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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, March 12, 2010, Vol. 11, No. 050

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua Seeks to Distance From Allen Stanford


A R G E N T I N A

FLORISAN SRL: Creditors' Proofs of Debt Due on May 18
METROGAS SA: S&P Downgrades Corporate Credit Rating to 'CC'
NAKTA TEXTIL: Creditors' Proofs of Debt Due on March 31
PRONTO RED: Creditors' Proofs of Debt Due on April 14
TESU INGENIERIA: Creditors' Proofs of Debt Due on April 16

TELECOM ARGENTINA: Posts P$1.405 Billion Net Income for FY2009


B E R M U D A

ALLIANCE OIL: Fitch Assigns 'B' Final Senior Unsecured Rating
A.M. FUNDING: Creditor' Proofs of Debt Due on March 26
A.M. FUNDING: Members to Receive Wind-Up Report on April 14
INTELSAT LTD: Reports $97 Million Net Loss for Fourth Quarter


B R A Z I L

AMERICAN AIRLINES: Enhances Frequent Flyer Relationship W/ GOL
BANCO DAYCOVAL: Raises US$300 Million From Overseas Bonds Issue
BR MALLS: Fourth Quarter Up 27.6% to R$129.2 Million
CAMARGO CORREA: Unit Post Results for Tender Offer of 2016 Notes
GAFISA SA: Plans to Sell 74 Million New Shares

GOL LINHAS: Enhances Frequent Flyer Relationship With American Air


C A Y M A N  I S L A N D S

ANAK EUROPEAN: Commences Liquidation Proceedings
FCM ASIA-PACIFIC: Commences Liquidation Proceedings
FCM ASIA-PACIFIC: Commences Liquidation Proceedings
GALLIANT OPPORTUNITIES: Commences Wind-Up Proceedings
GREENLAKE ARBITRAGE: Commences Liquidation Proceedings

GREENTECH 21ST: Commences Wind-Up Proceedings
GREENTECH 21ST: Commences Wind-Up Proceedings
ISLAND GLOBAL: Commences Liquidation Proceedings
J.F. INTERNATIONAL: Commences Wind-Up Proceedings
J-CORE NPL1: Commences Liquidation Proceedings

KINGDOM 5-KR-2: Commences Liquidation Proceedings
KINGDOM 5-KR-16: Commences Liquidation Proceedings
KINGDOM 5-KR-22: Commences Liquidation Proceedings
KINGDOM 5-KR-41: Commences Liquidation Proceedings
KINGDOM 5-KR-44: Commences Liquidation Proceedings

KINGDOM 5-KR-52: Commences Liquidation Proceedings
KINGDOM 5-KR-53: Commences Liquidation Proceedings
KINGDOM 5-KR-67: Commences Liquidation Proceedings
KINGDOM 5-KR-72: Commences Liquidation Proceedings
KINGDOM 5-KR-73: Commences Liquidation Proceedings

KINGDOM 5-KR-75: Commences Liquidation Proceedings
KINGDOM 5-KR-80: Commences Liquidation Proceedings
KINGDOM 5-KR-81: Commences Liquidation Proceedings
KINGDOM 5-KR-84: Commences Liquidation Proceedings
KINGDOM 5-KR-105: Commences Liquidation Proceedings

KINGDOM 5-KR-140: Commences Liquidation Proceedings
KINGDOM 5-KR-165: Commences Liquidation Proceedings
KRUNG SIAM: Commences Wind-Up Proceedings
NEO OVERSEAS: Commences Wind-Up Proceedings
NEWTON CAPTIAL: Commences Wind-Up Proceedings


C O L O M B I A

ECOPETROL SA: Pacific Rubiales Raise Oil Reserves by 84M Bbls
ISAGEN SA: Borrows US$813 Million From Local Banks
PACIFIC RUBIALES: May Raise Colombia Oil Reserves by 84M Bbls


J A M A I C A

AIR JAMAICA: Opposition Questions Lease Agreement
JAMAICA PUBLIC SERVICE: Chairman Denies Overtime Agreement
SUGAR COMPANY OF JAMAICA: Sugar Workers to Get Additional Support


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Venezuela Approves Oil Joint Venture
PETROLEOS DE VENEZUELA: Vows to Invest US$1.5BB in Isla Refinery
PETROLEOS DE VENEZUELA: SNC-Lavalin Gets Contract for Junin Block




                         - - - - -


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


STANFORD INT'L: Antigua Seeks to Distance From Allen Stanford
-------------------------------------------------------------
The Antiguan government sought to distance itself from Robert
Allen Stanford, the financier accused of orchestrating a multi-
million Ponzi scheme, Jamaica Observer reports.  "The current
Government, which assumed office in March 2004, did not sell any
Crown lands to [Mr.] Stanford, received no loans from [Mr.]
Stanford, and was not a beneficiary of any largesse of [Mr.]
Stanford.  In fact, [Mr.] Stanford considered this administration
as his enemy," the Antiguan Government said in a statement
obtained by The Observer.

According to the report, the statement was an apparent response to
an allegation that the government was a partner in Mr. Stanford's
activities that landed him in trouble with US federal prosecutors.
The report relates that the government also said that it had
stripped Leroy King of the post of administrator of the Financial
Services Regulatory Commission, after it learnt that King had
"facilitated Stanford's Ponzi Scheme for personal gain".

The government, the report relates, said that Mr. King"is now the
subject of pending extradition proceedings to stand trial in the
US, with the full co-operation of the Government of Antigua and
Barbuda".

               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, 2009,
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 2009 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
=================


FLORISAN SRL: Creditors' Proofs of Debt Due on May 18
-----------------------------------------------------
The court-appointed trustee for Florisan S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
May 18, 2010.

The trustee will present the validated claims in court as
individual reports on July 1, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 30, 2010.

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


METROGAS SA: S&P Downgrades Corporate Credit Rating to 'CC'
-----------------------------------------------------------
On March 10, 2010, Standard & Poor's Ratings Services lowered its
ratings on Argentine largest natural gas distributor Metrogas
S.A., including its corporate credit rating to 'CC' from 'CCC-'.
The outlook is negative.  The downgrade follows the company's
recent announcement that it hired Barclays Bank Plc to initiate a
debt restructuring process.  Metrogas' financial risk profile has
been gradually weakening during the past three years due to
increasing operating costs and a high currency mismatch between
revenues and debt service, amid inflation, currency devaluation,
and freeze of tariffs.

In Standard & Poor's opinion, Metrogas' liquidity and financial
flexibility are weak and have gradually deteriorated in the past
several months due to the company's weaker financial performance
and upcoming debt maturities.  Total cash reserves reached
$34 million as of Dec. 31, 2009.  S&P expects Metrogas to face
increasing challenges in meeting its growing debt maturity
schedule: principal maturities of about $10.5 million in June 2010
and December 2010, and $21.1 million in June 2011 and December
2011.  The negative outlook reflects the company's announcement of
a debt refinancing process.

  Metrogas S.A.              To               From
  -------------              --               ----
  Corporate credit rating    CC/Negative/--   CCC-/Negative/--


NAKTA TEXTIL: Creditors' Proofs of Debt Due on March 31
-------------------------------------------------------
The court-appointed trustee for Nakta Textil S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 31, 2010.

The trustee will present the validated claims in court as
individual reports on May 14, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 29, 2010.


PRONTO RED: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------
The court-appointed trustee for Pronto Red S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 14, 2010.

The trustee will present the validated claims in court as
individual reports on May 27, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 12, 2010.


TESU INGENIERIA: Creditors' Proofs of Debt Due on April 16
----------------------------------------------------------
The court-appointed trustee for Tesu Ingenieria Electromecanica
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until April 16, 2010.

The trustee will present the validated claims in court as
individual reports on May 31, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 14, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 29, 2010.


TELECOM ARGENTINA: Posts P$1.405 Billion Net Income for FY2009
---------------------------------------------------------------
Telecom Argentina SA posted net income of P$1,405 million for the
fiscal year ended December 31, 2009 or +46% when compared to the
same period last year.

   -- Consolidated Net Revenues amounted to P$12,226 million
      (+15% vs. FY08); Internet +44% vs. FY08; Mobile business
      +16% vs. FY08.

   -- Mobile subscribers: 16.3 million (+13% vs. FY08); Broadband
      subscribers: 1.2 million (+17% vs. FY08); Fixed lines in
      service: 4.4 million (+2% vs. FY08).

   -- Operating Profit Before Depreciation and Amortization
      ("OPBDA") reached P$3.9 billion (+17% vs. FY08), 32% of
      Net Revenues.  Growth was mainly fueled by mobile services
      and broadband in Argentina.

   -- Operating Profit amounted to P$2.762 billion (+35% vs.
      FY08), 23% of Net Revenues.

   -- Net Income reached P$1.405 billion (+46% vs. FY08).

   -- Investments (excluding materials) totaled P$1.694 billion.

   -- The Net Financial Position (before NPV effect) reached P$469
      million in cash, cash equivalents and investments (a
      reduction in debt of P$1.381 billion vs. FY08). In 4Q09
      Telecom Argentina has paid off all its outstanding financial
      debt.

                                          As of December 31

(in million P$, except where noted)   2009     2008   $ Change  % Change
Consolidated Net Revenues           12,226   10,608    1,618      15%
Voice, Data & Internet               4,157    3,653      504      14%
Mobile                               8,069    6,955    1,114      16%
Operating Profit before D&A          3,900    3,330      570      17%
Operating Profit                     2,762    2,041      721      35%
Net Income                           1,405      961      444      46%
Shareholder's equity                 5,436    4,020    1,416      35%

       Net Financial Position - (cash) /

Debt (Before NPV effect)             (469)     912   (1,381)   -151%
CAPEX (excluding materials)         1,694    1,599       95       6%
Fixed lines in service (in
thousand lines)                     4,364    4,299       65       2%
Mobile customers (in thousand)     16,281   14,390    1,890      13%
Personal (Argentina)               14,475   12,564    1,911      15%
Nucleo (Paraguay)        1           ,806    1,826      (20)     -1%
Broadband customers (in thousand)   1,223    1,042      181      17%
Fixed line traffic (in MM minutes,
Internet & Public Telephony not
incl.)                             15,711   16,306     (595)     -4%
Incoming/Outgoing cellular voice
traffic in Arg.(in MM minutes)     16,461   14,209    2,252      16%
Average Revenue per user (ARPU )
Fixed Telephony/voice  (in P$)         40       39        -       1%
Average Revenue per user (ARPU )
Cellular Telephony Arg. (in P$)        41       41        -       -

During FY09, Consolidated Net Revenues increased by 15% (+P$1,618
million vs. FY08) to P$12,226 million, mainly fueled by the Mobile
and Broadband businesses.  Moreover, Operating Profit increased by
35% (+P$721 million vs. FY08) to P$2,762 million.

                     Consolidated Operating Revenues

Fixed Telephony (Voice, Data Transmission & Internet)

During FY09, revenues generated by these services amounted to
P$4,157 million, +14% vs. FY08; in relative terms Internet
revenues have grown the most (+44% vs. FY08).

                            Voice

Total Revenues for this service reached P$2,825 million in FY09
(+5% vs. FY08).  The results of this line of business are still
affected by frozen tariffs of regulated services.

Monthly Charges and Supplementary Services increased by P$43
million, or 5% vs. FY08, to P$842 million, as a consequence of a
higher number of lines in service (+2%), which reached more than
4.36 million and a 15% of increase in supplementary services.

Revenues generated by traffic (Local Measured Service, Domestic
Long Distance and International Telephony) totaled P$1,275
million, an increase of 3% vs. FY08.  In relative terms, revenues
from International traffic increased the most with 9% vs. FY08
while local traffic revenues increased +5% vs. FY08 due to the
incorporation of flat packs for calls.  Otherwise, revenues from
domestic long distance traffic slightly decreased 2% vs. FY08.

Interconnection revenues amounted to P$448 million (+12% vs.
FY08), mainly as a consequence of traffic originated in cellular
lines from other operators but transported by and terminated in
the Company's fixed-line network.

Other revenues reached P$260 million (-2% vs. FY08).  This
reduction was mainly a consequence of a decrease in Public
Telephony revenues (-P$16 million or -19% vs. FY08).

                 Data Transmission and Internet

Data transmission revenues amounted to P$274 million (+26% vs.
FY08), generated by the offer of innovative solutions for the
corporate market focused in both satisfying the enterprises'
internal infrastructure needs and enhancing the offer of ICT
services (connectivity, housing and hosting, among others).

Revenues related to Internet reached P$1,058 million (+P$323
million or 44% vs. FY08), mainly due to the substantial expansion
of the broadband service, driven by an increase in the subscriber
base due to commercial promotions with innovations in the service
portfolio.  In addition, ADSL ARPU reached $71 in 4Q09, +22% when
compared to 4Q08, due to the implementation of an efficient
pricing strategy together with the reduction of churn.

As of December 31, 2009, Telecom reached 1.2 million ADSL
customers (+17% vs. FY08).  These connections represent
approximately 28% of Telecom's fixed lines in service.

Data Transmission and Internet both have significantly increased
their contribution to net consolidated revenues, reaching 11% of
participation (vs. 9% in FY08) and representing 32% of fixed
telephony segment revenues (vs. 26% in FY08).

During 4Q09, Telecom continued enhancing value-added services for
fixed lines that were supported by the features of "Aladino"
terminals.  In November SMS (short message service) traffic over
the fixed network reached 1 million messages.

One of the core aspects of the development of Telecom's product
and service portfolio is the bundling of Internet and local calls.
As consequence of communicational campaigns occurred during this
period to promote "Pack Arnet" product, more than 60% of the
registered broadband subscriptions are packaged with free local
calls.

                      Commercial Initiatives

Telecom continues accompanying the development and growth of the
corporate clients; during 4Q09 increased sales of integrated
products and services (Lines, Broadband and Minutes Plans, called
Integral Solution Biz) resulted in an increase of 40% in this
client base.  Moreover, within the portfolio of Internet service,
70% of new adds included Arnet Biz PLUS service, which grants the
client access to innovative value-added services previously
oriented to corporate clients.

During 4Q09, the Company took advantage of the significant tourist
and business flow and launched a service for travelers, which
allows them to buy online cards for Arnet wi-fi navigation within
Argentine airports.

During the last quarter of 2009, the Company continued to expand
the virtualization solutions: Virtual Hosting and Virtual Desktop.
One of the main advantages of both propositions is the efficiency
gains in IT infrastructure.  Telecom virtualization solutions
allow clients an average of 30% cost savings.

                         Mobile Services

Clients have significantly increased in the quarter, reaching 16.3
million as of the end of December 2009, representing an increase
of 0.5 million in the last quarter of 2009 and 1.9 million since
December 2008.

During FY09, net revenues also increased considerably, reaching
P$8,069 million (+16% vs. FY08).

                    Telecom Personal in Argentina

As of the end of December 2009, Personal reached 14.5 million
subscribers in Argentina (+15% vs. FY08), which allowed the
Company to enhance its market position and strengthen its
potential for future revenues.  It is worth noting the increase of
net adds in 2009, since 1.9 million of new subscribers were
incorporated.

Approximately 31% of the overall subscriber base is postpaid
(including "Cuentas claras" plans) and 69% is prepaid.

Personal continued with sustained growth in Total Revenues
(including handset sales) reaching P$7,628 million (+16% vs.
FY08), supported by the increase in overall voice traffic minutes
(+16% vs. FY08) and in value-added services (VAS) revenues (+34%
vs. FY08).  Service revenues reached P$6,832 million (+17% vs.
FY08) with 34% corresponding to VAS revenues.  Also noteworthy is
SMS traffic performance, which climbed from a monthly average of
1,454 million messages in FY08 to 3,344 million in FY09 (+130% vs.
FY08), with similar service quality levels.

As a consequence of the traffic increase and higher usage of
value-added services (mainly due to a significant increase in SMS
per client), Average Monthly Revenue per User ("ARPU") remained
stable at approximately P$41 during FY09, despite operating with a
high level of penetration.  Meanwhile, ARPU in 4Q09 reached P$42.

Personal's contribution to consolidated margins has improved since
FY08 thanks to higher efficiencies in costs while expanding its
subscriber base and retaining the high-value segment.

                          Initiatives

During the last quarter of 2009, Personal continued offering
services in the form of Packs.  In addition to the current Packs,
Personal presented the SMS Pack for international roaming for
prepaid phones, offering an exclusive benefit to prepaid and
"Cuentas Claras" clients travelling abroad.

The positioning and focus in innovation in the smartphones market,
placed Personal as leader in 4Q09 in smartphones sold, with 69%
participation of the total market, and potential to develop the
ARPU and VAS. In the last quarter Personal presented a
multiplatform Smartphone strategy offering certain premium devices
in an exclusivity form.

As a result of this strategy, Personal has strengthened its focus
on the use of the value-added services, making Personal the
operator with the highest VAS participation in Latin America.

Personal brand ended the year being leader in top of mind and
first in revenue share in the youth segment.  Lastly, Personal
organized its sixth edition of Personal Fest, Argentina's most
important international music festival which attracted more than
50,000 people during a two-day period.

                    Telecom Personal in Paraguay

By the end of December 2009, Nucleo's subscriber base reached
approximately 1.8 million customers.  During the year, Nucleo
adopted the same client disconnection policy as in the Argentina
market. Prepaid and Postpaid customers represented 89% and 11%,
respectively.

Personal's controlled subsidiary in Paraguay generated revenues
equivalent to P$441 million during FY09 (+13% vs. FY08).

                    Consolidated Operating Costs

The Cost of Services Provided, Administrative Expenses and Selling
Expenses totaled P$9,464 million in FY09, an increase of P$897
million, or +10%, vs. FY08.  The increase in costs is a
consequence of a higher volume of revenues, inflationary effects
on the cost structure, and greater expenses related to competition
in mobile and internet businesses.

The cost breakdown are:

   -- Salaries and Social Security Contributions totaled P$1,504
      million (+24% vs. FY08), affected by increases in salaries
      and higher social security charges. Regarding personnel, the
      decrease in headcount in fixed segment (-173 employees vs.
      FY08) was partially compensated by the incorporation of 112
      employees in the same period in the mobile business. The
      total headcount at the end of FY09 was 15,300 employees.

   -- Taxes reached P$999 million (+20% vs. FY08), influenced
      mainly by higher rates in turnover taxes, new municipal
      taxes and a higher volume of revenues.

   -- Network access costs (includes TLRD, Roaming,
      Interconnection, international settlement charges and lease
      of circuits) amounted to P$1,372 million, maintaining
      similar levels as of FY08.  These costs are associated with
      traffic generated among mobile operators.  It is remarkable
      that TLRD and roaming costs declined due to an increasing in
      on-net traffic and the deployment of the southern region
      network.

   -- Agents, prepaid card commissions and other commissions were
      P$1,068 million (+15% vs. FY08), mainly due to the increase
      in commissions paid to commercial agents and card
      distribution costs, as higher subscriber volumes and sales
      of cards were registered.

   -- Advertising amounted to P$360 million (-7% vs. FY08)
      oriented towards supporting the commercial activity in
      mobile services and Internet, and to strengthening the brand
      position of the Telecom Group.  It is important to consider
      the absence of the effects of the costs related to the
      Sponsorship of the Argentine Olympic Committee incurred in
      2008.

   -- Cost of handsets sold totaled P$1,137 million (+11% vs.
      FY08) an increase in line with equipment revenue growth.

   -- Depreciation of Fixed and Intangible Assets reached P$1,138
      million (-12% vs. FY08).  Fixed-line telephony totaled P$663
      million (-19% vs. FY08) and mobile services P$475 million
      (+2% vs. FY08), mainly due to re-estimation of the useful
      lives of certain technical assets done in 2Q09 and the
      ending of TDMA technology depreciation charges in 2008.

   -- Others Costs totaled P$1,886 million (+24% vs. FY08).  Such
      increase was mainly due to the inflationary effects on
      services such as fees for services, freight, transportation,
      maintenance, and in materials.

            Consolidated Financial and Holding Results

Financial and Holding Results resulted in a loss of P$329 million,
an increase of P$64 million vs. FY08.  This was mainly due to the
loss registered in net foreign currency exchange equivalent to
P$310 million in FY09 (vs. -P$158 million in FY08).  The result
was affected by losses from financial debt denominated in Euros
and in US dollars.  It is important to point out that since
December 2008, the Argentine Peso devaluated against the US Dollar
and Euro currencies 10% and 14% respectively.  Moreover, the
result as of FY09 includes losses of P$103 million due to changes
in market value of Financial Derivative Instruments.

Nevertheless, these results were partially compensated by lower
net financial interest of -P$16 million vs. -P$146 million in
FY08.

                  Consolidated Net Financial Debt

As of December 31, 2009, Net Financial Position (Loans before the
effect of NPV valuation, minus Cash, Cash Equivalents and Other
credits from derivative Investments for Notes) amounted to P$469
million, that represented a reduction in debt of P$1,381 million
when compared to December 2008.

During FY09, Personal purchased a nominal amount of US$ 19.5
million Series 3 Notes due 2010.  These operations were made
through market purchases and with liquid funds from the Company.
The Notes acquired were cancelled according to the terms and
conditions of the Indenture.

As of October 15, 2009 Telecom Argentina has paid off the
remaining portion of the debt issued on August 31, 2005 for an
amount equivalent to US$1.9 billion in accordance with the terms
and conditions of the Acuerdo Preventivo Extrajudicial (APE).  The
debt was prepaid 5 years in advance of the repayment schedule
originally agreed upon with the financial creditors.  Outstanding
principal amount together with accrued interest equivalent to
US$352 million was paid.

            Consolidated Capital Expenditures

During FY09, the Company invested P$1,694 million (excluding
materials) in fixed and intangible assets.  This amount was
allocated to Voice, Data and Internet businesses (P$803 million)
and mobile services (P$891 million).  In relative terms, capex
reached 14% of the revenues.

Main capex projects are related to the expansion of broadband
services and to the upgrade of the network for next generation
services (NGN), improvement of the network (capacity, coverage and
3G), and the launch of new and innovative value-added services
that allow clients to increase and improve quality in their usage.

                   Recent Relevant Matters

Telecom Personal purchased a nominal amount of US$5.85 million
Series 3 Notes due 2010.  These operations were made through
market purchases and with liquid funds of the Company.  The Notes
acquired were cancelled according to the terms and conditions of
the Indenture.

The Board of Directors of Telecom Argentina proposed to the
Shareholders' Meeting a cash dividend payment proposal of
P$1,053.3 million (equivalent to P$1.07 per share).

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


ALLIANCE OIL: Fitch Assigns 'B' Final Senior Unsecured Rating
-------------------------------------------------------------
Fitch Ratings has assigned Alliance Oil Company Ltd.'s debut 5-
year US$350 million 9.875% Eurobond issue a final senior unsecured
foreign currency rating of 'B' and a Recovery Rating of 'RR4'.

Fitch withdrew its expected rating of the Eurobond issue on 26
February 2010 following Alliance Oil's announcement that it would
not proceed with the proposed bond offering on 25 February 2010.
The assignment of the final rating follows a reversal of the
company's previous decision.

Senior unsecured debt holders are not viewed by Fitch as being
negatively impacted by either the lack of an upstream guarantee by
the refining operating company to the holding company, or by a
pledge of the refining company's assets to ring-fenced secured
lenders.  Fitch believes sufficient assets are in place elsewhere
in the Group to achieve average recovery of principal in the event
of default.  These factors support the assignment of the 'RR4'
Recovery Rating.

Fitch assigned Alliance Oil Long-term foreign and local currency
Issuer Default Ratings of 'B', Short-term foreign and local
currency IDRs of 'B' and a National Long-term rating of 'BBB(rus)'
on 10 February, 2010.

Alliance Oil is one of Russia's second tier integrated oil
companies producing approximately 44,000 barrels of oil per day in
2009, primarily in the Volga Urals with a growing presence in
Timano-Pechora.  The company also has a refining capacity of
70,000 barrels per day at its Khabarovsk refinery located in
Russia's Far East.


A.M. FUNDING: Creditor' Proofs of Debt Due on March 26
------------------------------------------------------
The creditors of A.M. Funding Corporation Limited are required to
file their proofs of debt by March 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


A.M. FUNDING: Members to Receive Wind-Up Report on April 14
-----------------------------------------------------------
The members of A.M. Funding Corporation Limited will receive, on
April 14, 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 March 5, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


INTELSAT LTD: Reports $97 Million Net Loss for Fourth Quarter
-------------------------------------------------------------
Intelsat S.A. reported results for the three months and year ended
Dec. 31, 2009.

Intelsat S.A. reported revenue of $620.8 million and a net loss of
$97.0 million for the three months ended Dec. 31, 2009.  The
company also reported Intelsat S.A. EBITDAii, or earnings before
net interest, gain on early extinguishment of debt, taxes and
depreciation and amortization, of $454.0 million, and Intelsat
Luxembourg Adjusted EBITDAii of $488.9 million, or 79% of revenue,
for the three months ended Dec. 31, 2009.

Intelsat S.A. reported revenue of $2.5 billion and a net loss of
$781.7 million for the year ended Dec. 31, 2009.  The net loss
includes non-cash charges of $499.1 million incurred in the first
quarter of 2009 for orbital location impairments.  The company
also reported Intelsat S.A. EBITDA of $1.4 billion and Intelsat
Luxembourg Adjusted EBITDA of $2.0 billion, or 79 percent of
revenue, for the year ended Dec. 31, 2009.

"2009 was a record revenue year for Intelsat, reflecting the
continued strength of the fixed satellite services sector.  Our
growth was fueled by the diverse capabilities of our global
network, which provides critical infrastructure for network
services, media and government customers," said Intelsat CEO,
David McGlade.  "In 2009 we signed a number of significant
customer agreements that reflect our strategic goals of expanding
direct-to-home neighborhoods for regional service providers, being
the commercial satellite services supplier of choice for military
operations and providing bandwidth for telecom and data service
providers. These agreements increased our revenue backlog from
$8.8 billion at year end 2008 to $9.4 billion at year end 2009."

A full-text copy of the company statement is available for free at
http://ResearchArchives.com/t/s?5874

                       About Intelsat, Ltd.

Headquartered in Pembroke, Bermuda, Intelsat, Ltd., formerly
PanAmSat Corp., -- http://www.intelsat.com/-- is the largest
fixed satellite service operator in the world and is owned by
Apollo Management, Apax Partners, Madison Dearborn, and Permira.
The company has a sales office in Brazil.

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.


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


AMERICAN AIRLINES: Enhances Frequent Flyer Relationship W/ GOL
--------------------------------------------------------------
American Airlines AAdvantage (E) members now have the ability to
redeem AAdvantage miles for flights on GOL Intelligent Airlines
aka GOL Linhas Areas Inteligentes S.A.

American and GOL Linhas began their relationship more than a year
ago and have been expanding cooperative services for customers of
both airlines ever since.  The cooperation ranges from codesharing
to a series of frequent flyer enhancements for American's
AAdvantage program members as well as members of GOL's frequent
flyer program, Smiles.

Some of the important milestones that have occurred since American
and GOL initiated their relationship in August 2008 include:

    * January 2009 -- began selling tickets for combined
      itineraries
    * August 2009 -- began frequent flyer cooperation allowing
      members of the AAdvantage and Smiles programs to earn miles
      when flying on each other's flights
    * November 2009 -- expanded frequent flyer cooperation with
      Smiles members redeeming miles for travel on American's
      flights
    * December 2009 -- signed codeshare agreement
    * At present -- expanded frequent flyer cooperation with
      AAdvantage members redeeming miles for travel on GOL flights
    * 2nd Quarter 2010 -- expect to initiate codeshare service
      when all governmental approvals have been received

The codeshare agreement not only adds more cities to American's
network in Brazil, but also will offer customers a smoother, more
convenient travel experience.  American, a founding member of the
oneworld (E) Alliance is currently serving the five major
Brazilian cities of Sao Paulo, Rio de Janeiro, Belo Horizonte,
Recife, and Salvador nonstop from gateways in Miami, New York and
Dallas/Fort Worth.  The new codeshare agreement will allow
American to offer a level of accessibility in Brazil unequalled by
any other U.S. airline.

American serves its five nonstop destinations in Brazil with 58
weekly flights to and from Miami International Airport, New York's
John F. Kennedy International Airport and Dallas/Fort Worth
International Airport. GOL operates nearly 800 daily flights to 50
cities in Brazil and 10 destinations elsewhere in South America
and the Caribbean.

American Airlines Brazil Service Summary

    * Sao Paulo -- Dallas/Fort Worth, Miami, New York JFK
    * Rio de Janeiro -- Miami
    * Belo Horizonte -- Miami
    * Recife -- Miami
    * Salvador -- Miami

                  About American Airlines

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, and Japan.

                           *     *     *

As reported in the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service assigned a B1 rating to the US$276
million of senior secured notes due August 2016 of American
Airlines, Inc., which were privately-placed on July 31, 2009.
Moody's is maintaining its other ratings of American and its
parent AMR Corporation, including the Caa1 Corporate Family and
Probability of Default ratings and the SGL-2 Speculative Grade
Liquidity rating.  The outlook is stable.

                         About GOL Linhas

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

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


BANCO DAYCOVAL: Raises US$300 Million From Overseas Bonds Issue
---------------------------------------------------------------
Banco Daycoval SA raised a total of US$300 million from an
overseas bond issue, Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.  The report relates that the
bonds will mature in March 2015 and it will pay an annual yield of
6.75%.

According to the report, an unnamed source said that the bank was
planning to raise around $150 million from the issue but it
increased the amount due to strong demand by investors.  The
report relates that the issue was part of a US$1 billion Eurobonds
program.

Banco Itau, Morgan Stanley and Banco Santander SA coordinated the
operation.

                    About Banco Daycoval

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                           *     *     *

As reported in the Troubled Company Reporter Latin America on
March 5, 2010, Standard & Poor's Ratings Services said that it has
assigned its 'BB' senior unsecured long-term debt rating to Banco
Daycoval S.A.'s (Global scale: BB/Stable/B; Brazil national scale:
brAA- /Stable/brA-1) up to $150 million senior unsecured notes due
in 2015.


BR MALLS: Fourth Quarter Up 27.6% to R$129.2 Million
----------------------------------------------------
BRMALLS Participacoes S.A. posted results for the fourth quarter
of 2009 (4Q09). BRMALLS has a portfolio of 35 malls, comprising
1.0 million m^2 of gross leasable area (GLA) and 467.2 thousand
m^2 of owned GLA.  The Company currently has five greenfield
projects under development and seven expansion projects, which,
together, will increase its total GLA to 1,267.6 thousand m^2 and
its owned GLA to 621.9 thousand m^2.  BRMALLS is the largest
shopping mall company in Brazil with a nationwide presence that
caters to all income segments.  The Company provides management
and leasing services for 26 malls, in 25 of which it retains an
interest, with total GLA of 756.6 thousand m^2.

All the financial and operational information below is in Reais
(R$), and comparisons refer to the fourth quarter of 2008 (4Q08),
except where otherwise indicated.  The complete financial
statements in accordance with the accounting practices and norms
required by the CVM (Brazilian Securities & Exchange Commission)
are available at the end of this report.

The company has adopted in advance the directives of the Brazilian
Accounting Pronouncements Committee (CPC) in accordance with Law
11638/11 and CVM Deliberation 603.  The main effects on our
results were: (a) the straight-lining of base rent and key money;
(b) the appraisal of investment properties at their fair value;
(c) the subsequent recognition of deferred taxes (income tax and
social contribution on net income).

                4Q09 Highlights and Subsequent Events

   -- Net revenues totaled R$129.2 million in 4Q09, 27.6%
      up year-on-year, and R$392.6 million in 2009, 23.1% more
      than in 2008.

   -- Consolidated NOI reached R$120.8 million in 4Q09, 28.1%
      higher than in 4Q08, and R$362.1 million in 2009, 25.9% up
      from the year before. The NOI margin expanded from 91.8% in
      4Q08 to 92.0% in 4Q09 and from 90.4% in 2008 to 91.9% in
      2009.  Same-property NOI grew by 16.6% in 4Q09 and by 16.3%
      in the full year.

   -- EBITDA in 4Q09 totaled R$1.4 billion, up 59% compared to the
      previous year and R$1.6 billion in 2009.  Adjusted EBITDA
      stood at R$110.0 million in 4Q09, 36.6% up on 4Q08.
      The EBITDA margin also improved, increasing from 79.5% to
      85.1%.  In 2009, adjusted EBITDA came to R$319.4 million,
      32.9% over the previous year, while the EBITDA margin
      increased from 75.3% to 81.4%.

   -- The effects of adjusting the fair value of investments
      contributed with a non-cash operational revenue of R$1.2
      billion, versus R$771.2 million in 4Q08. Deferred taxes
      impacted our net income negatively in R$426.1 million for
      4Q09 and R$265.4 million for the year before.

   -- AFFO totaled R$85.3 million in 4Q09, 39.9% up from 4Q08,
      and R$233.0 million in 2009, increasing 67.4% from 2008.
      AFFO/share stood at R$0.42 in the fourth quarter and R$1.15
      in 2009.

   -- The company sold 22% and 21% stakes in the Granja Vianna and
      Sete Lagoas projects, respectively.  As a result, Granja
      Vianna and Sete Lagoas' IRR increased from 17.0% to 18.1%
      and from 17.9% to 18.8%, respectively.

                 About BR Malls Participacoes

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings has affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- Foreign Currency Issuer Default Rating at 'BB-';
  -- Local currency IDR at 'BB-';
  -- Long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.


CAMARGO CORREA: Unit Post Results for Tender Offer of 2016 Notes
----------------------------------------------------------------
CCSA Finance Ltd., a wholly owned subsidiary of Camargo Correa
S.A., disclosed that, pursuant to its previously announced cash
tender offer and consent solicitation for any and all of its
7.875% Notes due 2016, holders of $180,648,000 in aggregate
principal amount of the Notes, representing 72.3% of the
outstanding Notes, had validly tendered and not withdrawn their
Notes and delivered the related consents at or prior to 5:00 p.m.,
New York City time, on March 9, 2010.

The company also announced that it has accepted for purchase and
payment all of the Notes that were validly tendered at or prior to
the Consent Payment Deadline. Payment for the Notes pursuant to
the Initial Acceptance is expected to be made by March 19, 2010,
as provided in the Offer to Purchase and Consent Solicitation
Statement, dated February 23, 2010.  Holders of Notes who tendered
their Notes at or prior to the Consent Payment Deadline will
receive the total consideration equal to US$1,095 for each
US$1,000 principal amount of Notes validly tendered, which
includes a consent payment of US$20 for each US$1,000 principal
amount of Notes, plus any accrued and unpaid interest to, but not
including, the Initial Payment Date.

The company has received the requisite consents to execute a
supplemental indenture to the Indenture, dated as of May 17, 2006,
pursuant to which the Notes were issued, implementing the Super
Majority Consent Modifications relating to the Notes as described
in the Offer to Purchase.  The company and the trustee have
executed the Supplemental Indenture and the amendments will become
operative on the Initial Payment Date.  As detailed in the Offer
to Purchase, the Supplemental Indenture eliminates substantially
all of the restrictive covenants and certain event of default
provisions contained in the Indenture, including those relating to
the change of control and asset sales.

The Offer is scheduled to expire at 11:59 p.m., New York City
time, on March 22, 2010.  Holders of Notes who tender their Notes
after the Consent Payment Deadline, but at or prior to the
Expiration Date, will receive, promptly after acceptance by the
Company, US$1,075 for each US$1,000 principal amount of Notes
validly tendered, plus accrued and unpaid interest to, but not
including, the day of payment for Notes accepted for purchase.

The Company has retained J.P. Morgan Securities Inc. to serve as
sole Dealer Manager and Solicitation Agent and D.F. King & Co.,
Inc. to serve as Information Agent and Tender Agent for the Offer.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';


GAFISA SA: Plans to Sell 74 Million New Shares
----------------------------------------------
Laura Price at Bloomberg News reports that Gafisa SA said it plans
to sell 74 million new shares in Brazil.  According to the report,
Gafisa said that the shares will be priced on March 23 and will
start trading on March 25.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2010, Bloomberg News said that Gafisa SA plans to
raise about BRL1 billion (US$533 million) by selling shares to
double construction this year.  According to Bloomberg News,
citing a company filing, Gafisa SA said that new projects will
climb to as much as BRL5 billion from BRL2.3 billion a year
earlier, following a "strong improvement in market conditions."
The report related that the company said that as much as 45% of
the new work will be aimed at low-income housing.

                          About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, Moody's has assigned a Ba1 local currency and a
Aa2.br Brazil national scale rating to Gafisa S.A.'s proposed
issue of BRL600 million in secured debentures.  At the same time,
Moody's affirmed Gafisa's Ba2/A1.br corporate family ratings.  The
outlook for all ratings is negative.


GOL LINHAS: Enhances Frequent Flyer Relationship With American Air
------------------------------------------------------------------
American Airlines AAdvantage (E) members now have the ability to
redeem AAdvantage miles for flights on GOL Intelligent Airlines
aka GOL Linhas Areas Inteligentes S.A.

American and GOL Linhas began their relationship more than a year
ago and have been expanding cooperative services for customers of
both airlines ever since.  The cooperation ranges from codesharing
to a series of frequent flyer enhancements for American's
AAdvantage program members as well as members of GOL's frequent
flyer program, Smiles.

Some of the important milestones that have occurred since American
and GOL initiated their relationship in August 2008 include:

    * January 2009 -- began selling tickets for combined
      itineraries
    * August 2009 -- began frequent flyer cooperation allowing
      members of the AAdvantage and Smiles programs to earn miles
      when flying on each other's flights
    * November 2009 -- expanded frequent flyer cooperation with
      Smiles members redeeming miles for travel on American's
      flights
    * December 2009 -- signed codeshare agreement
    * At present -- expanded frequent flyer cooperation with
      AAdvantage members redeeming miles for travel on GOL flights
    * 2nd Quarter 2010 -- expect to initiate codeshare service
      when all governmental approvals have been received

The codeshare agreement not only adds more cities to American's
network in Brazil, but also will offer customers a smoother, more
convenient travel experience.  American, a founding member of the
oneworld (E) Alliance is currently serving the five major
Brazilian cities of Sao Paulo, Rio de Janeiro, Belo Horizonte,
Recife, and Salvador nonstop from gateways in Miami, New York and
Dallas/Fort Worth.  The new codeshare agreement will allow
American to offer a level of accessibility in Brazil unequalled by
any other U.S. airline.

American serves its five nonstop destinations in Brazil with 58
weekly flights to and from Miami International Airport, New York's
John F. Kennedy International Airport and Dallas/Fort Worth
International Airport. GOL operates nearly 800 daily flights to 50
cities in Brazil and 10 destinations elsewhere in South America
and the Caribbean.

American Airlines Brazil Service Summary

    * Sao Paulo -- Dallas/Fort Worth, Miami, New York JFK
    * Rio de Janeiro -- Miami
    * Belo Horizonte -- Miami
    * Recife -- Miami
    * Salvador -- Miami

                  About American Airlines

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, and Japan.

                           *     *     *

As reported in the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service assigned a B1 rating to the US$276
million of senior secured notes due August 2016 of American
Airlines, Inc., which were privately-placed on July 31, 2009.
Moody's is maintaining its other ratings of American and its
parent AMR Corporation, including the Caa1 Corporate Family and
Probability of Default ratings and the SGL-2 Speculative Grade
Liquidity rating.  The outlook is stable.

                         About GOL Linhas

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

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


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


ANAK EUROPEAN: Commences Liquidation Proceedings
------------------------------------------------
Anak European Fund Limited commenced liquidation proceedings on
December 16, 2009.

Only creditors who were able to file their proofs of debt by
February 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


FCM ASIA-PACIFIC: Commences Liquidation Proceedings
---------------------------------------------------
FCM Asia-Pacific Fund Limited commenced liquidation proceedings on
December 15, 2009.

Only creditors who were able to file their proofs of debt by
February 5, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ian D. Stokoe
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FCM ASIA-PACIFIC: Commences Liquidation Proceedings
---------------------------------------------------
FCM Asia-Pacific Master Fund Limited commenced liquidation
proceedings on December 14, 2009.

Only creditors who were able to file their proofs of debt by
February 5, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ian D. Stokoe
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


GALLIANT OPPORTUNITIES: Commences Wind-Up Proceedings
-----------------------------------------------------
Galliant Opportunities Fund Corporation commenced wind-up
proceedings on December 21, 2009.

Only creditors who were able to file their proofs of debt by
January 26, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


GREENLAKE ARBITRAGE: Commences Liquidation Proceedings
------------------------------------------------------
Greenlake Arbitrage Fund Limited commenced liquidation proceedings
on December 22, 2009.

Only creditors who were able to file their proofs of debt by
February 5, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


GREENTECH 21ST: Commences Wind-Up Proceedings
---------------------------------------------
Greentech 21St Century Master Fund Ltd commenced wind-up
proceedings on December 17, 2009.

Only creditors who were able to file their proofs of debt by
February 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ramona Bowry
         Telephone: 1-345-769-3401
         Facsimile: 1-345-769-3404
         A.R.C. Directors Ltd
         P.O. Box 10250
         Grand Pavilion Commercial Centre
         Suite #7, 802 West Bay Road
         Grand Cayman KY1-1003, Cayman Islands


GREENTECH 21ST: Commences Wind-Up Proceedings
---------------------------------------------
Greentech 21St Century Fund Ltd commenced wind-up proceedings on
December 17, 2009.

Only creditors who were able to file their proofs of debt by
February 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ramona Bowry
         Telephone: 1-345-769-3401
         Facsimile: 1-345-769-3404
         A.R.C. Directors Ltd
         P.O. Box 10250
         Grand Pavilion Commercial Centre
         Suite #7, 802 West Bay Road
         Grand Cayman KY1-1003, Cayman Islands


ISLAND GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
Island Global Yachting - Dubai Ltd. commenced liquidation
proceedings on December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Marc W. Levy
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


J.F. INTERNATIONAL: Commences Wind-Up Proceedings
-------------------------------------------------
J.F. International commenced wind-up proceedings on
December 18, 2009.

Only creditors who were able to file their proofs of debt by
January 26, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Giorgio G. Subiotto
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


J-CORE NPL1: Commences Liquidation Proceedings
----------------------------------------------
J-Core NPL1 Cayman commenced liquidation proceedings on
December 18, 2009.

Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Scott Aitken
         Bronwynne R. Arch
         68 West Bay Road, Grand Cayman


KINGDOM 5-KR-2: Commences Liquidation Proceedings
-------------------------------------------------
Kingdom 5-KR-2, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net



KINGDOM 5-KR-16: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-16, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-22: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-22, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-41: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-41, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-44: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-44, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-52: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-52, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-53: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-53, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-67: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-67, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-72: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-72, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-73: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-73, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-75: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-75, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-80: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-80, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-81: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-81, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-84: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-84, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-105: Commences Liquidation Proceedings
---------------------------------------------------
Kingdom 5-KR-105, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-140: Commences Liquidation Proceedings
---------------------------------------------------
Kingdom 5-KR-140, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-165: Commences Liquidation Proceedings
---------------------------------------------------
Kingdom 5-KR-165, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         HRH Prince Alwaleed Bin Talal Bin
         Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KRUNG SIAM: Commences Wind-Up Proceedings
-----------------------------------------
Krung Siam Fund commenced wind-up proceedings on December 18,
2009.

Only creditors who were able to file their proofs of debt by
February 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Choedchu Sophonpanich
         52/56 Sukhumvit Soi 3
         Bangkok, 10110, Thailand
         Telephone: +44 (0) 1481 745368
         Facsimile: + 44 (0) 1481 745077


NEO OVERSEAS: Commences Wind-Up Proceedings
-------------------------------------------
Neo Overseas Fund SPC commenced wind-up proceedings on
December 17, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Patrick Rosenfeld
         Telephone: (345) 815 1851
         Facsimile: (345) 949 1986
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


NEWTON CAPTIAL: Commences Wind-Up Proceedings
---------------------------------------------
Newton Captial Limited commenced wind-up proceedings on
December 23, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kevin Butler
         c/o Richard Barton
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


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


ECOPETROL SA: Pacific Rubiales Raise Oil Reserves by 84M Bbls
-------------------------------------------------------------
Pacific Rubiales Energy Corp. said its oil reserves in the Quifa
field in Colombia may increase by 84 million barrels, Inti
Landauro at Dow Jones Newswires reports, citing Chief Executive
Ronald Pantin.  The figures aren't official, Pantin told Dow Jones
Newswires in an interview.  "This is a preliminary estimate from
the management, we still need an independent certification," he
added.

According to the report, Mr. Pantin said that the company has been
drilling in the Quifa field in the past months and the exploration
effort has been successful in the past few weeks.  The report
relates that at the end of December, the proven and certified
reserves in Quifa were 13 million barrels and probable reserves
stood at 37 million barrels.

Dow Jones Newswires notes that the new field is located near the
Rubiales field where the company currently produces 114,000
barrels of crude a day, which represents about 50,000 barrels a
day after subtracting its partners' share of production and paying
royalties to the Colombian state.  Mr. Pantin, the report relates,
said that his company in its different fields expects to produce a
total 220,000 barrels a day by the end of this year, which would
represent between 96,000 and 98,000 barrels a day for the company.

Pacific Rubiales operates the Quifa field in partnership with
state-controlled oil company Ecopetrol SA.  Pacific Rubiales owns
a 60% stake in Quifa.

                        About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


ISAGEN SA: Borrows US$813 Million From Local Banks
--------------------------------------------------
Isagen SA borrowed COP1.54 trillion (US$813 million) from local
banks to finance the construction of its 820-megawatt Sogamoso
hydroelectric project, Matthew Bristow at Dow Jones Newswires
reports, citing a company statement.

According to the report, the loans expire in 10 years, and have a
three-year period of grace.  The report relates that the lenders
include:

   -- Bancolombia,
   -- Banco de Bogota,
   -- the Colombian unit of Spain's Banco Santander, and
   -- Helm Bank (PFHELMBAN.BO).

Isagen SA, the report notes, estimated the total cost of the plant
at COP4.5 trillion, of which it will borrow COP2.7 trillion.  The
company will invest the outstanding COP1.8 trillion from its own
cash flow, the report says.

Dow Jones Newswires notes that the plant, located on the Sogamoso
River in eastern Colombia, will increase the company's installed
electricity generating capacity by almost 40%.

In December, the report recalls, Isagen was granted a US$140
million loan from Andean Development Corp.  The company has also
secured COP450 billion from bonds sold on the local market in
September 2009, the report adds.

                          About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

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


PACIFIC RUBIALES: May Raise Colombia Oil Reserves by 84M Bbls
-------------------------------------------------------------
Pacific Rubiales Energy Corp. said its oil reserves in the Quifa
field in Colombia may increase by 84 million barrels, Inti
Landauro at Dow Jones Newswires reports, citing Chief Executive
Ronald Pantin.  The figures aren't official, Pantin told Dow Jones
Newswires in an interview.  "This is a preliminary estimate from
the management, we still need an independent certification," he
added.

According to the report, Mr. Pantin said that the company has been
drilling in the Quifa field in the past months and the exploration
effort has been successful in the past few weeks.  The report
relates that at the end of December, the proven and certified
reserves in Quifa were 13 million barrels and probable reserves
stood at 37 million barrels.

Dow Jones Newswires notes that the new field is located near the
Rubiales field where the company currently produces 114,000
barrels of crude a day, which represents about 50,000 barrels a
day after subtracting its partners' share of production and paying
royalties to the Colombian state.  Mr. Pantin, the report relates,
said that his company in its different fields expects to produce a
total 220,000 barrels a day by the end of this year, which would
represent between 96,000 and 98,000 barrels a day for the company.

Pacific Rubiales operates the Quifa field in partnership with
state-controlled oil company Ecopetrol SA.  Pacific Rubiales owns
a 60% stake in Quifa.

                        About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


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



AIR JAMAICA: Opposition Questions Lease Agreement
-------------------------------------------------
The Opposition People's National Party wants the Jamaican
government to explain the so-called wet lease arrangements
currently being negotiated between Air Jamaica Limited and
Caribbean Airlines, Go-Jamaica reports.  The report relates that
Caribbean Airlines is said to be in the final stages of
discussions to take over Air Jamaica.

According to the report, citing Aviation Daily, Opposition
Spokesman on Transport Robert Pickersgill, said that based on the
wet-lease revealed by the government, it raises several issue.
The report relates Mr. Pickersgill is also questioning whether
Caribbean Airlines can be given exclusive national carrier status.
The Government needs to clarify whether, under international law
and practice, airlines designated as a national carrier must be
majority owned and effectively controlled by the nationals of the
designated state, he added.

As reported in the Troubled Company Reporter-Latin America on
March 9, 2010, South Florida Caribbean News said that Air Jamaica
has revealed important points to note as the airline will begin
the transition to Caribbean Airlines:

  -- The transition to Caribbean Airlines will be phased over
     a period of up to one year, in order to ensure that
     customers will continue to be provided with the best
     possible travel experience.

  -- Air Jamaica aircraft will continue to be utilized during the
     transition period.

  -- Current Air Jamaica pilots, flight crews and ground staff
     will operate the aircraft for the schedule already
     published.

  -- All customer services, including reservations, Web site and
     sales, will continue to operate for a period of time.

                       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.


JAMAICA PUBLIC SERVICE: Chairman Denies Overtime Agreement
----------------------------------------------------------
The multi-billion dollar show down between the Jamaica Public
Service and the three unions -- BITU, NWU, and UCASE --
representing workers at the company has entered the penultimate
stage before the Industrial Disputes Tribunal, RadioJamaica
reports.  The report relates that the IDT heard testimony from the
Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.

According to the report, Mr. Fukuda maintained that JPSCO has paid
the US$2.3 billion it owed the workers following the 2001 job
reclassification exercise.  However, the report relates, the three
unions argued that the company still owed the workers an
additional JM$500 to 600 million dollars in retroactive, overtime
and redundancy payments.

The report points out that during questioning by his attorney
Patrick Foster, Mr. Fukuda strongly denied claims that there is an
agreement between the parties to pay the workers this additional
sum.

RadioJamaica says that lawyers for the JPS and the unions are to
begin final submissions on March 23 before the IDT panel.

                         About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


SUGAR COMPANY OF JAMAICA: Sugar Workers to Get Additional Support
-----------------------------------------------------------------
The Jamaican government unveiled its economic support program,
which is being put in place to ease the hardships of the more than
3,600 workers made redundant after the divestment of Sugar Company
of Jamaica's two sugar factories, Jamaica Gleaner reports.  The
report relates that under the program, each person will get this
financial assistance:

   -- JM$170,000 for women, and
   -- JM$150,000 for men

According to the report, head of the sugar transformation unit in
the Ministry of Agriculture, George Callaghan, said that those who
opted to go into business would get help preparing business plans
and with training.  The report relates Agriculture Minister Dr.
Christopher Tufton said that the program would be financed by a
five-year European Union grant of JM$2.1 billion.

However, the report notes, Mr. Callaghan made it clear that the
money would not fall into the hands of these individuals.  Instead
it would be paid directly to suppliers and other agencies after
the required checks and approvals, he added.

                             About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


PETROLEOS DE VENEZUELA: Venezuela Approves Oil Joint Venture
-------------------------------------------------------------
Venezuela's national legislature approved the creation of a joint
venture between Petroleos de Venezuela and National Oil Consortium
to pump as much as 450,000 barrels of crude a day, Bloomberg News
reports.

According to the report, the legislature said that the group will
pay a US$1 billion signing bonus and get a 40% stake in the
venture, which will drill the Junin 6 block of Venezuela's Orinoco
Belt.  The report relates that the legislature separately gave new
rights to a joint venture between PDVSA and Belarussian firm
Belarusneft.  The venture can now drill gas that is not associated
with crude oil, the legislature added.

                            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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


PETROLEOS DE VENEZUELA: Vows to Invest US$1.5BB in Isla Refinery
----------------------------------------------------------------
The Venezuela's government promised to invest US$1.5 billion in
Curacao's Isla refinery, which has been shut down for the last 10
days due to power failures, EL Universal News reports, citing
Curacao newspapers.

According to the report, refinery spokesman Kenneth Gijsbertha
told Curacao newspapers Extra and Vigilante that the project will
run from 2011-2015.

The report recalls that a Curacao court ruled last year that the
state-run oil company Petroleos de Venezuela must upgrade the
aging refinery, which was opened early last century, to meet
environmental standards.  The report relates that about 1,000
workers went on strike to request repairs in the unit that
provides water and electricity to the refinery.

                            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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


PETROLEOS DE VENEZUELA: SNC-Lavalin Gets Contract for Junin Block
------------------------------------------------------------------
SNC-Lavalin has been awarded an engineering services contract for
the Empresa Mixta Petromacareo Project by PDVSA Engineering &
Construction, a subsidiary of Petroleos de Venezuela S.A.  PDVSA
Engineering & Construction has also awarded SNC-Lavalin an
umbrella Technical Services Agreement (TSA) for the execution of
projects in the Orinoco Oil Belt.  Petromacareo is the first major
award under the TSA.

SNC-Lavalin will perform the conceptual engineering for the extra
heavy crude oil production, treatment, storage and transport
facilities at the Junin 2 North Block in Venezuela's Orinoco Oil
Belt.  The Junin 2 North Block is jointly held by PDVSA and
PetroVietnam.

The Orinoco Oil Belt, located north of the Orinoco River, holds
significant reserves of heavy oil, and it is PDVSA's key area of
focus for development to enhance its oil production.

"This contract highlights SNC-Lavalin's expertise in the design of
heavy oil production, processing and handling facilities," said
Jean Beaudoin, Executive Vice-President, SNC-Lavalin Group Inc.
"PDVSA has been a key client for SNC-Lavalin for more than 12
years and we are pleased to play a key role in the strategic
development of its oil resources."

                         About SNC-Lavalin

SNC-Lavalin -- http://www.snclavalin.com/-- is one of the leading
engineering and construction groups in the world and a major
player in the ownership of infrastructure, and in the provision of
operations and maintenance services.  SNC-Lavalin has offices
across Canada and in over 35 other countries around the world, and
is currently working in some 100 countries.

                           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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


                            ***********

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

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

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

                            ***********


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

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


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