/raid1/www/Hosts/bankrupt/TCRLA_Public/090807.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, August 7, 2009, Vol. 10, No. 155

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Taps News Attorneys to Push for Funds' Access


A R G E N T I N A

CLINICA: Creditors' Proofs of Claim Verification Set for Sept. 9
COLEGIO HIGHLANDS: Verifying Proofs of Claim Until September 10
LANK SRL: Creditors' Proofs of Claim Verification Set for Sept. 8
MENCER & CIA: Trustee Verifying Proofs of Claim Until September 7
NEW NORTH: Proofs of Claim Verification Due on November 9

TELECOM ARGENTINA: To Hold Shareholder's Meeting on September 9


B E R M U D A

CL FINANCIAL: Official Receiver Moves in at BAICO Office
CONCORDIA TRADING: Creditors' Proofs of Debt Due on August 28
CONCORDIA TRADING: Shareholder to Hear Wind-Up Report on Sept. 1
HPR ETHANOL: Creditors' Proofs of Debt Due on August 12
HPR ETHANOL: Members' Final General Meeting Set for Sept. 2

LEHMAN BROTHERS: Bermuda Unit Files Chapter 15 Petition
POWER CORPORATION: Creditors' Proofs of Debt Due on August 12
POWER CORPORATION: Members' Final General Meeting Set for Sept. 2
VALIDUS HOLDINGS: Sets Special Shareholders Meeting on Sept. 4


B R A Z I L

BANCO BRADESCO: VisaNet Faces Antitrust Probe by Brazilian Justice
BANCO BRADESCO: Visanet to Make BRL328.3MM in Dividend Payments
BANCO DA AMAZONIA: Fitch Affirms Individual Rating at 'D'
BANCO DO BRASIL: VisaNet Faces Antitrust Probe by Local Justice
BANCO DO BRASIL: Visanet to Make BRL328.3MM in Dividend Payments

BANCO MACRO: Posts Ps.163.2 Million Net Income in Second Quarter
GERDAU SA: Posts R$329 Million Net Loss in Second Quarter
GOL LINHAS: Cuts Chile-Brazil Flights as Demand Drops


C A Y M A N  I S L A N D S

AMERICAN FEEDS: Members to Receive Wind-Up Report on September 3
BLUE SKY: Creditors' Proofs of Debt Due on August 24
CDIB AUSTRALIA: Members to Receive Wind-Up Report on Aug. 20
CDIB FRANCE: Members to Receive Wind-Up Report on Aug. 20
FRANKEN BROTHERS: Creditors' Proofs of Debt Due on August 20

FRONTIER VII: Shareholders to Hear Wind-Up Report on August 21
LISTRAC INVESTMENT: Creditors' Proofs of Debt Due on August 20
MEDIA PARTNERS: Shareholders to Receive Wind-Up Report on Aug. 21
MEDIANATION INC: Shareholders to Receive Wind-Up Report on Aug. 21
SIVIK GLOBAL: Shareholder to Receive Wind-Up Report on August 21


C H I L E

* CHILE: Economy Grows 0.8% in June as Country’s Slump Eases


C O L O M B I A

ISAGEN SA: To Sell Up to COP850 Billion of Securities


G U Y A N A

GUYANA SUGAR: To Sell Hospitality Houses, Centers to Raise Funds


J A M A I C A

NATIONAL COMMERCIAL BANK: Blocks Credit Card Accounts in Arrears
JAMAICA: Likely Distressed Debt Exchange Cues S&P to Junk Ratings


M E X I C O

CONSORCIO AVIACSA: Seeks Bankruptcy Protection from Creditors
SIX FLAGS: Has US$121.6MM Loss for Q2; Hit by H1N1 in Mexico


P E R U

DOE RUN PERU: Insolvent; to Begin Restructuring, Minister Says


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Pinecrest Project Faces Foreclosure


T R I N I D A D  &  T O B A G O

* TRINIDAD AND TOBAGO: Economy Shrinks More Than 3% in 1Q 2009


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

OVERSEAS LOCKET: Former Head to Appear in Court on August 12


V E N E Z U E L A

CITGO PETROLEUM: PDVSA Agrees to Repay US$1-BB Loan From Firm
FERTINITRO FINANCE: Fitch Junks Rating on US$250 Mil. Bonds
PETROLEOS DE VENEZUELA: Agrees to Repay Loan From Citgo Subsidary


X X X X X X X X

* LATAM: Caribbean Leaders to Seek Debt Relief From Global Firms


                         - - - - -


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


STANFORD INT'L: Taps News Attorneys to Push for Funds' Access
-------------------------------------------------------------
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion fraud, asks U.S. District Judge David Hittner to let
his new attorneys, led by Robert Luskin at Patton Boggs LLP in
Washington, make a request for access to his frozen assets to pay
legal fees, Andrew M. Harris and Laurel Brubaker Calkins at
Bloomberg News report.

If the court does not consent to the terms, Patton Boggs and
attorneys from the Houston-based firm of Sydow & McDonald LLP have
agreed that Patton Boggs shall not otherwise enter an appearance
in this case, the report cited Mr. Stanford as saying.

As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Reuters said Judge Hittner ruled that Mr.
Stanford's defense lawyer, Dick DeGuerin, won't be allowed to
withdraw just yet even though another law firm has said it would
represent Mr. Stanford, Reuters reports.  The report relates Judge
Hittner said he will only consider Mr. DeGuerin's motion when
another lawyer signs onto the case.  According to Reuters, so far,
no one from Patton Boggs has filed a notice of appearance, in what
appears to be a battle for compensation.  The report relates Mr.
Stanford's assets were frozen by a court-appointed receiver in
February and his lawyers have not yet been paid.  In his motion to
withdraw, Mr. DeGuerin said he had sought assurances regarding
future legal fees and expenses and had not received them, the
report noted.

Meanwhile, Bloomberg News, citing a separate filing, said Stanford
Financial Group court-appointed receiver, Ralph Janvey, requested
payment of US$7.6 million in legal fees and expenses to cover his
work as receiver from April 13 to May 30.  The report relates
thaqt the request follows one for US$20 million to pay for Mr.
Janvey’s first eight weeks on the Stanford case.

According to the report, Mr. Janvey said the 14 accounting and
legal firms working with him continue to discount their services
by 20% out of concerns for the victims of Mr. Stanford’s alleged
fraud, which resulted in a US$6.7 million reduction in total
charges during the receivership’s first 15 weeks.  Closing some
Stanford operations and gaining better information has helped him
reduce weekly charges by 55% compared with his initial billings,
Mr. Janvey added.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


CLINICA: Creditors' Proofs of Claim Verification Set for Sept. 9
----------------------------------------------------------------
Jorge Eduardo Sahade, the court-appointed trustee for Clinica de
Endocrinologia y Metabolismo Doctor J. Reforzo Membrives SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until September 9, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 7, 2010.

The Trustee can be reached at:

          Jorge Eduardo Sahade
          Avenida de Mayo 1324
          Argentina


COLEGIO HIGHLANDS: Verifying Proofs of Claim Until September 10
---------------------------------------------------------------
The court-appointed trustee for Colegio Highlands S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until September 10, 2009.

The trustee will present the validated claims in court as
individual reports on October 23, 2009.  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 4, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 8, 2010.


LANK SRL: Creditors' Proofs of Claim Verification Set for Sept. 8
-----------------------------------------------------------------
Alicia Rita Romeo, the court-appointed trustee for Lank S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until September 8, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 23, 2010.

The Trustee can be reached at:

          Alicia Rita Romeo
          Parana 26
          Argentina


MENCER & CIA: Trustee Verifying Proofs of Claim Until September 7
-----------------------------------------------------------------
The court-appointed trustee for Mencer & Cia. S.R.L.'s bankrupcy
proceedings will be verifying creditors' proofs of claim until
September 7, 2009.

The trustee will present the validated claims in court as
individual reports on October 20, 2009.  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 1, 2009.


NEW NORTH: Proofs of Claim Verification Due on November 9
---------------------------------------------------------
Estudio Chiaia-Stoltzing y Asociados, the court-appointed trustee
for New North S.A.'s reorganization proceedings, will be verifying
creditors' proofs of claim until November 9, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 15, 2010.

The Trustee can be reached at:

          Estudio Chiaia-Stoltzing y Asociados
          Suipacha 190
          Argentina


TELECOM ARGENTINA: To Hold Shareholder's Meeting on September 9
---------------------------------------------------------------
Telecom Argentina S.A. will hold a shareholders meeting on Sept. 9
following the lifting of an order suspending the assembly, Shane
Romig at Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
July 29, 2009, Bloomberg News said an Argentine court has ruled
against a decision by the nation’s antitrust agency that stripped
Telecom Italia SpA of its voting rights at Telecom Argentina SA.
Bloomberg News noted that Telecom Italia hired Credit Suisse Group
AG to analyze options including the sale of Telecom Argentina --
which analysts valued at around EUR400 million -- after tighter
regulations hurt its ability to control the unit.  The report
pointed out that an ongoing antitrust investigation has blocked
the Italian company's ability to exercise a call option to take
control of Sofora.  Telecom Italia owns a 50% stake in Sofora
Telecomunicaciones SA, which holds controlling interest in Telecom
Argentina.

According to a TCRLA report on April 23, citing Dow Jones
Newswires, the Argentine Competition Commission, the country's
antitrust agency, rejected an appeal filed by Telecom Italia that
challenged the agency's ruling earlier, locking Telecom Italia
directors from exercising voting powers in Telecom Argentina.
Bloomberg News recalled Telecom Italia's directors on Telecom
Argentina's board were told to abstain from exercising voting
powers while the regulator investigates Telco SpA's purchase of a
controlling stake in Telecom Italia.  According to Bloomberg News,
Telefonica SA, Assicurazioni Generali SpA, Intesa Sanpaolo SpA,
Mediobanca SpA and the Benetton family gained control of Telecom
Italia, through holding company Telco, in October 2007.  Telco
owns 24.5 percent of the Milan-based company.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                         *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


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


CL FINANCIAL: Official Receiver Moves in at BAICO Office
--------------------------------------------------------
The Official Receiver of British American Insurance Company's
Bermuda branch will proceed with the liquidation of the firm's
local operations at its Bermuda branch, Jonathan Kent at The Royal
Gazette reports.  The report relates that financial regulator the
Bermuda Monetary Authority said it had started winding up
proceedings against the life and health insurer in the Bermuda
Supreme Court.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, The Royal Gazette said BMA applied to the Supreme
Court to wind up the Bermuda branch of BAICO to protect its
customers in light of “the continuing severe financial
difficulties” faced by BAICO and its parent company, CL Financial
Group of Trinidad and Tobago.  According to the report, BAICO’s
health insurance policyholders will continue to receive medical
cover after the Official Receiver moves in to liquidate the
company.  The report related Argus Group has agreed in principle
to take on BAICO’s health insurance clients, who will in the short
term -- before the transition to Argus is complete -- have their
claims met by government.  “The financial problems of British
American are affecting tens of thousands of policyholders across
numerous jurisdictions.  The  actions being taken to secure local
assets will help minimize the impact on local policyholders, but
it will take some time to assess the financial position and the
options for the future before the exact size of any shortfall for
non-health policyholders can be determined,” the report quoted BMA
Chief Executive Officer Matthew Elderfield as saying.

The Official Receiver appointed KPMG Advisory Ltd. as provisional
liquidators.

British American has been facing difficulties ever since CL
Financial Group fell into financial problems and sought the aid of
Trinidad and Tobago government.

                        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
Feb. 20, 2009, the Trinidad and Tobago Express said 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.


CONCORDIA TRADING: Creditors' Proofs of Debt Due on August 28
-------------------------------------------------------------
The creditors of Concordia Trading Asia Ltd. are required to file
their proofs of debt by August 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 24, 2009.

The company's liquidator is:

          Glen Griffin
          Concordia Advisors (Bermuda) Ltd.
          3rd Floor, 12 Bermudiana Road
          Hamilton, Bermuda


CONCORDIA TRADING: Shareholder to Hear Wind-Up Report on Sept. 1
----------------------------------------------------------------
The shareholder of Concordia Trading Asia Ltd. will hear on
September 1, 2009, at 10:30 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 July 24, 2009.

The company's liquidator is:

          Glen Griffin
          Concordia Advisors (Bermuda) Ltd.
          3rd Floor, 12 Bermudiana Road
          Hamilton, Bermuda


HPR ETHANOL: Creditors' Proofs of Debt Due on August 12
-------------------------------------------------------
The creditors of HPR Ethanol Ltd. are required to file their
proofs of debt by August 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 22, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


HPR ETHANOL: Members' Final General Meeting Set for Sept. 2
-----------------------------------------------------------
The members of HPR Ethanol Ltd. will hold their final general
meeting on September 2, 2009, 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 July 22, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


LEHMAN BROTHERS: Bermuda Unit Files Chapter 15 Petition
-------------------------------------------------------
Lehman Re, the Bermuda-based life insurance unit, has filed for
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
before the U.S. Bankruptcy Court for the Southern District of New
York (Case No. 09-14884).

The petition says Lehman Re has more than $1 billion in debts
against assets of less than $1 billion. Under Chapter 15,
companies can obtain a stay of U.S. lawsuits and can have its
restructuring at a foreign country recognized as the site of the
main proceeding.

According to Tiffany Kary at Bloomberg, liquidators appointed to
the Bermuda unit last September 23 want the protection to allow
them to gain documents from the U.S., preserve assets in the U.S.
and halt lawsuits.  "Litigation threatens the orderly liquidation
of Lehman Re and will impair the return of assets to creditors,"
Bloomberg quoted the liquidators' lawyers as saying.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for $2 dollars plus
the retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33
billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


POWER CORPORATION: Creditors' Proofs of Debt Due on August 12
-------------------------------------------------------------
The creditors of Power Corporation Angola (Pty) Ltd. are required
to file their proofs of debt by August 12, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


POWER CORPORATION: Members' Final General Meeting Set for Sept. 2
-----------------------------------------------------------------
The members of Power Corporation Angola (Pty) Ltd. will hold their
final general meeting on September 2, 2009, 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 July 27, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


VALIDUS HOLDINGS: Sets Special Shareholders Meeting on Sept. 4
--------------------------------------------------------------
Validus Holdings, Ltd. and IPC Holdings, Ltd. will begin mailing a
definitive joint proxy statement/prospectus to shareholders of
record of each company as of July 27, 2009, in connection with the
companies' proposed amalgamation announced on July 9.

The Validus Special General Meeting of Shareholders will be held
on September 4, 2009 at 9:00 a.m., Atlantic Time.  The meeting
will be held at 19 Par-La-Ville Road, Hamilton HM11, Bermuda. At
the meeting, Validus shareholders will be asked to approve the
issuance of Validus voting common shares to IPC shareholders in
connection with the proposed amalgamation.  Aquiline Capital
Partners LLC, Vestar Capital Partners, and New Mountain Capital,
LLC, which collectively owned approximately 38% of Validus'
outstanding voting common shares as of July 27, 2009, have agreed
to vote in favor of the issuance of Validus shares in connection
with the transaction.

The IPC Special General Meeting of Shareholders will be held on
September 4, 2009 at 10:00 a.m., Atlantic Time.  The meeting will
be held at the American International Building, 29 Richmond Road,
Pembroke HM 08, Bermuda.  At the meeting, IPC shareholders will be
asked to:

    (i) approve an amendment to IPC's bye-laws to reduce the
        shareholder vote required to approve an amalgamation
        with any other company from the affirmative vote of
        three-fourths of the votes cast thereon at a general
        meeting of the shareholders to a simple majority; and
   (ii) adopt the amalgamation agreement with Validus and
        approve the resulting amalgamation of IPC with a wholly-
        owned subsidiary of Validus.

Validus' and IPC's Boards of Directors have recommended that their
respective shareholders vote "FOR" each of the proposals submitted
at the companies' respective meetings.

Under the terms of the amalgamation agreement, upon consummation
of the amalgamation, IPC shareholders will be entitled to receive
$7.50 in cash and 0.9727 Validus voting common shares for each IPC
common share they hold at the effective time of the amalgamation.
The amalgamation is subject to customary closing conditions,
including Validus and IPC shareholder approvals.  The amalgamation
is currently expected to be completed promptly following the
receipt of Validus and IPC shareholder approvals.

                    About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, A.M. Best Co. has placed the indicative ratings of
"bb+" on subordinated debt and "bb" on the preferred stock of
Validus Holdings, Ltd (Validus Holdings) under review with
negative implications.


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


BANCO BRADESCO: VisaNet Faces Antitrust Probe by Brazilian Justice
------------------------------------------------------------------
Credit-card payment processor, Cia. Brasileira de Meios de
Pagamento (Visanet), is being investigated for possible anti-
competitive practices by the Brazilian Justice Ministry, Telma
Marotto and Iuri Dantas at Bloomberg News report.  Visa do Brasil
Empreendimentos Ltda. and Visa International Service Association
are also involved in the investigation, the ministry said in a
statement obtained by the news agency.

According to the report, the ministry, through Economic Law
Department (SDE) is assessing the exclusive right of VisaNet to
accredit businesses to accept cards carrying the Visa logo.  This
“practice” is against consumer interests and “substantially”
reduces competition in the industry, the ministry said in the
statement obtined by Bloomberg News.

The report relates SDE has suspended VisaNet’s exclusivity and
will allow other companies to accredit businesses to accept Visa-
branded cards as a preventive measure.  Visa International will
have 30 days to allow other companies to process transactions made
with Visa-branded cards, Ana Paula Martinez, director of Economic
Protection and Defense at the Justice Ministry told Bloomberg News
in a telephone interview.  “VisaNet’s exclusivity was blocking
competition in the system,” the report quoted Ms. Martinez as
saying.  “There are strong signs of anti- competitive actions.
Profits were being unjustly transferred from consumers,” Ms.
Martinez added.

Bloomberg News notes that VisaNet said it will cooperate with the
Justice ministry and assess making an appeal “at an opportune
moment” to challenge the allegations.

Headquartered in Brazil, Visanet is a credit-card networking-
services provider that is 40% controlled by Bradesco and 32% by
state-run Banco do Brasil SA.  The Brazilian subsidiary of Banco
Santander (STD), through its local ABN Banco Real unit, holds 14%,
while Visa International has 10% and other investors have 4%.

                     About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.

                     About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO BRADESCO: Visanet to Make BRL328.3MM in Dividend Payments
---------------------------------------------------------------
Brazilian credit card services provider Companhia Brasileira de
Meios de Pagamento aka VisaNet said it will pay a total of
BRL328.3 million (US$180 million) in dividends until Aug. 31,
Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the company said it will pay BRL0.24 for
each outstanding share. The payment will be based on share
positions as of Aug. 4.

Headquartered in Brazil, Visanet is a credit-card networking-
services provider that is 40% controlled by Bradesco and 32% by
state-run Banco do Brasil SA.  The Brazilian subsidiary of Banco
Santander (STD), through its local ABN Banco Real unit, holds 14%,
while Visa International has 10% and other investors have 4%.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO DA AMAZONIA: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco da Amazonia
S.A.:

  -- Long-term Foreign and Local Currency Issuer Default Rating at
     'BBB-';

  -- Short-term Foreign and Local Currency IDR at 'F3';

  -- Individual Rating at 'D';

  -- Support Rating at '2';

  -- Support Rating Floor at 'BBB-'

  -- National Long-term Rating at 'AA(bra)';

  -- National Short-term Rating 'F1+(bra)'.

The Outlook for the Long-term IDRs and National Long-term rating
remains Stable.

Banco da Amazonia's Long-term Foreign and Local Currency IDRs,
which are equal to the Sovereign Rating, derive from the support
of its major shareholder, the National Treasury, which is
controlled by the Republic of Brazil (rated with Long-term Foreign
Currency IDR of 'BBB-', Outlook Stable, by Fitch).  This support
also reflects the strategic importance of the bank to the
development of the country's northern region.

The Individual Rating reflects the bank's restructuring since its
management was changed in April 2007, with increased commercial
focus, reallocation of resources and implementation of
productivity targets, in addition to the low funding cost and good
liquidity, ensured by the Constitutional Financing Fund of the
North (FNO).  This has provided the bank with relative comfort to
face the global financial crisis and its effects on liquidity
since the fourth quarter of 2008 (4Q'08).  On the other hand, it
also reflects the limitations while speeding up its restructuring,
the fact that like any other public bank, the administration is
subject to political influence, and its obligations toward the
bank's defined-benefit pension fund, whose actuarial deficit has
historically had an impact on its results.  The Individual Rating
could benefit from a more diversified revenue flow, combined with
improved performance, provided Banco da Amazonia sustains adequate
capitalization and asset quality indicators.  On the other hand,
the ratings could be negatively affected by any deterioration in
the quality of its credit portfolio (either the loan booked on its
balance sheet or the portfolio shared with the FNO), or by
potential legal and political issues which could imply a loss for
the bank.

Banco da Amazonia has been the main development bank in northern
Brazil.  Despite accounting for about 60% of credit operations in
the region, it has been facing competition from other private
banks, mainly in its commercial portfolio.  A significant portion
of the bank's credit exposure is concentrated with very small,
small, and medium-sized companies.  The bank shares 50% of its
credit portfolio risk with the FNO, whose consolidated balance
sheet added up to BRL8.9 billion of assets at fiscal year end
2008.

For 2009, Banco da Amazonia targets a return on equity (ROE) of
10% (11.7% in 2008).  However, Fitch believes the bank should
continue to record increasing default ratios, which in turn should
add to its provision expenses and make it more difficult for the
bank to achieve its ROE goal.  During 2008 and in the 1Q'09, these
expenses consumed 22.6% and 55.5% of profit before taxes,
respectively, representing the main driver to the bank's lower
results during the period.  From September 2008 to March 2009,
little need for change in the bank's strategy was needed due to
the liquidity crisis faced, as no significant deposits or
withdrawals were registered, and the bank already counted on a
good liquidity position due to the funding channel granted by the
FNO.

Banco da Amazonia is essentially focused on small rural producers
and small companies in northern Brazil.  Its operations are
concentrated in the so-called 'Legal Amazon' region, which
encompasses nine Brazilian states and approximately 23.6 million
inhabitants.  The bank also has branches in Brasilia, Porto Alegre
and Sao Paulo.


BANCO DO BRASIL: VisaNet Faces Antitrust Probe by Local Justice
---------------------------------------------------------------
Credit-card payment processor, Cia. Brasileira de Meios de
Pagamento (Visanet), is being investigated for possible anti-
competitive practices by the Brazilian Justice Ministry, Telma
Marotto and Iuri Dantas at Bloomberg News report.  Visa do Brasil
Empreendimentos Ltda. and Visa International Service Association
are also involved in the investigation, the ministry said in a
statement obtained by the news agency.

According to the report, the ministry, through Economic Law
Department (SDE) is assessing the exclusive right of VisaNet to
accredit businesses to accept cards carrying the Visa logo.  This
“practice” is against consumer interests and “substantially”
reduces competition in the industry, the ministry said in the
statement obtined by Bloomberg News.

The report relates SDE has suspended VisaNet’s exclusivity and
will allow other companies to accredit businesses to accept Visa-
branded cards as a preventive measure.  Visa International will
have 30 days to allow other companies to process transactions made
with Visa-branded cards, Ana Paula Martinez, director of Economic
Protection and Defense at the Justice Ministry told Bloomberg News
in a telephone interview.  “VisaNet’s exclusivity was blocking
competition in the system,” the report quoted Ms. Martinez as
saying.  “There are strong signs of anti- competitive actions.
Profits were being unjustly transferred from consumers,” Ms.
Martinez added.

Bloomberg News notes that VisaNet said it will cooperate with the
Justice ministry and assess making an appeal “at an opportune
moment” to challenge the allegations.

Headquartered in Brazil, Visanet is a credit-card networking-
services provider that is 40% controlled by Bradesco and 32% by
state-run Banco do Brasil SA.  The Brazilian subsidiary of Banco
Santander (STD), through its local ABN Banco Real unit, holds 14%,
while Visa International has 10% and other investors have 4%.

                     About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.

                     About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO DO BRASIL: Visanet to Make BRL328.3MM in Dividend Payments
----------------------------------------------------------------
Brazilian credit card services provider Companhia Brasileira de
Meios de Pagamento aka VisaNet said it will pay a total of
BRL328.3 million (US$180 million) in dividends until Aug. 31,
Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the company said it will pay BRL0.24 for
each outstanding share. The payment will be based on share
positions as of Aug. 4.

Headquartered in Brazil, Visanet is a credit-card networking-
services provider that is 40% controlled by Bradesco and 32% by
state-run Banco do Brasil SA.  The Brazilian subsidiary of Banco
Santander (STD), through its local ABN Banco Real unit, holds 14%,
while Visa International has 10% and other investors have 4%.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO MACRO: Posts Ps.163.2 Million Net Income in Second Quarter
----------------------------------------------------------------
Banco Macro SA disclosed its results for the second quarter ended
June 30, 2009.  All figures are in Argentine pesos (Ps.) and have
been prepared in accordance with Argentine GAAP.

   -- The Bank's net income totaled Ps.163.2 million.  This
      result was 1% higher than the Ps.161.0 million posted
      for the second quarter of 2008.  The annualized 2Q09
      ROAE and ROAA were 22.0% and 2.7%, respectively.

   -- In 2Q09, the Bank's net financial income was Ps.604.7
      million, increasing 52% year to year ("YoY").  In
      addition, Banco Macro's operating income rose 90% YoY to
      Ps.412.7 million.

   -- Banco Macro's financing to the private sector grew 2%
      quarter to quarter ("QoQ"), or Ps.181.6 million.
      Discounted documents, loans to SMEs and export-financing
      led QoQ loan book expansion.

   -- In 2Q09, total deposits grew 3% QoQ, totaling Ps.17.7
      billion and representing 80% of the Bank's liabilities.
      The quarterly deposit growth was led by a 15% increase
      in private sector current accounts.

   -- Banco Macro continued showing a strong solvency ratio,
      with an excess capital of Ps.1.9 billion (24.6%
      capitalization ratio) in 2Q09.  In addition, the Bank's
      liquid assets remained at a high level, reaching 55.3%
      of its total deposits.

   -- In 2Q09, the Bank's non-performing to total financing
      ratio reached 3.40% and the coverage ratio was 104.94%.

                      About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA  --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                          *     *     *

As of August 7, 2009, the company continues to carry Moody's B2
Foreign Currency LT Debt rating; Caa1 Foreign LT Bank Deposits
ratings; Ba1 Local LT Bank Deposits ratings; B2 Subordinate Debt
rating; and D Bank Financial Strength rating.  The company also
continues to carry Fitch ratings' B LT Issuer Default Ratings;B
Senior Unsecured Debt rating; CCC+ Subordinate Debt rating; B ST
Issuer Default Ratings; and D Individual rating.


GERDAU SA: Posts R$329 Million Net Loss in Second Quarter
---------------------------------------------------------
Gerdau S.A. disclosed consolidated results for the second quarter
of 2009.

   -- Net Loss was R$329 million in the second quarter of 2009.
      Excluding non-recurring effects, Net Income was R$467
      million.

   -- Crude Steel production increased 22% in the second
      quarter compared to the first quarter of 2009, reaching
      3.1 million tonnes.

   -- Sales totaled 3.4 million tonnes in the second quarter
      of 2009, 10% higher than in the previous quarter.

   -- Net Revenue reached R$6.4 billion in the second
      quarter of 2009.

   -- Second quarter of 2009 EBITDA reached R$595 million, at
      the same level of the previous quarter.  The EBITDA
      margin increased to 9.3% in the second quarter of 2009
      from 8.6% in the first quarter.

   -- Investment in fixed assets totaled US$149 million in
      the second quarter of 2009.

   -- Cash totaled R$6.3 billion in June 2009, increasing by
      R$772 million in the first half of 2009.

                     About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


GOL LINHAS: Cuts Chile-Brazil Flights as Demand Drops
-----------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
said it reduced its flights between Chile and Brazil to seven from
16 a week, as the global recession and the H1N1 flu have hit
demand, Antonio de la Jara of Reuters reports.  The repor relates
the airline said it is suspending weekend Santiago-Sao Paulo
flights run by its Varig unit and also its daily Santiago-Porto
Alegre flights.

According to the report, the airline will maintain one flight a
day between Chile's capital and Sao Paulo, with a stop in Buenos
Aires.

The report says Gol Linhas has also seen a sharp drop in
passengers to Argentina, the main foreign destination for the
airline, as Brazilians shied away from traveling to Argentina
because of warnings about the H1N1 flu virus.  The report notes
that over the past months the airline has cut flights to European
and North American and other South American destinations, but 90%
of its revenue comes from domestic routes.

                        About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. –- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As of May 19, 2009, the company continues to carry Moody's B1
long-term corporate family ratings.  The company also continues to
carry Fitch's B+ Issuer Credit Ratings and B Senior Unsecured
Rating and Preferred Stock ratings.


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


AMERICAN FEEDS: Members to Receive Wind-Up Report on September 3
----------------------------------------------------------------
The members of American Feeds Holding Limited will hold their
final meeting on September 3, 2009, 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 Guinnement
          95, Pasir Pajang Hill
          #04-05 The Ventana, Singapore 118893


BLUE SKY: Creditors' Proofs of Debt Due on August 24
----------------------------------------------------
The creditors of Blue Sky Wireless Ltd are required to file their
proofs of debt by August 24, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Chris Johnson
          PO Box 2499
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 946 0820


CDIB AUSTRALIA: Members to Receive Wind-Up Report on Aug. 20
------------------------------------------------------------
The members of CDIB Australia Investment Inc. will hold their
final meeting on August 20, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hsiu-Min Tseng
          c/o Citco Trustees (Cayman) Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


CDIB FRANCE: Members to Receive Wind-Up Report on Aug. 20
---------------------------------------------------------
The members of CDIB France Co. will hold their final meeting on
August 20, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hsiu-Min Tseng
          c/o Citco Trustees (Cayman) Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


FRANKEN BROTHERS: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------------
The creditors of Franken Brothers, Ltd. are required to file their
proofs of debt by August 20, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The ccmpany's liquidator is:

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


FRONTIER VII: Shareholders to Hear Wind-Up Report on August 21
--------------------------------------------------------------
The shareholders of Frontier VII Limited will hold their final
meeting on August 21, 2009, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LISTRAC INVESTMENT: Creditors' Proofs of Debt Due on August 20
--------------------------------------------------------------
The creditors of Listrac Investment Company, Ltd. are required to
file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The ccmpany's liquidator is:

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


MEDIA PARTNERS: Shareholders to Receive Wind-Up Report on Aug. 21
-----------------------------------------------------------------
The shareholders of Media Partners International Holdings Inc.
will hold their final meeting on August 21, 2009, at 2:10 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Wong Hon Chiu, Stephen
          Admiralty Centre, 22nd Floor, Tower 2
          18 Harcourt Road, Hong Kong


MEDIANATION INC: Shareholders to Receive Wind-Up Report on Aug. 21
------------------------------------------------------------------
The shareholders of Medianation Inc. will hold their final meeting
on August 21, 2009, at 2:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wong Hon Chiu, Stephen
          Admiralty Centre, 22nd Floor, Tower 2
          18 Harcourt Road, Hong Kong


SIVIK GLOBAL: Shareholder to Receive Wind-Up Report on August 21
----------------------------------------------------------------
The shareholder of Sivik Global Life Sciences Offshore will
receive on August 21, 2009, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Norman Schleifer
          Sivik Global Healthcare LLC
          733 Third Avenue, 18th Floor
          New York, NY 10017


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


* CHILE: Economy Grows 0.8% in June as Country’s Slump Eases
------------------------------------------------------------
Chile’s economy grew 0.8% in June from May signaling the country’s
slump may be easing, Sebastian Boyd at Bloomberg News reports.

According to the report, the central bank has sought to revive
growth this year by slashing its overnight interest rate 7.75
percentage points, and pledging to keep borrowing costs at a
record low, offering six-month loans at overnight interest rates.
The report relates the government is also tapping savings from a
boom in the price of copper to spend on tax cuts and subsidies
aimed at bolstering the economy.

Still, the report notes the economy contracted 4% in June from a
year earlier as prices for exports fell, consumer spending dried
up and a salmon virus ripped through the country’s fish farms.
The report says the country's gross domestic product contracted an
average of 4.4% in the three months through June, the second
straight year-on-year contraction.

Bloomberg News relates Rodrigo Aravena, an economist at Banchile
Inversiones, said quarter on quarter, the economy shrank at an
annualized pace of 2.3%, in line with the contraction in the first
quarter.


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


ISAGEN SA: To Sell Up to COP850 Billion of Securities
-----------------------------------------------------
Medellin-based state-owned power company, Isagen SA, will sell as
much as COP850 billion (US$427 million) of bonds in the local
market in the first week of September, Andrea Jaramillo at
Bloomberg News reports, citing Santander Investment Valores
Colombia SA, the brokerage managing the offering.

According to the report, an unnamed source said Isagen SA plans to
issue fixed-rate bonds as well as securities linked to Colombia’s
inflation rate and the interbank rate (DTF).  The securities will
have maturities of seven, 10 and 15 years, the source added.  The
report relates the company's shareholders approved plans in March
to sell up to COP1.2 trillion pesos of debt in local and
international markets.  The source, the report notes, said
September sale will likely be less than the maximum COP850 billion
amount set.

The debt sale plan and said the offering will take place at the
end of this month or the beginning of September, Isagen’s acting
Chief Financial Officer Juan Fernando Vasquez confirmed in an
e-mailed statement obtained by the news agency.

“There’s a lot of appetite for corporate bonds as local investors
look to diversify their portfolios to include other Colombia bonds
besides” government peso debt known as TES, the report quoted
German Verdugo, head analyst at Bogota-based brokerage Correval
SA, as saying.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency
Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the
company's foreign currency IDR at 'BB+'.  The Rating Outlook is
Stable.


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


GUYANA SUGAR: To Sell Hospitality Houses, Centers to Raise Funds
----------------------------------------------------------------
State-owned Guyana Sugar Corporation said it lost more than US$20
million last year due to persistent labor strikes and crop damage
from heavy rains, The Associated Press reports.

According to the report, Agriculture Minister Robert Persaud said
Guysuco will sell revenue-draining hospitality houses and
community centers to the government under a plan to help the
company turn profits again.  The report relates the company said
Wednesday that last year's production of 226,270 tons was its
lowest in a decade.

The AP says Guyana is one of of the countries in the Caribbean
region that continue to export sugar to the United States and
Europe.  The report notes Trinidad and St. Kitts both recently
abandoned the industry, blaming high production costs and cuts in
the European Union's prices for sugar imports.

As reported in the Troubled Company Reporter - Latin America on
January 19, 2008, Caribbean360 News said GuySuCo will make changes
in its organizational structure starting at the senior management
level.  Minister of Agriculture Robert Persaud, Caribbean Net News
related, said the shake-up had come at a time when reports and an
internal audit of the company pointed to instances of corruption
and wrongdoing at different levels.

                         About Guysuco

The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a
Guyanese sugar company owned by the government.  It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production.   They are also
notable of Demerara Sugar, and also honey and sweetners.


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


NATIONAL COMMERCIAL BANK: Blocks Credit Card Accounts in Arrears
----------------------------------------------------------------
National Commercial Bank Jamaica Limited has started to block
credit card accounts that are 15 days overdue, aiming to cut back
on bad debts caused by delinquent credit card holder, Julian
Richardson at The Jamaica Observer reports.  The report relates
that the new measures took effect on July 1.

Claudette Rodriquez, NCB assistant general manager, Card Services
and Electronic Channels, told the news agency that the initiative
is mutually beneficial for the bank and its customers, as it will
help to restrict impairment on the bank's loan portfolio, and also
assist clients with cash and debt management.  NCB has implemented
an alert to advise clients that a payment is due on their credit
card account, adding that "after the minimum balance payment is
made on the account, the restriction is removed by the end of the
day allowing the customer to once again have full access to the
available balance on the card," Mr. Rodriquez added.

The Observer says that the bank, at its financial year-end,
September 30, 2008, had JM$2 billion in impaired loans –- 2% of
the JM$83.8 billion in gross loans.  The report relates loans past
due but not impaired were JM$34.3 billion, or 41% of gross loans,
while loans neither past due nor impaired were JM$47.4 billion, or
57%.

              About National Commercial Bank Jamaica

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2009, Fitch Ratings has affirmed Jamaica-based National
Commercial Bank Jamaica Limited's ratings:

  -- Long-term local and foreign currency Issuer Default Ratings
     at 'B';

  -- Short-term foreign and local currency IDR at 'B';

  -- Individual at 'D';

  -- Support at 4;

  -- Support floor rating at 'B'.

The Rating Outlook is Negative.


JAMAICA: Likely Distressed Debt Exchange Cues S&P to Junk Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
foreign and domestic currency ratings on Jamaica to 'CCC+' from
'B-'.  S&P kept the recovery rating at '4'.  S&P also lowered the
T&C assessment to 'B' from 'B+'.  The outlook on the ratings
remains negative.

"The downgrade and the negative outlook reflect S&P's view that
Jamaica's vulnerable fiscal profile, combined with difficult
financing conditions, may compel the government to undertake a
debt exchange that S&P could regard as a distressed debt
exchange," said Standard & Poor's credit analyst Roberto Sifon
Arevalo.

Jamaica's fiscal accounts, which were already under pressure
before the international financial crisis started last September,
have deteriorated even further this year.  S&P project the
government borrowing requirement for the fiscal year 2009 (ending
March 31, 2010) to be 20% of GDP.  The debt profile is weak.
Variable-rate domestic debt constitutes 58% of total domestic
debt.  One-quarter of total domestic debt matures within one year.
One-half of gross government debt (external plus domestic) is
foreign-currency denominated or foreign-exchange indexed.  As a
result, general government interest is estimated at 60% of 2009
government revenue, up from 48% in 2008.

"We project that gross general government debt will rise to 120%
of GDP at fiscal year-end 2009," said Mr. Sifon Arevalo.  The
vulnerabilities in the government's debt profile may give it
incentives to negotiate with its creditors, particularly its
resident creditors, to extend maturities at below-market prices.
In the government's last debt issue, it placed two-year
debt at a 21% coupon.

"While the government's engagement with the IMF is a positive
effort to stabilize external pressures and going forward to
address the long-standing structural issues," added Mr. Sifon
Arevalo, "the negative outlook on the ratings signals the risk
that a debt exchange, if undertaken by the government, could be an
event of selective default under S&P's distress debt exchange
criteria."


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


CONSORCIO AVIACSA: Seeks Bankruptcy Protection from Creditors
-------------------------------------------------------------
Consorcio Aviacsa SA, a closely held Mexican regional airline,
filed for bankruptcy to gain protection from creditors and enter
into negotiations to refinance debt, Thomas Black at Bloomberg
News reports, citing Reforma newspaper.

According to the report, Reforma said that the bankruptcy petition
was presented to a court in the city of Monterrey on July 22, and
the judge requested more information six days later.  The report
relates that as of August 4, the petition hadn’t been approved.

Bloomberg News says Reforma said Aviacsa owes MXN292 million
(US$22.2 million) to Mexico’s tax authority as well as bank,
supplier and labor debts. In June, Mexico’s transportation
ministry suspended Aviacsa flights, saying the carrier didn’t meet
safety standards, the newspaper added.

                         About Aviacsa

Consorcio Aviaxsa, S.A. de C.V., is an airline-based in Monterrey,
Mexico.  It operates extensive domestic services radiating from
major hubs at Monterrey, Mexico City, Guadalajara and Leon and
international service to Las Vegas, Nevada in the USA.  The
airline was established on May 5, 1990 by the government of the
Mexican state of Chiapas in order to fulfill the transportation
needs of the fast-growing communities located in that state.


SIX FLAGS: Has US$121.6MM Loss for Q2; Hit by H1N1 in Mexico
------------------------------------------------------------
Six Flags, Inc., announced its consolidated operating results for
the second quarter and six months ended June 30, 2009.

                      Three Month Results

Total revenues of US$302.1 million decreased 13% from the prior-
year quarter's total of US$345.7 million, primarily reflecting
reduced attendance and guest spending.  Attendance for the quarter
was 8.0 million, down 8% from 8.6 million in the second quarter of
2008.  The attendance reduction was driven by a decline in group
sales, reflecting cutbacks in outings by companies, schools and
other organizations, as well as reduced complimentary and free
promotional tickets.  Mitigating the attendance loss for the
quarter was the timing of Easter, which fell in April of this year
and in March of last year.

Guest spending per capita of US$36.70 for the quarter was down 4%
from the prior-year quarter's per capita guest spending of
US$38.34, reflecting decreases in admissions, food and beverages,
games and merchandise.  Included in the reduced guest spending is
the impact of a weaker Mexican peso and Canadian dollar in the
current-year quarter, affecting U.S. dollar translated results for
the parks in Mexico City and Montreal.  Exchange rates accounted
for approximately one percentage point, or US$0.54, of the guest
spending per capita decline for the quarter compared to
the prior year quarter.

The second quarter was impacted by the overall negative
macroeconomic environment as well as the outbreak of the H1N1
"Swine" flu in Mexico, which resulted in the Mexico City park
being closed for thirteen days and also affected group outings at
the Texas parks due to school closures.  Adverse weather compared
to the prior-year quarter had an additional adverse effect on the
second quarter results.

Revenues for the quarter also were affected by a decline in
sponsorship, licensing and other fees of US$4.7 million compared
to the prior-year quarter, driven by lower international licensing
and other fees, partially offset by increased sponsorship
revenue.

Commenting on the Company's performance, Mark Shapiro, President
and Chief Executive Officer of Six Flags, Inc., said: "Our decline
in performance is a reflection of all that surrounds Six Flags --
a severe recession, a balance sheet restructuring process, the
swine flu pandemic, adverse foreign currency impact at our
international parks and miserable weather, particularly at our
east coast parks.  The trends of our July business have improved,
but nowhere near enough to put us back on pace to match last
year's full-season record setting performance."

Cash operating expenses for the quarter were down 4% to
US$230.5 million from US$239.7 million in the second quarter of
2008, reflecting decreased marketing expenses, due in part to the
timing of expenditures, lower cost of sales due to decreased in-
park revenues, and favorable currency impacts at the Mexico City
and Montreal parks.  Labor and benefits costs for the quarter
were slightly higher due to the impact of minimum wage increases
and an increased amount of cash-based compensation and benefits
expenses that were stock-based, and therefore non-cash expenses,
in the prior-year quarter.

Non-cash operating expenses of depreciation, amortization,
stock-based compensation and loss on disposal of assets increased
US$2.7 million, or 7%, in the current-year quarter to
US$39.4 million, compared with US$36.8 million in 2008, driven by
increased depreciation and loss on disposal of assets, partially
offset by reduced stock-based compensation and benefits expenses.

The Company's results from continuing operations decreased to a
loss of US$97.7 million compared with income of US$127.6 million
in the prior-year quarter.  The decrease of US$225.3 million
reflected a prior-year gain on debt extinguishment of
US$107.7 million, US$78.7 million of reorganization items
associated with the current-year quarter's chapter 11 filing of
Six Flags, Inc., and certain of its subsidiaries, US$37.1 million
reduction in income (loss) from operations due primarily to
reduced revenues partially offset by lower expenses, increased
other expense of US$16.7 million primarily reflecting the
termination of an interest rate swap, and US$11.7 million of
reduced net interest expense reflecting lower effective rates and
the write-off of discounts, premiums and deferred financing costs
and cessation of interest accruals on the Company's debt subject
to compromise as a result of the Chapter 11 filing of SFI and
certain subsidiaries on  June 13, 2009.  See Recent Developments
below.

The prior-year gain on debt extinguishment resulted from the
exchange of certain senior unsecured notes of SFI for new notes
of the SFI subsidiary Six Flags Operations, Inc.  The
US$78.7 million of reorganization items directly associated with
the chapter 11 cases consists of US$67.6 million of discounts,
premiums and deferred financing costs associated with debt subject
to compromise and the balance represents professional fees.

Adjusted EBITDA for the quarter decreased by US$31.3 million, or
36%, to $56.3 million compared to US$87.6 million for the prior-
year quarter, reflecting the impact of reduced revenues partially
offset by lower cash operating expenses.

                       Six Months Results

For the six months ended June 30, 2009, total revenues decreased
US$59.9 million, or 14%, to US$354.0 million from US$413.9 million
in the prior-year period, primarily reflecting reduced attendance
and guest spending.  Attendance for the First Half 2009 was
9.2 million, down 9% from 10.1 million in the first six months of
2008.

Reductions in group sales drove the decline in attendance along
with decreased complimentary and free promotional tickets.  Guest
spending per capita of US$36.44 for the First Half 2009 was down
5% from the prior-year period's guest spending per capita of
US$38.47, reflecting decreases in admissions, food and beverages,
games and merchandise.  Included in the reduced guest spending is
the impact of a weaker Mexican peso and Canadian dollar in the
current-year period, affecting the U.S. dollar translated results
for the parks in Mexico City and Montreal.  Exchange rates
accounted for approximately two percentage points, or US$0.83, of
the guest spending per capita decline for the First Half 2009
compared to the prior-year period.

The overall negative macroeconomic environment impacted the First
Half 2009 performance.  In addition, attendance in Mexico and
Texas was adversely affected by the second quarter outbreak
of the Swine flu.  Also contributing to the First Half 2009
attendance decline was the impact of adverse weather compared to
the prior-year period.

Revenues for the six months also were impacted by a decline in
sponsorship, licensing and other fees of $6.8 million compared to
the prior-year period, driven by lower international licensing and
other fees, partially offset by increased sponsorship revenue.

Cash operating expenses for the First Half 2009 were down 4% to
US$345.4 million from US$361.5 million in the first six months of
2008, reflecting decreased marketing expenses due in part to the
timing of expenditures, lower cost of sales due to decreased in-
park revenues, and favorable exchange rate impacts at the Mexico
City and Montreal parks. Labor and benefits costs for the six
months were slightly higher due to the impact of minimum wage
increases, increased costs related to the pension plan that was
frozen in March 2006 and an increased amount of cash-based
compensation and benefit expenses that were stock-based, and
therefore non-cash expenses, in the prior-year period.

Non-cash operating expenses of depreciation, amortization, stock-
based compensation and loss on disposal of assets decreased
US$0.7 million, or 1%, in the First Half 2009  to US$78.7 million,
compared with US$79.4 million in the 2008 period, driven by
decreased stock-based compensation and benefits expenses,
partially offset by increased depreciation and loss on disposal of
assets.

The Company's loss from continuing operations increased from
US$23.7 million in the prior-year period to US$237.5 million in
the six months ended June 30, 2009.  The increased loss of
US$213.8 million was driven by the prior-year debt extinguishment
gain of US$107.7 million, US$78.7 million of reorganization items
associated with the current-year quarter's chapter 11 filing of
SFI and certain of its subsidiaries, US$43.2 million reduction in
income (loss) from operations due primarily to reduced revenues
partially offset by lower expenses, increased other expense of
US$15.1 million reflecting the termination of an interest rate
swap, and US$20.9 million of reduced net interest expense
reflecting lower effective interest rates and the write-off of
discounts, premiums and deferred financing costs and cessation of
interest accruals on the Company's debt subject to compromise as
a result of the chapter 11 filing.

Adjusted EBITDA for the First Half 2009 was a loss of
US$4.6 million, a decrease of US$39.1 million from the Adjusted
EBITDA of US$34.5 million for the first six months of 2008,
reflecting the impact of reduced revenues partially offset by
lower cash operating expenses.

                      Recent Developments

On June 13, 2009, SFI, SFO, Six Flags Theme Parks Inc., and
certain of SFTP's domestic subsidiaries filed a voluntary
petition for relief under chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware (Case No. 09-12019).  As a result, the
financial statements reflect the Company's status as debtor in
possession since that date.

Commenting on the Company's restructuring, Mr. Shapiro
added:  "As promised, the restructuring of the Company's finances
has not affected our in-park product whatsoever.  Our new rides
and attractions are being very well received; we are diligently
containing costs; and our guest satisfaction scores are at
historic highs in the categories of 'overall satisfaction' and
'value for the money.'

"I am extremely pleased with the guest experience we're delivering
and the attitude, passion and dedication of our employees.  You'd
never believe we were in the midst of a financial reorganization
after spending a day in one of our parks."

"Further, our commitment to providing the best in quality
entertainment for the value-conscious family, close to home, is
and will forever be the signature of Six Flags."

"Our restructuring process and the nation's economic recession
will pass and Six Flags will emerge healthy and more energized on
the other end."

As of June 30, 2009, the Company had unrestricted cash of
US$128.8 million available to pay administrative claims (i.e.,
those capital expenditures and expenses that have been incurred
since the filing date) as well as liabilities from before the
filing date that have been approved for payment by the Court.
Based on the final orders by the Court with respect to the use of
cash, the Company does not currently expect it will require debtor
in possession financing during the Chapter 11 proceedings.

It is expected that the Company's existing common and preferred
stockholders as well as certain unsecured creditors will have
their claims compromised by order of the Court.  As a result of
this expected compromise, interest accruing after the filing date
will not be recognized as interest expense, except for interest on
the Company's Senior Secured Credit Facility dated May 25, 2007,
which is not expected to be compromised (although it is expected
to be replaced by the issuance of new debt and new common stock).

A full-text copy of Six Flag's financial results is available for
free at http://ResearchArchives.com/t/s?40a2

                        Six Flags, Inc.
                       Balance Sheet Data
                      As of June 30, 2009

Assets:
Cash and cash equivalents                      US$128,838,000
Total Assets                                    2,957,023,000

Current portion of long-term debt                 295,488,000
Long-Term debt (excluding current portion)        858,487,000

Redeemable non-controlling interests              373,469,000
Mandatory redeemable preferred stock              313,311,000

Total stockholders' deficit                      (635,942,000)


                        Six Flags, Inc.
                    Statement of Operations
            For the Three Months Ended June 30, 2009

Revenue                                          $302,078,000

Costs and expenses                                230,511,000
Depreciation                                       35,353,000
Amortization                                          234,000
Stock-based compensation                              602,000
Loss (gain) on disposal of assets                   3,227,000
                                                 ------------
Income (loss) from operations                      32,151,000

Interest expense (net)                             35,541,000
Equity in (income) loss from operations
of partnerships                                     (460,000)
Net (gain) on debt extinguishment                           -
Other expense                                      16,275,000
Income (loss) from continuing operations
before reorganization items and income taxes     (19,205,000)
Reorganization items                               78,725,000
Income (loss) from continuing operations
before income taxes                              (97,930,000)
Income tax benefit (expense)                          234,000
Income (loss) from continuing operations          (97,696,000)

Discontinued operations                              (948,000)
                                                -------------
Net income (loss)                                 (98,644,000)

Less: Net income attributable to non-
controlling interests                            (17,536,000)
                                                -------------
Net income (loss) attributable                   ($116,180,000)
to Six Flags, Inc.                              =============

Net income (loss) applicable to
Six Flags, Inc. common stockholders             ($121,616,000)
                                                 =============

                        Six Flags, Inc.
                  Statement of Free Cash Flow
            For the Three Months Ended June 30, 2009

Net income (loss)                                US$98,644,000
Discontinued operations                                948,000
Income tax (benefit) expenses                         (234,000)
Reorganization items                                78,725,000
Other expense                                       16,275,000
Net (gain) on debt extinguishment                            -
operations of partnerships                           (460,000)
Interest expense (net)                              35,541,000
Loss (gain) on disposal of assets                    3,227,000
Amortization                                           234,000
Depreciation                                        35,353,000
Stock-based compensation                               602,000
Third party interest in EBITDA
of certain operations                             (15,245,000)
                                                  ------------
Adjusted EBITDA                                     56,322,000

Cash Paid for interest (net) and
debt issuance costs                               (15,956,000)
Capital expenditures (net)                         (29,930,000)
Cash dividends and taxes                            (1,461,000)
                                                  ------------
Free Cash Flow                                      $8,975,000
                                                  ============

                       About Six Flags Inc.

Headquartered in New York City, Six Flags, Inc., is the world's
largest regional theme park company with 20 parks across the
United States, Mexico and Canada.

Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr.
D. Del. Lead Case No. 09-12019).  Paul E. Harner, Esq., Steven T.
Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings,
Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors'
lead counsel.  Daniel J. DeFranceschi, Esq., and L. Katherine
Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, act as local counsel.  Cadwalader Wickersham & Taft LLP,
serves as special counsel.  Houlihan Lokey Howard & Zukin Capital
Inc., serves as financial advisors, while KPMG LLC acts as
accountants.  Kurtzman Carson Consultants LLC serves as claims and
notice agent.  As of March 31, 2009, Six Flags had
US$2,907,335,000 in total assets and US$3,431,647,000 in total
liabilities.

Bankruptcy Creditors' Service, Inc., publishes Six Flags
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Six Flags Inc. and its
various affiliates.  (http://bankrupt.com/newsstand/or 215/945-
7000).


=======
P E R U
=======


DOE RUN PERU: Insolvent; to Begin Restructuring, Minister Says
--------------------------------------------------------------
Doe Run Peru is insolvent and will begin restructuring, Latin
American Tribune reports, citing Peruvian Energy and Mines
Minister Pedro Sanchez.  The report relates Mr. Sanchez said the
mining company will undergo a review by Peru’s Indecopi regulatory
agency that will allow it to restructure liabilities and become
viable.

“This is a viable solution provided under force majeure, to
protect the commitments to workers and so the accounts to pay
salaries and other things won’t be frozen,” the report quoted Doe
Run Peru general manager Juan Carlos Huyhua as saying.

According to the report, Doe Run representatives met with Mr.
Sanchez and other Energy and Mines Ministry officials to discuss
the company’s financial situation after the firm’s workers
accepted a deal under which they would receive 63% of normal pay
during a 90-day suspension of operations at the company’s smelter
east of Lima.

As reported in the Troubled Company Reporter-Latin America on
August 5, 2009, Reuters said Doe Run Peru owes some US$100 million
to its suppliers and needs to spend another US$150 million to
clean up La Oroya, which often ranks as one of the world's most
polluted sites.  Bloomberg News recalled the company shut all its
smelter operations after failing to reach an agreement with banks
and mining suppliers.  The report related Mining Federation
General Secretary Luis Castillo said the company, a unit of New
York Renco Group Inc., is unable to pay its 3,700 workers and has
no cash for metal supplies for its La Oroya zinc and lead smelter.

A TCRLA report on April 7, citing Bloomberg News, related that
Doe Run Peru’s zinc and lead smelter received a three-month
extension to complete planned environmental cleanup projects.  The
report related Doe Run Peru committed 100 percent of its
shares as a guarantee it will complete the clean-up after a
government- brokered deal to lend the company US$75 million and
provide US$100 million of concentrates after banks halted funding.

                           About Doe Run

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  It is a unit of U.S.-based Renco
Group.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


FIRSTBANK PUERTO RICO: Pinecrest Project Faces Foreclosure
----------------------------------------------------------
FirstBank Puerto Rico filed a foreclosure action against BF
Stritter Estates -- the co-developer of the Stritter Estates
residential project, in the southern Miami-Dade County town of
Pinecrest -- on July 22, South Florida Business Journal reports,
citing Miami-Dade County Circuit Court records.  The report
relates FirstBank Puerto Rico also added managing member Jose R.
Boschetti as defendant.

According to the report, the lawsuit concerns a mortgage, last
modified at US$8 million in September 2008, which covered 11 lots
zoned for single-family homes along Southwest 63rd Court, north of
Southwest 92nd Street.  The report notes each of the lots is 0.9
of an acre. No homes were built by BF Stritter.

However, the Journal relates co-developer Village of Pinecrest
Development has built several homes on its nine parcels there. It
is not a party to FirstBank’s foreclosure complaint, the reopr
says.

Miami attorney Frank J. Roza is representing FirstBank in the
case.

                          *     *     *

As reported in the Troubled Company Reporter on August 4, 2009,
Moody's Investors Service placed ratings of FirstBank Puerto Rico
on review for possible downgrade:

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently D+

  -- Issuer Rating, Placed on Review for Possible Downgrade,
     currently Ba2

  -- OSO Senior Unsecured OSO Rating, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Bank Note Program, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Deposit Rating, Placed on Review for
     Possible Downgrade, currently Ba1


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


* TRINIDAD AND TOBAGO: Economy Shrinks More Than 3% in 1Q 2009
--------------------------------------------------------------
Trinidad and Tobago's economy contracted by 3.3% in the first
quarter of this year as activity in the country's energy sector
declined 2%, Reuters reports, citing the Central Bank.

According to the report, a central bank economic bulletin said
crude oil production fell 4.1% on a year-on-year basis in the
first five months of the year, while natural gas output over the
same period increased by 3.3%.  The report relates Caribbean
economies have been reeling from the impact of the global economic
downturn, the country has also felt the squeeze of lower energy
prices over the last year.

In April, the report says Central Bank Governor Ewart Williams
said Trinidad and Tobago's economy was slowing more quickly than
expected and its GDP growth for 2009 would probably fall to 1%
from 3.5% in 2008.  The country is highly dependent on energy
revenues, which have slowed with the shutdown of some companies
and a decline in the export of energy products, the report says.

The report, citing the central bank, recalls, that in the final
quarter of 2008, activity in the energy sector dropped 4.3%, while
the overall economy contracted 1.1%.  The report notes that the
energy sector accounted for 58% of government revenues and 86% of
exports in 2008.

                           *     *     *

As reported by Troubled Company Reporter on Nov. 29, 2005, Fitch
Ratings assigned expected 'BB-' ratings to the pending issues of
Venezuelan government bonds maturing Feb. 6, 2016, and Dec. 9,
2020.

Fitch Ratings also upgraded on Nov. 14, 2006, the long-term
foreign currency and long-term local currency ratings of the
Bolivarian Republic of Venezuela to 'BB-' from 'B+'.  At the
same time, Fitch upgraded the country ceiling to 'BB-'.  The
short-term foreign currency rating is affirmed at 'B', and the
Outlook is Stable.


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


OVERSEAS LOCKET: Former Head to Appear in Court on August 12
------------------------------------------------------------
TCI-based Overseas Locket International Corporation former boss
David Smith is scheduled to appear in the Providenciales
Magistrates Court in the Turks and Caicos Islands on Tuesday,
August 12, on charges relating to fraud, theft and money
laundering, Radio Jamaica reports.

According to the report, Mr. Smith will appear in court as OLINT's
liquidators try to determine whether a pay out can be made to
clients of the failed investment scheme.

As reported in the Troubled Company Reporter-Latin America on
June 16, 2009, Caribbean Net News said Florida resident
Christopher Walker sued the several parties for their involvement
in (OLINT)'s operations.  The report related Mr. Walker, who is
claiming that he was defrauded in the company's “get-rich-quick
scheme”, is seeking US$2.4 million in damages.

According to the report, Mr. Walker's complaint involved these
defendants:

   -- Hallmark Bank & Trust Ltd;
   -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
   -- Overseas Locket International Corporation ("OLINT");
   -- OLINT Principal David Smith;
   -- Wayne Smith, David Smith's brother and an
      employee of OLINT;
   -- Turks and Caicos Islands Premier Michael Misick
   -- The Turks and Caicos Islands Investment
      Agency, which "encourages foreign investment in
      the Turks & Caicos Islands"; and
   -- MasterCard Worldwide and MasterCard International
      LLC, which provide card services to Hallmark Bank.

Caribbean Net News, citing an OffshoreAlert report, said OLINT
Corp. offered investors returns of up to 15% per month and
is believed to have raised at least US$350 million.  The report
recalled that the business moved to the Turks and Caicos Islands
after regulatory action forced it out of Jamaica in or around
March 2006.

A TCRLA report on June 10, citing Jamaica Observer, related the
winding up of Olint, was set to begin yesterday, June 9, following
with the appointment of a liquidator, Gemma Handy of the Jamaica
Observer reports.  However, the report noted that the move could
lead investors to be penniless as there are scant funds to return
their investments.  According to the report, Justice Richard
Williams said the amount of cash the Attorney General said is
available to repay creditors falls short of the quantity being
sought.  The Observer said Company boss David Smith was arrested
on suspicion of money laundering in July last year.  The report
related Mr. Smith's Providenciales home was raided and assets from
his two Island-based firms frozen amid investigations by the
country's Financial Crime Unit.  According to the report, Mr.
Smith will appear before court to face a string of fraud, two
counts of uttering forged documents, four counts of false
accounting; and two counts of theft.  However, Mr. Smith denied
all allegations and said he did not master any Ponzi-Scheme
operations.  The report related in January, the High Court refused
to lift the freeze order on Mr. Smith's assets.


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


CITGO PETROLEUM: PDVSA Agrees to Repay US$1-BB Loan From Firm
-------------------------------------------------------------
Petroleos de Venezuela agreed to begin repaying a US$1-billion
loan from its U.S. refining and marketing subsidiary Citgo
Petroleum Corp, made in December 2007, Erwin Seba at Reuters
reports.  "Payments will begin this month with the goal of
strengthening Citgo's financial position as a refiner and marketer
of petroleum products in the United States, the Gulf of Mexico and
the Caribbean," Citgo Corp said in a statement obtained by the
news agency.

According to the report, U.S. refiners have been hard hit by
declining demand for motor fuel in the recession and the shrinking
discount for normally cheaper heavy crude, which Citgo runs at its
three U.S. Plants.  The report relates Citgo said through the
repayment, PDVSA was "ratifying its support" of the subsidiary.

                       About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.

                            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
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


FERTINITRO FINANCE: Fitch Junks Rating on US$250 Mil. Bonds
-----------------------------------------------------------
Fitch Ratings has downgraded to 'CCC' from 'B-' FertiNitro Finance
Inc.'s US$250 million 8.29% secured bonds due 2020.  Fitch has
also placed the rating on Rating Watch Negative.

The rating action reflects FertiNitro's financial deterioration
since the last quarter of 2008.  The combination of weaker ammonia
and urea prices and lower than expected production levels have
contributed to FertiNitro's distressed financial position and
limited debt service capacity.  Based on Fitch's projections, the
project may not have enough cash available for the October debt
service payment.

The Watch Negative status reflects the uncertainty of FertiNitro's
ability to address its immediate short-term obligations.

Although FertiNitro made its April debt service payment as
scheduled, most of the debt service reserve account (DSRA) was
drawn.  As of June 2009 the DSRA holds only US$16.1 million, less
than 50% of the minimum required balance of six months debt
service.

According to Fitch projections, the debt service coverage for the
second half of 2009 is 0.6 times (x).  The decline from 2.0x
coverage in 2008 corresponds to a sharp decline in ammonia and
urea prices, lower operating performance, and increased capital
expenditures.  Urea sales account for 80% of the total project
revenues and urea prices fell from a high of US$693/metric ton
(MT) in August 2008 to a low of US$181/MT in June 2009.  In 2008
urea prices averaged US$416/MT, and in the first half of 2009,
prices have been on average US$226/MT.  These prices reflect the
blend of selling domestically at the official price of US$72.19/MT
per the May 2007 Decree, and of exporting at the international
market prices.  For ammonia, prices declined from a high of
US$852.48/MT in September 2008 to a low of US$81.60/MT in January
2009.  In 2008, ammonia prices averaged US$506/MT, and in the
first half of 2009, prices have been on average US$196/MT.

Also, Fitch views the continued reliance on FertiNitro to supply
the Venezuelan market as a concern.  As of June 2009, urea
shipments to Pequiven, the petrochemicals state-owned company, at
the official price of US$72.19 have been approximately 49,000 MT,
almost half of 2008 levels for the same period.  However,
FertiNitro estimated that 175,000 MT could be demanded by the
domestic market in 2009.

FertiNitro has not been able to demonstrate its ability to
consistently perform at steady production levels.  In 2008, the
ammonia trains produced at 77% of nameplate capacity, and the urea
trains produced at 74%, below 2007 levels (ammonia 83% and urea
81%).  Up to June 2009, the production vs.  nameplate capacity was
86% for ammonia and 80% for urea; and if compared with 2009 budget
production levels, ammonia production has been 97% and urea 91%.

It is uncertain whether FertiNitro will be able to sustain
production levels absent the critical repairs that are needed in
the coming months.  Capital expenditures (capex) in the first
semester of this year were almost double of budgeted levels, due
to critical equipment replacement.  Capex for the second semester
of 2009, which included new critical equipment, has already been
adjusted and deferred to 2010.  Hence, capital expenditures for
the second half of 2009 are estimated at US$13.6 million.

Recent legislative action has increased the uncertainty regarding
potential government intervention.  In June 2009, the Official
Gazette 39,203 for the Development of Petrochemical Activities
law, was approved by the Venezuelan National Assembly.  The law
gives the right to Pequiven to manage basic and intermediate
petrochemical activities related companies.  The right could be
executed directly by the state-owned company or via mixed
enterprises through which Pequiven decision making and
participation in the project could increase to at least 50%.  In
Fitch's opinion, the implementation of this law could further
increase government interventionism in the project.

FertiNitro, located in the Jose Petrochemical Complex in
Venezuela, ranks as one of the world's largest nitrogen-based
fertilizer plants, with nameplate daily production capacity of
3,600 MT of ammonia and 4,400 MT of urea.  It is owned 35% by a
Koch Industries, Inc. subsidiary, 35% by Pequiven, 20% by a
Snamprogetti S.p.A. subsidiary, and 10% by a Cerveceria Polar,
C.A. subsidiary.


PETROLEOS DE VENEZUELA: Agrees to Repay Loan From Citgo Subsidary
-----------------------------------------------------------------
Petroleos de Venezuela agreed to begin repaying a US$1-billion
loan from its U.S. refining and marketing subsidiary Citgo
Petroleum Corp, made in December 2007, Erwin Seba at Reuters
reports.  "Payments will begin this month with the goal of
strengthening Citgo's financial position as a refiner and marketer
of petroleum products in the United States, the Gulf of Mexico and
the Caribbean," Citgo Corp said in a statement obtained by the
news agency.

According to the report, U.S. refiners have been hard hit by
declining demand for motor fuel in the recession and the shrinking
discount for normally cheaper heavy crude, which Citgo runs at its
three U.S. Plants.  The report relates Citgo said through the
repayment, PDVSA was "ratifying its support" of the subsidiary.

                       About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.

                            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
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


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


* LATAM: Caribbean Leaders to Seek Debt Relief From Global Firms
----------------------------------------------------------------
Caribbean leaders will be asking for debt relief, when they meet
heads of international financial institutions next month, as one
of the measures to help their economies pull through the global
economic downturn, Caribbean360.com reports.  The report relates
this was one of the decisions taken at a meeting of a special
Prime Ministerial Task Force, led by Guyana President Bharrat
Jagdeo, which was set up by the Caribbean Community (CARICOM) to
craft appropriate responses to the impact of the crisis on the
region.

According to the report, the group of Heads will advocate for
sufficient resources to refinance some of the debt that some
member states already have.

"We are not seeking a write off, at this time, to a specific
amount of debt.  What we are seeking to do is to get these
institutions, in principle, to agree that middle income countries
of a particular kind and those can be found in our region, where
they have specific vulnerabilities, that they should be eligible
for multilateral debt relief," President Jagdeo was quoted by the
report as saying.  "They must also be eligible for financing, so
they can refinance some of the high cost, short-term debt,
President Jagdeo added."

The Task Force, the report notes, has completed a dossier on each
country, outlining the gaps that exist in each and where they plan
to seek their solutions.  The report relates President Jagdeo said
the task force recognizes that there is need for immediate action,
and that most countries will have to seek multilateral assistance,
including the IMF, as the level of resources needed does not exist
in the region.


                            ***********

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 2009.  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 * * *