TCRLA_Public/100818.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

              Wednesday, August 18, 2010, Vol. 11, No. 162

                            Headlines



A R G E N T I N A

DELAMO SRL: Creditors' Proofs of Debt Due on December 21
IMBOL SA: Creditors' Proofs of Debt Due on September 9
INDUSTRIA PUBLICITARIA: Creditors' Proofs of Debt Due on Sept. 23
T ALVEAR: Creditors' Proofs of Debt Due on September 10
VINETZ SA: Creditors' Proofs of Debt Due on September 15


B E R M U D A

BRITTANY SHIPPING: Creditors' Proofs of Debt Due on August 23
BRITTANY SHIPPING: Members' Final Meeting Set for September 14
CP SHIPPING: Creditors' Proofs of Debt Due on August 23
CP SHIPPING: Members' Final Meeting Set for September 14
GP2 LTD: Creditors' Proofs of Debt Due on August 23

GP2 LTD: Members' Final Meeting Set for September 14
OP SHIPPING: Creditors' Proofs of Debt Due on August 23
OP SHIPPING: Members' Final Meeting Set for September 14
SABBEL INSURANCE: Creditors' Proofs of Debt Due on August 26


B R A Z I L

CAMARGO CORREA: Fitch Assigns 'BB-' Issuer Default Rating
JBS SA: Pilgrim's Pride May Absorb JBS USA in Reverse Merger
MARFRIG ALIMENTOS: Second Qtr. Net Profit Drops to BRL127.4MM
TAM SA: Bond Traders Expect LAN to Guarantee TAM Debts
TAM SA: Still Has 'Room' to Gain After Lan Acquisition, Itau Says

TAM SA: S&P Puts 'B+' Corp. Rating on CreditWatch Positive
TAM SA: LAN Agreement Prompts Fitch's Rating Watch Positive


C A Y M A N  I S L A N D S

ASB OPPORTUNITY: Creditors' Proofs of Debt Due on Sept. 10
CHERRY CREEK: Creditors' Proofs of Debt Due on September 16
COMPASS LIFE: Creditors' Proofs of Debt Due on September 9
ENVIROSOIL SUNGAI: Creditors' Proofs of Debt Due on September 16
FORTRINN VOLATILITY: Creditors' Proofs of Debt Due on Sept. 16

FU-TAI INVESTMENT: Creditors' Proofs of Debt Due on September 16
GUGNER CAYMAN: Creditors' Proofs of Debt Due on Sept. 17
GUGNER LONG/SHORT: Creditors' Proofs of Debt Due on Sept. 17
JAGUAR COMMODITY: Creditors' Proofs of Debt Due on September 16
KOREA ENERGY: Creditors' Proofs of Debt Due on September 16

OMNIFIC MULTI-MANAGER: Creditors' Proofs of Debt Due on Sept. 17
PEQUOT GLOBAL: Creditors' Proofs of Debt Due on Sept. 16
PEQUOT NEW: Creditors' Proofs of Debt Due on Sept. 16
PEQUOT NEW: Creditors' Proofs of Debt Due on Sept. 16
REV-TRANCHE: Commences Liquidation Proceedings

REV HOLDING: Commences Liquidation Proceedings
SUN CHINA: Creditors' Proofs of Debt Due on September 15
SUNRISE VENTURES: Creditors' Proofs of Debt Due on Sept. 16
THOUSAND FORTUNE: Creditors' Proofs of Debt Due on September 16
WALLONG FUND: Creditors' Proofs of Debt Due on September 16


J A M A I C A

AIR JAMAICA: Caribbean Airline and Firm Plans to Rebrand


M E X I C O

MEXICANA AIRLINES: Agrees to Return Eight Leased Airplanes
MEXICANA AIRLINES: Union Says Creditor Demands May Halt Operations
VITRO SAB: Ad Hoc Continues to Oppose Coming Consent Solicitation


P U E R T O  R I C O

EVERTEC INC: Moody's Assigns 'B2' Corporate Family Rating
FIRST BANCORP: To Present Preferred Stock Exchange Offer Today
PALMAS COUNTRY: Section 341(a) Meeting Scheduled for Sept. 13
PALMAS COUNTRY: Has Stipulation on Cash Collateral Use
PALMAS COUNTRY: Taps Alexis Fuentes-Hernandez as Bankr. Counsel

PALMAS COUNTRY: Wants to Sell Assets as Payment to Tourism Dev't


V E N E Z U E L A

INVERPLUS SOCIEDAD: Venezuela Takes Over Firm
LA PRIMERA: Venezuela Liquidates Firm




                         - - - - -


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


DELAMO SRL: Creditors' Proofs of Debt Due on December 21
--------------------------------------------------------
Martin Alejandro Stolkiner, the court-appointed trustee for Delamo
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until December 21, 2010.

Mr. Stolkiner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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.

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

The Trustee can be reached at:

         Martin Alejandro Stolkiner
         avenida Cordoba 1367
         Argentina


IMBOL SA: Creditors' Proofs of Debt Due on September 9
------------------------------------------------------
Hector Miguel Falvino, the court-appointed trustee for Imbol SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until September 9, 2010.

Mr. Falvino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk No.
1, 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.

The Trustee can be reached at:

         Hector Miguel Falvino
         Avenida Pueyrredon 468
         Argentina


INDUSTRIA PUBLICITARIA: Creditors' Proofs of Debt Due on Sept. 23
-----------------------------------------------------------------
Teresa Norma Fiscina, the court-appointed trustee for Industria
Publicitaria Acierto SA's reorganization proceedings, will be
verifying creditors' proofs of claim until September 23, 2010.

Ms. Fiscina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 20, 2011.

The Trustee can be reached at:

         Teresa Norma Fiscina
         Manuel A. Montes de Oca 630
         Argentina


T ALVEAR: Creditors' Proofs of Debt Due on September 10
-------------------------------------------------------
Ignacio Alberto Bilon, the court-appointed trustee for T Alvear
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until September 10, 2010.

Mr. Bilon will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, 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.

The Trustee can be reached at:

         Ignacio Alberto Bilon
         Reconquista 715
         Argentina


VINETZ SA: Creditors' Proofs of Debt Due on September 15
--------------------------------------------------------
Maria Lilia Orazi, the court-appointed trustee for Vinetz SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until September 15, 2010.

Ms. Orazi will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 42, 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.

The Trustee can be reached at:

         Maria Lilia Orazi
         Tucuman 1484
         Argentina


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


BRITTANY SHIPPING: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------------
The creditors of Brittany Shipping Corporation, Ltd. are required
to file their proofs of debt by August 23, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


BRITTANY SHIPPING: Members' Final Meeting Set for September 14
--------------------------------------------------------------
The members of Brittany Shipping Corporation, Ltd. will hold their
final meeting, on September 14, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


CP SHIPPING: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------
The creditors of CP Shipping Corporation, Ltd. are required to
file their proofs of debt by August 23, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


CP SHIPPING: Members' Final Meeting Set for September 14
--------------------------------------------------------
The members of CP Shipping Corporation, Ltd. will hold their final
meeting, on September 14, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


GP2 LTD: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------
The creditors of GP2, Ltd. are required to file their proofs of
debt by August 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


GP2 LTD: Members' Final Meeting Set for September 14
----------------------------------------------------
The members of GP2, Ltd. will hold their final meeting, on
September 14, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


OP SHIPPING: Creditors' Proofs of Debt Due on August 23
-------------------------------------------------------
The creditors of OP Shipping Corporation, Ltd. are required to
file their proofs of debt by August 23, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


OP SHIPPING: Members' Final Meeting Set for September 14
--------------------------------------------------------
The members of OP Shipping Corporation, Ltd. will hold their final
meeting, on September 14, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road, Hamilton
         Bermuda


SABBEL INSURANCE: Creditors' Proofs of Debt Due on August 26
------------------------------------------------------------
The creditors of Sabbel Insurance Ltd. are required to file their
proofs of debt by August 26, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

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


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


CAMARGO CORREA: Fitch Assigns 'BB-' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned a 'F1(bra)' national scale short-term
rating to Camargo Correa S.A.'s proposed BRL3 billion commercial
paper second issuance (Notas Promissorias Comerciais da Segunda
Emissao).  Proceeds from this issuance will mature in six months
and be used to refinance the company's first CP issuance.

The proposed second issuance is supported by a guarantee that is
comprised by a pool of shares of companies directly or indirectly
related to Camargo.  Also incorporated in the issuance structure
is Camargo's commitment to maintain a market value for the pool of
shares, included in the guarantee, equivalent to 120% of the
issuance amount.  This issuance is part of a three-year debt
program up to BRL3 billion.

Fitch currently rates Camargo and its wholly owned subsidiary CCSA
Finance Limited:

Camargo:

  -- Foreign currency Issuer Default Rating 'BB-';

  -- Local currency IDR 'BB-';

  -- National scale rating 'A+(bra)';

  -- National short term rating 'F1(bra)';

  -- BR300 million Debentures Series 1 (due 2012) 'A+(bra)';

  -- BR700 million Debentures Series 2 (due 2014) 'A+(bra)'.

  -- BR3 billion Commercial Paper First Issuance (due September
     2010) 'F1(bra)'.

CCSA Finance Limited:

  -- US$250 million senior unsecured bonds due 2016 'BB-'.

The Rating Outlook is Stable.

Camargo's ratings reflect the company's diversified portfolio of
operations, solid market position in the industries in which it
participates, and positive outlook for its core businesses.  The
ratings are constrained at the current level by the company's high
leverage, declining liquidity, and an aggressive growth strategy.

The Stable Outlook reflects Fitch's expectations that Camargo will
continue managing its balance sheet to a targeted ratio of net
debt to EBITDA in the 3.0 times to 3.5x range.  Also incorporated
in the Stable Outlook is the expectation that the company will
focus in the consolidation and integration of recent acquisitions
reducing its leverage in cash flow basis (Net Debt to EBITDA).

Continued negative free cash flow driven by further acquisitions
requiring increases in debt would create rating pressure.  An
increase in equity and/or the sale of non-core assets would be
viewed as a positive by Fitch and could result in a positive
rating action, depending upon the size and timing.

Despite a challenging operating environment during fiscal 2009,
Camargo's results indicated resilience to the economic slowdown.
During fiscal 2009, Camargo's revenues grew by 23% to
BR15.8 billion, while its EBITDA increased by approximately 24% to
BRL3.1 billion.  The company's dividends received from
subsidiaries reached positive trending during fiscal 2009, growing
to BRL1.1 billion from BRL248 million during fiscal 2009.

The ratings incorporate Camargo's well-diversified portfolio and
positive outlook for the company's main businesses.  In terms of
the company's EBITDA for fiscal 2009, the main contributors were
the Concessions (energy and roads), engineering & construction,
and cement businesses, accounting for 33%, 30%, and 19%,
respectively, of the company's total EBITDA.  Further factoring
into Camargo's ratings is the high correlation of its core
businesses with Brazil's positive economic trends.

The ratings incorporate Camargo's aggressive growth strategy,
which has negatively affected the company's credit profile by
increasing leverage.  Since December 2007, Camargo's total debt
has increased to BRL10.9 billion as of December 2009 from
BRL5.6 billion.  Its free cash flow was negative BRL2.9 billion
and BRL1.4 billion for fiscal years 2009 and 2008.  This compares
with a positive FCF of BRL435 million in FY 2007.

A positive factor reflected in the ratings is the company's good
credit access through capital markets and with financial
institutions.  The company intends to refinance the BRL3 billion
CP first issuance, which will mature by mid September 2010, with a
second issuance for the same amount, which it plans to refinance
with long-term financing during the next couple of quarters.


JBS SA: Pilgrim's Pride May Absorb JBS USA in Reverse Merger
------------------------------------------------------------
JBS SA may turn its Pilgrim's Pride unit into the parent of U.S.
operations in a so-called reverse merger after postponing an
initial public offering of JBS USA, Lucia Kassai at Bloomberg News
reports, citing Chief Executive Officer Joesley Batista.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2010, Bloomberg News said JBS SA is considering making
Pilgrim's Pride the parent of JBS USA to limit the influence of
Brazil's BNDES state development bank.  According to the report,
the source said that JBS SA is weighing the transaction to prevent
Brazil from taking greater control after BNDES bought US$2 billion
of convertible bonds.  The report related that the bonds are
convertible into JBS SA stock if the company fails to hold an IPO
of its JBS USA Holdings Inc. unit by 2011.  BNDES could more than
double its stake under the offer terms to 34%, from 17%, Rafael
Cintra, a Sao Paulo-based analyst with Link Investimentos SA, told
the news agency in a phone interview.  Under the plan, the source
said that JBS SA would merge its existing U.S. business into
Pilgrim's Pride and BNDES would take a stake in the combined U.S.
unit, the report noted.

                           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 of August 17, 2010, the company continues to carry Moody's "B1"
long term, long-term corporate family, and senior unsecured debt
ratings.


MARFRIG ALIMENTOS: Second Qtr. Net Profit Drops to BRL127.4MM
-------------------------------------------------------------
Marfrig Alimentos SA reported a second-quarter net profit of
BRL127.4 million (US$72.5 million), down from BRL405.0 million in
the year-earlier quarter, Alastair Stewart at Dow Jones Newswires
reports.  The report relates that the company attributed the
decline to a one-off gain of BRL502.6 million in the 2009 period
due to foreign-exchange movements.

According to the report, the company posted second-quarter revenue
of BRL3.56 billion, up 48% from the year-ago period.  The report
notes that Ebitda rose to BRL286.3 million from BRL183.4 million.

                    About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced knuckles,
steaks and other food items including pre-cooked and frozen
potato, frozen vegetables, canned meat, fish and ready meals.  The
Company operates in 13 countries, and exports its products to more
than 100 destinations worldwide.

                          *     *     *

As of July 24, 2010, the company continues to carry Moody's "B1"
long-term rating and long-term corp. family rating.  The company
also continues to carry Standard and Poor's "B+" long-term issuer
credit ratings.


TAM SA: Bond Traders Expect LAN to Guarantee TAM Debts
------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that the
record rally in bonds of Tam SA has made them too expensive for
Barclays Plc after the US$3.7 billion takeover offer from Chile's
Lan Airlines SA.

Tam SA's 9.5% dollar bonds due 2020 sank 123 basis points, or 1.23
percentage points, the most since they were issued in October, to
7.87% on August 16, 2010, on speculation Lan will assume Tam's
debt, according to data compiled by Bloomberg.  The report relates
that Tam SA bonds yield 83 basis points less than notes with
similar maturities issued by higher-rated Gol Linhas Aereas
Inteligentes SA.

The report notes bond traders are betting that Lan Airlines will
guarantee all of Tam SA's BRL10.8 billion (US$6.1 billion) of
obligations.  "The market is assuming the new entity will take on
Tam's debt," said the report quoted Juan Cruz, a Latin American
corporate debt analyst at Barclays in New York, as saying.  "I'm
not so sure that's the plan or that the companies even know at
this point," he added.

As reported in the Troubled Company Reporter-Latin America on
August 17, 2010, LAN Airlines and TAM SA have entered into a non-
binding MOU that outlines their intentions to combine their
holdings under a single parent entity.  The combination would
create a new Latin American airline group that would offer
seamless passenger and cargo service across the continent and
around the world.  The new group, to be known as LATAM Airlines
Group, would include Lan Airlines and its affiliates in Peru,
Argentina and Ecuador; Lan Cargo and its affiliates; TAM Lineas
Aereas S.A.; TAM Mercosur and all other holdings of LAN and TAM.
The transaction is subject to both parties entering into a binding
definitive agreement and satisfaction of conditions, including
corporate and shareholder approvals and actions and regulatory
approvals.

                         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.


TAM SA: Still Has 'Room' to Gain After Lan Acquisition, Itau Says
-----------------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that Itau Unibanco
Holding SA said Tam SA shares may gain even after surging 28% on
August 13 after Lan Airlines SA's proposed purchase of the
Brazilian carrier.

"The proposed exchange ratio still leaves a 17 percent upside,"
analysts Renata Faber and Fernando Abdalla wrote in a note to
clients that was obtained by the news agency.  "There is still
room for further appreciation of Tam's shares," they added.

As reported in the Troubled Company Reporter-Latin America on
August 17, 2010, LAN Airlines and TAM SA have entered into a non-
binding MOU that outlines their intentions to combine their
holdings under a single parent entity.  The combination would
create a new Latin American airline group that would offer
seamless passenger and cargo service across the continent and
around the world.  The new group, to be known as LATAM Airlines
Group, would include Lan Airlines and its affiliates in Peru,
Argentina and Ecuador; Lan Cargo and its affiliates; TAM Lineas
Aereas S.A.; TAM Mercosur and all other holdings of LAN and TAM.
The transaction is subject to both parties entering into a binding
definitive agreement and satisfaction of conditions, including
corporate and shareholder approvals and actions and regulatory
approvals.

                          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.


TAM SA: S&P Puts 'B+' Corp. Rating on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+'
corporate credit rating on Brazil-based airline TAM S.A. on
CreditWatch with positive implications.

The CreditWatch placement followed the announcement by TAM that it
signed a nonbinding memorandum of understanding with LAN Airlines
S.A. (not rated), outlining their intention to combine their
holding companies into a single parent entity, to be named LATAM
Airlines Group.  The transaction depends on both companies'
controlling shareholders reaching a binding agreement, and also on
approvals by minority shareholders and regulatory authorities,
which may take several quarters to complete.

LATAM's operations in Brazil would continue to operate under TAM
as a Brazilian company with its own structure.  However, the
combined company would benefit from synergies estimated at
$400 million stemming from alignment of passenger networks, growth
in the cargo business, and reduced costs.

The integration may improve TAM's ability to manage its aggressive
financial profile and heavy fleet expenses, although S&P doesn't
currently expect it to receive any direct support from LAN.

The transaction will be fully equity financed, having no effect on
TAM's financial leverage.  On the other hand, S&P expects that TAM
will likely be delisted from the Brazilian Stock Exchange, and,
under the current plan, minority shareholders of TAM will exchange
TAM's shares for Brazilian depositary receipts of LAN (to be
renamed LATAM).

If closed, the transaction would be positive for TAM in that it
would help the company address improve some of the key drivers of
the rating, including high debt, emerging partly from its
aggressive fleet expansion plan and weak results in 2008 and 2009;
and strong domestic competition.

"S&P believes TAM's international operations would strengthen with
the integration with those of LAN and that its cost position could
improve from joint management," said Standard & Poor's credit
analyst Reginaldo Takara.  "On the other hand, the transaction may
take long to be approved, and S&P expects no benefits from the
integration to materialize within the next several quarters."

S&P expects to resolve the CreditWatch when the integration with
LAN is approved by all necessary stakeholders and regulatory
authorities, which, however, may take several quarters to
complete.  S&P's assessment of TAM's improved business and
financial profiles as S&P obtains more clarity on LATAM's
strategic plan could potentially lead us to raise its ratings on
TAM.


TAM SA: LAN Agreement Prompts Fitch's Rating Watch Positive
-----------------------------------------------------------
Fitch Ratings has placed LAN Airlines S.A.'s 'BBB' Issuer Default
Ratings on Rating Watch Negative.  In conjunction with this rating
action, Fitch has placed TAM S.A.'s following ratings on Rating
Watch Positive:

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B+';
  -- Long-term national scale rating at 'BBB+(bra)'.
  -- US$300 million senior unsecured note due to 2020 at 'B+/RR4';
  -- US$300 million senior unsecured note due 2017 at 'B+/RR4';
  -- BRL500 million debentures issuance due 2012 at 'BBB+(bra)'.

These rating actions follow the announcement by LAN and TAM that
the two companies have reached an agreement to combine their
holdings under a single parent entity.  Fitch's rating action
reflects the financial and operational impacts the transaction
will have on the credit quality of each company after considering
the combined financial profile of the two companies.  The
transaction would be subject to the approval from the regulatory
authorities, as well as shareholder approvals from both companies.

                          The Transaction

Strategically, the combination of the companies is positive and
provides a good opportunity for both companies to grow and take
advantage of commercial, financial, and operational synergies.
Based on LAN's management quality and successful business model,
and TAM's solid market position in the Brazilian market, the
fundamentals for this transaction are solid.

From a credit perspective, the transaction will have different
impacts on each company's credit quality.  Key factors in the
process of stabilizing the credit profile of the combined company
will be management's capacity to speed up expected synergies and
integrate both companies in the near term; and the commitment that
both economic groups, Cueto Group and Amaro Group, provide through
tangible support and equity increases if needed, to maintain a
solid credit profile.

                      Credit Quality Impact

LAN's cash generation, as measured by EBITDAR, has remained
relatively stable during the last few years, at US$948 million,
US$823 million and US$957 million during fiscal 2008, fiscal 2009
and the last 12 months period ended June 2010, respectively.
LAN's EBITDAR margin has consistently been over 22% during the
last two years.  The company had approximately US$3.7 billion in
total debt at the end of June 2010.  This debt consists primarily
of US$3 billion of on-balance-sheet debt, most of which is
secured, and an estimated US$663 million of off-balance-sheet debt
associated with lease obligations.  The company's leverage, as
measured by net debt/EBITDAR, remained stable over the last few
quarters at 3.2 times at the end of June 2010.

TAM's cash generation, as measured by EBITDAR, has been trending
negative during the last few years, as it was BRL1.5 billion, BRL
1.4 billion, and BRL1.3 billion during fiscal 2008, fiscal 2009
and the LTM period ended June 2010, respectively.  TAM's EBITDAR
margin has declined from 13.9% to 12.9% from fiscal 2008 to LTM
June 2010.  The company had approximately BRL 10.8 billion
(US$6 billion) in total debt at the end of June 2010.  This debt
consists primarily of BRL7.7 billion (US$4.3 billion) of on-
balance-sheet debt and an estimated BRL3.2 billion
(US$1.8 million) of off-balance-sheet debt associated with lease
obligations.  The company's leverage, as measured by net
debt/EBITDAR, deteriorated over the last few years to 6.5x at the
end of June 2010 from 5.7x at the end of fiscal 2008.

On a pro forma basis, ending in June 2010, the combined company's
EBITDAR would be around US$1.7 billion, with an estimated EBITDAR
margin of 17.4%, net leverage would be around 4.7x, and liquidity,
measured by cash and marketable securities/revenue ratio, would be
approximately 19%.

A combined LAN and TAM would be the leader in the South America
region with a solid network position.  Further, the combined
company will be the leader in the domestic market of Brazil,
Chile, and Peru, and will consolidate its business position in the
cargo segment.


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


ASB OPPORTUNITY: Creditors' Proofs of Debt Due on Sept. 10
----------------------------------------------------------
The creditors of ASB Opportunity Fund Limited are required to file
their proofs of debt by September 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2010.

The company's liquidator is:

         Richard Finlay
         Krysten Lumsden
         Telephone: (345) 814-7366
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


CHERRY CREEK: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------------
The creditors of Cherry Creek CDO II, Ltd. are required to file
their proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 2, 2010.

The company's liquidator is:

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


COMPASS LIFE: Creditors' Proofs of Debt Due on September 9
----------------------------------------------------------
The creditors of Compass Life Assurance (Cayman) Ltd. are required
to file their proofs of debt by September 9, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on July 14, 2010.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         P.O. Box 1051GT, Governors Square
         23 Lime Tree Bay Avenue, George Town
         Grand Cayman


ENVIROSOIL SUNGAI: Creditors' Proofs of Debt Due on September 16
----------------------------------------------------------------
The creditors of Envirosoil Sungai Bera Holdings Inc. are required
to file their proofs of debt by September 16, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2010.

The company's liquidator is:

         Peter Anderson
         Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park, Grand Cayman KY1-1103
         Cayman Islands


FORTRINN VOLATILITY: Creditors' Proofs of Debt Due on Sept. 16
--------------------------------------------------------------
The creditors of Fortrinn Volatility Fund Ltd. are required to
file their proofs of debt by September 16, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 26, 2010.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


FU-TAI INVESTMENT: Creditors' Proofs of Debt Due on September 16
----------------------------------------------------------------
The creditors of Fu-Tai Investment & Consulting Co., Ltd. are
required to file their proofs of debt by September 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 2, 2010.

The company's liquidator is:

         Seng-Fong Jan
         11F, 237 Section 1 Chien Kuo
         South Road Taipei 10657
         Taiwan


GUGNER CAYMAN: Creditors' Proofs of Debt Due on Sept. 17
--------------------------------------------------------
The creditors of Gugner Cayman Limited are required to file their
proofs of debt by September 17, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Prue Lawson
         Telephone: (345) 914-8662
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


GUGNER LONG/SHORT: Creditors' Proofs of Debt Due on Sept. 17
------------------------------------------------------------
The creditors of Gugner Long/Short Limited are required to file
their proofs of debt by September 17, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Prue Lawson
         Telephone: (345) 914-8662
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


JAGUAR COMMODITY: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------------
The creditors of The Jaguar Commodity Fund Limited are required to
file their proofs of debt by September 16, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2010.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


KOREA ENERGY: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------------
The creditors of Korea Energy and Gas Shipping are required to
file their proofs of debt by September 16, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043 Grand Cayman KY1-1102
         Cayman Islands


OMNIFIC MULTI-MANAGER: Creditors' Proofs of Debt Due on Sept. 17
----------------------------------------------------------------
The creditors of Omnific Multi-Manager Fund SPC are required to
file their proofs of debt by September 17, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2010.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         David Thacker
         Telephone: 345-815-2631
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PEQUOT GLOBAL: Creditors' Proofs of Debt Due on Sept. 16
--------------------------------------------------------
The creditors of Pequot Global Extension Master Fund, Ltd. are
required to file their proofs of debt by September 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2010.

The company's liquidator is:

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


PEQUOT NEW: Creditors' Proofs of Debt Due on Sept. 16
-----------------------------------------------------
The creditors of Pequot New River Offshore Fund, Ltd. are required
to file their proofs of debt by September 16, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2010.

The company's liquidator is:

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


PEQUOT NEW: Creditors' Proofs of Debt Due on Sept. 16
-----------------------------------------------------
The creditors of Pequot New Prospect Master Fund, Ltd. are
required to file their proofs of debt by September 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2010.

The company's liquidator is:

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


REV-TRANCHE: Commences Liquidation Proceedings
----------------------------------------------
Rev-Tranche II Holding Company commenced liquidation proceedings
on July 22, 2010.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Maples and Calder
         Attorneys-at-law PO Box 309
         Ugland House Grand Cayman KY1-1104
         Cayman Islands


REV HOLDING: Commences Liquidation Proceedings
----------------------------------------------
Rev Holding Company commenced liquidation proceedings on July 22,
2010.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Maples and Calder
         Attorneys-at-law PO Box 309
         Ugland House Grand Cayman KY1-1104
         Cayman Islands


SUN CHINA: Creditors' Proofs of Debt Due on September 15
--------------------------------------------------------
The creditors of Sun China Fund are required to file their proofs
of debt by September 15, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 23, 2010.

The company's liquidators are:

         Anthony David
         Kenneth Boswell
         c/o Jodi Jones
         Telephone: (345) 949-7000
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


SUNRISE VENTURES: Creditors' Proofs of Debt Due on Sept. 16
-----------------------------------------------------------
The creditors of Sunrise Ventures Limited are required to file
their proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 26, 2010.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


THOUSAND FORTUNE: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------------
The creditors of Thousand Fortune Islands Corporation are required
to file their proofs of debt by September 16, 2010, to be included
in the company's dividend distribution.

The company's liquidator is:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043 Grand Cayman KY1-1102
         Cayman Islands


WALLONG FUND: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------------
The creditors of Wallong Fund Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2010.

The company's liquidator is:

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


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


AIR JAMAICA: Caribbean Airline and Firm Plans to Rebrand
--------------------------------------------------------
Caribbean Airlines Limited plans to have a new logo and tag line
to represent it and Air Jamaica going forward, but the Trinidad
government has called the move "premature," RadioJamaica reports.

According to the report, Jack Warner, Trinidad's Minister of Works
and Transport, said the initiative to rebrand is premature at this
stage.  The report relates Winston Dookeran, Finance Minister and
Acting Prime Minister, said that he was not aware of any
rebranding move by Caribbean Airlines; and the priority at this
stage he said is to consolidate the Air Jamaica routes to be able
to increase the passenger intake.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2010, RadioJamaica said Jamaica Hotel and Tourist
Association President Wayne Cummings said that plans to phase out
Air Jamaica Limited's name following its takeover by Trinidad's
Caribbean Airlines Limited have been shelved.  According to the
report, Mr. Cummings said that keeping the Air Jamaica brand alive
will continue to boost the country's image on the world travel
market.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  As
reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.


                           *     *     *

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.


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


MEXICANA AIRLINES: Agrees to Return Eight Leased Airplanes
----------------------------------------------------------
Tiffany Kary at Bloomberg News reports that Compania Mexicana de
Aviacion agreed to return at least eight leased airplanes and a
U.S. judge put off ruling on a bid to shield the company from
creditors.  The airline agreed to return three planes to Wells
Fargo & Co. One was returned in July, Arthur Rosenberg, Esq., a
lawyer for Wells Fargo Bank Northwest NA, told the news agency in
an interview.

According to the report, U.S. Bankruptcy Judge Martin Glenn in
Manhattan postponed ruling on Mexicana's request for a preliminary
injunction barring legal actions by creditors.  The report relates
Judge Glen said that the company must resolve a dispute with Grupo
Financiero Banorte SAB's Banco Mercantil Del Norte unit, a lender.

The report says that objections to the injunction by Wells Fargo
and International Lease Finance Corp. were resolved.  The report
notes Evan C. Hollander, a lawyer for International Lease Finance,
said Mexicana will return all five of the aircraft it leases from
his client.  The report says that GE Capital Aviation Services's
objections also were settled.  A hearing on a dispute with CIT
Leasing Corp. was adjourned for a week, the report relates.

Bloomberg, citing an order proposed by Mexicana, relates that the
preliminary injunction wouldn't prevent lessors named in a list of
25 aircraft from "exercising their rights" with respect to those
planes.  The report relates Judge Glen suggested that Mexicana
come up with an order requiring vendors to keep fueling planes and
providing other goods under a schedule in which Mexicana would
make all its payments within seven days, allowing for a 2-day cure
period.  A temporary restraining order protects the airline from
actions by creditors while he considers further disputes, Judge
Glenn added.

Meanwhile, the report notes, Banco Mercantil Del Norte, owed
around US$123.6 million, objected to the request for the
injunction, saying that the airline suspended new ticket sales
after its bankruptcy filing, ended international flights and took
other measures that show it isn't operating in the ordinary course
of business.  The report relates that as the company's primary
lender, the bank should be exempt from any injunction, and be
given protections to safeguard its collateral, including a budget
that limits Mexicana's use of cash.

                       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

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


MEXICANA AIRLINES: Union Says Creditor Demands May Halt Operations
------------------------------------------------------------------
Creditor demands on Compania Mexicana de Aviacion will probably
lead to the suspension in totality of its activities, Jonathan
Roeder at Bloomberg News reports, citing the company's flight
attendants union.

According to the report, the union said that "time is the
determining factor because with each minute that passes more and
more debt is accumulated."

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

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


VITRO SAB: Ad Hoc Continues to Oppose Coming Consent Solicitation
-----------------------------------------------------------------
The Steering Group for the Ad Hoc Committee of Vitro Noteholders
is comprised of holders, or investment advisors to holders, of
more than US$500 million of the Senior Notes due 2012, 2013 and
2017 issued by Vitro, S.A.B. de C.V.  Since the last public
statement issued by the Steering Group on August 5, 2010, its
advisors have been contacted by additional holders of
approximately US$300 million of the Senior Notes, who have
indicated their support for the Steering Group.  The Steering
Group continues to encourage all holders of the Senior Notes,
large and small, to establish direct contact with its advisors,
White & Case LLP and Chanin Capital Partners LLC.

The Steering Group believes that management's proposal
significantly undervalues the financial condition of the business,
and thereby redistributes value away from Vitro's creditors to its
shareholders.  As such, there is a significant economic gap
between the restructuring terms the Steering Group would support
(based on realistic medium term sustainable debt capacity) and
those that Vitro and its shareholder representatives have
proposed.  Specifically, members of the Steering Group will
support a restructuring that provides for new debt securities at
market-based rates whose value equates to at least 85% of the
US$1.216 billion in outstanding principal amount of Senior Notes.

Finally, the Steering Group has retained Jaime R. Guerra Gonzalez
and Jesus Angel Guerra Mendez of Guerra Gonzalez y Asociados S.C.
as Mexican counsel.

The Steering Group for the Ad Hoc Committee of Vitro Noteholders
may be reached at:

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

          - and -

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

                          About Vitro SAB

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

                           *     *     *

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

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


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


EVERTEC INC: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned to EVERTEC, Inc., a first-time
Corporate Family Rating of B2 and Probability of Default Rating of
B2.  Concurrently, Moody's assigned a Ba3 rating to EVERTEC's
proposedUS$50 million senior secured revolving credit facility
andUS$350 million senior secured term loan.  The rating outlook is
stable.

EVERTEC is the payment processing and merchant acquiring
subsidiary of Popular, Inc. (the parent company of Banco Popular
de Puerto Rico, the largest bank in Puerto Rico).  On July 1,
2010, private equity firm, Apollo Management VII, L.P., signed an
agreement to acquire 51% in EVERTEC.  Popular, Inc., will retain
49% ownership interest.  The ratings were assigned in connection
with EVERTEC's proposed debt issuance, which will be used to
finance a portion of the transaction.  The assigned ratings are
subject to review of final documentation and no material change in
the terms and conditions of the transaction as advised to Moody's.

EVERTEC's B2 CFR reflects the company's high financial leverage,
concentrated business profile, and small scale relative to larger
and financially stronger transaction processors outside of Puerto
Rico.  The company is heavily reliant on Popular, Inc., and Puerto
Rico's economy, which has remained in a prolonged recession since
March 2006.  While there have been some signs of economic
stabilization, the commonwealth remains mired with high
unemployment, low workforce participation, and high poverty levels
as compared to the U.S.

At the same time, the B2 rating reflects the company's leading
position in the electronic payment processing and merchant
acquiring businesses in Puerto Rico, highly-scaleable ATH network
platform, and a 15 year services agreement with Banco Popular
whereby EVERTEC will serve as the exclusive transaction processor
for the bank.  The company's stable and recurring transaction-
based revenue stream and solid free cash flow is also supported by
multi-year contracts with merchants.  The rating also considers
the generally favorable macro environment for electronic payment
processing industry as the secular shift from cash/checks to
electronic payments continues as well as the potential for further
growth in Latin America due to the company's scalable processing
network.

The stable outlook is supported by Moody's expectation that
EVERTEC will generate low single digit revenue growth and steady
cash flow over the next year and a half even if the economy in
Puerto Rico remains stagnant due its entrenched position as the
commonwealth's leading payment processor.

These first-time ratings/assessments were assigned:

* Corporate Family Rating -- B2

* Probability of Default Rating -- B2

*US$50 million Senior Secured Revolving Credit Facility -- Ba3
  (LGD-3, 30%)

*US$350 million Senior Secured Term Loan B -- Ba3 (LGD-3, 30%)

Based in San Juan, Puerto Rico, EVERTEC, Inc., with about
US$287 million of revenue for the twelve months ended June 30,
2010, is a provider of credit and debit card-based payment
processing services for merchants in Latin America, as well as
community banks, financial institutions and municipal governments.


FIRST BANCORP: To Present Preferred Stock Exchange Offer Today
--------------------------------------------------------------
First BanCorp will host a conference call to present the purpose
for and terms of its preferred stock exchange offer.  The
conference call will begin at 10:00 a.m. Eastern Time on
Wednesday, August 18, 2010.  Holders of the preferred stock and
others can access the call by dialing (877) 407-0784;
international callers please dial (201) 689-8560.  A presentation
and a live webcast will be available on the investor relations
section of the Web site at http://www.firstbankpr.com/

Immediately following the call, management will be available to
answer questions (on a one-to-one basis) on the exchange offer.
Interested parties may dial 787-729-8088 before 12:00 p.m. Eastern
Time on Wednesday, August 18, 2010.

A replay will be available after approximately 1:00 p.m. Eastern
Time and can be accessed by dialing (877) 660-6853, and
international callers please dial (201) 612-7415; to access the
replay please reference account 3055 and passcode 355621.  The
replay will remain available until midnight Eastern Time on
Friday, August 24, 2010.  The webcast replay will remain
accessible via the investor relations section of the website for
an extended period of time.

                     About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico operate under U.S. banking
laws and regulations.  The Corporation operates a total of 175
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.

                         *     *     *

As of June 18, 2010, the bank continues to carry Standard & Poor's
"CCC+" long-term issuer credit ratings.

As reported by the Troubled Company Reporter on June 21, 2010,
FirstBank Puerto Rico has agreed to a Consent Order with the
Federal Deposit Insurance Corporation and the Office of the
Commissioner of Financial Institutions of Puerto Rico and that
First BanCorp has agreed to enter into a written agreement with
the Federal Reserve Bank of New York.  FirstBank and the
Corporation have agreed to take certain actions intended to
address various matters, including among others, the development
and adoption of a plan to attain certain capital levels, and the
reduction of non-performing and classified assets that have
impacted FirstBank's financial condition and performance.


PALMAS COUNTRY: Section 341(a) Meeting Scheduled for Sept. 13
-------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of Palmas
Country Club, Inc.'s creditors on September 13, 2010, at 9:00 a.m.
The meeting will be held at 341 Meeting Room, Ochoa Building, 500
Tanca Street, First Floor, San Juan.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain
real estate facilities located in Palmas del Mar, Humacao, Puerto
Rico, consisting of an 18 hole championship golf course known as
the Flamboyan Course, an 18 hole golf course known as Palm Course,
a 22,200 square feet golf clubhouse, a 5,600 square feet beach
club house, a tennis club, and other related facilities.

Palmas filed for Chapter 11 bankruptcy protection on August 4,
2010 (Bankr. D. P.R. Case No. 10-07072).  Alexis Fuentes-
Hernandez, Esq., at Fuentes Law Offices, assists the Debtor in its
restructuring effort.  The Debtor estimated its assets and debts
at US$1 million to US$100 million.


PALMAS COUNTRY: Has Stipulation on Cash Collateral Use
------------------------------------------------------
Palmas Country Club, Inc., has reached a stipulation with the
Puerto Rico Tourism Development Fund (the TDF) on the use of
US$164,941 of cash collateral for a period of two months.

Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, explains
that the Debtor needs the money to fund its Chapter 11 case, pay
suppliers and other parties.  The Debtors will use the collateral
pursuant to a budget, a copy of which is available for free at:

       http://bankrupt.com/misc/PALMAS_COUNTRY_budget.pdf

The Debtor and the Puerto Rico Industrial, Tourist, Educational,
Medical and Environmental Control Facilities Financing Authority,
an instrumentality of the government of the Commonwealth of Puerto
Rico (AFICA), entered into a Loan Agreement, dated October 26,
2000 (the AFICA Loan Agreement).  Pursuant to the terms of the
AFICA Loan Agreement, AFICA agreed to issue bonds in the principal
amount of US$30,000,000 and to lend that amount to the Debtor.  In
furtherance of the AFICA Loan Agreement, and pursuant to the terms
of AFICA's Organic Act, Act No. 121 of June 27, 1997, and a Trust
Agreement entered into by AFICA and PaineWebber Trust Company of
Puerto Rico, as trustee (the Bond Trustee), dated October 26, 2000
(the Trust Agreement), AFICA issued the bonds.

To facilitate and make possible the issuance and sale of the
bonds, on October 26, 2000, TDF and the Debtor executed a Letter
of Credit and Reimbursement Agreement, pursuant to which
TDF issued a Letter of Credit to the Bond Trustee in effect
guaranteeing the bonds and the Debtor's payment obligations
relating thereto under the AFICA Loan Agreement (the Reimbursement
Agreement).

On October 19, 2009, TDF extended to the Debtor a non-revolving
line of credit in the amount of US$525,000 for the partial
financing of several of the operating expenses incurred by the
Debtor (the TDF Agreement).

As of the Petition Date, the Debtor affirms that these additional
amounts are currently outstanding, due and payable under the
Financing Agreements: US$553,149.55 is due and payable under the
TDF Agreement, and US$760,408.88 is due and payable under the
Reimbursement Agreement with respect to fees, expenses and other
amounts.  As of the Petition Date, the balance of the loans was
approximately US$30,992,813.73.

In exchange for using the cash collateral, the Debtor will grant
TDF and the Trustee a replacement lien and a post-petition
security interest on all of the assets and Collateral acquired by
the Debtor from the Petition Date.  As additional adequate
protection, the Debtor will grant TDF and the Trustee a super-
priority claim in an amount equal to any diminution in value of
the pre-petition collateral.

Upon any consummation of any sale of substantially all of the
Debtor's assets, the proceeds of the sale will be paid immediately
and indefeasibly, at the closing, directly to TDF for its benefit
and the benefit of the Trustee in an amount equivalent to the
total amount of the Loans, plus any post-petition interest and/or
charges that may have accrued.

As additional adequate protection, the Debtor agrees to waive any
and all rights under Section 506(c) of the U.S. Bankruptcy Code as
to any of the collateral.

The post-petition collateral under the replacement liens and the
prepetition collateral will all serve as cross-collateral for the
loans and any and all other amounts disbursed by TDF under the
Financing Agreements.

The Debtor and TDF agree that the Budget and the maintenance
contemplated therein will be coordinated and performed by Palmas
Athletic Club, Inc. (PAC).  PAC will submit to TDF and the Debtor
bi-weekly reports on the use of cash collateral on the Monday
after each two week period.

PAC will secure and maintain with an insurance company
satisfactory to PCCI, Comprehensive General Liability Insurance,
including coverage for environmental damage and pollution with
limits of not less than US$3,000,000 in respect of personal injury
or death combined single limit, and not less than US$2,000,000 in
respect of property damage combined single limit including a
contractual liability endorsement covering the indemnification by
PAC to PCCI.  The insurance will include coverage for the actions
of PAC and persons PAC permits to enter upon the Facilities.

The Debtor and TDF ask for the Court's approval of the
stipulation.

                      About Palmas Country

Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain
real estate facilities located in Palmas del Mar, Humacao, Puerto
Rico, consisting of an 18 hole championship golf course known as
the Flamboyan Course, an 18 hole golf course known as Palm Course,
a 22,200 square feet golf clubhouse, a 5,600 square feet beach
club house, a tennis club, and other related facilities.

Palmas filed for Chapter 11 bankruptcy protection on August 4,
2010 (Bankr. D. P.R. Case No. 10-07072).  Alexis Fuentes-
Hernandez, Esq., at Fuentes Law Offices, assists the Debtor in its
restructuring effort.  The Debtor estimated its assets and debts
at US$1 million to US$100 million.


PALMAS COUNTRY: Taps Alexis Fuentes-Hernandez as Bankr. Counsel
---------------------------------------------------------------
Palmas Country Club, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Alexis
Fuentes-Hernandez at Fuentes Law Offices as bankruptcy counsel.

Mr. Fuentes-Hernandez will be paid US$200 per hour for his
services.

To the best of the Debtor's knowledge, Mr. Fuentes-Hernandez is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain
real estate facilities located in Palmas del Mar, Humacao, Puerto
Rico, consisting of an 18 hole championship golf course known as
the Flamboyan Course, an 18 hole golf course known as Palm Course,
a 22,200 square feet golf clubhouse, a 5,600 square feet beach
club house, a tennis club, and other related facilities.

Palmas filed for Chapter 11 bankruptcy protection on August 4,
2010 (Bankr. D.P.R. Case No. 10-07072).  The Debtor estimated its
assets and debts at US$1 million to US$100 million.


PALMAS COUNTRY: Wants to Sell Assets as Payment to Tourism Dev't
----------------------------------------------------------------
Palmas Country Club, Inc., and the Puerto Rico Tourism Development
Fund's jointly ask for authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to allow the sale of certain
of the Debtor's assets, free and clear of liens.

The Debtor will sell the assets to TDF as payment of substantially
all amounts outstanding under the parties' loan agreements that
surpass US$30 million.

The Debtor and the Puerto Rico Industrial, Tourist, Educational,
Medical and Environmental Control Facilities Financing Authority,
an instrumentality of the government of the Commonwealth of Puerto
Rico (AFICA), entered into a Loan Agreement, dated October 26,
2000 (the AFICA Loan Agreement).  Pursuant to the terms of the
AFICA Loan Agreement, AFICA agreed to issue bonds in the principal
amount of US$30,000,000 and to lend that amount to the Debtor.  In
furtherance of the AFICA Loan Agreement, and pursuant to the terms
of AFICA's Organic Act, Act No. 121 of June 27, 1997, and a Trust
Agreement entered into by AFICA and PaineWebber Trust Company of
Puerto Rico, as trustee (the Bond Trustee), dated October 26, 2000
(the Trust Agreement), AFICA issued the bonds.

To facilitate and make possible the issuance and sale of the
bonds, on October 26, 2000, TDF and the Debtor executed a Letter
of Credit and Reimbursement Agreement, pursuant to which
TDF issued a Letter of Credit to the Bond Trustee in effect
guaranteeing the bonds and the Debtor's payment obligations
relating thereto under the AFICA Loan Agreement (the Reimbursement
Agreement).

On October 19, 2009, TDF extended to the Debtor a non-revolving
line of credit in the amount of US$525,000 for the partial
financing of several of the operating expenses incurred by the
Debtor (the TDF Agreement).

As of the Petition Date, the Debtor affirms that these additional
amounts are currently outstanding, due and payable under the
Financing Agreements: US$553,149.55 is due and payable under the
TDF Agreement, and US$760,408.88 is due and payable under the
Reimbursement Agreement with respect to fees, expenses and other
amounts.  As of the Petition Date, the balance of the loans was
approximately US$30,992,813.73.

The value of the Debtor's facilities is under US$30 million.  The
Facilities were appraised on June 30, 2009, at US$22 million at a
time when the Facilities were operating and generating revenue.

Since the Facilities have no equity, there would be no recoveries
to any creditor other than TDF through any other viable sale or
transfer, except through the sale described herein, that will
yield a carve-out for payment of unsecured claims.  The sale will
permit the Facilities to be re-opened and the operations re-
started expeditiously, upon the closing of the Sale, which will
greatly benefit the Palmas del Mar community and the estate.
There are no other offers to purchase the Facilities and, thus,
this is the only viable alternative that will allow for the re-
opening of the Facilities, a recovery to unsecured creditors in a
no-equity case, and the most benefit to the various constituents
of the estate.

Upon closing of the sale and execution of the deed for partial
payment in kind, the Debtor's estate will be deemed to have
satisfied its obligations under the Financing Agreements and the
loan documents, and the amounts due under the loans.

After the closing of the sale, TDF will continue to make all
payments of interest and principal due under the bonds to the Bond
Trustee pursuant to the TDF Letter of Credit.  The Debtor's parent
company will provide a carve-out, in the amount of US$100,000, to
be distributed to unsecured creditors (other than TDF), in
accordance with the U.S. Bankruptcy Code, pursuant to a plan.

The Debtor and TDF ask for the Court's approval to sell the
assets.

                      About Palmas Country

Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain
real estate facilities located in Palmas del Mar, Humacao, Puerto
Rico, consisting of an 18 hole championship golf course known as
the Flamboyan Course, an 18 hole golf course known as Palm Course,
a 22,200 square feet golf clubhouse, a 5,600 square feet beach
club house, a tennis club, and other related facilities.

Palmas filed for Chapter 11 bankruptcy protection on August 4,
2010 (Bankr. D.P.R. Case No. 10-07072).  Alexis Fuentes-Hernandez,
Esq., at Fuentes Law Offices, assists the Debtor in its
restructuring effort.  The Debtor estimated its assets and debts
at US$1 million to US$100 million.


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


INVERPLUS SOCIEDAD: Venezuela Takes Over Firm
---------------------------------------------
Venezuela will take over brokerage, Inverplus Sociedad, Charlie
Devereux at Bloomberg News reports, citing in a resolution
published in the Official Gazette.

The report, citing a notice published in the Official Gazette,
relates that Inverplus Sociedad will be assigned to a government
receiver.

According to the report, Venezuela has taken over more than 40
brokerages as part of a probe into irregularities in foreign
currency transactions.  The report relates that the government
closed the unregulated currency market in May and the next month
established a trading band of about VEB5.3 per dollar on its free-
floating exchange market (SITME), after President Hugo Chavez
blamed speculation for a surge in consumer prices this year.


LA PRIMERA: Venezuela Liquidates Firm
-------------------------------------
Venezuela will liquidate local brokerage La Primera Casa de Bolsa
CA, Charlie Devereux at Bloomberg News reports, citing in a
resolution published in the Official Gazette.

According to the report, the securities regulator took control of
La Primera in February and uncovered several irregularities,
including that the firm's debts exceeded its assets.

The report notes that Venezuela has taken over more than 40
brokerages as part of a probe into irregularities in foreign
currency transactions.  The report relates that the government
closed the unregulated currency market in May and the next month
established a trading band of about VEB5.3 per dollar on its free-
floating exchange market (SITME), after President Hugo Chavez
blamed speculation for a surge in consumer prices this year.


                            ***********

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,
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