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

           Friday, September 10, 2010, Vol. 11, No. 179

                            Headlines



A R G E N T I N A

FIJO PLAST: Creditors' Proofs of Debt Due on October 18
HIGH Q: Creditors' Proofs of Debt Due on November 30
PAMPA FUTBOL: Creditors' Proofs of Debt Due on October 15
PAPER RUSH: Creditors' Proofs of Debt Due on October 10
PASALTO SRL: Creditors' Proofs of Debt Due on October 8

TRANSMARITIMA CRUZ: Creditors' Proofs of Debt Due on October 27


B E R M U D A

MAN ELN: Creditors' Proofs of Debt Due on September 22
MAN ELN: Members' Final Meeting Set for October 13


C A Y M A N  I S L A N D S

ARCTIC MCP: Members' Final Meeting Set for October 7
PICO FUND: Sole Shareholder Receives Wind-Up Report


C O L O M B I A

OSAGE EXPLORATION: Appoints Larry Ray to Board of Directors


G U Y A N A

BARAMA COMPANY: Government Closes Factory After Death of Worker


M E X I C O

CEMEX SAB: Renews Deal to Supply Concrete to Germany Power Plant
MEXICANA AIRLINES: US Court Adjourns Hearing on Ch. 15 Recognition
MEXICANA AIRLINES: Mexican Court Grants Protection from Creditors
MEXICANA AIRLINES: Grounding May Be Permanent, UBS Analysts Say


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Judge Denies Transfer of Venue


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Rosneft Continues Talks to Buy Refineries




                         - - - - -


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


FIJO PLAST: Creditors' Proofs of Debt Due on October 18
-------------------------------------------------------
The court-appointed trustee for Fijo Plast S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
October 18, 2010.

The trustee will present the validated claims in court as
individual reports on November 29, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 15, 2011.


HIGH Q: Creditors' Proofs of Debt Due on November 30
----------------------------------------------------
The court-appointed trustee for High Q Argentina S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 30, 2010.

The trustee will present the validated claims in court as
individual reports on February 18, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 11, 2011.


PAMPA FUTBOL: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------------
The court-appointed trustee for Pampa Futbol S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 15, 2010.

The trustee will present the validated claims in court as
individual reports on November 26, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 8, 2011.


PAPER RUSH: Creditors' Proofs of Debt Due on October 10
-------------------------------------------------------
The court-appointed trustee for Paper Rush S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 10, 2010.

The trustee will present the validated claims in court as
individual reports on November 22, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 2, 2011.


PASALTO SRL: Creditors' Proofs of Debt Due on October 8
-------------------------------------------------------
The court-appointed trustee for Pasalto S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 8, 2010.

The trustee will present the validated claims in court as
individual reports on November 22, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 4, 2011.


TRANSMARITIMA CRUZ: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------------
The court-appointed trustee for Transmaritima Cruz del Sud S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until October 27, 2010.

The trustee will present the validated claims in court as
individual reports on December 9, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 21, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 26, 2011.


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


MAN ELN: Creditors' Proofs of Debt Due on September 22
------------------------------------------------------
The creditors of Man ELN 2 Ltd are required to file their proofs
of debt by September 22, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 7, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


MAN ELN: Members' Final Meeting Set for October 13
--------------------------------------------------
The members of Man ELN 2 Ltd will hold their final meeting, on
October 13, 2010, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 7, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


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


ARCTIC MCP: Members' Final Meeting Set for October 7
----------------------------------------------------
The members of ARCTIC MCP will hold their final meeting, on
October 7, 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:

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


PICO FUND: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Pico Fund Limited received, on August 31,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Wilton McDonald
         Telephone: (345) 325-4040


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


OSAGE EXPLORATION: Appoints Larry Ray to Board of Directors
-----------------------------------------------------------
Osage Exploration and Development Inc. said Larry Ray was
appointed on Sept. 2, 2010, to the Board of Directors of the
Company.  Mr. Ray has over 35 years of experience in all phases of
international and domestic oil and gas production with both public
and private companies.

Since September 2007 he has been an independent oil and gas
investor and consultant.  Mr. Ray's previous experience includes
positions as President and Chief Operating Officer and interim
Chief Financial Officer of Seven Seas Petroleum, an exploration
and production company with primary operations in Colombia which
was listed on both the Toronto and American Stock Exchanges, and
President and Chief Operating Officer of The GHK Company, a large
independent oil and gas company based in the Mid-continent.

During his career Mr. Ray has been involved in drilling over 130
wells, constructing a 25,000 bopd production facility and 40 mile
pipeline, evaluating and bidding on more than US$250 million in
properties and securing over US$650 million in financing and farm-
out agreements.  Mr. Ray graduated with an MBA in Finance from
Eastern New Mexico University in 1971 after receiving a Batchelor
of Business Administration from the same institution in 1970.

He is a member of the Association of International Petroleum
Negotiators, the American Association of Professional Landmen, the
American Association of Petroleum Geologist and the Society of
Petroleum Engineers.  Mr. Ray will receive 500,000 shares of the
Company which shall vest as to 100% on September 2, 2010

On Sept. 2, 2010, the Company entered into an employment agreement
with Greg Franklin to continue serving as Chief Geologist.

Mr. Franklin has been employed as Chief Geologist by the Company
since September 2007 under an employment agreement that ended
Nov. 30, 2009.  Mr. Franklin continued to be employed by the
company since then but did not have an employment agreement.  Mr.
Frankin has also served on the board of the Company since May
2005.   From March 1999 to February 2005 Mr. Franklin was a staff
geologist for Barbour Energy.  Mr. Franklin's previous experience
includes positions as Vice President for Gulf Coast Exploration
and Development Company and geologist with Conoco.  Mr. Franklin
graduated with a Bachelor of Science in Geology from Oklahoma
State University in 1980.

Mr. Franklin's employment agreement is for two years ending Nov.
30, 2012, with an annual base salary of US$240,000.  Mr. Franklin
will receive 1,000,000 shares of the Company which shall vest as
to 100% on September 2, 2010.  Mr. Franklin could be eligible for
an annual bonus as determined by the Board of Directors.  In the
event that Mr. Franklin's employment is terminated for a Change
of Control, then he shall be eligible to receive, in one lump
payment, the greater of:

   i) annual base salary in effect immediately prior to the Change
      of Control and

  ii) the remaining base salary in effect immediately prior to the
      Change of control owed to Mr. Bradford until the end of the
      Employment Period.

A full-text copy of the employment agreement is available for free
at http://ResearchArchives.com/t/s?6afe

A full-text copy of the restricted stock agreement is available
for free at http://ResearchArchives.com/t/s?6aff

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.

                           *     *     *

GPKM LLP of Encino, California, expressed substantial doubt about
Osage Exploration's ability to continue as a going concern
following the Company's 2009 results.  The firm reported that the
Company has suffered recurring losses from operations and has an
accumulated deficit as of December 31, 2009.


===========
G U Y A N A
===========


BARAMA COMPANY: Government Closes Factory After Death of Worker
---------------------------------------------------------------
Guyana officials have ordered the closure of Barama Company
Limited's timber factory after the death of a worker, Jason
Fraser, on September 2, 2010, and two recent fatal accidents, The
Associated Press reports.

According to the report, Labor Minister Manzoor Nadir said that
the Barama factory will remain closed until authorities determine
how a worker found near a veneer-cutting machine died.  "Too many
young people are dying at the workplace," the report quoted Mr.
Nadir as saying. "Barama has had three deaths in the past year.
This is unsatisfactory," he added.

Headquartered in Malaysia, Barama Company Limited owns a timber
factory located in the western region of Guyana.  The company has
a concession of 1.6 million hectares.


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


CEMEX SAB: Renews Deal to Supply Concrete to Germany Power Plant
----------------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that CEMEX, S.A.B. de
C.V. said a contract to supply ready-mix concrete for a new power
plant in Hamburg-Moorburg, Germany, has been renewed.

According to the report, the company was originally hired by Wayss
& Freytag Ingenieurbau AG to supply 350,000 cubic meters of ready-
mix concrete for the new coal-fired plant.

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2010, CEMEX, S.A.B. de C.V. reached an agreement to sell
some non-core assets in Kentucky for US$90 million in order to pay
down some of its debt, Paul Kiernan at Dow Jones Newswires
reports.  According to the report, Cemex acquired the assets in
2007 as part of its US$15.5 billion buyout of Australia's Rinker,
which left the company with a huge debt load, almost in default,
and high exposure to the U.S. home construction market which
withered soon after.

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" long-term issuer credit ratings.


MEXICANA AIRLINES: US Court Adjourns Hearing on Ch. 15 Recognition
------------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York has adjourned the hearing on the motion for
recognition of Mexicana Airlines' insolvency case as a foreign
main proceeding.

Judge Glenn was supposed to hold the hearing September 8, 2010,
but Mexicana Airlines asked the Court to adjourn the hearing for
one to two weeks in light of a pending appointment of a
conciliator in its insolvency case in Mexico.

The Mexican court, which oversees the insolvency case, issued an
order on September 7, 2010, approving Mexicana Airlines' petition
and moving its case into the "conciliation" or reorganization
phase.

In connection with this, the Mexican court ordered that a
conciliator be appointed by the Mexican Ministry of Transport and
Communications within the next few days.

Mexicana Airlines also expects a possible appointment of an
administrator by the Mexican government, who will work with the
conciliator to effect the restructuring since the company
operates under a "concession title" from the transportation
ministry, according to its foreign representative, Maru Johansen.

Ms. Johansen says Mexicana Airlines will spend the next few days
meeting with the conciliator and administrator to talk about the
status of operations and legal proceedings in the U.S., and to
determine if they would like her to continue serving as the
company's foreign representative or they would appoint another
person.

In lieu of the hearing, Judge Glenn scheduled a status
conference, Sept. 8, at 11:00 a.m., on Mexicana Airlines' Chapter
15 case.  The bankruptcy judge has not yet fixed a date for the
next hearing on the motion.

Earlier, Mara Trager, Esq., assistant attorney of the U.S.
government, filed an objection with the Bankruptcy Court, seeking
a ruling that would protect any funds held in trust for
government agencies.

Mexicana Airlines has reportedly been collecting fees from
passengers that are held in trust by the company for government
agencies, which include fees for the Customs and Border
Protection, Department of Agriculture and the Transportation
Safety Administration.

Currently, no remittances of funds held in trust by Mexicana
Airlines for the agencies are due but the company will be
required to remit trust funds it has collected in the coming
weeks or months, according to Ms. Trager.

Since the filing of Mexicana Airlines' motion, a number of
objections have been filed by various groups including the U.S
Trustee and a consortium of airports and airport authorities
represented by New York-based Edwards Angell Palmer & Dodge LLP.

Ms. Johansen says that all but the objection of Banco Mercantil
del Norte S.A. had been or will be resolved by the inclusion of
additional language in the proposed order granting recognition.
RBS Aerospace Limited, she says, has already dropped its
objection.

Banco Mercantil, a secured lender of the company, has complained
over a recent ruling handed down by the Mexican court which the
bank perceives is contradictory to the August 18 order issued by
the Bankruptcy Court, which exempts the bank from the preliminary
injunction.

The Mexican Court's ruling enjoins Banco Mercantil from enforcing
its rights on two bank accounts where Mexicana Airlines' cash
collateral is held.  The ruling came just two days after the
Bankruptcy Court issued its August 18 order.

Ms. Johansen says Mexicana Airlines' lawyers have already
inserted additional language in the proposed order that was
requested by the U.S. Trustee to address her objection.

The company has also reached an agreement with the consortium to
include provisions in the proposed order, with the consortium
reserving its rights to seek relief with respect to issues not
resolved by the order, according to the foreign representative.

Meanwhile, Mexicana Airlines will provide "carve-outs" from
injunctive relief in the proposed order in favor of the leasing
companies, Ms. Johansen further says.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

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


MEXICANA AIRLINES: Mexican Court Grants Protection from Creditors
-----------------------------------------------------------------
The Mexican court has granted airline company Grupo Mexicana
protection from creditors, according to a September 7, 2010
report by Dow Jones.

Grupo Mexicana, otherwise known as Nuevo Grupo Aeronautico, is
the holding company for Mexicana Airlines and domestic
subsidiaries, Mexicana Click and Mexicana Link.

Mexico's Communications and Transport Minister Juan Molinar said
the order gives the Communications and Transport Ministry or SCT
a go signal to appoint an administrator for the company and an
arbitrator in the restructuring process, Dow Jones reported.

"Starting tomorrow, we'll be able to have the story much clearer,
because the SCT will be in charge of administration," Mr. Molinar
said, notes the report.

The court order issued by Judge Felipe Consuelo Soto also gives
Grupo Mexicana one year to restructure and avoid bankruptcy,
according to a report by the Agence France-Presse.

The ruling came more than two weeks after Grupo Mexicana was sold
to an investors group, Tenedora K.  The investor group acquired
95% of the company's shares while pilots union ASPA owns the
remaining 5%.

Mr. Molinar said the investor group, together with Advent
International, injected "several million dollars," possibly a
lost investment, to keep Grupo Mexicana's subsidiaries operating
until August 28, 2010.

"What did Tenedora K do? Acquire a company with negative value in
hopes of restructuring it and making it work," Dow Jones quoted
Mr. Molinar as saying during a meeting with reporters.  The
official said the government is not planning to put funds into
the company.

When asked how investing in the company could be preferable to
simply starting a new airline, Mr. Molinar said the company has a
series of assets including intangible assets that "are very
valuable."

"It's very likely that in putting together a new company, none of
those intangible assets would be had," Dow Jones quoted him as
saying.

A more tangible asset of the company are the take-off and landing
slots that it has at the Mexico City International Airport, which
Mr. Molinar said will be temporarily assigned to other airlines
so as not to lose connectivity.  He pointed out, however, that
the slots continue belonging to Grupo Mexicana.

Eduardo Perez Motta, president of Federal Commission on
Competition, stressed the importance of assigning the slots
fairly so as not to favor any company such as Aeromexico, Grupo
Mexicana's rival carrier.

"If that happens, what will occur is that they'll increase the
prices for these services, there will be a drop in the quality of
service, and I think that's what we have to avoid," Dow Jones
quoted him as saying.  He said competition must be maintained in
the interest of passengers.

Details on how much debt has accumulated on Mexicana's books
since its Aug. 3 bankruptcy petition are unavailable, as Tenedora
K and the government remained quiet while awaiting the outcome of
Mexicana's local filing, says the report.  Mr. Molinar declined
to say how much capital would likely be required to save Mexicana
from liquidation.

Delta Air Lines Inc. had said it does not have any imminent plans
to add flights or frequencies to Mexico as a result of Grupo
Mexicana's suspension.  American Airlines likewise disclosed it
is closely monitoring the situation in terms of demand for travel
between the U.S. and Mexico but it has not made a decision
regarding adding additional capacity.

  Aeromexico Rejects Possibility of Taking Over Mexicana

Aeromexico said its shareholders are not considering buying or
investing in Nuevo Grupo Aeronautico or any of its subsidiaries,
according to September 9, 2010 report by Air Transport
Intelligence.

Recent moves by Aeromexico showed that it is more interested in
strengthening its position in the markets it currently serves.
Since Mexicana Airlines ceased its operations, Aeromexico has
opened new routes and has implemented a new program that offers
special fares for ticket holders affected by the cancellation of
flights by the company, says the report.

Aeromexico is also looking to expand its mainline fleet and is
considering expanding its charter unit, Aeromexico Travel, into
the scheduled domestic market, ATI reported.

In an e-mailed statement to Bloomberg News, Aeromexico said it is
evaluating investments to reinforce its position in the national
and international travel markets, even as it waits for "greater
certainty" in the regulatory framework.

The Mexican government has indicated that it would not oppose
Aeromexico taking ownership of Mexicana Airlines, according to
ATI.

The Mexican government and the unions representing pilots and
flight attendants have been looking for new investors to replace
Tenedora K or help in providing additional funding for Mexicana
Airlines, ATI reports.  They aim to re-launch the carrier in
December which is the start of the winter season in the Mexican
market.

Several years ago, the Mexican government opted to pursue
separate privatizations for Aeromexico and Mexicana Airlines
rather than sell them as one airline group.  But in 2008, the
government said it would no longer object to a merger of the two
companies in light of the rapid growth of low-cost carriers in
Mexico, discloses ATI.

Grupo Posadas, previous owners of Mexicana Airlines, also
continued to express interest as recently as last year in a
merger but Aeromexico's owners rejected the idea, says the
report.

The judge overseeing Mexicana Airlines' case said Mexico's
Transportation Department will appoint later this week a new
administrator for the company, which could indicate that Tenedora
K is no longer involved in rescuing the company as the investor
group appointed earlier an initial administrator, ATI reported.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

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


MEXICANA AIRLINES: Grounding May Be Permanent, UBS Analysts Say
---------------------------------------------------------------
UBS AG said Mexicana Airlines is unlikely to resume operations
after grounding all its flights over the weekend, according to an
August 31 report by Bloomberg News.

In an e-mailed note, UBS analysts Tomas Lajous and Luis Galvez
said that it will initially curb air traffic and hurt airport
operators including Grupo Aeroportuario del Sureste SAB, Grupo
Aeroportuario del Pacifico SAB and Grupo Aeroportuario del Centro
Norte SAB.

"We expect this should be permanent," the analysts said, adding
that traffic is set to suffer "a material supply-side hit until a
way out is found."  They further said they expect traffic to
recover fairly rapidly given that the drop is supply-side driven.

In a news conference in Mexico City, Juan Molinar Horcasitas,
Mexico's communications and transportation minister said he does
not agree with the UBS analysts' opinion.

"Meetings are continuing with a diverse group of investors that
have shown a very clear interest in restructuring the companies,"
Bloomberg News quoted Mr. Molinar as saying.  The official
further said Mexico is a market best suited to have one
domestically owned international airline, with several competing
for routes within the country.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

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


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


CARIBBEAN PETROLEUM: Judge Denies Transfer of Venue
---------------------------------------------------
Bankruptcy Law360 reports that Judge Kevin Gross of the U.S.
Bankruptcy Court for the District of Delaware on Wednesday
rejected an attempt by the Puerto Rico Treasury Department to
transfer Caribbean Petroleum Inc.'s bankruptcy case to a court in
its jurisdiction, clearing the way for the company to begin
arranging for the sale of its assets.

Meanwhile, American Bankruptcy Institute reports that unsecured
creditors are protesting Caribbean Petroleum Corp.'s request for a
bankruptcy loan, saying that the deal is designed to benefit the
lender at the expense of unsecured creditors.

                     About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.

Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations.  The Debtor
estimated assets at US$100 million to US$500 million and debts at
US$500 million to US$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

The Debtors' lead counsel is Cadwalader, Wickersham & Taft LLP.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.


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


PETROLEOS DE VENEZUELA: Rosneft Continues Talks to Buy Refineries
-----------------------------------------------------------------
OAO Rosneft is continuing talks with Petroleos de Venezuela SA
about buying its stake in Germany's Ruhr Oel GmbH to gain access
to European refineries, Bloomberg News reports.  Rosneft hasn't
made a final decision on PDVSA's stake and hasn't held talks with
BP Plc its half of Ruhr Oel, Peter O'Brien, the Russian oil
producer's vice president for strategy, said, the report relates

According to the report, Russian oil producers are seeking access
to refining assets in Europe and Asia to boost the value of their
crude supplies.

PDVSA, the report notes, held talks about six years ago on selling
its stake in Ruhr Oel to Russia's Alfa Group, one of BP's partners
in the TNK-BP venture, BP Plc said at the time.

                          About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Reuters said that Petroleos de Venezuela's total
debt jumped 42% in 2009 after it borrowed heavily to pay off
service company debts and intervene in currency markets.  The
report related that PDVSA said total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before.  According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.

As of August 11, 2010, the company continues to carry Moody's
"Ba1" local currency issuer rating.  The company also continues to
carry Standard and Poor's "B+" long-term issuer credit ratings.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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