TCRLA_Public/100816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, August 16, 2010, Vol. 11, No. 160

                            Headlines



A N T I G U A  &  B A R B U D A

COMESA SRL: Creditors' Proofs of Debt Due on September 23
DEPORTVEL SA: Creditors' Proofs of Debt Due on December 14
GAIA INGENIERIA: Creditors' Proofs of Debt Due on October 14
METROGAS SA: Creditors' Proofs of Debt Due on November 10
MINERA HAUSSLER: Creditors' Proofs of Debt Due on September 3

SER MA: Creditors' Proofs of Debt Due on September 23
STANFORD INTERNATIONAL: Owner Loses Bid to Leave Jail Pretrial


A R G E N T I N A

* ARGENTINA: Moody's Assigns 'B3' Rating on Cordoba's Bonds


B A H A M A S

ULTRAPETROL (BAHAMAS): Records $60.6-Mil. Revenue in 2nd Qtr.


B E L I Z E

BELIZE AGGREGATES: Receiver May Have Conflict of Interest


B E R M U D A

HIGHLAND STAR: Commences Wind-Up Proceedings
HIGHLAND STAR: Members Receive Wind-Up Report
RIO BRAVO: Commences Wind-Up Proceedings
RIO BRAVO: Members Receive Wind-Up Report


B R A Z I L

BRASIL FOODS: Lodges an Appeal to Ministry of Agriculture
CHEMICAL V: Moody's Assigns 'Ba1' Rating on Senior Shares
JBS SA: US Unit to Host 2nd Qtr. Earnings Results on August 17
TAM SA: Incurs BRL151.4 Million Net Loss in Second Quarter


C A Y M A N  I S L A N D S

ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20
ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20
AVALON RE: Shareholder to Hear Wind-Up Report on August 20
MAGNUS FUNDING: Members' Final Meeting Set for September 8
NYKREDIT SIRIUS: Members' Final Meeting Set for September 9

SATELLITE STRATEGIC: Members' Final Meeting Set for September 9
TAURUS (CAYMAN): Members' Final Meeting Set for September 8
TVA LTD: Shareholders' Final Meeting Set for September 3


J A M A I C A

STUDENT LOAN BUREAU: Members Resign After Release of Audit Report


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Files for Bankruptcy


T R I N I D A D  &  T O B A G O

CL FINANCIAL: NEL Unable to Recover TT$5-Million CIB Investment


V E N E Z U E L A

BANCO FEDREAL: Venezuela Seized Bank; Will Be Liquidated


X X X X X X X X

* BOND PRICING: For the Week August 9, to August 13, 2010




                         - - - - -


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


COMESA SRL: Creditors' Proofs of Debt Due on September 23
---------------------------------------------------------
The court-appointed trustee for Comesa S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
September 23, 2010.

The trustee will present the validated claims in court as
individual reports on November 8, 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 22, 2010.


DEPORTVEL SA: Creditors' Proofs of Debt Due on December 14
----------------------------------------------------------
The court-appointed trustee for Deportvel S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 14, 2010.

The trustee will present the validated claims in court as
individual reports on February 25, 2011.  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
April 8, 2011.


GAIA INGENIERIA: Creditors' Proofs of Debt Due on October 14
------------------------------------------------------------
The court-appointed trustee for Gaia Ingenieria S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 14, 2010.

The trustee will present the validated claims in court as
individual reports on November 25, 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 7, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 5, 2011.


METROGAS SA: Creditors' Proofs of Debt Due on November 10
---------------------------------------------------------
The court-appointed trustee for Metrogas S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 10, 2010.

The trustee will present the validated claims in court as
individual reports on February 22, 2011.  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
May 20, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 2, 2012.


MINERA HAUSSLER: Creditors' Proofs of Debt Due on September 3
-------------------------------------------------------------
The court-appointed trustee for Minera Haussler S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 3, 2010.

The trustee will present the validated claims in court as
individual reports on October 15, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 26, 2010.


SER MA: Creditors' Proofs of Debt Due on September 23
-----------------------------------------------------
The court-appointed trustee for Ser Ma S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
September 23, 2010.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 20, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 15, 2011.


STANFORD INTERNATIONAL: Owner Loses Bid to Leave Jail Pretrial
--------------------------------------------------------------
Anna Driver and Jonathan Stempel at Reuters report that Robert
Allen Stanford, owner of Stanford International Bank Limited, has
lost a bid to get out of jail to work on a separate trial seeking
to hold Lloyd's of London responsible for his defense costs.  The
report relates Mr. Stanford sought to be freed into a U.S.
marshal's custody so he could be transported to his lawyer's
office to prepare for the August 24 Lloyd's trial.

According to the report, Mr. Stanford argued that he needed to
spend as much as 12 hours a day, seven days a week working with
his lawyer.  The report relates that Mr. Stanford also sought to
delay the Lloyd's trial to October 25, complaining that his jail
guards ruined most of his case files on August 2.

However, the report notes, U.S. District Judge Nancy Atlas in
Houston, who is presiding over the insurance trial, rejected both
requests.  The report relates Judge Atlas said that the "unique
circumstances" of the Lloyd's case meant there should be no delay
and that Stanford should direct complaints about his detention to
U.S. District Judge David Hittner, who is handling his criminal
case.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Caribbean Net News said that Mr. Stanford and
his former executives sued Lloyd's of London for defense costs.
The report related that Lloyd's had advanced some legal fees under
a directors and officers policy but the insurer sent a letter on
Nov. 16 declining to extend coverage for beyond August 27.
According to Bloomberg News, Lloyd's of London said that the
admission made by former Stanford International Bank Limited Chief
Financial Officer, James "Jim" Davis when he pleaded guilty
relieves the insurance syndicate of the obligation to pay defense
costs for Mr. Stanford and his codefendants.  The report related
that Lloyd's lawyers told U.S. District Court Judge David
Hittner that the statements reveal criminal activity that takes
the defendants actions outside the terms of their directors' and
officers' insurance coverage.

Mr. Stanford, the report says, is also appealing his third bail
denial to the U.S. Fifth Circuit Court of Appeals, the same court
that rejected his two prior bail requests.  The report relates Mr.
Stanford argues his jailing has deprived him of his constitutional
rights to due process and effective assistance of counsel.

The report discloses that in a court filing, Mr. Stanford's
lawyers renewed their concern about the detention's effect on
their 60-year-old client's health and mental state, saying
Stanford is taking psychotropic drugs twice a day that "leave him
in a less than fully coherent state of mind."

The criminal trial is scheduled to begin on Jan. 24, 2011.

              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
=================


* ARGENTINA: Moody's Assigns 'B3' Rating on Cordoba's Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 (Global
Scale) to Cordoba's forthcoming US$400 million Senior Unsecured
Global Bonds due 2017.  The bullet-maturity bonds are to be issued
in US dollars and will pay a fixed annual interest rate of 12.375%
on a semi-annual basis, beginning in February 2011.  The issuance
has been authorized by the Argentine Ministry of Economy.

The assigned rating is in line with Cordoba's issuer rating (B3,
Global Scale), reflecting that the bonds will constitute a direct,
unconditional, unsecured and unsubordinated obligation of the
province.

"There are no enhanced elements in the structure of the
transaction which suggest any uplift from the province's issuer
ratings," said Moody's Associate Analyst Patricio Esnaola.
"Accordingly, the key rating driver is that the bonds will be
unsecured and will not be guaranteed by any kind of collateral
beyond Cordoba's intrinsic credit profile".

The last rating action with respect to the Province of Cordoba was
taken on July 31, 2009, when Moody's assigned B3 (Global Scale,
local currency) and A2.ar (Argentine National Scale) issuer
ratings.  At that time, Moody's also assigned B3/A2.ar ratings to
the Series 1 US$150 million Senior Secured Notes.


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


ULTRAPETROL (BAHAMAS): Records $60.6-Mil. Revenue in 2nd Qtr.
-------------------------------------------------------------
Ultrapetrol (Bahamas) Limited posted financial results for the
second quarter ended June 30, 2010.  The company recorded revenues
of $60.6 million in the second quarter 2010.  Adjusted EBITDA is
$17.6 million for the second quarter of 2010.

The company recorded total adjusted net income and adjusted EPS of
$1.7 million and $0.06, respectively, in the second quarter of
2010, which include the effect of a net gain on FFAs of $1.3
million corresponding to the second quarter of 2010 and exclude
the effect of a $0.2 million income tax benefit for unrealized
foreign exchange rate losses on U.S. dollar-denominated debt of
our Brazilian subsidiary in the Offshore Supply Business.

Revenues, adjusted EBITDA, adjusted net income and adjusted EPS
for the first half of 2010 were $114.8 million, $37.2 million,
$6.0 million and $0.2 per share, respectively.

A full-text copy of the earnings report is available for free at:

     http://ResearchArchives.com/t/s?68cb

                          About Ultrapetrol

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

                         *     *     *

As of August 13, 2010, the company continues to carry Moody's "B2"
long-term, senior secured debt, and long-term corporate family
ratings.  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
September 1, 2009, Standard & Poor's ratings on Ultrapetrol
reflect its vulnerable business profile, as demonstrated by its
weak position in the maritime shipping industry and its highly
leveraged financial profile, including substantial debt and
sizable investments that often cause free cash flow generation to
go negative.  These weaknesses are partially mitigated by
Ultrapetrol's leading market position in barges in the Hidrovia on
the Parana River, growing presence in offshore markets, adequate
liquidity position, and favorable debt maturity profile.

According to a TCRLA report on May 29, 2009, Moody's Investors
Service The negative outlook on the company reflects: 1) lower
than previously expected earnings near-term from weaker mining
activity and drought conditions in regions served by Ultrapetrol's
River business; 2) less robust rates currently being earned by
some vessels of the Ocean segment are pressuring earnings; 3)
potential for rate declines on three of Ultrapetrol's existing
platform supply vessels whose North Sea charters expire in 2009.
The softer than expected earnings combined with additional debt to
finance four of the seven PSVs under construction and River
segment expansion projects could push credit metrics to maximum
levels for the existing B2 rating.  The potential for capital
spending beyond what has been announced, for rate pressure to be
sustained with the weak global economy, and for further stock
repurchases adds uncertainty to de-levering prospects.


===========
B E L I Z E
===========


BELIZE AGGREGATES: Receiver May Have Conflict of Interest
---------------------------------------------------------
Belize bank-appointed receiver for Belize Aggregates Limited,
Stanley Earmeav, is said to have a conflict interest in the
receivership process of the company, The El Guardian reports.

As reported in the Troubled Company Reporter-Latin America on
August 3, 2010, The Belize Times said that Belize Aggregates
Limited (Belagg) has been placed into receivership by the Belize
bank after it became one of the victims of the massive slowdown in
the construction industry.  According to Amadala News, the
Ashcroft group is putting Belize's former Central Bank Governor,
Keith Arnold, at the head of the company's operations.

According to the El Guardian, Belize Bank published its balance
sheets in which it reflects that the $20 million Venezuelan grant
money which they had previously been reflecting as an asset was
turned into a liability.  The report notes that the auditors for
the bank are listed as Horwath Belize LLP, in which Mr. Earmeav is
a principal.

The report notes that there maybe a conflict of interest in Mr.
Earmeav's part because he is responsible for preparing Belize
bank's financial statements and is also a receiver of Belize
Aggregates.

                    About Belize Aggregates

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


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


HIGHLAND STAR: Commences Wind-Up Proceedings
--------------------------------------------
On July 20, 2010, the members of The Highland Star Group Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
August 3, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


HIGHLAND STAR: Members Receive Wind-Up Report
---------------------------------------------
On August 24, 2010, the members of The Highland Star Group Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


RIO BRAVO: Commences Wind-Up Proceedings
----------------------------------------
On July 20, 2010, the members of Rio Bravo Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
August 3, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


RIO BRAVO: Members Receive Wind-Up Report
-----------------------------------------
On August 24, 2010, the members of Rio Bravo Investments Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


BRASIL FOODS: Lodges an Appeal to Ministry of Agriculture
---------------------------------------------------------
BRF - Brasil Foods SA has lodged an appeal with the Ministry of
Agriculture contesting test results which have led to the special
ruling of sales of its natura meats from one of its industrial
units.  BRF understands that this imposition has no basis in law
and questions the technical-scientific criteria supporting the
methodology adopted for such evaluations.

The Company confirms that the special arrangement arising from
these test results is a temporary restriction and affects only one
of its plants.  BRF further informs that it meets rigorously all
of the Ministry's recommended legal specifications and that it
adopts rigid standards of quality control for all its lines of
production.

                     About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of April 12, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating.  The company also continues to
carry Standard and Poor's "BB+" long-term issuer credit ratings.


CHEMICAL V: Moody's Assigns 'Ba1' Rating on Senior Shares
---------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aa1.br
(sf) (Brazilian National Scale) and Ba1 (sf) (Global Scale, Local
Currency) to the Senior Shares, and Ba1.br (sf) (Brazilian
National Scale) and B2 (sf) (Global Scale, Local Currency) to the
Mezzanine Shares to be issued by Chemical V - FIDC Industria
Petroquimica, a securitized transaction backed by a pool of trade
receivables originated by Braskem S.A.

The ratings are based on these factors, among others:

  -- Overcollateralization ratio ranging from a minimum of 110% to
     a maximum of 115% for the benefit of the Senior Shares
     outstanding, and 102.041% for the Mezzanine Shares, to
     mitigate losses, dilution and potential interest rate
     mismatches;

  -- The eligibility parameters of the trade receivables to be
     acquired by the issuer, which include concentration limits by
     client, delinquency by client, and maximum term of the trade
     receivables;

  -- Maximum individual concentration limit of 3% for regular
     obligor and 8% for special obligors, with no more than 40%
     aggregate concentration to special obligors.

  -- The ability of Banco Bradesco S.A.  (A1 Long-term Bank
     Deposit Rating in the Global Local Currency Scale & Aaa.br in
     the Brazilian National Scale) to act as master and back-up
     servicer for the transaction; and

  -- The legal structure of the transaction, including the
     bankruptcy remoteness of the issuer.

The originator is Braskem S.A., a large Brazilian manufacturer of
petrochemical products rated Aa2.br (Brazilian National Scale) and
Ba1 (Global Local, Currency Scale).

The transfer of receivables from the originators to the issuer is
structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Chemical V - FIDC will have a tenor of 36 months.  The senior and
subordinated mezzanine shares will be amortized in 6 equal monthly
installments following the revolving period of 30 months.

During the 30 month revolving period, the senior and mezzanine
share will receive five semi-annual payments of interest, and
following the revolving period, will receive monthly payments
together with the scheduled amortizations of senior and
subordinated mezzanine shares.

In order to rate the transaction, Moody's has received pool
performance data covering the time period January 2007 through
December 2009 from Braskem.  Key data reviewed by Moody's included
dilutions, delinquencies, losses, receivable turnover and volume
of eligible receivables.  For Moody's modeling assumptions,
Moody's has assumed an average of BRL 743 million of eligible
receivables over this period, 0.1% monthly dilutions, 0,21%
monthly losses on outstanding balance and an average turnover of
38 days.

The complete rating action is:

Issuer: Chemical V - FIDC Industria Petroquimica

  -- Senior Shares -- Aa1.br (sf) (National Scale) & Ba1 (sf)
     (Global Scale, Local Currency); previously on May 14, 2010,
     (P)Aa1.br (National Scale) and (P)Ba1 (Global Scale, Local
     Currency) ratings were assigned.

  -- Mezzanine Shares -- Ba1.br (sf) (National Scale) & B2 (sf)
     (Global Scale, Local Currency); previously on May 14, 2010,
     (P)Ba1.br (National Scale) and (P)B2 (Global Scale, Local
     Currency) ratings were assigned.


JBS SA: US Unit to Host 2nd Qtr. Earnings Results on August 17
--------------------------------------------------------------
JBS USA, LLC will hold its second quarter 2010 earnings conference
call Tuesday, August 17, at 10:30 a.m. Eastern (8:30 a.m.
Mountain).   The call will be open to holders of the Company's
11.625% Senior Notes due 2014 as well as prospective investors,
securities analysts and market makers.

For more information about the call, visit
http://www.jbsswift.com/ and refer to the "JBS USA Bond
Investors" link under the Investor Relations tab.  Financial
statements for the second quarter 2010 will also be available to
investors on the Company's website on August 13, 2010.

JBS USA, LLC processes beef and pork in the United States and the
number one processor of beef in Australia in terms of daily
slaughtering capacity.  The company processes, prepares, packages
and delivers fresh, processed and value-added beef and pork
products for sale to customers in over 60 countries on six
continents.  The company is an indirect wholly owned subsidiary of
JBS S.A.

                           About JBS SA

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

                           *     *     *

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

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

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

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

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

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


TAM SA: Incurs BRL151.4 Million Net Loss in Second Quarter
----------------------------------------------------------
Laura Price and Robin Stringer at Bloomberg News report that TAM
SA incurred a BRL151.4 million (US$85.6 million) net loss in the
second quarter from a net income of BRL555.1 million a year
earlier.  This is the company's second consecutive quarterly loss
after its market share fell and costs increased.

According to the report, Tam SA's share of Brazilian air travel
slid to an average 42% from January to July from 47% in the same
period a year earlier because of increased competition from
carriers such as Gol Linhas Aereas Inteligentes SA and Azul Linhas
Aereas Brasileiras.  The report relates that the airline's
international market share fell to 84% from 86% in the period.
The report notes that Tam SA said operating costs advanced 6.3% in
the quarter, including a 37% jump in fuel expenses.

"The red ink resulted primarily from depressed fares due to
domestic industry overcapacity," the report quoted James Parker
and Duane Pfennigwerth, analysts at Raymond James & Associates
Inc., as saying.  Other reasons included a "lack of focus at the
airline because of preoccupation with the highly successful
Multiplus IPO," he added.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of August 13, 2010, the company continues to carry Standard and
Poor's "B+" long-term issuer credit ratings.  The company also
continues to carry Fitch Rating's "BB-" long-term issuer default
ratings.


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


ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20
-----------------------------------------------------------------
The shareholder of Atlantic & Western Re Limited will receive, on
August 20, 2010, at 9:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         Telephone: 914-7553 / 914-7580
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20
-----------------------------------------------------------------
The shareholder of Atlantic & Western Re II Limited will receive,
on August 20, 2010, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         Telephone: 914-7553 / 914-7580
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


AVALON RE: Shareholder to Hear Wind-Up Report on August 20
----------------------------------------------------------
The shareholder of Avalon Re Ltd. will receive, on August 20,
2010, at 9:00 a.m., the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         Telephone: 914-7553 / 914-7580
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


MAGNUS FUNDING: Members' Final Meeting Set for September 8
----------------------------------------------------------
The members of Magnus Funding Ltd. will hold their final meeting,
on September 8, 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:

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


NYKREDIT SIRIUS: Members' Final Meeting Set for September 9
-----------------------------------------------------------
The members of Nykredit Sirius Ltd. will hold their final meeting,
on September 9, 2010, at 11:10 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SATELLITE STRATEGIC: Members' Final Meeting Set for September 9
---------------------------------------------------------------
The members of Satellite Strategic Finance Partners, Ltd. will
hold their final meeting, on September 9, 2010, at 11:00 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

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

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


TAURUS (CAYMAN): Members' Final Meeting Set for September 8
-----------------------------------------------------------
The members of Taurus (Cayman) Limited will hold their final
meeting, on September 8, 2010, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TVA LTD: Shareholders' Final Meeting Set for September 3
--------------------------------------------------------
The shareholders of TVA LTD. will receive, on September 3, 2010,
at 1:30 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


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


STUDENT LOAN BUREAU: Members Resign After Release of Audit Report
-----------------------------------------------------------------
Jamaica's Student Loan Bureau Head Levine Barnett was fired from
his post and a day later the agency's entire board resigned after
an audit report raised questions about how the board operated,
Caribbean360.com reports.  The report relates that Mr. Barnett is
also under scrutiny and could be forced to repay money she got
from the Bureau.

According to the report, Finance Minister Audley Shaw received a
report from the audit of the Public Accountability Inspectorate
Division of his Ministry, which pointed to misconduct and abuse of
power.  The report relates that the audit team found several
problems, including Ms. Barnett receiving benefits outside the
norm and the Board approving some of them.  The report notes that
the audit team found out that while Ms. Barnett's contract
scheduled her gratuity to be paid at the end of each contract year
in lieu of pension, she was being paid gratuities quarterly, and
even though she was contributing to the scheme; she got nearly J$5
million (US$58,513)  in salary advances between 2005 and 2009; her
misuse of the Bureau's vehicles; and J$1.8 million (US$21,064) in
payments which she received over a three-year period for the
upkeep of her personal car, even though she was assigned a company
vehicle.

The audit team, the report says, noted that, overall, there was no
reliable system to track loan balances.  It also pointed out that
the audit team discovered that there were loans made to
educational institutions on behalf of borrowers but yet were not
accounted for by the Bureau on the individuals' account, the
report relates.

The audit report, Caribbean360.com says, noted that the Board did
not function adequately as an oversight body and appeared to have
rubber-stamped Ms. Barnett's decisions.  The report relates that
among the other concerns of the audit team was that the SLB
invested over J$264 million (almost US$3.1 million) with Capital
and Credit Securities, an entity that is linked to board Chairman
Andrew Cocking, who is deputy group president of Capital and
Credit Merchant Bank.

The report says that Mr. Shaw could not say, for sure, whether the
findings from the audit would prompt fraud investigations, but
steps would be taken to recover some of the money which Ms.
Barnett received.

Director of the Credit Unions Department of the Bank of Jamaica,
Monica Brown is temporarily holding Ms. Barnett's position.


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


CARIBBEAN PETROLEUM: Files for Bankruptcy
-----------------------------------------
Caribbean Petroleum Corp. filed for bankruptcy protection in a
Delaware court on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations, Reuters reports.

According to the report, the company agreed to sell off all its
assets through the bankruptcy process following extensive talks
with its senior secured lender, Banco Popular de Puerto Rico.  The
report relates that Banco Popular holds a lien on all of Capeco's
assets and a claim of about US$137 million.

The report notes Capeco said it had exhausted its working capital
earlier this year and its operations remain halted due to clean-up
and repair that must be conducted on the property.

In its Chapter 11 petition, Capeco listed assets in the US$100
million to US$500 million range and liabilities in the US$500
million to US$1 billion range, the report adds.

                     About Caribbean Petroleum

Caribbean Petroleum Corporation is an oil company in Puerto Rico.
It owns an oil refinery in Bayamon, which has a capacity of 48
thousand barrels per day.  In addition, it operates more than 200
service stations in Puerto Rico under the Gulf brand name.
Caribbean Petroleum Corporation was incorporated in 1987 through
the merger of Caribbean Gulf Refining Corp., Gulf Petroleum S.A.,
and Compania Petrolera Chevron, Inc.


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


CL FINANCIAL: NEL Unable to Recover TT$5-Million CIB Investment
---------------------------------------------------------------
Curtis Rampersad at Trinidad Express reports that National
Enterprises Ltd has not been able to recover a TT$5 million
investment it made in CLICO Investment Bank, part of the
struggling CL Financial group.

According to the report, a few shareholders were upset that NEL
increased its administrative expenses in its financial year ended
March 2010 from TT$39.6 million in 2009 to TT$45 million.

NEL's profits fell by TT$347.4 million or 44.4% in 2010 from 2009,
Chairman Jerry Hospedales said in NEL's financial statement that
was obtained by the news agency.  The report relates that NEL's
net profit for the year fell TT$774 million in 2009 to TT$444.5
million for its year ended 2010.

At NEL's annual general meeting, the report notes, shareholder
Kenneth Subran and others asked Mr. Hospedales about the TT$5
million investment and why it was made if it was "public
knowledge" that CLICO and CL Financial were in trouble even before
they approached the government for a financial rescue in 2009.
The report relates Mr. Hospedales said the investment was made in
CIB in 2005 and at that time, there was no indication of any
financial problems in the CL group.

Mr. Hospedales, the report discloses, said that the TT$5 million
was in the form of an investment credit note and not a deposit and
this note did not automatically qualify for deposit insurance.
This was why NEL had not recovered it yet and made a provision for
it in its accounts, he added.

The report notes Mr. Hospedales said that discussions were still
being held about if it would qualify for deposit insurance, adding
that the investment had been transferred to State bank First
Citizens when it took over the operations of CIB.

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


BANCO FEDREAL: Venezuela Seized Bank; Will Be Liquidated
--------------------------------------------------------
The Venezuela government plans to liquidate Banco Federal, a mid-
sized bank seized by authorities in June for alleged liquidity
problems, Dan Molinski at Dow Jones Newswires reports.

According to the report, Bank Former President Nelson Mezerhane
claimed that the intervention was a political move.  The report
relates Mr. Mezerhane disputed the charge that the bank had
liquidity problems.

Investigators, the report says, have been reviewing Banco
Federal's books over the past two months to determine what to do
with it.  President Chavez confirmed that the bank wouldn't go
back into private hands, the report relates.

Dow Jones Newswire says that Finance Minister Jorge Giordani said
that some of the bank's assets would be sold off.  Over the past
two months, the government has been paying out the deposits owed
to bank customers, he added.

Government officials, the report notes, claim Mr. Mezerhane took
off with some of the bank customers' deposits, a charge he also
denies.  The report relates Mr. Giordani said "net worth losses"
at the bank amount to some VEF4.8 billion ($905 million).

There is an arrest warrant outstanding for Mr. Mezerhane, but he
is in the U.S. and said he has no immediate plans to return to
Venezuela, the report adds.


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


* BOND PRICING: For the Week August 9, to August 13, 2010
---------------------------------------------------------

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


ARGENTINA

Argentina
ARGENT-PAR              1.18     12/31/2038 ARS                80
ARGENT-?DIS             7.82     12/31/2033 EUR                71
ARGENT-?DIS             7.82     12/31/2033 EUR                72
ARGENT-ĚDIS             4.33     12/31/2033 JPY                12
ARGENT-ĚPAR&GDP         0.45     12/31/2038 JPY                 8
ARGNT-BOCON PR11           2      12/3/2010 ARS            68.065
BANCO MACRO SA         10.75       6/7/2012 USD          70.04559
MENDOZA PROVINCE         5.5       9/4/2018 USD           81.58646


BRAZIL

CESP                    9.75      1/15/2015 BRL          70.10162


CAYMAN ISLAND


BANCO BPI (CI)          4.15     11/14/2035 EUR            70.385
BANIF FIN LTD              3     12/31/2019 EUR            54.375
BARION FUNDING          0.63     12/20/2056 GBP          17.92655
BARION FUNDING          1.44     12/20/2056 GBP          31.69097
BCP FINANCE CO         4.239                EUR          66.55357
BCP FINANCE CO         5.543                EUR           69.0727
BES FINANCE LTD         5.58                EUR          67.59743
BES FINANCE LTD        6.984       2/7/2035 EUR          64.66379
CHINA MED TECH             4      8/15/2013 USD                67
CHINA SUNERGY           4.75      6/15/2013 USD            73.051
DUBAI HLDNG COMM           6       2/1/2017 GBP            70.988
EFG ORA FUNDING          1.7     10/29/2014 EUR          65.83251
ESFG INTERNATION       5.753                EUR              67.6
FERTINITRO FIN          8.29       4/1/2020 USD                68
IMCOPA INTL CAYM      10.375     12/16/2014 USD            32.375
MAZARIN FDG LTD         1.44      9/20/2068 GBP          29.06388
PUBMASTER FIN          6.962      6/30/2028 GBP          71.41634
SHINSEI FIN CAYM       6.418                USD          64.46992
SHINSEI FINANCE         7.16                USD           64.4235

   COLOMBIA

AGUAS NUEVAS             3.4      5/15/2012 CLP            0.9707
ESVAL S.A.               3.8      7/15/2012 CLP          50.66407

   PUERTO RICO

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


VENEZUELA

PETROLEOS DE VEN         4.9     10/28/2014 USD          59.99436
PETROLEOS DE VEN           5     10/28/2015 USD          55.75565
PETROLEOS DE VEN       5.125     10/28/2016 USD          52.74665
PETROLEOS DE VEN        5.25      4/12/2017 USD          59.08586
PETROLEOS DE VEN       5.375      4/12/2027 USD          46.45213
PETROLEOS DE VEN         5.5      4/12/2037 USD          45.60755
SIDETUR FINANCE           10      4/20/2016 USD                67
VENEZUELA               5.75      2/26/2016 USD                68
VENEZUELA                  6      12/9/2020 USD             57.25
VENEZUELA                  7      12/1/2018 USD              65.5
VENEZUELA                  7      3/31/2038 USD              55.5
VENEZUELA                  7      3/31/2038 USD            54.952
VENEZUELA               7.65      4/21/2025 USD              58.5
VENEZUELA               7.75     10/13/2019 USD              63.5
VENEZUELA               8.25     10/13/2024 USD                60
VENEZUELA                  9       5/7/2023 USD              64.5
VENEZUELA               9.25      9/15/2027 USD              69.1
VENEZUELA               9.25      9/15/2027 USD             69.25
VENEZUELA               9.25       5/7/2028 USD              64.5
VENZOD - 189000        9.375      1/13/2034 USD              64.5



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *