TCRLA_Public/100812.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

              Thursday, August 12, 2010, Vol. 11, No. 158

                            Headlines



A R G E N T I N A

AUTOPISTAS: Ends Swap Offer With 94.9% Acceptance
BANCO HIPOTECARIO: Records ARS44MM Total Net Income in 2nd Qtr.


B E R M U D A

MARINER REINSURANCE: Creditors' Proofs of Debt Due on July 23
MARINER REINSURANCE: Members' Final Meeting Set for August 9
AIRCO FINANCE: Creditors' Proofs of Debt Due on July 23
AIRCO FINANCE: Members' Final Meeting Set for August 16
CENTRAL AIR: Creditors' Proofs of Debt Due on July 23

CENTRAL AIR: Members' Final Meeting Set for August 11


B R A Z I L

BRASKEM SA: 2nd Quarter Net Profit Drops to BRL45MM From Last Year
BRASKEM SA: May Sell Bonds in Europe & Prepay Debt
COMPANHIA ENERGETICA: To Reveal 2nd Qtr. Results on August 16
COMPANHIA SIDERURGICA: Posts BRL894 Million Profit in 2nd Qtr.
COSAN SA: Rumo Logistica Receives BRL614MM Financing From BNDES

DESTILARIA GUARICANGA: To Propose Restructuring Plan on Oct. 12
GOL LINHAS: CFO Says Flight Woes Unlikely to Hurt Q3 Earnings
NET SERVICOS: Embratel Set Date to Buy NET Preferred Shares


C A Y M A N  I S L A N D S

PMI CDS: Shareholders' Final Meeting Set for September 2
PMI CDS: Shareholders' Final Meeting Set for September 2
PMI CDS: Shareholders' Final Meeting Set for September 2
PMI CDS: Shareholders' Final Meeting Set for September 2
PMI CDS: Shareholders' Final Meeting Set for September 2

AP3 CO-INVESTMENT: Shareholders' Final Meeting Set for September 3
FOXTON LIMITED: Shareholders' Final Meeting Set for August 23
SAENZ HOFMANN: Shareholders' Final Meeting Set for August 24
MARATHON REAL: Shareholder to Hear Wind-Up Report on August 26
CAPITAL CONSOLIDATED: Shareholders' Final Meeting Set for Sept. 6

HOME RUN: Shareholders' Final Meeting Set for September 3
BOFA AF: Shareholders' Final Meeting Set for August 23
KILLARNEY CONSULTING: Shareholders' Final Meeting Set for Sept. 20
HPT TRADING: Shareholder to Receive Wind-Up Report on August 25
RAFFIA INVESTMENT: Shareholders' Final Meeting Set for Sept. 3

CYMRAEG INC: Shareholders' Final Meeting Set for September 3
GODIVA INVESTMENTS: Members' Final Meeting Set for September 3
GEO ADVISORS: Shareholder to Receive Wind-Up Report on September 6
MITRA CORP: Shareholders' Final Meeting Set for August 23
MYRIAD ALPHA: Shareholder to Receive Wind-Up Report on September 9


G U A T E M A L A

* GUATEMALA: Fitch Affirms Issuer Default Ratings at 'BB+'


M E X I C O

MEXICANA AIRLINES: Offers Unions a Stake in Holding Company
PATRIMONIO SA: S&P Keeps Ratings on Three Tranches From Three RMBS


T R I N I D A D  &  T O B A G O

CL FINANCIAL: TTTI Seeks Probe on Angostura Holdings' Loss


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Spent US$700MM to Address Electricity Woes
PETROLEOS DE VENEZUELA: Recovered Rig to Begin Monagas Operation
* VENEZUELA: Fitch Assigns 'B+' Rating on Country's Bonds


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


AUTOPISTAS: Ends Swap Offer With 94.9% Acceptance
-------------------------------------------------
Autopistas del Sol S.A. has lured 94.9% of its creditors holding
US$291 million in bonds into accepting a bond swap offer held on
August 10, 2010, Shane Romig at Dow Jones Newswires reports.

According to the report, an unnamed representative of the swap
said that bondholders will receive either a cash option of 43% of
face value, a 10-year dollar-denominated par bond with a step up
or a five-year peso-denominated floating rate bond.

The company, the report notes, had repeatedly extended the offer
since January as it sought to reach the minimum 96% acceptance
rate goal it had set.  However, the report relates that minimum
acceptance rate was waived.

As reported in the Troubled Company Reporter-Latin America on
June 24, 2010, Dow Jones Newswires said that Autopistas again
extended the closing date for a restructuring offer to July 16,
2010, from June 17, 2010.  The report related that the offer was
first made in January, and has been extended several times.  The
report noted that the company is trying to get at least two-thirds
of its bondholders to sign onto the restructuring proposal, which
it hopes will allow the company to trim its liabilities and avoid
bankruptcy.  The report recalled that Ausol failed to make a US$9
million interest payment Nov. 23, 2010, resulting to a default on
its US$307 million debt and leading the government to step in to
audit and monitor the company's debt restructuring.  Ausol
suffered last year due to lower traffic levels, increasing
operational costs and a devaluation of the peso, the report added.

                     About Autopistas del Sol

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                           *     *     *

As of August 11, 2010, the company continues to carry Standard and
Poor's "D" long-term foreign issuer credit rating.  The company
also continues to carry S&P's "D" national long-term issuer credit
rating.


BANCO HIPOTECARIO: Records ARS44MM Total Net Income in 2nd Qtr.
---------------------------------------------------------------
Banco Hipotecario SA recorded a ARS44 million total net income for
the second quarter 2010, from ARS40.1 million income for last
quarter and ARS52.9 million income for same quarter of last year.

Net financial margins of ARS119 million were 5.0% and 26.3% lower
than previous quarter and a year ago, respectively.

Net income from services for the quarter were ARS70.8 million,
15.9% higher than previous quarter, and 32.6% higher than second
quarter 2009.

Loans to the private sector increased 13.1% in the quarter and
20.2% YoY.  Deposits increased 10.2% in the quarter and 30.2% YoY.

NPL ratio decreased from 6.8% to 3.2% in the year while coverage
ratio increased from 77.7% to 116.0% in the same period.  Equity
ratio of 25.6%, higher than the 22.6% of June 2009.

                     About Banco Hipotecario

Banco Hipotecario SA is a commercial bank in Argentina and the
nation's premier mortgage lender.  The bank attracts deposits and
offers commercial banking services.  The bank offers mortgage,
personal, and corporate loans, credit cards, and insurance
service.

                          *     *     *

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

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 continue to limit the ratings.


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


MARINER REINSURANCE: Creditors' Proofs of Debt Due on July 23
-------------------------------------------------------------
The creditors of Mariner Reinsurance Company Limited are required
to file their proofs of debt by July 23, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 29, 2010.

The company's liquidator is:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-la-Ville Road
         Hamilton HM 08
         Bermuda


MARINER REINSURANCE: Members' Final Meeting Set for August 9
------------------------------------------------------------
The members of Mariner Reinsurance Company Limited will hold their
final meeting on, August 9, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 29, 2010.

The company's liquidator is:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-la-Ville Road
         Hamilton HM 08
         Bermuda


AIRCO FINANCE: Creditors' Proofs of Debt Due on July 23
-------------------------------------------------------
The creditors of AIRCO Finance Co. Ltd. are required to file their
proofs of debt by July 23, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 6, 2010.

The company's liquidator is:

         Robin J. Mayor
         Conyers Dill & Pearman Limited
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


AIRCO FINANCE: Members' Final Meeting Set for August 16
-------------------------------------------------------
The members of AIRCO Finance Co. Ltd. will hold their final
meeting on, August 16, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 6, 2010.

The company's liquidator is:

         Robin J. Mayor
         Conyers Dill & Pearman Limited
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


CENTRAL AIR: Creditors' Proofs of Debt Due on July 23
-----------------------------------------------------
The creditors of Central Air Leasing Ltd. are required to file
their proofs of debt by July 23, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Conyers Dill & Pearman Limited
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


CENTRAL AIR: Members' Final Meeting Set for August 11
-----------------------------------------------------
The members of Central Air Leasing Ltd. will hold their final
meeting on, August 11, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Conyers Dill & Pearman Limited
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


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


BRASKEM SA: 2nd Quarter Net Profit Drops to BRL45MM From Last Year
------------------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Braskem
S.A.'s second quarter 2010 earnings declined to BRL45 million
(US$25.7 million) from BRL1.15 billion in the year-ago period due
to the increase of debt-service costs.  The report relates Braskem
SA reported a financial expense of BRL771 million in the second
quarter from a gain of BRL1.5 billion a year earlier.

According to the report, the company's net revenue totaled BRL6.5
billion in the second quarter, up from BRL4.9 billion in the year-
ago period.

The report notes that EBITDA grew to BRL1.04 billion from BRL735
million, while Ebitda margin ended the period at 15.9%, up from
14.7% in the second quarter of 2009.

Braskem's net debt ended the second quarter at BRL10.9 billion,
down from BRL13.74 billion at the end of the first quarter, the
report adds.

                        About Braskem SA

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.

                          *     *     *

As of August 11, 2010, the company continues to carry Moody's
"Ba1" long-term and long-term corporate family rating.  The
company also continues to carry Fitch Ratings' "BB+" long-term
issuer default and senior unsecured debt ratings.


BRASKEM SA: May Sell Bonds in Europe & Prepay Debt
--------------------------------------------------
Lucia Kassai at Bloomberg News reports that Braskem SA Chief
Financial Officer Marcela Drehmer said that the company may sell
bonds in Europe and pay debt earlier as it seeks to extend the
average maturity of its debt.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.

                          *     *     *

As of August 11, 2010, the company continues to carry Moody's
"Ba1" long-term and long-term corporate family rating.  The
company also continues to carry Fitch Ratings' "BB+" long-term
issuer default and senior unsecured debt ratings.


COMPANHIA ENERGETICA: To Reveal 2nd Qtr. Results on August 16
-------------------------------------------------------------
Companhia Energetica de Minas Gerais will release its second
quarter 2010 earnings results on August 16, 2010 at 10:00 a.m.
EDT.

Interested parties will have to log in at
http://www.mediatown.com.br/prnewswire/player/?id=348/

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying on
a predominantly hydroelectric energy matrix.  Electric energy is
produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures for
the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of August 11, 2010, the company continues to carry Moody's
"Ba1" long-term and local currency issuer rating.  The company
also continues to carry Standard and Poor's "BB" long-term issuer
credit ratings.


COMPANHIA SIDERURGICA: Posts BRL894 Million Profit in 2nd Qtr.
--------------------------------------------------------------
Lucia Kassai and Robin Stringer at Bloomberg News report that
Companhia Siderurgica Nacional S.A. posted a quarterly profit of
BRL894 million (US$510 million) in the second quarter 2010, from
BRL334.7 million a year earlier, due to higher steel and iron-ore
prices and rising demand in Brazil's economy.

According to the report, second quarter revenue increased 55% to
BRL3.87 billion in the quarter as the company took advantage of
accelerating growth in Brazil to lift prices.  The report relates
that domestic sales accounted for BRL2.87 billion of total
revenue.

CSN, the report notes, also boosted sales of iron ore after rain
disrupted rail and port shipments and pared exports in the first
quarter.  Steel sales rose 37% compared with the same period last
year, the report adds.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of August 11, 2010, the company continues to carry moody's
"Ba1" long-term and long-term corporate family ratings.  The
company also continues to carry Standard and Poor's "BB+" issuer
credit ratings.


COSAN SA: Rumo Logistica Receives BRL614MM Financing From BNDES
---------------------------------------------------------------
Zacks Equity Research reports that Cosan S.A. Industria e
Comercio's indirect subsidiary Rumo Logistica S.A., through its
subsidiary Cosan Operadora Portuaria S.A., secured financing of
roughly BRL614 million from the Brazilian Development Bank.

According to the report, the financial assistance has a term
period of up to 12 years and costs a long-term interest rate of
(TJLP) plus 1.92% p.a.  The report relates that the amount granted
will be primarily used for the development of a railway line from
Itirapina to the port of Santos, restoration of Rumo's port
terminals in Santos, and the construction of a logistics terminal
in the Itirapina area, in Sao Paulo state.

                        About Cosan S.A.

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                          *     *     *

As August 11, 2010, the company continues to carry Moody's "Ba3"
long-term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's "BB-" long-term issuer credit ratings.


DESTILARIA GUARICANGA: To Propose Restructuring Plan on Oct. 12
---------------------------------------------------------------
Stephan Nielsen at Bloomberg News reports that Euclides Ribeiro,
Esq., said Destilaria Guaricanga SA will give creditors a new
business plan on October 12, 2010, after filing for bankruptcy on
August 2, 2010.  Mr. Ribeiro serves as counsel to the Company.

According to the report, Mr. Ribeiro, president of law firm ERS
Consultoria Ltda., said that the proposal may involve an equity
injection or a swap of shares for creditors' loans.  The company
was granted six months of immunity against creditors starting
yesterday August 11, 2010, Mr. Ribeiro said in an interview with
the news agency.

The report notes Mr. Ribeiro said that Destilaria Guaricanga was
making a monthly loss of BRL500,000 (US$284,000) this year before
a decision was taken to shut it down in June, as the company was
unable to pay the US$2.5 million needed for annual repairs on the
mill's industrial unit that would let it resume profitable
operations.  The report relates that Mr. Ribeiro confirmed a
report by Valor Economico newspaper that Destilaria Guaricanga has
liabilities of BRL105 million.

                    About Destilaria Guaricanga

Headquartered in Bauru, Brazil, Destilaria Guaricanga SA engages
in the production of ethanol from sugarcane.


GOL LINHAS: CFO Says Flight Woes Unlikely to Hurt Q3 Earnings
-------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.'s
third quarter earnings are unlikely to be hurt by the cancellation
of hundreds of flights in late July, Alberto Alerigi Jr. and
Guillermo Parra-Bernal at Reuters report, citing Chief Financial
Officer Leonardo Pereira.

According to the report, Mr. Pereira said the cancellations,
caused by the overstretching of new administration software, have
"been resolved and we believe (they) will have no impact" on
earnings.  The report notes that the problems led to the
cancellation of more than 300 domestic flights.

Reuters relates that analysts said the problems lasted almost four
days, through August 2, and were expected to impact Gol Linhas's
third-quarter earnings because of possible one-time expenses,
including accommodating passengers, ticket switches and fines
imposed by the nation's aviation authority.

The incident, the report notes, underscores the difficulties
facing Brazil's airline industry as surging demand from a growing
middle class stretches airport capacity and companies struggle to
expand operations without incurring overhead.

As reported in the Troubled Company Reporter-Latin America on
August 11, 2010, Bloomberg News said Gol Linhas incurred a BRL51.9
million net loss (US$29.7 million) in the second quarter from a
net income of BRL353.7 million a year earlier after costs rose and
a decline in the real increased the value of its foreign-currency
debt.  According to the report, operating costs rose 18% in the
quarter to BRL1.53 billion, including a 33% rise in fuel and
lubricant costs.   The report relates that the second quarter also
typically brings lower demand for flights.

                        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


NET SERVICOS: Embratel Set Date to Buy NET Preferred Shares
-----------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Embratel
Participacoes SA will hold a public tender offer to buy all
preferred shares of local cable-TV provider Net Servicos de
Comunicacao SA on September 9, 2010.

According to the report, Embratel, which already owned a 21.25%
stake of NET's preferred shares, is intending to buy all NET's
outstanding preferred shares, totaling 199.12 million shares.

The report relates that the operation, if completed, will amount
up to BRL4.58 billion (US$2.6 billion), considering Embratel's
offer of BRL23.00 per NET's share.

                        About Net Servicos

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

                           *     *     *

As of August 11, 2010, the company continues to carry Moody's
"Ba1" long-term corporate family and senior unsecured debt rating.
The company also continues to carry Standard and Poor's "BB+"
long-term issuer credit ratings.

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Standard & Poor's Ratings Services said it
assigned a 'BB+' senior unsecured debt rating to the US$300
million senior unsecured bond to be issued by Net Servicos de
Comunicacao S.A.  S&P said the rating reflected the issuer's
credit quality.  S&P saw increasing debt exposure to the foreign
currency as a relevant risk factor to the rating.  Considering the
new issue, more than 55% of NET's total debt would be denominated
in dollars, while 100% of revenues are in Brazilian reais.  The
company has derivative contracts to hedge its short-term equipment
supply and interest payments in foreign currency.  In addition,
its dollar- denominated debt has long-term maturities, which
mitigates the potential impact of exchange volatility in the
company's cash flow in the next couple of years.


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


PMI CDS: Shareholders' Final Meeting Set for September 2
--------------------------------------------------------
The shareholders of PMI CDS (Cayman) II Limited will hold their
final meeting, on September 2, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Aodh O Murchu
         5 Schoolhouse Lane, 4th Floor
         Dublin 2
         Ireland


PMI CDS: Shareholders' Final Meeting Set for September 2
--------------------------------------------------------
The shareholders of PMI CDS (Cayman) IV Limited will hold their
final meeting, on September 2, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Aodh O Murchu
         5 Schoolhouse Lane, 4th Floor
         Dublin 2
         Ireland


PMI CDS: Shareholders' Final Meeting Set for September 2
--------------------------------------------------------
The shareholders of PMI CDS (Cayman) VI Limited will hold their
final meeting, on September 2, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Aodh O Murchu
         5 Schoolhouse Lane, 4th Floor
         Dublin 2
         Ireland


PMI CDS: Shareholders' Final Meeting Set for September 2
--------------------------------------------------------
The shareholders of PMI CDS (Cayman) VIII Limited will hold their
final meeting, on September 2, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Aodh O Murchu
         5 Schoolhouse Lane, 4th Floor
         Dublin 2
         Ireland


PMI CDS: Shareholders' Final Meeting Set for September 2
--------------------------------------------------------
The shareholders of PMI CDS (Cayman) IX Limited will hold their
final meeting, on September 2, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Aodh O Murchu
         5 Schoolhouse Lane, 4th Floor
         Dublin 2
         Ireland


AP3 CO-INVESTMENT: Shareholders' Final Meeting Set for September 3
------------------------------------------------------------------
The shareholders of AP3 Co-Investment Partners, LDC will hold
their final meeting, on September 3, 2010, at 12:00 noon, 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


FOXTON LIMITED: Shareholders' Final Meeting Set for August 23
-------------------------------------------------------------
The shareholders of Foxton Limited will hold their final meeting,
on August 23, 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:

         Kontor International Inc.
         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


SAENZ HOFMANN: Shareholders' Final Meeting Set for August 24
------------------------------------------------------------
The shareholders of Saenz Hofmann Global Opportunity Fund will
hold their final meeting, on August 24, 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:

         Stuart Sybersma
         c/o Trudy-Ann Baines
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258
         e-mail: tabaines@deloitte.com


MARATHON REAL: Shareholder to Hear Wind-Up Report on August 26
--------------------------------------------------------------
The sole shareholder of Marathon Real Estate Finance Fund, Ltd.
will receive, on August 26, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877


CAPITAL CONSOLIDATED: Shareholders' Final Meeting Set for Sept. 6
-----------------------------------------------------------------
The shareholders of Capital Consolidated will hold their final
meeting, on September 6, 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:

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


HOME RUN: Shareholders' Final Meeting Set for September 3
---------------------------------------------------------
The shareholders of Home Run Limited will hold their final
meeting, on September 3, 2010, at 12:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hugh O'Loughlin
         Marguerite, Vinchelez de Haut Manor
         Le Route de Vinchelez St Ouen JE3 2DB Jersey
         Channel Islands


BOFA AF: Shareholders' Final Meeting Set for August 23
------------------------------------------------------
The shareholders of Bofa AF Holding Limited will hold their final
meeting, on August 23, 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:

         David A.K. Walker
         Julia Yates
         Telephone: (345) 914-8605
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


KILLARNEY CONSULTING: Shareholders' Final Meeting Set for Sept. 20
------------------------------------------------------------------
The shareholders of Killarney Consulting Ltd. will hold their
final meeting, on September 20, 2010, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HPT TRADING: Shareholder to Receive Wind-Up Report on August 25
---------------------------------------------------------------
The sole shareholder of HPT Trading Limited will receive, on
August 25, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Sargison
         Vijayabalan Murugesu
         31 Woodland Drive Savannah
         Grand Cayman Cayman Islands; or
         89 Nexus Way Camana Bay, Grand Cayman
         Cayman Islands
         Vijayabalan Murugesu
         Telephone: (345) 949-9876
         Facsimile: (345) 945-6265


RAFFIA INVESTMENT: Shareholders' Final Meeting Set for Sept. 3
--------------------------------------------------------------
The shareholders of Raffia Investment Limited will hold their
final meeting, on September 3, 2010, at 12:30 p.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


CYMRAEG INC: Shareholders' Final Meeting Set for September 3
------------------------------------------------------------
The shareholders of Cymraeg, Inc. will hold their final meeting,
on September 3, 2010, at 12:45 p.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


GODIVA INVESTMENTS: Members' Final Meeting Set for September 3
--------------------------------------------------------------
The members of Godiva Investments Inc. will hold their final
meeting, on September 3, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Collen Gavin
         1540 Broadway New York, NY10036-4086
         USA


GEO ADVISORS: Shareholder to Receive Wind-Up Report on September 6
------------------------------------------------------------------
The sole shareholder of Geo Advisors Limited will receive, on
September 6, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MITRA CORP: Shareholders' Final Meeting Set for August 23
---------------------------------------------------------
The shareholders of Mitra Corp. will hold their final meeting, on
August 23, 2010, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MYRIAD ALPHA: Shareholder to Receive Wind-Up Report on September 9
------------------------------------------------------------------
The sole shareholder of Myriad Alpha Fund Limited will receive, on
September 9, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Michel Nassif
         c/o Appleby Trust (Cayman) Ltd.
         Clifton House, 75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


=================
G U A T E M A L A
=================


* GUATEMALA: Fitch Affirms Issuer Default Ratings at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed Guatemala's local and foreign currency
Issuer Default Ratings at 'BB+'.  The Rating Outlooks on both
ratings are Stable.  At the same time, Fitch has affirmed the
short-term IDR at 'B' and the country ceiling at 'BBB-'.

Fitch's affirmation of Guatemala's ratings with a Stable Outlook
reflects adequate management by the country's authorities of the
negative impact of the global economic and financial crisis.  As a
result, the cyclical deterioration of some of the sovereign's key
credit metrics was minimal relative to peer credits' (sovereigns
rated in the 'BB-', 'BB' and 'BB+' categories).

"Guatemala's sound macroeconomic fundamentals and its authorities'
commitment to managing downside risks helped the country's
resilience during the worst global economic downturn in recent
history," said Theresa Paiz Fredel, Senior Director for Latin
American Sovereign ratings.  However, Fitch notes that growth is
not likely to recover to pre-crisis levels and will remain modest
(2% to 3.5% range) over the forecast horizon.

Guatemala's track record of macroeconomic stability, low public
and external debt burdens relative to peer medians, as well as the
government's solid commercial debt repayment history continue to
support the sovereign's ratings.

Nevertheless, the country's key credit weaknesses including its
low tax base, high level of poverty and income inequality, as well
as its weak social and governance indicators, continue to weigh on
Guatemala's ratings.  These factors will take time to address and
are likely to constrain Guatemala's ratings to sub-investment
grade over Fitch's rating horizon.

'Although some progress has occurred on the reform front since
Fitch's last review with the passage of a new insurance law and a
public/private partnership law, approval of a substantive tax
reform during this government appears doubtful,' said Paiz Fredel.

An expansion of the revenue base would improve fiscal flexibility
and provide space to increase needed social and infrastructure
spending.  However, the current political and economic
environment, as well as Guatemala's fragmented, multi-party
political system, has derailed fiscal reform initiatives as
legislative approval requires a broad process of consensus
building.

Guatemala's gross and net public debt/GDP ratios continued to
compare favorably relative to the 10-year 'BB' medians despite
increased borrowing to fund fiscal stimulus and revenue shortfalls
in 2009.  However, GDP measures of public debt understate
Guatemala's debt burden due to the narrowness of the country's tax
base.  Limited public debt and a manageable fiscal deficit also
drive the sovereign's comparatively low public financing
requirement, which could reach 4.3% of GDP this year if the budget
is fully executed.

Easing of Guatemala's rating constraints, including a low tax
take, high poverty and poor social indicators, through the
implementation of reforms, which strengthen public finances and
sustain higher rates of economic growth, would be viewed
positively.  Conversely, political gridlock or increasing
political or social instability which undermines confidence or
macroeconomic stability could negatively affect Guatemala's
ratings.  A sustained and marked deterioration in Guatemala's
fiscal and external solvency indicators could also undermine
sovereign creditworthiness.


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


MEXICANA AIRLINES: Offers Unions a Stake in Holding Company
-----------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that Compania Mexicana
de Aviacion aka Mexicana Airlines' controlling company Grupo
Mexicana de Aviacion SA is offering a stake to its pilots and
flight attendants in exchange for new labor terms.

According to the report, Grupo Mexicana said it is inviting a
group of "complementary investors" and that current stakeholders
are willing to dilute their participation in the company.  The
pilots union is interested in buying a stake and would modify its
contract to secure a deal, Fernando Perfecto, the group's head,
told the news agency in an interview.

The airline, the report says, wants to pare pilots' and flight
attendants' pay to compete with low-cost carriers.

Talks between Grupo Mexicana and the pilots and flight attendants
unions have progressed in the past 10 days, according to the
statement obtained by the news agency.

                      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 US$500 million to US$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


PATRIMONIO SA: S&P Keeps Ratings on Three Tranches From Three RMBS
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on three
tranches from three residential mortgage-backed securities
transactions originated and serviced by Patrimonio S.A. de C.V.
S.F.O.L (ABOVE AVERAGE residential loan servicer ranking).  In
addition, S&P affirmed its underlying ratings on two of those
tranches.  At the same time, S&P lowered its rating and its SPUR
on one tranche from another Patrimonio transaction.

S&P's affirmed ratings reflect sufficient credit enhancement
levels for those tranches, considering the transactions'
collateralization, subordination, reserve subaccount, and excess
spread, which continue to support the ratings based on both actual
and projected performance.  As of June 2010, overcollateralization
totaled 2.88% for PATRICB 06U, 13.80% for PATRICB 07, and 3.70%
for PATRICB 07-2.  However, S&P would undertake a new review of
the transactions if overcollateralization were to weaken
significantly beyond S&P's expectations.

The lowered rating and SPUR on PATRICB 07U reflect rising
delinquencies and defaults above S&P's expectations, which have
eroded collateralization to -2.11% (as of the last report, in June
2010).  Additionally, S&P expects the performance of this
transaction to continue to deteriorate due to the effects of the
global economic crisis on the Mexican economy, including rising
unemployment rates and shrinking disposable household incomes.
Although the Mexican economy has started to recover, S&P believes
improvements in employment rates and disposable income may lag the
overall recovery for some time.

Patrimonio has been active in foreclosing on defaulted loans and
liquidating the repossessed properties.  Nonetheless, this process
is taking longer than S&P had originally anticipated, and in the
case of PATRICB 07U, the recovery proceeds have not been
sufficient to offset the rise in defaults.  As of June 2010,
default levels (delinquencies over 90 days) were 15.15% for
PATRICB 06U, 19.62% for PATRICB 07U, and 5.73% for the two-class
transaction, PATRICB 07 and 07-2.

PATRICB 06U, PATRICB 07U, and PATRICB 07 each have a full
financial guarantee insurance policy provided by Ambac Assurance
Corp. (R/--/--).  Under S&P's criteria, the issue rating on an
insured bond reflects the higher of the rating on the bond insurer
(monoline) or the SPUR on the security.  S&P's ratings on these
tranches now reflect the transactions' underlying stand-alone
credit quality, as reflected in the SPURs, following the July 28,
2009, downgrade of Ambac to 'CC' from 'BBB' (which was lower than
the SPURs on these transactions).

S&P estimated the transactions' delinquency, default, and current
credit enhancement levels according to its methodology and
assumptions*, so they may differ from the figures reported by the
servicer.  S&P used its LEVELS Mexico model to determine the
transactions' updated foreclosure frequency and loss severity
levels.  S&P then used its Mexican RMBS cash flow model to
determine the appropriate rating on each transaction based on its
financial position, projected performance, and structure.  S&P
modeled each transaction's expected recovery using asset
liquidation projections consistent with LEVELS Mexico output and
S&P's current methodology and assumptions.

As S&P noted in its Dec. 22, 2009, Mexican RMBS Index, S&P had
expected to take rating actions on some of the weaker Mexican RMBS
transactions, particularly those that have low levels of current
credit protection due to high defaults and low excess spread.

                         Ratings Lowered

    Patrimonio - Bursatilizaciones de Hipotecas Residenciales

                                                       Outstanding
            Current                                    amount
Tranche    collat.(%) Rating To      Rating From      (mil. UDI))
-------    ---------- ---------      -----------      -----------
PATRICB 07U -2.11      BB+/BB+ (SPUR) BBB-/BBB- (SPUR)  132.2
PATRICB 07U -2.11      mxA+           mxAA-             132.2

                         Ratings Affirmed

    Patrimonio - Bursatilizaciones de Hipotecas Residenciales


                Current                            Outstanding
   Tranche      collat.(%)   Rating                amount (mil.)
   -------      ----------   ------                -------------
   PATRICB 06U    2.88       BBB-/BBB- (SPUR)*      UDI 134.9
   PATRICB 06U    2.88       mxAA-                 UDI 134.9
   PATRICB 07    13.80       BBB/BBB (SPUR)        MXN 652.2
   PATRICB 07    13.80       mxAA                  MXN 652.2
   PATRICB 07-2   3.70       mxA                    MXN 75.6

* S&P calculated each transaction's credit protection by dividing
  the liabilities' outstanding amount (adjusted for reserved cash)
  by the portion of the collateral that is current (using
  standardized 90-plus-day defaults according to Standard & Poor's
  RMBS index methodology) and then subtracting the quotient from
  one.  S&P then added the result (as a percentage) either to the
  subordinated tranche (as a percent of the outstanding amount of
  the current collateral) or to the available partial credit
  guarantee (as a percent of the outstanding balance of bond
  issuance).  Negative percentages represent transactions with
  more liabilities than current assets (negative equity).

UDIs - Unidades de Inversion.

SPUR - Standard & Poor's Underlying Rating.

* Due to an administrative error, the SPUR on PATRICB 06U was not
  included in the press release dated July 31, 2009.


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


CL FINANCIAL: TTTI Seeks Probe on Angostura Holdings' Loss
----------------------------------------------------------
The Trinidad and Tobago Transparency Institute is calling on the
relevant authorities to investigate the losses disclosed in
Angostura Holdings' 2008 financial statements, and why it was
necessary for the state to bail out the CL Financial Group,
Camille Bethel at Trinidad and Tobago Express reports.  CL
Financial Limited owns 78% of the company.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2010, Trinidad and Tobago Guardian said that Angostura
Holdings recorded a TT$1.28 billion loss for 2008 and is unable to
produce its audited results for 2009.  According to the report,
the company reported an unaudited net profit of TT$101.3 million
for the first half of 2010.  Angostura stated that its
consolidated financial statements for the year ended December 31,
2008, were "materially impacted by post-year-end events involving
CL Financial," the report related.  The "precarious" financial
position of its parent "impaired the collectability of TT$1.185
billion in receivables from the CL Financial Group," the report
noted.   The company, the report related, stated that recognizing
these provisions resulted in a net loss of TT$1.287 billion as
well as accumulated losses of TT$307 million and negative
shareholders' equity of TT$121 million.  The report added that the
company reported that because of its loss in 2008, it was not in a
position to declare any dividends for that year.

According to the Express, the company's audited report raised
questions about the practice of corporate governance at Angostura
and an investigation and findings should be made public.  "When
decisions taken by a private entity have a heavy impact on the
public purse, the processes surrounding those decisions should not
remain private.  We need to establish the lessons that can be
learnt from that unfortunate situation, and take the necessary
steps to ensure they are not repeated in the future," the report
quoted TTTI as saying.

                        About CL Financial

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

                           *     *     *

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

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


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


PETROLEOS DE VENEZUELA: Spent US$700MM to Address Electricity Woes
------------------------------------------------------------------
Petroleos de Venezuela has spent US$700 million this year helping
the country work through a power crisis, Forrest Jones at Dow
Jones Newswires reports, citing the newspaper El Nacional.

According to the report, a drought in late 2009 and a lack of
investment in the electricity sector combined to cripple
Venezuela's power supply, which is heavily dependent on
hydroelectric energy.  The report relates that the crisis has
since subsided as the rainy season helped to refill reservoirs at
hydropower dams.

The report notes hat the newspaper said that PDVSA's spending went
to prop up electricity generation, transmission and distribution
activities, all affected by the crisis.

PDVSA said the drought did not affect its oil production, the
report adds.

                            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 August 11, 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 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.


PETROLEOS DE VENEZUELA: Recovered Rig to Begin Monagas Operation
----------------------------------------------------------------
Petroleos de Venezuela initiated the transfer of 11 recovered
drilling rigs from Helmerich & Payne.  The first drilling rig
arrived in the town of Jusepin, Maturin municipality, Monagas
State.

The installation of this first drill will help boost up the
productions of the District Furrial.

As reported in the Troubled Company Reporter-Latin America on
June 28, 2010, Reuters said Venezuela Oil Minister Rafael Ramirez
said that the country will pay Helmerich and Payne for a fleet of
oil rigs it seized from the company.  According to a TCR-LA report
on June 25, citing Bloomberg News, PDVSA is seeking the
nationalization of 11 oil drilling rigs owned by Helmerich &
Payne, which it accuses of trying to slow oil production in
Venezuela.  PDVSA will seek National Assembly approval to seize
the 11 rigs in Anzoategui state after a long payment battle with
Helmerich & Payne, Mr. Ramirez said in an e-mailed statement
obtained by the news agency.  The report related that Helmerich &
Payne idled its drilling rigs last year after PDVSA fell behind
with payments to service suppliers amid a drop in oil output and
revenue.
                         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 August 11, 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 total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before.  According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.


* VENEZUELA: Fitch Assigns 'B+' Rating on Country's Bonds
---------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'B+' to the Bolivarian Republic of Venezuela's US$3 billion Global
bond (12.75% coupon) maturing in 2022.

The rating is in line with Venezuela's foreign currency Issuer
Default Rating which is currently 'B+' with a Stable Rating
Outlook.  Venezuela's relatively weak policy framework is
reflected by the increased state intervention in the economy, an
expansionary fiscal stance, an accommodative monetary policy and a
fixed exchange rate regime.  This framework has undermined the
country's growth prospects and increased macroeconomic instability
reflected by high inflation and continued recession.

Moreover, macroeconomic distortions such as high inflation and the
VEF real appreciation, as well as the recent changes in foreign
exchange regulations, have influenced the debt strategy of the
sovereign through the issuance of foreign currency-denominated
debt in the local market to address demand for FC-denominated
assets by Venezuelans.  As a result, the increase in FC
liabilities combined with continued transfers of international
reserves to opaque government-managed funds has weakened the
sovereign's net external position in spite of its status as an oil
exporter.

Nevertheless, Venezuela's comparatively low government debt
burden, its government's demonstrated willingness to service debt
even during financial stress, and its manageable debt maturity
profile support the sovereign's ratings at the current level.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *