------------------------------------------------------------
Banco Macro S.A. posted its results for the second quarter ended
June 30, 2010.

The Bank's net income totaled ARS222.1 million in 2Q10.  This
result was 36% higher than the ARS163.2 million posted for the
second quarter of 2009 and 10% lower than result accounted for the
first quarter of 2010.  The annualized first half 2010 return on
average equity and return on average assets were 26.8% and 3.3%,
respectively.

In 2Q10, the Bank's net financial income was ARS496.7 million,
decreasing 24% quarter on quarter due to lower income from
government and private securities.  Excluding said securities
results, net financial income would have increased 5% QoQ.

In 2Q10, Banco Macro's financing to private sector grew 7% or
ARS871.9 million QoQ.  This growth was led by consumer loans which
rose 10% and "other loans" (including pre-export financing and
commercial loans to small and medium size companies (SMEs)) which
grew 12%.

Total deposits grew 9% QoQ, totaling ARS21.3 billion and
representing 80% of the Bank's total liabilities. Private sector
deposits grew 6% in 2Q10.

In 2Q10, the Bank's non-performing total financing ratio improved
to 2.5% and the coverage ratio was 123.9%, compared to 3.0% and
118.6%, respectively, accounted in 1Q10.

Banco Macro continued showing a strong solvency ratio, with excess
capital of ARS2.5 billion (27.1% capitalization ratio) after
having paid a cash dividend for an amount of ARS208 million.  In
addition, the Bank's liquid assets remained at a high level,
reaching 58.8% of its total deposits in 2Q10.

                         About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 20, 2010, Fitch Ratings upgraded Banco Macro's ratings as
shown, following the upgrade of Argentina's sovereign ratings by
Fitch announced on July 12, 2010:

  -- Local currency long-term Issuer Default Ratings to 'B+' from
     'B';

At the same time, Fitch affirmed these ratings:

  -- Foreign currency long-term IDR at 'B';
  -- Foreign and local currency short-term IDRs at 'B';


BI POOL: Requests for Preventive Contest
----------------------------------------
Bi Pool SRL requested for preventive contest.

The company stopped making payments last May 20, 2010.


CASEMA SRL: Asks for Preventive Contest
---------------------------------------
Casema SRL asked for preventive contest.


OMERAL AGRO: Asks for Opening of Preventive Contest
---------------------------------------------------
Omeral Agro SA asked for the opening of preventive contest.

The company stopped making payments last November 25, 2008.


NET OF COMPUTERS: Requests for Declaration of Bankruptcy
--------------------------------------------------------
Net Of Computers SA requested for the declaration of bankruptcy.

The company stopped making payments last April 26.


TELECOM ARGENTINA: First-Half Net Income Up 23% to ARS865 Million
-----------------------------------------------------------------
Telecom Argentina SA's net income increased 23% to ARS865 million
(US$220 million) from ARS703 million on higher sales of Internet
and wireless services, Eliana Raszewski at Bloomberg News reports,
citing Franco Bertone, the company's chief executive officer.

According to the report, Mr. Bertone said that overall sales rose
17% to ARS6.72 billion in the six-month period, driven by a 33%
gain in its Arnet Internet business and a 20% gain in sales by its
wireless service provider Personal.

"We have a positive vision of the year-end," the report quoted Mr.
Bertone as saying, declining to provide details of his forecast.
"Our results and margins should be in line with or better than
last year," he added, the report relates.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" long-term foreign issuer credit rating and "B"
long-term local issuer credit rating.  The company also continues
to carry Fitch Ratings' "B" long-term foreign currency issuer
default rating; "B+" long-term local issuer default rating; and
"B" senior unsecured debt rating.


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


VALIDUS HOLDINGS: Declares BM$0.22 Quarterly Dividend
-----------------------------------------------------
Validus Holdings, Ltd.'s board of directors has declared a
quarterly dividend of BM$0.22 per common share and BM$0.22 per
common share equivalent for which each outstanding warrant is then
exercisable.  The dividend is payable on September 30, 2010, to
shareholders and warrant holders of record on September 15, 2010.

                       About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a provider
of reinsurance and insurance, conducting its operations worldwide
through two wholly-owned subsidiaries, Validus Reinsurance, Ltd.,
and Talbot Holdings Ltd.  Validus Re is a Bermuda based reinsurer
focused on short-tail lines of reinsurance.  Talbot is the Bermuda
parent of the specialty insurance group primarily operating within
the Lloyd's insurance market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the issuer credit
rating of "bbb-" and the indicative ratings for securities
available under the shelf registration of "bbb-" on senior debt,
"bb+" on subordinated debt and "bb" on the preferred stock of
Validus Holdings, Ltd. (Validus Holdings).


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


BANCO SAFRA: S&P Raises Counterparty Credit Rating From 'BB+/B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
counterparty credit rating on Brazilian bank Banco Safra S.A. to
'BBB-/A-3' from 'BB+/B'.  The outlook is stable.

The bank's sound operating performance, prudent liquidity, and
good underwriting practices since 2008 support the upgrade.
"Shareholders and management have demonstrated their commitment to
the bank's financial soundness, which mitigates some of the bank's
weaknesses, such as funding concentration and a more limited
business profile than other retail banks," said Standard & Poor's
credit analyst Milena Zaniboni.

The rating on Safra reflects its successful track record in its
core businesses, which grants the bank a competitive advantage
despite its smaller size; strong asset-quality due to its
conservative underwriting and efficient controls; and commitment
from its shareholders.  The bank's need to improve leverage,
expected pressure on interest margins in the competitive domestic
bank sector, and dependence on potentially volatile wholesale
funding partially offset the positive factors.

Safra is the ninth-largest bank in Brazil with 2% of the system's
total assets as of December 2009.  S&P sees the bank as a niche
player with a fairly diversified business serving both wholesale
banking and high-income retail.  The bank maintains a solid
corporate operation that, though lower-margin, results in a steady
flow of revenues with low risk.  The bank expects double-digit
growth in its credit portfolio in 2010, mainly in small and
midsize enterprises and retail -- segments in which the bank has
expertise and greater agility than large retail banks.

The stable outlook reflects its expectation that the bank will
continue to adopt conservative strategies to manage credit quality
while increasing underwriting volumes, and to mitigate the risks
related to the wholesale profile of its funding base.  Upside
rating potential is limited given the bank's business profile and
its sovereign credit rating on Brazil.  S&P could downgrade Safra
if S&P notices a more aggressive risk appetite, indicated by a
significant deterioration in credit-quality indicators or a
substantial reduction in liquidity.


NET SERVICOS: Embratel SA to Buy Preferred Shares for BRL4.58BB
---------------------------------------------------------------
Laura Price at Bloomberg News reports that Embratel Participacoes
SA plans to buy all the preferred shares of Net Servicos de
Comunicacao SA for as much as BRL4.58 billion (US$2.61 billion).

According to the report, Embratel will offer BRL23 per share or
23% more than Net Servicos's average share price in the past 30
days.  The report relates that Embratel is boosting its stake in
Net Servicos after Telefonica SA agreed to pay EUR7.5 billion
(US$9.9 billion) for Portugal Telecom SGPS SA's stake in the
company that controls Vivo Participacoes SA.  The report notes
that the Portuguese telephone operator agreed on July 28 to buy a
stake in Telemar Norte Leste SA for BRL8.44 billion.

The company said it wants to increase its stake in Sao Paulo-based
Net Servicos because it's "confident" in the growing pay-TV and
broadband Internet industry in Brazil, according to a company
statement obtained by the news agency.

                     About Empresa Brasileira

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

Embratel Participacoes S.A. provides long-distance
telecommunications services The Company provides voice, data, and
video telecommunications services to consumers, large and small
businesses, and government entities.  Embratel operates in more
than 100 cities in Brazil.

                       About Net Servicos

Net Servicos de Comunicacao SA provides cable television services
under the brand name NET, hihg-speed broadband Internet services
under the bame Virtuua, and data transmission services using both
satellite ad terrestrial technology under the name Vicom.  The
company mainly operates from Sao Paulo, Rio de Janeiro and Beo
Horizonte, Brazil.

                           *     *     *

As of February 25, 2010, the company continues to carry Moody's
"Ba1" long-term corporate family and senior unsecured debt rating.
The company also continues to carry Standard and Poor's "BB+"
long-term issuer credit ratings.


==========================
C A Y M A N  I S L A N D S
==========================


AP3 CO-INVESTMENT: Creditors' Proofs of Debt Due on September 2
---------------------------------------------------------------
The creditors of AP3 Co-Investment Partners, LDC are required to
file their proofs of debt by September 2, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 2, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CAPITAL CONSOLIDATED: Creditors' Proofs of Debt Due on August 30
----------------------------------------------------------------
The creditors of Capital Consolidated are required to file their
proofs of debt by August 30, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 19, 2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Lori Adams
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
        Cayman Islands


CYMRAEG, INC: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------------
The creditors of CYMRAEG, Inc. are required to file their proofs
of debt by September 2, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 22, 2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


DOCURETAIN CAPITAL: Creditors' Proofs of Debt Due on August 25
--------------------------------------------------------------
The creditors of Docuretain Capital Limited are required to file
their proofs of debt by August 25, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 21, 2010.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


DOCUSEARCH CAPITAL: Creditors' Proofs of Debt Due on August 25
--------------------------------------------------------------
The creditors of Docusearch Capital Limited are required to file
their proofs of debt by August 25, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 21, 2010.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


DOCUVIEW CAPITAL: Creditors' Proofs of Debt Due on August 25
------------------------------------------------------------
The creditors of Docuview Capital Limited are required to file
their proofs of debt by August 25, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 21, 2010.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


GEO ADVISORS: Creditors' Proofs of Debt Due on September 6
----------------------------------------------------------
The creditors of Geo Advisors Limited are required to file their
proofs of debt by September 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 15, 2010.

The company's liquidator is:

         Fides Limited
         Cereita Lawrence
         P.O. Box 10338, Grand Cayman KY1-1003
         Telephone: 345-949-7232
         e-mail: clawrence@ky.equitytrust.com


GODIVA INVESTMENTS: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------------------
The creditors of Godiva Investments Inc. are required to file
their proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Collen Gavin
         1540 Broadway New York, NY 10036-4086
         USA


HADSPHALTIC: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------
The creditors of Hadsphaltic International Limited are required to
file their proofs of debt by August 23, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 14, 2010.

The company's liquidator is:

         Russell Smith
         Johnson Smith Associates Ltd
         Elizabethan Square, 80 Shedden Road
         PO Box 2499, Grand Cayman KY1-1104


HOME RUN: Creditors' Proofs of Debt Due on September 2
------------------------------------------------------
The creditors of Home Run Limited are required to file their
proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 13, 2010.

The company's liquidator is:

         Hugh O'loughlin
         Marguerite, Vinchelez de Haut Manor Le Rout de Vinchelez
         St Ouen JE3 2DB Jersey
         Channel Islands
         Telephone: (44) 1534 485605


KILLARNEY CONSULTING: Creditors' Proofs of Debt Due on Sept. 20
---------------------------------------------------------------
The creditors of Killarney Consulting Ltd. are required to file
their proofs of debt by September 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 21, 2010.

The company's liquidator is:

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


LATTICE PORTFOLIO: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------------
The creditors of Lattice Portfolio Strategies SPC are required to
file their proofs of debt by August 23, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 16, 2010.

The company's liquidator is:

         Hugh Dickson
         Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8240
         Facsimile: (345) 949-7120


MARATHON REAL: Creditors' Proofs of Debt Due on August 25
---------------------------------------------------------
The creditors of Marathon Real Estate Finance Fund, Ltd. are
required to file their proofs of debt by August 25, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 20, 2010.

The company's liquidator is:

         Ogier
         Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


MITRA CORP: Creditors' Proofs of Debt Due on August 23
------------------------------------------------------
The creditors of Mitra Corp. are required to file their proofs of
debt by August 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 23, 2010.

The company's liquidator is:

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


RAFFIA INVESTMENT: Creditors' Proofs of Debt Due on September 2
---------------------------------------------------------------
The creditors of Raffia Investment Limited are required to file
their proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


SELECTICA FUND: Court Enters Wind-Up Order
------------------------------------------
On July 16, 2010, the Grand Court of Cayman Islands entered an
order to wind up the operations of Selectica Fund Limited.

The company's liquidators are:

         Geoffrey Varga
         Steven Staatz
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         P.O. Box 10387 , Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623-9911
         Facsimile: (345) 943-9900


SOLENT CREDIT: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------------
The creditors of Solent Credit Opportunities Fund are required to
file their proofs of debt by August 23, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2010.

The company's liquidator is:

         Hugh Dickson
         Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8240
         Facsimile: (345) 949-7120


SOLENT CREDIT: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------------
The creditors of Solent Credit Opportunities Notes Fund are
required to file their proofs of debt by August 23, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2010.

The company's liquidator is:

         Hugh Dickson
         Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8240
         Facsimile: (345) 949-7120


SOLENT CREDIT: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------------
The creditors of Solent Credit Opportunities Master Fund are
required to file their proofs of debt by August 23, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2010.

The company's liquidator is:

         Hugh Dickson
         Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8240
         Facsimile: (345) 949-7120


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


BANCOLOMBIA SA: 2Q Net Profit Up 15% to COP291 Billion
------------------------------------------------------
Bancolombia SA's second-quarter net profit increased 15% to COP291
billion (US$159 million) from the same period last year due to the
increase to higher bank fees, which rose 4%, and lower provision
for bad loans, which fell 85% to COP35 billion, Inti Landauro at
Dow Jones Newswires reports.  Bancolombia SA's profit for the
first quarter was lower than the COP306 billion median
expectations of five analysts polled by Dow Jones Newswires.

According to the report, the bank's net loan portfolio at the end
of June was 4.9% higher than at the end of March and 2% lower than
at the end of June 2009.  The report relates Chief Executive Jorge
Londono expects the loan portfolio to rise between 8% and 10% this
year.

The bank, the report notes, had reported a net profit of COP1.23
trillion in 2009.

                      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 bank continues to carry Moody's "Ba2"
long-term and foreign long-term bank deposits ratings.  The bank
also continues to carry Fitch Ratings' "B+" subordinate debt
rating.


ISAGEN SA: Second Quarter Net Income Up 16% to COP121 Billion
-------------------------------------------------------------
Isagen SA second-quarter net income increased 16% to COP121
billion (US$66 million), from a year earlier, Darcy Crowe at Dow
Jones Newswires reports.  The report relates that Isagen SA's
operating revenue stood at COP377 billion, a 16% gain from the
second quarter last year.

According to the report, the company's electricity generation fell
13% in the second quarter from the same period a year ago as a
result of a drought related to the El Nino warm current in the
Pacific Ocean.

The report notes that the administration of outgoing President
Alvaro Uribe had expected to privatize Isagen this year and net
around US$1.5 billion.

                         About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "BB+"
long-term issuer default ratings.


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


SCJ: BITU Wants Assurance Local Workers Won't Be Replaced
---------------------------------------------------------
The Bustamante Industrial Trade Union, the union representing most
of Sugar Company of Jamaica Holdings Limited's workers, wants more
assurances that local sugar workers will not be replaced by
Chinese laborers at the company's three sugar estates that were
recently sold.

As reported in the Troubled Company Reporter-Latin America on
August 3, 2010, RadioJamaica said that the Jamaican government and
Complant International Sugar Company has closed the deal on the
sale of SCJ's three remaining state-run sugar factories --
Bernard Lodge, Monymusk and Frome Sugar -- to the Chinese firms.
According to the report, the government will collect US$774
million from the sale of SCJ's assets.  The report noted Dr.
Christopher Tufton, Minister of Agriculture, said that Complant
International will immediately begin taking control of some of the
sugar assets.

According to RadioJamaica, the BITU said it was concerned about
the quality of human resource management and development that the
company will bring to the divested entities.  The report relates
that the union said it is still questioning whether the Jamaican
sugar workers will be gradually replaced by Chinese workers
despite assurances from Agriculture Minister, Dr. Christopher
Tufton, and other stakeholders in the Ministry.

The report says that the union is seeking an early meeting with
the new management of the sugar factories to lay the foundation
for industrial peace and increased productivity.

                            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
===========


MEXICANA AIRLINE: Suspends Ticket Sales After Bankruptcy Filing
---------------------------------------------------------------
Crayton Harrison and Jonathan Roeder at Bloomberg News report that
Compania Mexicana de Aviacion stopped selling plane tickets as it
seeks talks with labor unions after filing for protection from
creditors.

According to the report, the company will continue operating its
flights normally.  The report relates Grupo Mexicana's low-fare
units will keep selling tickets.

"This decision will offer certainty and confidence to consumers,"
the report quoted Mexicana Airline, as saying.  The report relates
that the company said its goals are to protect passengers and
"create greater space to bring to fruition negotiations" with
labor unions.

"Unfortunately, this doesn't help with the negotiations,"
said Lizette Clavel, secretary general of the Flight Attendants
Union of Mexican Aviation, told the news agency in a phone
interview.  "There's the possibility of losing our jobs," she
added.

Meanwhile, according to a separate Bloomberg report, Chief
Executive Officer Manuel Borja Chico said that its union must
accept a new contract or buy the airline.  The report relates Mr.
Chico said that Mexicana Airline has been hurt by new competitors
with lower costs.  Mr. Chico, the report notes, said that the
airline is proposing salary restructuring to lower costs.

                     About Mexicana Airline

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units of Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link) are two other
units of Grupo Mexicana

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Compania Mexicana estimated assets of US$500 million to US$1
billion and debts of more than $1 billion in its Chapter 15
petition. William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Maru E. Johansen, foreign representative of Compania
Mexicana.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


* MEXICO: Moody's Affirms Rating on Veracruz's Lending Program
--------------------------------------------------------------
Moody's de Mexico affirms the Aa1.mx (Mexico National Scale) debt
rating assigned to the State of Veracruz's Municipal Lending
Program, backed by the Federal Fund for Municipal Infrastructure.
Moody's Investors Service also affirms the Baa1 (Global Scale,
local currency) debt rating assigned to this program.

Although the issuer ratings of the State of Veracruz were recently
downgraded to Ba3/A3.mx, from Ba2/A2.mx, reflecting deterioration
in financial performance, the ratings assigned to the Municipal
Lending Program remain unchanged as a result of these factors:

1. The remaining maturity of the loans under this program is only
   4 months, with the last debt service payments scheduled for
   November 2010.

2. Credit risks over this short-term horizon are offset by:

a) FAISM transfers for 2010 have already been established in the
   2010 federal budget and are not subject to in-year
   fluctuations.  This consideration offers a high level of
   certainty regarding cash flows over the next four months.

b) Under the terms of the program, monthly debt service payments
   may be missed for a total of three occasions, without being
   considered a default by the lender, as long as the amounts are
   paid by the next due date.  This further mitigates credit risks
   related to the remaining four debt service payments.

The ratings also take into account these factors:

1. The validity of the legal authorization of the transaction and
   trust as a mechanism for debt service payments.

2. A strong trust structure based on an irrevocable instruction
   to the Finance Ministry regarding the transfer of flows.

3. Historical performance of the loans under the program has been
   in-line with expectations, with debt service coverage of 1x.

The last rating action with respect to the State of Veracruz was
taken on August 4, 2010, when issuer ratings were downgraded to
Ba3 (Global Scale, local currency) and A3.mx (Mexico National
Scale) from Ba2 and A2.mx, respectively, and the outlook was
revised to stable.


* MEXICO: Moody's Cuts Issuer Rating on State of Veracruz to 'Ba3'
------------------------------------------------------------------
Moody's de Mexico downgraded the State of Veracruz's issuer rating
to A3.mx (Mexico National Scale) from A2.mx.  Moody's Investors
Service downgraded the State of Veracruz's issuer rating to Ba3
(Global Scale, local currency) from Ba2.  The outlook on these
ratings has also been revised to stable.  These actions conclude
the review for possible downgrade initiated on November 17, 2009.

The rating action reflects limited potential to rebalance
financial performance in the near to medium-term, as evidenced by:
a) the magnitude of the cash financing requirement recorded in
2009, as a result of the economic slowdown, and the persistence of
operating cost pressures that will render difficult the
realignment of expenditure and revenue growth; b) borrowing
requirements that are expected to trigger increase in debt levels
above the median of Ba rated states; and c) severe deterioration
of the state's liquidity position in 2009 that will exert pressure
on finances.

As a result of a structural misalignment between revenue and
expenditure growth, the state recorded cash financing requirements
that averaged -3.4% of total revenues between 2004 and 2008.
Given the magnitude of the cash financing requirement recorded in
2009, which was equivalent to -8.4% of total revenues, and the
persistence of operating cost pressures, the state faces
significant challenges to realign expenditure and revenue growth
over the medium term.

In 2009, net direct and indirect debt to total revenue was 10.4%,
a moderate level, that consists of a MXN 6.8 billion bond backed
by the federal vehicle registry tax.  However, given Veracruz's
announced borrowing plans for another MXN 6.8 billion in 2010, in
conjunction with needs arising from the ongoing fiscal imbalances,
Moody's expects that debt metrics will increase to levels above
the median of Ba-rated Mexican states.  Specifically, Moody's
estimates that net direct and indirect debt may increase up to
roughly 30.0% of total revenues between 2010 and 2011.

In 2009, the state's liquidity deteriorated as a result of the
sizeable cash financing requirement that was partially financed
via increases in accounts payable.  Accounts payable increased
from MXN 6.5 billion at the end of 2008 to MXN 12.4 billion in
2009 (17% of total expenditures).  Liquidity, measured by net
working capital (current assets less current liabilities),
decreased to -6.5% of total expenditures in 2009 from 1.4% in
2008.  This deterioration constitutes a credit negative as it
limits the state's financial capacity to absorb unforeseen shock.
Moreover, in weighting the impact of this credit negative, Moody's
also recognizes that the full impact of recent cash financing
requirements on liquidity may be greater than current figures
demonstrate, given analytic difficulties in reconciling income
statement results with changes in the balance sheet, as disclosed
in the state's financial statements.

In addition to these factors, the rating action also reflects
recent measures to limit refinancing risks stemming from an early
amortization clause in the state's MXN 6.8 billion bond issuance.
While some uncertainty surrounding how this clause may be
interpreted still exists, the state agreed with bondholders to
broadly modify this clause, thus reducing related risks that this
bond may be called by bondholders.

The last rating action with respect to the State of Veracruz was
taken on November 17, 2009, when issuer ratings were downgraded to
Ba2 (Global Scale, Local Currency) and A2.mx (Mexico National
Scale Rating) from Ba1 and A1.mx respectively and the issuer
ratings were placed under review for possible downgrade.


====================
P U E R T O  R I C O
====================


* PUERTO RICO: Moody's Affirms 'Caa1' Rating on Trust Fund's Notes
------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 rating on the
Puerto Rico Conservation Trust Fund's secured notes ($100 million
outstanding).  The rating outlook is negative.

The Trust Fund's notes were issued to purchase medium term notes
issued by Doral, as a form of Puerto Rico tax-exempt financing for
Doral.  Payments by Doral on its notes are the sole source of
repayment for the Trust Fund's notes.

The last rating action taken with regard to the Puerto Rico
Conservation Trust Fund secured notes was on October 23, 2009,
when the rating on the secured notes was downgraded to Caa1 from
B2.

The rating on the current issue was assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
issuer versus others within its industry or sector, ii) the
capital structure and financial risk of the issuer, iii) the
projected performance of the issuer over the near to intermediate
term, iv) the issuer's history of achieving consistent operating
performance and meeting budget or financial plan goals, v) the
debt service coverage provided by such revenue stream, vii) the
legal structure that documents the revenue stream and the source
of payment, and viii) the issuer's management and governance
structure related to the payment.  These attributes were compared
against other issuers both within and outside of the Puerto Rico
Conservation Trust's core peer group.  The Puerto Rico
Conservation Trust's ratings are believed to be comparable to
ratings assigned to other issuers of similar credit risk


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


CL FINANCIAL: Angostura Records TT$101.3MM Profit in 1st Half 2010
------------------------------------------------------------------
Angostura Holdings recorded a TT$1.28 billion loss for 2008 and is
unable to produce its audited results for 2009, Trinidad and
Tobago Guardian reports.  CL Financial Limited owns 78% of the
company.

According to the report, while the company reported an unaudited
net profit of TT$101.3 million for the first half of 2010, close
to half of that is due to foreign currency gains.  In reporting
its first financial results of any kind since November 2008,
Angostura stated that its consolidated financial statements for
the year ended December 31, 2008, were "materially impacted by
post-year-end events involving CL Financial," the report relates.

The "precarious" financial position of its parent "impaired the
collectability of TT$1.185 billion in receivables from the CL
Financial Group," the company said, the report notes.   The
company, the report relates, stated in its report that recognizing
these provisions resulted in a net loss of TT$1.287 billion as
well as accumulated losses of TT$307 million and negative
shareholders' equity of TT$121 million.

The report says the company reported that because of its loss in
2008, it was not in a position to declare any dividends for that
year.

The company's external auditor, PricewaterhouseCoopers, issued a
disclaimer of opinion in respect of Angostura's 2008 accounts, the
report discloses.  The report relates that an auditor attached to
a local private firm explained that a disclaimer of opinion is
where an auditor is unable, for a particular reason, to express an
opinion on accounts.

The Guardian says that Angostura Holdings described PwC's decision
to issue the disclaimer of opinion as "disappointing to the
board," because the disclaimer was issued "on the sole basis of
insufficient financial records for one US-based subsidiary, namely
Angostura Spirits and Wine Inc (ASW), which, in management's view,
is not material to the consolidated financial statements taken as
a whole."

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Trinidad and Tobago Newsday said trading of
Angostura Holdings' shares was suspended beginning July 13, on the
TT Stock Exchange as it was unable to submit its 2008 accounts.
The report related Angostura had already asked the Exchange for
extensions -- April 30 and May 31 -- to get its accounts ready,
but were unable to meet the deadlines; including the latest one on
July 10.  According to the report, the rum producer is grappling
with the TT$600 million hole left by its parent, CL Financial
Limited, and is now under government control.  T&T Newsday pointed
out that the main reason for the tardy publication of the accounts
is that CL Financial had leveraged the company's profits against
deals that looked like a sure bet at the time, including the
US$676 million to finance the purchase of Lascelles deMercado in
2008.  CL Financial owes Angostura money from the deals made over
the years but given the conglomerate's debt, auditors are faced
with trying to unravel the accounts, the report said.

                        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.


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


PETROLEOS DE VENEZUELA: 2010 Investment Estimated at US$16.4BB
--------------------------------------------------------------
Minister of Energy & Petroleum and President of Petroleos de
Venezuela said that investment in 2010 is estimated at US$16.4
billion.  In 2009, the report notes, investment stood at US$13.5
billion.

According to the report, between 2005 and 2009, contributions to
fundamental areas amounted to US$51.3 billion.  In the refining
area, investment for upcoming years is scheduled at US$29.1
billion and additional US$11.9 billion in the gas sector, the
report relates.

                            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.


* VENEZUELA: Pares US$20 Billion China Debt With Oil Supply Accord
------------------------------------------------------------------
Daniel Cancel and Corina Rodriguez Pons at Bloomberg News report
that Venezuela is shipping 200,000 barrels a day of oil to China
to repay US$20 billion of debt borrowed from the Asian nation to
finance power, agriculture and technology projects.

Venezuela is selling oil at market prices to repay the 10-year
loan, PDVSA President Rafael Ramirez told the news agency in an
interview.  "We're diversifying our export markets; our
international policy is going in this direction," the report
quoted Mr. Ramirez as saying.  "We don't cut prices in any of our
international agreements," he added, the report relates.

According to the report, China agreed to lend Venezuela US$20
billion in April to finance development projects in return for
future oil supplies.  The report relates Venezuela tapped the
first US$5 billion of the US$20 billion credit line with China
which consists of US$10 billion in U.S. currency and US$10 billion
in Chinese yuan.

                           *     *     *

As of August 6, 2010, Venezuela continues to carry Moody's
Investors Service's "B2" foreign currency rating and a "B1" local
currency rating with stable outlook.


                            ***********

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

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

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

                            ***********


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

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


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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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