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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

              Monday, March 29, 2010, Vol. 11, No. 061

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Ex-FSRC Exec's Extradition Case Remains Pending
* ANTIGUA & BARBUDA: Ex-FSRC Exec's Extradition Case is Pending


A R G E N T I N A

INDUSTRIAS METALURGICAS: To Invest US$277MM for Wind Farms Project


B A R B A D O S

* BARBADOS: Signs Off US$80-Million Development Loans With IDB


B E R M U D A

BLUE ROCK: Creditors' Proofs of Debt Due on April 13
BLUE ROCK: Members to Hear Wind-Up Report on April 30
MAITRE TRUST: Creditors' Proofs of Debt Due on April 9
MAITRE TRUST: Members to Hear Wind-Up Report on April 27
RELIANCE INTERNATIONAL: Creditors' Proofs of Debt Due on April 14

RELIANCE INTERNATIONAL: Members to Hear Wind-Up Report on April 30


B R A Z I L

CAMIL ALIMENTOS: S&P Affirms Corporate Credit Rating at 'BB-'
CAIXA ECONOMICA: Plans First Bank Bonds in Local Market
CYRELA BRAZIL: Fourth Quarter Sales Drop 12% to BRL1.19 Billion


C H I L E

GERDAU SA: Gerdau Aza's Operations Will Resume by End of April
* BRAZIL: Sugarcane Industry Responds Pomeroy-Shimkus Legislation


C A Y M A N  I S L A N D S

ACP ASSET: Commences Liquidation Proceedings
ACP CHINA: Commences Liquidation Proceedings
AMAN CAPITAL: Creditors' Proofs of Debt Due on April 16
AMAN CAPITAL: Creditors' Proofs of Debt Due on April 16
BGI EOS: Creditors' Proofs of Debt Due on April 15

CHINA FORTUNE: Members Receive Wind-Up Report
CRESCENDO (I) IAM: Creditors' Proofs of Debt Due on April 20
DBCC DEAL: Creditors' Proofs of Debt Due on April 15
EURO ONE: Creditors' Proofs of Debt Due on April 5
FIRST STATE: Creditors' Proofs of Debt Due on April 15

FIRST STATE: Creditors' Proofs of Debt Due on April 15
FREESIA IAM: Creditors' Proofs of Debt Due on April 20
GPS INCOME: Commences Wind-Up Proceedings
GPS NEW: Commences Wind-Up Proceedings
HOME WORLD: Creditors' Proofs of Debt Due on April 6

INCORP SERVICES: Creditors' Proofs of Debt Due Today
INVESTCORP MARKET: Creditors' Proofs of Debt Due on April 20
LA VIVA: Commences Wind-Up Proceedings
MEL ENTERPRISES: Commences Liquidation Proceedings
NB LARGE: Commences Wind-Up Proceedings

PEAK ASIA: Creditors' Proofs of Debt Due on April 15
PURPLE LIMITED: Creditors' Proofs of Debt Due on April 16
RADIX INVESTMENT: Creditors' Proofs of Debt Due on March 31
SAPPHIRE FAMILY: Creditors' Proofs of Debt Due Today
SELECTIUM HOLDINGS: Commences Liquidation Proceedings

SPIRIT ASIA: Creditors' Proofs of Debt Due on April 6
SPIRIT MACRO: Creditors' Proofs of Debt Due on April 6
TANGARA LTD: Members Receive Wind-Up Report
WEDNESDAY INVESTMENTS: Creditors' Proofs of Debt Due Today
YONTOSHI CLO: Creditors' Proofs of Debt Due on April 15


C H I L E

GERDAU SA: Gerdau Aza's Operations Will Resume by End of April


H O N D U R A S

* HONDURAS: Contracts 2% on Economic Slowdown & Political Crisis


J A M A I C A

AIR JAMAICA: Caribbean Airlines Rushing Staff to Take Up Positions
AIR JAMAICA: April 12 Divestment Deadline Maybe Delayed
JAMAICA URBAN TRANSIT: Financial Woes to Continue
NROCC: Continues to Rack Up Losses


M E X I C O

SATMEX: Has US$410 Debt; Needs US$700 Million Investment
* MEXICO: GDP Posts Biggest Growth Since July 2008
* MEXICO: IMF Renews US$48BB Flexible Credit Line Arrangement


P E R U

* PERU: GDP to Grow About 6% This Year, JPMorgan Say


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Policyholders Consider Legal Action


V E N E Z U E L A

GLOBOVISION: Venezuela Detains TV Network Owner
PETROLEOS DE VENEZUELA: Termozulia II Will Reach 500 Megawatts
* VENEZUELA: Misses Energy Target, Dams Keep Falling


X X X X X X X X

* BOND PRICING: For the Week March 22, to March 26, 2010




                         - - - - -


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


STANFORD INT'L: Ex-FSRC Exec's Extradition Case Remains Pending
---------------------------------------------------------------
Former Financial Services Regulatory Commission Chief Executive
Officer and Administrator Leroy King will have to wait until
April 26, 2010, to find out if he will be extradited to face
charges in the United States, Caribbean360.com reports.  The
report relates that Chief Magistrate Ivan Walters said he needed
another month to decide whether there was enough evidence to allow
the extradition.

According to the report, while Mr. King awaits Magistrate Walters'
decision, he will remain on bail, with the same conditions.   The
report relates that the conditions mean that Mr. King will have to
report to the police station twice a day and the only other time
he will be allowed to leave his residence is if he has a medical
emergency and, even then, he will have to be accompanied by one of
his two sureties.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2009, CaribWorldNews said Mr. King was placed under house
arrest.  The Associated Press related that Antigua and Barbuda
fired Mr. King four days after U.S. prosecutors charged that he
accepted more than $100,000 in bribes to help Mr. Stanford with an
alleged multi-billion swindle.  According to the report, Attorney
General Justin Simon said the government accepted the
recommendation of the country's Financial Services Regulatory
Commission that Mr. King "be dismissed from the commission with
immediate effect."  AP noted prosecutors said Mr. King, who was
the Caribbean islands' top regulator, should have caught the fraud
but instead took bribes to let it continue.  Caribbean360.com said
that Mr. King is facing charges of conspiracy to commit wire and
mail fraud, conspiracy to launder illegal proceeds, and conspiracy
to obstruct the U.S. Securities and Exchange Commission
investigations into Mr. Stanford and the Stanford International
Bank Limited.

                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).


* ANTIGUA & BARBUDA: Ex-FSRC Exec's Extradition Case is Pending
---------------------------------------------------------------
Former Financial Services Regulatory Commission Chief Executive
Officer and Administrator Leroy King will have to wait until
April 26, 2010, to find out if he will be extradited to face
charges in the United States, Caribbean360.com reports.  The
report relates that Chief Magistrate Ivan Walters said he needed
another month to decide whether there was enough evidence to allow
the extradition.

According to the report, while Mr. King awaits Magistrate Walters'
decision, he will remain on bail, with the same conditions.   The
report relates that the conditions mean that Mr. King will have to
report to the police station twice a day and the only other time
he will be allowed to leave his residence is if he has a medical
emergency and, even then, he will have to be accompanied by one of
his two sureties.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2009, CaribWorldNews said Mr. King was placed under house
arrest.  The Associated Press related that Antigua and Barbuda
fired Mr. King four days after U.S. prosecutors charged that he
accepted more than $100,000 in bribes to help Mr. Stanford with an
alleged multi-billion swindle.  According to the report, Attorney
General Justin Simon said the government accepted the
recommendation of the country's Financial Services Regulatory
Commission that Mr. King "be dismissed from the commission with
immediate effect."  AP noted prosecutors said Mr. King, who was
the Caribbean islands' top regulator, should have caught the fraud
but instead took bribes to let it continue.  Caribbean360.com said
that Mr. King is facing charges of conspiracy to commit wire and
mail fraud, conspiracy to launder illegal proceeds, and conspiracy
to obstruct the U.S. Securities and Exchange Commission
investigations into Mr. Stanford and the Stanford International
Bank Limited.

                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
=================


INDUSTRIAS METALURGICAS: To Invest US$277MM for Wind Farms Project
------------------------------------------------------------------
Argentina-based global renewable energy company Industrias
Metalurgicas Pescarmona S.A., plans to invest US$277 million in
its subsidiary Energimp for the development of wind farms in
Brazil, Shane Romig at Dow Jones Newswires reports, citing a
company regulatory filing.  The report relates IMPSA said that
Energimp is one of the biggest Latin American investors in
renewable energy with projects in the pipes that will produce 533
megawatts of renewable energy.

According to the report, Brazil's National Development Bank
approved in December a BRL837.8 million (US$460 million) loan to
IMPSA to spur the development of wind power.  The report relates
IMPSA said at the time it would use the BNDES loan to finance 10
new wind-farm projects in Santa Catarina state in southern Brazil,
with a planned installed capacity of 222 megawatts.

Two years ago, the report recalls, IMPSA closed a 12-year
financing deal with Caixa Economica Federal, a government savings
and loan, to produce wind power for federally owned energy company
Eletrobras.

                            About IMPSA

Industrias Metalurgicas Pescarmona SA, a.k.a. IMPSA --
http://www.impsa.com.ar/-- is one of the largest worldwide
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.  The company has offices
in Malaysia, China, and Argentina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Standard & Poor's Ratings Services said that it
affirmed its global scale ratings, including the corporate credit
rating, on Argentine turbine producer Industrias Metalurgicas
Pescarmona S.A.I.C. y F. at 'B-' and removed them from CreditWatch
with developing implications, where they were placed on April 6,
2009.  The outlook is stable.


===============
B A R B A D O S
===============


* BARBADOS: Signs Off US$80-Million Development Loans With IDB
--------------------------------------------------------------
Barbados and the Inter-American Development Bank have signed off
on three development loans totaling US$80 million, including one
that will seek to enhance the country's business sector,
Caribbean360.com reports.

According to the report, the three loans include US$10 million for
the Barbados Competitiveness Program, which is to rationalize
incentives to the business sector and undertake other reforms to
enhance business.  The report relates that the loans will be
administered by the Ministry of Economic Affairs.

The report notes that the second loan, worth US$50 million, will
be used for the Barbados Water and Sanitation Systems Upgrade
project.  Caribbean360 News notes that the loans will be executed
by the Barbados Water Authority to reorganize and modernize that
institution, rehabilitate the potable water supply and a
wastewater re-use plan for Barbados.

The establishment of the Agricultural Health and Food Control
Program will be funded by the third loan at a cost of US$20
million, the report adds.


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


BLUE ROCK: Creditors' Proofs of Debt Due on April 13
----------------------------------------------------
The creditors of Blue Rock Ltd are required to file their proofs
of debt by April 13, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 23, 2010.

The company's liquidator is:

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


BLUE ROCK: Members to Hear Wind-Up Report on April 30
-----------------------------------------------------
The members of Blue Rock Ltd. will receive on, April 30, 2010, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on March 23, 2010.

The company's liquidator is:

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


MAITRE TRUST: Creditors' Proofs of Debt Due on April 9
------------------------------------------------------
The creditors of Maitre Trust Company (Pvt) Limited are required
to file their proofs of debt by April 9, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton, Bermuda


MAITRE TRUST: Members to Hear Wind-Up Report on April 27
--------------------------------------------------------
The members of Maitre Trust Company (Pvt) Limited will receive on,
April 27, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 16, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton, Bermuda


RELIANCE INTERNATIONAL: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------------------
The creditors of Reliance International Ltd. are required to file
their proofs of debt by April 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2010.

The company's liquidator is:

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


RELIANCE INTERNATIONAL: Members to Hear Wind-Up Report on April 30
------------------------------------------------------------------
The members of Reliance International Ltd. will receive on,
April 30, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 23, 2010.

The company's liquidator is:

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


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


CAMIL ALIMENTOS: S&P Affirms Corporate Credit Rating at 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it removed its
ratings from CreditWatch, including the 'BB-' corporate credit
rating, on Brazil-based rice processor Camil Alimentos S.A., and
affirmed them.

The ratings were placed on CreditWatch with negative implications
on Dec. 21, 2009.  The outlook is stable.

The CreditWatch removal followed S&P's review of the effects of
Camil's acquisition of Chile-based rice processor Tucapel and took
account of the actions the company undertook to finance the
transaction.  Camil privately placed BRL250 million in five-year
debentures in January 2010, aiming to improve its debt profile and
extend its maturities, to reduce refinancing risks.

"The acquisition payment caused Camil's credit metrics to weaken
somewhat," said Standard & Poor's credit analyst Fl via Bedran,
"but S&P expects these to improve gradually in the next few years
as the company's cash flows strengthen on more-favorable market
conditions and the capturing of synergies from its more
diversified and operationally integrated asset portfolio in South
America."

"The stronger liquidity cushion has helped Camil manage
integration of the new assets, both operationally and
financially," she added.

Camil's acquisition of Tucapel improved Camil's geographic
diversification and strengthened its position as a consumer-
branded product company by adding complementary businesses --
olive oil and beans -- also acquired in Chile.  It also improved
Camil's leading position as the largest rice processor in Latin
America.  S&P expects that the Chilean operation will provide
Camil with scale advantages in consolidated raw material sourcing,
further optimizing Tucapel's costs and improving margins.

The earthquake in Chile in late February 2010 temporarily
interrupted Tucapel's production at some of its sites, but asset
damage is not significant and production is recovering.
Operationally, Tucapel was able to keep up with its sales pace by
reducing existing inventories.

Camil's performance has remained in line with S&P's base-case
assumptions, which now include Tucapel.

The stable outlook reflects the company's improved business
profile based on a more diversified geographic presence, in
particular its branded product portfolio in Chile.


CAIXA ECONOMICA: Plans First Bank Bonds in Local Market
-------------------------------------------------------
Gabrielle Coppola and Camila Fontana at Bloomberg News report that
Caixa Economica Federal plans to be the first Brazilian bank to
issue local debt with a maturity of at least two years after the
central bank opened up the market for such sales.  Bank Vice
President of Finance Marcio Percival Alves Pinto told Bloomberg
News in a telephone interview that Caixa Economica may sell about
BRL50 million (US$27.5 million) of bonds called "letras
financeiras" in May.

According to the report, Mr. Pinto said that Caixa Economica will
seek to sell the bonds to pension funds, institutional investors
and insurance companies, which are more likely to hold the
securities until they mature.  "We're going to continue broadening
our efforts and if it works, we think there will be a market," the
report quoted Mr. Percival as saying.

Bloomberg News notes that the central bank established the new
debt instrument last month in a bid to broaden local banks' access
to longer-term capital and boost credit growth.  The report
relates that Brazilian banks were previously only allowed to sell
longer-term debt in international markets.

Meanwhile, Bloomberg News, citing central bank estimates, says
that Brazil's credit-to-gross domestic product ratio will reach
49% by the end of 2010, compared with 33.4% in December 2007,
according to central bank estimates.  Goldman Sachs Group Inc.
said that Brazil's economy may expand 6.4% this year, the report
adds.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


CYRELA BRAZIL: Fourth Quarter Sales Drop 12% to BRL1.19 Billion
---------------------------------------------------------------
Laura Price and Paulo Winterstein at Bloomberg News report that
Cyrela Brazil Realty SA Empreendimentos & Participacoes's fourth-
quarter net sales dropped 12% to BRL1.19 billion (US$652.5
million) in the three months ended December, from BRL1.35 billion
in the third quarter.  The report relates that sales climbed 59%
from BRL751 million a year earlier; while net income fell 21% to
BRL207.7 million in the fourth quarter from the third quarter.

"Some people were expecting a much stronger fourth quarter,"
Cristiano Hees, an analyst at Brascan Corretora in Rio de Janeiro,
told the news agency a phone interview.  "It looks like Cyrela is
growing a little more slowly," he added.

According to the report, Cyrela said its gross margin fell to
34.5% in 2009 from 38% in 2008 because of increased construction
costs and a greater proportion of sales to low-income families.
The report notes that Saulo Lara, Cyrela's financial planning
director, said that the company is forecasting a gross margin of
33% to 37% over the next three years.

Bloomberg News notes that the developer expects to deliver 17,000
to 21,000 units in 2010, up from 7,510 in 2009.  The report
relates that Luis Largman, Cyrela's chief financial officer, said
that sales have continued to grow at an "accelerated" pace in the
first quarter of the year.

                      About Cyrela Brazil Realty

Cyrela Brazil Realty SA Empreendimentos e Participacoes develops,
rents, manages,a nd sells residential
and commercial real estate properties.  The comany's real estate
portfolio includes shopping centers, office and apartment
buildings, hotels and lands.

                          *     *     *

As of March 29, 2010, the company continues to carry Moody's "Ba2"
LT Corp Family rating.  The company also continues to carry
Standard and Poor's "BB-" LT Issuer credit ratings.


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


GERDAU SA: Gerdau Aza's Operations Will Resume by End of April
--------------------------------------------------------------
Chilean steelmaker Gerdau Aza's mill operations at the Colina
complex in the metropolitan region are expected to resume by the
end of April 2010, following repairs currently being carried out
on damage caused by the February 27, 2010 earthquake, Steel Guru
News reports, citing BNamericas News.  The report relates that a
company spokesperson said that the steel mill's most damaged
facility was the furnace for production of billets used in hot
rolling.

According to the report, the spokesman said that that the
complex's hot rolling plant is currently in condition to start
operating, but it does not yet have enough raw materials to resume
at full capacity.  The report relates that full capacity will be
achieved within the first days of April, fed with 3,500 tonnes of
billets the company has in stock and another 8,000 tonnes that
will arrive soon.

Steel Guru News notes that the billets are part of the plan by
Gerdau Aza to acquire 40,000 tonnes of steel products from parent
company, Gerdau SA's Brazilian and US plants in order to maintain
supply over the coming months.  Also as part of the plan, 2,000
tonnes of finished rebar will arrive soon and join the company's
current stock of finished products, the report says.

The spokesperson, the report adds, said that the remaining 30,000
tonnes of imported products, including billets and rebar, will
begin arriving on April 14, 2010.

                       About Gerdau S.A.

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

                           *     *     *

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


* BRAZIL: Sugarcane Industry Responds Pomeroy-Shimkus Legislation
-----------------------------------------------------------------
In response to newly introduced legislation from legislators Earl
Pomeroy and John Shimkus extending subsidies to corn ethanol and
the 54-cents per gallon tariff on imported ethanol -- particularly
sugarcane ethanol from Brazil -- for five more years, the
Brazilian Sugarcane Industry Association issued the following
statement.  The statement should be attributed to Joel Velasco,
UNICA's Chief Representative in North America.

Sugarcane ethanol from Brazil is an advanced, low-carbon fuel that
could help the United States save money at the pump, cut
dependence on Middle East oil and improve the environment as both
the U.S. Environmental Protection Agency and the California Air
Resources Board have recognized.  However, Americans will not
fully benefit from this clean, more affordable alternative if
Congress continues to erect trade barriers against imported
ethanol.  It is ironic that Congress allows oil from nations
hostile to America into the country tariff-free, but is more than
willing to punish clean energy from Brazil, a long-standing
democratic ally.

In view of government incentives and consumption mandates over the
last 30 years, the United States has built the world's largest
ethanol industry producing more than 12 billion gallons of corn
ethanol per year.  Brazil is the world's second-largest producer
with about 6 billion gallons, without government subsidies.
Americans and Brazilians share the same goal to reduce dependency
on fossil fuels, and Brazilians are proud to have replaced half of
their gasoline needs with sugarcane ethanol. America has displaced
less than 10% of its gasoline needs.

Unfortunately, the world's #1 ethanol producers -- American
producers who comprise what is according to President Obama's
Biofuels Working Group a "well established" and "mature" industry
-- appear determined to avoid healthy market-based competition.
They continue to ask for government bailouts, this time to the
tune of US$7 billion a year on top of the consumption mandate in
the federal Renewable Fuel Standard.

Expert after expert -- including the U.S. Government
Accountability Office -- agrees that government subsidies and
trade-distorting import taxes are no longer needed when consumers
are required to use ethanol.  In fact, here is what an Iowa State
University economist from the heart of corn country had to say
just this month:

"It is puzzling why the biofuels industry continues to defend
these subsidies when it has its mandates in place.  Tax credits
cost taxpayers more than $5 billion per year, and import tariffs
convey the message that the ethanol industry is so uncompetitive
that it needs protection against foreign competition. It would
seem that there would be major political benefits from simply
giving up all subsidies and import tariffs and for the industry to
rely solely on the mandates."

Consumers win when businesses have to compete in an open market,
because competition produces higher quality products at lower
costs.  The same principle holds true for the renewable fuels
market.  Competition will create a race to the future and generate
better options for American consumers.

After 30 years of subsidies and import taxes, American consumers
deserve clean fuels at a market-based price.  Brazilian sugarcane
ethanol producers are ready to compete.  What about American corn
ethanol producers?

The Brazilian Sugarcane Industry Association is the leading trade
association for the sugarcane industry in Brazil, representing
nearly two-thirds of all sugarcane production and processing in
the country.  UNICA's priorities include serving as a source for
credible information and analysis about the efficiency and
sustainability of sugarcane products, particularly its biofuels.
The association works to encourage the continuous advancement of
sustainable practices throughout the sugarcane industry and to
promote biofuels as a clean, reliable alternative to fossil fuels.

                         *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


ACP ASSET: Commences Liquidation Proceedings
--------------------------------------------
ACP Asset Management (Cayman) Limited commenced liquidation
proceedings on February 18, 2010.

Only creditors who were able to file their proofs of debt by
March 17, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Mourant du Feu & Jeune
         c/o Christine Fletcher
         Telephone: (+1) 345 949-4123
         Facsimile: (+1) 345 949-4647;

Or

         Mourant Cayman Liquidators, Ltd.
         c/o Peter Goulden
         Telephone: (+1) 345 949-4123
         Facsimile: (+1) 345 949-4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


ACP CHINA: Commences Liquidation Proceedings
--------------------------------------------
ACP China Property Fund commenced liquidation proceedings on
February 18, 2010.

Only creditors who were able to file their proofs of debt by
March 17, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Mourant du Feu & Jeune
         c/o Christine Fletcher
         Telephone: (+1) 345 949-4123
         Facsimile: (+1) 345 949-4647;

Or

         Mourant Cayman Liquidators, Ltd.
         c/o Peter Goulden
         Telephone: (+1) 345 949-4123
         Facsimile: (+1) 345 949-4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


AMAN CAPITAL: Creditors' Proofs of Debt Due on April 16
-------------------------------------------------------
The creditors of Aman Capital Fund Ltd. are required to file their
proofs of debt by April 16, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 24,
2010.

The company's liquidator is:

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


AMAN CAPITAL: Creditors' Proofs of Debt Due on April 16
-------------------------------------------------------
The creditors of Aman Capital Global Fund Ltd are required to file
their proofs of debt by April 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 24,
2010.

The company's liquidator is:

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


BGI EOS: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------
The creditors of BGI EOS (Euros) Ltd. are required to file their
proofs of debt by April 15, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 25, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


CHINA FORTUNE: Members Receive Wind-Up Report
---------------------------------------------
The members of China Fortune Acquisition Corp. received on,
March 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Yu Bo
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


CRESCENDO (I) IAM: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------------
The creditors of Crescendo (I) IAM Limited are required to file
their proofs of debt by April 20, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 24,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


DBCC DEAL: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------
The creditors of DBCC Deal Limited are required to file their
proofs of debt by April 15, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 18, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


EURO ONE: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------
The creditors of Euro One Investments Limited are required to file
their proofs of debt by April 5, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 18,
2010.

The company's liquidator is:

         Yasser A. Juma'a
         Dar Al-Awadi Towers
         27th - 30th Floors
         Ahmad Al-Jaber Street
         Sharq
         PO Box 28808
         Safat 13149, Kuwait


FIRST STATE: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------
The creditors of First State Investments Global Energy Long Short
Fund Limited are required to file their proofs of debt by
April 15, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on February 22,
2010.

The company's liquidator is:

         Hall Chadwick, Chartered Accountants
         c/o Rothstein Kass & Company (Cayman)
         P.O. Box 1748, Grand Cayman KY1-1109
         Cayman Islands


FIRST STATE: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------
The creditors of First State Investments Global Energy Long Short
Master Fund Limited are required to file their proofs of debt by
April 15, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on February 22,
2010.

The company's liquidator is:

         Hall Chadwick, Chartered Accountants
         c/o Rothstein Kass & Company (Cayman)
         P.O. Box 1748, Grand Cayman KY1-1109
         Cayman Islands


FREESIA IAM: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------
The creditors of Freesia IAM Limited are required to file their
proofs of debt by April 20, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 24,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


GPS INCOME: Commences Wind-Up Proceedings
-----------------------------------------
GPS Income Fund (Cayman) Ltd commenced wind-up proceedings on
February 10, 2010.

Only creditors who were able to file their proofs of debt by
March 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815-1828
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


GPS NEW: Commences Wind-Up Proceedings
--------------------------------------
GPS New Equity Fund (Cayman) Ltd commenced wind-up proceedings on
February 10, 2010.

Only creditors who were able to file their proofs of debt by
March 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815-1828
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


HOME WORLD: Creditors' Proofs of Debt Due on April 6
----------------------------------------------------
The creditors of Home World (Cayman) Company Limited are required
to file their proofs of debt by April 6, 2010, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


INCORP SERVICES: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Incorp Services Ltd. are required to file their
proofs of debt by today, March 29, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


INVESTCORP MARKET: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------------
The creditors of Investcorp Market Dislocations Fund Limited are
required to file their proofs of debt by April 20, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 24,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


LA VIVA: Commences Wind-Up Proceedings
--------------------------------------
La Viva Ltd. commenced wind-up proceedings on January 29, 2010.

Only creditors who were able to file their proofs of debt by
March 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ng Yuen Ha Aster
         Flat 108, Lok Shun House
         TSZ Lok Estate
         Tsz Wan Shan, Kowloon
         Hong Kong


MEL ENTERPRISES: Commences Liquidation Proceedings
--------------------------------------------------
MEL Enterprises Ltd. commenced liquidation proceedings on
January 15, 2010.

The company's liquidator is:

         Lily W. Lee
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104, Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


NB LARGE: Commences Wind-Up Proceedings
---------------------------------------
NB Large Cap Equity Long/Short Master Fund Ltd. commenced wind-up
proceedings on January 29, 2010.

Only creditors who were able to file their proofs of debt by
March 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Stephen Leontsinis
         Telephone: (345) 814-7757
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PEAK ASIA: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------
The creditors of Peak Asia Management Limited are required to file
their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 19, 2010.

The company's liquidator is:

         Nicolas Matthews
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


PURPLE LIMITED: Creditors' Proofs of Debt Due on April 16
---------------------------------------------------------
The creditors of Purple Limited are required to file their proofs
of debt by April 16, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 1, 2010.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 30592, Landmark Square, 3rd Floor
         64 Earth Close, Grand Cayman KY1-1203
         Cayman Islands


RADIX INVESTMENT: Creditors' Proofs of Debt Due on March 31
-----------------------------------------------------------
The creditors of Radix Investment Ltd. are required to file their
proofs of debt by March 31, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 1, 2010.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


SAPPHIRE FAMILY: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Sapphire Family Investment are required to file
their proofs of debt by today, March 29, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2010.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


SELECTIUM HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
Selectium Holdings Fund Limited commenced liquidation proceedings
on February 18, 2010.

Only creditors who were able to file their proofs of debt by
March 17, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Mourant du Feu & Jeune
         c/o Christine Fletcher
         Telephone: (+1) 345 949-4123
         Facsimile: (+1) 345 949-4647;

Or

         Mourant Cayman Liquidators, Ltd.
         c/o Peter Goulden
         Telephone: (+1) 345 949-4123
         Facsimile: (+1) 345 949-4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


SPIRIT ASIA: Creditors' Proofs of Debt Due on April 6
-----------------------------------------------------
The creditors of Spirit Asia Holdings Ltd. are required to file
their proofs of debt by April 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


SPIRIT MACRO: Creditors' Proofs of Debt Due on April 6
------------------------------------------------------
The creditors of Spirit Macro Holdings Ltd. are required to file
their proofs of debt by April 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


TANGARA LTD: Members Receive Wind-Up Report
-------------------------------------------
The members of Tangara Ltd. received on, March 22, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WEDNESDAY INVESTMENTS: Creditors' Proofs of Debt Due Today
----------------------------------------------------------
The creditors of Wednesday Investments Limited are required to
file their proofs of debt by today, March 29, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on February 18, 2010.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


YONTOSHI CLO: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------
The creditors of Yontoshi CLO Capital Corporation are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


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


GERDAU SA: Gerdau Aza's Operations Will Resume by End of April
--------------------------------------------------------------
Chilean steelmaker Gerdau Aza's mill operations at the Colina
complex in the metropolitan region are expected to resume by the
end of April 2010, following repairs currently being carried out
on damage caused by the February 27, 2010 earthquake, Steel Guru
News reports, citing BNamericas News.  The report relates that a
company spokesperson said that the steel mill's most damaged
facility was the furnace for production of billets used in hot
rolling.

According to the report, the spokesman said that that the
complex's hot rolling plant is currently in condition to start
operating, but it does not yet have enough raw materials to resume
at full capacity.  The report relates that full capacity will be
achieved within the first days of April, fed with 3,500 tonnes of
billets the company has in stock and another 8,000 tonnes that
will arrive soon.

Steel Guru News notes that the billets are part of the plan by
Gerdau Aza to acquire 40,000 tonnes of steel products from parent
company, Gerdau SA's Brazilian and US plants in order to maintain
supply over the coming months.  Also as part of the plan, 2,000
tonnes of finished rebar will arrive soon and join the company's
current stock of finished products, the report says.

The spokesperson, the report adds, said that the remaining 30,000
tonnes of imported products, including billets and rebar, will
begin arriving on April 14, 2010.

                       About Gerdau S.A.

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

                           *     *     *

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


===============
H O N D U R A S
===============


* HONDURAS: Contracts 2% on Economic Slowdown & Political Crisis
----------------------------------------------------------------
Mario Garza, resident representative of the International Monetary
Fund in Tegucigalpa, issued the following statement:

"With the objective of assessing developments and the near-term
outlook of the Honduran economy, an IMF mission met with President
Porfirio Lobo, the economic cabinet, congress, and private sector
representatives.  The mission wishes to thank the authorities for
their excellent cooperation and candid discussions.  In 2009, the
global economic slowdown and the political crisis contributed to
an economic contraction of 2%.  In the fiscal area, despite a
decline in public investment, the fiscal deficit rose markedly due
to a substantial increase in current spending, mainly the wage
bill, leading to a large increase in the public domestic debt.  In
the context of an expansionary monetary policy, the increase of
central bank credit to the public sector contributed to a loss of
international reserves.  The authorities and the mission shared
the view that maintaining expansionary policies is not sustainable
and that a solid macroeconomic framework is required to foster
economic growth in Honduras.

"The mission supported the authorities' vision of promoting
economic recovery and enhancing social conditions in a context of
macroeconomic stability and fiscal sustainability.  To stabilize
the public debt and improve the composition of public spending
toward investment and anti-poverty spending, the mission is of the
view that strong actions are required to contain current spending,
especially the wage bill, and strengthen the finances of public
enterprises, public pension funds, and municipalities.  Also,
monetary policy should be geared at protecting the foreign reserve
position and lowering core inflation. The mission plans to hold
the discussions for the 2010 Article IV consultation in May".


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


AIR JAMAICA: Caribbean Airlines Rushing Staff to Take Up Positions
------------------------------------------------------------------
Trade unions are unhappy with the manner in which Air Jamaica
Limited workers are being interviewed for positions with Caribbean
Airlines Limited, Radio Jamaica reports.  RadioJamaica relates
that reports have emerged that Air Jamaica employees were given
until Friday, March 26, 2010, to make arrangements to apply for
jobs with the Trinidadian carrier.

According to RadioJamaica, the National Workers Union is claiming
that some Air Jamaica employees are being rushed into taking up
positions with the airline.  "Workers were not only interviewed in
the presence of many other colleagues unexpectedly, unprepared but
were also told that by Friday March 26, they would have to do a
psychometric test.  They were told by personnel from Caribbean
Airlines, that if they fail to do this psychometric test it would
be deemed by that they . . . have no interest in working for (the
Trinidadian airlines)," the report quoted Granville Valentine, NWU
Vice President, as saying.  Mr. Valentine, RadioJamaica relates,
is also concerned that interviews are being conducted with the
workers even though the government has not yet signed an agreement
for the sale of Air Jamaica to Caribbean Airlines.

                        About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: April 12 Divestment Deadline Maybe Delayed
-------------------------------------------------------
The April 12 deadline set for the transfer of the operations of
Air Jamaica Limited to Caribbean Airlines Limited may not come
into fruition, RadioJamaica reports.  The report relates that the
National Workers Union, one of the unions representing Air Jamaica
workers, says it has received reports that the government will not
be able to meet the proposed time line.

According to the report, Granville Valentine, NWU Vice President,
said that there are several outstanding matters regarding the
transfer of ownership of Air Jamaica, which are not likely to be
addressed by April 12.  "We cannot see how they could complete all
these processes that should be in place in that very, very short
time but we continue to watch carefully to see what will be done
because the company has yet to confront the unions and to follow
the procedures that entails as it relates to the labor relations
code.  Those processes have not started at yet so we're very
concerned about that time line that they have set," the report
quoted Mr. Valentine as saying.

RadioJamaica notes Bruce Nobles, Chief Executive Officer of Air
Jamaica, said that the carrier is still working toward the April
12 implementation date for the transition plan which is still
being negotiated between the Jamaican government and Caribbean
Airlines.  Although this is not a concrete deadline and may be
slightly delayed the plan will ensure a seamless transition, he
added.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Gleaner Power 106 said that Air Jamaica Limited's
management has indicated a proposed date for the redundancy of all
employee positions at the airline.  The report related that in a
memorandum to the staff, Airline President Bruce Nobles told the
employees that the Air Jamaica management is working with
Caribbean Airlines towards a major schedule change on April 12.

                       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 URBAN TRANSIT: Financial Woes to Continue
-------------------------------------------------
State-run Jamaica Urban Transit Company JUTC will still suffer
more than JM$1 billion in losses in the new financial year despite
the government's implementation of a fare hike, RadioJamaica
reports, citing a report on public sector bodies tabled by Finance
Minister Audley Shaw.

According to RadioJamaica, citing Mr. Shaw's report, the bus
company will rack up JM$1.3 billion in operating losses during
2010/2011, a reduction from the JM$1.7 billion loss the entity is
projected to incur for 2009/2010.  RadioJamaica notes that the
company is projected to earn JM$3.7 billion, a 97% increase over
the JM$1.9 billion expected for 2009/2010.

RadioJamaica says that the Finance Ministry said in an addition to
the hike in fares the JUTC will experience an increase in
passenger loads with the arrival of 100 new buses.  However,
RadioJamaica relates, the increase in earnings will be eroded by
soaring fuel costs and other operating expenses resulting in the
JM$1 billion loss.

As reported in the Troubled company Reporter-Latin America on
March 26, 2010, RadioJamaica said that JUTC will increase its bus
fares to JM$80 from the JM$50 effective April 1, 2010, as based on
a Cabinet decision.  According to the report, the competing bus
operations within the KMTR are subject to sub-franchise licensing
from the JUTC, the same regular adult fare will be applicable to
all the non-JUTC services.  The report noted that the latest
increase represents the government's best effort to balance the
need to recover the JUTC's operating costs and lower the level of
public subsidy to the company.

                            About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilized at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


NROCC: Continues to Rack Up Losses
----------------------------------
The Ministry of Finance has revealed that the losses suffered by
the National Road Operating and Construction Company have
skyrocketed, RadioJamaica reports.

According to the report, Rohan Rose, former Vice President of
Treasury at First Global, was arrested and charged by the
Organized Crime Investigation Division with two counts of
Conspiracy to Defraud, Uttering Forged Documents, and causing
monies to be paid out by means of a forged document.  The report
relates that the arrest was carried out after months of
investigation by OCID into allegations of fraud reported by First
Global Bank.

RadioJamaica notes Mr. Rose is alleged to have used his authority
to defraud the institution of millions of United States Dollars.
The report relates Mr. Rose reported that losses amounting to
about US$19 million were due to trading.  However, discloses,
investigations now suggest that he misappropriated approximately
US$4 million.

The incident resulted in several departures from First Global Bank
including Managing Director Wayne Wray, the report says.
GraceKennedy, RadioJamaica adds, was later forced to inject J$900
million into the entity to cover capital losses.


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


SATMEX: Has US$410 Debt; Needs US$700 Million Investment
--------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. has debts totaling US$410
million and has obsolete equipment requiring an investment of
US$700 million to bring up to speed, Poder360.com reports.

According to the report, Communications and Transportation
Secretary Juan Molinar Horcasitas said that after operating for 13
years, Satmex's situation has become very difficult.  The report
relates that Mr. Horcasitas urged that measures so that the
satellites can continue to be used and so present services and
broadcasting abilities are maintained.

                            About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America.  Satmex's fleet offers
hemispheric and regional coverage throughout the Americas.

                           *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


* MEXICO: GDP Posts Biggest Growth Since July 2008
--------------------------------------------------
Jens Erik Gould at Bloomberg News reports that Mexico's economy
grew the most in a year and a half in January as the pace of
manufacturing and construction picked up.  The report, citing the
national statistics agency, relates that the economic activity
grew 2.4% from a year earlier, the biggest gain since July 2008.

According to the report, the expansion fell short of analysts'
expectations partly because companies boosted purchasing at the
end of last year ahead of tax increases in January.  Economists
expected the economy would grow 3.4%, according to the median
forecast of 13 analysts surveyed by Bloomberg.

"The overall story here continues to be of a rebound in economic
activity, although some setback took place in January," the report
quoted Rafael de la Fuente, chief Latin America economist at BNP
Paribas SA, as saying.

The agency, the report notes, said that industries including
manufacturing, construction, mining and electricity grew 3.6% from
a year earlier.  Services including transportation and insurance
increased 1.8%, while agricultural activity fell 4.7%, the agency
added.


* MEXICO: IMF Renews US$48BB Flexible Credit Line Arrangement
-------------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
successor one-year arrangement for Mexico under the Flexible
Credit Line in an amount equivalent to SDR31.528 billion (about
US$48 billion).  The Mexican authorities stated they intend to
treat the arrangement as precautionary and do not intend to draw
on the line.

The FCL was established on March 24, 2009, as part of a major
reform of the Fund's lending framework.  The FCL is designed for
crisis prevention purposes as it provides the flexibility to draw
on the credit line at any time.  Disbursements are not phased nor
conditioned on compliance with policy targets as in traditional
IMF-supported programs.  This flexible access is justified by the
very strong track records of countries that qualify for the FCL,
which gives confidence that their economic policies will remain
strong.

Following the Executive Board discussion of Mexico, Mr. John
Lipsky, First Deputy Managing Director and Acting Chairman of the
Board, made the following statement:

"Mexico has a sustained record of sound economic policies, and has
very strong economic fundamentals and frameworks. Public and
private debt levels were reduced and balance sheets strengthened
in the years before the global crisis.  Well implemented rules-
based policy mechanisms, including the balanced budget fiscal rule
and inflation targeting framework and flexible exchange rate
regime, have anchored stability.

This strong policy framework has helped preserve stability during
the crisis, and -- for the first time in many decades -- allowed
the authorities to deliver a sizable countercyclical fiscal and
monetary policy response.  Adroit steps have been taken in various
financial market segments to maintain orderly conditions.  The
authorities have continued to demonstrate their commitment and
ability to reform in challenging times, including through the
passage of important revenue measures in the 2010 budget that will
strengthen the medium-term fiscal outlook.  Swift action to secure
contingent credit lines during the crisis-from the U.S. Federal
Reserve and the International Monetary Fund-also helped maintain
external confidence.

On the back of these strong policy measures and improving global
economic conditions, growth has resumed since mid-2009, asset
prices have recovered from troughs seen at the height of the
crisis, and domestic financial stability has been maintained.
Looking forward, policies will continue to be underpinned by the
rules-based macroeconomic framework, and the authorities intend to
continue to react as needed to any future shocks that may arise.

Nonetheless, sizeable downside risks still confront the global
economy.  It is against this background that, at the authorities'
request, the Executive Board today approved a one-year arrangement
under the IMF's FCL, which the authorities intend to treat as
precautionary.  This successor FCL arrangement will continue to
play an important role in supporting the authorities' overall
macroeconomic strategy and in bolstering confidence until external
conditions improve, complementing financing from other
multilaterals.

Mexico's very strong policy frameworks and economic fundamentals,
together with the additional insurance provided by the successor
arrangement under the FCL, put Mexico in a very strong position to
deal with other potential risks that could arise in the period
ahead as the global economy continues to gradually recover from
the crisis."


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


* PERU: GDP to Grow About 6% This Year, JPMorgan Say
----------------------------------------------------
Peru's economy will expand about 6% this year, driven by an
increase in private investment, Fabiola Moura at Bloomberg News
reports, citing Luis Oganes, head of Latin American research at
JPMorgan Chase & Co.  "Depending on how strong the momentum is on
private consumption and private investment, you may actually see
growth exceeding the 5.5% that we are now projecting," the report
quoted Mr. Oganes as saying.

According to the report, Mr. Oganes said that JPMorgan will wait
for the release of all Peruvian first-quarter economic indicators
before reviewing its growth forecast for the Andean country.  "We
think that 5.5% at this stage looks conservative," he added.

Bloomberg News notes that the International Monetary Fund
reaffirmed this month its forecast that Peru's economy should
expand 6.5% in 2010.  The report relates that Mr. Oganes forecasts
Peru's central bank will begin raising interest rates by mid-year,
in anticipation of inflationary pressures that may mount in 2011.

Mr. Oganes, the report notes, said that the government spending
should combine with private money to shore up the country's
growth.  Private investment in the nation may increase by 8% this
year, he added.


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


CL FIN'L: CLICO Policyholders Consider Legal Action
---------------------------------------------------
Several CLICO policyholders in Trinidad and Tobago are threatening
to sue its parent firm, CL Financial Limited, Caribbean360.com
reports.  The report relates Clico Finance Director Carolyn John
confirmed that the company has received 20 letters warning of
litigation if policyholders are not paid their money after having
closed their accounts.

"We have also received other pre-action letters and have called in
those policy holders to try and come to an arrangement with them.
Their pre-action letters have gone no further," the report quoted
Ms. John as saying.

According to the report, Central Bank Governor Ewart Williams
suggested that going the route of lawsuits may not be in the
policyholders' best interest, even though it is within their
rights.  "The sad reality is that if all policyholders seek to
exercise these rights, they will be worse off.  It is possible
Clico would have to be liquidated and will get 15 to 20 cents on
the dollar.  The better option is to reach an agreement with all
policyholders," the report quoted Mr. Williams as saying.

                       About CL Financial

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


GLOBOVISION: Venezuela Detains TV Network Owner
-----------------------------------------------
Venezuelan police freed the head of opposition television network
Globovision, Guillermo Zuloaga, after he was arrested, as
President Hugo Chavez' government came under scathing criticism
for its political persecutions, Agence France Presse News reports.
The report relates Mr. Zuloaga's lawyer said that a Caracas court
ordered his client not to leave the country because of charges
against him.  "It's a decision we will appeal," the report quoted
Mr. Jaimes as saying.

According to the report, Attorney General Luisa Ortega said
earlier she had issued an arrest warrant for Mr. Zuloaga because
he "was about to leave the country trying to get himself out of a
criminal case."  The report notes that Mr. Zuloaga's arrest were
due to allegedly anti-Chavez comments he made recently, which
deemed an insult to Venezuela.

Mr. Zuloaga, the report says, told his Globovision network that
police had detained him at the airport in the northeastern city of
Punto Fijo, where he said he was planning to leave the country
with his family on vacation.

AFP relates that Venezuela's National Assembly asked Mr. Ortega to
investigate recent statements Mr. Zuloaga made at a media
conference in Aruba and to consider legal action.  The report says
that according to the assembly, which is dominated by pro-Chavez
legislators, Mr. Zuloaga lied about Venezuelan government
activities, and was attempting to portray President Chavez as a
criminal to tarnish his reputation.

The network, the report recalls, in 2009 was forced to pay a 4.1
million dollar fine for failing to acknowledge it aired ads
favoring an opposition strike in 2002.  The report relates that
the network claims that government action against it is
politically motivated.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, The Associated Press said that Venezuela
Telecommunications Chief Diosdado Cabello said there is
a new probe into a television station opposed to President Hugo
Chavez's government.  The report related that Mr. Cabello said the
recent investigation into Globovision was opened because the
channel allegedly broadcast a  ticker strip of text messages from
viewers calling for a coup.  The report said that the series of
investigations into Globovision, the only fiercely anti-Chavez
channel remaining on the open airwaves, could lead to its closure.


PETROLEOS DE VENEZUELA: Termozulia II Will Reach 500 Megawatts
--------------------------------------------------------------
People's Ministry for Energy and Petroleum and Petroleos de
Venezuela President Rafael Ramirez inspected the construction of
electric generation in the Rafael Urdaneta Thermoelectric Complex,
located in La Ca¤ada de Urdaneta, Zulia state.

The first work revised was the plant Termozulia II, which
generates 300 megawatts and it is ready to reach 500 megawatts in
the prompt installation of a third turbine.

"In this moment a foundations emptying is being done to place the
third turbine that will close the combined cycle.  The work has
50% complete and it requires only the engineering because the
procurement and the machines are here.  The Bolivarian government
has invested US$750 million to complete this cycle," said Mr.
Ramirez.

Since 2001, the Thermoelectric Complex has added 750 megawatts to
achieve energy self-sufficiency in Zulia state.

Later, Mr. Ramirez, who is part of the General Electric Staff
(formed by the vice president of the Republic and the Ministries
of Electricity, Planning and Development, Energy and Petroleum and
Basic Industries for the evaluation of proposals for electricity
generation) inspected the construction of two generation plants of
80 megawatts rapid response each.

"In late June this year we will finish these two plants to further
strengthen the electrical system of Zulia state.  Also, we have
the arrival of a barge of 22 megawatts, as it was announced by
President Chavez, to be installed in Las Morochas, Lagunillas
municipality, and one in late March that will be located in South
Lake, specifically, substation in San Lorenzo, in order to
generate 103 megawatts for the entire region and the Andean area,
"he said.

Additionally, he held meetings with Enelven staff, subsidiary of
Corpoelec, and PDVSA to review the construction of thermoelectric
plants in Bachaquero municipality Valmore RodrĄguez, to generate
750 megawatts.

"We must remember that the East Coast of the Lake does not have
enough generation, but the machines that are going to be installed
will help make a balance in this region of Zulia state.

It is important to remind all, that the Bolivarian Government is
making an ongoing effort and it will not allow our dams collapsing
product of intense drought, which is what they want some sectors
of the opposition, "he said.

Finally, he thanked the people of Zulia's commitment to achieve
significant levels of energy savings to preserve the reservoirs
while the rains come.

Zulia consumes 2400 megawatt in which before the Guri supplied
more than 70%, however, with the power generation works that has
been driven by the President of the Republic Bolivarian of
Venezuela, Hugo Chavez, the unit is below 50% and steers toward
self-generation.

                              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.


* VENEZUELA: Misses Energy Target, Dams Keep Falling
----------------------------------------------------
Marianna Parraga at Reuters reports that Venezuela's electricity
use fell 3% in the first two months of this year from 20% target
set by the government in the face of an electricity crisis that
threatens to leave the country in the dark.  The report, citing
state power agency the Office of Operation of Interconnected
Systems, relates that electricity use declined to 18,044 Gigawatts
per hour (GWh) in January and February from 18,604 GWh during the
same period last year.

According to the report, Venezuela's hydroelectric dams, which
provide 70% of the nation's power, have been reduced to critically
low levels following a prolonged drought widely thought to have
been caused by the climatic phenomenon El Nino.  The report
relates President Hugo Chavez has accused his political opponents
of capitalizing on frustrations over the energy crisis ahead of
legislative elections in September.  However, the report notes,
polls show the majority of Venezuelans blame his government for
failing to invest in the sector despite rising demand.

Since late December, the report recalls, the government has
implemented a rationing plan combined with energy saving measures
to halt the reduction of water levels in El Guri, the country's
principal reservoir.  The report discloses that light industry and
businesses have had to slash electricity use by 20% or face being
cut off by the authorities, even as Venezuela's economy suffers a
recession that led to a contraction of 3.3% last year.

Outside the capital Caracas, the report adds, Venezuelans face
power cuts of up to six hours a day.

                          *     *     *

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


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




* BOND PRICING: For the Week March 22, to March 26, 2010
--------------------------------------------------------

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


ANTIGUA

NOBEL BIOCARE IN           1    11/8/2011    CHF         99.75755
SCHLUMBERGER           2.125    6/1/2023     USD           153.95
TEVA PHARM FIN          1.75    2/1/2026     USD            130.2

ARGENTINA

ARGENT-PAR              1.18    12/31/2038   ARS           37.815
ARGENT-=DIS             7.82    12/31/2033   EUR           63.765
ARGNT-BOCON PR13           2    3/15/2024    ARS         72.12299
BANCO MACRO SA         10.75    6/7/2012     USD        72.282974
BUENOS AIRE PROV       9.625    4/18/2028    USD        68.662223
BUENOS AIRE PROV       9.375    9/14/2018    USD        73.916666
MENDOZA PROVINCE         5.5    9/4/2018     USD        76.050001
XSTRATA CAPITAL            4    8/14/2017    USD        126.69889

BRAZIL

CESP                    9.75    1/15/2015    BRL        71.396922


CAYMAN ISLAND

AES DOMINICANA            11    12/13/2015   USD              105
BANIF FIN LTD              3    12/31/2019   EUR           72.461
BARION FUNDING          0.63    12/20/2056   GBP        16.712005
BARION FUNDING          1.44    12/20/2056   GBP         29.87016
BCP FINANCE CO         4.239    #N/A N Ap    EUR          72.5535
BCP FINANCE CO         5.543    #N/A N Ap    EUR        72.488211
BES FINANCE LTD         1.25    2/26/2011    USD         98.82333
BES FINANCE LTD        1.625    4/15/2013    USD         98.63754
BES FINANCE LTD        6.984    2/7/2035     EUR           73.705
BISHOPSGATE ASSE       4.808    8/14/2044    GBP         71.48097
CHINA MED TECH           3.5    11/15/2011   USD         77.75999
CHINA MED TECH             4    8/15/2013    USD            62.75
CHINA MED TECH           3.5    11/15/2011   USD               79
CHINA PROPERTIES       9.125    5/4/2014     USD        84.950229
CHINA SUNERGY           4.75    6/15/2013    USD           66.509
COUNTRY GARDEN           2.5    2/22/2013    CNY          107.584
DUBAI HLDNG COMM           6    2/1/2017     GBP         74.93714
EFG ORA FUNDING          1.7    10/29/2014   EUR          86.4035
FAIR VANTAGE LTD           1    6/3/2013     HKD         116.2237
FAR EAST CONSORT       3.625    3/5/2015     HKD         94.56667
FERTINITRO FIN          8.29    4/1/2020     USD            68.75
FUFENG GROUP LTD         4.5    4/1/2015     CNY           99.625
HIDILI INDUSTRY          1.5    1/19/2015    CNY         100.1413
JA SOLAR HOLD CO         4.5    5/15/2013    USD             82.5
KEYSTONE CAPITAL         0.1    4/4/2013     JPY               99
KEYSTONE CAPITAL         0.1    4/4/2011     JPY         98.76572
LDK SOLAR CO LTD        4.75    4/15/2013    USD               81
M-SYSTEMS FINANC           1    3/15/2035    USD           99.938
MAZARIN FDG LTD         1.44    9/20/2068    GBP        27.433669
MELCO PBL SPV            2.4    9/10/2012    USD          98.9675
PANAMA CANAL RAI           7    11/1/2026    USD            84.75
PUBMASTER FIN          6.962    6/30/2028    GBP         70.80355
SHANDA INTERACT            2    9/15/2011    USD          129.946
SHINSEI FIN CAYM       6.418    #N/A N Ap    USD        68.623515
SHINSEI FIN CAYM       6.418    #N/A N Ap    USD        67.716667
SHINSEI FINANCE         7.16    #N/A N Ap    USD           66.425
SHINSEI FINANCE         7.16    #N/A N Ap    USD             58.5
SOHO CHINA LTD          3.75    7/2/2014     HKD           100.57
SOLARFUN POWER H         3.5    1/15/2018    USD           62.832
SUBSEA 7 INC             3.5    10/13/2014   USD         131.3952
SUNTECH POWER           0.25    2/15/2012    USD            99.95
SUNTECH POWER              3    3/15/2013    USD           83.875
TRANSOCEAN INC         1.625    12/15/2037   USD             99.5
TRANSOCEAN INC           1.5    12/15/2037   USD            97.65
TRANSOCEAN INC           1.5    12/15/2037   USD            95.65
TRINA SOLAR LTD            4    7/15/2013    USD          150.405


   JAMAICA

AIR JAMAICA LTD        8.125    6/14/2027    USD            67.75

   PANAMA

CARNIVAL CORP              2    4/15/2021    USD           106.25


PUERTO RICO

PUERTO RICO CONS         6.5    4/1/2016     USD           63.375


VENEZUELA

PETROLEOS DE VEN        5.25    4/12/2017    USD        61.434615
PETROLEOS DE VEN       5.375    4/12/2027    USD         49.29111
PETROLEOS DE VEN         5.5    4/12/2037    USD        47.803267
PETROLEOS DE VEN           5    10/28/2015   USD        61.362307
PETROLEOS DE VEN         4.9    10/28/2014   USD        65.947905
PETROLEOS DE VEN       5.125    10/28/2016   USD        59.862499
SIDETUR FINANCE           10    4/20/2016    USD            72.75
VENEZUELA                  7    12/1/2018    USD         71.51763
VENEZUELA               7.75    10/13/2019   USD         71.59312
VENEZUELA                  6    12/9/2020    USD         61.86346
VENEZUELA                  9    5/7/2023     USD         73.72933
VENEZUELA               8.25    10/13/2024   USD         68.18378
VENEZUELA               7.65    4/21/2025    USD         65.20969
VENEZUELA               9.25    9/15/2027    USD        74.792952
VENEZUELA               9.25    5/7/2028     USD         72.62692
VENEZUELA                  7    3/31/2038    USD        58.774897
VENEZUELA               5.75    2/26/2016    USD         72.53167
VENEZUELA                  7    3/31/2038    USD           58.829
VENZOD - 189000        9.375    1/13/2034    USD            72.71

                            ***********

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

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

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

                            ***********


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

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


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

This material is copyrighted and any commercial use, resale or
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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