/raid1/www/Hosts/bankrupt/TCRLA_Public/100209.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

        Tuesday, February 9, 2010, Vol. 11, No. 027

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Still Afloat Despite Unpaid Fees


A R G E N T I N A

TELECOM ARGENTINA: Shares Sell Cheap Amid Antitrust "Circus"


B A R B A D O S

FOUR SEASONS: Barbados Extends Loan; May Get 20% Stake in Project


B E R M U D A

CONSTANTIA CONSULTING: Creditors' Proofs of Debt Due on Feb. 12
CONSTANTIA CONSULTING: Members to Hear Wind-Up Report on March 3
INTERNAP (BERMUDA): Creditors' Proofs of Debt Due on Feb. 12
INTERNAP (BERMUDA): Members to Hear Wind-Up Report on March 3
WJ LIMITED: Creditors' Proofs of Debt Due on February 12

WJ Limited: Members to Hear Wind-Up Report on March 5


B R A Z I L

BANCO NACIONAL: Copasa to Obtain US$130M Financing From Bank
BRASIL FOODS: Rated New 'Hold' at Deutsche Bank on China Imports
EMBRAER: Designates 1st Phenom Service Center in California
GOL LINHAS: Posts January 2010 Traffic Figures


C A Y M A N  I S L A N D S

ADAMS SQUARE: Members Receive Wind-Up Report
AEROJASMINE HOLDINGS: Members Receive Wind-Up Report
ARCH ROCK: Members Receive Wind-Up Report
ARTIO TOTAL: Shareholders Receive Wind-Up Report
AQUAMARINE PROPERTIES: Members Receive Wind-Up Report

BATAVIA II: Members Receive Wind-Up Report
CALIBRE 2004-III: Members Receive Wind-Up Report
CARAMORE LIMITED: Shareholders Receive Wind-Up Report
COSTA BELLA: Shareholders Receive Wind-Up Report
COURAGE SPECIAL: Members Receive Wind-Up Report

DAHLIA SPECIAL: Members Receive Wind-Up Report
DIAMOND PROPERTIES: Members Receive Wind-Up Report
DILLON READ: Members Receive Wind-Up Report
DRAWBRIDGE RV: Members Receive Wind-Up Report
FORT DUQUESNE: Shareholders Receive Wind-Up Report

FURLONG SYNTHETIC: Members Receive Wind-Up Report
JOHNSON DIVERSEY: Members Receive Wind-Up Report
KEHOE BEACH: Members Receive Wind-Up Report
LIBERTAS PREFERRED: Shareholders Receive Wind-Up Report
OCTANS I CDO: Shareholders Receive Wind-Up Report

ROSE SPECIAL: Members Receive Wind-Up Report
RUBY PROPERTIES: Members Receive Wind-Up Report
STACK 2005-2: Members Receive Wind-Up Report
STACK 2006-2: Members Receive Wind-Up Report
STANFIELD VOLANTE: Members Receive Wind-Up Report

TIGRIS CDO: Shareholders Receive Wind-Up Report
TAUNTON CDO: Members Receive Wind-Up Report
TOWER HILL: Members Receive Wind-Up Report
UBS INTERNATIONAL: Members Receive Wind-Up Report


C O L O M B I A

* COLOMBIA: Nomura Cuts 2010 GDP Growth Forecast to 3%


D O M I N I C A N  R E P U B L I C

* DOMININCAN REPUBLIC: Venezuela Becomes Country's Major Creditor
* DOMININCAN REPUBLIC: Gets US$100 Million Credit Line From IDB


E C U A D O R

* ECUADOR: Posts US$8.4 Million Trade Deficit in December


H A I T I

* HAITI: FOMIN Grants US$3 Million to Help Local Partners


J A M A I C A

AIR JAMAICA: No More Sale Updates Until April
AIR JAMAICA: Workers Protest In-House Sale of Airline
CABLE & WIRELESS: LIME's Owners Predict Hard Times Ahead


M E X I C O

CHIQUITA BRANDS: Judge Rules Families Can Proceed With Suit
FUNDACION INTEGRAL: S&P Withdraws 'BB-/B' Global Scale Rating
GMAC MEXICANA: Moody's Affirms Short-Term National Scale Rating
IXE BANCO: Fitch Affirms 'C/D' Ratings; Changes Outlook to Stable


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Execs Resignations Change Nothing


V E N E Z U E L A

BANESCO BANCO: Fitch Upgrades Individual Rating to 'D'
PETROLEOS DE VENEZUELA: Refinery Marks Record Figure on Oil Mngt
* VENEZUELA: Names New Minister for State-Run Banks
* VENEZUELA: Is Dominican Republic's Major Creditor


X X X X X X X X

* Large Companies With Insolvent Balance Sheets





                         - - - - -


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


STANFORD INT'L: Still Afloat Despite Unpaid Fees
------------------------------------------------
Vantis Business Recovery Services, the UK company involved in the
recovery of the assets of Robert Allen Stanford in Antigua, is
insisting that it's not in any financial trouble, although it is
owed significant amounts of money related to the liquidation of
Stanford International Bank Limited, Caribbean360.com reports.

According to the report, Vantis Chief Executive Officer Paul
Jackson, while confirming that there was outstanding money owed,
said that it is not reliant on receiving those funds.  "When
Vantis plc took on the SIBL case, we were aware that it would be a
protracted and demanding task.  We had expected to receive fees
sooner, but it became clear there would be delays some time ago
and the absence of fees being received in the six months to 31st
October 2009 as recently reported was not a surprise," the report
quoted Mr. Jackson as saying.  "Vantis remains a secure business,
its business advisory and business recovery divisions are both
profitable and cash generative," he added.

SIBL Liquidator Hamilton-Smith, the report notes, said that his
main concern remained for the creditors of SIBL on whose behalf he
and Wastell continue to work.  "Misinformation pertaining to our
company is unhelpful and only acts to cause unnecessary
distraction," the report quoted Mr. Hamilton-Smith as saying.

The report, citing a company statement, notes that further
communications regarding asset recovery are expected to be issued
within the next few days.

As reported in the Troubled Company Reporter-Latin America on
February 8, 2010, Caribbean360.com said that Business
Recovery appears to be facing cash flow problems because SIBL
hasn't been paid for its work in the Stanford matter.  According
to the report, the firm's interim results released have revealed
that auditors Ernst & Young warned that uncertainties from
receiving funds from its work at Stanford, plus cash flow and cost
reduction initiatives, put doubt on its ability to continue as a
"going concern".  The report elated that the lack of payment has
contributed to Vantis' first-half pre-tax loss of GBP10.7 million
(US$16.9 million), compared to the GBP4.5 million (US$7.1 million)
it recorded a year earlier.

                            About Vantis

Vantis Business Recovery Services --- http://www.vantisplc.com/--
- is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                    About Stanford International Bank

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

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

The U.S. Securities and Exchange Commission, on Feb. 17, 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
=================


TELECOM ARGENTINA: Shares Sell Cheap Amid Antitrust "Circus"
------------------------------------------------------------
James Attwood and Drew Benson at Bloomberg News report that
Telecom Argentina SA's decline over the past two years pushed the
stock to the cheapest valuation among its peers in Latin America,
a signal to some analysts that government antitrust allegations is
keeping investors away.  The shares fetch 5.7 times estimated 2010
earnings, the lowest level for telecommunications companies in the
region, data compiled by Bloomberg show.  The report relates that
the company traded at an average 18 times profit over the past
four years.

According to the report, Telecom Argentina dropped 20% since the
government began an investigation in October 2007, more than the
benchmark Merval's 3.4% loss, on concern President Cristina
Fernandez de Kirchner will seize the company or force Telecom
Italia SpA, a main shareholder, to sell its stake at a below-
market price.  That's pushed the stock lower than warranted by its
profit outlook, said Guido Bizzozero, an analyst at Allaria
Ledesma y Cia, the report notes.  "The circus surrounding the sale
doesn't affect the company's numbers," Mr. Bizzozero told the news
agency in an interview.  "The stock is still cheap," he added.

Bloomberg News, citing Allaria Ledesma estimates, says that
Telecom Argentina's profit will increase 41% this year, after the
company paid debt, lowering expenses.  Adjusted earnings per share
will rise 34 percent this year, according to the average forecast
among analysts surveyed by Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
Dow Jones Newswires related that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                       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 January 12, 2010, 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 A R B A D O S
===============


FOUR SEASONS: Barbados Extends Loan; May Get 20% Stake in Project
-----------------------------------------------------------------
Barbados is bailing out the troubled Four Seasons luxury-resort
development on the island, Dow Jones Newswires reports.  The
report relates that construction of the project stalled a year ago
as financing dried up and sales of its private villas slowed,
after initially attracting a cast of celebrity buyers.

According to the report, in a bid to salvage jobs, the government
of Barbados agreed to guarantee a US$60 million loan from a
Caribbean bank to help restart construction.  The report says that
in return for the guarantee, the government ultimately will end up
with a 20% equity stake in the project.  However, Dow Jones
Newswires points out that if the developer defaults, Barbadian
taxpayers will get stuck with the loan.

The report notes that while US$60 million is small in comparison
with the hundreds of billions of dollars spent on bailouts in the
U.S., it is a big commitment for a nation whose government revenue
totaled just US$549 million last year.

The Barbadian project, the report discloses, is one of several
hotels in the Four Seasons Hotels & Resorts chain that have run
into trouble amid the current slump.  The report relates that the
chain runs 83 hotels that carry its brand, but doesn't own any of
them.  It makes money by charging their owners management and
branding fees, the report adds.

For Barbados, the report says, stepping in to backstop the Four
Seasons loan was a final, dramatic solution as two previous
efforts by the resort's developers to land new financing had
failed.

Dow Jones Newswires relates that the new loan from Caribbean bank
Ansa McAL Merchant Bank will go mostly toward paying off a
previous US$31.5 million loan from Bank of Scotland used to buy
the resort's 32-acre site.

                         About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com-- manages some
75 luxury hotels and resorts in more than 30 countries. Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.


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


CONSTANTIA CONSULTING: Creditors' Proofs of Debt Due on Feb. 12
---------------------------------------------------------------
The creditors of Constantia Consulting Ltd. are required to file
their proofs of debt by February 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 27, 2010.

The company's liquidator is:

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


CONSTANTIA CONSULTING: Members to Hear Wind-Up Report on March 3
----------------------------------------------------------------
The members of Constantia Consulting Ltd. will receive, on
March 3, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 27, 2010.

The company's liquidator is:

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


INTERNAP (BERMUDA): Creditors' Proofs of Debt Due on Feb. 12
------------------------------------------------------------
The creditors of Internap (Bermuda) Limited are required to file
their proofs of debt by February 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 28, 2010.

The company's liquidator is:

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


INTERNAP (BERMUDA): Members to Hear Wind-Up Report on March 3
-------------------------------------------------------------
The members of Internap (Bermuda) Limited will receive, on
March 3, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 28, 2010.

The company's liquidator is:

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


WJ LIMITED: Creditors' Proofs of Debt Due on February 12
--------------------------------------------------------
The creditors of WJ Limited are required to file their proofs of
debt by February 12, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 27, 2010.

The company's liquidator is:

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


WJ Limited: Members to Hear Wind-Up Report on March 5
-----------------------------------------------------
The members of WJ Limited will receive, on March 5, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on January 27, 2010.

The company's liquidator is:

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


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


BANCO NACIONAL: Copasa to Obtain US$130M Financing From Bank
------------------------------------------------------------
The board of Brazilian water utility Companhia de Saneamento de
Minas Gerais (Copasa), has approved a financing worth BRL244.6
million (US$130 million) from Banco Nacional de Desenvolvimento
Economico e Social SA, Rogerio Jelmayer at Dow Jones Newswires
reports.  The report relates that the financing still must be
approved by shareholders through a general assembly on
February 23.

According to the report, Copasa, controlled by the government of
Minas Gerais state, did not unveil details of the financing.

BNDES loans, the report notes, are offered at lower interest rates
than private banks.  The report relates that the loans are
calculated in accordance with the government's long-term interest
rate (TJLP), which is 6%, plus an average spread of 2%.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                           *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


BRASIL FOODS: Rated New 'Hold' at Deutsche Bank on China Imports
----------------------------------------------------------------
Laura Price at Bloomberg News reports that BRF Brasil Foods SA was
initiated with a "hold" recommendation at Deutsche Bank AG, which
said that the company may benefit from Chinese anti- dumping
tariffs on U.S. poultry imports.

According to the report, citing Deutsche Bank analyst Jose Yordan,
Brasil Foods may add BRL342 million (US$182 million) of sales if
it captures 35% of import volumes lost to the U.S.  Bloomberg News
relates that Mr. Yordan said in his report that the amount
represents about 1.5 percent of projected 2010 sales.

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


EMBRAER: Designates 1st Phenom Service Center in California
-----------------------------------------------------------
Empresa Brasileira de Aeronautica SA has named Clay Lacy Aviation
(CLA) as the Company's authorized service center for the Phenom
100 and Phenom 300 jets in Southern California. Located at Van
Nuys Airport, in the Los Angeles Basin, CLA is one of the most
prominent, well-established corporate aviation service providers
in the world.

"With the appointment of this new support base, Embraer has met
the need for Phenom authorized service in the Southern California
market," said Scott Kalister, Embraer Vice President, Customer
Support, USA, Canada, Mexico and the Caribbean - Executive Jets.
"Clay Lacy's reputation as a premier executive aviation provider
and its location at Van Nuys Airport make it an ideal choice for
the support of our Phenom jet customers."

Operating from their 8-acre (32,400-square meter) facility, CLA
has one of the largest Federal Aviation Administration (FAA)
Diamond Award and Class III and IV certified maintenance repair
stations in the western U.S. Five large hangars are available
to Phenom 100 and Phenom 300 customers who will be offered
inspections, scheduled and unscheduled maintenance, paint
touchups, and interior shop services.

"We are excited to work with Embraer, whose creativity and
experience brought the Phenom to the market in a timely manner, at
a very competitive price and with a performance greater
than originally specified," said Clay Lacy, founder and CEO of
CLA. "We see this as an opportunity to strengthen our relationship
with one of the premier aviation manufacturers in the world, since
we already operate its aircraft."

A total of 64 Phenom jets are currently registered with the FAA.
The entry level Phenom 100 has been operating in North America
since December 2008.  The Phenom 300, which was certified in
December 2009, is also flying in the region.  The certification
results for both cleansheet, state-of-the-art aircraft boast
significant improvements in runway length, range, speed, and fuel
consumption.

                       About Clay Lacy Aviation

Founded in 1968 as the first executive jet charter service in the
western United States, CLA has set the standard for corporate
aviation services.  Founder and president Clay Lacy has
personally flown 2,500 air-to-air photo flights for commercials,
television, and feature films.

                         About Embraer SA

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB?Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2010, Bloomberg News said that Empresa Brasileira de
Aeronautica S.A. expects its share of the global market for
regional jets seating as many as 120 passengers to fall
to 40% from 54% within five years.  According to a TCRLA report on
Feb. 23, 2009, citing Bloomberg News, Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


GOL LINHAS: Posts January 2010 Traffic Figures
----------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
posted its preliminary traffic figures for December 2009.
Management Comments In January, demand on GOL's route network grew
by 32.1% over the same period last year (31.4% in the domestic
market and 36.9% in the international market), the second
consecutive month to record a year-on-year upturn.  The key factor
behind the upturn was the improved economic scenario in Brazil and
South America, especially in regard to consumer confidence, and
GOL's strategic positioning in its operational markets, based on:
(i) high flight frequency between main airports; (ii) high
productivity; (iii) punctuality; (iv) exemplary customer service;
(v) dynamic fare management, rewarding clients who schedule their
trips in advance with lower fares, encouraging demand and reducing
the number of available seats on flights where advanced booking is
rare; (vi) a wide cost advantage; and (vii) the revitalization of
SMILES, Latin America's largest mileage program, with more than
6.6 million participants and over 150 commercial partners.

Specifically in regard to the international market, the increase
in demand was also due to adjustments to the international route
network, which now includes new routes from Brazil to Caribbean
with flights to Aruba and Curacao, the integration of GOL's and
VRG's reservation systems in January 2009 and the repositioning of
the sales channels in 2009, including the opening and renovation
of airport stores abroad in order to adjust them to GOL's business
model and the client profile of the location in question.  Demand
grew by 8.5% over December 2009 (5.3% in the domestic market and
35.3% in the international market), due to the same factors that
resulted in the year-on-year upturn.  The international market
growth drivers also included the 19.1% appreciation of the Real
against the Dollar over January 2009, which was a key factor that
contributed positively to this growth, and the new Caribbean
routes, which reached their sales peak in January.  As a result,
the Company delivered a total load factor of 77.9% in January 2010
(77.3% in the domestic market and 81.8% in the international
market), and the international market was 24.5 percentage points
more than the 57.3% recorded in January 2009, and 11.5 percentage
points up on the 70.3% registered in December 2009.  Increase of
31.4% in domestic demand, driven by the favorable economic
scenario and GOL's differentiated strategic positioning in its
operational markets.

GOL has been maintaining its disciplined strategy of expanding
capacity in order to maximize its operating result.  In January
2010, the company increased its domestic capacity by 20.6%, while
demand moved up by 31.4%.  This strategy was clearly more
effective in the international market, where GOL reduced its
capacity by 4.1%, while demand climbed by 36.9%.  Yields
maintained their gradual recovery pace, averaging more than
R$19.00 cents in January.  (1) Available seat kilometers (ASK) is
the sum of the products obtained by multiplying the number of
seats available on each flight stage by the distance of the
average flight stage.  (2) Revenue passenger kilometers (RPK) is
the sum of the products obtained by multiplying the number of
revenue passengers carried on each flight stage by the average
stage distance.  (3) Load factor is the percentage of aircraft
seating capacity effectively used, which is calculated by dividing
the number of passenger-kilometers flown by the number of seat-
kilometers available.

                         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 reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

-- Foreign and Local Currency long-term Issuer Default Ratings
    at 'B+';

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

-- US$200 million perpetual notes at 'B/RR5';

-- US$200 million senior notes due 2017 at 'B/RR5'.


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


ADAMS SQUARE: Members Receive Wind-Up Report
--------------------------------------------
The members of Adams Square Funding I, Ltd. received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AEROJASMINE HOLDINGS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Aerojasmine Holdings Limited received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ARCH ROCK: Members Receive Wind-Up Report
-----------------------------------------
The members of Arch Rock Limited received, on January 14, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARTIO TOTAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Artio Total Return Bond (Cayman) Fund Ltd
received, on December 29, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914-8686/ (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


AQUAMARINE PROPERTIES: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Aquamarine Properties Corporation received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BATAVIA II: Members Receive Wind-Up Report
------------------------------------------
The members of Batavia II Credit Card Corporation Limited
received, on January 14, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CALIBRE 2004-III: Members Receive Wind-Up Report
------------------------------------------------
The members of Calibre 2004-III, Ltd. received, on January 12,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CARAMORE LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Caramore Limited received, on December 28,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8236
         Facsimile: (345) 949-7120


COSTA BELLA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Costa Bella CDO Ltd. received, on January 8,
2010, 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


COURAGE SPECIAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Courage Special Situations Erisa Fund, Ltd.
received, on January 14, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DAHLIA SPECIAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Dahlia Special Shareholder, Limited received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DIAMOND PROPERTIES: Members Receive Wind-Up Report
--------------------------------------------------
The members of Diamond Properties Corporation received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DILLON READ: Members Receive Wind-Up Report
-------------------------------------------
The members of Dillon Read Financial Products Fund Ltd. received,
on January 14, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


DRAWBRIDGE RV: Members Receive Wind-Up Report
---------------------------------------------
The members of Drawbridge RV Plus Master Fund Ltd. received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


FORT DUQUESNE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Fort Duquesne CDO 2006-1, Ltd. received, on
January 8, 2010, 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


FURLONG SYNTHETIC: Members Receive Wind-Up Report
-------------------------------------------------
The members of Furlong Synthetic ABS CDO 2006-1, Ltd. received, on
January 12, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JOHNSON DIVERSEY: Members Receive Wind-Up Report
------------------------------------------------
The members of Johnson Diversey Cayman, Inc received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


KEHOE BEACH: Members Receive Wind-Up Report
-------------------------------------------
The members of Kehoe Beach Limited received, on January 14, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LIBERTAS PREFERRED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Libertas Preferred Funding IV, Ltd. received,
on January 8, 2010, 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


OCTANS I CDO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Octans I CDO Ltd. received, on January 8,
2010, 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


ROSE SPECIAL: Members Receive Wind-Up Report
--------------------------------------------
The members of Rose Special Shareholder, Limited received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RUBY PROPERTIES: Members Receive Wind-Up Report
-----------------------------------------------
The members of Ruby Properties Corporation received, on January
14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STACK 2005-2: Members Receive Wind-Up Report
--------------------------------------------
The members of Stack 2005-2 Ltd. received, on January 8, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


STACK 2006-2: Members Receive Wind-Up Report
--------------------------------------------
The members of Stack 2006-2 Ltd. received, on January 12, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


STANFIELD VOLANTE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Stanfield Volante CLO, Ltd. received, on January 8,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


TIGRIS CDO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Tigris CDO 2007-1, Ltd. received, on January
8, 2010, 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


TAUNTON CDO: Members Receive Wind-Up Report
-------------------------------------------
The members of Taunton CDO Limited received, on January 14, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TOWER HILL: Members Receive Wind-Up Report
------------------------------------------
The members of Tower Hill III CDO, Ltd. received, on December 30,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


UBS INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of UBS International Investment Holdings received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


* COLOMBIA: Nomura Cuts 2010 GDP Growth Forecast to 3%
------------------------------------------------------
Robert Jameson of Bloomberg News reports that Nomura Securities
International lowered its 2010 economic growth forecast for
Colombia to 3% from a previous 3.3%.

According to the report, Normura also lowered its year-end
forecast for Colombia's overnight interest rate to 4.5% from a
previous 5%.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.


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


* DOMININCAN REPUBLIC: Venezuela Becomes Country's Major Creditor
-----------------------------------------------------------------
Venezuela has become Dominican Republic's major creditor with more
than 50% of the country's bilateral debt and approximately 16% of
the total debt, The Dominican Today reports.  The report relates
that according to Treasury Ministry statistics the jump in
prevalence of Venezuelan credits within the Dominican national
debt began in 2005 with the application of the Petrocaribe oil
agreement, which provides the country soft financing on part of
the fuel imports from the South American nation.

According to the report, the debt stemming from the Petrocaribe
agreement, granted at a 25 year term, two of grace period and a
preferential one percent annual interest rate, has surpassed the
country's financial commitments with sovereign bonds issued,
reached US$1.23 billion in November last year.  The report notes
that the country's debt from the Petrocaribe agreement began in
2005 with US$159.5 million, which was 2.3% of the total national
debt that year, and the following year rose to US$448.8 million.
It reached US$707.2 million for 2007 and US$1.23 billion in 2008,
or 14.8 percent of the country's financial commitments, the report
says.

The Domnincan Today notes that as the Dominican debt from the oil
agreement increases so has Venezuela's proportion in assuming a
leadership among the nation's bilateral creditors.

Venezuela, the report says, was owed US$194.51 million that year,
which included US$159.2 million from Petrocaribe, or 2.28%.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Country ceiling at 'B+';
-- Short-term foreign currency IDR at 'B';
-- Senior unsecured debt at 'B'.


* DOMININCAN REPUBLIC: Gets US$100 Million Credit Line From IDB
---------------------------------------------------------------
The Dominican Republic will improve performance and effectiveness
in elementary and secondary education with a US$100 million
conditional credit line for investment projects approved by the
Inter-American Development Bank, which includes an initial US$50
million loan.

Under the program, large elementary and secondary schools will
increase instruction time, improve grade advancement rates,
alleviate classroom overcrowding in low-income districts, and
boost reading, writing, and mathematics learning achievements in
the first cycle of elementary schools.

In order to achieve these goals, the funds will finance
construction of 34 fully-equipped secondary schools, each with an
average 14 classrooms; refurbishing work at more than 200
elementary schools; and stocking of 3,000 individual classroom
libraries with 80 book titles each.

They will also help provide training for 10,000 teachers at
preschool level and grades 1, 2, and 3, and for hundreds of
district specialists and school principals in math teaching, early
literacy, strengthening of curriculum contents, and educational
assessment.  The Bank's loan will also support management and
administration training for school authorities.

The loan is for a 25-year term, including a five-year grace
period, at a LIBOR-based interest rate.  The Government of the
Dominican Republic will provide US$10 million in local counterpart
funds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Country ceiling at 'B+';
-- Short-term foreign currency IDR at 'B';
-- Senior unsecured debt at 'B'.


=============
E C U A D O R
=============


* ECUADOR: Posts US$8.4 Million Trade Deficit in December
---------------------------------------------------------
Ecuador posted a trade deficit of US$8.4 million in December,
compared with a deficit of US$555 million in the same month of
2008, Mercedes Alvaro at Dow Jones Newswires reports, citing the
Central Bank.  The report relates that Ecuador posted a trade
deficit of US$54 million in November.

According to the report, the central bank reported that exports
grew 58% to US$1.42 billion in December from US$900 million in the
same month of 2008; while imports were 2% to US$1.43 billion in
December from US$1.46 billion reported in December of 2008.

Dow Jones Newswires notes that the central bank added that exports
of oil products totaled US$828 million in December, or 58% of the
total, while non-petroleum products reached US$594 million.  The
report relates that Ecuador posted a trade deficit of US$332
million last year compared with a surplus of US$910 million in the
previous year.

Last year, the report recalls, to stave off the effects of the
global financial crisis, the government increased trade tariffs
and established new tariffs for imported products.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


=========
H A I T I
=========


* HAITI: FOMIN Grants US$3 Million to Help Local Partners
---------------------------------------------------------
IDB Fund focuses on projects that provide employment outside of
Port-au-Prince and starts planning future projects focusing in
microfinance, remittances, housing, training for job insertion,
and small business productive activities

FOMIN, the Multilateral Investment Fund of the Inter-American
Development Bank, has set up a US$3 million line of financing to
help its executing agency partners-the government agencies or
private firms carrying out FOMIN projects-reopen for business as
soon as possible and has established a shortened set of approval
procedures for its projects in Haiti during the next 12 months.

Both actions were taken by FOMIN at a donors committee meeting on
Jan. 22.  "Responding to the devastating earthquake in Haiti is a
top priority for us," said FOMIN General manager Julie T. Katzman.

Although 75 percent of FOMIN's projects in Haiti are being
implemented outside of Port-au-Prince and were largely unharmed by
the Jan. 12 earthquake, most of the entities in charge of the
projects are headquartered in the city.  They have all suffered
substantial losses and needed additional support to restart
operations and keep the projects running to benefit their 340,000
participants.

The Haiti-FOMIN coordination team immediately started an initial
damage assessment of its executing agency partners in Haiti, both
past and present, to determine what they lost, what they need, and
where FOMIN can help.  "The focus is on getting executing agencies
back to business as soon as possible wherever it makes sense,"
added Katzman.

FOMIN's immediate action included a major focus on restoring
financial services for the poor.  FOMIN played a major role in
catalysing the US government's assistance in airlifting US$2
million into Haiti for local microfinance institution Fonkoze so
they could restart the flow of remittances throughout the country.

To help restore the microfinance and remittances sectors as a
whole, FOMIN's Access to Finance team, together with other donors,
is developing a support facility, called the Haitian Emergency
Liquidity Program.  HELP will provide grants and capital to
qualified Haitian microfinance institutions.

FOMIN's actions are being taken in coordination with those of the
IDB Group as a whole, under a new Bank-wide IDB task force created
to help plan and coordinate the reconstruction in Haiti along with
the Haitian government, other multilateral organizations, and
donors.

The IDB is Haiti's biggest source of financing and debt relief.
The Bank's portfolio in the country consists of programs for a
total of over US$700 million, of which US$122 million worth of
grants were approved in 2009.

In 2009, the Bank granted the country US$511 million in debt
relief, and is considering a mechanism to further alleviate
Haiti's remaining debt with the institution. Since 2007, all IDB
financing for Haiti has been provided with grants, not loans.


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


AIR JAMAICA: No More Sale Updates Until April
---------------------------------------------
Jamaica Finance Minister Audley Shaw said that negotiations with
Trinidad and Tobago's national airline, Caribbean Airlines, remain
on target but no announcement will come before his 2010/2011
Budget presentation scheduled to begin on April 1,
Caribbean360.com reports.  The report relates that Mr. Shaw also
sought to make it clear that the negotiations with Caribbean
Airlines was government's focus now and not the recent bid put in
by the Jamaica Airline Pilots Association.

According to the report, Mr. Shaw said the pilots had come too
late, noting that the government only received a business plan
from the group within the last few days.

The report notes that Mr. Shaw revealed that there was also
another expression of interest in the purchase of Air Jamaica from
another overseas entity, but because it came late it was not being
considered either.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


AIR JAMAICA: Workers Protest In-House Sale of Airline
-----------------------------------------------------
A small group of placard-bearing protestors are standing in front
of the Air Jamaica Limited offices on Harbour Street in Kingston
calling for Government to sell the airline to its staff, GO-
Jamaica News reports.

According to the report, Vice president of the National Workers
Union, Granville Valentine, said that the workers are intent on
sending a strong signal to the government.  The report relates
that Mr. Valentine said that the Air Jamaica workers are willing
to increase the pressure on the government if it ignores the
appeal of the staff.

As reported in the Troubled Company Reporter-Lastin America on
Febury 5, 2010, RadioJamaica said that the Jamaica Airline Pilots
Association is to make a last ditch bid for control of Air Jamaica
Limited.  The report related that JALPA is to select an equity
partner who will provide it with funding in the event that it gets
the nod from the government to acquire the national airline.
According to the report, JALPA said that three local and foreign
equity partners are jostling for selection.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


CABLE & WIRELESS: LIME's Owners Predict Hard Times Ahead
--------------------------------------------------------
As Cable and Wireless plc seeks court and shareholder approval for
a demerger that will see the group split in two segments, the
board is still projecting that C&W International will bring in
EBITDA of US$900 million, Jamaica Observer reports.  However, the
report relates, that C&W's board believes that trading continues
to be challenging within the Caribbean, where it operates under
the name LIME.

"[While] we are holding market share, lower usage by customers and
more aggressive price promotions means that revenue and EBITDA
continue to trend in line with the first half of 2009/10," the
report quoted Cable & Wireless as saying.  "We believe that the
market conditions within the Caribbean region will remain
difficult through the remainder of this year and into next," the
company added.

C&W, the report says, hopes to get approval from shareholders and
the court on February 25, 2010 for the demerger, which will result
in separate public listings for Cable &  Wireless Worldwide plc
("Worldwide") and Cable & Wireless Communications Plc
("Communications"), the new name for Cable & Wireless
International (CWI).  The report relates that the demerger is
expected to complete and trading to start in the shares of the two
companies by the end of March 2010.

The Observer notes that the demerger will facilitate financing of
the two separate entities including US$500 million of new credit
facilities already secured for C&W Communications and the proceeds
from US$500 million bond offering.  The report adds that at the
end of the demerger, Cable & Wireless Communications Plc will be
chaired by Sir Richard Lapthorne, who is the current chairman of
C&W PLC, the existing CEO and CFO of C&W International -- Tony
Rice and Tim Pennington -- will keep their roles in C&W
Communications.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


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


CHIQUITA BRANDS: Judge Rules Families Can Proceed With Suit
-----------------------------------------------------------
U.S. District Judge Kenneth Marra has ruled that the families of a
Florida-based missionary group whose loved ones were kidnapped and
murdered by a Colombian-based rebel group can proceed with their
lawsuit accusing Chiquita Brands International of supporting a
terrorist organization, Palm Beach Post reports.

According to the report, attorney Jim Green, Esq., who is
representing Colombian residents who were tortured by another
terrorist group that received money from the company, was very
pleased with outcome in court.  The report relates that the ruling
only affects a lawsuit filed on behalf of the families of five who
were kidnapped while working for the Sanford-based New Tribes
Mission. However, the report says, Attorney Green said that he
expects a similar ruling in five other cases that accuse Chiquita
of being responsible for the murders of hundreds of Colombians.

The report points out that while Chiquita Brands admitted it paid
terrorist groups to protect its workers, it claimed it didn't
order the executions of innocent civilians.  Therefore, it argued,
it can't be held responsible, the report relates.

"It is not necessary that [the families] allege that Chiquita
either planned, intended, or even knew about the particular act,"
Judge Marra wrote in a note obtained by the news agency.  "The
factual allegations of the (lawsuit) detailing extensively
coordinated secret payments and fraudulent concealment,
sufficiently support an inference of the conspiracy between
Chiquita and (the terrorist group)," he added.

In 2007, the report recalls, Chiquita Brands pleaded guilty to
doing business with a terrorist organization and agreed to pay a
US$25 million fine.

The Posts says that Judge Marra's ruling only allows the lawsuit
to continue.  Attorney Green, the report adds, said that it will
be as long as two years before the case is argued in court.

                        About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's pricipal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                          *     *     *

As reported in September 7, 2009, Standard & Poor's Ratings
Services said it raised its ratings on Cincinnati, Ohio-based
Chiquita Brands International Inc. by one notch, including the
corporate credit rating to 'B' from 'B-'.  The outlook is stable.
About US$695 million of debt was outstanding as of June 30, 2009.


FUNDACION INTEGRAL: S&P Withdraws 'BB-/B' Global Scale Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'BB-
/B' global scale and its 'mxBBB/mxA-3' national scale counterparty
credit ratings on Fundacion Integral Comunitaria A.C.  S&P
withdrew these ratings because the company is evaluating whether
to continue the ratings process.  FINCA Mexico has no rated debt
outstanding.

FINCA Mexico is a microfinance company that focuses on granting
credit to urban and rural low-income families.  Approximately 95%
of its portfolio is in group loans.


GMAC MEXICANA: Moody's Affirms Short-Term National Scale Rating
---------------------------------------------------------------
Moody's de Mexico affirmed the MX-4 short term Mexican National
Scale debt rating assigned to GMAC Mexicana, S.A. de C.V. SOFOL's
short term Certificados Bursatiles.  This rating is at the lowest
level on Moody's Mexican National Scale.

The rating affirmation follows Moody's rating action on parent
company GMAC, Inc.'s ratings (senior unsecured rating was upgraded
to B3 from Ca).

GMAC Mexicana's debt rating is based on an irrevocable and
unconditional guarantee provided by GMAC Inc. which serves as
credit substitution.

The last rating action on GMAC Mexicana was on June 10, 2009, when
Moody's affirmed the company's MX-4 Mexican National Scale short
term debt rating.

The short term Mexican National Scale rating of MX-4 indicates
that issuer has a below average ability to repay short term senior
unsecured debt obligations relative to other domestic issuers.

This rating was affirmed:

* GMAC Mexicana, S.A. de C.V. SOFOL's short term debt rating for
  Certificados Bursatiles on the Mexican National Scale of MX-4


IXE BANCO: Fitch Affirms 'C/D' Ratings; Changes Outlook to Stable
-----------------------------------------------------------------
Fitch has affirmed the ratings of Ixe Banco and revised the Rating
Outlook to Stable from Negative.

The outlook revision reflects Fitch's view that Ixe has adequately
faced the tough recent operating environment, maintaining good
asset quality, sound capital levels and ample liquidity, which are
also the major drivers of the bank's ratings.  Slightly improving
economic conditions and somewhat better prospects for an eventual
recovery of its weak core profitability were also factored in.
The ratings also consider Ixe's relatively limited loss absorption
capacity, modest business and risk diversification, as well as the
challenges associated to continued loan growth and business
diversification.

Given its focus on corporate lending and wealthier segments of
individuals, Ixe has maintained better-than-peers asset quality
metrics; although Fitch considers that there is still room for
some deterioration.  Since 2007, the bank's operating performance
has been weak, underpinned by a relatively aggressive expansion in
its branch network and modest net interest margins.  Going
forward, the confluence of slower loan growth and a gradually
improving environment should provide some relief to core earnings,
but Fitch expects operating and recurring profitability to remain
relatively low, but positive in the near future.  Liquidity is
sound, while the internal capital generation remains weak.

Fitch affirms Ixe's ratings:

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

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

  -- Individual rating at 'C/D';

  -- Support rating at '5';

  -- Support rating floor at 'NF';

  -- US$120 million junior subordinated perpetual securities at
     'B+';

  -- Long-term national-scale rating at 'A(mex)';

  -- Short-term national-scale rating at 'F1(mex)'.

The Rating Outlook is revised to Stable from Negative.


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


CL FINANCIAL: Execs Resignations Change Nothing
-----------------------------------------------
Linda Hutchinson-Jafar at Jamaica Gleaner reports that the
resignations of two top executives from CL Financial group last
month-end has not affected the restructuring and audit of the
conglomerate now under the control of the Trinidad and Tobago
government.  "We are working on things.  The resignations have not
had any adverse impact on the restructuring.  Things are being
looked after," the report quoted CL Financial chairman Dr. Shafeek
Sultan-Khan, who heads a government-appointed board of directors,
as saying.

"It must be remembered that we functioned even when we did not
have a chief executive officer for the first six months of our
assignment, so nothing's been affected," the report quoted Mr.
Sultan-Khan as saying.  "We continue to perform our function in a
smooth way and we have been interviewing people," he added.

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Trinidad Express said that CL Financial Limited
board member, Michael Carballo, has joined the list of top CL
executives who have been exiting the financially embattled holding
company.  The report related that Mr. Carballo will be replaced by
Winston Millet, who will assume the duties of group CFO
immediately.  According to a TCRLA report on January 14, 2010,
citing The Guardian News, CL Financial's interim Chief Executive
Officer, Steve Bideshi, is leaving after the Government failed to
come to terms with him with regard to a three-year compensation
package.  Mr. Bideshi was in the CEO position for six months.

The Gleaner notes that Winston Millett, who served in senior
finance positions at several state-controlled companies
previously, has replaced Mr. Carballo.

                         About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) 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 Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
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.


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


BANESCO BANCO: Fitch Upgrades Individual Rating to 'D'
------------------------------------------------------
Fitch Ratings has upgraded the Individual Rating of the Venezuela-
based Banesco Banco Universal to 'D' from 'D/E' and revised the
Outlook of its Long-Term Issuer Default Ratings to Stable from
Negative.  Fitch has affirmed the other ratings:

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

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

  -- Support at '5';

  -- Long-term National rating at 'A-(ven)';

  -- Short-term National rating at 'F-2(ven)';

  -- Support Floor at 'NF'.

The upgrade of BBU's Individual Rating and Outlook revision are
driven by the stabilization of its still modest capital ratios,
the control of its asset quality ratios in an environment of lower
economic growth and higher government intervention, and the
enhancement of its credit risk tools.  The Rating Outlook for the
long-term IDR is Stable.  Downside risk for BBU's ratings would
stem from a decrease on its capital and asset quality ratios in an
environment of meager profits.

BBU ratings reflect its relative size in Venezuela, well-
established franchise, fair asset, quality and diversified
customer base.  However, the ratings are hindered by the bank's
still low capitalization and profitability ratios and the negative
effects of government intervention over the bank business.

After three years of almost a two-fold increase on its loan
portfolio, BBU's lending activities have slowed to reflect market
trends, while past due loans have increased due to the natural
seasoning of the portfolio, a less benign operating environment,
and the sizable credit card portfolio of the bank.  Impaired loans
remained moderate below 2% at June 30, 2009, but growing; while
loan loss reserves remain tight at just 106% of total PDLs.
Further deterioration of the loan portfolio cannot be ruled out;
hence, loan loss provisioning should expand accordingly.

Interest rate and fee control result in severe limitations that
limit the capacity to expand BBU's revenue sources.  Nonetheless,
BBU has been able to capitalize on its good franchise to preserve
its spreads and expand its other operating income (partly thanks
to the trading profits of its large investment portfolio).
Despite the former, an increasing burden of operating costs and
loan loss provisioning have affected BBU's profitability, with its
1H'09 return to average assets ratio falling to just 1.6%, the
lowest level among large banks in Venezuela.  The expected
increase on loan loss provisioning and the sticky nature of BBU's
expense structure will make it difficult to recover those ratios
considering the limitations imposed by the operating and
regulatory environment.

Capital ratios are below the average for comparable entities;
while the issuance of short-term non-deferrable preferred shares
(9% of reported equity at June 30, 2009) has no equity content,
according Fitch methodologies.  As such, the equity-to-assets
ratio was just 7.5% at June 30, 2009, while its Fitch Eligible
capital ratio was 12%.  Even when the bank complies with local
minimum capital requirements, the room to maneuver is limited,
particularly considering the recent downturn on its profitability.
At the end of June 2009, BBU remains Venezuela's largest bank in
terms of funds under management (assets plus investment funds),
with a market share of 11.81%.  BBU's capital is directly or
indirectly controlled by Banesco Holding (79%), which is majority
owned by Juan Carlos Escotet, its founder.


PETROLEOS DE VENEZUELA: Refinery Marks Record Figure on Oil Mngt
----------------------------------------------------------------
The Oil Storage and Lifting Terminal "Jose Antonio Anzoategui"
(TAECJAA), affiliated to PDVSA East Refining, began 2010 by
registering a record figure on the crude oil management and
delivery of above 41 million barrels during the month of January.

This report, considered the highest, even before the merger in
2008 of former marine terminals Platform TAECJ and Monoboya of
TOJ, was possible thanks to the volume increased from the oil
handled in 2009.

According to the reports from the General Management of the East
Refinery, 452 ships were attended last year and over 424 million
barrels of oil were handled in these marine terminals.  From this
figure, 21 shipments were sent to cover the requirements for the
international markets of India and China.

The new businesses that Petroleos de Venezuela SA has established
with these Asian countries led in 2009 to ship 20 million barrels
of crude oil to India and 14 million 930 thousand 614 to meet the
demand in China.

This record of 41 million 169 thousand 670 barrels registered in
January, exceeded for 2 million 304 thousand 207 the figure
recorded during the same period last year, so it is estimated that
this year the records will be 424 million higher than those of
2009, due to increased number of vessels.

According to the company, in this way it will continue to meet the
crude oil requirements for the established export markets and the
new markets, which in 2009 had a hydrocarbons demand exceeding of
172 million quality barrels of Merey 16 ø API, 129 million barrels
of crude Mesa and 120 million barrels of upgraded crude oil
belonging to the joint ventures Petropiar, Petrocede¤o and
Petromonagas.

                            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+/R


* VENEZUELA: Names New Minister for State-Run Banks
------------------------ --------------------------
Venezuelan President Hugo Chavez named a new minister for state-
run banks following a shake-up of his cabinet ministers last
month, Ana Isabel Martinez and Eyanir Chinea at Reuters report,
citing the Official Gazette.

According to the report, Humberto Ortega, former chief of the
government deposit insurance fund, will be in charge of an
expanding state-controlled bank sector, bolstered by the
nationalization since late November of 11 small banks on grounds
including mismanagement and insolvency.  The report relates that
Mr. Ortega will also run Banco de Venezuela, which Spain's Grupo
Santander sold to the government in a US$1.05 billion deal signed
last July.

Mr. Ortega, the report notes, was treasurer for state-run oil
company PDVSA in 2003 and director of the state agency that sells
foreign exchange under the Chavez government's exchange control
system that pegs the dollar at a fixed rate.

As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised."  The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.  The four bank, Dow Jones Newswires said, were owned
by businessman Ricardo Fernandez Barrueco who was jailed on
charges of illegally using depositors' money and faces up to 10
years in jail.

                             *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.


* VENEZUELA: Is Dominican Republic's Major Creditor
---------------------------------------------------
Venezuela has become Dominican Republic's major creditor with more
than 50% of the country's bilateral debt and approximately 16% of
the total debt, The Dominican Today reports.  The report relates
that according to Treasury Ministry statistics the jump in
prevalence of Venezuelan credits within the Dominican national
debt began in 2005 with the application of the Petrocaribe oil
agreement, which provides the country soft financing on part of
the fuel imports from the South American nation.

According to the report, the debt stemming from the Petrocaribe
agreement, granted at a 25 year term, two of grace period and a
preferential one percent annual interest rate, has surpassed the
country's financial commitments with sovereign bonds issued,
reached US$1.23 billion in November last year.  The report notes
that the country's debt from the Petrocaribe agreement began in
2005 with US$159.5 million, which was 2.3% of the total national
debt that year, and the following year rose to US$448.8 million.
It reached US$707.2 million for 2007 and US$1.23 billion in 2008,
or 14.8 percent of the country's financial commitments, the report
says.

The Domnincan Today notes that as the Dominican debt from the oil
agreement increases so has Venezuela's proportion in assuming a
leadership among the nation's bilateral creditors.

Venezuela, the report says, was owed US$194.51 million that year,
which included US$159.2 million from Petrocaribe, or 2.28%.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Country ceiling at 'B+';
-- Short-term foreign currency IDR at 'B';
-- Senior unsecured debt at 'B'.


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

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                Total
                                Total        Shareholders
                                Assets          Equity
Company        Ticker          (US$MM)         (US$MM)
-------        ------         ------------     -------


ARGENTINA

SCDPF US   SOC COMERCIAL PL    113091441.2  -254639574.1
SDAGF US   SNIAFA SA-B         11489328.24  -840226.1187
APDSF US   AUTOPISTAS SOL      351681166.9  -2858782.096
CAD IX     SOC COMERCIAL PL    113091441.2  -254639574.1
CVVIF US   SOC COMERCIAL PL    113091441.2  -254639574.1
CADN EO    SOC COMERCIAL PL    113091441.2  -254639574.1
SCPDS LI   COMERCIAL PL-ADR    113091441.2  -254639574.1
COME AR    SOC COMERCIAL PL    113091441.2  -254639574.1
CADN SW    SOC COMERCIAL PL    113091441.2  -254639574.1
COMEB AR   COMERCIAL PLA-BL    113091441.2  -254639574.1
COMEC AR   COMERCIAL PL-C/E    113091441.2  -254639574.1
COMED AR   COMERCIAL PLAT-$    113091441.2  -254639574.1
SNIA AR    SNIAFA SA           11489328.24  -840226.1187
SNIA5 AR   SNIAFA SA-B         11489328.24  -840226.1187
AUSO AR    AUTOPISTAS SOL      351681166.9  -2858782.096
IMPTQ US   IMPSAT FIBER NET      535007008     -17165000
330902Q GR IMPSAT FIBER NET      535007008     -17165000
XIMPT SM   IMPSAT FIBER NET      535007008     -17165000
IMPT AR    IMPSAT FIBER-CED      535007008     -17165000
IMPTC AR   IMPSAT FIBER-C/E      535007008     -17165000
IMPTD AR   IMPSAT FIBER-$US      535007008     -17165000
IMPTB AR   IMPSAT FIBER-BLK      535007008     -17165000

BRAZIL

IMBI1 BZ   DOC IMBITUBA-RTC    114896167.4  -16783228.37
IMBI2 BZ   DOC IMBITUBA-RTP    114896167.4  -16783228.37
81370Z BZ  TELECOMUNICA-ADR    244018546.2   -6054999.05
FTRX1 BZ   FABRICA TECID-RT    66779266.69  -50394386.07
PRMN3B BZ  PROMAN              13403496.63  -173711.3081
TEKAY US   TEKA-ADR            237436193.6  -360484909.9
BMBBF US   BOMBRIL             289000173.9    -166589140
CBRZF US   TELEBRAS-PF RCPT    244018546.2   -6054999.05
TKTQF US   TEKA                237436193.6  -360484909.9
TKTPF US   TEKA-PREF           237436193.6  -360484909.9
REIC US    REII INC               16631180      -1448544
RPMG1 BZ   PET MANG-RIGHTS     97015785.16  -251755220.1
RPMG2 BZ   PET MANG-RIGHTS     97015785.16  -251755220.1
RPMG9 BZ   PET MANG-RECEIPT    97015785.16  -251755220.1
RPMG10 BZ  PET MANG-RECEIPT    97015785.16  -251755220.1
TRES3 BZ   MMX MINERACAO        1018389001  -160218400.5
MMXMY US   MMX MINERACA-GDR     1018389001  -160218400.5
SNST3 BZ   SANESALTO           27381496.74    -870175.96
CEED3B BZ  CEEE-D               1090886627  -15249815.85
CEED4B BZ  CEEE-D-PREF          1090886627  -15249815.85
BDFCE US   B&D FOOD CORP          16631180      -1448544
BOBR2 BZ   BOMBRIL-RGTS PRE    289000173.9    -166589140
BOBR1 BZ   BOMBRIL-RIGHTS      289000173.9    -166589140
XMM CN     MMX MINERACA-GDR     1018389001  -160218400.5
TBH-W US   TELEBRAS/W-I-ADR    244018546.2   -6054999.05
3M11 GR    MMX MINERACA-GDR     1018389001  -160218400.5
MILK11 BZ  LAEP-BDR            446499199.2  -70952298.93
LEAP LX    LAEP INVESTMENTS    446499199.2  -70952298.93
MMXCF US   MMX MINERACAO        1018389001  -160218400.5
BLDR3 BZ   BALADARE            144928980.8  -33970462.85
TXRX1 BZ   TEXTEIS RENAU-RT    58969047.84  -91550951.89
TXRX2 BZ   TEXTEIS RENAU-RT    58969047.84  -91550951.89
TXRX9 BZ   TEXTEIS RENA-RCT    58969047.84  -91550951.89
TXRX10 BZ  TEXTEIS RENA-RCT    58969047.84  -91550951.89
TELB9 BZ   TELEBRAS SA-RT      244018546.2   -6054999.05
GASC4 BZ   GASCOIGNE EMP-PF     1123596482  -536003485.6
GASC3 BZ   ALL MALHA PAULIS     1123596482  -536003485.6
MRLM4 BZ   CIA PETROLIF-PRF    377602195.2  -3014291.724
MRLM3 BZ   CIA PETROLIFERA     377602195.2  -3014291.724
CEED3 BZ   CEEE-D               1090886627  -15249815.85
NOVA3 BZ   NOVA AMERICA SA        21287489  -183535527.2
NOVA4 BZ   NOVA AMERICA-PRF       21287489  -183535527.2
PRMN3 BZ   PROMAN              13403496.63  -173711.3081
BDFC US    B&D FOOD CORP          16631180      -1448544
CEED4 BZ   CEEE-D-PREF          1090886627  -15249815.85
TELB3 BZ   TELEBRAS SA         244018546.2   -6054999.05
TLBRON BZ  TELEBRAS SA         244018546.2   -6054999.05
TBASF US   TELEBRAS SA         244018546.2   -6054999.05
TELB4 BZ   TELEBRAS SA-PREF    244018546.2   -6054999.05
TLBRPN BZ  TELEBRAS SA-PREF    244018546.2   -6054999.05
TBAPY US   TELEBRAS-ADR        244018546.2   -6054999.05
TBRAY GR   TELEBRAS-ADR        244018546.2   -6054999.05
RCTB4 AR   TELEBRAS-CEDE PF    244018546.2   -6054999.05
RCT4C AR   TELEBRAS-CED C/E    244018546.2   -6054999.05
RCT4D AR   TELEBRAS-CEDEA $    244018546.2   -6054999.05
RCT4B AR   TELEBRAS-CEDE BL    244018546.2   -6054999.05
TBH US     TELEBRAS-ADR        244018546.2   -6054999.05
TBX GR     TELEBRAS-ADR        244018546.2   -6054999.05
RTB US     TELEBRAS-ADR        244018546.2   -6054999.05
TBASY US   TELEBRAS-ADR        244018546.2   -6054999.05
TELB10 BZ  TELEBRAS-RCT PRF    244018546.2   -6054999.05
RCTB1 BZ   TELEBRAS-RTS CMN    244018546.2   -6054999.05
RCTB2 BZ   TELEBRAS-RTS PRF    244018546.2   -6054999.05
TCLP1 BZ   TELEBRAS-RTS CMN    244018546.2   -6054999.05
TLCP2 BZ   TELEBRAS-RTS PRF    244018546.2   -6054999.05
TELB1 BZ   TELEBRAS-COM RT     244018546.2   -6054999.05
RCTB31 BZ  TELEBRAS-CM RCPT    244018546.2   -6054999.05
TELE31 BZ  TELEBRAS-CM RCPT    244018546.2   -6054999.05
RCTB33 BZ  TELEBRAS-RCT        244018546.2   -6054999.05
TBRTF US   TELEBRAS-CM RCPT    244018546.2   -6054999.05
RCTB32 BZ  TELEBRAS-CM RCPT    244018546.2   -6054999.05
RCTB41 BZ  TELEBRAS-PF RCPT    244018546.2   -6054999.05
TELE41 BZ  TELEBRAS-PF RCPT    244018546.2   -6054999.05
RCTB42 BZ  TELEBRAS-PF RCPT    244018546.2   -6054999.05
TELB4 AR   TELEBRAS-CEDE PF    244018546.2   -6054999.05
TEL4C AR   TELEBRAS-CED C/E    244018546.2   -6054999.05
RCTB30 BZ  TELEBRAS-CM RCPT    244018546.2   -6054999.05
RCTB40 BZ  TELEBRAS-PF RCPT    244018546.2   -6054999.05
TBAPF US   TELEBRAS-PF RCPT    244018546.2   -6054999.05
TLBRUO BZ  TELEBRAS-RECEIPT    244018546.2   -6054999.05
TLBRUP BZ  TELEBRAS-PF RCPT    244018546.2   -6054999.05
TELB30 BZ  TELEBRAS-BLOCK      244018546.2   -6054999.05
TELB40 BZ  TELEBRAS-PF BLCK    244018546.2   -6054999.05
TEL4D AR   TELEBRAS-CEDEA $    244018546.2   -6054999.05
ARLA3 BZ   ARTHUR LANGE        11642255.92  -17154461.86
ALICON BZ  ARTHUR LANGE SA     11642255.92  -17154461.86
ARLA4 BZ   ARTHUR LANGE-PRF    11642255.92  -17154461.86
ALICPN BZ  ARTHUR LANGE-PRF    11642255.92  -17154461.86
ARLA1 BZ   ARTHUR LANG-RT C    11642255.92  -17154461.86
ARLA2 BZ   ARTHUR LANG-RT P    11642255.92  -17154461.86
ARLA9 BZ   ARTHUR LANG-RC C    11642255.92  -17154461.86
ARLA10 BZ  ARTHUR LANG-RC P    11642255.92  -17154461.86
ARLA11 BZ  ARTHUR LAN-DVD C    11642255.92  -17154461.86
ARLA12 BZ  ARTHUR LAN-DVD P    11642255.92  -17154461.86
BOBR3 BZ   BOMBRIL             289000173.9    -166589140
BOBRON BZ  BOMBRIL CIRIO SA    289000173.9    -166589140
BOBR4 BZ   BOMBRIL-PREF        289000173.9    -166589140
BOBRPN BZ  BOMBRIL CIRIO-PF    289000173.9    -166589140
BMBPY US   BOMBRIL SA-ADR      289000173.9    -166589140
BMBBY US   BOMBRIL SA-ADR      289000173.9    -166589140
BUET3 BZ   BUETTNER             97710630.4  -46681943.42
BUETON BZ  BUETTNER SA          97710630.4  -46681943.42
BUET4 BZ   BUETTNER-PREF        97710630.4  -46681943.42
BUETPN BZ  BUETTNER SA-PRF      97710630.4  -46681943.42
BUET1 BZ   BUETTNER SA-RTS      97710630.4  -46681943.42
BUET2 BZ   BUETTNER SA-RT P     97710630.4  -46681943.42
CAFE3 BZ   CAF BRASILIA        20168618.46    -728730286
CSBRON BZ  CAFE BRASILIA SA    20168618.46    -728730286
CAFE4 BZ   CAF BRASILIA-PRF    20168618.46    -728730286
CSBRPN BZ  CAFE BRASILIA-PR    20168618.46    -728730286
CAMB3 BZ   CAMBUCI SA          91527757.19  -26705142.99
CAMBON BZ  CAMBUCI SA          91527757.19  -26705142.99
CAMB4 BZ   CAMBUCI SA-PREF     91527757.19  -26705142.99
CAMBPN BZ  CAMBUCI SA-PREF     91527757.19  -26705142.99
CXDOF US   CAMBUCI SA-PREF     91527757.19  -26705142.99
CCHI3 BZ   CHIARELLI SA        22274026.77  -44537138.21
CCHON BZ   CHIARELLI SA        22274026.77  -44537138.21
CCHI4 BZ   CHIARELLI SA-PRF    22274026.77  -44537138.21
CCHPN BZ   CHIARELLI SA-PRF    22274026.77  -44537138.21
IMBI3 BZ   DOC IMBITUBA        114896167.4  -16783228.37
IMBION BZ  DOCAS IMBITUBA      114896167.4  -16783228.37
IMBI4 BZ   DOC IMBITUB-PREF    114896167.4  -16783228.37
IMBIPN BZ  DOCAS IMBITUB-PR    114896167.4  -16783228.37
SCLO3 BZ   SCHLOSSER           11745600.44   -75930514.2
SCHON BZ   SCHLOSSER SA        11745600.44   -75930514.2
SCLO4 BZ   SCHLOSSER-PREF      11745600.44   -75930514.2
SCHPN BZ   SCHLOSSER SA-PRF    11745600.44   -75930514.2
CALI3 BZ   CONST A LINDEN      11147512.97  -15979177.01
LINDON BZ  CONST A LINDEN      11147512.97  -15979177.01
CALI4 BZ   CONST A LIND-PRF    11147512.97  -15979177.01
LINDPN BZ  CONST A LIND-PRF    11147512.97  -15979177.01
DHBI3 BZ   D H B               124060999.4  -405125352.8
DHBON BZ   DHB IND E COM       124060999.4  -405125352.8
DHBI4 BZ   D H B-PREF          124060999.4  -405125352.8
DHBPN BZ   DHB IND E COM-PR    124060999.4  -405125352.8
DOCA3 BZ   DOCA INVESTIMENT    88417960.92  -18059127.86
DOCAON BZ  DOCAS SA            88417960.92  -18059127.86
DOCA4 BZ   DOCA INVESTI-PFD    88417960.92  -18059127.86
DOCAPN BZ  DOCAS SA-PREF       88417960.92  -18059127.86
DOCA2 BZ   DOCAS SA-RTS PRF    88417960.92  -18059127.86
EALT3 BZ   ACO ALTONA          84614947.94  -14270921.51
EAAON BZ   ACO ALTONA SA       84614947.94  -14270921.51
EALT4 BZ   ACO ALTONA-PREF     84614947.94  -14270921.51
EAAPN BZ   ACO ALTONA-PREF     84614947.94  -14270921.51
FTRX3 BZ   FABRICA RENAUX      66779266.69  -50394386.07
FRNXON BZ  FABRICA RENAUX      66779266.69  -50394386.07
FTRX4 BZ   FABRICA RENAUX-P    66779266.69  -50394386.07
FRNXPN BZ  FABRICA RENAUX-P    66779266.69  -50394386.07
HAGA3 BZ   HAGA                16483114.08  -62923101.98
HAGAON BZ  FERRAGENS HAGA      16483114.08  -62923101.98
HAGA4 BZ   FER HAGA-PREF       16483114.08  -62923101.98
HAGAPN BZ  FERRAGENS HAGA-P    16483114.08  -62923101.98
SJOS3 BZ   TECEL S JOSE        17924946.14  -18569451.23
FTSJON BZ  TECEL S JOSE        17924946.14  -18569451.23
SJOS4 BZ   TECEL S JOSE-PRF    17924946.14  -18569451.23
FTSJPN BZ  TECEL S JOSE-PRF    17924946.14  -18569451.23
GAFP3 BZ   CIMOB PARTIC SA     36817394.78  -33083086.54
GAFON BZ   CIMOB PARTIC SA     36817394.78  -33083086.54
GAFP4 BZ   CIMOB PART-PREF     36817394.78  -33083086.54
GAFPN BZ   CIMOB PART-PREF     36817394.78  -33083086.54
GAZO3 BZ   GAZOLA              12452143.07  -40298506.25
GAZON BZ   GAZOLA SA           12452143.07  -40298506.25
GAZO4 BZ   GAZOLA-PREF         12452143.07  -40298506.25
GAZPN BZ   GAZOLA SA-PREF      12452143.07  -40298506.25
GAZO9 BZ   GAZOLA-RCPTS CMN    12452143.07  -40298506.25
GAZO10 BZ  GAZOLA-RCPT PREF    12452143.07  -40298506.25
GAZO11 BZ  GAZOLA SA-DVD CM    12452143.07  -40298506.25
GAZO12 BZ  GAZOLA SA-DVD PF    12452143.07  -40298506.25
IGBR3 BZ   IGB ELETRONICA      145256033.3  -273857291.8
IGBON BZ   GRADIENTE ELETR     145256033.3  -273857291.8
IGBR5 BZ   GRADIENTE-PREF A    145256033.3  -273857291.8
IGBAN BZ   GRADIENTE EL-PRA    145256033.3  -273857291.8
IGBR6 BZ   GRADIENTE-PREF B    145256033.3  -273857291.8
IGBBN BZ   GRADIENTE EL-PRB    145256033.3  -273857291.8
IGBR7 BZ   GRADIENTE-PREF C    145256033.3  -273857291.8
IGBCN BZ   GRADIENTE EL-PRC    145256033.3  -273857291.8
HETA3 BZ   HERCULES             11597351.7  -168514680.6
HERTON BZ  HERCULES SA          11597351.7  -168514680.6
HETA4 BZ   HERCULES-PREF        11597351.7  -168514680.6
HERTPN BZ  HERCULES SA-PREF     11597351.7  -168514680.6
TXRX3 BZ   RENAUXVIEW SA       58969047.84  -91550951.89
RENXON BZ  TEXTEIS RENAUX      58969047.84  -91550951.89
TXRX4 BZ   RENAUXVIEW SA-PF    58969047.84  -91550951.89
RENXPN BZ  TEXTEIS RENAUX      58969047.84  -91550951.89
LCSA3 BZ   PARMALAT            388720052.3  -213641143.9
LCSAON BZ  PARMALAT BRASIL     388720052.3  -213641143.9
LCSA4 BZ   PARMALAT-PREF       388720052.3  -213641143.9
LCSAPN BZ  PARMALAT BRAS-PF    388720052.3  -213641143.9
LCSA5 BZ   PARMALAT BR-RT C    388720052.3  -213641143.9
LCSA6 BZ   PARMALAT BR-RT P    388720052.3  -213641143.9
ESTR3 BZ   ESTRELA SA          61011893.59  -54580283.64
ESTRON BZ  ESTRELA SA          61011893.59  -54580283.64
ESTR4 BZ   ESTRELA SA-PREF     61011893.59  -54580283.64
ESTRPN BZ  ESTRELA SA-PREF     61011893.59  -54580283.64
RSUL3 BZ   RIOSULENSE SA       61902901.69  -11292932.53
RSULON BZ  RIOSULENSE SA       61902901.69  -11292932.53
RSUL4 BZ   RIOSULENSE SA-PR    61902901.69  -11292932.53
RSULPN BZ  RIOSULENSE SA-PR    61902901.69  -11292932.53
MWET3 BZ   WETZEL SA           79756128.35  -6350930.692
MWELON BZ  WETZEL SA           79756128.35  -6350930.692
MWET4 BZ   WETZEL SA-PREF      79756128.35  -6350930.692
MWELPN BZ  WETZEL SA-PREF      79756128.35  -6350930.692
MNPR3 BZ   MINUPAR             64999715.99  -103795048.3
MNPRON BZ  MINUPAR SA          64999715.99  -103795048.3
MNPR4 BZ   MINUPAR-PREF        64999715.99  -103795048.3
MNPRPN BZ  MINUPAR SA-PREF     64999715.99  -103795048.3
NORD3 BZ   NORDON MET          15498217.36   -20133536.7
NORDON BZ  NORDON METAL        15498217.36   -20133536.7
NORD1 BZ   NORDON MET-RTS      15498217.36   -20133536.7
NOVA3B BZ  NOVA AMERICA SA        21287489  -183535527.2
NOVAON BZ  NOVA AMERICA SA        21287489  -183535527.2
NOVA4B BZ  NOVA AMERICA-PRF       21287489  -183535527.2
NOVAPN BZ  NOVA AMERICA-PRF       21287489  -183535527.2
1NOVPN BZ  NOVA AMERICA-PRF       21287489  -183535527.2
1NOVON BZ  NOVA AMERICA SA        21287489  -183535527.2
RPMG3 BZ   PETRO MANGUINHOS    97015785.16  -251755220.1
MANGON BZ  PETRO MANGUINHOS    97015785.16  -251755220.1
RPMG4 BZ   PET MANGUINH-PRF    97015785.16  -251755220.1
MANGPN BZ  PETRO MANGUIN-PF    97015785.16  -251755220.1
REEM3 BZ   RIMET               63757621.65  -107162239.9
REEMON BZ  RIMET               63757621.65  -107162239.9
REEM4 BZ   RIMET-PREF          63757621.65  -107162239.9
REEMPN BZ  RIMET-PREF          63757621.65  -107162239.9
SNSY3 BZ   SANSUY              100279114.9  -45812488.77
SNSYON BZ  SANSUY SA           100279114.9  -45812488.77
SNSY5 BZ   SANSUY-PREF A       100279114.9  -45812488.77
SNSYAN BZ  SANSUY SA-PREF A    100279114.9  -45812488.77
SNSY6 BZ   SANSUY-PREF B       100279114.9  -45812488.77
SNSYBN BZ  SANSUY SA-PREF B    100279114.9  -45812488.77
STRP3 BZ   BOTUCATU TEXTIL     35101566.77  -13482713.52
STARON BZ  STAROUP SA          35101566.77  -13482713.52
STRP4 BZ   BOTUCATU-PREF       35101566.77  -13482713.52
STARPN BZ  STAROUP SA-PREF     35101566.77  -13482713.52
TEKA3 BZ   TEKA                237436193.6  -360484909.9
TEKAON BZ  TEKA                237436193.6  -360484909.9
TEKA4 BZ   TEKA-PREF           237436193.6  -360484909.9
TEKAPN BZ  TEKA-PREF           237436193.6  -360484909.9
TKTPY US   TEKA-ADR            237436193.6  -360484909.9
TKTQY US   TEKA-ADR            237436193.6  -360484909.9
VAGV3 BZ   VARIG SA            966298025.5   -4695211316
VARGON BZ  VARIG SA            966298025.5   -4695211316
VAGV4 BZ   VARIG SA-PREF       966298025.5   -4695211316
VARGPN BZ  VARIG SA-PREF       966298025.5   -4695211316
WISA3 BZ   WIEST               39838113.86  -93371563.06
WISAON BZ  WIEST SA            39838113.86  -93371563.06
WISA4 BZ   WIEST-PREF          39838113.86  -93371563.06
WISAPN BZ  WIEST SA-PREF       39838113.86  -93371563.06
VSPT3 BZ   FER C ATLANT         1189275625  -35605725.65
VSPT4 BZ   FER C ATLANT-PRF     1189275625  -35605725.65
VSPT11 BZ  FERROVIA CEN-DVD     1189275625  -35605725.65
VSPT12 BZ  FERROVIA CEN-DVD     1189275625  -35605725.65
VSPT9 BZ   FER C ATL-RCT CM     1189275625  -35605725.65
VSPT10 BZ  FER C ATL-RCT PF     1189275625  -35605725.65
PQTM3 BZ   HOPI HARI SA        62168844.09  -55189836.68
PQTM4 BZ   HOPI HARI-PREF      62168844.09  -55189836.68
PQT5 BZ    PARQUE TEM-DV CM    62168844.09  -55189836.68
PQT6 BZ    PARQUE TEM-DV PF    62168844.09  -55189836.68
PQTM1 BZ   PARQUE TEM-RT CM    62168844.09  -55189836.68
PQTM2 BZ   PARQUE TEM-RT PF    62168844.09  -55189836.68
PQTM9 BZ   PARQUE TEM-RCT C    62168844.09  -55189836.68
PQTM10 BZ  PARQUE TEM-RCT P    62168844.09  -55189836.68
MMXM3 BZ   MMX MINERACAO        1018389001  -160218400.5
1TSSON BZ  TRESSEM PART SA      1018389001  -160218400.5
GASC3B BZ  ALL MALHA PAULIS     1123596482  -536003485.6
GASC4B BZ  GASCOIGNE EMP-PF     1123596482  -536003485.6
1GASON BZ  GASCOIGNE EMPREE     1123596482  -536003485.6
1GASPN BZ  GASCOIGNE EMP-PF     1123596482  -536003485.6
MRLM3B BZ  CIA PETROLIFERA     377602195.2  -3014291.724
MRLM4B BZ  CIA PETROLIF-PRF    377602195.2  -3014291.724
1CPMON BZ  CIA PETROLIFERA     377602195.2  -3014291.724
1CPMPN BZ  CIA PETROLIF-PRF    377602195.2  -3014291.724
LATF US    LATTENO FOOD COR       16631180      -1448544
VPTA3 BZ   VARIG PART EM TR    49432124.18  -399290425.8
VPTA4 BZ   VARIG PART EM-PR    49432124.18  -399290425.8
VPSC3 BZ   VARIG PART EM SE    84848504.58  -430964847.6
VPSC4 BZ   VARIG PART EM-PR    84848504.58  -430964847.6

CHILE

TL US      CHILESAT CO-ADR     450943844.7  -52392581.33
TELEX CI   CHILESAT CORP SA    450943844.7  -52392581.33
CHISATOS CICHILESAT CO-RTS     450943844.7  -52392581.33
CHILESAT CITELMEX CORP SA      450943844.7  -52392581.33
TELEXA CI  TELEX-A             450943844.7  -52392581.33
CSAOY US   TELMEX CORP-ADR     450943844.7  -52392581.33
TELEXO CI  TELEX-RTS           450943844.7  -52392581.33


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *