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

              Tuesday, August 10, 2010, Vol. 11, No. 156

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: Local Investors Open Owner's Stadium


A R G E N T I N A

BLU SRL: Creditors' Proofs of Debt Due October 8
CARPINTERIA INDUSTRIAL: Creditors' Proofs of Debt Due Oct. 15
FORESTAL IBICUY: Creditors' Proofs of Debt Due October 22
MI SUPER: Creditors' Proofs of Debt Due September 27
TRANSPORTE PACHENGO: Creditors' Proofs of Debt Due October 21

* ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating on Cordoba
* ARGENTINA: U.S. Court Says Creditors Can Use Fund Assets


B E R M U D A

CPCU INSTITUTE: Creditors' Proofs of Debt Due on August 25
CPCU INSTITUTE: Members' Final Meeting Set for September 14
GASPAR HOLDINGS: Creditors' Proofs of Debt Due on August 25
GASPAR HOLDINGS: Members' Final Meeting Set for September 14


B R A Z I L

BANCO BRADESCO: Considers Boosting Stake in Cielo SA
CAIXA ECONOMICA: Considers Boosting Stake in Cielo SA
ELETROPAULO METROPOLITANA: To Pay US$356 Million in Dividends
GERDAU AMERISTEEL: Goodman & Co. Won't Support Parent Takeover
GERDAU SA: Goodman & Co. Won't Support Takover of U.S. Unit

GOL LINHAS: Sees Demand Rise 12.2% in July 2010


C A Y M A N  I S L A N D S

ADF CAPITAL: Members' Final Meeting Set for September 3
ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20
ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20
AVALON RE: Creditors' Proofs of Debt of Debt Due on August 20
BANCO PRIVADO: Creditors' First Meeting Set for August 26

BLUE EAGLE: Shareholders' Final Meeting Set for September 13
CUMIN INVESTMENTS: Creditors' Proofs of Debt Due on August 16
ENTERASIA LIMITED: Creditors' Proofs of Debt Due on September 3
EUROMAX III: S&P Downgrades Ratings on Various Classes of Notes
GDF MANAGEMENT: Members' Final Meeting Set for August 27

GLACIER BAY: Shareholder to Hear Wind-Up Report on September 8
LEADING SPIRIT: Creditors' Proofs of Debt Due on August 13
MAGNUS FUNDING: Creditors' Proofs of Debt Due on September 2
MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3
MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3

NORTH STREET: Shareholders' Final Meeting Set for Sept. 3
NYKREDIT SIRIUS: Creditors' Proofs of Debt Due on September 2
OSIRIS INVESTMENTS: Creditors' Proofs of Debt Due on August 13
R-ONE FUSHIMI: Shareholders' Final Meeting Set for Sept. 3
SATELLITE STRATEGIC: Requires to File Proofs of Debt by Sept. 2

TVA LTD: Creditors' Proofs of Debt Due on September 2


D O M I N I C A N  R E P U B L I C

MEDIATEAM DOMINICANA: Shuts Down Two Media Outlets


E C U A D O R

* ECUADOR: Renegotiates With Foreign Oil Firms


M E X I C O

MEXICANA AIRLINES: Group to Defend Pilots on CBA Attack
MEXICANA AIRLINES: Flight Attendants Should 'Never' Take Wage Cuts
VITRO SAB: Creditors Turn Down Latest Restructuring Offer


P U E R T O  R I C O

EVERTEC INC: S&P Assigns Corporate Credit Rating at 'B+'


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

TCI BANK: Creditors Have Hope of Rescuing Bank


V E N E Z U E L A

* VENEZUELA: Set to Reveal Details of US$3 Billion Debt Sale




                         - - - - -


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


STANFORD INTERNATIONAL: Local Investors Open Owner's Stadium
------------------------------------------------------------
Investors in Antigua have reopened a stadium and cricket-themed
restaurant that belonged to Robert Allen Stanford, owner of
Stanford International Bank Limited.

According to the report, the Sticky Wicket restaurant overlooking
the stadium also reopened with 40 employees.  The report relates
that many worked at the popular dining spot previously and lost
their jobs because of Mr. Stanford's alleged pyramid scheme.

              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, 2009,
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 2009, 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 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


BLU SRL: Creditors' Proofs of Debt Due October 8
------------------------------------------------
The court-appointed trustee for Blu S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 8, 2010.

The trustee will present the validated claims in court as
individual reports on November 19, 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
December 17, 2010.


CARPINTERIA INDUSTRIAL: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------------------
The court-appointed trustee for Carpinteria Industrial Palacios
S.R.L.'s reorganization proceedings, will be verifying creditors'
proofs of claim until October 15, 2010.

The trustee will present the validated claims in court as
individual reports on December 28, 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 25, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 30, 2011.


FORESTAL IBICUY: Creditors' Proofs of Debt Due October 22
---------------------------------------------------------
The court-appointed trustee for Forestal Ibicuy S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 22, 2010.

The trustee will present the validated claims in court as
individual reports on December 6, 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
February 16, 2011.


MI SUPER: Creditors' Proofs of Debt Due September 27
----------------------------------------------------
The court-appointed trustee for Mi Super S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 27, 2010.

The trustee will present the validated claims in court as
individual reports on November 10, 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
December 27, 2010.


TRANSPORTE PACHENGO: Creditors' Proofs of Debt Due October 21
-------------------------------------------------------------
The court-appointed trustee for Transporte Pachengo S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 21, 2010.

The trustee will present the validated claims in court as
individual reports on November 20, 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
December 3, 2010.


* ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating on Cordoba
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term issuer credit rating on the Province of Cordoba.  At the
same time, S&P affirmed its national scale rating of 'raA+' on
Cordoba.  The outlook is stable.  The recovery rating on the
province's unsecured debt is '3'.

"S&P's rating on the Province of Cordoba reflects the high risk
inherent to Argentina," said Standard & Poor's credit analyst
Delfina Cavanagh.  Negative local factors include high inflation,
low investments, and lack of predictability regarding the
direction of economic policies in Argentina.  The province's
relatively high debt level and its limited fiscal flexibility also
constrain the ratings.  The prudent fiscal management, which led
to six consecutive years of balanced budgets (after capital
expenditures) excepting 2009, somewhat offsets the risks.  A well-
diversified economic structure, which tends to minimize Cordoba's
vulnerability to unexpected economic shocks, also supports the
province's creditworthiness.

According to official data, Argentina's GDP grew 0.9% in 2009.
S&P projects 6.5% growth in the sovereign's GDP in 2010 and a
similar trend for Cordoba.  Despite the economic slow-down and
high inflation, Cordoba's operating performance in 2009 was
slightly better than that of 2008.  However, the province had a
fiscal deficit after capital expenditures because of a significant
66% increase in public infrastructure works.  The budget for 2010
reflects similar levels of capital expenditures, providing some
flexibility to face unexpected shocks.

S&P expects revenues to increase significantly in 2010 as the
economy recovers, but S&P also expect spending to increase
significantly as a consequence of high inflation.

The stable outlook reflects S&P's expectation that Cordoba's
relatively prudent fiscal policies and strong economic growth
expected for 2010 will continue to compensate for the risks of its
relatively high debt and the high inflation in Argentina.

A sovereign upgrade could lead to a positive rating action on the
province.  Greater fiscal deterioration or an increase in debt to
an unsustainable level could prompt us to lower the ratings.


* ARGENTINA: U.S. Court Says Creditors Can Use Fund Assets
----------------------------------------------------------
A U.S. federal appeals court has shot down the Republic of
Argentina's challenge to three orders that allow creditors EM Ltd.
and NML Capital Ltd. to collect against interests the country
holds in a trust fund as part of their attempt to recover from
defaulted bonds the country issued, Bankruptcy Law360 reports.


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


CPCU INSTITUTE: Creditors' Proofs of Debt Due on August 25
----------------------------------------------------------
The creditors of CPCU Institute of Greater China, 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 August 5, 2010.

The company's liquidator is:

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


CPCU INSTITUTE: Members' Final Meeting Set for September 14
-----------------------------------------------------------
The members of CPCU Institute Of Greater China, Ltd. will hold
their final meeting, on September 14, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on August 5, 2010.

The company's liquidator is:

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


GASPAR HOLDINGS: Creditors' Proofs of Debt Due on August 25
-----------------------------------------------------------
The creditors of Gaspar Holdings 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 wind-up proceedings on August 5, 2010.

The company's liquidator is:

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


GASPAR HOLDINGS: Members' Final Meeting Set for September 14
------------------------------------------------------------
The members of Gaspar Holdings Limited will hold their final
meeting, on September 14, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 5, 2010.

The company's liquidator is:

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


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


BANCO BRADESCO: Considers Boosting Stake in Cielo SA
----------------------------------------------------
Telma Marotto at Bloomberg News reports that Banco Bradesco SA and
Banco do Brasil SA said they are considering allowing government-
controlled Caixa Economica Federal to increase its stake in credit
card company Cielo SA.

According to the report, Caixa Economica Federal will also join
Banco Bradesco and Banco do Brasil in their credit and debit-card
business Elo.

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

                           *     *     *

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

                        About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of June 29, 2010, the bank continues to carry Moody's "D+" bank
financial strength rating.


CAIXA ECONOMICA: Considers Boosting Stake in Cielo SA
-----------------------------------------------------
Telma Marotto at Bloomberg News reports that Banco Bradesco SA and
Banco do Brasil SA said they are considering allowing government-
controlled Caixa Economica Federal to increase its stake in credit
card company Cielo SA.

According to the report, Caixa Economica Federal will also join
Banco Bradesco and Banco do Brasil in their credit and debit-card
business Elo.

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

                           *     *     *

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

                        About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of June 29, 2010, the bank continues to carry Moody's "D+" bank
financial strength rating.


ELETROPAULO METROPOLITANA: To Pay US$356 Million in Dividends
-------------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA will pay
BRL625.5 million (US$356 million) in dividends, Rogerio Jelmayer
at Dow Jones Newswires reports, citing a company statement.

According to the report, the payment will be made through two
installments, the first worth BRL312.76 million on September 15
and the second, also totaling BRL312.76 million on December 7.
The report relates that Eletropaulo said the payment will be based
on shareholders' positions as of August 5, 2010.  Each installment
will represent a payment of BRL1.76 per common share and BRL1.94
per preferred share, the report notes.

As reported in the Troubled Company Reporter-Latin America on
August 9, 2010, Dow Jones Newswire said that Eletropaulo
Metropolitana recorded a BRL465.8 million (US$265.56 million)
profit in the second quarter from BRL155 million in the same
quarter last year.  According to the report, earnings before
interest, taxes, depreciation and amortization (Ebitda) more than
doubled in the period to BRL732.1 million.  The report related
that the company reported net financial revenue of BRL70.7 million
and net financial costs of BRL9.9 million.

                 About Eletropaulo Metropolitana

Eletropaulo Metropolitana S.A. generates, transmits, distributes,
and markets electrical power to the City of Sao Paulo and
surrounding metropolitan regions.  Eletropaulo is the Brazilian
unit of AES Corp.

                           *     *     *

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: Goodman & Co. Won't Support Parent Takeover
--------------------------------------------------------------
Andy Georgiades at Dow Jones Newswires reports that Gerdau
Ameristeel Corp.'s largest minority shareholder won't support a
takeover bid by the company's parent, Gerdau SA, unless the offer
price is raised.  David Taylor, portfolio manager at Goodman &
Co., which owns about 5% of the stock, told Dow Jones in an
interview that he's been talking to other shareholders who are
also unhappy with the bid and believes there's a chance the
takeover could be blocked.

As reported in the Troubled Company Reporter-Latin America on
August 9, 2010, Gerdau Ameristeel 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 favor 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 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.

According to Dow Jones Newswire, RBC, the independent adviser
hired by Ameristeel's special committee, said fair market value of
the stock is US$11-US$13 a share, according to an offer circular.
However, the report notes, Mr. Taylor have a couple of problems
with the offer.  The report relates Mr. Taylor said that for one
thing, it's at the low end of RBC's range.  "Even if you accept
the valuation, why sell at the low end?" the report quoted Mr.
Taylor as saying.

In addition, the report notes Mr. Taylor said RBC didn't account
for "third-party synergies" in its valuation, meaning the cost
savings that a company other than the parent would reap from a
purchase of Gerdau.   The report relates Mr. Taylor said that, in
other situations of a parent taking over a subsidiary, the value
of another company's potential synergies was taken into
consideration by the independent advisor.

Mr. Taylor said he's not against selling the company, he just
wants a fairer price, which in his opinion is US$12.25, the price
of its last equity issue in 2007, the report adds.

                    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: Goodman & Co. Won't Support Takover of U.S. Unit
-----------------------------------------------------------
Andy Georgiades at Dow Jones Newswires reports that Gerdau
Ameristeel Corp.'s largest minority shareholder won't support a
takeover bid by the company's parent, Gerdau SA, unless the offer
price is raised.  David Taylor, portfolio manager at Goodman &
Co., which owns about 5% of the stock, told Dow Jones in an
interview that he's been talking to other shareholders who are
also unhappy with the bid and believes there's a chance the
takeover could be blocked.

As reported in the Troubled Company Reporter-Latin America on
August 9, 2010, Gerdau Ameristeel 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 favor 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 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.

According to Dow Jones Newswire, RBC, the independent adviser
hired by Ameristeel's special committee, said fair market value of
the stock is US$11-US$13 a share, according to an offer circular.
However, the report notes, Mr. Taylor have a couple of problems
with the offer.  The report relates Mr. Taylor said that for one
thing, it's at the low end of RBC's range.  "Even if you accept
the valuation, why sell at the low end?" the report quoted Mr.
Taylor as saying.

In addition, the report notes Mr. Taylor said RBC didn't account
for "third-party synergies" in its valuation, meaning the cost
savings that a company other than the parent would reap from a
purchase of Gerdau.   The report relates Mr. Taylor said that, in
other situations of a parent taking over a subsidiary, the value
of another company's potential synergies was taken into
consideration by the independent advisor.

Mr. Taylor said he's not against selling the company, he just
wants a fairer price, which in his opinion is US$12.25, the price
of its last equity issue in 2007, the report adds.

                    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.


GOL LINHAS: Sees Demand Rise 12.2% in July 2010
-----------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that GOL Linhas
Aereas Inteligentes SA registered an increase in traffic during
July, helped by continued economy expansion and the vacation
period.

According to the report, GOL registered revenue-passenger
kilometers (RPKs) of 2.79 billion last month, up 12.2% from a year
earlier.  "In line with the continuing upward trend, demand on the
domestic market grew by 5.4% over July 2009, chiefly due to the
combined effect of the improved economic scenario in Brazil and
South America; and the seasonally favorable period for the
industry thanks to the school vacations in July," Gol Linhas said
in a statement obtained by the news agency.

"Demand on GOL's international route network increased by a hefty
84.4% over July 2009 and 45.8% over the previous month, primarily
due to: the continuous growth of international air traffic in
Latin America, especially heavy demand for GOL flights to
Argentina, Chile and Uruguay; the resumption of demand in the
Southern Cone region, which had been jeopardized by the impact of
the H1N1 flu outbreak on air traffic in July 2009; and the
appreciation of the Brazilian Real over the U.S. Dollar," it
added, the report relates.

                          About Gol Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provide
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service raised its Corporate
Family and senior unsecured ratings for Gol Linhas Aereas
Inteligentes S.A. and Gol Finance to "Ba3" from "B1" reflecting
improved operating performance and financial flexibility
especially following the recent debt issuance.  The ratings
outlook is stable.

Ratings upgraded with a stable outlook:

Issuer: Gol Finance

-- 7.5% US$225 million senior unsecured notes due 2017: Ba3
-- 8.75% US$200 million senior unsecured perpetual notes: Ba3

Issuer: Gol Linhas Aereas Inteligentes S.A.

-- Corporate Family Rating: Ba3


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


ADF CAPITAL: Members' Final Meeting Set for September 3
-------------------------------------------------------
The members of ADF Capital Management Ltd will hold their final
meeting, on September 3, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         Bernadette Bailey-Lewis
         Telephone: (345) 946-7665
         Facsimile: (345) 946-7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20
----------------------------------------------------------------
The creditors of Atlantic & Western Re Limited are required to
file their proofs of debt by August 20, 2010, to be included in
the company's dividend distribution.

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

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         P.O. Box 1109 HSBC House
         68 West Bay Road Grand Cayman
         Cayman Islands
         c/o Kevin Poole
         Telephone: 914-7598
         Facsimile: 949-6021
         P.O. Box 1109 HSBC House
         68 West Bay Road Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20
----------------------------------------------------------------
The creditors of Atlantic & Western Re II Limited are required to
file their proofs of debt by August 20, 2010, to be included in
the company's dividend distribution.

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

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         P.O. Box 1109 HSBC House
         68 West Bay Road Grand Cayman
         Cayman Islands
         c/o Kevin Poole
         Telephone: 914-7598
         Facsimile: 949-6021
         P.O. Box 1109 HSBC House
         68 West Bay Road Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


AVALON RE: Creditors' Proofs of Debt of Debt Due on August 20
-------------------------------------------------------------
The creditors of Avalon Re Ltd. are required to file their proofs
of debt by August 20, 2010, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         P.O. Box 1109 HSBC House
         68 West Bay Road Grand Cayman
         Cayman Islands
         c/o Kevin Poole
         Telephone: 914-7598
         Facsimile: 949-6021
         P.O. Box 1109 HSBC House
         68 West Bay Road Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


BANCO PRIVADO: Creditors' First Meeting Set for August 26
---------------------------------------------------------
The creditors of Banco Privado Portugues (Cayman) Limited will
hold their first meeting, on August 26, 2010, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         PwC Cayman Islands
         Elizabeth Osborne
         e-mail: elizabeth.osborne@ky.pwc.com
         Telephone: +1 345 914 8686
         Facsimile: +1 345 945 4237
         PwC Portugal Vijay Chopra
         Telephone: +351 210939472; +351 210939474; or +351
210992264
         Cayman Islands
         PricewaterhouseCoopers Strathvale House
         North Church Street George Town
         Grand Cayman, Cayman Islands
         Portugal: Apartado 12123, Picoas - Lisboa, 1061-001
         Portugal


BLUE EAGLE: Shareholders' Final Meeting Set for September 13
------------------------------------------------------------
The members of Blue Eagle Re will hold their final meeting, on
September 13, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Alan Noskow Patton Boggs LLP
         8484 Westpark Drive
         9th Floor McLean, Virginia 22102
         United States of America


CUMIN INVESTMENTS: Creditors' Proofs of Debt Due on August 16
-------------------------------------------------------------
The creditors of Cumin Investments Limited. are required to file
their proofs of debt by August 16, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 16, 2010.

The company's liquidator is:

         Buchanan Limited
         Francine Jennings
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


ENTERASIA LIMITED: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------------
The creditors of Enterasia Limited are required to file their
proofs of debt by September 3, 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


EUROMAX III: S&P Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EUROMAX III MBS Ltd.'s class A-1, A-2, and B notes.

The rating actions follow S&P's assessment of the deterioration
that S&P has observed in the underlying portfolio's credit
quality.

According to S&P's analysis, the percentage of assets rated below
investment-grade (below 'BBB-') has increased to 46.4% currently,
from 37.5% in July 2009.  This includes adjustments made to the
ratings on those assets that are currently on CreditWatch negative
by at least three notches, in line with S&P's criteria as
described in the next paragraph.  According to S&P's analysis, the
assets rated 'CCC-' account for 2.6% of the portfolio (up from
zero in July 2009).  The principal amount of assets considered as
defaulted in S&P's analysis has remained unchanged at ?9.6 million
since its last review in July 2009.

There is currently one asset on CreditWatch negative, amounting to
2.8% of the portfolio.  In line with S&P's revised assumptions
governing structured finance assets with ratings on CreditWatch
negative held within collateralized debt obligation transactions,
S&P adjust ratings on CreditWatch negative downward by at least
three notches.

From the latest available trustee report of July 2010, S&P notes a
reduction in the weighted-average spread generated by the
portfolio.  The transaction is currently failing its weighted-
average spread test.

The combination of these factors indicates a worsening of the
transaction's risk profile, in its view.  S&P also notes the
concentrated nature of the underlying portfolio.  According to its
analysis, the five largest obligors account for about 24% of the
total portfolio, and the largest single obligor, rated 'B',
comprises about 8% of the portfolio.

In S&P's view, the credit enhancement available to the class A-1,
A-2, and B notes is no longer sufficient to maintain its ratings
on them.  As such, S&P lowered the ratings on EUROMAX III MBS's
notes to levels which, in its view, reflect the current likelihood
of repayment to noteholders.  EUROMAX III MBS is a CDO of asset-
backed securities transaction backed by a pool of European retail
and mortgage-backed securities as well as some CLO and CDO of ABS
assets.  The transaction is currently in its amortization period
nd has redeemed nearly 52% of the original balance of the class A-
1 notes.

                           Ratings List

                        EUROMAX III MBS Ltd.
         ?195.24 Million Asset-Backed Floating-Rate Notes

                         Ratings Lowered

           Class           To                     From
           -----           --                     ----
           A-1             A-                      AA-
           A-2             BBB-                    A-
           B               B                       BB+


GDF MANAGEMENT: Members' Final Meeting Set for August 27
--------------------------------------------------------
The members of GDF Management (Cayman) Limited will hold their
final meeting, on August 27, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Noel Webb
         c/o Krysten Lumsden
         Telephone: (345) 814-7366
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
        Cayman Islands


GLACIER BAY: Shareholder to Hear Wind-Up Report on September 8
--------------------------------------------------------------
The sole shareholder of Glacier Bay Offshore Fund Ltd. will
receive, on September 8, 2010, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877


LEADING SPIRIT: Creditors' Proofs of Debt Due on August 13
----------------------------------------------------------
The creditors of Leading Spirit Investments Limited are required
to file their proofs of debt by August 13, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 13, 2010.

The company's liquidator is:

         Buchanan Limited
         Francine Jennings
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


MAGNUS FUNDING: Creditors' Proofs of Debt Due on September 2
------------------------------------------------------------
The creditors of Magnus Funding 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:

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


MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3
--------------------------------------------------------------
The shareholders of Marathon Resource Partners II, Ltd. will hold
their final meeting, on September 3, 2010, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3
--------------------------------------------------------------
The shareholders of Marathon Resource Partners IV - Precious
Metals Fund, Ltd. will hold their final meeting, on September 3,
2010, at 8:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002


NORTH STREET: Shareholders' Final Meeting Set for Sept. 3
---------------------------------------------------------
The shareholders of North Street Referenced Linked Notes, 2003-2A
Limited will hold their final meeting, on September 3, 2010, at
9:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


NYKREDIT SIRIUS: Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------------
The creditors of Nykredit Sirius 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:

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


OSIRIS INVESTMENTS: Creditors' Proofs of Debt Due on August 13
--------------------------------------------------------------
The creditors of Osiris Investments Ltd are required to file their
proofs of debt by August 13, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 13, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


R-ONE FUSHIMI: Shareholders' Final Meeting Set for Sept. 3
----------------------------------------------------------
The shareholders of R-One Fushimi Holdings will hold their final
meeting, on September 3, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


SATELLITE STRATEGIC: Requires to File Proofs of Debt by Sept. 2
---------------------------------------------------------------
The creditors of Satellite Strategic Finance Partners, 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 31, 2010.

The company's liquidators are:

         David Sargison
         Vijayabalan Murugesu
         P.O. Box 414 Savannah 31 Woodland Drive
         Lower Valley Bodden Town
         Grand Cayman, Cayman Islands; or

         c/O Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way, Camana Bay Grand Cayman KY1-9007
         Cayman Islands


TVA LTD: Creditors' Proofs of Debt Due on September 2
-----------------------------------------------------
The creditors of TVA 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:

         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


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


MEDIATEAM DOMINICANA: Shuts Down Two Media Outlets
--------------------------------------------------
The Dominican Today reports that Mediateam Dominican has closed
two of its media outlets, Web site clavedigital.com and weekly
newspaper Clave, due to financial distress.

However, the report relates, speculations have emerged that the
reason for closure was due to the possible murder attempt on the
company's Editor in Chief Fausto Rosario.

According to the report, Clave's last Editorials reported that the
news sources said that the murder of a local citizen, Sergio
Rafael Rojas Soriano, was a cause of mistaken identity.  The
report relates information reached Clave that the murder occurred
by an error, since the order was to take the life of a
journalistic executive, of age and physical contexture similar to
those of the doctor, who in the morning hours exercised in that
place.


=============
E C U A D O R
=============


* ECUADOR: Renegotiates With Foreign Oil Firms
----------------------------------------------
Spencer Swartz and Mercedes Alvaro at Dow Jones Newswires report
that Ecuador President Rafael Correa wants to take a big slice of
profits away from foreign oil companies operating in the country,
which is facing protracted economic problems.

According to the report, Mr. Correa and his socialist government
will force Spain's Repsol YPF, Italy's Eni SpA and other foreign
oil companies to redesign existing contracts in a process likely
to result in diminished profits for firms that accept the new
terms.  The report relates that the move could help Mr. Correa
shore up political support at home and give his government
additional money to pump up the flagging economy.

The overhaul, the report notes, may also bolster the case for
higher world oil prices if the renegotiation leads to less
investment and lower crude output down the road in Ecuador.
However, the report relates, it risks alienating foreign oil
companies operating in the country, and they could retreat from
Ecuador if they feel the government is being too intrusive.

President Correa, the report says, wants to convert all existing
oil deals from their current production-sharing model to less-
profitable service contracts.

The report discloses that the talks come after Mr. Correa's
government said in late July that it wanted to control all
Ecuador's oil production, in a step toward de facto
nationalization, and canceled the oil contracts of Perenco Corp.,
an Anglo-French company, over a tax dispute.  The renegotiations
come amid growing concern in the oil market over whether Ecuador
will fully exploit its oil potential, the report adds.

                        *     *     *

As of June 28, 2010, the country continues to carry Moody's "Caa2"
country ceiling long-term foreign bank deposit ratings, and "Caa3"
foreign ceiling currency issuer rating and foreign currency long-
term debt rating.


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


MEXICANA AIRLINES: Group to Defend Pilots on CBA Attack
-------------------------------------------------------
The Oneworld Cockpit Crew Coalition (OCCC) issued a statement
regarding Mexicana's bankruptcy protection filing and reports that
the airline is seeking to significantly cut its pilots' salaries:

"Mexicana is a respected international airline and a key member of
the oneworld Alliance.  To safeguard Mexicana's future and protect
its employees' livelihoods, we urge management to focus on working
together with the unions representing Mexicana's loyal employees -
- including the Asociacion Sindical de Pilotos Aviadores de Mexico
(ASPA) -- to resolve the airline's difficulties.  Success cannot
be achieved by blaming pilots and other employee groups.  The OCCC
believes the best solution is one that is collaboratively achieved
by the affected parties."

"The OCCC stands ready to assist ASPA in defending its members
against any opportunistic attack on their collective bargaining
agreement."

The OCCC member unions include Australian & International Pilots
Association (Qantas); Allied Pilots Association (American
Airlines); Asociacion Sindical de Pilotos Aviadores de Mexico
(Mexicana); British Air Line Pilots Association (British Airways);
Japan Airlines Captain Association, Japan Airlines Senior Engineer
Union, Japan Airlines Flightcrew Union (Japan Airlines); Hong Kong
Aircrew Officers Association (Cathay Pacific Airways); Hungarian
Air Line Pilots Association (Malev); Irish Air Line Pilots
Association (Aer Lingus); Sindicato Espanol de Pilotos de Lineas
Aereas (Iberia); Finnish Air Line Pilots' Association (Finnair);
Sindicato de Pilotos LAN / LAN Pilot's Union (LAN Airlines); and
Sindicato de Pilotos LANExpress (LAN Express).  In all, the OCCC
member unions represent a total of more than 28,000 pilots.

                     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.

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

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: Flight Attendants Should 'Never' Take Wage Cuts
------------------------------------------------------------------
Jonathan Levin at Bloomberg News reports that flight attendants
for Compania Mexicana de Aviacion should "never" accept wage cuts,
said the head of their union.

According to the report, Lizette Clavel, the union's secretary-
general, said flight attendants are willing to work more hours as
they negotiate with the 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 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.

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

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: Creditors Turn Down Latest Restructuring Offer
---------------------------------------------------------
Vitro SAB said it will continue to seek a consensual agreement
with creditors after they turned down its latest offer to
restructure about US$1.5 billion in debt, Ken Parks at Dow Jones
Newswires reports, citing a company statement.

According to the report, its most recent proposal involved issuing
8-year bonds for US$500 million, 7-year bonds for US$350 million,
US$80 million in 5-year convertible notes that are automatically
swapped into shares if they haven't been paid down by maturity,
and a cash payment of US$75 million.  The report relates that
about US$275 million in guaranteed debt, accounts receivable
obligations, and other debt wouldn't have been affected by the
proposal.

Vitro SAB, the report notes, said it has enough money on hand to
continue operating as normal while it negotiates with creditors.

                           About Vitro SAB

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

                          *     *     *

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

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

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


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


EVERTEC INC: S&P Assigns Corporate Credit Rating at 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B+' corporate credit rating to San Juan, Puerto Rico-
based EVERTEC Inc.  The outlook is stable.

At the same time, S&P assigned a preliminary 'BB-' rating to the
company's proposed $50 million senior secured revolving credit
facility and $350 million term loan B, with a preliminary recovery
rating of '2', indicating S&P's expectation for substantial (70%-
90%) recovery in the event of a payment default.  Total debt
proceeds, which are likely to include $220 million of senior
unsecured notes (currently unrated) will be used to finance a
carve-out acquisition of EVERTEC from a subsidiary of Popular Inc.
(B/Positive/C).

"The rating reflects EVERTEC's narrow market profile, leveraged
financial profile, and S&P's view that the company's ownership
structure is likely to preclude sustained deleveraging," said
Standard & Poor's credit analyst Martha Toll-Reed.

With 2009 revenues of approximately $283 million, EVERTEC provides
payments processing and technology services in Puerto Rico, the
Caribbean, and Latin America.  The company's vulnerable business
risk profile reflects its relatively small revenue base,
geographic concentration (approximately 80% of revenues are
generated in Puerto Rico), modest growth prospects in its current
markets, and customer concentration exposure to its former
immediate corporate affiliate, Banco Popular de Puerto Rico
(B+/Positive/B).

"Despite its small scale compared to larger U.S. payment
processors, EVERTEC benefits from secular growth trends in debit
card processing and a strong position within the Puerto Rican
market," added Ms.  Toll-Reed.  Although EVERTEC has not operated
as a stand-alone entity, S&P expects the company to maintain
adjusted EBITDA margins of about 38%, supported by a high level of
recurring revenues.  In S&P's view, recent financial regulatory
changes regarding debit-card interchange fees are not likely to
materially impact the company's profitability in the near term.


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


TCI BANK: Creditors Have Hope of Rescuing Bank
----------------------------------------------
Justice Richard Williams agreed to adjourn the petition for the
winding up TCI Bank Limited by the Financial Services Commission
as depositors and shareholders considered the offer of two Eastern
Caribbean banks, St. Kitts Nevis Anguilla National Bank Ltd. and
National Bank of Dominica Ltd, rescue the ailing bank, fpci.com
reports.  The report relates that a a second hearing was set for
Friday, Aug. 6, when Justice Williams will consider terms to hold
public meetings of creditors and shareholders to formally agree to
a scheme of arrangement or reconstruction.

According to the report, if the proposed scheme can be agreed upon
by 75% of the creditors in value who attend the meeting, a rescue
of the bank appears to be a real possibility.

As reported in the Troubled Company reporter-Latin America on
August 3, 2010, fptci.com said that three groups of investors --
ECIC Holdings Ltd., Investors David Kosoy and Phil Biden, and The
Temple/Altima group -- made their sales pitch to creditors on July
23-24, offering similar plans all repaying a $5.5 million loan by
the National Insurance Board shortly before the bank was closed.
According to the report, the groups of investors each offer to put
money into the bank and reopen it, giving depositors back varying
amounts of their money.  These are their proposed offers:

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

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

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

The Creditors Committee, the report noted, hopes to regain as much
as possible of their $15 million in the bank, as does the NIB,
which with $22 million is the single largest creditor of the bank.
The report said that if any of the offers is accepted by Justice
Richard Williams, the FSC will have to approve the deal before it
goes into effect.  If none of the offers is accepted, the bank
will go into full liquidation, which provisional liquidator
Anthony Kikivarakis has said will take a minimum of two to three
years, the report relates.


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


* VENEZUELA: Set to Reveal Details of US$3 Billion Debt Sale
------------------------------------------------------------
Venezuela will start providing details on a dollar-denominated,
US$3 billion bond issue it disclosed last week, Dan Molinski at
Dow Jones Newswires reports, citing Finance Minister Jorge
Giordani.  "Fortunately, there's enough liquidity in the market to
permit [the debt sale] to be successful," the report quoted Mr.
Giordani as saying.

According to the report, Venezuela paid out US$1.5 billion for
bonds that reached maturity, which mr. Giordani said not only
makes the market more liquid but also serves proof Venezuela
sovereign debt can be trusted.

An unnamed official from the Finance Ministry, the report notes,
said that the bond sale this week will come with a 2022 maturity
date.  The report relates the official said that the bonds would
be sold in the local market and that they would be bought in
bolivars but could be sold for dollars.

Venezuela, the report says, has a restrictive, government-managed
currency exchange system that provides locals with dollars at
three rates that range from VEB2.6 for US$1 to VEB5.3 for US$1,
depending on what the dollars are needed for.  However, the report
relates, even the most expensive rate of VEB5.3 for US$1 requires
special approval from the government, forcing some Venezuelan
importers to either go without dollars or buy them illegally on
the black market.

Venezuelan sovereign bonds are deemed risky by many investors, who
say the country's long-running recession and the socialist
policies of outspoken President Hugo Chavez put the country at
risk of default, the report adds.

                          *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a "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
written permission of the publishers.

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

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


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