TCRLA_Public/100903.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, September 3, 2010, Vol. 11, No. 174

                            Headlines



A R G E N T I N A

CARPINTERIA INDUSTRIAL: Creditors' Proofs of Debt Due on Oct. 15
CUALY SA: Creditors' Proofs of Debt Due on September 24
GISITEC SA: Creditors' Proofs of Debt Due on September 30
LAONOJ SRL: Creditors' Proofs of Debt Due on December 27
NORCOMB SRL: Creditors' Proofs of Debt Due on October 18


B E R M U D A

CHANNEL RE: Three Workers Lose Jobs as Firm Closes


B R A Z I L

DIAGNOSTICOS DA AMERICA: Fitch Affirms 'BB' Issuer Default Rating
MARFRIG ALIMENTOS: S&P Affirms 'B+' Corporate Credit Rating


C A Y M A N  I S L A N D S

BC CO-INVESTMENT: Creditors' Proofs of Debt Due on September 30
BLUE RIVER: Creditors' Proofs of Debt Due on September 30
BROOKLINE AVENUE: Creditors' Proofs of Debt Due on September 30
BRUNSWICK RUSSIA: Creditors' Proofs of Debt Due on September 6
GP CONSUMER: Creditors' Proofs of Debt Due on September 24

GP INTERNATIONAL: Creditors' Proofs of Debt Due on September 24
GP INTERNATIONAL: Creditors' Proofs of Debt Due on September 24
GP REDWOOD: Creditors' Proofs of Debt Due on September 24
IBS PENSION: Creditors' Proofs of Debt Due on September 30
LUMEN GLOBAL: Creditors' Proofs of Debt Due on October 4

LUMEN MASTER: Creditors' Proofs of Debt Due on October 4
PALMARIA LIMITED: Creditors' Proofs of Debt Due on September 29
PENSO SELECT: Creditors' Proofs of Debt Due on September 30
PEQUOT ASIA: Creditors' Proofs of Debt Due on September 30
PERDIGAO EXPORT: Creditors' Proofs of Debt Due on September 30

STANDARD FIDELITY: Commences Liquidation Proceedings
TESSERA INVESTMENT: Creditors' Proofs of Debt Due on October 18
TORREY PINES: Creditors' Proofs of Debt Due on October 1
TORREY PINES: Creditors' Proofs of Debt Due on October 1


C O L O M B I A

ECOPETROL SA: Fitch Affirms 'BB+' Foreign Issuer Default Rating
LA CORTEZ: Incurs US$2.9 Million Net Loss in June 30 Quarter


D O M I N I C A N  R E P U B L I C

UNIVERSAL PRADO: Judge Allows Lien on Luxury Building


J A M A I C A

NATIONAL COMMERCIAL BANK: Supreme Court Delays Ruling in Case
RED STRIPE: Desnoes & Geddes 2010 Net Profit Drops 49% to JM$789MM




                         - - - - -


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


CARPINTERIA INDUSTRIAL: Creditors' Proofs of Debt Due on Oct. 15
----------------------------------------------------------------
Carlos Eduardo Foresti, the court-appointed trustee for
Carpinteria Industrial Palacios SRL's reorganization proceedings,
will be verifying creditors' proofs of claim until October 15,
2010.

Mr. Foresti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of
Clerk No. 42, will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by the company and
its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 30, 2011.

The Trustee can be reached at:

         Carlos Eduardo Foresti
         Cochrane 2462
         Argentina


CUALY SA: Creditors' Proofs of Debt Due on September 24
-------------------------------------------------------
Norberto Ruben Di Napoli, the court-appointed trustee for Cualy
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 24, 2010.

Mr. Napoli 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. 52, 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:

         Norberto Ruben Di Napoli
         Marcelo Torcuato de Alvear 925
         Argentina


GISITEC SA: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------
Carlos Alberto Campodonico, the court-appointed trustee for
Gisitec SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until September 30, 2010.

Mr. Campodonico will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of
Clerk No. 48, 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:

         Carlos Alberto Campodonico
         Uruguay 667


LAONOJ SRL: Creditors' Proofs of Debt Due on December 27
--------------------------------------------------------
Fernando Agustin Delavant, the court-appointed trustee for Laonoj
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 27, 2010.

Mr. Delavant will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of
Clerk No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Fernando Agustin Delavant
         avenida Belgrano 845
         Argentina


NORCOMB SRL: Creditors' Proofs of Debt Due on October 18
--------------------------------------------------------
Hector Garcia, the court-appointed trustee for Norcomb SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 18, 2010.

Mr. Garcia 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:

         Hector Garcia
         Uruguay 572


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


CHANNEL RE: Three Workers Lose Jobs as Firm Closes
--------------------------------------------------
Channel Re's three employees will lose their jobs as the company
is being wound down following MBIA Insurance's acquisition of the
83% of Channel Re Holdings Ltd and Channel Reinsurance Ltd it did
not previously own.  Channel Re will end its operations on
September 10, 2010.

According to the report, the buy-out of the remaining shares cost
MBIA Insurance $40 million.

The report notes that the employees are being given a compensation
package.

MBIA, the report says, plans to commute all of its reinsurance
with Channel Re and liquidate the company in the third quarter.
The report relates that the transaction will result in an increase
in MBIA Corp.'s statutory capital and will be accretive to its
liquidity position

Channel Re was formed in February 2004 by MBIA Inc, RenaissanceRe
Holdings Ltd., Koch Financial Corporation and Partner Re Ltd. as a
financial guarantee reinsurer, which assumed business only from
MBIA Corp. and its affiliates.  Headquartered in Armonk, New York,
MBIA Inc. is a holding company whose subsidiaries provide
financial guarantee insurance, fixed-income asset management, and
other specialized financial services.


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


DIAGNOSTICOS DA AMERICA: Fitch Affirms 'BB' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' Foreign and Local Currency
Issuer Default Ratings of Diagnosticos da America S.A.  Fitch has
also affirmed the company's 'A+(bra)' national scale rating and
the 'BB' rating of its US$250 million senior unsecured notes due
in 2018.  The Rating Outlook remains Positive.

These rating actions follow the announcement by DASA that it had
reached an agreement to merge its operations with those of MD1
Diagnosticos S.A.  The merger will involve a cash disbursement of
BRL88 million to minority shareholders of some of MD1's
subsidiaries.  The MD1 shareholders will receive shares in the
merged entity that represent 26% of DASA's capital.  MD1 is a
holding company that controls the clinical and image analysis lab:
Laboratorios Medicos Dr. Sergio Franco Ltda., Clinica de
Diagnostico por Imagem Ltda.; Clinica de Ressonancia e Multi
Imagem Ltda. and Pro Echo Cardiota Servicios Medicos Ltda.

Fitch views the merger positively from the credit perspective of
DASA, as it further strengthens the company's business and
competitive position in the clinical analysis services industry.
Sergio Franco has a strong presence in Rio de Janeiro.  The merger
will also provide synergies because of economies of scale and will
lower the threat of heightened competition in Sao Paulo.  MD1,
through its subsidiaries, adds 122 patient service centers, 10
hospitals and 24 million exams per year to DASA's business mix.
Currently, DASA operates 225 patient service centers.

The transaction benefits DASA's financial profile slightly.  As of
June 2010, DASA's total debt was BRL661 million; it had BRL233
million of cash and marketable securities and generated BRL339
million of EBITDA during the last 12 months (LTM) ended June 30,
2010.  Through the merger, DASA will assume BRL10 million of net
debt at MD1 and will add about BRL105 million of EBITDA annually.
On a pro forma basis, DASA's total leverage ratio would be 1.7
times and its net leverage ratio would be 1.2x.  These are slight
declines from DASA's current total and net leverage ratios of 1.9x
and 1.3x, respectively, during the LTM ended on June 30, 2010.

DASA was assigned a Positive Rating Outlook on on July, 21 2010.
This transaction further improves the credit outlook for DASA, as
the more robust business position after this merger should boost
EBITDA and may accelerate the strengthening of its credit profile
more than previously expected.  DASA has a strong track record of
integrating acquisitions that result in improved operating
performance and that generate incremental of cash flow.

DASA's credit ratings are supported by the company's leading
position in the Brazilian medical diagnostics industry.  The
ratings also take into consideration the company's conservative
financial strategy, historically using a mix of debt and equity to
fund growth.  Further factored into DASA's ratings are its
presence in many segments of the diagnostic healthcare market and
the diversification from its exposure to multiple counterparties.
Considerations that limit DASA's ratings are the rapid
consolidation of the diagnostic industry, the need to manage
reputational risks and the potential for counterparty payment risk
to increase during an economic crisis.

Key Rating Drivers:

Ratings upgrades could occur with some combination of these
factors: a sustainable improvement in cash flow generation,
maintenance of strong liquidity position, and successful
consolidation of the medical diagnostic industry by DASA without
leveraging its balance sheet.  Ratings downgrades would most
likely be driven by large debt-financed acquisitions that move the
company's capital structure away from historical levels, change in
management's strategy with regard to the conservative capital
structure and/or a deterioration in the company's reputation and
leading market position.

Fitch has affirmed these ratings, with a Positive Outlook:

  -- Foreign Currency Long-term Issuer Default Rating at
     'BB';

  -- Local Currency Long-term IDR at 'BB';

  -- Unsecured senior notes due 2018 at 'BB';

  -- National Scale at 'A+(bra)'.


MARFRIG ALIMENTOS: S&P Affirms 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings on food
producer Marfrig Alimentos S.A., including the 'B+' corporate
credit rating.  S&P also removed the ratings from CreditWatch,
where S&P had placed them on June 16, 2010 with negative
implications.  In addition, S&P assigned a 'brBBB+' Brazilian
National Scale rating to the company.  The outlook is stable.

"The rating actions reflect Marfrig's improved business profile
resulting from the recent acquisitions of Keystone Foods LLC and
Seara Alimentos S.A., as well as S&P's view that funding for these
acquisitions is adequate," said Standard & Poor's credit analyst
Flavia Bedran.  "S&P currently assess Marfrig's business profile
as fair, reflecting its diversified portfolio of products,
including a variety of animal proteins, processed and
industrialized food, and close relationships with McDonald's Corp.
(A/Stable/A-1)," she continued.

The stable outlook reflects S&P's expectations that Marfrig will
achieve synergies and continue to improve its business profile as
it integrates its acquisitions.  S&P could raise the ratings if
Marfrig can aggressively reduce leverage, sustain adequate
liquidity, and successfully integrate acquired assets.  S&P could
lower the ratings if the company cannot improve credit metrics
through 2011 to S&P's expectations, or if liquidity shrinks due to
an unfavorable market environment or additional working capital
pressures.  S&P don't assume further merger and acquisition
activity in S&P's base case.


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


BC CO-INVESTMENT: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------------
The creditors of BC Co-Investment GP Limited are required to file
their proofs of debt by September 30, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 5, 2010.

The company's liquidator is:

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


BLUE RIVER: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------
The creditors of Blue River Muni Repackaged Investment Opportunity
(Cayman) Limited are required to file their proofs of debt by
September 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 19, 2010.

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


BROOKLINE AVENUE: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------------
The creditors of Brookline Avenue Offshore GP are required to file
their proofs of debt by September 30, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 12, 2010.

The company's liquidator is:

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


BRUNSWICK RUSSIA: Creditors' Proofs of Debt Due on September 6
--------------------------------------------------------------
The creditors of Brunswick Russia Equity Fund Limited are required
to file their proofs of debt by September 6, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on December 20, 2005.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


GP CONSUMER: Creditors' Proofs of Debt Due on September 24
----------------------------------------------------------
The creditors of GP Consumer and Packaging, Ltd. are required to
file their proofs of debt by September 24, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 13, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


GP INTERNATIONAL: Creditors' Proofs of Debt Due on September 24
---------------------------------------------------------------
The creditors of GP International Acquisition I, Ltd. are required
to file their proofs of debt by September 24, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 13, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


GP INTERNATIONAL: Creditors' Proofs of Debt Due on September 24
---------------------------------------------------------------
The creditors of GP International Acquisition IV, Ltd. are
required to file their proofs of debt by September 24, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 13, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


GP REDWOOD: Creditors' Proofs of Debt Due on September 24
---------------------------------------------------------
The creditors of GP Redwood, Ltd. are required to file their
proofs of debt by September 24, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 13, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


IBS PENSION: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of IBS Pension II Company are required to file their
proofs of debt by September 30, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 19, 2010.

The company's liquidator is:

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


LUMEN GLOBAL: Creditors' Proofs of Debt Due on October 4
--------------------------------------------------------
The creditors of Lumen Global Value Fund, Ltd. are required to
file their proofs of debt by October 4, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 14, 2010.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943 8800
         Facsimile: (345) 943 8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


LUMEN MASTER: Creditors' Proofs of Debt Due on October 4
--------------------------------------------------------
The creditors of Lumen Master Global Value Fund, Ltd. are required
to file their proofs of debt by October 4, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 14, 2010.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943 8800
         Facsimile: (345) 943 8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


PALMARIA LIMITED: Creditors' Proofs of Debt Due on September 29
---------------------------------------------------------------
The creditors of Palmaria Limited are required to file their
proofs of debt by September 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 17, 2010.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


PENSO SELECT: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The creditors of Penso Select Opportunities Master Fund, Ltd. are
required to file their proofs of debt by September 30, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 18, 2010.

The company's liquidators are:

         Abraham Pfeiffer
         Daniel Priestley
         Telephone: (345) 946 1577
         Facsimile: (345) 947 0826
         c/o PA Corporate Services Limited
         PO Box 30310, Grand Cayman KY1-1102
         Cayman Islands


PEQUOT ASIA: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Pequot Asia General Partner, Ltd. are required to
file their proofs of debt by September 30, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 17, 2010.

The company's liquidator is:

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


PERDIGAO EXPORT: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------------
The creditors of Perdigao Export Ltd. are required to file their
proofs of debt by September 30, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 6, 2010.

The company's liquidator is:

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


STANDARD FIDELITY: Commences Liquidation Proceedings
----------------------------------------------------
Standard Fidelity Assurance Company, Ltd. commenced liquidation
proceedings on August 17, 2010.

The company's liquidators are:

         Christopher D. Johnson
         Russell Smith
         Johnson Smith Associates Ltd
         Elizabethan Square, 80 Shedden Road
         PO Box 2499, Grand Cayman KY1-1104
         Cayman Islands


TESSERA INVESTMENT: Creditors' Proofs of Debt Due on October 18
---------------------------------------------------------------
The creditors of Tessera Investment Ltd. are required to file
their proofs of debt by October 18, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 18, 2010.

The company's liquidator is:

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


TORREY PINES: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------------
The creditors of Torrey Pines Fund, Ltd are required to file their
proofs of debt by October 1, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on August 10, 2010.

The company's liquidator is:

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


TORREY PINES: Creditors' Proofs of Debt Due on October 1
--------------------------------------------------------
The creditors of Torrey Pines Master Fund, Ltd are required to
file their proofs of debt by October 1, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 10, 2010.

The company's liquidator is:

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


===============
C O L O M B I A
===============


ECOPETROL SA: Fitch Affirms 'BB+' Foreign Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Ecopetrol S.A.'s foreign and local
currency Issuer Default Ratings at 'BB+' and 'BBB-', respectively.
The Outlook for all ratings is Stable.  The rating action applies
to US$1.5 billion of notes outstanding due 2019.

Ecopetrol's ratings reflect its strong financial profile,
improving production capacity and adequate reserve levels.
Ecopetrol's growth strategy and associated capital investment are
considered aggressive and could face particular challenges.  The
company is expected to maintain a financial and credit profile
consistent with the assigned rating while it implements its growth
strategy.  The company's ratings also reflect the close linkage
with the Republic of Colombia, which currently owns 89.9% of the
company and appoints the majority of the board of director members
according to established corporate governance policies.

         Growth Strategy and Ambitious Capital Investment

Ecopetrol has an aggressive growth strategy and its operating
metrics are, although improving, somewhat below average, which
constrains the company's rating levels.  Its reserve replacement
ratio improved significantly during 2009 to 359%, from an average
of 68% over the last three years.  Reserve life is approximately
9.9 years as of Dec. 31, 2009.  The company plans to increase
production to 1.0 and 1.3 million barrels of oil equivalent per
day by 2015 and 2020, respectively, from 589 thousand boepd during
the first half of 2010.  It also intends to increase refining
capacity to 420 thousand barrels per day from 335 thousand bpd.
These goals increase both business and event risk.  Fitch believes
that Ecopetrol will face challenges in meeting these goals and
improving reserve life in the aforementioned timeframe while
maintaining all its stated credit metric targets.  These include
leverage below 2.0 times, EBITDA interest coverage above 5.0x,
debt to capitalization of 20%-40% and debt to proven reserves of
US$4.5 dollars per barrel.

In order to meet its strategy, Ecopetrol has a capital expenditure
and investment program of approximately US$80 billion from 2011 to
2020, including US$6.9 billion in 2010.  This budget includes
US$64 billion for its upstream operations and US$16 billion for
its downstream business.  In order for the company to reach its
production goals of over 1.3 million barrels of oil equivalent, it
would have to incorporate approximately 6 billion boe of reserves
over the next 10 years.  This implies robust exploration and
development activity and will represent the bulk of the company's
capital investments.  The reserve discovery and replacement ratio
will be of significant importance for the company in achieving its
goals while maintaining its credit profile in line with the
assigned rating.  Ecopetrol plans to finance its capital
investment with internal cash flow generation, third party debt
and a possible equity issuance, which will lower the Sovereign
stake in the company to the 80% minimum allowed.

                     Strong Financial Profile

Ecopetrol maintains a strong financial profile with US$7.1 billion
of EBITDA and US$3.4 billion in debt as of the last 12 months
ended June 2010.  The company reserves are sizable and stable at
approximately 1.8 billion boe, and its production levels have been
increasing.  These factors, plus its dominant domestic market
share, allow the company to generate consistently strong cash
flows from operations and meet its obligations in a timely manner.
Also, the company has diversified its business by expanding
internationally with assets in Brazil, Peru and the U.S. (the Gulf
of Mexico).  Production and reserves in these countries are
minimal but are expected to grow over time.  Together with export
revenues which currently represent approximately 50%, the company
is able to generate significant hard currency in other
jurisdictions.  However, as are other companies in the oil and gas
sector, Ecopetrol is vulnerable to fluctuations in international
commodity prices and tightening environmental regulations
requiring material investment in downstream operations.

Liquidity is strong with US$2.5 billion of cash on hand as of June
2010.  The company plans to finance its capital expenditure
program using internal cash flow generation, debt issuances, as
well as a possible equity offering, which could increase the
company's total floating capital to 20%.  To this end, the company
entered into a US$1 billion equivalent seven-year loan in local
currency in May 2009 and issued US$1.5 billion in the
international capital markets in July of 2009.  Free cash flow is
expected to be negative in the foreseeable future while debt could
rise significantly due to the high dividend policy and aggressive
capital investment plan.  Fitch expects leverage, as measured by
total adjusted debt (including off-balance-sheet debt) to EBTIDA,
to range between 2.0x and 2.5x over the medium term.

                       Linkage to Sovereign

Ecopetrol's ratings are linked to the credit profile of the
Republic of Colombia (Fitch local and foreign currency ratings of
'BBB-' and 'BB+', respectively), which owns 89.9% of the company's
total capital.  The company is also exposed to changes in
regulation and receipt of fuel subsidies provided by the central
government when the fuel stabilization fund displays deficits.
Ecopetrol generates between 15% and 20% of the government's
revenues and is of great strategic importance to the country.
Also, the company's high dividend policy, which has averaged
approximately 70% of net income in the past, is influenced by the
sovereign's need of funds given the inflexible government
spending.  The board of directors has nine members of which six
are independent (four of which are appointed by the government,
one by crude producing regions and one by minority shareholders)
and three are government officials.


LA CORTEZ: Incurs US$2.9 Million Net Loss in June 30 Quarter
------------------------------------------------------------
La Cortez Energy, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$2.9 million on US$75,891 of revenues,
compared with net income of US$1.4 million on zero revenues for
the same period in 2009.

At June 30, 2010, the Company had cash and cash equivalents of
US$13.6 million and working capital deficit of US$692,074.

The Company's balance sheet as of June 30, 2010, showed
US$35.2 million in total assets, US$14.6 million in total
liabilities, and shareholders' equity of US$20.6 million.

BDO Seidman, LLP, in Houston, Texas, expressed substantial doubt
about the Company's ability to continue as a going concern
following its 2009 results.  The independent auditors noted that
the Company has limited operating history, no historical
profitability, and has limited available funds.

A full-text copy of the Form 10-Q is available for free at:

               http://researcharchives.com/t/s?6a9f

Headquartered in Bogota, Colombia, La Cortez Energy, Inc. (OTC BB:
LCTZ) -- http://www.lacortezenergy.com/-- is an early stage oil
and gas exploration and production company currently pursuing a
business strategy in the energy sector in South America, with an
initial focus on identifying oil and gas exploration and
production opportunities in Colombia.

The Company was incorporated under the name of La Cortez
Enterprises, Inc., on June 9, 2006, in the State of Nevada.  This
entity was originally formed to create, market and sell gourmet
chocolates wholesale and retail throughout Mexico.  This business
has been discontinued.  On February 8, 2008, the Company changed
its name from La Cortez Enterprises, Inc., to La Cortez Energy,
Inc.


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


UNIVERSAL PRADO: Judge Allows Lien on Luxury Building
-----------------------------------------------------
National District 3rd Civil and Commercial Chamber Judge Yokaurys
Morales Castillo authorized construction company Deconalva, which
built the luxury condo building Atiemar owned by Arturo del
Tiempo, to register a lien against its 34 apartments, The
Dominican Today reports.  The report relates Deconalva registered
the lien on all the tower's apartments because they are still
under the name of Universal Prado Corporation, headed by Mr. del
Tiempo.

According to the report, the measure also reveals that none of
Atiemar's alleged buyers has made the title transfer on the
property, now under the Judicial Management of the State-owned
bank Reservas.  The report notes that Judge Castillo's ruling
stems from a US$3.7 million debt claimed by Deconalva from the
Universal Prado Corporation.

Mr. del Tiempo, the report notes, was arrested in Spain charged
with trafficking the cocaine seized in the port of Valencia aboard
a ship which came from the Dominican Republic, whose authorities
have seized several of his properties, among them Atiemar.

Deconalva's lien registry proves that none of the apartments' 16
alleged owners had managed to transfer the deed of property to
their name so far, the report adds.

Universal Prado Corporation is a real estate company headed by
Arturo del Tiempo.


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


NATIONAL COMMERCIAL BANK: Supreme Court Delays Ruling in Case
------------------------------------------------------------
The Supreme Court has delayed its ruling on money laundering
charges filed against National Commercial Bank Jamaica Limited,
RadioJamaica reports.  The court's ruling is set for September 15.

According to the report, the bank faces a fine of JM$2.4 million
if convicted.

As reported in the Troubled Company Reporter-Latin America on
October 7, 2009, RadioJamaica said that NCB is accused of
breaching the Money Laundering Act when it failed to report the
multi-million dollar financial transactions of drug kingpin Norris
'Deedo' Nembhard.  The report related the Financial Investigation
Division of the Ministry of Finance served summonses on NCB in
February 2007, concerning six threshold transactions.  The
Division, the report said, accused the bank of failing to report
information on Mr. Nembhard's accounts as required by law.
RadioJamaica noted NCB confirmed that the transactions occurred on
Mr. Nembhard's accounts at one of its branches over an eight month
period in 2003.  However, the report added, it strongly denies
that it covered up the transactions.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


RED STRIPE: Desnoes & Geddes 2010 Net Profit Drops 49% to JM$789MM
------------------------------------------------------------------
Desnoes and Geddes Limited's 2010 net profit dropped 49% to JM$789
million from JM$1.5 billion last year as it continue to face
several challenges including the weak economy, RadioJamaica
reports.  Desnoes and Geddes produce Red Stripe beer.

According to the report, revenue declined by 1% to JM$13.3
billion.

D&G, the report notes, said that the year was a challenging one
for the Red Stripe business which operated in a difficult
environment, inequitable taxes on its products and lower consumer
disposable income which contributed to a further decrease in sale
volumes.

Red Stripe is a Jamaican beer company.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2010, RadioJamaica said that Red Stripe Head of Corporate
Relations Margaret Cremin said the company will fire 60 employees
on July 23, 2010, the latest redundancy exercise to be undertaken
at the company.  According to the report, Red Stripe's management
also revealed that a number of vacant positions will not be
filled, and have been cancelled.  The report related that Ms.
Cremin said that line staff and management personnel are among
those to lose their jobs.  The report noted that Red Stripe's
business performance had declined progressively over the last two
years.


                            ***********

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 * * *