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

              Monday, August 30, 2010, Vol. 11, No. 170

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge May Permit Lloyd's to Stop Paying Legal Fees


A R G E N T I N A

ALTOVIA SRL: Creditors' Proofs of Debt Due on December 7
BAR EXPRESS: Creditors' Proofs of Debt Due on November 5
DEPORTVEL SA: Creditors' Proofs of Debt Due on December 14
EXPORPET SA: Creditors' Proofs of Debt Due on November 5
GEAGE LOGISTICA: Creditors' Proofs of Debt Due on October 7


B R A Z I L

BANCO VOTORANTIM: S&P Affirms 'BB+/B' Global Issuer Credit Rating
COSAN SA: Fitch Shifts Watch on 'BB-' Rating to Positive
PDG REALTY: Moody's Assigns 'Ba2' Local Currency Rating


C A Y M A N  I S L A N D S

EUREKA (US$): Shareholders' Final Meeting Set for September 30
MARSHALL WACE: Shareholders' Final Meeting Set for September 30
MARSHALL WACE: Shareholders' Final Meeting Set for September 30
MARSHALL WACE: Shareholders' Final Meeting Set for September 30
MARSHALL WACE: Shareholders' Final Meeting Set for September 30

MARSHALL WACE: Shareholders' Final Meeting Set for September 30
MARSHALL WACE: Shareholders' Final Meeting Set for September 30
MARSHALL WACE: Shareholders' Final Meeting Set for September 30
MIF HOLDINGS: Shareholders' Final Meeting Set for September 17
MONARCH INCOME: Shareholders' Final Meeting Set for September 17

MUTUAL FUND: Shareholders' Final Meeting Set for September 27
MUTUAL FUND: Shareholders' Final Meeting Set for September 27
MUTUAL FUND: Shareholders' Final Meeting Set for September 27
MUTUAL FUND: Shareholders' Final Meeting Set for September 27
MUTUAL FUND: Shareholders' Final Meeting Set for September 27

MW GAVEKAL: Shareholders' Final Meeting Set for September 30
MW TOPS: Shareholders' Final Meeting Set for September 30
SAPIC - 98: Shareholders' Final Meeting Set for September 27
SAPIC - 98: Shareholders' Final Meeting Set for September 27
SAVECOM INTERNATIONAL: Member to Hear Wind-Up Report on Sept. 14


C H I L E

COMPANIA MINERA: Family of Trapped Miner Sues Owners


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Signs Natural Gas Deal With Seaboard


J A M A I C A

* JAMAICA: UNDP Proposes Wider Debt Restructuring


M E X I C O

BIO-PAPPEL SAB: Fitch Upgrades Issuer Default Ratings to 'B'


P U E R T O  R I C O

FIRST BANCORP: Completes Exchange Offer of 256,401,610 Shares


X X X X X X X X

* BOND PRICING: For the Week August 23, to August 27, 2010




                         - - - - -


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


STANFORD INT'L: Judge May Permit Lloyd's to Stop Paying Legal Fees
------------------------------------------------------------------
United States District Judge Nancy Atlas hinted that she may allow
insurer Lloyd's of London to stop paying legal fees for financier
Robert Allen Stanford and former executives in the Stanford
Financial Group fraud case, after growing impatient when arguments
focused on matters she had called irrelevant, L.M. Sixel at the
Houston Chronicle reports.

"I have a suspicion [Lloyd's of London] won't be [paying them]
after this trial," the report quoted Judge Atlas as saying.  Judge
Atlas had told lawyers earlier in the four-day hearing that she
would not rule immediately on the issue.  Nothing she said Friday
suggested she doesn't still plan to weigh the matter for several
weeks before ruling, the report notes.

According to the report, Judge Atlas made the remark about the
fees during closing arguments by lawyer Jack Zimmermann,
representing former Stanford Financial Accounting Chief Gil Lopez.
The report notes Mr. Zimmermann was arguing that his client was no
more of a company insider than others who haven't been criminally
charged.

Judge Atlas, the report discloses, said that wasn't relevant to
the issue before her -- whether Lloyd's should keep paying the
legal fees.

Lloyd's has already paid more than US$10 million in legal fees to
Mr. Stanford, Mr. Lopez and comptroller Mark Kuhrt.

As reported in the Troubled Company Reporter-Latin America on
August 27, 2010, Bloomberg News said that Lloyd's of London
underwriters are attempting to convince Judge Atlas that Mr.
Stanford conspired to steal money so they can avoid paying
attorneys to defend him on criminal fraud charges, Ellen Rosen at
Bloomberg News reports.  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.  The report noted Mr. Westheimer said that
Mr. 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.

                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
=================


ALTOVIA SRL: Creditors' Proofs of Debt Due on December 7
--------------------------------------------------------
Jorge Jose Cern, the court-appointed trustee for Altovia SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 7, 2010.

Mr. Cern will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 10
in Buenos Aires, with the assistance of Clerk No. 20, 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:

         Jorge Jose Cern
         Benito Juarez 3276
         Argentina


BAR EXPRESS: Creditors' Proofs of Debt Due on November 5
--------------------------------------------------------
Mario Suez, the court-appointed trustee for Bar Express SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 5, 2010.

Mr. Suez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

         Mario Suez
         Rodriguez Pena 454
         Argentina


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

Mr. Lisio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, 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:

         Ricardo Lisio
         Habana 4315
         Argentina


EXPORPET SA: Creditors' Proofs of Debt Due on November 5
--------------------------------------------------------
Eduardo Hugo Caggiano, the court-appointed trustee for Exporpet
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 5, 2010.

Mr. Caggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

         Eduardo Hugo Caggiano
         San Martin 66
         Argentina


GEAGE LOGISTICA: Creditors' Proofs of Debt Due on October 7
-----------------------------------------------------------
Silvia Tauschek, the court-appointed trustee for Geage Logistica y
Distribucion SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 7, 2010.

Ms. Tauschek will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Silvia Tauschek
         Viamonte 658
         Argentina


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


BANCO VOTORANTIM: S&P Affirms 'BB+/B' Global Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'BB+/B' global scale and 'brAA+/brA-1'
Brazil national scale issuer credit ratings, on Banco Votorantim
S.A.  The outlook remains stable.

"The ratings on BV reflect the challenges imposed by the
competitive landscape in the Brazilian banking sector, the riskier
profile of its credit portfolio, and the bank's dependence on
wholesale funding," said Standard & Poor's credit analyst Milena
Zaniboni.

The bank has significantly mitigated the risk of depending on
wholesale funding by associating with Banco do Brasil S.A.
(foreign currency: BBB-/Stable/A-3; local currency: BBB-/Stable
/--).  In fact, Standard & Poor's sees the bank's ownership by
Votorantim Participa??es S.A. (BBB/Stable/--) and Banco do Brasil
as positive because it enhances access to funding and financial
flexibility.

Other positive rating factors include BV's successful track record
in auto loans, brand recognition, and good capitalization.


COSAN SA: Fitch Shifts Watch on 'BB-' Rating to Positive
--------------------------------------------------------
Fitch Ratings has revised the Rating Watch on the ratings of Cosan
S.A. Industria e Comercio to Positive from Evolving as highlighted
below.

Cosan:

  -- Foreign Currency Long-term Issuer Default Rating 'BB-';
  -- Local Currency IDR 'BB-';
  -- National Scale Rating 'A-(bra)'.

Cosan Combustiveis e Lubrificantes remains on Rating Watch
Positive:

CCL:

  -- Foreign Currency IDR 'BB-';
  -- Local Currency IDR 'BB-';
  -- National Scale 'A-(bra)';
  -- US$350 million Senior Unsecured Notes due August 2014 'BB-'.

The rating action follows Cosan's announcement on Aug.25, 2010
that it has concluded negotiations with Shell International
Petroleum Company Limited (Shell) and has entered into definitive
agreements providing for the creation of a joint venture involving
certain of their respective assets.

Cosan's Positive Rating Watch reflects the expectation that the
company will likely benefit from the contribution of Shell's
assets on a consolidated basis due to an expected allocation of
$2.5 billion of net debt plus additional BRL 500 million from
BNDES into the JVs and additional EBITDA coming from Shell's
contributed assets.  Additionally, the combination of the two
companies' assets will strength the business and financial profile
of Cosan's businesses.  The recent developments on the adequate
funding strategy for Cosan's logistics business (Rumo Logistica),
which will not be contributed for the JVs, is also being
incorporated into the analysis.

CCL's Positive Watch status reflects a strengthening operating and
financial profile of the company after the association.  The
Downstream JV will benefit from Shell's contribution of
unleveraged assets that will generate a steady and relatively
predictable cash flow, and from the stronger business profile
associated with the larger combined size and market share.  Fitch
expects that Shell and Cosan will operate this JV with low
leverage given the narrow margins characteristic of the fuel
distribution business, and will be able to capture some synergies
with the sugar and ethanol business.

Cosan has not disclosed yet the financial information on a
proforma basis of the JVs or of its consolidated business and also
of Shell's operations in Brazil.  Fitch expects to solve the RWPs
once the detailed financial plan becomes available.

The association with Shell will generate two operating JVs, one
focused on the sugar and ethanol and co-generation businesses (S&E
JV) and other on the fuel distribution business (Downstream JV).
Cosan will hold 51% of the voting shares of the S&E JV while Shell
will hold 51% of the voting shares of the Downstream JV.  The
management of both JVs will be shared.  Cosan will have equity
participations in both JVs and in other businesses that will not
be part of the merger, such as the logistics and lubrificants
businesses.  Cosan will contribute with US$2.5 billion in net debt
plus additional BRL 500 million from BNDES and Shell will
contribute with US$1.6 billion in cash to both JVs, although it is
still not clear how much debt and cash will be allocated in each
JV.


PDG REALTY: Moody's Assigns 'Ba2' Local Currency Rating
-------------------------------------------------------
Moody's Investors Service has assigned first-time Ba2 local
currency and Aa3.br Brazil national scale corporate family ratings
to PDG Realty S.A.  The outlook for the ratings is stable.

Ratings Assigned:

  -- Corporate Family Rating: Ba2 (global scale) / Aa3.br
     (Brazilian national scale)

  -- Outlook: stable

                         Ratings Rationale

PDG's Ba2 rating reflects its position as the largest homebuilder
in Brazil in terms of launches and contracted sales, with strong
brand name and diversity in terms of product offering, ranging
from low to high income apartments and office buildings.  With the
acquisition of Agre Empreendimentos Imobili†rios S.A., the company
improved the geographic and product diversity of its landbank
thereby, decreasing concentration risk.

The rating is further supported by PDG's long track record of
operations in the Brazilian homebuilding sector since 1952,
through Goldfarb, and its good access to capital, as proven by its
recent share offering of BRL 1.06 billion concluded in October
2009.  Management's strong expertise in the financial industry,
profitability ratios that compares to other homebuilders rated at
the same level and expected synergies from the acquisition of Agre
also supports the rating.

On the other hand, these positive factors are balanced by PDG's
aggressive growth strategy, as proven by the acquisition of Agre
that doubled the size of the company and increased execution
risks, and concentration on the high-rise segment that pressures
working capital and free cash flow, due to the extended
construction periods.  Relatively high leverage, in part from
Agre's acquisition, also constrains the rating.

Furthermore, the ratings consider that the Brazilian homebuilding
market will continue growing due to the strong demand from
homebuyers, the abundant credit to finance homebuilders and
consumers both from government-owned and commercial banks, and the
continuing support from the government towards the homebuilding
industry through 2014.

The ratings also take in consideration that PDG will be able to
extract synergies from Agre's acquisition including, but not
limited to, economies of scale, stronger bargaining power towards
material suppliers and land owners, and better land bank
diversification in terms of geography and product price point.
From 2011 on, according to the company's project delivery
schedule, it is expected that PDG will start generating a higher
volume of cash internally, since a large amount of projects
launched in 2007 and 2008 will be delivered to their buyers and
converted into cash.  Moody's expect that the company will use
part of this cash to build a stronger cash cushion to more
comfortably face an eventual downturn in the homebuilding industry
or to pay down part of its corporate debt unrelated to
construction, and deleverage its balance sheet.

By the end of June, 2010, PDG had BRL 1.1 billion in cash and
marketable securities on its balance sheet.  In October 2009, the
company was able to raise BRL 1.06 billion in a primary and
secondary equity offering, of which BRL 784 million were added to
PDG's balance sheet, increasing the cash balance, while the
remaining BRL 274 million went to the shareholders that offered
their shares.  Also in October, 2009, the company converted 100%
of its BRL 202 million of outstanding convertible debentures into
shares.  Agre was acquired in a share exchange transaction
concluded on June 10th 2010, with PDG giving 0.495 share for each
Agre share and assumed around BRL 1.7 billion in indebtedness.

Agre's more expensive indebtedness, mostly BRL 550 million in
debentures coming due in the ST, were paid down with the proceeds
from a new debentures issuance of BRL 280 million and other
cheaper longer term loans from banks.  Currently, 60% of the
company's total debt is linked to construction, either through SFH
financing or working capital lines for construction with
commercial banks lines, which in theory are automatically repaid
once the construction is finished and the homebuyer signs its
mortgage with a commercial bank or CEF.

PDG's average annual working capital consumption has been around
BRL 1.2 billion, making its cash available on balance sheet seem
low, but all of the projects are already tied to signed loans,
while PDG also has around BRL 7.0 billion in available approved
lines for construction including SFH lines to cover part of its
working capital needs.

According to the company's written policy, cash on balance sheet
should cover at least financial expenses, debt amortization and
net operating expenses for the six months ahead.

A corporate family rating is an opinion on the expected loss
associated with the debt obligations of a group of companies
assuming that it had one single class of debt and is a single
consolidated legal entity.  Specific debt instruments for the same
corporate family may be rated differently, depending on their
seniority and guarantors, as compared to other debt instruments
issued by the group.

PDG's Ba2 local currency corporate family rating reflects its
global default and loss expectation, while the Aa3.br national
scale rating reflects the standing of its credit quality relative
to other domestic issuers.  Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Brazil are
designated by the ".br" suffix.  Issuers or issues rated Aa3.br
demonstrate very strong creditworthiness relative to other
domestic issuers.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the same
country.

The stable outlook assumes that PDG will maintain a comfortable
liquidity position to execute its growth plan while preserving a
minimum cash balance on its balance sheet to face weaker economic
environments and difficult capital market conditions.

Although unlikely in the near term, PDG's rating or outlook could
experience upward pressure if the company is able to reduce its
leverage metrics measured on a sustainable basis and stronger cash
flow metrics, while integrating the newly acquired Agre into the
group.  Upward pressure could also arise from improved cash-flow
based credit metrics, through reduced working capital requirements
over time and higher volume of projects achieving their delivery
date.  Mortgage availability at an earlier point of the
construction cycle and use of internal generated cash for reducing
debt, not linked to construction would also be credit positive.
Quantitatively, positive pressure could arise from sustainable
positive CFO ("Cash Flow from Operations") and FCF ("Free Cash
Flow") to total debt above 10%, total debt to capitalization below
40% (42.2% in the end of June 2010), FFO ("Funds From Operations")
to total debt above 25% (17.8% for the last twelve months ended in
June 2010) and interest coverage (EBIT to Interest expense) above
4.5 times (3.2 times for the last twelve months ended in June
2010) on a sustainable basis.

PDG's ratings would likely be downgraded if Total Debt to
Capitalization increased above 50% (42.2% in the end of June 2010)
on a sustainable basis or if the company were to face a
significant deterioration its liquidity profile due to a reduction
in the availability and timeliness of disbursements from credit
lines that the company has available with commercial banks through
the SFH, due to a change in government's support towards the lower
income construction segment, or due to excessive dividend payout
that could instead be used in the down payment of debt unrelated
to construction.  Quantitatively, negative pressure could arise if
the company diverged from the written minimum cash policy
mentioned before.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, and
confidential proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.


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


EUREKA (US$): Shareholders' Final Meeting Set for September 30
--------------------------------------------------------------
The shareholders of The Eureka (US$) Fund Limited will hold their
final meeting, on September 30, 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:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Core Fund Limited will hold
their final meeting, on September 30, 2010, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Tops Fund Limited will hold
their final meeting, on September 30, 2010, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Manager Strategies Limited will
hold their final meeting, on September 30, 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:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Tops Strategies Limited will
hold their final meeting, on September 30, 2010, at 9:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Americas Fund Limited will hold
their final meeting, on September 30, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Latin America Fund SPC will hold
their final meeting, on September 30, 2010, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MARSHALL WACE: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------------
The shareholders of Marshall Wace Tops Trading N (Market Neutral)
Limited will hold their final meeting, on September 30, 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:

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


MIF HOLDINGS: Shareholders' Final Meeting Set for September 17
--------------------------------------------------------------
The shareholders of MIF Holdings Ltd will hold their final
meeting, on September 17, 2010, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MONARCH INCOME: Shareholders' Final Meeting Set for September 17
----------------------------------------------------------------
The shareholders of Monarch Income Fund Ltd will hold their final
meeting, on September 17, 2010, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MUTUAL FUND: Shareholders' Final Meeting Set for September 27
-------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-R)
Limited will hold their final meeting, on September 27, 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:

         Graham Robinson
         c/o 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
         Cayman Islands


MUTUAL FUND: Shareholders' Final Meeting Set for September 27
-------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-S)
Limited will hold their final meeting, on September 27, 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:

         Graham Robinson
         c/o 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
         Cayman Islands


MUTUAL FUND: Shareholders' Final Meeting Set for September 27
-------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-T)
Limited will hold their final meeting, on September 27, 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:

         Graham Robinson
         c/o 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
         Cayman Islands


MUTUAL FUND: Shareholders' Final Meeting Set for September 27
-------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-U)
Limited will hold their final meeting, on September 27, 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:

         Graham Robinson
         c/o 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
         Cayman Islands


MUTUAL FUND: Shareholders' Final Meeting Set for September 27
-------------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (8-E) Global
Focus Limited will hold their final meeting, on September 27,
2010, at 12:30 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o 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
         Cayman Islands


MW GAVEKAL: Shareholders' Final Meeting Set for September 30
------------------------------------------------------------
The shareholders of MW Gavekal Fund Limited will hold their final
meeting, on September 30, 2010, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MW TOPS: Shareholders' Final Meeting Set for September 30
---------------------------------------------------------
The shareholders of MW Tops Trading M (Global) Limited will hold
their final meeting, on September 30, 2010, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAPIC - 98: Shareholders' Final Meeting Set for September 27
------------------------------------------------------------
The shareholders of SAPIC - 98 Reference Fund (21) Limited will
hold their final meeting, on September 27, 2010, at 1:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o 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
         Cayman Islands


SAPIC - 98: Shareholders' Final Meeting Set for September 27
------------------------------------------------------------
The shareholders of SAPIC - 98 Reference Fund (25) Limited will
hold their final meeting, on September 27, 2010, at 1:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o 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
         Cayman Islands


SAVECOM INTERNATIONAL: Member to Hear Wind-Up Report on Sept. 14
----------------------------------------------------------------
The sole shareholder of Savecom International Holding Inc. will
receive, on September 14, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pu-Dong Weng
         No. 17, Alley 4
         Lane 43 Tien-Mu E. Road, Taipei
         Taiwan R.O.C.
         Telephone: +886 2 2653 7755


=========
C H I L E
=========


COMPANIA MINERA: Family of Trapped Miner Sues Owners
----------------------------------------------------
Compania Minera San Esteban Primera is being sued by one of the
families of 33 trapped Chilean miners entombed half-mile
underground in the company's San Jose mine in Chile, UPI reports.
The report relates that the miner's family accused the company of
criminal negligence.

According to the report, the lawsuit also targets Chile's National
Geology and Mining Service, which granted permission for the gold
and copper shaft in northern Chile to be reopened in 2008 after a
2007 death and allegedly failed to ensure safety recommendations
were implemented.  The report relates that a Chilean judge also
ordered San Esteban to freeze US$1.8 million so it could pay
future compensation to miner families.

UPI relates the company warned it was considering filing for
bankruptcy and might not be able to pay salaries owed to the
miners when they emerge, let alone damages from impending
lawsuits.

The report notes Interior Minister Rodrigo Hinzpeter called this
"very bad news" and said the Chilean government might also sue San
Esteban to ensure the company makes good on paying the families.
The report relates, citing The Santiago Times, Edgardo Reinoso, a
lawyer representing some of the miners' families, said he was
investigating San Esteban for possible fraud.

                      About Compania Minera

Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.


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


AES DOMINICANA: Signs Natural Gas Deal With Seaboard
----------------------------------------------------
AES Dominicana and Transcontinental Capital Corporation (Seaboard)
signed an agreement for the supply of natural gas, allowing the
latter install a new electricity generation plant of 108
megawatts, which would enter the National Electric Interconnected
System (SENI) in the third quarter of 2011, The Dominican Today
reports.

According to the report, the agreement includes two contracts:

   * one for the supply of natural gas and another for fuel
     transport from liquefied natural gas distribution terminal
     (GNL), that form part of the AES Andres energy complex, to
     Los Mina plant; and

   * Seaboard facilities on the banks of Ozama River, where the
     new generator will be located.

                        About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s wholly
owned generation assets, Andres and DPP.  AES Dominicana, through
an AES Corp subsidiary, also has a management agreement to operate
EDE-Este, one of the three distribution companies in the country.
Andres is a power plant with a 304MW combined cycle generation
facility with duel fuel capability (gas and diesel) but with
natural gas supplied through the LNG import facility serving as
the primary fuel while DPP is a 236MW power plant comprising two
simple cycle combustion turbines that can burn both natural gas
and fuel oil Number 2.  Both plants together have PPA contracts
with EDE-Este for 260MW that increase over time, but Andres is
currently servicing all contracts given its greater efficiency.
Andres LNG terminal includes a large tanker berth and jetty, an
LNG refueling pier, and one million barrel (160,000 cubic meters,
m3) LNG storage tank, as well as regasification and handling
facilities for both LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 3, 2010, Fitch Ratings affirmed the company's international
foreign currency issuer default ratings at 'B-.'  AES Dominicana's
ratings reflect the company's dependence on government subsidies
for its financial sustainability.  Notwithstanding recent
improvements in the timeliness of government payments, the risks
of operating electric generation assets in the Dominican Republic
remain high and reflect the distribution companies' low
collections and high losses.  These risks translate into high cash
flow volatility for all generation companies.


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


* JAMAICA: UNDP Proposes Wider Debt Restructuring
-------------------------------------------------
A United Nations Development Program discussion paper has
suggested that Jamaica widen its debt restructuring measures to
include financial obligations with international agencies,
Gleaner/Power 106 News reports.

According to the report, the paper focused on the Jamaica Debt
Exchange which it advanced as a case study for heavily indebted
middle-income countries.  The report relates the UNDP paper said
that the debt exchange has brought the Government invaluable
breathing space.

However, the report notes, the paper argues that a more robust
resolution to the island's debt problems may be a sovereign
insolvency mechanism at the international level.

The government last year embarked on the JDX, a voluntary debt
restructuring exercise, as part of the conditions to re-engage the
International Monetary Fund, the report says.  The UNDP, the
report relates, also argued that the JDX, although necessary, is
not a sufficient answer for long-term development and is merely a
start.

However, the report discloses, the Opposition spokesman on
investment and commerce, Mark Golding, said that restructuring the
international debt is not necessarily the way to go.  While the
JDX has given the government some breathing space, he is not
certain whether the right environment exists for economic growth,
he added.

                           *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating to 'C' from
'CCC'.  In addition, Fitch has affirmed Jamaica's long-term and
short-term foreign currency ratings at 'CCC' and 'C' respectively,
and affirmed the Country Ceiling at 'B-'.  Jamaica's sovereign
ratings Outlook remains Negative.


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


BIO-PAPPEL SAB: Fitch Upgrades Issuer Default Ratings to 'B'
------------------------------------------------------------
Fitch Ratings has upgraded the foreign and local currency Issuer
Default Ratings of Bio-PAPPEL S.A.B. de C.V. to 'B' from 'CCC'.
In conjunction with this rating action, Fitch has upgraded the
company's notes due in 2016 to 'B/RR4' from 'CCC/RR4'.  Fitch also
has assigned a Stable Rating Outlook to Bio-PAPPEL.

Fitch's rating actions are a result of an improvement in the
company's liquidity due to the favorable operating environment
during the last 12 months ended June 30, 2010.  This has allowed
the company to generate US$54 million of cash flow from operations
during the LTM and build its cash position to US$88 million as of
June 30, 2010.  This compares with US$266 million of total debt,
of which US$250 million is related to the senior guaranteed step
up notes that mature Aug.  27, 2016.

During 2010, Fitch projects that Bio-PAPPEL will generate between
US$65 million and US$70 million of EBITDA.  The company's strong
year is a result of a healthy spread between its average sales
prices and the prices it pays for energy and recycled paper
products such as old corrugated containers and old newspaper.
This spread has averaged about US$63 per ton during the first
semester of 2010, a sharp improvement versus 2008 when the spread
averaged about US$40 per ton and the company generated only US$26
million of EBITDA.

Bio-PAPPEL is expected to pay about US$18 million of interest
expense on its debt during 2010, foregoing an option to make a
partial PIK payment on its 2016 notes.  With working capital
expenses expected to increase in line with volume growth, the
company should end the year with about US$35 million to US$40
million of CFFO.  Bio-PAPPEL is expected to spend most of its CFFO
on capital expenditures, resulting in net leverage remaining in
the range of US$190 million.  This would result in a total
debt/EBITDA ratio for Bio-PAPPEL during 2010 of 4.0 times, a net
debt/EBITDA ratio of 2.8x and a CFFO leverage ratio of 7.3x.

The ratings continue to take into consideration the leverage of
the company relative to the stress upon its cash flow when its
costs rise.  The situation has been compounded in recent years
when prices for OCC and ONP increased sharply in Mexico and the
United States due to purchases by Chinese manufacturers, while
prices for linerboard and corrugated boxes stayed stable or
declined in Mexico and the United States.  Energy is Durango's
second most important production cost after recycled fiber.  The
ratings factor in the company's continued vulnerability to rising
electricity and natural gas costs.  The company is seeking to
mitigate this exposure with investments in cogeneration.  Finally,
the ratings take into consideration Bio-PAPPEL's vulnerability to
a sharp devaluation of the Mexican peso due to the majority of its
costs being linked to dollars - recycled fiber and energy - and
more than 80% of its revenues being generated in Mexican pesos.


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


FIRST BANCORP: Completes Exchange Offer of 256,401,610 Shares
-------------------------------------------------------------
First BanCorp disclosed final results 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 Exchange Offer expired at 9:30 a.m., New York City time, on
August 25, 2010.

In accordance with the terms of the Exchange Offer, the number of
shares of Common Stock into which each share of tendered Preferred
Stock will be exchanged will be the number determined by dividing
the Exchange Value per share of Preferred Stock, or US$13.75, by
the Relevant Price of US$1.18, or 11.6525 shares.

No fractional shares will be issued. The Exchange Offer resulted
in US$487.1 million, or 88.54%, of the aggregate liquidation
preference of the Preferred Stock being validly tendered.  These
tenders will result in the issuance of approximately 227 million
new shares of the Corporation's Common Stock.

Mr. Aurelio Aleman, President and Chief Executive Officer of the
Corporation, commented, "We are extremely pleased with the results
achieved through the Exchange Offer.  The successful exchange
will result in improving our tangible common equity ratio as of
June 30, 2010, on a pro forma basis, to approximately 5.22%. This
is a significant step towards the execution of our capital plan,
and we thank our shareholders for their support in this exchange
offer.  For the immediate future, a capital raise continues to be
our focus."

                       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.


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


* BOND PRICING: For the Week August 23, to August 27, 2010
----------------------------------------------------------

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


ARGENTINA

ARGENT- DIS           5.83   12/31/2033   ARS              33.5
ARGENT-$DIS           8.28   12/31/2033   USD                60
ARGENT-$DIS           8.28   12/31/2033   USD            73.275
ARGENT-PAR            1.18   12/31/2038   ARS                70
ARGENT-?DIS           7.82   12/31/2033   EUR              65.5
ARGENT-?DIS           7.82   12/31/2033   EUR              66.5
ARGENT-ĚDIS           4.33   12/31/2033   JPY                12
ARGENT-ĚPAR&GDP       0.45   12/31/2038   JPY                 8
ARGNT-BOCON PR11         2   12/3/2010    ARS            67.125
BANCO MACRO SA       10.75   6/7/2012     USD          70.26687
BUENOS AIRE PROV     9.625   4/18/2028    USD          76.99981
MENDOZA PROVINCE       5.5   9/4/2018     USD          81.33789


BRAZIL

CESP                  9.75   1/15/2015    BRL          72.34834


CAYMAN ISLAND


BANCO BPI (CI)        4.15   11/14/2035   EUR             71.94
BANIF FIN LTD            3   12/31/2019   EUR             54.75
BARION FUNDING        0.63   12/20/2056   GBP          19.56072
BARION FUNDING        1.44   12/20/2056   GBP           33.9115
BCP FINANCE CO       4.239                EUR            67.225
BCP FINANCE CO       5.543                EUR          70.20556
BES FINANCE LTD       5.58                EUR          68.33637
BES FINANCE LTD      6.984   2/7/2035     EUR          64.30413
CHINA MED TECH           4   8/15/2013    USD             69.25
CHINA SUNERGY         4.75   6/15/2013    USD            73.051
DUBAI HLDNG COMM         6   2/1/2017     GBP            69.688
EFG ORA FUNDING        1.7   10/29/2014   EUR          66.38317
ESFG INTERNATION     5.753                EUR              68.4
FERTINITRO FIN        8.29   4/1/2020     USD             66.79
IMCOPA INTL CAYM     10.38   12/16/2014   USD            39.125
INDEPENDENCIA IN        12   12/30/2016   USD                15
INDEPENDENCIA IN        15   3/31/2015    USD          69.85386
INDEPENDENCIA IN        15   3/31/2015    USD                68
MAZARIN FDG LTD       1.44   9/20/2068    GBP          31.03973
PUBMASTER FIN        6.962   6/30/2028    GBP           71.2185
SHINSEI FIN CAYM     6.418                USD          64.40897
SHINSEI FINANCE       7.16                USD            65.125
SHINSEI FINANCE       7.16                USD           64.8125
THPA FINANCE LTD     8.241   3/15/2028    GBP          65.99975
AGUAS NUEVAS           3.4   5/15/2012    CLP            1.0901
ESVAL S.A.             3.5   2/15/2026    CLP           72.5855
ESVAL S.A.             3.8   7/15/2012    CLP            50.533


   PUERTO RICO

PUERTO RICO CONS       6.5   4/1/2016     USD              54.3


VENEZUELA

PETROLEOS DE VEN       4.9   10/28/2014   USD          62.22893
PETROLEOS DE VEN         5   10/28/2015   USD          55.80063
PETROLEOS DE VEN     5.125   10/28/2016   USD          51.69353
PETROLEOS DE VEN      5.25   4/12/2017    USD          57.41519
PETROLEOS DE VEN     5.375   4/12/2027    USD          45.18149
PETROLEOS DE VEN       5.5   4/12/2037    USD          44.02812
SIDETUR FINANCE         10   4/20/2016    USD             68.25
VENEZUELA             5.75   2/26/2016    USD                66
VENEZUELA                6   12/9/2020    USD              55.5
VENEZUELA                7   12/1/2018    USD             62.25
VENEZUELA                7   3/31/2038    USD             53.75
VENEZUELA                7   3/31/2038    USD            54.292
VENEZUELA             7.65   4/21/2025    USD                58
VENEZUELA             7.75   10/13/2019   USD              63.5
VENEZUELA             8.25   10/13/2024   USD                60
VENEZUELA                9   5/7/2023     USD              64.5
VENEZUELA             9.25   9/15/2027    USD                71
VENEZUELA             9.25   9/15/2027    USD            72.061
VENEZUELA             9.25   5/7/2028     USD              63.5
VENZOD - 189000      9.375   1/13/2034    USD              64.5


                            ***********


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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *