TCRLA_Public/100913.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

            Monday, September 13, 2010, Vol. 11, No. 180

                            Headlines



A R G E N T I N A

ARIS EDITORA: Creditors' Proofs of Debt Due on September 28
BORGIANA SRL: Creditors' Proofs of Debt Due on November 5
DOBLE D: Creditors' Proofs of Debt Due on October 28
DOS ESTRELLAS: Creditors' Proofs of Debt Due on October 28
DSD CONSTRUCCIONES: Creditors' Proofs of Debt Due on November 11

ENISUA SA: Creditors' Proofs of Debt Due on February 9
GUARDAMUEBLES MEILI: Creditors' Proofs of Debt Due on October 13
MASALU SA: Creditors' Proofs of Debt Due on October 8
TELC SRL: Creditors' Proofs of Debt Due on September 28


B R A Z I L

BTG PACTUAL: Fitch Hikes IDR to 'BBB-' From 'BB+'
JBS USA: Fitch Rates Proposed Reopening of Sr. Notes at 'BB-'
MARFRIG ALIMENTOS: Fitch Affirms IDR at 'B+'
SUZANO PAPEL: Standard & Poor's Assigns BB+ on Sr. Unsecured Notes


C A Y M A N  I S L A N D S

ARLO IV LTD: Fitch Cuts Class A-4E Notes to 'Dsf'


E L  S A L V A D O R

TELEMOVIL EL SALVADOR: Fitch Rates US$450MM Notes at 'BB'


J A M A I C A

LONG POND SUGAR FACTORY: Cane Farmers Cry Foul
POINT VILLAGE HOTEL: Extends Lay-Off Period; 100+ Workers Jobless


M E X I C O

GRUPO KUO: Fitch Rates Proposed Reopening of Sr. Notes at 'BB-'


T R I N I D A D  &  T O B A G O

CL FIN'L: There is Money for CLICO Policyholders, Minister Says
CL FIN'L: Co-operative Credit Union Objects Bail Out Plan
HINDU CREDIT UNION: Co-operative Credit Union Objects Bail Out


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: US Attorney Allays Members' Fear of Fund Confiscation


X X X X X X X X

* BOND PRICING: For the Week September 5, to September 10, 2010




                         - - - - -


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A R G E N T I N A
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ARIS EDITORA: Creditors' Proofs of Debt Due on September 28
-----------------------------------------------------------
The court-appointed trustee for Aris Editora S.C.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 28, 2010.

The trustee will present the validated claims in court as
individual reports on November 10, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company] and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 23, 2010.


BORGIANA SRL: Creditors' Proofs of Debt Due on November 5
---------------------------------------------------------
Maria Alejandra Barbieri, the court-appointed trustee for Borgiana
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 5, 2010.

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

The Trustee can be reached at:

         Maria Alejandra Barbieri
         avenida Cabildo 2040
         Argentina


DOBLE D: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------
The court-appointed trustee for Doble D S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 28, 2010.

The trustee will present the validated claims in court as
individual reports on February 17, 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
March 30, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 22, 2011.


DOS ESTRELLAS: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The court-appointed trustee for Dos Estrellas S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 28, 2010.


DSD CONSTRUCCIONES: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------------------
The court-appointed trustee for D.S.D. Construcciones y Montajes
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 11, 2010.

The trustee will present the validated claims in court as
individual reports on December 27, 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
March 8, 2011.


ENISUA SA: Creditors' Proofs of Debt Due on February 9
------------------------------------------------------
The court-appointed trustee for Enisua S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 9, 2011.

The trustee will present the validated claims in court as
individual reports on March 23, 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 May
4, 2011.


GUARDAMUEBLES MEILI: Creditors' Proofs of Debt Due on October 13
----------------------------------------------------------------
Francisco Jose Vazquez, the court-appointed trustee for
Guardamuebles Meili SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until October 13, 2010.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk No.
4, 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:

         Francisco Jose Vazquez
         Rodriguez Pena 110
         Argentina


MASALU SA: Creditors' Proofs of Debt Due on October 8
-----------------------------------------------------
The court-appointed trustee for Masalu S.A.'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, 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
February 7, 2011.


TELC SRL: Creditors' Proofs of Debt Due on September 28
-------------------------------------------------------
The court-appointed trustee for Telc S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 28, 2010.

The trustee will present the validated claims in court as
individual reports on November 10, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company] and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 23, 2010.


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


BTG PACTUAL: Fitch Hikes IDR to 'BBB-' From 'BB+'
-------------------------------------------------
Fitch Ratings has upgraded some ratings of Banco BTG Pactual S.A.:

-- Long-term foreign and local currency Issuer Default Rating
   (IDR) upgraded to 'BBB-' from 'BB+', Outlook Stable;

-- Short-term foreign and local currency IDR upgraded to 'F3' from
   'B';

-- Individual rating upgraded to 'C' from 'C/D';

-- Support rating affirmed at '5';

-- Support rating floor affirmed at 'NF';

-- Long-term national rating upgraded to 'AA(bra)' from 'AA-
   (bra)', Outlook Stable;

-- Short-term national rating affirmed at 'F1+(bra)'.

The ratings of BTG Pactual are determined by its Individual
rating.  It reflects its good franchise as a merchant bank in
Brazil, its continued success in developing its business, a solid
earnings track record, well defined structure and philosophy
supported by experienced professionals, strong risk controls
tested in various crises and a flow of recurring revenues which
consistently cover recurring operating costs.  It is limited by
the quality of capital, the limitations on future capitalization
inherent to the partnership model and limited, but growing
diversification in its balance sheet and revenue flow.

Shareholder control of BTG Pactual was again changed in September
2009 with the sale of the bank by UBS AG (UBS) to a partnership
constituted by former partners and executives of Banco Pactual
S.A.  Despite the challenges of consolidating the new bank, BTG
Pactual continues to be one of the main merchant banks in Brazil,
maintaining a strong position in the market segments where it
chooses to compete.

After shrinking its balance sheet during 2008 ahead of the sale of
the bank by UBS, BTG Pactual resumed increasing its activities in
the third quarter of 2009 (3Q'09).  This, together with the
positive local scenario and greater business volumes of the
investment bank, has favoured results starting in 4Q'09, evident
in a return on equity (ROE) of 24.4% in 1Q'10.  While the profit
in fiscal year-end 2009 (FYE09) benefited from nonrecurring gains
due to the reversal of BRL606 million of provisions for employee
bonuses, the performance in the latter half of 2009 and year-to-
date in 2010 indicate a return to operational results similar to
its historical levels.  Fitch believes that BTG Pactual is well
positioned to continue to benefit from the favorable market
conditions, and has risk policies and controls in place to do so
in a prudent fashion.

BTG Pactual maintains a strong appetite for client and proprietary
trading operations, which provide at times substantial, if
volatile, contributions to earnings.  Risk in these operations is
governed by prudent policies, robust risk controls, and the
liquidity of the traded instruments, buttressed by conservative
stress testing. Furthermore, strong and recurring fee income
generally covers administrative expenses, which enables making
decisions on trading positions without major revenue pressures.

Upside to the Individual rating is limited in the near term, given
this rating action.  Large losses or constant mismatches in
treasury or an erosion of capitalization could strongly pressure
the Individual rating downwards.

Dating back to 1983, BTG Pactual is one of the largest investment
banks in Brazil.  It is controlled by Andre Esteves, the CEO of
UBS Pactual until mid-2008 and one of the controlling partners of
the former Pactual.

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a rating
action which is different than the original committee outcome.


JBS USA: Fitch Rates Proposed Reopening of Sr. Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the proposed
reopening of JBS's 8.25% notes due Jan. 29, 2018.  This add-on
issuance is expected to raise at least USD300 million and the
proceeds are expected to be used to refinance shorter maturity
indebtedness and for general corporate purposes.  The notes will
be issued by JBS Finance II Ltd., a special-purpose vehicle wholly
owned by JBS and incorporated in the Cayman Island, and is
unconditionally guaranteed by JBS and its subsidiary JBS Hungary
Holdings Kft.

Fitch currently rates JBS:

-- Local currency Issuer Default Rating (IDR) 'BB-';
-- Foreign currency IDR 'BB-';
-- Senior unsecured notes 'BB-';
-- Long-term national scale rating 'A-(bra)'.

The Rating Outlook of the corporate ratings is Stable.

JBS's ratings are supported by its strong global business
position, the result of numerous acquisitions including Pilgrim's
Pride Co and Bertin.  The ratings take into consideration the
commodity and cyclical risks associated with the meat business,
the company's high financial leverage and negative free cash flow,
which are partially mitigated by its strong liquidity position and
manageable debt amortization profile.

Geographic and Product Diversification Strengthen Business
Profile:

JBS has a strong business position due to a number of acquisitions
that have improved its product portfolio and geographic presence.
These factors should enable the company to better withstand
cyclical downturns in the industry.  They should partially
mitigate risks related to disease, the imposition of sanitary
restrictions by governments, market concentrations, as well as
tariffs or quotas applied regionally by some importing blocs or
countries.

The recent acquisitions of PCC and Bertin have solidified JBS's
position as the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australia and as the
third largest in the U.S. These acquisitions have also enabled JBS
to become one of the leading processors of leather and have
enhanced the company's position in the Brazilian dairy sector.

   Free Cash Flow, Leverage are Expected to Improve:

JBS's capital structure continues to be leveraged with pro forma
June 2010 LTM total debt/EBITDA and net debt/EBITDA of 4.5 times
(x) and 3.0x, respectively.  While the rapid expansion of the
company has been financed by a combination of debt and equity,
strong working capital needs have resulted in increasing
outstanding debt in recent years, and also resulting in negative
FCF; in June 2010 LTM, FCF remained negative.

Fitch expects the improving EBITDA generation to result in net
leverage reduction to levels consistently below 3.0x in 2011 as
the consolidation of these new assets is expected to strengthen
the consolidated profitability of JBS through synergies of about
BRL950 million.  Fitch expects FCF will improve, while the company
consolidates the recent acquisitions, reduces its costs and
improves the profitability, allowing the company to reduce debt
and strengthen liquidity.

The company's liquidity is supported by BRL3.5 billion of cash and
marketable securities.  In June 2010, short-term debt was BRL5.2
billion (or 30% of the total debt) and corresponded mainly to
outstanding trade finance lines.  The availability of about US$1
billion in revolving credit lines at JBS USA and PPC also enhances
JBS' liquidity and mitigate refinancing risk.

JBS's track record of integration of new acquired assets is solid
despite of the challenges to combining new operations.  The
company has successfully consolidated prior acquisitions such as
Swift, Tasman Group and Smithfield Beef in 2007 and 2008 as well
as its joint venture with Inalca in 2008.  JBS completed the
acquisition of PPC's shares for USD800 million, and the merger
with Bertin for an exchange of shares both during December 2009.
Total combined revenue of BRL53 billion and BRL3.3 billion in
EBITDA is expected.

                     Key Rating Drivers:

JBS's rating could be positively affected by some combination of
the following: a significant decrease in leverage, generation of
positive FCF, completion of its planned growth strategy via
acquisitions, reduction of the company's heavy reliance in short-
term debt and further revenue diversification.  A rating downgrade
could be triggered by a deterioration or lack of improvement in
the company's leverage, or by a low level of cash liquidity, an
inability to roll over short-term credit lines, a continuation of
negative FCF generation and/or a significant deterioration of
operations due to trade restrictions or sanitary outbreaks.


MARFRIG ALIMENTOS: Fitch Affirms IDR at 'B+'
--------------------------------------------
Fitch Ratings has affirmed Marfrig's foreign and local currency
Issuer Default Ratings IDRs at 'B+', as well as its 'BBB+ (bra)'
national scale rating.  Fitch has also affirmed the senior
unsecured notes at 'B+/RR4'.  In conjunction with these rating
actions, Fitch removed the ratings from Rating Watch Negative and
assigned them a Stable Outlook.

These ratings affirmations follow the completion of the issuance
of BRL2.5 billion mandatory conversion debentures by Marfrig to
finance the acquisition of Keystone Foods LLC.  Nearly 100% of
these securities will be placed with BNDESPar, the Brazilian
development bank, that also owns 13.8% of Marfrig. These
debentures have not been treated as hybrid securities by Fitch, in
accordance with the criteria entitled "Equity Credit for Hybrids &
Other Capital Securities" dated Dec. 29, 2009, because they were
not purchased by unaffiliated investors.

The affirmations incorporate a strengthening of Marfrig's
competitive position in the value-added protein products market
due to this acquisition.  Keystone produces and distributes
poultry, beef, fish and pork products to food service companies
with operations in 13 countries.  The transaction will increase
Marfrig's customer concentration with McDonald's, Keystone's key
client, as it represents 90% of Keystone's US$6.4 billion sales.

                    Marfrig's Leverage Is High

As of June 30, 2010, Marfrig had US$3.8 billion of total debt and
US$1.1 billion of cash and marketable securities.  For the latest
12 months (LTM) ended June 30, 2010, the company generated US$645
million of EBITDA, resulting in a gross leverage ratio of 5.9
times (x) and a net leverage ratio of 4.2x.  The Keystone
acquisition will add about US$150 million of annual EBITDA and
US$250 million of net debt to Marfrig.

Fitch's treats the BRL2.5 billion of convertible securities
associated with the Keystone acquisition as equity due to the
unique features that prevent the principal from ever being repaid
in cash.  As a result, the pro forma gross and net leverage ratios
of Marfrig are approximately 5.4x and 3.0x, respectively.
Interest coverage, including the interest cash payment on the
convertible securities, should be in the range of 1.7x to 2.0x.

Marfrig's leverage ratios should improve within the next 18 months
due to: higher capacity utilization, a more favorable moment in
the beef cycle, increases in market share in Brazil, plus
synergies from prior acquisitions.

Growth Strategy Affects Marfrig's Cash Flow

The 'B+' ratings continue to reflect the company's aggressive
growth strategy based on acquisitions.  This strategy, which has
been financed with a mix of debt and equity, has led to increasing
working capital requirements and resulted in negative free cash
flow generation over the past few years.  During the LTM ended
June 30, 2010, Marfrig's capital expenditures totaled US$360
million, resulting in a negative free cash flow (FCF) of US$160
million.

Fitch projects an improvement in Marfrig's FCF generation as the
company integrates acquisitions and improves working capital
management. Nevertheless, FCF is expected to continue to remain
negative or be only mildly positive.  This will make the company
dependant upon banks, the capital market or its shareholders for
working capital financing and to meet short-term debt obligations.
As of June 30, the company had US$1.3 billion of short-term debt
and US$1.1 billion of cash and marketable securities.

    Strong Business Profile Partially Mitigates Industry Risks

Marfrig's ratings are supported by the company's business position
as one of Brazil's largest producers and exporters of beef,
poultry and pork.  The company's activities are evenly distributed
between the domestic market and export sales with a more
diversified business profile than most of its peers.  The ratings
are also supported by Marfrig's diversified production base and
the low cost of producing proteins in Brazil.

The ratings take into consideration the volatility of the prices
for proteins.  Prices and margins in the animal protein markets
are vulnerable to domestic and international supply and demand
imbalances resulting from such factors as disease and weather
conditions, global economic growth, changes in consumption habits,
government-imposed sanitary and trade restrictions, and
competitive pressures from other Brazilian or international
producers and exporters.

                       Key Rating Drivers

Marfrig's rating could be positively affected by some combination
of the following: a significant decrease in leverage, generation
of positive FCF, reduction of the company's reliance on short-term
debt, further revenue diversification, and the lifting of
Brazilian beef sanitary restrictions by more countries.  A rating
downgrade could be triggered by a rise in the company's total debt
credit ratios, a low level of cash liquidity, an inability to roll
over short-term credit lines, a continuation of negative FCF
generation and/or a significant deterioration of operations due to
trade restrictions or sanitary outbreaks.

Fitch has affirmed the following ratings:

Marfrig Alimentos S.A.:

-- Local currency IDR at 'B+';
-- Foreign currency IDR at 'B+';
-- National scale rating at 'BBB+(bra)'.

Marfrig Overseas Ltd
-- US$375 million senior unsecured notes due 2016 at 'B+/RR4';
-- US$500 million senior unsecured notes due 2020 at 'B+/RR4'.

The Rating Outlook is Stable.


SUZANO PAPEL: Standard & Poor's Assigns BB+ on Sr. Unsecured Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to Suzano Papel e Celulose S.A.  The outlook is
stable.  S&P also assigned its 'BB+' rating to Suzano Trading
Ltd.'s forthcoming issuance of senior unsecured notes.  Suzano
Trading is a wholly owned subsidiary of Suzano, which will
unconditionally and irrevocably guarantee the notes.

"The ratings reflect Suzano's satisfactory business profile as a
cost-competitive pulp and paper producer with an expanding
presence in market pulp and other lucrative businesses, a strong
domestic market position in paper, and favorable medium-term
fundamentals," said Standard & Poor's credit analyst Luisa
Vilhena.  "The ratings also reflect the Company's significant
financial profile, which results from strong and reasonably stable
cash flows, allowing it to reduce leverage in 2010 and 2011," she
continued.  However, heavy capital expenditures projected for the
intermediate term also affect the ratings.

The stable outlook reflects S&P's expectations that Suzano will
continue to improve credit metrics as cash flow increases and
total debt declines.  The outlook also assumes adequate funding
for capital expenditures so that net debt-to-EBITDA ratio remains
below 3.5x (or total debt-to-EBITDA below 5x).  S&P could lower
the ratings if Suzano's leverage increases aggressively and cash
reserves are depleted because of higher-than-expected capital
expenditures and/or weaker market conditions.  Given expected high
investments, there is only limited potential for an upgrade, which
would depend on a stronger financial profile than we expect, with
total debt-to-EBITDA ratio consistently at around 3x.


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


ARLO IV LTD: Fitch Cuts Class A-4E Notes to 'Dsf'
-------------------------------------------------
Fitch Ratings has downgraded ARLO IV Ltd Series 2005's (Euler CDO)
class A-4E 's notes to 'Dsf' and withdrawn the ratings.  The
ratings have been withdrawn because the notes were bought back on
3 March 2010, but Fitch was only notified of this in September
2010.

The rating action is as follows:

EUR5,000,000 class A-4E notes: downgraded to 'Dsf' from 'Csf';
rating withdrawn

The notes were bought back at a time when one credit event had not
been settled.  In Fitch's view a settlement of the event would
have led to a default of the notes.

ARLO IV Ltd Series 2005 is a managed synthetic CDO transaction in
which Barclays Bank PLC (rated 'AA-'/Outlook Stable /'F1+') bought
protection from ARLO IV, an SPV incorporated with limited
liability under the laws of the Cayman Islands.  The protection
was provided by a credit default swap which referenced a portfolio
of geographically and industrially diverse corporate and sovereign
reference entities.

Fitch will no longer provide ratings or analytical coverage of
ARLO IV Ltd Series 2005.


====================
E L  S A L V A D O R
====================


TELEMOVIL EL SALVADOR: Fitch Rates US$450MM Notes at 'BB'
---------------------------------------------------------
Fitch Ratings has assigned ratings to Telemovil El Salvador, S.A.
(Telemovil) and Telemovil Finance Co. Ltd:

Telemovil
-- Local Currency Issuer Default Rating (IDR) 'BB';
-- Foreign Currency IDR 'BB'.

Telemovil Finance Co. Ltd
-- Local Currency IDR 'BB';
-- Foreign Currency IDR 'BB';
-- Proposed US$450 million senior guaranteed notes due 2017 'BB'.

Telemovil Finance Co. Ltd notes are unconditionally and
irrevocably guaranteed by its parent company Telemovil El
Salvador, S.A.  Proceeds from the issuance are expected to be used
for refinancing all existing Telemovil indebtedness, for funding
the acquisitions of Amnet and Navega by Telemovil and for general
corporate uses.

The Rating Outlook is Stable.

Telemovil's ratings are supported by its leading mobile services
market position in El Salvador, strong brand recognition,
extensive network coverage, sound financial profile and positive
pre-dividend free cash flow.  The ratings are tempered by intense
competition and limited geographic diversification.  Also
incorporated is the effect of the mobile termination rate
reduction in December of 2009 and the dependence of the economy on
remittances, which affects demand for telecommunications services.
The ratings factor in Telemovil's relationship with its parent
company Millicom International Cellular (MICC), which helps
Telemovil to achieve synergies related to the larger scale of the
parent and provides expertise in management.  It also considers
the payment of dividends, loans to affiliates and MICC's financial
position. MICC's FFO generation for the 12 months ended June 30,
2010 was approximately US$1.8 billion, and its debt outstanding
was around US$2.5 billion.

   Acquistion Of Amnet And Navega A Positive Step:

The acquisitions of AMNET and Navega, expected to happen within
the next few months, will increase the service offerings and
network platforms of Telemovil.  As a result of this, Fitch
believes the competitive position of Telemovil will improve due to
the offering of bundles with multiple services and the expense
synergies that can be obtained through the consolidation of points
of sale, brand unification, as well as lower transmission and back
office costs.  Amnet is the leading CATV provider in El Salvador
with 277,000 revenue generating units (RGU) as of June 30, 2010.
Anmet's network has 80% of bidirectional capability and covers
approximately 600,000 homes passed. Navega provides communications
services to enterprises and carriers that require broad range of
services that demand higher bandwidth.

In Fitch's view, Telemovil's strategy of offering bundled services
along with its strategy of focusing on offering differentiated
mobile services should help the company to maintain its leading
market position in the medium term.  In addition, as mobile
penetration exceeds 100%, growth should be focused on data and
value added services (VAS) to compensate for voice price per
minute declines. VAS accounts for approximately 20% of service
revenues; however most of the revenues are derived by SMS.
Additionally, Telemovil's 3G network should benefit by offering
data services to Amnet customers that do not have access to the
bidirectional network.  Despite the fact that Telemovil's 46%
subscriber market share is approximately two times that of the
second largest competitor (Digicel), the existence of five
established operators -- including America Movil and Telefonica --
ensures that an intense competitive environment will be maintained
going forward. Competitors may attempt to gain market share in the
mobile segment, but Telemovil's steps to integrate Amnet and
Navega should temper the effect of competition.

Fitch estimates that over the next few years Telemovil should
generate free cash flow before dividend distributions in excess of
US$80 million per year.  Pre-dividend free cash flow will be
underpinned by capital expenditures which should account for
approximately 14% of revenues, despite a reduction in 2010, and
Fitch expects cash flow generation to remain stable or modestly
grow. Fitch expects that any improvement in leverage in the medium
term will be driven by increased EBITDA and funds flow from
operations (FFO).  For the 12 month ended June 30, 2010 Telemovil
registered revenues and EBITDA of US$416 million and US$192
million, respectively.  Considering the placement of the notes,
leverage metrics of total debt to EBITDA and total adjusted debt
to EBITDAR should be approximately 2.4 times (x) and 2.5x,
respectively.  However, once EBITDA from Amnet and Navega are
consolidated into Telemovil, leverage should tend to be lower.

Considering the proposed notes, near term liquidity should not
represent a risk given the maturity of the notes in 2017
represents the only upcoming debt maturity.  However, given that
all the company debt is due in 2017, the company's distribution of
pre-dividend free cash flow may have an effect on refinancing risk
as 2017 approaches.  As of June 30, 2010 the parent company, MICC,
had a strong liquidity position and an adequate financial profile.


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


LONG POND SUGAR FACTORY: Cane Farmers Cry Foul
----------------------------------------------
Alarm bells have been sounded yet again in the wake of growing
concerns about the plight of cane farmers in Trelawny and St.
James since the closure of the Long Pond Sugar Factory,
RadioJamaica reports.  RadioJamaica relates that there are reports
of vast amounts of unreaped cane that have been piling up and
going to waste because alternative arrangements to get the product
to other factories are yet to be finalized.

According to RadioJamaica, Allan Rickards, chairman of the all
Island Cane Farmers Association, said that Trelawny cane farmers
have been experiencing severe hardships and steps must be taken to
protect the interest of the farmers.  Mr. Rickards, the report
relates, also pointed to concerns about the 2011/2012 sugar crop
in light of the closure of the Long Pond Sugar factory.

"We have written to the (Agriculture) Minister to request that the
matter be reviewed.  He has instructed the chairman of the Sugar
Industry Authority to receive reports and to make recommendations
to him, which has been done.  We're contending that the farmers in
the Trelawny (and) St. James area must deliver their cane to the
Long Pond Factory as usual, because that is the factory to which
they are registered," the report quoted Mr. Rickards as saying.

Mr. Rickards, the report notes, added that the Sugar Industry
Authority is in dialogue with other sugar factories for the intake
of cane from farmers in Trelawny and St. James.

Long Pond Sugar Factory is a privately-owned factory in Jamaica.
It produces sugar.


POINT VILLAGE HOTEL: Extends Lay-Off Period; 100+ Workers Jobless
-----------------------------------------------------------------
More than 100 workers of the Point Village Hotel have yet to
receive word on payments due to them since they were sent home
earlier this year, RadioJamaica reports.  The report relates that
the workers, who had been laid off since May, turned up on
September 7, 2010, to resume their duties as planned but were
reportedly refused entry to the premises and handed letters.

According to the report, the workers were not given redundancy
letters, but were simply informed of an extension of the lay off
period while the hotel works out its financial problems.  The
report notes that the hotel closed temporarily in May because of
financial woes which have not yet been resolved.

Board members of the institution were expected to convene a
meeting on September 9, 2010.

The report notes that the situation has infuriated the employees
who claim they were looking forward to resuming work in order to
meet their back to school obligations.  The report says that the
employees are asking for a concrete commitment from the management
claiming it is unfair for them to be uncertain about their
redundancy payments.

Point Village Hotel is located in Negril Westmoreland, Jamaica.


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


GRUPO KUO: Fitch Rates Proposed Reopening of Sr. Notes at 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Grupo KUO, S.A.B. de
C.V.'s proposed add-on issuance of up to US$50 million senior
unsecured notes due 2017.  These notes are an additional offering
of the US$200 million 9.75% senior unsecured notes due 2017 issued
on Oct. 17, 2007.  Proceeds from the proposed issuance will be
applied to debt repayment.

Fitch currently rates KUO:

-- Long-term Issuer Default Rating (IDR) 'BB-';
-- Local currency IDR 'BB-';
-- Long-term national rating 'BBB+(mex)'.

The Rating Outlook for all ratings is Stable.

KUO's credit ratings reflect its diversified revenue stream, hard
currency generation with 47% of total sales coming from exports
and subsidiaries located outside of Mexico, and joint ventures
(JVs) with international industry leaders, as well as an improved
financial profile.  The ratings incorporate the company's exposure
to volatility in demand and input costs related to commodity
prices across business lines.

During the past years, KUO's management implemented initiatives to
preserve and strengthen profitability and cash generation. As a
result, KUO has been able to reduce consolidated leverage through
internally generated cash and proceeds from asset divestitures.
Total debt to EBITDA for the last 12 months (LTM) ended in
June 30, 2010 was 2.4 times (x) compared to 2.6x and 3.8x in 2009
and 2008, respectively.  Management has established a net debt to
EBITDA target for the long term between 1.5x and 2.5x. Although
the current business and economic environment for KUO is still
challenging, the ratings incorporate Fitch's view that the company
will be able to maintain its financial profile within the current
rating category.

KUO's redefined portfolio business, along with management's
efficiency initiatives implemented in recent years, has allowed it
to maintain stable EBITDA generation and to mitigate industry
volatility.  These initiatives included cost and expense
rationalization through reduced headcount and elimination of
duplicated activities and facilities; working capital
optimization; and capex investments focused on increased and
efficient use of the company's installed capacity.

In the past two years, divestitures in the phosphate and
automotive businesses generated close to US$90 million, which was
used to reduce debt levels and invest in other business lines with
attractive growth and profitability prospects.  In 2008, the JV
with Grupo Herdez began operations with good results to date.
Additional growth is expected in this division from the JV with
Hormel Foods to continue growing its position in the U.S. Hispanic
food market.  Additional investments were made in the chemical
segment in order to increase capacity, development of value-added
and specialty products and to consolidate the company's strong
position in the transmissions and aftermarket segments in the
automotive division.  For 2010, capex will be channeled to
increase capacity in the pork business and to the construction of
the new distribution center for the Herdez-Del Fuerte JV. New
business lines are being evaluated or already developing:
aerospace has recently passed a first-stage certification and the
nanotech business is developing.

In 2009, KUO's cash flow was supported by lower working capital
requirements and divestitures.  Fitch expects moderate cash
generation during 2010 given the dynamics in raw materials and
energy costs, in addition to persistently tough market conditions.
However, in addition to the company's current solid cash balances,
KUO's 2010 cash flow generation will be sufficient to fund capex
of approximately US$90 million and a proposed dividend of MXN110
million (US$8.5 million-US$9 million) recently announced.

Liquidity and refinancing risk are low. At June 30, 2010, total
debt was US$374 million with 4.7% classified as short term. Cash
balance at that date was US$74 million.  Proceeds from the
proposed add-on issuance will be used to refinance debt maturities
scheduled for 2011-2012 of US$121 million.


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


CL FIN'L: There is Money for CLICO Policyholders, Minister Says
---------------------------------------------------------------
The Trinidad and Tobago government has promised to honor Colonial
Life Insurance Company (Trinidad) Limited's pension, life and
health insurance policies and pay short-term investors, as it
disclosed new measures to deal with the cash-strapped business and
parent company CL Financial Limited, Caribbean360.com reports.

"We will separate the insurance business from the short-term
investment and mutual funds business to protect the insurance
policyholders; and the obligations of 225,000 policyholders will
be honored, backed by the statutory fund," the report quoted
Finance Minister Winston Dookeran as saying.  "We will also
restructure and merge the traditional insurance business of CLICO
and British American and prepare this merged business for
divestment," he added.

According to the report, Mr. Dookeran said that as for the other
25,000 CLICO customers who pumped money into short term investment
and mutual funds, they will get an initial partial payment of
TT$75,000 (US$11,904).

"This is intended to bring immediate relief to the small
depositors.  This will fully pay off approximately 40% of the
25,000 investors in these products, including more than 140 credit
unions and 15 trade unions," the report quoted Mr. Dookeran as
saying.  That will cost government a total of TT$1.5 billion
(US$238 million) over the next four years, as payments become due,
he added.

Mr. Dookeran, the report notes, said that those who invested more
than the TT$75,000 (US$11,904) will also be paid, but over a 20-
year period, through a Government IOU.  "This Government IOU would
be structured in such a way that it could be traded on the
secondary markets, thereby creating a measure of immediate
liquidity for the depositors," Mr. Dookeran said, the report
relates.

Caribbean360.com notes that in the next financial year, TT$1.8
billion (US$285 million) will be set aside to provide a funding
mechanism for this 20-year amortization.

Mr. Dookeran, the report relates, added that there would be a
detailed review of CL Financial and all its subsidiaries and
several measures will be implemented to reduce debt and recover
public funds, including the divestment of assets.  "The government
will engage a firm with relevant local and global expertise to
assist with the restructuring of the CL Financial Group," Mr.
Dookeran said, the report adds.

The report says that as of June 2010, CLICO and British American
combined total liabilities were about TT$23.8 billion (US$3.7
billion), while total assets were TT$16.6 billion (US$2.6
billion).  The liabilities include TT$6 billion (US$952 million)
related to the 225,000 long-term policies and TT$12 billion
(US$1.9 billion) for the 25,000 holding short-term investments,
the report relates.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


CL FIN'L: Co-operative Credit Union Objects Bail Out Plan
---------------------------------------------------------
Finance Minister Winston Dookeran's decision to bail out cash
strapped CL Financial Limited and the Hindu Credit Union is being
met with stiff opposition from the Co-operative Credit Union
League of T&T, Anika Gumbs-Sandiford at Trinidad and Tobago
Guardian reports.

According to the report, CCUL stated that it would result in a
rippling effect that could lead to the destabilization of the
credit union movement.  CCUL Manager Dianne Joseph, referring to
Mr. Dookeran's 2010/2011 budget package where specific allocations
were made to refund HCU and CL Financial depositors their monies
over a period, stated: "Credit union members through their credit
unions have made significant investments with Clico and British
American and many depend on the returns from this source to
maintain themselves and their institutions.  These provisions,
made without any consultation with the credit union sector, pose a
grave danger to the continued ability of credit unions to provide
access to resources for the ordinary working man and woman and is
a clear and present threat to the stability of the sector."

Questioning the minister's decision to treat both bailouts
differently, Mr. Joseph said such a move demanded answers, the
report notes.  As to why Mr. Dookeran opted to move away from the
Government Guarantee granted by the previous administration and
Central Bank, Mr. Joseph asked: "Was the provision in the budget
meant to rescue one particular institution and its members and
destabilize the others?"

Insisting that it was wrong for the credit union movement to pay
for the actions of two institutions, Mr. Joseph added that CCUL
was prepared to do all in its power to protect the interest of its
members, the report relates.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

                      About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


HINDU CREDIT UNION: Co-operative Credit Union Objects Bail Out
--------------------------------------------------------------
Finance Minister Winston Dookeran's decision to bail out cash
strapped CL Financial Limited and the Hindu Credit Union is being
met with stiff opposition from the Co-operative Credit Union
League of T&T, Anika Gumbs-Sandiford at Trinidad and Tobago
Guardian reports.

According to the report, CCUL stated that it would result in a
rippling effect that could lead to the destabilization of the
credit union movement.  CCUL Manager Dianne Joseph, referring to
Mr. Dookeran's 2010/2011 budget package where specific allocations
were made to refund HCU and CL Financial depositors their monies
over a period, stated: "Credit union members through their credit
unions have made significant investments with Clico and British
American and many depend on the returns from this source to
maintain themselves and their institutions.  These provisions,
made without any consultation with the credit union sector, pose a
grave danger to the continued ability of credit unions to provide
access to resources for the ordinary working man and woman and is
a clear and present threat to the stability of the sector."

Questioning the minister's decision to treat both bailouts
differently, Mr. Joseph said such a move demanded answers, the
report notes.  As to why Mr. Dookeran opted to move away from the
Government Guarantee granted by the previous administration and
Central Bank, Mr. Joseph asked: "Was the provision in the budget
meant to rescue one particular institution and its members and
destabilize the others?"

Insisting that it was wrong for the credit union movement to pay
for the actions of two institutions, Mr. Joseph added that CCUL
was prepared to do all in its power to protect the interest of its
members, the report relates.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

                      About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: US Attorney Allays Members' Fear of Fund Confiscation
-----------------------------------------------------------------
The Association of Concerned Olint Corp Members, after
consultation with United States Deputy District Attorney Bruce
Ambrose, has put to rest its concerns that money belonging to its
members could be confiscated if former owner David Smith were to
be convicted in a US Court of law, Jamaica Observer reports.

According to the report, ACOM recently expressed concerns that US
authorities could seize and confiscate assets belonging to Olint
if a US court found that even a part of it had been tainted by
money laundering.

However, the report notes, Mr. Ambrose has assured ACOM that it is
only in cases where there are no victims that U.S. Agencies such
as the DEA and the FBI among others, are permitted by law to seize
and keep the assets of convicted criminals.  Mr. Ambrose extended
himself to assure ACOM that in the pending case against Mr. Smith,
there are victims and it is to the victims that all identified
funds will go in the event that Mr. Smith is convicted, the report
relates.

When pressed, Mr. Ambrose assured ACOM that, if there were to be a
conviction, there would be no discrimination of any kind between
victims based on nationality, or country of residence or whether
or not victims are independently represented by counsel, the
report says.

The Observer reports that all identified funds will be
proportionately distributed among all victims who have registered
with the US Victim Coordinator.

ACOM presently speaks for approximately 1000 registered Olint Corp
members.

                       About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2010, RadioJamaica said United States authorities seek
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.


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


* BOND PRICING: For the Week September 5, to September 10, 2010
---------------------------------------------------------------

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


ARGENTINA

ALTO PALERMO SA         11   6/11/2012    USD             42.5
ARGENT- DIS           5.83   12/31/2033   ARS               33
ARGENT-$DIS           8.28   12/31/2033   USD               60
ARGENT-PAR            1.18   12/31/2038   ARS               76
ARGENT-?DIS           7.82   12/31/2033   EUR             69.5
ARGENT-?DIS           7.82   12/31/2033   EUR               67
ARGENT-ĚDIS           4.33   12/31/2033   JPY               42
ARGENT-ĚPAR&GDP       0.45   12/31/2038   JPY                8
BANCO MACRO SA       10.75   6/7/2012     USD        71.627044
BOGAR 2018               2   2/4/2018     ARS            34.65
MENDOZA PROVINCE       5.5   9/4/2018     USD        81.176064


BRAZIL

CESP                  9.75   1/15/2015    BRL        73.333317


CAYMAN ISLAND

BANCO BPI (CI)        4.15   11/14/2035   EUR           67.789
BANIF FIN LTD            3   12/31/2019   EUR            56.25
BARION FUNDING        0.63   12/20/2056   GBP         18.48022
BARION FUNDING        1.44   12/20/2056   GBP        32.394386
BCP FINANCE CO       4.239               EUR        68.991667
BCP FINANCE CO       5.543               EUR        71.339286
BES FINANCE LTD      6.984   2/7/2035     EUR         63.51073
BES FINANCE LTD       5.58               EUR        68.964262
CHINA MED TECH           4   8/15/2013    USD             74.5
CHINA SUNERGY         4.75   6/15/2013    USD            72.25
DUBAI HLDNG COMM         6   2/1/2017     GBP         69.35375
EFG ORA FUNDING        1.7   10/29/2014   EUR           66.759
ESFG INTERNATION     5.753                EUR        70.208333
FERTINITRO FIN        8.29   4/1/2020     USD            66.79
INDEPENDENCIA IN        12   12/30/2016   USD             8.25
INDEPENDENCIA IN        15   3/31/2015    USD             55.5
MAZARIN FDG LTD       1.44   9/20/2068    GBP        29.668924
PUBMASTER FIN        6.962   6/30/2028    GBP           71.219
SHINSEI FIN CAYM     6.418                USD        64.660673
SHINSEI FINANCE       7.16                USD          65.0625
SHINSEI FINANCE       7.16                USD           65.375
AGUAS NUEVAS           3.4   5/15/2012    CLP           1.2187
ESVAL S.A.             3.8   7/15/2012    CLP        50.280285

   PUERTO RICO

PUERTO RICO CONS       6.5   4/1/2016     USD               51

VENEZUELA

PETROLEOS DE VEN       5.5   4/12/2037    USD        43.120571
PETROLEOS DE VEN     5.375   4/12/2027    USD        43.697074
PETROLEOS DE VEN     5.125   10/28/2016   USD        51.137797
PETROLEOS DE VEN         5   10/28/2015   USD        54.111671
PETROLEOS DE VEN      5.25   4/12/2017    USD        54.759473
PETROLEOS DE VEN       4.9   10/28/2014   USD        59.618757
VENEZUELA                7   3/31/2038    USD            50.86
VENEZUELA                7   3/31/2038    USD               51
VENEZUELA                6   12/9/2020    USD            52.75
VENEZUELA             7.65   4/21/2025    USD             55.5
VENEZUELA             8.25   10/13/2024   USD            58.25
VENEZUELA                7   12/1/2018    USD            59.75
VENEZUELA             7.75   10/13/2019   USD             60.5
VENEZUELA             9.25   5/7/2028     USD             61.5
VENEZUELA                9   5/7/2023     USD            62.25
VENEZUELA             5.75   2/26/2016    USD            63.75
VENEZUELA             9.25   9/15/2027    USD            67.09
VENEZUELA             9.25   9/15/2027    USD               67
VENZOD - 189000      9.375   1/13/2034    USD             61.5


                            ***********

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 * * *