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

        Wednesday, December 30, 2009, Vol. 10, No. 256

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Family Seeks Owner's Pretrial Release


A R G E N T I N A

MANTELPLAST SACI: Creditors' Proofs of Debt Due on February 26
NOSSE BOX: Creditors' Proofs of Debt Due on February 18
PIGMENTOS ALQUIMIA: Creditors' Proofs of Debt Due on May 3


B E R M U D A

ABACUS INVESTMENTS: Members to Receive Wind-Up Report on Jan. 29
BIG LIMITED: Creditors' Proofs of Debt Due on January 6
BIG LIMITED: Members to Receive Wind-Up Report on January 27
CENTRAL EUROPEAN MEDIA: Unit to Draw Loan to Refinance Debt
CLEARWATER RE: Creditors' Proofs of Debt Due on January 6

CLEARWATER RE: Members to Receive Wind-Up Report on January 27
CUE INSURANCE: Supreme Court Enters Wind-Up Order
DIVERSITY INSURANCE: Supreme Court Enters Wind-Up Order
PROTOSTAR LTD: Amends Schedules of Assets and Liabilities
PROTOSTAR LTD: Has Until February 25 to File Reorganization Plan

SCOTTISH ANNUITY: Creditors' Proofs of Debt Due on January 6
SCOTTISH ANNUITY: Members to Receive Wind-Up Report on January 27


B R A Z I L

ALL AMERICAN: Inks BRL1.2-Billion Contract With Cosan SA
ALL AMERICAN: GE Transportation to Deliver 10 Locomotives to Firm
BANCO NACIONAL: To Focus 2010 Loans on Infrastructure
BANCO NACIONAL: Makes Record US$79 Billion Loans in 2009
CAMARGO CORREA: Unit to Increase Sales by as Much as 5%

COMPANHIA ENERGETICA: ADR Estimate Raised at Raymond James
COSAN SA: Enters BRL1.2-Billion Expansion Contract W/ ALL American
OWENS CORNING: To Double Capacity for Tech. Fabrics in Brazil
TAM SA: Expects Rise in Domestic Aviation Market in 2010


C A Y M A N  I S L A N D S

ALLIANCEBERNSTEIN GLOBAL: Commences Liquidation Proceedings
ALLIANCEBERNSTEIN GLOBAL: Commences Liquidation Proceedings
ALLIANCEBERNSTEIN GLOBAL: Commences Liquidation Proceedings
ALLIANCEBERNSTEIN MARKET: Commences Liquidation Proceedings
ALCHEM EVENT: Commences Wind-Up Proceedings

ARCADIA COMPANY: Placed Under Voluntary Wind-Up
BELVEDERE JAPAN: Commences Liquidation Proceedings
BELVEDERE JAPAN: Commences Liquidation Proceedings
BERNSTEIN INSTITUTIONAL: Commences Liquidation Proceedings
BIAGIO INTERNATIONAL: Commences Wind-Up Proceedings

CHEETAH INTERNATIONAL: Commences Wind-Up Proceedings
LILLO HOLDING: Commences Wind-Up Proceedings
MARILYN CORPORATION: Commences Wind-Up Proceedings
MIDAS GLOBAL: Commences Wind-Up Proceedings
MONDRIAN FUND: Commences Wind-Up Proceedings

OMBRA INTERNATIONAL: Commences Wind-Up Proceedings
POLAR CAPITAL: Commences Wind-Up Proceedings
PRS CEZANNE: Commences Wind-Up Proceedings
PRS INVESTMENT: Commences Wind-Up Proceedings
PRS TARGETED: Commences Wind-Up Proceedings


C O L O M B I A

INTERCONEXION ELECTRICA: Buys Stake in Ferrovial's Highway Unit


D O M I N I C A N  R E P U B L I C

CAP CANA: Opens Golden Bear Lodge & Spa With AM Resort


E C U A D O R

PETROECUADOR: Deutsche Bank, Eximbank to lend US$5BB for Refinery
PETROECUADOR: Raises Possible/Probable Reserves in 2009


J A M A I C A

AMR CORP: Jamaican Entities May Sue American for Damages


M E X I C O

GRUMA SAB: To Discuss Venezuela Asset Freeze


P U E R T O  R I C O

EUROBANCSHARES INC: Receives Non-Compliance Notice From Nasdaq


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Deutsche Bank, Eximbank to Fund Refinery
PETROLEOS DE VENEZUELA: Reports Embezzlement at ALBA
* VENEZUELA: Inks US$8BB Joint Oil Exploration With Belarus




                         - - - - -


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


STANFORD INT'L: Family Seeks Owner's Pretrial Release
-----------------------------------------------------
Kristen Hays at Caribbean Net News reports that Robert Allen
Stanford's lawyers and family have again asked U.S. District Judge
David Hittner to order his release from prison pending trial,
citing his physical and mental deterioration and inability to help
prepare his defense.  "He knows running would get him nowhere, it
would only make things worse," Mr. Stanford's son Robert A.
Stanford Jr. wrote in a letter to US District Judge David Hittner
that was obtained by the news agency.

"I just want my dad to have a chance to prove himself, is that too
much to ask for?" Mr. Stanford's son wrote in the letter.

According to the report, several family members in Mr. Stanford's
hometown of Mexia, Texas, including his father, James Stanford,
signed a letter expressing concern at those developments.  "We
love Allen very much and are deeply concerned about his current
mental and physical state due to the conditions he has endured,
beginning with his life's work being taken from him in February of
this year, and now his incarceration," they said, the report
notes.

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Bloomberg News said that Judge Hittner denied
Mr. Stanford's request for bail despite reviewing psychiatrists
reports that the financier accused of orchestrating a multi-
billion Ponzi scheme was close to "a complete nervous breakdown."
The report related that Mr. Stanford's lawyers asked Judge Hittner
to reconsider an earlier ruling denying bail out of concern the
defendant might flee.  According to the report, reports from two
psychiatrists who examined Mr. Stanford said that he was suffering
from severe depression triggered by his incarceration under
conditions that rendered him unable to help in his defense.  The
report noted that Mr. Stanford has been in a federal detention
centre in Houston since his arrest on June 19.

               About Stanford International Bank

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

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

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

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

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


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


MANTELPLAST SACI: Creditors' Proofs of Debt Due on February 26
--------------------------------------------------------------
Roberto Mazzarella, the court-appointed trustee for Mantelplast
SACI's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 26, 2010.

Mr. Mazzarella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Roberto Mazzarella
          Jose Ortega y Gasset 1827
          Argentina


NOSSE BOX: Creditors' Proofs of Debt Due on February 18
-------------------------------------------------------
Nestor Szwarcberg, the court-appointed trustee for Nosse Box SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 18, 2010.

Mr. Szwarcberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Nestor Szwarcberg
          Pinzon 1555
          Argentina


PIGMENTOS ALQUIMIA: Creditors' Proofs of Debt Due on May 3
----------------------------------------------------------
Alberto Kohan, the court-appointed trustee for Pigmentos Alquimia
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 3, 2010.

Mr. Kohan will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Alberto Kohan
          Avenida Santa Fe 2742
          Argentina


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


ABACUS INVESTMENTS: Members to Receive Wind-Up Report on Jan. 29
----------------------------------------------------------------
The members of Abacus Investments Limited will receive, on
January 29, 2010, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Nicholas Hoskins is the company's liquidator.


BIG LIMITED: Creditors' Proofs of Debt Due on January 6
-------------------------------------------------------
The creditors of The BIG Limited are required to file their proofs
of debt by January 6, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


BIG LIMITED: Members to Receive Wind-Up Report on January 27
------------------------------------------------------------
The members of The BIG Limited will receive, on January 27, 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 December 22, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CENTRAL EUROPEAN MEDIA: Unit to Draw Loan to Refinance Debt
-----------------------------------------------------------
Central European Media Enterprises Limited's Czech unit, CET 21,
would draw up to CZK3 billion (US$163.3 million) loan to refinance
existing debt, including liabilities within the group, Thomson
Reuters reports.  The report relates that the credit will be
provided by Erste Bank's Ceska Sporitelna, UniCredit, and BNP
Paribas, and carry an interest of 490 basis points above Prague
Interbank Offered Rate.  Erste is the arranger.

According to the report, as of December 21, CET 21 can draw CZK2.5
billion, and there is a provision for another CZK500 million
provided by an exiting or an additional lender.  The report says
that the maturity date is April 30, 2012 with the possibility of
an extension by one year.

                      About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative.  S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014.  In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.


CLEARWATER RE: Creditors' Proofs of Debt Due on January 6
---------------------------------------------------------
The creditors of Clearwater Re Limited are required to file their
proofs of debt by January 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CLEARWATER RE: Members to Receive Wind-Up Report on January 27
--------------------------------------------------------------
The members of Clearwater Re Limited will receive, on January 27,
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 December 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CUE INSURANCE: Supreme Court Enters Wind-Up Order
-------------------------------------------------
On December 18, 2009, the Supreme Court of Bermuda entered an
order to have Cue Insurance Limited's operations wound up.

Mark W. R. Smith of Deloitte & Touche was appointed as the
company's provisional liquidator.


DIVERSITY INSURANCE: Supreme Court Enters Wind-Up Order
-------------------------------------------------------
On December 18, 2009, the Supreme Court of Bermuda entered an
order to have Diversity Insurance Company Ltd.'s operations wound
up.

Mark W. R. Smith of Deloitte & Touche was appointed as the
company's provisional liquidator.


PROTOSTAR LTD: Amends Schedules of Assets and Liabilities
---------------------------------------------------------
ProtoStar Ltd., et al., filed with U.S. Bankruptcy Court for the
District of Delaware an amended schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                      US$0
  B. Personal Property          $239,873,001
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                            US$451,572,906
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $57,639
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $32,884,751
                                 -----------      -----------
        TOTAL                 US$239,873,001   US$484,515,296

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


PROTOSTAR LTD: Has Until February 25 to File Reorganization Plan
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
ProtoStar Ltd., et al.'s exclusive period to file a Chapter 11
plan of reorganization until February 25, 2010, and solicit
acceptances of that plan until April 26, 2010.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


SCOTTISH ANNUITY: Creditors' Proofs of Debt Due on January 6
------------------------------------------------------------
The creditors of Scottish Annuity & Life Holdings (Bermuda)
Limited are required to file their proofs of debt by January 6,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


SCOTTISH ANNUITY: Members to Receive Wind-Up Report on January 27
-----------------------------------------------------------------
The members of Scottish Annuity & Life Holdings (Bermuda) Limited
will receive, on January 27, 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 December 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


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


ALL AMERICAN: Inks BRL1.2-Billion Contract With Cosan SA
--------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Cosan S.A.
Industria e Comercio has entered into a BRL1.2 billion (US$688.9
million) contract with ALL America Latina Logistica SA.  The
report relates that the agreement is for the expansion of ALL's
transport capacity is valid starting December 24.

"What the market is waiting on now is for Cosan SA to give details
of funding" for the agreement," Leonardo Scutti, analyst at BES
Ativos Financeiros, told Bloomberg News in an interview.

                        About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on sugar and ethanol producer Cosan Ltd.
and its Brazilian operating subsidiary, Cosan S.A. Industria e
Comercio (jointly referred to as Cosan), to 'BB-' from 'BB'.  At
the same time, S&P removed the ratings from CreditWatch, where
they were placed with negative implications on April 24, 2008.


                 About ALL-America Latina Logistica

Headquartered in Brazil, ALL-America Latina Logistica SA --
http://www.all-logistica.com -- is a holding company active in
rail-based logistic services.  The Company offers a range of
logistics solutions with domestic and international intermodal
door-to-door transportation operations, local pick-up and
delivery, port terminal services, dedicated fleet services and
warehousing services, including inventory and distribution-center
management.  The Company covers part of the Sao Paulo state and
the southernmost states of Brazil, the central region of
Argentina, crossing the borders of Paraguay and Uruguay and
serving Chile by truck from its intermodal logistics terminal in
Mendoza, Argentina.

                         *     *     *

As of December 29, 2009, the company continues to carry  Fitch
Rating's BB LT Issuer Default ratings.


ALL AMERICAN: GE Transportation to Deliver 10 Locomotives to Firm
-----------------------------------------------------------------
John D. Boyd at The Journal of Commerce reports that Rail
equipment builder GE Transportation signed up America Latina
Logistica SA as a new customer, with an order to deliver 10 new
locomotives to ALL.

According to the report, GE said it will build the engines at a
plant in Grove City, Pa., while its GE Transportation South
America unit will build the rest of the Model AC44i locomotives at
a plant in Contagem, Brazil.  The report relates that an ALL
official said that the company looks for an "increased performance
advantage" from the new power units.

                 About ALL-America Latina Logistica

Headquartered in Brazil, ALL-America Latina Logistica SA --
http://www.all-logistica.com/-- is a holding company active in
rail-based logistic services.  The Company offers a range of
logistics solutions with domestic and international intermodal
door-to-door transportation operations, local pick-up and
delivery, port terminal services, dedicated fleet services and
warehousing services, including inventory and distribution-center
management.  The Company covers part of the Sao Paulo state and
the southernmost states of Brazil, the central region of
Argentina, crossing the borders of Paraguay and Uruguay and
serving Chile by truck from its intermodal logistics terminal in
Mendoza, Argentina.

                           *     *     *

As of December 29, 2009, the company continues to carry Fitch
Rating's BB LT Issuer Default ratings.


BANCO NACIONAL: To Focus 2010 Loans on Infrastructure
-----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will focus
its 2010 lending on energy projects and infrastructure to support
continued economic growth, Brian Ellsworth at Reuters reports,
citing Bank President Luciano Coutinho.  The report relates that
the bank expects lending next year falling about 8% to BRL126
billion (US$72.4 billion) from BRL137.3 billion forecast for 2009
as it cuts back on short-term credit lines for business.

According to the report, Mr. Coutinho mentioned petrochemicals,
electrical transmission, refining and ethanol projects as high
priorities for the bank next year, along with financing for roads
and railroads.  The report relates Mr. Coutinho said that lending
in 2010 will fall mainly because BNDES will go back to its usual
credit for infrastructure and other long-term projects, leaving
so-called working capital loans for commercial banks.

BNDES, the report recalls, borrowed BRL100 billion from Brazil's
treasury early in 2009 as the government sought to boost lending
for local companies to ease effects of a global recession.  The
treasury committed another BRL80 billion to fund BNDES's lending
next year, the report adds.

                           About BNDES

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

                           *     *     *

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


BANCO NACIONAL: Makes Record US$79 Billion Loans in 2009
--------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA made
record loans worth BRL137 billion (US$79 billion), in 2009, John
Kolodziejski at Dow Jones Newswires reports, citing the Estado
news agency.  The report relates Bank President Luciano Coutinho
said that the value of the loans increased 49% compared with 2008.

According to the report, the newspaper said that BNDES loan
approvals also rose by 30% to BRL158 billion.  The report notes
Mr. Coutinho said that the record loans made this year strongly
influenced Brazil's recovering investment rate, which was 17.7% of
gross domestic product, or GDP, in the third quarter.

"I expect we will end 2010 at around 20% of GDP," the report
quoted Mr. Coutinho as saying.  It was necessary to establish an
investment rate at around 24% of GDP in the long term to sustain
growth of 5.5% to 6% a year, he added.

                           About BNDES

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

                           *     *     *

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


CAMARGO CORREA: Unit to Increase Sales by as Much as 5%
-------------------------------------------------------
Loma Negra SA will increase sales by as much as 5% next year,
following a 4.6% contraction in 2009, Eliana Raszewski, James
Attwood and Rodrigo Orihuela at Bloomberg News report, citing
company spokesman Juan Roza.  The company is a subsidiary of
Camargo Correa SA.

"We see activity coming out of the crisis in the second half of
this year and we are optimistic that 2010 will show a growing
trend," Mr. Roza told the news agency in a telephone interview.

According to the report, Loma Negra will invest about ARS$400
million in the next two years to boost production capacity and on
ensuring its factories have adequate energy supplies.

                    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';


COMPANHIA ENERGETICA: ADR Estimate Raised at Raymond James
----------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Cia. Energetica
de Minas Gerais had its price estimate raised at Raymond James &
Associates Inc. on the outlook for 2010 growth.

According to the report, analyst Ricardo Cavanagh said that
American depositary receipts of Cemig will likely trade at US$21
each by the end of next year, compared with previous estimates of
US$17.

                  About Companhia Energetica

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.


COSAN SA: Enters BRL1.2-Billion Expansion Contract W/ ALL American
------------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Cosan S.A.
Industria e Comercio has entered into a BRL1.2 billion (US$688.9
million) contract with ALL America Latina Logistica SA.  The
report relates that the agreement is for the expansion of ALL's
transport capacity is valid starting December 24.

"What the market is waiting on now is for Cosan SA to give details
of funding" for the agreement," Leonardo Scutti, analyst at BES
Ativos Financeiros, told Bloomberg News in an interview.

                        About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on sugar and ethanol producer Cosan Ltd.
and its Brazilian operating subsidiary, Cosan S.A. Industria e
Comercio (jointly referred to as Cosan), to 'BB-' from 'BB'.  At
the same time, S&P removed the ratings from CreditWatch, where
they were placed with negative implications on April 24, 2008.


                 About ALL-America Latina Logistica

Headquartered in Brazil, ALL-America Latina Logistica SA --
http://www.all-logistica.com -- is a holding company active in
rail-based logistic services.  The Company offers a range of
logistics solutions with domestic and international intermodal
door-to-door transportation operations, local pick-up and
delivery, port terminal services, dedicated fleet services and
warehousing services, including inventory and distribution-center
management.  The Company covers part of the Sao Paulo state and
the southernmost states of Brazil, the central region of
Argentina, crossing the borders of Paraguay and Uruguay and
serving Chile by truck from its intermodal logistics terminal in
Mendoza, Argentina.

                         *     *     *

As of December 29, 2009, the company continues to carry  Fitch
Rating's BB LT Issuer Default ratings.


OWENS CORNING: To Double Capacity for Tech. Fabrics in Brazil
-------------------------------------------------------------
Owens Corning (NYSE: OC), a leading global producer of residential
and commercial building materials, glass fiber reinforcements and
engineered materials for composite systems, today announced the
addition of glass fiber knitting equipment at its facility in Rio
Claro, northwest of Sao Paulo in Brazil, doubling its capacity for
making fiberglass technical fabrics. The addition is the third
expansion of capacity since the plant was established three years
ago.  A portion of the new capacity began production in
September; the balance will be installed by year end.

Demand for fiberglass technical fabrics is growing in Brazil,
driven by the success of wind blade fabricators based in the
region.  Wind blades made in Brazil are used in the local market
and also exported.

"This latest expansion to our fabric knitting capacity highlights
our strategy to support market growth and emphasizes our
commitment to help our Latin America customers grow and succeed
both locally and globally," said Beth Rettig, OCV(TM) Technical
Fabrics general manager, Americas.

OCV(TM) Reinforcements and OCV(TM) Technical Fabrics provide
material to Brazil's leading producers of blades for the world's
largest wind turbine manufacturers. The businesses serve the
market from two facilities in the state of Sao Paulo - one making
knitted fabrics and the other the company's patented Advantex(R)
glass fiber reinforcements.  Advantex(R) glass technology brings
world-class energy efficiency and emissions control to glass
fiber production while providing unique product benefits
including corrosion resistance and high strength.

The company has produced fiberglass reinforcements in Brazil for
many years.  In July 2006, it established the first facility for
technical fabrics, including woven, stitched and knitted products.
Fabric capacity was doubled in 2007, and in 2008 the company moved
the operations to a new facility and doubled capacity again.

Technical fabrics are used in several key industries but primarily
in the wind energy market to meet rising demand for renewable,
alternate energy sources such as wind power, which can benefit
Latin America in terms of economic development.

Wind energy power generation is quickly developing on a global
scale. In Latin America, Brazil at present has the largest
installed capacity of wind energy power generation.  It offers
the greatest potential, along with Argentina, where wind-based
energy has been attracting significant attention as an
economically viable source of electric power generation.  In the
country's southern Patagonian provinces, there are consistently
strong westerly winds. To the north, the Mexico Renewable Energy
Program promotes the development of alternate energy sources.
Mexico has good locations and wind resources offering the
potential to produce significant renewable energy substituting
more than half of the fossil fuel utilized at present.

                      About Owens Corning

Headquartered in Toledo, Ohio, Owens Corning fka Owens Corning
(Reorganized) Inc. (NYSE: OC) -- http://www.owenscorning.com/--
is a producer of residential and commercial building materials and
glass fiber reinforcements, and other similar materials for
composite systems.  The company has operations in 26 countries.

The Company filed for Chapter 11 protection on October 5, 2000
(Bankr. D. Del. Case. No. 00-03837).  Norman L. Pernick, Esq., at
Saul Ewing LLP, represented the Debtors.  Elihu Inselbuch, Esq.,
at Caplin & Drysdale, Chartered, represented the Official
Committee of Asbestos Creditors.  James J. McMonagle served as the
Legal Representative for Future Claimants until June 20, 2007.
Mr. McMonagle was replaced by Michael J. Crames.  Mr. Crames
served as Mr. McMonagle's counsel until July 2005, when he retired
from the law firm Kaye Scholer LLP.

On September 28, 2006, the Honorable John P. Fullam, Sr., of the
U.S. District Court for the Eastern District of Pennsylvania
affirmed the order of Honorable Judith Fitzgerald of the U.S.
Bankruptcy Court for the District of Delaware confirming Owens
Corning's Sixth Amended Plan of Reorganization.  The Plan took
effect on October 31, 2006, marking the company's emergence from
Chapter 11.

Reorganized Owens sought on July 25, 2008, from the Delaware
Bankruptcy Court a final decree closing the Chapter 11 cases of 17
of its affiliates.  Only the Chapter 11 case of Owens Corning
Sales, LLC, formerly known as Owens Corning, under Case No.
00-03837 will remain open.

(Owens Corning Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


TAM SA: Expects Rise in Domestic Aviation Market in 2010
--------------------------------------------------------
Alastair Stewart at Dow Jones Newswires reports that TAM SA
expects the country's domestic aviation market to grow by up to
12% next year as incomes and employment levels continue to rise in
Brazil's economy and new promotions attract first-time, lower-
income fliers.  "Economists are forecasting the economy will grow
around 5% in 2010.  We see the aviation market expanding double
that, maybe two and a half times that," the report quoted Libano
Barroso, TAM's chief executive officer, as saying.

Mr. Barroso told the news agency in interview that attracting
first-time fliers with easy payment options is one of the keys to
raising growth levels in the US$6.5 billion Brazilian air travel
market.

According to the report, Brazil's domestic air traffic has nearly
doubled since 2003, growing between 8% and 22% a year through
2008.  This year, the report relates, even though airlines had
expected the economic slowdown to curtail demand, the latest data
indicate passenger traffic grew 15%.

Dow Jones Newswires notes that TAM SA and the other airlines are
now seeking to tap deeper into this up-and-coming consumer group
by offering tickets in installments.

As reported in the Troubled Company Reporter-Latin America on
December 18, 2009, TAM SA and Banco Itau have entered into a
partnership that will allow the bank's individual checking account
holders with available credit limit to pay for airline tickets in
installments in up to 48 months.  The partnerships with Itau and
the Banco do Brasil form part of a strategy implemented by the
company to expand access to air travel for people not used to air
travels.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


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


ALLIANCEBERNSTEIN GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------------------
On October 29, 2009, the shareholders of Alliancebernstein Global
Diversified Strategies (Sterling Managed) Ltd. - Hedge Fund C
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands


ALLIANCEBERNSTEIN GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------------------
On October 29, 2009, the shareholders of Alliancebernstein Global
Diversified Strategies Ltd. - Master Fund C resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands


ALLIANCEBERNSTEIN GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------------------
On October 29, 2009, the shareholders of Alliancebernstein Global
Diversified Strategies (USD Managed) Ltd. - Hedge Fund C resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands


ALLIANCEBERNSTEIN MARKET: Commences Liquidation Proceedings
-----------------------------------------------------------
On October 29, 2009, the shareholders of Alliancebernstein Market
Neutral Strategy Ltd. - CAMN-A1 resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands


ALCHEM EVENT: Commences Wind-Up Proceedings
-------------------------------------------
On October 16, 2009, the sole shareholder of Alchem Event Driven
Offshore Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

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 KY1-9002, Cayman Islands


ARCADIA COMPANY: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on October 30, 2009, the
shareholders of Arcadia Company Ltd resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Laura Chisholm
          Telephone: 945 4777
          Facsimile: 945 4799
          P.O. Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


BELVEDERE JAPAN: Commences Liquidation Proceedings
--------------------------------------------------
On October 5, 2009, the sole shareholder of Belvedere Japan Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Sargison
          PO Box 414 Savannah
          31 Woodland Drive, Lower Valley
          Bodden Town, Grand Cayman KY1-1502
          Cayman Islands


BELVEDERE JAPAN: Commences Liquidation Proceedings
--------------------------------------------------
On October 5, 2009, the sole shareholder of Belvedere Japan Master
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Sargison
          PO Box 414 Savannah
          31 Woodland Drive, Lower Valley
          Bodden Town, Grand Cayman KY1-1502
          Cayman Islands


BERNSTEIN INSTITUTIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
On October 29, 2009, the shareholders of Bernstein Institutional
Global Diversified Hedge Fund Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Glen Trenouth
          Rodney Graham
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801
          P.O. Box 31118, Grand Cayman KY1-1205
          Cayman Islands


BIAGIO INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
On November 5, 2009, the sole shareholder of Biagio International
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 7, 2009, will be included in the company's dividend
distribution.

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


CHEETAH INTERNATIONAL: Commences Wind-Up Proceedings
----------------------------------------------------
On November 5, 2009, the sole shareholder of Cheetah International
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 7, 2009, will be included in the company's dividend
distribution.

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


LILLO HOLDING: Commences Wind-Up Proceedings
--------------------------------------------
On November 5, 2009, the sole shareholder of Lillo Holding Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 7, 2009, will be included in the company's dividend
distribution.

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


MARILYN CORPORATION: Commences Wind-Up Proceedings
---------------------------------------------------
On November 5, 2009, the sole shareholder of Marilyn Corporation
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 7, 2009, will be included in the company's dividend
distribution.

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


MIDAS GLOBAL: Commences Wind-Up Proceedings
-------------------------------------------
On October 29, 2009, the sole shareholder of Midas Global Asset
Management Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ng Yuen Yee
          Room 901-03, Tai Tung Building
          8 Fleming Road, Wanchi, Hong Kong
          Telephone: (852) 2827 2278
          Facsimile: (852) 2827 2283


MONDRIAN FUND: Commences Wind-Up Proceedings
--------------------------------------------
On October 16, 2009, the sole shareholder of Mondrian Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 938-2009
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


OMBRA INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
On November 5, 2009, the sole shareholder of Ombra International
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 7, 2009, will be included in the company's dividend
distribution.

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


POLAR CAPITAL: Commences Wind-Up Proceedings
--------------------------------------------
On October 23, 2009, the sole shareholder of Polar Capital
Columbus Fund Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square
          1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands


PRS CEZANNE: Commences Wind-Up Proceedings
------------------------------------------
On October 16, 2009, the sole shareholder of PRS Cezanne Leverage
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 938-2009
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


PRS INVESTMENT: Commences Wind-Up Proceedings
---------------------------------------------
On October 16, 2009, the sole shareholder of The PRS Investment
Strategies Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 938-2009
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


PRS TARGETED: Commences Wind-Up Proceedings
-------------------------------------------
On October 16, 2009, the sole shareholder of PRS Targeted Hedge
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 11, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 938-2009
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


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


INTERCONEXION ELECTRICA: Buys Stake in Ferrovial's Highway Unit
---------------------------------------------------------------
Paul Tobin at Bloomberg News reports that Interconexion Electrica
SA bought a 60% stake in Ferrovial SA's Chilean highway unit for
EUR209 million (US$302 million).  The report relates that
Ferrovial, the Spanish manager of airports and highways, sold the
stake through its Cintra Concesiones de Infraestructuras de
Transporte S.A unit and the parties granted each other call and
put options for the remaining 40% stake.

According to the report, the sale of the stake and the exercise of
the options will generate a net capital gain of about EUR250
million.

                   About Interconection Electrica

Interconection Electrica S.A transmits high voltage electricity
within the national network in Colombia.  The company operates and
supervises substations and electricity networks, and offers
chemical analysis and maintenance services.

                           *     *     *

As of December 29, 2009, the company continues to carry Standard
and Poor's BB+ LT Issuer Credit ratings.


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


CAP CANA: Opens Golden Bear Lodge & Spa With AM Resort
------------------------------------------------------
Cap Cana and AM Resorts opened the Golden Bear Lodge & Spa at Cap
Cana.

The opening is the latest milestone in Cap Cana's present growth
strategy of entering into and maintaining arrangements with
leading luxury hotel operators, experienced private developers and
world-renowned strategic business partners.

"We are excited to announce the formal opening of the first
Nicklaus-brand Golden Bear Lodge, and welcome the addition of AM
Resorts to our growing list of best-of-breed resort industry
operators," said Ricardo Hazoury, Cap Cana's Chairman and
President.

The Jack Nicklaus inspired 126-suite golf resort is AM Resorts'
first property under its new Zoetry Collection of resorts and is
part of its exclusive Preferred Boutique and Preferred Golf
groups.  A personal haven for golf enthusiasts, guests of the
Golden Bear Lodge & Spa will soon be able to choose between two
Jack Nicklaus Signature golf courses-the world-ranked Punta Espada
Golf Course, host of a popular stop on the PGA TOUR's Champions
Tour, or Las Iguanas, currently under construction.

"As our first property in The Zoetry Collection, we are excited to
demonstrate the exceptional quality standards that will define the
Golden Bear Lodge & Spa, from spectacular accommodations and fine
dining, to devoted personal service and play at world-renowned
golf courses such as Punta Espada," said Alex Zozaya, CEO and
President of AM Resorts.

                         About Cap Cana

Cap Cana, S.A., a privately owned company, is a corporation that
was organized under the laws of the Dominican Republic.  Its
principal activity is the development, construction, operation and
administration of a tourist and leisure resort community project
known as Cap Cana.  Cap Cana is being developed as a multi-use
luxury Caribbean resort with world-class beaches, championship
golf courses, yachting facilities and similar leisure amenities.
The property consists of over 119.9 square kilometers of land,
including an eight kilometer coastline and 3.5 kilometers of
pristine beach.  Cap Cana is located on the easternmost tip of the
Dominican Republic, and is a few minutes drive from Punta Cana
International Airport, which receives nonstop flights from large
metropolitan centers in Europe, Canada and the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Moody's Investors Service announced that the ratings
of Cap Cana have been confirmed, and will be subsequently
withdrawn.  Cap Cana has undergone a debt restructuring on
approximately 96% of its US$250 million senior notes due 2013, in
a distressed exchange transaction.


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


PETROECUADOR: Deutsche Bank, Eximbank to lend US$5BB for Refinery
-----------------------------------------------------------------
Petroecuador President Luis Jaramillo said Deutsche Bank and
Chinese Eximbank are likely to provide US$5 billion (EUR3.5
billion) in funding for the construction of the Refineria del
Pacifico refinery, Trading Market News reports, citing Reuters.
The report relates that Deutsche Bank is mulling over extending
loans of US$3 billion, while Eximbank is mulling over extending
loans of USD$2 billion.

According to the report, the potential financing would contribute
to the total of US$12.5 billion needed for the launch of the unit.
The report relates that construction works will kick off in 2010.

Petroecuador has a majority interest of 51% in the project, while
Venezuelan sector player Petroleos de Venezuela's ownership is
49%.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

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

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


PETROECUADOR: Raises Possible/Probable Reserves in 2009
-------------------------------------------------------
Petroecuador raised its possible and probable crude reserves by
120.4 million barrels in 2009, due to an aggressive US$140 million
exploration investment, Santiago Silva at Reuters reports, citing
Freddy Garcia, vice president of Petroecuador's operating arm
Petroproduccion.

Mr. Garcia, the report relates, said that the aim for 2009 had
been to find an extra 104.9 million barrels of possible and
probable reserves.  "So we have achieved 115% of our aim," Mr.
Garcia told Reuters in an interview.

According to the report, there were no figures available for
Ecuador's total possible and probable reserves.  However, the
report says, the country has 2.1 billion barrels of commercially
viable proven reserves.

Mr. Garcia, the report adds, said this figure would probably go up
with the new studies taking place.  Petroecuador planned a similar
investment in exploration for 2010, he added.

                     About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


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


AMR CORP: Jamaican Entities May Sue American for Damages
--------------------------------------------------------
Attorney Anthony Hylton said that American Airlines Inc. could
face legal action from the Airports Authority of Jamaica and the
operators of the Norman Manley International Airport following an
accident at the Jamaican airport, RadioJamaica reports.

According to the report, following the incident, the airport was
forced to close for several hours resulting in a major disruption
in flights.  The report relates that the airport as well as the
AAJ also incurred expenses associated with its emergency response
system.

Mr. Hylton, the report notes, said that the entities could recover
losses from American Airlines once it is proven that the US
carrier was at fault.  "Yes, if after investigations, and I do not
want to speculate unduly as to what is the causes or what may or
may not be the causes of the crash, investigations are now being
undertaken and we are all awaiting the outcome of that
investigation that will be made public," the report quoted Mr.
Hylton as saying.  "But if in fact the fault is the fault of
American Airlines then the Airport Authority and the Government of
Jamaica can recover damages where damages have been sustained," he
added.

                       About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

AMR Corp. reported a net loss of US$390 million for the second
quarter of 2009, or US$1.39 per share.  At June 30, 2009, the
Company had US$24.1 billion in total assets; US$8.2 billion in
total current liabilities, US$8.3 billion in long- term debt, less
current maturities, US$572 million in obligations under capital
leases, less current obligations, US$6.8 billion in pension and
postretirement benefits, and US$3.1 billion in other liabilities,
deferred gains and deferred credits; resulting in a US$3.0 billion
stockholders' deficit.

                         *     *     *

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.


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


GRUMA SAB: To Discuss Venezuela Asset Freeze
--------------------------------------------
Gruma, S.A.B. de C.V. said that it will talk to Venezuela about
the temporary seizure of assets at two subsidiaries in the South
American country, Business Week News reports.  The report relates
that the company will approach Venezuelan authorities to discuss
the measure, which has not caused appreciable losses but could if
it continues.

The Troubled Company Reporter-Latin America, citing Bloomberg
News, reported on December 28, 2009, that GrumaSAB said that
Venezuela's seizure of the assets of arrested banker Ricardo
Fernandez includes a minority stake in its Venezuelan subsidiary.
The report related that Mr. Barrueco who was jailed on charges of
illegally using depositors' money and faces up to 10 years in
jail.  According to the report, Gruma SAB said that it has no
"financial relationship" with Fernandez's banks.  "Is not possible
to assure that a higher involvement from the Venezuelan government
will not have an adverse material effect in the financial
situation and operations results from Gruma," the company said in
a statement obtained by the news agency.

Gruma SAB, Business Week News notes, said that Mr. Fernandez was
only a minority shareholder in the Monaca and Demaseca
subsidiaries and played no role on their boards.

                       About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


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


EUROBANCSHARES INC: Receives Non-Compliance Notice From Nasdaq
--------------------------------------------------------------
EuroBancshares, Inc., received a letter on December 21, 2009, from
The Nasdaq Stock Market indicating that the Company was not in
compliance with Nasdaq Marketplace Rule 5450(a)(1) because the bid
price of the Company's common stock closed below the required
minimum $1.00 per share for the previous 30 consecutive business
days.  The Nasdaq letter has no immediate effect on the listing of
the Company's common stock.

In accordance with Nasdaq rules, the Company has a period of 180
calendar days, until June 21, 2010, to regain compliance with the
minimum bid price rule.  If, by June 21, 2010, the bid price of
the Company's common stock closes at or above $1.00 per share for
at least 10 consecutive business days (or such other period of
time as may be determined by Nasdaq), Nasdaq will notify the
Company that it has regained compliance with the minimum bid price
rule.  If the Company is unable to regain compliance by June 21,
2010, Nasdaq will provide written notification that the Company's
shares are subject to delisting.  At that time, the Company may
appeal Nasdaq's delisting determination and may submit a plan for
regaining compliance with the rule.  Alternatively, the Company
could apply to transfer its common stock to The Nasdaq Capital
Market prior to that date if it satisfies all of that market's
initial listing requirements, other than the minimum bid price
requirement.  If the Company applies for such transfer and is
approved, then the Company would have an additional 180 days to
regain compliance with the minimum bid price rule while listed on
The Nasdaq Capital Market.

The Company is currently evaluating its alternatives to regain
compliance with the Nasdaq listing requirements.

                   About EuroBancshares, Inc.

EuroBancshares, Inc., is a diversified bank holding company
headquartered in San Juan, Puerto Rico, offering a broad array of
financial services through its wholly-owned banking subsidiary,
Eurobank; EBS Overseas, Inc., an international banking entity
subsidiary of Eurobank; and EuroSeguros, a wholly-owned insurance
agency subsidiary of Eurobank.


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


PETROLEOS DE VENEZUELA: Deutsche Bank, Eximbank to Fund Refinery
----------------------------------------------------------------
Petroecuador President Luis Jaramillo said Deutsche Bank and
Chinese Eximbank are likely to provide US$5 billion (EUR3.5
billion) in funding for the construction of the Refineria del
Pacifico refinery, Trading Market News reports, citing Reuters.
The report relates that Deutsche Bank is mulling over extending
loans of US$3 billion, while Eximbank is mulling over extending
loans of USD$2 billion.

According to the report, the potential financing would contribute
to the total of US$12.5 billion needed for the launch of the unit.
The report relates that construction works will kick off in 2010.

Petroecuador has a majority interest of 51% in the project, while
Venezuelan sector player Petroleos de Venezuela's ownership is
49%.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Reports Embezzlement at ALBA
----------------------------------------------------
Petroleos de Venezuela's complaint and the disclosure of "serious
failings" in the management of Albanisa (ALBA de Nicaragua SA) led
to the dismissal of Jose Francisco Lopez Centeno, El Universal
News reports.  The report, citing La Prensa newspaper, relates
that Mr. Lopez is the top leader of the consortium organized in
2007, which is composed of PDVSA, with a 55% stake through PDV-
Caribe, and Petroleos de Nicaragua (Petronic).

According to the report, Albanisa is now reportedly headed by the
representative of Venezuela, Rafael Paniagua.

EL Universal, citing press reports, notes that Albanisa is missing
an estimated at 1.4 million cordobas.  However, the report says
that unnamed sources told the newspaper that that the sum could
exceed several million dollars.

Auditors sent by PDVSA, the report points out, have detected
irregular accounts in 10 branches of the Bolivarian Alliance for
the Peoples of Our America (ALBA) in Nicaragua.

El Universal News adds that one of the likely successors of Mr. of
Lopez is the inspector general of the Army of Nicaragua, Maj. Gen.
RamĒn Calderon Vindell.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

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

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


* VENEZUELA: Inks US$8BB Joint Oil Exploration With Belarus
-----------------------------------------------------------
Belarus and Venezuela have agreed to invest US$8 billion in joint
development and production at the Junin-1 oil deposit in the
Orinoco River Basin, RIA Novosti News reports, citing Venezuelan
Oil and Energy Minister Rafael Ramirez.  The report relates that
the agreement also envisioned the construction of a heavy oil
refinery in the region.

According to the report, Mr. Ramirez said that the Junin 1 deposit
contains an estimated 2 billion barrels of oil and could produce
up to 200,000 barrels per 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.


                            ***********

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

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

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

                            ***********


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

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


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

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

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

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


           * * * End of Transmission * * *