TCRLA_Public/100827.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

              Friday, August 27, 2010, Vol. 11, No. 169

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Drew on Investor Money, Trial Witness Says
STANFORD INT'L: Ex-Chief Investment Officer Settles With Lloyd's


A R G E N T I N A

COMPSUD SRL: Creditors' Proofs of Debt Due on October 1
IMPRESSION SA: Creditors' Proofs of Debt Due on September 21
INDUSTRIA PUBLICITARIA: Creditors' Proofs of Debt Due on Sept. 23


C A Y M A N  I S L A N D S

ALPHA CAPITAL: Shareholders' Final Meeting Set for September 6
ANCHORAGE SHORT: Shareholders' Final Meeting Set for September 17
ANTHRACITE MASTER: Shareholders' Final Meeting Set for Sept. 6
BAYSHORE FLOATING: Shareholders' Final Meeting Set for Sept. 17
CAP 17: Shareholders' Final Meeting Set for September 17

CHILDREN'S INVESTMENT: Members' Final Meeting Set for Sept. 16
CLARIUM CAPITAL: Shareholders' Final Meeting Set for September 23
EATON VANCE: Shareholders' Final Meeting Set for September 17
FINSBURY ASSET: Shareholders' Final Meeting Set for September 16
HORSEMAN EMERGING: Members' Final Meeting Set for September 23

IFIT VOLTA: Shareholders' Final Meeting Set for October 4
INVESTCORP MINI-FUND: Shareholders' Final Meeting Set for Sept. 28
KBC FP: Shareholders' Final Meeting Set for September 17
KENMAR GLOBAL: Shareholders' Final Meeting Set for September 17
MANCHESTER TRUSTEES: Shareholders' Final Meeting Set for Sept. 17

MIDORI CDO: Shareholders' Final Meeting Set for September 17
NISR 3: Shareholders' Final Meeting Set for September 17
ONSLOW GLOBAL: Shareholders' Final Meeting Set for September 17
PAN-STRATEGIES FUND: Shareholders' Final Meeting Set for Sept. 24
SANDAKAN INVESTMENTS: Shareholders' Final Meeting Set for Sept. 17

TRICO MARINE: Files for Chapter 11 Protection in U.S.
TRICO MARINE: Case Summary & 40 Largest Unsecured Creditors


D O M I N I C A N  R E P U B L I C

CARIBAIR: Plus Int'l Seizes Four Aircraft on Unpaid US$1.5MM Debt
CERVECERIA NACIONAL: S&P Downgrades Corporate Credit Rating to 'B'


J A M A I C A

CIGARETTE COMPANY OF JAMAICA: Demands Tax Dispute Settlement
PETROLEUM CORPORATION OF JAMAICA: Still Without Board of Directors


M E X I C O

FUNDACION INTEGRAL: S&P Assigns 'BB-/B' Global Counterparty Rating
SANLUIS CORPORACION: Sanluis Co-Inter Unit Files for Bankruptcy
VITRO SAB: Trust Fund Sells Real Estate Assets for US$63.8 Million


P U E R T O  R I C O

FIRST BANCORP: Reveals Preliminary Results of Exchange Offer


T R I N I D A D  &  T O B A G O

PETROTRIN: World GTL's Lawsuit Against Firm Put on Hold


V I R G I N  I S L A N D S

BERNARD MADOFF: Judge Seeks Money Held by Gibraltar for Hedge Fund


X X X X X X X X

* Homebuilders More Likely to Use Covenant Lite Package




                         - - - - -


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


STANFORD INT'L: Owner Drew on Investor Money, Trial Witness Says
----------------------------------------------------------------
Lloyd's of London underwriters are attempting to convince U.S.
District Judge Nancy Atlas that financier Robert Allen Stanford
conspired to steal money so they can avoid paying attorneys to
defend him on criminal fraud charges, Ellen Rosen at Bloomberg
News reports.  Judge Nancy Atlas began hearing evidence on
August 24, 2010, in Houston federal court in a three-day civil
trial conducted without a jury in Mr. Stanford's lawsuit against
the London-based insurers.

According to a separate Bloomberg report, Lloyd's of London
witness forensic accountant Alan Westheimer testified that the
US$1.6 billion that Mr. Stanford allegedly skimmed from investors
was borrowed from Stanford International Bank Limited as loans to
startup entities and other businesses Mr. Stanford controlled.

According to the report, Mr. Westheimer said that Stanford
Financial Group Companies Chief Accountant Gilbert Lopez and
comptroller Mark Kuhrt, who hired him after they were indicted in
June 2009, told him this year they thought the borrowing should
have been publicly disclosed.  "The funds were being passed
through as inter-company loans to the entities that were the
recipients of the shareholder loans" the report quoted Mr.
Westheimer as saying.  "Within a short period, usually six months,
Mr. Stanford would assume those loans and the recipient companies
transferred those balances to their," he added.

The report relates a second forensic accountant who testified,
Mark Berenblut, was also a witness for Lloyd's of London.

"Basically, the underwriters sought to convict their own
insureds," Lee Shidlofsky, a lawyer for Stanford's colleagues,
said in an e-mail obtained by the news agency.  "And by doing so,
underwriters undermined the very essence of the protections
afforded by a directors' and officers' policy," he added, the
report relates.

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.

                 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.).


STANFORD INT'L: Ex-Chief Investment Officer Settles With Lloyd's
----------------------------------------------------------------
Patsy R. Brumfield at Northeast Mississippi Daily Journal reports
that former Stanford Financial Group Chief Investment Officer
Laura Pendergest-Holt has settled with insurer Lloyd's of London
over paying to defend herself on charges she was involved with the
international scandal that took down the company.

According to the report, U.S. District Judge Nancy Atlas told her
Houston, Texas, courtroom about Ms. Holt's settlement, but neither
she nor Ms. Holt's attorneys gave any other details.

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.

                 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
=================


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

The trustee will present the validated claims in court as
individual reports on November 4, 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 21, 2010.


IMPRESSION SA: Creditors' Proofs of Debt Due on September 21
------------------------------------------------------------
The court-appointed trustee for Impression S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 21, 2010.

The trustee will present the validated claims in court as
individual reports on November 3, 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 16, 2010.


INDUSTRIA PUBLICITARIA: Creditors' Proofs of Debt Due on Sept. 23
-----------------------------------------------------------------
The court-appointed trustee for Industria Publicitaria Acierto
S.A.'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 21, 2010.


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


ALPHA CAPITAL: Shareholders' Final Meeting Set for September 6
--------------------------------------------------------------
The shareholders of Alpha Capital Commodity Master Fund Ltd. will
hold their final meeting, on September 6, 2010, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


ANCHORAGE SHORT: Shareholders' Final Meeting Set for September 17
-----------------------------------------------------------------
The shareholders of Anchorage Short Credit Offshore Fund II, Ltd.
will hold their final meeting, on September 17, 2010, at
12:00 noon, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ANTHRACITE MASTER: Shareholders' Final Meeting Set for Sept. 6
--------------------------------------------------------------
The shareholders of Anthracite Master Company (5) Limited will
hold their final meeting, on September 6, 2010, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


BAYSHORE FLOATING: Shareholders' Final Meeting Set for Sept. 17
---------------------------------------------------------------
The shareholders of Bayshore Floating Rate Senior Loan Fund III
Limited will hold their final meeting, on September 17, 2010, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CAP 17: Shareholders' Final Meeting Set for September 17
--------------------------------------------------------
The shareholders of CAP 17 SPC, Ltd. will hold their final
meeting, on September 17, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHILDREN'S INVESTMENT: Members' Final Meeting Set for Sept. 16
--------------------------------------------------------------
The shareholders of The Children's Investment Segregated Fund will
hold their final meeting, on September 16, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CLARIUM CAPITAL: Shareholders' Final Meeting Set for September 23
-----------------------------------------------------------------
The shareholders of Clarium Capital (Cayman) Ltd. will hold their
final meeting, on September 23, 2010, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814-7766
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


EATON VANCE: Shareholders' Final Meeting Set for September 17
-------------------------------------------------------------
The shareholders of Eaton Vance Variable Leverage Fund Ltd. will
hold their final meeting, on September 17, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


FINSBURY ASSET: Shareholders' Final Meeting Set for September 16
----------------------------------------------------------------
The shareholders of Finsbury Asset Funding Limited will hold their
final meeting, on September 16, 2010, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945-9208
         Facsimile: 345 945-9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road George Town, Grand Cayman
         Cayman Islands


HORSEMAN EMERGING: Members' Final Meeting Set for September 23
--------------------------------------------------------------
The members of Horseman Emerging Market Opportunities Fund Limited
will hold their final meeting, on September 23, 2010, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


IFIT VOLTA: Shareholders' Final Meeting Set for October 4
---------------------------------------------------------
The shareholders of Ifit Volta Fund will hold their final meeting,
on October 4, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Philip Mosely
         Paul Travers
         PO Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Tel: 949 4018
         Facsimile: 949 7891
         e-mail: general@caymanmanagement.ky


INVESTCORP MINI-FUND: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------------
The shareholders of Investcorp Mini-Fund 12 Limited will hold
their final meeting, on September 28, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


KBC FP: Shareholders' Final Meeting Set for September 17
--------------------------------------------------------
The shareholders of KBC FP International VI Ltd. will hold their
final meeting, on September 17, 2010, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KENMAR GLOBAL: Shareholders' Final Meeting Set for September 17
---------------------------------------------------------------
The shareholders of Kenmar Global Opportunities Fund SPC Limited
will hold their final meeting, on September 17, 2010, at
11:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MANCHESTER TRUSTEES: Shareholders' Final Meeting Set for Sept. 17
-----------------------------------------------------------------
The shareholders of Manchester Trustees Limited will hold their
final meeting, on September 17, 2010, at 12:15 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MIDORI CDO: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of Midori CDO, Ltd will hold their final meeting,
on September 17, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


NISR 3: Shareholders' Final Meeting Set for September 17
--------------------------------------------------------
The shareholders of NISR 3 Limited will hold their final meeting,
on September 17, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


ONSLOW GLOBAL: Shareholders' Final Meeting Set for September 17
---------------------------------------------------------------
The shareholders of Onslow Global Fund, Ltd. will hold their final
meeting, on September 17, 2010, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PAN-STRATEGIES FUND: Shareholders' Final Meeting Set for Sept. 24
-----------------------------------------------------------------
The shareholders of Pan-Strategies Fund Limited will hold their
final meeting, on September 24, 2010, at 9:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


SANDAKAN INVESTMENTS: Shareholders' Final Meeting Set for Sept. 17
------------------------------------------------------------------
The shareholders of Sandakan Investments Ltd. will hold their
final meeting, on September 17, 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:

         C.I. Directors Ltd.
         Telephone: (345) 943-2237
         Facsimile: (345) 949-6096
         P.O. Box 1110, Grand Cayman KY1-1102
         Cayman Islands


TRICO MARINE: Files for Chapter 11 Protection in U.S.
-----------------------------------------------------
Trico Marine Services, Inc.'s U.S. companies and its Cayman
Islands holding company have filed voluntary petitions for relief
under Chapter 11 of Title 11 of the United States Code in the
United States Bankruptcy Court for the District of Delaware.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.  Trico's
U.S. and worldwide operations are expected to continue without
interruption during the restructuring process.

Chairman of the Board of Directors, President and Chief Executive
Officer, Richard A. Bachmann commented, "Over the last several
months, we have worked diligently to improve our liquidity,
including through the sale of US$3 million of non-core assets, the
sale of a North Sea class vessel for US$16 million and additional
cost-cutting initiatives.  While we are beginning to see
indications of improved operational performance, the combination
of a sluggish economy, a highly leveraged balance sheet and
imminent interest payments due, has led us to determine that a
court-supervised restructuring is the best course of action for
the Company and its stakeholders.  While we are continuing
discussions with our lenders, the Board decided to begin this
process now in order to get the Company's restructuring underway
without delay.  We intend to move through this process as quickly
as possible.  Throughout the restructuring process, we will remain
focused on operating our business worldwide while continuing our
efforts to manage costs, strengthen our balance sheet and gain
financial flexibility in order to position Trico as a strong and
profitable competitor in our industry."

In conjunction with the filing, Trico has received a commitment
for up to US$35 million in debtor-in-possession financing from
Tennenbaum DIP Opportunity Fund and other funds managed by
Tennenbaum Capital Partners, LLC (collectively, "Tennenbaum"), of
which US$10 million will represent incremental liquidity.  The
Company expects that, upon Court approval and satisfaction of
other customary conditions, the DIP financing, combined with cash
from the Company's ongoing operations, will provide funding to
support the business.  In addition, the Company anticipates that
it will meet its obligations going forward to its employees,
customers and suppliers.

Separately, the Company announced that Trico Shipping AS and its
affiliates have reached an agreement in principle for US$22
million in senior secured multi-draw term loan financing from
certain holders of its 11 7/8% Senior Secured Notes (the "Trico
Shipping Notes") representing approximately 80% of the Trico
Shipping Notes and Tennenbaum.  The closing of this financing
arrangement is subject to obtaining required consents, as well as
certain other closing conditions of Trico Shipping AS and its
affiliates.  This financing would be used to fund operating
expenses and other working capital needs.

"We look forward to working together with all of our stakeholders
to complete a successful financial restructuring," said Mr.
Bachmann.  "Our global operations are expected to continue without
interruption throughout the restructuring process, and we remain
committed to providing our customers with high quality service.
We appreciate the ongoing dedication of all our employees, whose
hard work is critical to our success and the future of the
Company."

Trico will file a series of motions with the Court to ensure the
continuation of normal operations, including requesting Court
approval to continue paying employee wages and salaries and
providing employee benefits without interruption and to continue
use of its bank accounts and insurance policies.  The Company
expects the Court to approve these requests.  During the Chapter
11 process, suppliers will be paid in full for all goods and
services provided after the filing date as required by the U.S.
Bankruptcy Code, and Trico has taken steps to ensure continued
supply of goods and services to its customers.

Trico has established a toll-free Restructuring Information
Hotline for employees, suppliers, customers, investors and other
interested parties, in the United States at 1-888-369-8929 or
internationally at 214-647-7656.  More information is also
available on Trico's website, http://www.tricomarine.com/where
the Company has set up a special restructuring section.  For
access to Court documents and other general information about the
Chapter 11 cases, please visit http://dm.epiq11.com/trico/

                    About Trico Marine Group

The Trico Marine Group is an integrated provider of subsea,
trenching and marine support vessels and services.  Trico's towing
and supply division provides a broad range of marine support
services to the oil and gas industry through use of its
diversified fleet of vessels including the transportation of
drilling materials, supplies and crews to drilling rigs and other
offshore facilities; towing drilling rigs and equipment, and
support for the construction, installation, repair and maintenance
of offshore facilities.  Trico's subsea services and
trenching/installation divisions control a well equipped fleet of
vessels and operate a fleet of modern ROVs and trenching and other
subsea protection equipment. The Trico Marine Group is
headquartered in The Woodlands, Texas and has a global presence
with operations in the North Sea, West Africa, Mexico, Brazil and
Southeast Asia.


TRICO MARINE: Case Summary & 40 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Trico Marine Services, Inc.
        10001 Woodlock Forest Drive, Suite 610
        The Woodlands
        Texas, TX 77380

Bankruptcy Case No.: 10-12653

Debtor-affiliates filing separate Chapter 11 petitions:

     Entity                                 Case No.
     ------                                 --------
     Trico Marine Assets, Inc.              10-12648
     Trico Marine Operators, Inc.           10-12649
     Trico Marine International, Inc.       10-12650
     Trico Marine Cayman, L.P.              10-12651
     Trico Holdco, LLC                      10-12652

Type of Business: Trico Marine Services, Inc., is an integrated
                  provider of subsea services, subsea trenching
                  and protection services, and towing and supply
                  vessels.  Web site: http://www.tricomarine.com

Chapter 11 Petition Date: August 25, 2010

Bankruptcy Court: U.S. Bankruptcy Court
                  District of Delaware

Debtors' Counsel: John E. Mitchell, Esq.
                  Angela B. Degeyter, Esq.
                  VINSON & ELKINS LLP
                  Trammell Crow Center
                  2001 Ross Avenue, Suite 3700
                  Dallas, TX 75201
                  Phone: (214) 220-7700
                  Fax: (214) 220-7716
                  Web site: http://www.velaw.com

                  Harry A. Perrin, Esq.
                  VINSON & ELKINS LLP
                  First City Tower
                  1001 Fannin Street, Suite 2500
                  Houston, TX 77002-6760
                  Tel: (713) 758-2222
                  Fax: (713) 758-2346
                  Web site: http://www.velaw.com

Debtors'
Delaware
Counsel:          Robert J. Dehney, Esq.
                  MORRIS, NICHOLS, ARSHT & TUNNELL LLP
                  1201 N. Market Street
                  P.O. Box 1347
                  Wilmington, DE 19899-1347
                  Tel: (302) 658-9200
                  Fax: (302) 658-3989

Debtor's Special
Counsel:          CAHILL GORDON & REINDELL LLP

Debtor's
Delaware
Counsel:          MORRIS, NICHOLS, ARSHT & TUNNELL LLP

Debtor's Chief
Restructuring
Officer:          ALIX PARTNERS SERVICES, LLC

Debtors' Claims
& Notice Agent:   EPIQ BANKRUPTCY SOLUTIONS

Total Assets:  US$30,562,681

Total Debts: US$353,606,467

The petition was signed by John Castellano, authorized officer.

Debtor's List of 40 Largest Unsecured Creditors:

  Entity/Person                 Nature of Claim    Claim Amount
  -------------                 ---------------    ------------
Deutsche Bank National Trust    Guarantee        US$400,000,000
Company
222 South Riverside Plaza
Chicago, IL 60606-5808


Wells Fargo Bank, National      Debentures         $152,725,000
Association
1445 Ross Avenue - 2nd Floor
Dallas, TX 75202-2812

Credit Suisse Energy LLC        Trade Debt          $36,905,023
Eleven Madison Avenue
10th Floor
New York, New York
10010

Joseph S. Compofelice           Employment           $2,400,000
                                Agreement

Rishi Varma                     Employment             $700,000
                                Agreement

Converteam, Inc.                Trade Debt             $665,256

Astoundry, Inc.                 Trade Debt             $311,943

Tectura Corporation             Trade Debt             $203,514

Discovery Group, Inc.           Trade Debt             $184,327

Gleacher & Company              Trade Debt             $143,797
Securities, Inc.

GE Capital Corporation          Trade Debt              $90,826

International Specialist, Inc.  Trade Debt              $55,069

Advance Logistics, LLC          Trade Debt              $50,323

Winston & Strawn LLP            Trade Debt              $40,797

Maxwell Drummond International  Trade Debt              $39,600

Delaware Secretary of State     Trade Debt              $36,000

Light 125 James West LLC        Trade Debt              $33,120

Seasupplier, Ltd.               Trade Debt              $28,486

Laporte, Sehrt, Romig           Trade Debt              $23,604

Broadridge                      Trade Debt              $22,582

Grant Thornton LLP              Trade Debt              $21,200

LRN Corporation                 Trade Debt              $19,780

CD Language Solutions, Inc.     Trade Debt              $17,751

Amarchand Mangaldas             Trade Debt              $17,200

Bluecross Blueshield            Trade Debt              $16,394

Fire Protection Ser., Inc.      Trade Debt              $13,905

Leblanc & Associates, Inc.      Trade Debt              $13,489

Maritima Consulting Services    Trade Debt              $13,412

Executive Coaching &            Trade Debt              $12,500
Consulting

Fugro Chance, Inc.              Trade Debt              $10,370

A T & T Mobility                Trade Debt              $10,215

Jones, Walker, Waechter         Trade Debt              $10,213

Thrust Matter of Texas Inc.     Trade Debt              $10,039

KMPG Professional Services      Trade Debt               $9,952

EMT Electronics, Inc.           Trade Debt               $9,757

A T & T                         Trade Debt               $9,738

Aluko & Oyebode                 Trade Debt               $7,217

Zeno Imaging                    Trade Debt               $7,125

Power Specialties, Inc.         Trade Debt               $6,727

A T & T                         Trade Debt               $6,534

Meltwater News, Inc.            Trade Debt               $6,495


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


CARIBAIR: Plus Int'l Seizes Four Aircraft on Unpaid US$1.5MM Debt
-----------------------------------------------------------------
The Plus International Bank of Florida seized four aircraft from
Caribair for a debt of US$1.5 million, The Dominican Today
reports.  The report relates that Caribair failed to fulfill a
contract with Plus International.

According to the report, the bank obtained a judgment that allowed
the seizure of Caribair's four best planes.  The report notes Plus
International Bank empowered the law services of Russin, Vecchi &
Heredia Bonetti, whose lawyers handled the case until they
received a verdict favorable to the U.S. bank.

Caribair is an airline based in Santo Domingo, Dominican Republic.
It operated scheduled services within the Dominican Republic and
to Haiti, as well as charter flights and air taxi services
throughout the Caribbean.  Its main base was La Isabela
International Airport, Santo Domingo.


CERVECERIA NACIONAL: S&P Downgrades Corporate Credit Rating to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on Dominican Republic-based Cerveceria Nacional Dominicana
C. Por A. to 'B' from 'B+'.  S&P also revised the outlook to
stable from negative.

"The rating action reflects CND's failure to achieve its targeted
deleveraging, given its weaker-than-expected financial results of
2008 and 2009," said Standard & Poor's credit analyst Marcela
Duenas.  "The downgrade also reflects CND's limited financial
flexibility resulting from the lack of headroom under one of its
financial covenants, as well as the important debt maturities in
2012 and beyond that could pressure liquidity," she continued.

CND is the leading beer and malt producer and distributor in the
Dominican Republic.  The ratings reflect the company's aggressive
financial risk profile, the challenges of operating in the
Dominican Republic, and exposure to the nation's economic cycles,
making the company sensitive to sovereign risk considerations.
S&P also consider the business constraints associated with CND's
geographic concentration, and intense industry and regional
competition, which could limit the company's ability to expand
internationally.  CND's leading industry position in the Dominican
Republic offsets these challenges.

The stable outlook reflects S&P's expectation that CND will be
able to maintain its business profile as a market leader in the
Dominican Republic in the next couple of years.  S&P could lower
the ratings if there is a greater-than-expected cyclical downturn
or if CND generates leverage above 3.5x.  The potential for an
upgrade is limited due to the sovereign rating on the Dominican
Republic, the company's high geographic concentration, and
exposure to a vulnerable economy.  However, if the company can
strengthen its capital structure and successfully refinance its
medium-term debt maturities, S&P could raise the ratings.


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


CIGARETTE COMPANY OF JAMAICA: Demands Tax Dispute Settlement
------------------------------------------------------------
The Jamaican Ministry of Finance is running out of time to refund
nearly JM$2 billion at the centre of its tax dispute with defunct
cigarette manufacturer, Cigarette Company of Jamaica, RadioJamaica
reports.  The report relates that the company's parent, Carreras
Limited, has approached the Ministry to repay JM$1.7 billion.

According to the report, Carreras Limited is also seeking interest
on the amount to be refunded.

In February, the report notes, the Court of Appeal handed down its
judgment in the tax matter between Cigarette Company and the
Commissioner of Taxpayer Audit and Assessment.  The report relates
that the court upheld the appeal of Cigarette Company to recover
the JM$1.7 billion it paid.  The report notes that the court also
refused the Commissioner's application for a stay of execution
from refunding the amount until the matter is heard at the Privy
Council.  The report relates that the Court subsequently granted
the Commissioner leave to appeal to the Privy Council.

However, the report adds, attorneys for Cigarette Company are
optimistic that the case will prevail at the final court of
appeal.

               About Cigarette Company of Jamaica

The Cigarette Company of Jamaica is a member of the Carreras Group
of Companies of Jamaica.  The company manufactures cigarettes.
CCJ was originally a joint venture between the Carreras Group and
Rothmans international tobacco company that operated as a virtual
monopoly in Jamaica for some time.


PETROLEUM CORPORATION OF JAMAICA: Still Without Board of Directors
------------------------------------------------------------------
Petroleum Corporation of Jamaica is still without a Board of
Directors, three weeks after the former board which was led by
attorney-at-law, Kathryn Phipps, expired, RadioJamaica reports.

According to the report, Energy Minister James Robertson says the
search is now on to find new Directors of the PCJ Board.  The
report relates Mr. Robertson said that the decision has been made
to identify young and innovative individuals who will be asked to
serve as Directors.

As reported in the Troubled Company Reporter-Latin America on
August 23, 2010, Jamaica Observer said that PCJ has been one of
the most scrutinized public agencies over the last few years and
has been without a chairman since Kathryn Phipps left her post.
According to RadioJamaica, auditors found a raft of irregularities
in the financial operations of the PCJ, with millions of dollars
paid out under questionable circumstances.  The report related
that the audit reportedly revealed a lax system which allowed
money to be paid out without following basic accounting or
government guidelines.  Dr. Ruth Potopsingh, Managing Director of
the PCJ, was eventually sacked by the PCJ board, the report said.

                    About Petroleum Corporation

Petroleum Corporation of Jamaica is a petroleum company owned by
the government of Jamaica.  It was established in 1975 as State
Energy Corporation under the Ministry of Mining and Energy and
changed its name in 1979 by the Petroleum Act.  The PCJ has the
exclusive right to explore for oil in Jamaica.


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


FUNDACION INTEGRAL: S&P Assigns 'BB-/B' Global Counterparty Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-
/B' global scale and 'mxBBB/mxA-3' national scale counterparty
credit ratings to Fundacion Integral Comunitaria A.C.  The
outlooks are stable.

"The ratings reflect high competition in the Mexican microfinance
market, limited funding sources, and S&P's concerns about the
increasing debt burden among companies in this niche--a burden
which could pressure the foundation's asset quality," said
Standard & Poor's credit analyst Alfonso J. Novelo.  "A seasoned
management team and FINCA Mexico's good profitability and
capitalization counterbalance these weaknesses somewhat."

FINCA Mexico is a microfinance company focused on giving credit to
urban and rural low-income families.  Approximately 95% of its
portfolio is oriented to group credits.

The stable outlook reflects S&P's expectation that FINCA Mexico
will be able to sustain its good internal capital generation
capacity and keep its nonperforming assets under control in 2010
and 2011.

A significant deterioration of FINCA Mexico's asset quality or a
substantial reduction in its profitability indicators could
pressure the ratings.


SANLUIS CORPORACION: Sanluis Co-Inter Unit Files for Bankruptcy
---------------------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports Sanluis Corporacion
SAB said Wednesday that its unit Sanluis Co-Inter has filed for
bankruptcy protection as it seeks to restructure its debt.
According to the report, Sanluis said once its request for
bankruptcy protection under the Mexican equivalent of the U.S.'s
Chapter 11 bankruptcy is granted, it will present a restructuring
plan to creditors.

Dow Jones relates that, at the end of June, Sanluis Co-Inter
defaulted on US$88.1 million in notes that were issued in 2002
under a debt refinancing, prompting holders of around US$132
million in mandatorily convertible debentures due June 2011 to
accelerate payment, and demanding cash.  The default of the June
2010 notes came after Sanluis rescheduled US$146 million in bank
debt, to which the Co-Inter notes are subordinate.

According to the report, the company said that as Sanluis Co-Inter
is a holding company, the filing won't affect its operations.

Mexican auto-parts company Sanluis Corporacion SAB makes brakes
and suspension parts.

According to Dow Jones, the company suffered a big drop in
earnings in recent years as a result of the downturn in the global
economy and particularly the auto industry.  Sanluis said that
demand remains "significantly below pre-crisis levels."

Dow Jones also notes Fitch Ratings, in downgrading Sanluis' credit
ratings earlier this month, said Sanluis' business has been under
extreme pressure from a dramatic decline in demand for light
trucks in North America and that "a rebound in demand for vehicles
in the U.S. may not improve the outlook for the company, as
consumers shift to smaller vehicles."


VITRO SAB: Trust Fund Sells Real Estate Assets for US$63.8 Million
------------------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
said a trust fund it formed with government export bank Bancomext
in 2008 sold US$63.8 million of real estate assets.

According to the report, citing a company statement to the Mexican
stock exchange, the proceeds from the sale plus US$5.5 million of
Vitro SAB cash were used to end the trust fund with a payment of
US$69.3 million.

The company, the report notes, said that the assets were lots near
the corporate offices that weren't being used.  Vitro retained two
corporate office buildings that originally formed part of the
trust fund's capital, the report adds.

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


FIRST BANCORP: Reveals Preliminary Results of Exchange Offer
------------------------------------------------------------
First BanCorp disclosed the preliminary results as of 11:59 p.m.,
New York City time, August 24, 2010, of its offer to exchange up
to 256,401,610 newly issued shares of its common stock, par value
US$0.10 per share, for any and all of the issued and outstanding
shares of Non-Cumulative Perpetual Monthly Income Preferred Stock,
Series A through E.  The offer was extended to 9:30 a.m., New York
City time, on August 25, 2010.  Final results of the Exchange
Offer will be announced as soon as possible thereafter.  The
Relevant Price as defined in the preliminary prospectus dated
August 25, 2010 was fixed on August 20, 2010 and is $1.18.

The Corporation said that 3,145,436 shares of Series A Preferred
Stock, 2,515,053 shares of Series B Preferred Stock, 3,666,254
shares of Series C Preferred Stock, 3,130,810 shares of Series D
Preferred Stock, and 6,880,599 shares of Series E Preferred Stock
have been validly tendered and not withdrawn.  In total,
approximately US$483.5 million, or approximately 87.9%, of the
liquidation preference of the Preferred Stock have been tendered.
These tenders will result in the issuance of approximately 225.3
million new shares of First BanCorp Common Stock.

Aurelio Aleman, President and Chief Executive Officer of First
BanCorp commented, "The high participation rate of our preferred
stockholders in the exchange of preferred stock for common stock
would satisfy one of the substantive conditions of the agreement
with the U.S. Treasury to convert the Fixed Rate Cumulative
Mandatorily Convertible Preferred Stock, Series G, into shares of
common stock.  The successful exchange of Series A to E Preferred
Stock into common stock and the approval of all proposals at
yesterday's special stockholder's meeting are important milestones
for the Corporation which will enhance our ability to continue
executing our capital plan."

                      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 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
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.


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


PETROTRIN: World GTL's Lawsuit Against Firm Put on Hold
-------------------------------------------------------
The World GTL's lawsuit against the Petroleum Company of Trinidad
and Tobago Ltd (Petrotrin) has been put on hold, forcing World GTL
to carry their claims before the London Court of International
Arbitration, Trinidad and Tobago Newsday reports.

According to the report, World GTL filed a TT$12 billion lawsuit
against Petrotrin in a New York court in February for losses over
the collapse of a joint venture project of a US$3 billion gas-to-
liquid plant in Trinidad.  The report notes Petrotrin said on
August 11, 2010, Judge Lawrence McKenna of the U.S. District Court
for the Southern District of New York granted the motion of
Petrotrin and issued an order staying the lawsuit commenced
against Petrotrin by World GTL Inc. and its subsidiary, World GTL
of St. Lucia Ltd. in that court.

The report says that Judge McKenna's August 11 order rejected all
of the World GTL parties' arguments against Petrotrin's motion.
The report relates that the effect of the order was to suspend the
litigation commenced by the World GTL parties.  Petrotrin said in
June 2010, it moved for an order staying the lawsuit and
compelling the World GTL parties to arbitrate any claims they
believe they have against Petrotrin, as agreed in the Project
Agreement and the Shareholders Agreement entered into between the
parties, the report notes.

Newsday says that while the lawsuit has been put on hold, the
company said it will continue to vigorously pursue its rights in
the arbitration brought against the World GTL parties.

                          About Petrotrin

Petroleum Company of Trinidad and Tobago is the major State-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas have
been leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, given its
higher labor costs.  The company operates a refinery at Pointe--
Pierre, just north of San Fernando in south Trinidad.  Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters.  According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards.  The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned.  Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT.  The report said that
the company was experiencing serious financial difficulties
resulting in high cost overruns of its refinery upgrade.   The
situation was exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.


==========================
V I R G I N  I S L A N D S
==========================


BERNARD MADOFF: Judge Seeks Money Held by Gibraltar for Hedge Fund
------------------------------------------------------------------
Erik Larson at Bloomberg News reports that U.S. Bankruptcy Judge
Burton Lifland asked the Supreme Court of Gibraltar to turn over
US$73 million it is holding for a hedge fund that lost money in
the fraud.

According to the report, the money would be deducted from a US$180
million default judgment issued earlier this month in New York
against the fund, Vizcaya Partners Ltd., a British Virgin Islands
company.  The report relates that assets recovered in the Madoff
liquidation can only be shared effectively among victims "if
judgments arising out of this bankruptcy proceeding are given
universal application," Judge Lifland said in a letter written to
the Gibraltar court that was obtained by the news agency.

The report notes that the disputed money was transferred to the
Gibraltar court by Vizcaya's bank, Banque Jacob Safra (Gibraltar)
Ltd., during an investigation by financial authorities in the U.K.
territory.  The bank was also named as a defendant in the New York
case, the report relates.

The case is Picard v. Vizcaya Partners Ltd., 09-01154, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of August 13, 2010, a total of US$5,578,441,409 in claims by
investors has been allowed, with US$715,602,064 to be paid by the
SIPC.  Investors are expected to receive additional distributions
from money recovered by Mr. Picard.

Mr. Picard has recovered a number of assets and in liquidated some
of those assets for the benefit of customers, totaling
US$1,183,779,811 as of November 2009.


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


* Homebuilders More Likely to Use Covenant Lite Package
-------------------------------------------------------
Moody's assessment of 440 bonds issued in the Americas and Europe
from 2008 through June 2010 shows generally higher rates of
"covenant-lite" protections for bonds rated at the higher end of
the speculative-grade rating scale and more stringent packages for
lower-rated instruments, said the ratings agency in a new report.
However, the report also notes important exceptions, such as
homebuilders, among others.

The covenant package of a conventional high-yield bond (rated Ba1
or lower at issuance) includes a restricted payments covenant and
a debt incurrence covenant ("high-yield package"), the study
stated.  "Moody's considers the package covenant-lite if it lacks
either or both covenants, which are the two most important forms
of investor protection," said Alexander Dill, Moody's Vice
President-Senior Covenant Officer.

The debt incurrence covenant limits a company's ability to
increase leverage and the restricted payments covenant limits cash
leakage from the covenant-restricted entities in the corporate
family and investments in riskier assets, the report said.  "These
shareholder-friendly actions can erode the ability of issuers
lower down in the rating spectrum to service their debt," noted
Matthew Musicaro, an Associate Analyst at Moody's and the report's
primary author.

Based on the sample assessment of 440 high yield bonds, Moody's
observed that homebuilders, despite being one of the worst-
performing sectors during the financial crisis, were far more
likely to use a covenant lite ("investment grade") package than
the rest of the market.  Those companies that used light covenants
generally had the cash and cash flow allowing them to negotiate
relaxed loan covenants and thus had little incentive to agree to
high-yield covenants to bondholders.  Other than a few auto
suppliers, no other sector followed the cov-lite trend, said
Musicaro.

In addition, throughout the 2008-2010 period, 21% of Ba1 bonds,
56% of Ba2 bonds and 76% of Ba3 bonds used a high-yield package ,
while fallen angels consistently used an investment-grade
package."Of the 28 fallen angels' bonds rated Ba1 or Ba2 at
issuance in Moody's sample for the 2008 -- 2010 period, 25 used an
investment-grade package," noted Musicaro.  "Only 23 of the 50
bonds issued by conventional high-yield issuers rated Ba1 and Ba2
used an investment-grade package."

Moody's found that that European high-yield issuers were more
likely to have a debt incurrence covenant than issuers in the
Americas.  "Between January 1, 2008 and June 30, 2010, no European
issuer in Moody's population came to market with a bond rated Ba1
or lower without a debt incurrence covenant," said Musicaro.  "In
contrast, 5% of all bonds rated B1 or below in the Americas
population did not have a debt incurrence covenant."

"We found a divide at the Ba3-B1 ratings threshold," Musicaro
said.  "Bonds that were rated B1 or below did not use an
investment-grade package in 2008.  However, some bonds rated B1 or
below did so in 2009 and 2010."


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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