TCRLA_Public/100809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, August 9, 2010, Vol. 11, No. 155

                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Moody's Gives Stable Outlook on 'D' Rating
DEM SRL: Creditors' Proofs of Debt Due on October 1
TRANSMOON SH: Creditors' Proofs of Debt Due on August 13


B A H A M A S

ULTRAPETROL (BAHAMAS): To Release 2nd Qtr. Results on Aug. 12


B E R M U D A

GLOBAL CROSSING: June 30 Balance Sheet Upside Down by $487MM
GLOBAL CROSSING: 100% of Senior Notes Tendered in Exchange Offer
VALIDUS HOLDINGS: Posts BM$179.8 Million Net Income in Second Qtr.


B R A Z I L

ELETROPAULO METROPOLITANA: Records BRL465.8MM Profit in 2nd Qtr.
GERDAU AMERISTEEL: Has US$45.8MM Net Income for Qtr. Ended June 30
GERDAU AMERISTEEL: 66-2/3% of Shareholders Approve Sale to Parent
GERDAU SA: 66-2/3% of Unit's Shareholders Approve Sale
GERDAU SA: Reports BRL733.1 Million Net Income in Second Quarter

JBS SA: Seeks Arbitration on Inalca JBS Governance Issues
NET SERVICOS: Empresa Offer Won't Affect S&P's 'BB+' Rating


C A Y M A N  I S L A N D S

ALTERNATIVEFOCUS ARGO: Creditors' Proofs of Debt Due on Sept. 2
CASTLE WATER: Creditors' Proofs of Debt Due on September 2
CHICHESTER FUND: Creditors' Proofs of Debt Due on September 2
CHEYNE LATAM: Creditors' Proofs of Debt Due on September 2
CONOCOPHILLIPS: Creditors' Proofs of Debt Due on September 2

GEO INVESTMENT: Creditors' Proofs of Debt Due on September 2
INFOCOPY CAPITAL: Creditors' Proofs of Debt Due on August 25
INFORELEASE CAPITAL: Creditors' Proofs of Debt Due on August 25
OPF CORPORATION: Creditors' Proofs of Debt Due on September 2
PEQUOT AIS: Creditors' Proofs of Debt Due on September 2

PETROPROD 1: Creditors' Proofs of Debt Due on August 23
PETROPROD 2: Creditors' Proofs of Debt Due on August 23
PETROPROD 3: Creditors' Proofs of Debt Due on August 23
PETROPROD D&P: Creditors' Proofs of Debt Due on August 23
PETROPROD D&P: Creditors' Proofs of Debt Due on August 23

SUNSTONE PROPERTIES: Creditors' Proofs of Debt Due on September 2
TAURUS (CAYMAN): Creditors' Proofs of Debt Due on September 2
TIMBERLINE FUND: Creditors' Proofs of Debt Due on September 2


C O S T A  R I C A

BANCO INTERNACIONAL: S&P Affirms 'BB/B' Counterparty Credit Rating


J A M A I C A

JAMAICA URBAN TRANSIT: Allied Insurance Brokers to Cover Company


M E X I C O

MEXICANA AIRLINES: Hearing on TRO on U.S. Claims on Aug. 16
MEXICANA AIRLINES: Petition for Insolvency Case in Mexico Admitted
MEXICANA AIRLINES: U.S. Recognition of Concurso Proceeding Sought
MEXICANA AIRLINES: Halt in Flights Could Adversely Affect ASUR
VITRO SAB: Ad Hoc Committee Opposes Coming Consent Solicitation


P A N A M A

BANCOLOMBIA SA: To Open Local Bank in Panama


P E R U

DOE RUN PERU: Advancing Toward Re-Start of Operations at La Oroya
DOE RUN PERU: 60% of Workers Likely to Leave La Oroya


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Won't Issue New Bonds This Year


X X X X X X X X

* BOND PRICING: For the Week August 2, to August 6, 2010




                         - - - - -


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


BANCO HIPOTECARIO: Moody's Gives Stable Outlook on 'D' Rating
-------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Banco
Hipotecario S.A. and changed the outlook to stable, from negative,
on the bank's D bank financial strength rating, as well as on the
Ba2 long-term local currency deposit rating.  In a corresponding
action, Moody's Latin America also changed the outlook on
Hipotecario's Aa1.ar national scale local currency deposit rating
to stable from negative.

The stable outlooks for the Caa1 long term global scale foreign
currency deposit rating and the Ba1.ar foreign currency deposit
rating on the Argentine national scale remain unchanged.

In changing the outlook on Hipotecario's ratings, Moody's noted
the improvement in the bank's profitability over the past year,
which benefited from a higher-yielding loan book and still sizable
securities gains which resulted in a return on average assets of
1.7% for 2009.  In addition, non-performing loans declined to 4.1%
of gross loans as of the first quarter of 2010 from a peak of 6.4%
in 2008.  This occurred amid an increase in the consumer and
credit card portfolios, and a focus on low-risk corporate lending.
Hipotecario's capitalization ratio of 27% as of March 31, 2010
compared well to that of other banks in the system.

Moody's also noted Hipotecario's funding diversification, which
was largely driven by an increase in deposits.  Deposits accounted
for 46% of total funding as of the first quarter of 2010, up from
30% at fiscal year end 2008.  Debt repurchases and repayment of
debt during 2009, largely in foreign currency, were replaced by
domestic issuances, thus reducing the bank's cross border exposure
and currency mismatches.

Nonetheless, Moody's observed that management is challenged to
continue to grow Hipotecario's non-mortgage business while
preserving its asset quality and profitability because of the
highly competitive Argentinean banking market.  Moreover, concerns
about the bank's corporate governance structure continues to limit
the ratings.

Hipotecario's Ba2 global local-currency deposit rating is derived
from its stand-alone baseline credit assessment of Ba2, which, in
turn, is mapped from the D BFSR.  The rating does not receive lift
due to systemic support.

Banco Hipotecario S.A. is headquartered in Buenos Aires,
Argentina.  As of March 31, 2010, the bank reported
ARS11.6 billion in assets and ARS2.8 billion in equity.

These ratings were affirmed:

  -- Bank Financial Strength Rating: D, outlook changed to stable
     from negative

  -- Long term local currency deposit rating, global scale: Ba2,
     outlook changed to stable from negative

  -- Long term local currency deposit rating, national scale:
     Aa1.ar, outlook changed to stable from negative

  -- Long and short term foreign currency deposit ratings, global
     scale: Caa1 and Not Prime, stable outlook

  -- Long term foreign currency deposit rating, national scale:
     Ba1.ar, stable outlook


DEM SRL: Creditors' Proofs of Debt Due on October 1
---------------------------------------------------
The court-appointed trustee for Dem S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 1, 2010.

The trustee will present the validated claims in court as
individual reports on November 29, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 22, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 1, 2011.


TRANSMOON SH: Creditors' Proofs of Debt Due on August 13
--------------------------------------------------------
The court-appointed trustee for Transmoon S.H.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 13, 2010.

The trustee will present the validated claims in court as
individual reports on September 27, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 8, 2010.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): To Release 2nd Qtr. Results on Aug. 12
-------------------------------------------------------------
Ultrapetrol (Bahamas) Limited will release its second quarter 2010
financial results on Thursday, August 12, 2010 after the close of
stock market trading.  Ultrapetrol (Bahamas) also will host a
related conference call on Friday, August 13, 2010, at 10:00 a.m.
Eastern Time, accessible via telephone and Internet with an
accompanying slide presentation.

On the call, Felipe Menendez Ross, President and Chief Executive
Officer, and Leonard Hoskinson, Chief Financial Officer, will
discuss Ultrapetrol's results and the outlook for its three core
businesses.  There also will be a question and answer session.
The call is expected to last approximately one hour and an audio
webcast and slide presentation will be available on the Investor
Relations section of Ultrapetrol's Web site at
http://www.ultrapetrol.net/

Investors and analysts may participate in the live conference call
by dialing 1-800-857-9651 (toll-free U.S.) or +1-630-395-0221
(outside of the U.S.); passcode: ULTR.  Please register at least
10 minutes before the conference call begins.  A replay of the
call will be available for one week via telephone starting
approximately one hour after the call ends.  The replay can be
accessed at 1-800-645-7408 (toll-free U.S.) or +1-402-220-0252
(outside of the U.S.); passcode: 0813.  The webcast will be
archived on Ultrapetrol's Web site for 30 days after the call.

                        About Ultrapetrol

Ultrapetrol (Bahamas) Ltd. -- http://www.ultrapetrol.net/-- is an
industrial transportation company serving the marine
transportation needs of its clients in the markets on which it
focuses.  It serves the shipping markets for grain, forest
products, minerals, crude oil, petroleum and refined petroleum
products, as well as the offshore oil platform supply market with
its extensive and diverse fleet of vessels.  These include river
barges and pushboats, platform supply vessels, tankers and oil-
bulk-ore/capesize vessels.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Standard & Poor's Rating Services said that it
revised its outlook on Bahamas-based transportation company
Ultrapetrol (Bahamas) Ltd. to negative from stable.  At the same
time, S&P affirmed the ratings, including the corporate credit
rating on the company, at 'B'.


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


GLOBAL CROSSING: June 30 Balance Sheet Upside Down by $487MM
------------------------------------------------------------
Global Crossing filed its quarterly report on Form 10-Q with the
Securities and Exchange Commission.  A full-text copy of the
Company's Form 10-Q is available for free at
http://ResearchArchives.com/t/s?67e5

The Company's balance sheet at June 30, 2010, showed $2.249
billion in total assets and $2.736 billion in total liabilities,
for $487.0 million in total stockholders' deficit.

As reported by the Troubled Company Reporter on July 29, 2010,
Global Crossing said in a press release that it incurred a net
loss of $47 million on $630 million of revenue during the three
months ended June 30, 2010, compared with a net income of $27
million on $633 million of revenue during the same period in 2009.

A full-text copy of the Company's earnings release is available
for free at http://ResearchArchives.com/t/s?6731

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
is a global IP and Ethernet solutions provider with the world's
first integrated global IP-based network.  The company offers a
full range of data, voice and collaboration services with an
industry leading customer experience and delivers service to
approximately 40% of the Fortune 500, as well as to 700 carriers,
mobile operators and ISPs.  It delivers converged IP services to
more than 700 cities in more than 70 countries around the world.

                           *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.


The Company's balance sheet at June 30, 2010, showed US$2.249
billion in total assets and US$2.736 billion in total liabilities,
for US$487.0 million in total stockholders' deficit.


GLOBAL CROSSING: 100% of Senior Notes Tendered in Exchange Offer
----------------------------------------------------------------
Global Crossing Limited reported the expiration of its exchange
offer for any and all of its outstanding US$750,000,000 in
aggregate principal amount of 12% Senior Secured Notes due 2015
for an equal principal amount of a new issue of 12% Senior Secured
Notes due 2015 which have been registered under the Securities Act
of 1933.

Wilmington Trust FSB, the exchange agent for the exchange offer,
has advised that US$750,000,000 aggregate principal amount of the
Original Notes were validly tendered and not validly withdrawn
prior to the expiration of the exchange offer, which represents
100% of the aggregate principal amount of Original Notes
outstanding upon commencement of the exchange offer.

The Company has accepted for exchange all of the Original Notes
validly tendered and not validly withdrawn and settlement will
occur promptly.

The Company previously said the exchange offer is being conducted
to satisfy Global Crossing's obligations under the terms of a
registration rights agreement entered into in connection with the
initial issuance of the Original Notes, and does not represent a
new financing transaction.  Global Crossing will not receive any
proceeds from the exchange offer.

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
is a global IP and Ethernet solutions provider with the world's
first integrated global IP-based network.  The company offers a
full range of data, voice and collaboration services with an
industry leading customer experience and delivers service to
approximately 40% of the Fortune 500, as well as to 700 carriers,
mobile operators and ISPs.  It delivers converged IP services to
more than 700 cities in more than 70 countries around the world.

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.

The Company's balance sheet at June 30, 2010, showed US$2.249
billion in total assets and US$2.736 billion in total liabilities,
for US$487.0 million in total stockholders' deficit.


VALIDUS HOLDINGS: Posts BM$179.8 Million Net Income in Second Qtr.
------------------------------------------------------------------
Validus Holdings, Ltd. reported net income of BM$179.8 million, or
BM$1.44 per diluted common share, for the three months ended
June 30, 2010, from net income of BM$137.6 million, or $1.74 per
diluted common share, for the three months ended June 30, 2009.

Net income for the six months ended June 30, 2010, was BM$61.4
million, or BM$0.48 per diluted common share, compared with
BM$232.5 million, or BM$2.94 per diluted common share, for the six
months ended June 30, 2009.

Net operating income for the three months ended June 30, 2010, was
BM$129.8 million, or BM$1.04 per diluted share, compared with net
operating income of BM$110.4 million, or BM$1.40 per diluted
common share, for the three months ended June 30, 2009.  Net
operating (loss) for the six months ended June 30, 2010 was
(BM$6.6) million, or (BM$0.05) per diluted common share, compared
with net operating income of BM$210.8 million, or BM$2.67 per
diluted common share, for the six months ended June 30, 2009.

Net operating income, a non-GAAP financial measure, is defined as
net income excluding net realized and unrealized gains or losses
on investments, foreign exchange gains and losses and non-
recurring items.  Reconciliations of this measure to net income,
the most directly comparable GAAP measure, are presented at the
end of this release.

In relation to the second quarter and six months to June 30, 2010
results, Ed Noonan, Chairman and Chief Executive Officer of
Validus commented: "In the second quarter of 2010, we were able to
grow our diluted book value per share including dividends by 6.5%.
We also completed the re-underwriting and optimization of the
reinsurance portfolio acquired from IPC in the second half of
2009.  We are following through on our commitment to shareholders
to manage capital actively and in the second quarter repurchased
approximately BM$315.0 million of our common shares, which
included 12.0 million common shares purchased pursuant to our
modified Dutch auction tender offer.  We close the quarter with a
very strong balance sheet, including loss reserves with a high
component of IBNR against our short-tail portfolio."

                      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 ICR 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
===========


ELETROPAULO METROPOLITANA: Records BRL465.8MM Profit in 2nd Qtr.
---------------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA recorded a
BRL465.8 million (US$265.56 million) profit in the second quarter
from BRL155 million in the same quarter last year, Paulo
Winterstein at Dow Jones Newswires reports.  The result easily
beat a BRL422 million profit forecast by analysts surveyed by Dow
Jones Newswires.

According to the report, earnings before interest, taxes,
depreciation and amortization (Ebitda) more than doubled in the
period to BRL732.1 million.  The report relates that the company
reported net financial revenue of BRL70.7 million and net
financial costs of BRL9.9 million.

Analysts, the report says, note the company is among electric
utilities in Brazil whose profit was favorably impacted by one-
time items during the quarter -- among them was the sale of
subsidiary Eletropaulo Telecomunicacoes to Companhia Brasiliana de
Energia for BRL296.3 million.  Additionally, the company saw a
gain from the reversal of a provision after the end of a legal
dispute with bankrupt local bank, Banco Santos, the report notes.

                   About Eletropaulo Metropolitana

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A generates,
transmits, distributes, and markets electrical power to the City
of Sao Paulo and surrounding metropolitan regions.

                           *     *     *

As of May 18, 2010, the company continues to carry Moody's "Ba1"
subordinate debt rating.  The company also continues to carry
Fitch Ratings' "BB" long-term issuer default ratings and senior
unsecured debt rating.


GERDAU AMERISTEEL: Has US$45.8MM Net Income for Qtr. Ended June 30
------------------------------------------------------------------
Gerdau AmeriSteel Corporation recorded a US$45.8 million net
income in the quarter ended June 30, 2010, from a US$51.6 million
loss in the same period last year, as both steel prices and
shipments strengthened, Euan Rocha at Reuters reports.

According to the report, Gerdau AmeriSteel said quarterly net
sales rose 30% to US$1.33 billion, as both average steel selling
prices and finished steel shipments rose sharply in the period.

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

                           *     *     *

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


GERDAU AMERISTEEL: 66-2/3% of Shareholders Approve Sale to Parent
-----------------------------------------------------------------
Gerdau Ameristeel Corporation and Gerdau S.A. disclosed that, as
of August 5, 2010, more than 66-2/3% of the votes cast to date by
all Gerdau Ameristeel shareholders and more than a majority of the
votes cast to date by the minority shareholders have been voted in
favour of the proposed acquisition by Gerdau S.A. of the common
shares of Gerdau Ameristeel that it does not already own at a
price of US$11.00 cash per common share.

For the transaction to be implemented, it must be approved by not
less than 66-2/3% of the votes cast by all Gerdau Ameristeel
shareholders, and a simple majority of the votes cast by the
minority shareholders, present in person or represented by proxy
and entitled to vote on the plan of arrangement resolution at the
special meeting of Gerdau Ameristeel's shareholders.  The Board of
Directors of Gerdau Ameristeel unanimously recommends that
shareholders vote in favour of the plan of arrangement resolution.

Gerdau Ameristeel is pleased to have received positive shareholder
support and favourable recommendations from two leading proxy
advisory firms, ISS Proxy Advisory Services and Glass Lewis & Co.

As the regulatory review of certain disclosure documents related
to the transaction is not expected to be completed before the
August 10, 2010, special meeting of Gerdau Ameristeel's
shareholders, Gerdau Ameristeel is rescheduling the special
meeting to a later date in order to accommodate this regulatory
review process.  Gerdau Ameristeel will announce the new time,
date and location for the meeting by way of a further press
release.  The record date for voting at the meeting will not be
affected.  Shareholders are urged to carefully read the
information circular dated July 7, 2010, that was mailed to them
in connection with the transaction.

As a result of the rescheduling of the special meeting, the time
for the deposit of proxies will be extended.  Proxies must now be
received no later than 48 hours (excluding Saturdays, Sundays and
holidays) prior to the commencement of the rescheduled meeting. No
further action need be taken by shareholders that already have
deposited proxies in respect of their shares for those shares to
be voted at the special meeting.

Shareholders who have questions regarding the contents of the
information circular or require assistance in completing their
proxy forms are urged to contact Gerdau S.A., Gerdau Ameristeel
Corporation or their proxy solicitation agent, The Laurel Hill
Advisory Group Company, toll-free, at 1-866-508-3236.

                      About Gerdau Ameristeel

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

                           *     *     *

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

                         About Gerdau S.A.

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

                           *     *     *

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


GERDAU SA: 66-2/3% of Unit's Shareholders Approve Sale
------------------------------------------------------
Gerdau Ameristeel Corporation and Gerdau S.A. disclosed that, as
of August 5, 2010, more than 66-2/3% of the votes cast to date by
all Gerdau Ameristeel shareholders and more than a majority of the
votes cast to date by the minority shareholders have been voted in
favour of the proposed acquisition by Gerdau S.A. of the common
shares of Gerdau Ameristeel that it does not already own at a
price of US$11.00 cash per common share.

For the transaction to be implemented, it must be approved by not
less than 66-2/3% of the votes cast by all Gerdau Ameristeel
shareholders, and a simple majority of the votes cast by the
minority shareholders, present in person or represented by proxy
and entitled to vote on the plan of arrangement resolution at the
special meeting of Gerdau Ameristeel's shareholders.  The Board of
Directors of Gerdau Ameristeel unanimously recommends that
shareholders vote in favour of the plan of arrangement resolution.

Gerdau Ameristeel is pleased to have received positive shareholder
support and favourable recommendations from two leading proxy
advisory firms, ISS Proxy Advisory Services and Glass Lewis & Co.

As the regulatory review of certain disclosure documents related
to the transaction is not expected to be completed before the
August 10, 2010, special meeting of Gerdau Ameristeel's
shareholders, Gerdau Ameristeel is rescheduling the special
meeting to a later date in order to accommodate this regulatory
review process.  Gerdau Ameristeel will announce the new time,
date and location for the meeting by way of a further press
release.  The record date for voting at the meeting will not be
affected.  Shareholders are urged to carefully read the
information circular dated July 7, 2010, that was mailed to them
in connection with the transaction.

As a result of the rescheduling of the special meeting, the time
for the deposit of proxies will be extended.  Proxies must now be
received no later than 48 hours (excluding Saturdays, Sundays and
holidays) prior to the commencement of the rescheduled meeting. No
further action need be taken by shareholders that already have
deposited proxies in respect of their shares for those shares to
be voted at the special meeting.

Shareholders who have questions regarding the contents of the
information circular or require assistance in completing their
proxy forms are urged to contact Gerdau S.A., Gerdau Ameristeel
Corporation or their proxy solicitation agent, The Laurel Hill
Advisory Group Company, toll-free, at 1-866-508-3236.

                      About Gerdau Ameristeel

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

                           *     *     *

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

                         About Gerdau S.A.

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

                           *     *     *

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


GERDAU SA: Reports BRL733.1 Million Net Income in Second Quarter
--------------------------------------------------------------
Carlos Caminada and Peter Millard at Bloomberg News report that
Gerdau SA reported net income of BRL733.1 million in the second
quarter from a BRL266.1 million loss in the year-earlier period.
The earnings beat the mean estimate of 45 centavos a share in a
Bloomberg survey of 10 analysts.

According to the report, Gerdau SA increased its 2010-2014
investment plan by 16% as it seeks to boost steel production
capacity in Brazil, Peru and India.  The report relates that sales
rose 30% to BRL8.3 billion amid rising demand in Brazil, which is
expected to grow this year at the fastest pace in more than two
decades.  "The earnings were mainly a result of higher volumes in
the domestic market, and good margins as well," Marcelo Varejao,
an analyst at Sao Paulo-based brokerage Socopa Corretora told the
news agency in a telephone interview.

As reported in the Troubled Company Reporter-Latin America on
June 24, 2010, Dow Jones Newswires said that Gerdau S.A.'s board
approved a proposal to buy the one-third stake of its U.S.
subsidiary Gerdau Ameristeel Corp. that it doesn't already own for
up to US$1.7 billion.  Bloomberg News said that Gerdau SA agreed
to take full control of Gerdau Ameristeel.  According to the
report, Gerdau SA said it will pay US$11 a share in cash for the
33.7% of Gerdau Ameristeel.

                        About Gerdau S.A.

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

                           *     *     *

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


JBS SA: Seeks Arbitration on Inalca JBS Governance Issues
---------------------------------------------------------
JBS SA requested arbitration at the International Chamber of
Commerce in Paris in order to resolve pending corporate governance
issues with Italy's Cremonini SpA., Rogerio Jelmayer at Dow Jones
Newswires reports.  In 2007, JBS acquired 50% of Inalca from
Cremonini S.p.A., creating Inalca JBS.

"This filing at the ICC (International Chamber of Commerce) is in
continuation of the injunction filed with the Italian Judicial
Authorities as communicated to the market by the company on July 7
and is directly related to the full compliance of the terms and
conditions of the contract signed between JBS and the Cremonini
Group upon the foundation of Inalca JBS and specifically to the
clauses which refer to transparency and good Corporate Governance
practices," the report quoted JBS SA as saying.

Inalca JBS represents 2.8% of the consolidated JBS' revenues.

                           About JBS SA

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

                           *     *     *

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

  -- local currency issuer default rating to 'BB-' from 'B+';

  -- foreign currency issuer default rating to 'BB-' from 'B+';

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

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

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


NET SERVICOS: Empresa Offer Won't Affect S&P's 'BB+' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Brazil-
based pay TV, broadband, and telephone provider Net Servicos de
Comunicacao S.A. (BB+/Stable/--) is unaffected by Empresa
Brasileira de Telecomunicacoes S.A.'s (not rated) offering to take
over 100% of NET's preferred shares.  Embratel is a subsidiary of
Mexican-based America Movil S.A.B. de C.V. (A-/Stable/--), which
is also the indirect shareholder of NET through its subsidiary
Telmex Internacional S.A.B. de C.V.  Operating integration of
America Movil's assets in Brazil, which includes NET, Embratel,
and Brazil-based mobile and broadband provider Claro S.A. (not
rated), is still limited.  At this time, S&P does not incorporate
any operating and commercial synergies that could result from a
potential full integration of those assets, or any financial
support from America Movil, into S&P's base case credit analysis.


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


ALTERNATIVEFOCUS ARGO: Creditors' Proofs of Debt Due on Sept. 2
---------------------------------------------------------------
The creditors of Alternativefocus Argo Special Situations Ltd 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 16, 2010.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CASTLE WATER: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------------
The creditors of Castle Water Leasing 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 23, 2010.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CHICHESTER FUND: Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------------
The creditors of Chichester Fund SPC 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 23, 2010.

The company's liquidator is:

         Andrew Feldman
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CHEYNE LATAM: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------------
The creditors of Cheyne Latam Equity Fund 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 16, 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


CONOCOPHILLIPS: Creditors' Proofs of Debt Due on September 2
------------------------------------------------------------
The creditors of Conocophillips Exploration Turkmenistan 21 Ltd.
are required to file their proofs of debt by September 2, 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:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, George Town Grand Cayman KY1-1103


GEO INVESTMENT: Creditors' Proofs of Debt Due on September 2
------------------------------------------------------------
The creditors of Geo Investment Management Limited 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


INFOCOPY CAPITAL: Creditors' Proofs of Debt Due on August 25
------------------------------------------------------------
The creditors of Infocopy 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


INFORELEASE CAPITAL: Creditors' Proofs of Debt Due on August 25
---------------------------------------------------------------
The creditors of Inforelease 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


OPF CORPORATION: Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------------
The creditors of OPF Corporation 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 23, 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


PEQUOT AIS: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The creditors of Pequot Ais Offshore Fund, Ltd. 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 21, 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


PETROPROD 1: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------
The creditors of Petroprod 1 Ltd 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 May 24, 2010.

The company's liquidator is:

         Kris Beighton
         PO Box 493, Century Yard, Cricket Square
         Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: (345) 914-4395
         Facsimile: (345) 949-7164
         e-mail: gerhardalbertyn@kpmg.ky


PETROPROD 2: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------
The creditors of Petroprod 2 Ltd 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 May 24, 2010.

The company's liquidator is:

         Kris Beighton
         PO Box 493, Century Yard, Cricket Square
         Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: (345) 914-4395
         Facsimile: (345) 949-7164
         e-mail: gerhardalbertyn@kpmg.ky


PETROPROD 3: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------
The creditors of Petroprod 3 Ltd 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 May 24, 2010.

The company's liquidator is:

         Kris Beighton
         PO Box 493, Century Yard, Cricket Square
         Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: (345) 914-4395
         Facsimile: (345) 949-7164
         e-mail: gerhardalbertyn@kpmg.ky


PETROPROD D&P: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------------
The creditors of Petroprod D&P 1 Ltd 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 May 24, 2010.

The company's liquidator is:

         Kris Beighton
         PO Box 493, Century Yard, Cricket Square
         Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: (345) 914-4395
         Facsimile: (345) 949-7164
         e-mail: gerhardalbertyn@kpmg.ky


PETROPROD D&P: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------------
The creditors of Petroprod D&P 2 Ltd 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 May 24, 2010.

The company's liquidator is:

         Kris Beighton
         PO Box 493, Century Yard, Cricket Square
         Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: (345) 914-4395
         Facsimile: (345) 949-7164
         e-mail: gerhardalbertyn@kpmg.ky


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

The company commenced wind-up proceedings on July 23, 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


TAURUS (CAYMAN): Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------------
The creditors of Arakawa Holding Cayman Co., Ltd. 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 23, 2010.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TIMBERLINE FUND: Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------------
The creditors of The Timberline Fund, Ltd. 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 12, 2010.

The company's liquidator is:

         Stuart Jessop
         Regatta Office Park, 5th Floor, Windward 3
         West Bay Road, Grand Cayman KY1-1105
         Cayman Islands
         Telephone: 949 1599
         e-mail stuart.jessop@crusader.com.ky


==================
C O S T A  R I C A
==================


BANCO INTERNACIONAL: S&P Affirms 'BB/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B'
counterparty credit rating on Banco Internacional de Costa Rica
S.A.

The concentration of BICSA's loan portfolio in Central America,
especially in nations with long-term sovereign ratings in the 'BB'
category, constrains the rating.  However, the rating receives
support from the positive trend in financial performance, mainly
attributable to a more conservative and experienced management
team.

S&P solely bases the ratings on BICSA on its stand-alone credit
profile, rather than on expected extraordinary support from the
government.  S&P considers BICSA a government-related entity in
the Republic of Costa Rica (foreign currency: BB/Stable/B; local
currency: BB+/Stable/B), due to its shareholding structure where
the country's two largest public banks wholly own BICSA.

"The stable outlook reflects Standard & Poor's expectation that
BICSA will maintain its financial performance due to its tighter
operational controls, more disciplined approach to loan portfolio
growth, and improved corporate governance," said Standard & Poor's
credit analyst Alfonso J. Novelo.  To raise the ratings, S&P would
require BICSA to further diversify its asset base into countries
with higher sovereign ratings than Costa Rica, as well as continue
to improve the tenor and diversification of its funding structure.
S&P could also raise the ratings if there is a positive change in
the sovereign ratings of the main countries where the bank
operates.  "S&P could lower the ratings if economic conditions in
the countries where BICSA operates affect its loan portfolio's
asset quality, profitability, and capitalization," he continued.


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


JAMAICA URBAN TRANSIT: Allied Insurance Brokers to Cover Company
----------------------------------------------------------------
Allied Insurance Brokers will provide general insurance services
to Jamaica Urban Transit Company, RadioJamaica reports.

According to the report, the contract is for three years spanning
April this year to March 31, 2013.  The report relates that the
net premium payable for 2010/2011 is JM$48.5 million.

Allied Insurance will negotiate the amounts for the other two
years, the report notes.

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

                           *     *     *

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


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


MEXICANA AIRLINES: Hearing on TRO on U.S. Claims on Aug. 16
-----------------------------------------------------------
At the behest of Maru Johansen, in her capacity as the foreign
representative of Mexicana Airlines, Judge Martin Glenn issued a
show cause order on August 5, 2010, directing all parties-in-
interest to convene on August 16, 2010, at 10:00 a.m., to show why
a preliminary injunction should not be granted pending the
issuance of an order recognizing the Concurso Proceeding as a
"foreign main proceeding" as defined in Section 1502(4) of the
Bankruptcy Code.

Judge Glenn, who replaced Judge Stuart Bernstein to oversee
Mexicana Airlines' Chapter 15 case, ruled that the protection of
Section 362 of the U.S. Bankruptcy Code applies to the airline and
its assets in the United States pending entry of further court
order.

Pending further order of the Bankruptcy Court:

  (1) Ms. Johansen is established as the representative of
      Mexicana Airlines with full authority to administer its
      assets and affairs in the U.S.;

  (2) the Foreign Representative is entrusted with the
      administration or realization of Mexicana Airlines' assets
      in the U.S. including all of its assets that may have been
      transferred to parties in the U.S.;

  (3) all persons and entities are enjoined from seizing,
      attaching, enforcing and executing liens or judgments
      against Mexicana Airlines' property in the U.S. or from
      transferring, encumbering or otherwise disposing of and
      interfering with its assets, agreements, rights services
      and operations without approval from the Mexico Court or
      the U.S. Bankruptcy Court, or without a written consent of
      the Foreign Representative;

  (4) all persons and entities are enjoined from commencing or
      continuing any judicial, administrative or any other
      action and proceeding in the U.S. involving or against
      Mexicana Airlines and its assets or proceeds thereof, or
      to recover a claim or enforce any judicial, quasi-
      judicial, regulatory, administrative or other judgment,
      assessment, order, lien or arbitration award against
      Mexicana Airlines, its assets or proceeds thereof without
      approval from the Mexico Court or the U.S. Bankruptcy
      Court or without a written consent of the Foreign
      Representative; and

  (5) the administration and realization of all of Mexicana
      Airlines' assets in the U.S. is entrusted to the Foreign
      Representative, including those that may have been
      transferred to third parties.

The Foreign Representative and Mexicana Airlines are granted the
full protections and rights available under Section 1519(a)(1)-(3)
of the Bankruptcy Code.

The banks and financial institutions where Mexicana Airlines
maintains its U.S.-based bank accounts or where checks are drawn
and electronic payment requests are made in payment of its
obligations are authorized to continue to service and administer
the airline's bank accounts without interruption and in the
ordinary course.  They are also authorized to process and honor
checks, drafts, wires and automatic clearing house transfers
issued, whether before or after the Petition Date and drawn on
Mexicana Airlines' bank accounts by their holders and makers, and
at the direction of the Foreign Representative or the airline, as
the case may be.

The Foreign Representative's lawyer, William Heuer, Esq., at Duane
Morris LLP, in New York, asserted that without court approval of
the relief requested, Mexicana Airlines could experience
disruption to its restructuring and operations.

Mr. Heuer pointed out that Mexicana Airlines has U.S. assets
exposed to potentially adverse action by its creditors and that it
requires provisional protection to prevent such action and to
facilitate an expeditious restructuring.

Mexicana Airlines has already received several notices of default
under the terms of its aircraft and spare engine leases as well as
notices to terminate those leases and ground the aircraft.  Many
of its aircraft were also seized in Canada and there were similar
attempts made in other areas, Mr. Heuer disclosed in an affidavit
filed with the Bankruptcy Court.

Ms. Johansen, in a declaration, said that Mexicana Airlines will
comply with any final order of the Bankruptcy Court or the Mexico
Court requiring that any of its aircraft or spare engines be
returned to the lessor.

           Wells Fargo Seeks Relief from Court Order

In a related development, Wells Fargo Bank Northwest N.A., Marco
Aircraft Leasing Limited and AeroTurbine Inc. filed a motion
seeking relief from the Bankruptcy Court's order.

Wells Fargo, Marco Aircraft and AeroTurbine leased out some of
their aircraft, engines and equipment to Mexicana Airlines.
Mexicana Airlines defaulted under its agreements with the lessors
after it allegedly failed or refused to make payments.

John Toriello, Esq., at Holland & Knight LLP, in New York, said
the leases had already been cancelled and that the lessors had
already informed Mexicana Airlines about the cancellation through
the July 29 letters that were sent to the airline.

"The effect of the cancellation of the leasing of the aircraft,
engines and component parts is that they are no longer assets or
property of Mexicana's estate under the Bankruptcy Code," Mr.
Toriello said in court papers.  He added that the leased
properties are no longer subject to the automatic stay provided
for in Section 362 of the Bankruptcy Code or the injunction
provided for under the Bankruptcy Court's order.

Lewis Wood, Aengus Kelly, and legal counsel for the lessors,
Abogados Sierra y Vazquez S.C. and Holland & Knight LLP, filed
declarations with the Bankruptcy Court in support of the motion.

Mr. Wood is the senior vice-president of AeroTurbine's Supply
Chain and Engine Leasing while Mr. Kelly is the chief executive of
Aercap Group Services Inc., the firm authorized to act as servicer
for certain aircraft on behalf of Wells Fargo and Marco Aircraft.

In compliance with Rule 7007.1 of the Federal Rules of Bankruptcy
Procedure, Mr. Toriello certifies that:

  (a) Wells Fargo Bank Northwest N.A. is a wholly owned
      subsidiary of Wells Fargo & Co.,

  (b) Macro Aircraft Leasing Limited is a wholly owned
      subsidiary of AerCap Holdings N/V, and

  (c) Aero Turbine, Inc. is a wholly owned subsidiary of AerCap,
      Inc., itself a wholly owned subsidiary of AerCap Holdings
      N/V.

Mexicana Airlines is required to serve a response to Holland &
Knight by August 9, 2010.  It is also required to show cause
before the Bankruptcy Court on August 11, 2010, why approval of
Wells Fargo's motion should be denied.  Meanwhile, reply papers,
if any, should also be served by August 10, 2010, by service on
counsel for the Foreign Representative.

                     About Mexicana Airlines

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 are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

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 US$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.


MEXICANA AIRLINES: Petition for Insolvency Case in Mexico Admitted
------------------------------------------------------------------
A District Judge of Mexico City published the admission decree to
the Concurso Mercantil petition filed by Compania Mexicana de
Aviacion (CMA) on August 2, legally initiating the insolvency
petition process aimed to restore CMA's viability.  In order for
CMA to continue operations and to protect the Company, passengers
and its creditors, a series of temporary injunction relief
measures have been granted to prevent creditors from exercising
their rights over CMA's outstanding debt obligations.  Such
measures are subject to negotiations with CMA's creditors and
unions.

Compania Mexicana de Aviacion would like to remind passengers that
MexicanaClick and MexicanaLink operate independently of CMA, and
are therefore unaffected by this process.

Compania Mexicana de Aviacion would like to reaffirm its
commitment to its customers, business partners and employees.  For
regular updates on the progress of negotiations and the
restructuring process please visit www.mexicana.com, or follow CMA
on Twitter: @mexicana_com

                     About Mexicana Airlines

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 are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

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 US$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.


MEXICANA AIRLINES: U.S. Recognition of Concurso Proceeding Sought
-----------------------------------------------------------------
Maru E. Johansen, vice-president legal & corporate affairs of
Compania Mexicana de Aviacion, SA de C.V., in her capacity as
foreign representative, asks Judge Martin Glenn of the U.S.
Bankruptcy Court for the Southern District of New York to
recognize the "Concurso Proceeding" as a "foreign main proceeding"
pursuant to Sections 1517(a) and (b)(1) of the U.S. Bankruptcy
Code.

In addition, Ms. Johansen asks the Court to issue an order (i)
recognizing her as the duly appointed "foreign representative," as
defined in 11 U.S.C. Section 101(24), of Mexicana; and (ii) to the
extent necessary, if the Concurso Proceeding is found to be a
foreign "nonmain" proceeding rather than a foreign "main"
proceeding, granting relief under Sections 1521(a)(1), (2), (3),
(5) and (6) and 1521(b) of the Bankruptcy Code.

Ms. Johansen tells the Court that Mexicana's Chapter 15 proceeding
will complement the company's primary proceedings in Mexico to
ensure the effective and economic administration of the company's
restructuring efforts.

Ms. Johansen submits that all of the requirements for recognition
of a foreign main proceeding are satisfied by Mexicana.

"As a threshold matter, the Concurso Proceeding is a 'foreign
proceeding' as that term is defined in Section 101(23) of the
Bankruptcy Code," she says.

Section 101(23) defines a "foreign proceeding" as a collective
judicial or administrative proceeding in a foreign country,
including an interim proceeding, under a law relating to
insolvency or adjustment of debt in which proceeding the assets
and affairs of the debtor are subject to control or supervision by
a foreign court, for the purpose of reorganization or liquidation.

Ms. Johansen notes that Mexicana's Concurso Proceeding is a
collective administrative proceeding under the Concurso Law,
administered in the Mexican Court, which relates to insolvency and
adjustment of debt.  The purpose of the Concurso Proceeding is to
allow financially troubled businesses time to either craft and
execute a plan of reorganization or go through an orderly
liquidation of their assets.  The process is controlled by the
Mexico Court, which has authority at the outset to grant or deny
the Concurso petition and has review and approval rights over any
plan of reorganization filed by the debtor.

Under the Concurso Law, she continues, though Mexicana will remain
in control of its business and operations, the process of forming
the plan of reorganization is overseen by a court appointed
administrator, the Conciliador, who exercises powers similar to
those of the United States Trustee in a proceeding under the
Bankruptcy Code.  Moreover, because Mexicana operates under a
concession of title from the Mexican government as a "Public
Service," the Mexican Ministry of Transportation and
Communications will participate.  For these reasons, Mexicana's
assets are and will continue to be "subject to control or
supervision by a foreign court" through the Concurso Proceeding.

Moreover, Ms. Johansen explains, Mexicana meets the requirements
under Section 1502(4) of the Bankruptcy Code which defines a
foreign "main" proceeding as "a foreign proceeding pending in the
country where the debtor has the center of its main interests."

"There is no doubt that Mexico is Mexicana's 'center of main
interests'," Ms. Johansen contends.  The vast majority of
Mexicana's assets are located in Mexico, many of its employees are
located in Mexico, and its worldwide flight hub is
in Mexico City, she points out.

The final requirement for recognition of a foreign main proceeding
is compliance with the procedural and evidentiary requirements of
Section 1515 of the Bankruptcy Code.  Section 1515 (i) requires
that a petition be filed with the court and (ii) lists the
documents and statements that must accompany the petition for
recognition.

Ms. Johansen notes that on behalf of Mexicana, she has properly
filed the company's Chapter 15 Petition as required by Section
1515(a) of the Bankruptcy Code.

Documents evidencing: (i) the appointment of the Petitioner as
foreign representative and (ii) the commencement and existence of
the Concurso Proceeding, in the form of the Board Resolution and
Concurso petition, have been provided to the Foreign
Representative Declaration, as required under Section 1515(b).
English translations of the Resolution and Concurso petition, as
required by Section 1515(d) of the Bankruptcy Code, are attached
to the Foreign Representative Declaration.

In addition, as is required by Section 1515(c), the Foreign
Representative Declaration includes a statement identifying the
Concurso Proceeding as the only foreign proceeding currently
pending with respect to Mexicana.

In the event the Court finds that the Concurso is not entitled to
foreign main proceeding status, Mexicana requests that foreign
nonmain status be granted.  Mexicana submits that based on the
evidence submitted by way of the Foreign Representative's
Declaration, Mexicana has ably demonstrated that it has a
nontransitory economic presence in Mexico.

To the extent the Court grants foreign nonmain status, Mexicana
requests that the Court grant it the same relief, and to the same
extent, on an interim basis in the Chapter 15 proceeding.

Ms. Johansen and Jaime Rene Guerra Gonzalez, Esq., Mexicana's
counsel in the Concurso Proceedings, filed declarations in support
of the request.

                     About Mexicana Airlines

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 are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

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 US$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.


MEXICANA AIRLINES: Halt in Flights Could Adversely Affect ASUR
--------------------------------------------------------------
Grupo Aeroportuario del Sureste, S.A.B. de C.V. disclosed that
Mexicana (not including Mexicana Click, formerly known as Aerovias
Caribe, or Mexicana Link, which are reportedly not under financial
distress and were not part of the bankruptcy filing) accounted for
MXN62.2 million in accounts receivable at June 30, 2010 and
accounted for 4.1% of ASUR's revenues for the six months ended
June 30, 2010 and 4.3% of ASUR's revenues for the year ended
December 31, 2009, primarily from domestic passengers.

ASUR said, "Although ASUR anticipates that a significant portion
of Mexicana's traffic would migrate to other carriers if its
operations were curtailed, ASUR does not have contracts with any
airlines, including Mexicana, that obligate them to continue
providing service to our airports, and we can offer no assurance
that competing airlines would seek to increase their flight
schedules if Mexicana reduced its use of our airports.  If
Mexicana were to cease operations as a result of its bankruptcy
filing, ASUR's business and results of operations could be
adversely affected if traffic does not migrate to our other
airline customers."

                            About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a
Mexican airport operator with concessions to operate, maintain and
develop the airports of Cancun, Merida, Cozumel, Villahermosa,
Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the
southeast of Mexico.  The Company is listed both on the Mexican
Bolsa, where it trades under the symbol ASUR, and on the NYSE in
the U.S., where it trades under the symbol ASR. One ADS represents
ten (10) series B shares.

                     About Mexicana Airlines

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 are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

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 US$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.


VITRO SAB: Ad Hoc Committee Opposes Coming Consent Solicitation
---------------------------------------------------------------
TO ALL VITRO NOTEHOLDERS:

The Steering Group for the Ad Hoc Committee of Vitro Noteholders
is comprised of holders, or investment advisors to holders, of
more than US$500 million of the Senior Notes due 2012, 2013 and
2017 issued by Vitro, S.A.B. de C.V.  The Steering Group would
like to provide all holders of Senior Notes with an update with
respect to the status of negotiations with Vitro and its
shareholder representatives, regarding a comprehensive
restructuring of Vitro's debt.

There is no doubt that Vitro must realign its debt, to reflect its
debt service capacity, in light of the current and forecasted
economic environment and conditions affecting its various
businesses.  Certain members of the Steering Group have been
engaged in extensive restructuring negotiations with Vitro for
some time now.  Although some progress has been made in the past
18 months of negotiation, there remains a significant economic gap
between the restructuring terms the Steering Group would support
(based on realistic medium term sustainable debt capacity) and
what Vitro and its shareholder representatives are seeking to
achieve.

Although the Steering Group has urged Vitro to offer restructuring
terms and conditions that it is willing to support and publicly
recommend to the broader group of Noteholders, Vitro has
apparently determined to launch a consent solicitation that will
offer Noteholders a huge discount to the face amount of their
Senior Notes, hoping that small "retail" and other uninformed
Noteholders will accept this lesser amount.  The Steering Group
strongly recommends that Noteholders reject any consent
solicitations that are not publicly endorsed by the Steering
Group.  To date, the Steering Group has shown patience and
restraint as Vitro made efforts to negotiate a resolution, but
members may be forced to exercise remedies against Vitro for
failing to honor its contractual obligations.

The Steering Group (represented by White & Case LLP and Chanin
Capital Partners LLC) is encouraging all Noteholders (large and
small) to establish direct contact and provide email addresses so
that future information can be communicated directly, quickly and
efficiently.  The foregoing shall not be construed as tax, legal,
business, financial, accounting or other advice, and Noteholders
are encouraged to consult their own advisors.

Sincerely,

Steering Group for the Ad Hoc Committee of Vitro Noteholders

Care of:

     John Cunningham, Esq.
     Richard Kebrdle, Esq.
     WHITE & CASE LLP
     Telephone: (305) 995-5252
                (305) 995-5276
     Email: JCunningham@whitecase.com
            RKebrdle@whitecase.com

          - and -

     Brian Cullen, Esq.
     Mark Catania, Esq.
     CHANIN CAPITAL PARTNERS LLC
     Telephone: (310) 445-4010
                (310) 445-4010
     Email: BCullen@chanin.com
            MCatania@chanin.com

                          About Vitro SAB

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

                          *     *     *

In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company.  Andres R. Martinez at Bloomberg News said in June that
Vitro was suspended from trading in Mexico City after failing to
file its fourth-quarter earnings report.  The company missed the
June 2 deadline for the results, Mexico's stock exchange said in
an e-mailed statement obtained by the news agency.  Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge.  Vitro said that the suspension won't affect
company operations.

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


===========
P A N A M A
===========


BANCOLOMBIA SA: To Open Local Bank in Panama
--------------------------------------------
Bancolombia SA is planning to open a local bank in Panama, to take
advantage of the growing economy in the Central American country
and the rising demand for credit to finance infrastructure
projects there, Inti Landauro at Dow Jones Newswires reports,
citing Chief Financial Officer Jaime Velasquez.

According to the report, the bank is currently operating an
offshore bank in Panama which offers services for foreigners, and
it asked the Panamanian authorities for a license to operate a
local bank, which will lend to local individuals and companies,
and take deposits.

"Panama is one of the most dynamic economies in the region and in
the world.  It is developing great infrastructure projects like
hydro power plants and the expansion of the Canal.  This is a
business we have some advantage (in) and that we like," the report
quoted Mr. Velasquez as saying.

                       About Bancolombia S.A.

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

                           *     *     *

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



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


DOE RUN PERU: Advancing Toward Re-Start of Operations at La Oroya
-----------------------------------------------------------------
Doe Run Peru is intensifying its efforts for the global solution
to re-start operations at the La Oroya Metallurgical Complex.

DRP previously signed a letter of intent which provides a $100
million line of credit and the supply of concentrates with
Glencore International AG as announced on March 1, 2010.  The
global solution requires, in part, that DRP provide appropriate
guarantees not only to Glencore but also to creditors and the
Peruvian government.

However, DRP unexpectedly ran into difficulties in finalizing the
financing as a result of a pending bankruptcy process.  The
Company is working with its creditors to resolve these issues
through an accelerated restructuring to secure a viable and
sustainable business plan for the good of all stakeholders.  This
necessary support of the creditors is within reach, and DRP
continues to work closely with its creditors to resolve the
current issues in our efforts to re-start La Oroya operations
through the restructuring process.

DRP has hired local and international experts to assess the
implementation of the remaining Environmental Adjustment and
Management Plan (PAMA) project at La Oroya.  These experts are
analyzing and updating the technical and financial timelines to
compensate for the delay in the re-opening the facility.  DRP
remains committed to completing the last of nine environmental
projects following the re-start of La Oroya.

During the interim period, until any bankruptcy proceedings are
resolved, DRP has announced that the company would continue paying
La Oroya workers 70% of salaries during the shutdown, just as it
has been doing to date.

The company's plan is based on very strong business fundamentals
including integrated technology to maximize added value at the La
Oroya Metallurgical Complex, our highly-skilled workforce, and
significant increases of ore reserves recently discovered at the
Cobriza copper mine which will increase current concentrate
production to more than 100,000 metric tons per year.  These
competitive advantages will secure the completion of the
environmental projects and the full payment to our creditors in a
short period of time.

DRP appreciates the continued patience of its valued workers, La
Oroya residents and their surrounding communities, central regions
and the country of Peru as DRP continues to work with its
strategic partner, creditors and the Peruvian government to resume
operations at La Oroya.  Resolution of these issues will enable
the company to complete the environmental projects in a timely
manner, return jobs to the local community and continue
contributing to the economy and development of Peru.

                         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".


DOE RUN PERU: 60% of Workers Likely to Leave La Oroya
-----------------------------------------------------
More than 60% of the 3,000 Doe Run Peru workers may have decided
to leave La Oroya city, after the company decided to suspend
activities at the metalurgic complex until October 30, Isabel
Guerra at LivinginPeru.com reports, citing CNR Radio.

According to report, CNR Radio said that La Oroya is currently
having a great mobilization of workers and their families, heading
to another Peruvian cities.  The report relates that the radio
station broadcasted that workers at La Oroya metalurgic complex
agreed Aug. 1 to suspend works until Oct. 30, facing the possible
upcoming closure of 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".


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


PETROLEOS DE VENEZUELA: Won't Issue New Bonds This Year
-------------------------------------------------------
Petroleos de Venezuela will issue no new bonds this year, Eyanir
Chinea at Reuters reports, citing Oil Minister Rafael Ramirez,
after reports from Wall Street banks that the state-run oil
company was preparing to sell about $3 billion of debt.

"No, I don't know where they get that from," the report quoted Mr.
Ramirez as saying.

According to the report, Venezuela's Central Bank Chief Nelson
Merentes said earlier this year that Venezuela could issue bonds
to help finance a government run foreign exchange market that
operates via debt trading.

                           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
===============


* BOND PRICING: For the Week August 2, to August 6, 2010
--------------------------------------------------------

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


ARGENTINA

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


BRAZIL

CESP                    9.75      1/15/2015  BRL          69.775


CAYMAN ISLAND

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


   COLOMBIA

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


   PERU

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


  PUERTO RICO

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


VENEZUELA

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *