TCRLA_Public/100104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Monday, January 4, 2010, Vol. 11, No. 001

                            Headlines



A R G E N T I N A

CENTRAL TERMICA: Moody's Gives Negative Outlook; Keeps 'B2' Rating


B R A Z I L

BANCO NACIONAL: LLX Gets US$234 Million Loan for Sudeste Port
BRASKEM SA: Inks Green Plastic Development Deal With Novozymes
UAL CORP: To Solicit Offers From Embraer for Narrow-Bodied Planes


C A Y M A N  I S L A N D S

ARAWAK PROPERTIES: Placed Under Voluntary Wind-Up
ARDEN SB: Commences Wind-Up Proceedings
ARDEN SMART: Commences Wind-Up Proceedings
ARDEN SMART: Commences Wind-Up Proceedings
CALABASH RE: Placed Under Voluntary Liquidation

CASAM HEDGE: Placed Under Voluntary Wind-Up
GLOBAL MARKETS: Commences Wind-Up Proceedings
ING CLARION: Commences Liquidation Proceedings
ING CLARION: Commences Liquidation Proceedings
LAFB1: Placed Under Voluntary Liquidation

LIBERTA COMPANY: Placed Under Voluntary Liquidation
NIAGARA/FRIEDBERG: Placed Under Voluntary Liquidation
RABO CAPITAL: Placed Under Voluntary Wind-Up
RAM 6 LEASING: Commences Wind-Up Proceedings
RICAART LTD: Placed Under Voluntary Liquidation

S&P IV: Commences Wind-Up Proceedings
STEED MANAGEMENT: Placed Under Voluntary Liquidation
SUN WAVE: Commences Wind-Up Proceedings
TPS CAPITAL: Placed Under Voluntary Wind-Up
VIRTUS CAYMAN: Commences Liquidation Proceedings


J A M A I C A

AIR JAMAICA: Possible Sale Faces Opposition in Trinidad
AIR JAMAICA: BITU Seeks Speedy Divestment of Airline
AMR CORP: Mum on Crash Investigation


M E X I C O

GRUPO IUSACELL: To Remove Shares From Public Trading to Cut Cost


P E R U

* PERU: To Invest US$8.66 Billion This Year


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

OLINT CORP: Injunction on Former Boss' Assets Expires


V E N E Z U E L A

CITGO PETROLEUM: Shuts Platformer Reactor at Texas Refinery
PETROLEOS DE VENEZUELA: No Bail for 3 Workers in Corruption Case
*VENEZUELA: Tells Foreign Auto Makers to Share Technology or Leave
*VENEZUELA: Central Bank Estimates 2.9% GDP Contraction in 2009


V I R G I N  I S L A N D S

TRISTAN OIL: Moody's Downgrades Corporate Family Rating to 'C'


X X X X X X X X

* BOND PRICING: For the Week December 28 to January 1, 2009




                         - - - - -


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


CENTRAL TERMICA: Moody's Gives Negative Outlook; Keeps 'B2' Rating
------------------------------------------------------------------
Moody's Latin America has changed Central Termica Loma de la
Lata's rating outlook to negative from stable and affirmed the
existing B2 and A2.ar long term debt ratings.  The main driver
prompting the outlook change is the relatively higher risk
perceived from the long term contract recently executed directly
with Compa¤ia Administradora del Mercado Mayorista Electrico S.A.
rather than under the Energia Plus framework as originally
expected.

The company's B2 global scale and A2.ar national scale ratings
reflect the risks and strengths of CTLLL's current project to
close the cycle of its existing thermal generation plant adding
176 MW to the current 369 MW of existing capacity at the open
cycle, which is guaranteed by Pampa Engeria S.A., the group
holding company, during the construction phase.  The project is
slated for completion in the second quarter 2010, with commercial
operations beginning in the third quarter.  Moody's takes comfort
from the fact that Pampa guarantees the US$178 million notes due
2015 during the construction period, thus mitigating the risks
related to potential delays in project completion.  However, the
agreement recently announced to sell at least 50% of the new
capacity to CAMMESA under a Resolution 220 contract implies that
the parent's guarantee extension after project completion could no
longer be required by a majority of bondholders as the project
would have the required contracted capacity in time.

In November 2009, CTLLL said it had entered into a 10-year
agreement with CAMMESA to sell at least half of the net capacity
resulting from its expansion project, rather than selling the new
capacity to diversified, private companies in the term market, as
originally planned under the Energia Plus framework.  While the
contract will reduce exposure to the spot market, the off taker
will be CAMMESA, an agency that administers the wholesale
electricity market in Argentina, thus increasing earnings and cash
flow exposure to further concentration risk.

Although expected revenues, margins and cash generation under the
terms of this agreement will be weaker in comparison with Moody's
original expectations under a fairly developed Energia Plus
market, CTLLL's metrics are expected to remain adequate for the
rating category.

While the 10-year agreement gives the company some cash flow
predictability, increased dependence on payments coming from
CAMMESA, which is currently experiencing an operating deficit,
raises questions in terms of overall credit quality relative to
what was originally expected from contracts executed exclusively
under a more diversified Energia Plus framework.

CTLLL's B2 local currency rating reflects its global default and
loss expectation, while the A2.ar national scale rating reflects
the standing of CTLLL's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A2.ar present above-average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

CTLLL's main cash requirements arise from the investment in the
expansion project, totaling US$214 million.  To finance the
project, in September 2008, CTLLL closed a bond issuance for an
amount of US$178 million and completed the required financing with
equity contributions and proceeds from the sale of non-core
assets.  As of September 30, 2009, CTLLL had a cash position of
ARS 49 million (US$12 million), of which ARS 20 million
(US$5.2 million) were deposited in debt service reserve account
and ARS 21 (US$5.4 million) were restricted as collateral as
required by the EPC contract.  In addition, the company had
US$31.59 under an escrow account also kept as collateral.  The
company has no significant debt maturities in the near term as the
notes have a five-year grace period with semiannual payments
beginning in September 2013, long after the expected start of the
combined cycle's commercial operations and its associated
increased cash generation.

The negative outlook reflects Moody's view of increased risk from
the project's higher dependence on CAMMESA sources, which is
currently experiencing an operating deficit that is financed with
government resources.  In Moody's view, this increases the
project's exposure to the Argentine government (B3, Stable).
Moody's expects that the electricity sector will continue to face
significant uncertainties for cost recovery and a low degree of
predictability of the timing and nature of changes in the
regulatory environment.

The rating could be downgraded if the financial strength of Pampa
experiences a significant deterioration or completion of the
project is materially delayed, the regulatory environment becomes
financially weaker as evidenced by CAMMESA's inability to comply
with the terms of the recent agreement with CTLLL as well as other
potential negative developments in the regulatory framework.

The rating outlook could be stabilized if additional contracts are
executed under the Energia Plus framework thus reducing the
current level of concentration risk.  A material improvement in
the regulatory environment that leads to greater clarity and
predictablility along with proven certainty from CAMMESA's
contract payments as well as an upgrade in Argentine's B3 rating
could lead to an upgrade in the ratings.

Central Termica Loma de la Lata S.A. is an electric generation
company formed as a Sociedad Anonima as a result of Pampa Energia
S.A. acquisition of the thermal power plant at Loma La Lata in May
2007.  CTLLL's main asset is a thermo-electric power plant located
above the major gas fields in the Neuquina basin, in the province
of Neuquen-Argentina.  Currently, CTLLL has an installed net
capacity of 369 MW, which is expected to increase by 176 MW after
this project is completed.  With a total generation of 1745 GWh,
total revenues for the fiscal year ending in December 2008
amounted to ARS 193 million (approximately US$58 million), and to
ARS 208 million (approximately US$55 million) for the last twelve
months ending in September 2009, with a total generation of 1305
GWh in the same period.

Pampa Energia S.A. (not rated) is the largest, fully-integrated
electricity company in Argentina.  Through its subsidiaries, the
company is engaged in the generation, transmission and
distribution of electricity within the country.  Pampa has an
installed capacity of approximately 2,000 MW, which represents
about 8% of the country's installed capacity.  It also co-controls
Transener (not rated), the largest high-voltage electricity
transmission system in Argentina and it is the majority
shareholder of Edenor (B2, stable), the largest electricity
distribution company in Argentina, with more than 2,5 million
customers.


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


BANCO NACIONAL: LLX Gets US$234 Million Loan for Sudeste Port
-------------------------------------------------------------
LLX Logistica obtained a loan of BRL408 million (US$234 million)
for its Sudeste Port from Banco Nacional de Desenvolvimento
Economico e Social SA, Brian Ellsworth at Reuters reports.

According to the report, LLX said in August it had received
regulatory approval for the construction of the port, which is
designed to handle 50 million tons of iron ore per year in its
initial phase.  The report relates that the company will use the
funds for equipment purchases from Brazilian suppliers.

The project, the report notes, is expected to receive iron ore
from mining company MMX, as well as from other miners in the state
of Minas Gerais that currently do not have access to iron export
markets.

The port is expected to start operations in 2011.

                            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.


BRASKEM SA: Inks Green Plastic Development Deal With Novozymes
---------------------------------------------------------------
Braskem SA and Novozymes disclosed a research partnership to
develop large-scale production of polypropylene from sugarcane.

"Braskem was the first company in the world to produce a 100%
certified green polypropylene on an experimental basis.  The
partnership with Novozymes will further boost Braskem's technology
development and be a key step in the company's path to consolidate
its worldwide leadership in green polymers, all leveraged by
Brazil's competitive advantages within renewable resources," says
Bernardo Gradin, CEO of Braskem.

                        Sugar is New Oil

Polypropylene is a plastic used in a wide range of everyday
products, from food containers, drinking straws, and water bottles
to washing machines, furniture, and car bumpers.  It is the second
most widely used thermoplastic with a global consumption in 2008
of 44 million metric tons.  The market is estimated to be US$66
billion, with an annual growth rate of 4%.

According to the company press release, polypropylene is primarily
derived from oil, but Braskem and Novozymes will develop a green
alternative based on Novozymes' core fermentation technology and
Braskem's expertise in chemical technology and thermoplastics.
Initial development will run for at least five years.

Both companies have ongoing interests in a bio-based economy:
Braskem is currently building a 200,000-tons-per-year green
polyethylene plant in Brazil with ethanol from sugarcane as the
raw material.  Novozymes is producing enzymes to turn agricultural
waste into advanced biofuels and has partnered to convert
renewable raw materials into acrylic acid.

                        About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


UAL CORP: To Solicit Offers From Embraer for Narrow-Bodied Planes
-----------------------------------------------------------------
To recall, United Air Lines, Inc., ordered 25 Airbus A350 XWB
aircraft and 25 Boeing 787 Dreamliner aircraft and has future
purchase rights for 50 of each aircraft.

In this light, UAL Chief Executive Glenn Tilton said in an
interview that Empresa Brasileira de Aeronautica S.A. or Embraer
will be invited to join competition for the supply of narrow-
bodied aircraft to United, Reuters reported on December 9, 2009.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The Company filed for Chapter 11 protection on December 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge Eugene
R. Wedoff confirmed the Debtors' Second Amended Plan on
January 20, 2006.  The Company emerged from bankruptcy protection
on February 1, 2006.  (United Airlines Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           *     *     *

UAL and United both carry a 'CCC' issuer default rating from Fitch
Ratings.  UAL carries a 'B-'' on 'watch negative', corporate
credit rating from Standard & Poor's Ratings Serv


                           About Embraer

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


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


ARAWAK PROPERTIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On November 4, 2009, the shareholders of Arawak Properties 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:

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


ARDEN SB: Commences Wind-Up Proceedings
---------------------------------------
On October 30, 2009, the sole shareholder of Arden SB Basket, Ltd.
resolved to voluntarily wind up the company's operations.

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:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


ARDEN SMART: Commences Wind-Up Proceedings
------------------------------------------
On October 27, 2009, the sole shareholder of Arden Smart Beta
Holdings, Ltd. resolved to voluntarily wind up the company's
operations.

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:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


ARDEN SMART: Commences Wind-Up Proceedings
------------------------------------------
On October 30, 2009, the sole shareholder of Arden Smart Beta
Feeder A, Ltd. resolved to voluntarily wind up the company's
operations.

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:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


CALABASH RE: Placed Under Voluntary Liquidation
-----------------------------------------------
On September 15, 2009, the shareholder of Calabash Re Limited
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:

         Katherine Chiazza
         Barbara Fawcitt
         P.O. Box 1109, HSBC House, 68 West Bay Road
         Grand Cayman, Cayman Islands
         Telephone: 949-7553
         Facsimile: 949-6021
         P.O. Box 1109, HSBC House, 68 West Bay Road
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


CASAM HEDGE: Placed Under Voluntary Wind-Up
-------------------------------------------
On October 9, 2009, the sole shareholder of Casam Hedge 1 resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o Steven J. Barrie
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105, Cayman Islands


GLOBAL MARKETS: Commences Wind-Up Proceedings
---------------------------------------------
On November 9, 2009, the sole shareholder of Global Markets
Investment Fund Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
December 15, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ING CLARION: Commences Liquidation Proceedings
----------------------------------------------
ING Clarion US Liquidfund Ltd. commenced liquidation proceedings
on November 3, 2009.

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

Maricorp Services Ltd. is the company's liquidator.


ING CLARION: Commences Liquidation Proceedings
----------------------------------------------
ING Clarion US Liquidfund GP Ltd. commenced liquidation
proceedings on November 10, 2009.

Maricorp Services Ltd. is the company's liquidator.


LAFB1: Placed Under Voluntary Liquidation
-----------------------------------------
On October 22, 2009, the sole shareholder of LAFB1 resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o Steven J. Barrie
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105, Cayman Islands


LIBERTA COMPANY: Placed Under Voluntary Liquidation
---------------------------------------------------
On November 5, 2009, the sole shareholder of Liberta Company
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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


NIAGARA/FRIEDBERG: Placed Under Voluntary Liquidation
-----------------------------------------------------
On November 10, 2009, the sole shareholder of Niagara/Friedberg
Global-Macro Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Grant
         Rue du Lac 6, 1897 Bouveret
         Switzerland


RABO CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On November 4, 2009, the shareholders of Rabo Capital 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:

         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


RAM 6 LEASING: Commences Wind-Up Proceedings
--------------------------------------------
RAM 6 Leasing Ltd. commenced wind-up proceedings.

Only creditors who were able to file their proofs of debt by
December 22, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hassan Hihi
         Lot Siham no 18, Californie
         Casablanca, Morocco


RICAART LTD: Placed Under Voluntary Liquidation
-----------------------------------------------
On November 5, 2009, the shareholders of Ricaart 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 liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


S&P IV: Commences Wind-Up Proceedings
-------------------------------------
On November 10, 2009, the sole shareholder of S&P IV Company
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 10, 2009, will be included in the company's dividend
distribution.

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


STEED MANAGEMENT: Placed Under Voluntary Liquidation
----------------------------------------------------
On November 2, 2009, the sole shareholder of Steed Management
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 24, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jamal Young
         Telephone: (345) 943-5700
         Facsimile: (345) 943-5711
         c/o Goldfield (Cayman) Corporate Services Ltd.
         Rankin's Plaza, 21 Eclipse Drive
         P.O. Box 10734, Grand Cayman KY1-1007
         Cayman Islands


SUN WAVE: Commences Wind-Up Proceedings
---------------------------------------
Sun Wave Holdings Limited commenced wind-up proceedings on
November 5, 2009.

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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


TPS CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On November 5, 2009, the shareholders of TPS Capital 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:

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


VIRTUS CAYMAN: Commences Liquidation Proceedings
------------------------------------------------
On October 31, 2009, the shareholder of Virtus Cayman 2 Limited.
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


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


AIR JAMAICA: Possible Sale Faces Opposition in Trinidad
-------------------------------------------------------
According to RadioJamaica, reports have emerged of growing
opposition in Trinidad and Tobago to plans for Caribbean Airlines
to acquire Air Jamaica Limited.  RadioJamaica, citing Trinidad
Express newspaper, relates that Trinidadian Opposition Member of
Parliament, Vasant Bharath, is against support being provided to
cash-strapped Air Jamaica.

According to RadioJamaica, Mr. Bharath is particularly concerned
that back room negotiations have been taking place between Jamaica
and Trinidad even though Trinidad and Tobago Prime Minister
Patrick Manning six months ago denied being involved in talks.

Mr. Bharath, RadioJamaica notes, said that Trinidad's problems
must first be attended to and then Caribbean neighbours can be
looked after.

As reported in the Troubled Company Reporter-Latin America on
December 21, 2009, Go-Jamaica News said that Jamaica Prime
Minister Bruce Golding has held discussions with the government in
Trinidad and Tobago over Air Jamaica Limited and Caribbean
Airlines.  According to the report, citing a statement from the
Office of the Prime Minister in Trinidad and Tobago, Mr. Golding
met with the Acting Prime Minister, Dr Lenny Saith.  The
statement, the report related, said that the Jamaican Prime
Minister was accompanied by a high level delegation to discuss
matters related to both regional carriers.  Jamaica, the report
said, is yet to announce the successful bidder for the cash
strapped airline.

                       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
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: BITU Seeks Speedy Divestment of Airline
----------------------------------------------------
Bustamante Industrial Trade Union, one of the trade unions
representing most of Air Jamaica Limited's workers, is calling for
a speedy conclusion of negotiations for the sale of the national
airline, RadioJamaica reports.

According to the report, BITU said that Air Jamaica is urgently in
need of capital and lengthy discussions for its sale will only
make its financial problems worse.  "Well at least the government
is still in discussions with somebody in terms of a possible sale.
We were of the view that from a long time that the sale with India
have fallen through because of the extended period which it took
to materialize.  We sincerely hope that within a reasonable time
the government will be able to broker a deal with Caribbean
Airlines, Air Jamaica is at the stage where it is in bad need of
capital and that capital could only come from an investor," the
report quoted BITU President-General Kavon Gayle as saying.

                         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
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.


AMR CORP: Mum on Crash Investigation
------------------------------------
American Airlines Inc. continues to refuse comment on the
investigation surrounding the crash of Flight 331, RadioJamaica
reports.  The report relates that Minnette Velez, Corporate
Communications Manager at American Airlines in Puerto Rico, said
the airline is focused on the well being of the passengers who
were on board the flight.

According to the report, Ms. Velez said the airline has provided
passengers with US$5,000 each to mitigate the inconvenience of
losing their luggage.  American Airlines was fully cooperating
with the local and international authorities, she added.

RadioJamaica notes that Ms. Velez also refused to reveal the
extent of losses the airline suffered as a result of the crash.

As reported in the Troubled Company Reporter-Latin America on
December 30, 2009, RadioJamaica said that 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.  The report related that following the incident, the
airport was forced to close for several hours resulting in a major
disruption in flights.  The report noted that the airport as well
as the AAJ also incurred expenses associated with its emergency
response system.

                      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
===========


GRUPO IUSACELL: To Remove Shares From Public Trading to Cut Cost
----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Grupo Iusacell SAB
de CV (Grupo Iusacell)  won investors' approval to remove its
shares from public trading in a cost-cutting move.  The report
relates that shareholders authorized Iusacell to take steps to
delist from the Mexican stock exchange, including acquiring
outstanding shares.

According to the report, Mr. Iusacell said that delisting would
?achieve important savings.?

The report notes that the company is struggling to keep customers
from switching to larger rivals America Movil SAB and Telefonica
SA.  The company, the report recalls, suspended payments in March
to holders of debt in foreign currency and has been negotiating
with the creditors.

                    About Grupo Iusacell

Grupo Iusacell SAB de CV (Grupo Iusacell) is a Mexico-based
company primarily engaged in the provision of wireless
telecommunications services. The Company's service portfolio
includes pre-paid and post-paid local and long distance mobile
telephony, broadband Internet access, data transmission and
electronic voice messaging, among others. In addition, the
Company's products are marketed nationwide under the Iusacell,
Unefon and VIVA brands. The Company is a parent of a number of
controlled entities which are also active in the
telecommunications sector. Through Iusatel USA Inc and Mexican
Cellular Holding Inc, the Company has operations established in
the United States. As of December 31, 2008, the Company's majority
shareholder was Movil Access SA de CV, with 55.47% of its
interests.


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


* PERU: To Invest US$8.66 Billion This Year
-------------------------------------------
Peru's government aims to invest S/25 billion (US$8.66 billion) in
public works this year, a 38% increase from last year, John
Quigley at Bloomberg News reports, citing Peru President Alan
Garcia.  The report relates Mr. Garcia said that private
investment may rise to S/100 billion, up 67% from last year, as
the government seeks to improve the country's infrastructure.

According to the report, Mr. Garcia said that more than 92% of
Peruvians might have electricity by the end of this year and 90%
may have access to potable water.  The government also aims to
build an estimated 7,000 kilometers (4,350 miles) of new roads by
February 2011, he added.  ?I want to ensure that 25 billion soles
are invested in public works and that there is nothing left over
in the budget,? the report quoted Mr. Garcia as saying.  ?We need
more private-sector investment to build more bridges, airports,
ports and roads,? he added.

                          *     *     *

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


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


OLINT CORP: Injunction on Former Boss' Assets Expires
-----------------------------------------------------
According to RadioJamaica, it is not yet known whether an
application will be made to extend the injunction freezing the
assets of freezing the assets of former Turks & Caicos Islands-
based foreign exchange trader, Olint Corp.; boss David Smith; his
wife Tracey-Ann; and brother Gilbert Wayne Smith.  The report
related that the 21 day injunction, which was issued by the
Supreme Court on December 7, expired on December 28.

According to the report, a Web site set up to provide updates from
Olint's liquidator has not given any new information on the
injunction.  The report relates that the couple is to face the
Turks & Caicos Islands courts in March.

As reported in the Troubled Company Reporter-Latin America on
December 10, 2009, RadioJamaica said that Olint's liquidator had
made an application to freeze the Smiths' assets up to the value
of US$214.7-million as well as assets valued up to US$49.1 million
held by Olint (Turks & Caicos Islands) TCI Corporation worldwide.
The report related that the court order bars the Smiths from
disposing of or dealing with any of their assets, or withdrawing
or wiring any funds from their accounts or accounts held on their
behalf unless they exceed US$214 million.  RadioJamaica noted that
the Smiths will also have to declare their assets in full
particularly where those assets are held in their names by
nominees as well as the sums in these accounts.

                      About Olint Corp.

Olint Corp. Limited is an investment scheme based in Jamaica.
It has operations in Turks & Caicos and the U.S.  It has been
facing legal problems since 2006 when the Financial Services
Commission served a cease-and-desist order on the firm.  On
Dec. 24, 2007, the court ruled that the operations of Olint
breached provisions of the Securities Act.  The firm had been
dealing in securities and engaging in the participation of a
profit-sharing agreement, issuing investment contracts, and
providing advice to potential investors without licenses and
registration.  Olint appealed the ruling and was granted a stay
of execution of the cease-and-desist order until the appeal was
heard in February 2008.  In May 2008, the National Commercial
Bank Jamaica Limited attempted to close three Olint accounts in
the bank.  However, Olint secured an injunction from the court
barring the National Commercial from closing the accounts.
Olint has suspended payments to its members since early this
year.


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


CITGO PETROLEUM: Shuts Platformer Reactor at Texas Refinery
-----------------------------------------------------------
Citgo Petroleum Corp. shut a platformer reactor at its refinery in
Corpus Christi, Texas due to a leaking flange, Florence Tan at Dow
Jones Newswires reports.

According to Dow Jones Newswires, citing a company report to the
Texas Commission on Environmental Quality, Benzene was emitted
between 3.40 p.m. CST and 4.20 p.m. CST on December 30.  The
report relates that it wasn't clear if the shutdown was related to
a brief fire at a gasoline-making unit.

Dow Jones Newswires says that the Corpus Christi plant has the
capacity to process 163,000 barrels of crude oil a day.

Citgo is owned by Petroleos de Venezuela S.A.

                      About Citgo Petroleum

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

                           *     *     *

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

Fitch affirmed these ratings for CITGO:

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

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: No Bail for 3 Workers in Corruption Case
----------------------------------------------------------------
Judge Octavio Rothschuh ordered three former employees of Albanisa
(ALBA de Nicaragua SA), held without bail on charges they
embezzled 1.4 million cordobas (US$67,210) from the enterprise,
The Latin American Herald reports.  The report relates that only
two of the defendants are in custody.  The consortium that owns
Albanisa is composed of PDVSA, with a 55% stake through PDV-
Caribe, and Petroleos de Nicaragua (Petronic).

According to the report, Judge Rothschuh set February 26 as the
date for the trial of Leyla Josefa Gonzalez Cordero, Maria Lisette
Gutierrez Silva and Henry Ricardo Rodriguez Largaespada.  However,
the report relates that Gonzalez Cordero, Albanisa's erstwhile
controller, has fled the country.

The Herald notes that the alleged embezzlement was discovered in
November by PDVSA auditors, who turned their findings over to
Nicaraguan prosecutors.

As reported in the Troubled Company Reporter-Latin America on
December 30, 2009, EL Universal News said that Petroleos de
Venezuela's complaint and the disclosure of "serious failings" in
the management of Albanisa led to the dismissal of Jose Francisco
Lopez Centeno.  According to the report, Albanisa is now
reportedly headed by the representative of Venezuela, Rafael
Paniagua.  El Universal News noted that one of the likely
successors of Mr. Lopez is the inspector general of the Army of
Nicaragua, Maj. Gen. Ramon 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: Tells Foreign Auto Makers to Share Technology or Leave
------------------------------------------------------------------
Venezuela President Hugo Chavez told foreign automakers to share
their technology with local businesses or they will be told to
leave the country, Associated Press reports.

According to the report, President Chavez gave the ultimatum to
Ford, General Motors, Toyota and Fiat.  The report relates that
there was no immediate response from the companies, which all have
assembly plants in Venezuela.

Mr. Chavez, the report points out, said that if his demands will
not be, he will invite the automakers to pack up their belongings
and leave.  "I'll bring in the Russians, the Belorusians, the
Chinese," the report quoted Mr. Chavez as saying.

Fiat-controlled Chrysler, GM, Ford, Toyota, Mitsubishi, Mack and
Iveco all produce vehicles in Venezuela.

Last year, the report recalls, auto plants in Venezuela produced
135,042 cars and trucks.  However, the report relates, Venezuela's
currency controls have the industry struggling to obtain the cash
they need to import enough parts and pay down debts.

                           *     *     *

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


*VENEZUELA: Central Bank Estimates 2.9% GDP Contraction in 2009
---------------------------------------------------------------
The Venezuelan economy contracted 2.9% in 2009, confirming the
country's first recession in five years, Darcy Crowe and Dan
Molinski at Dow Jones Newswires report, citing a preliminary
estimates published by the Venezuelan Central Bank.

According to the report, the central bank said that the economy
was dragged down by a slump in the oil sector, which suffered a
6.1% decline in the year.  The report relates that non-oil gross
domestic product dropped 1.9%; while manufacturing activity
dropped 7.2% in the year, and mining fell 10.2%.

Dow Jones Newswires notes that the balance of payments posted an
US$11 billion deficit.  The report relates that the country's
current account posted a US$12.4 billion surplus, down 66.8%
against the previous year, as a result of a decline in revenue
from oil exports.  The decline was partly the result of a 32.7%
drop in the price of Venezuela's basket of oil products, the
report adds.

                           *     *     *

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


==========================
V I R G I N  I S L A N D S
==========================


TRISTAN OIL: Moody's Downgrades Corporate Family Rating to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
probability of default ratings of Tristan Oil Ltd to C from Caa3.
The rating of the company's US$300 million and US$120 million
senior secured notes maturing 2012 has also been downgraded to C
from Caa3 with an LGD5 (77%).  The outlook on the ratings is
stable in the context of this assigned rating level.

The downgrade reflects Moody's concerns over the company's ability
to continue operating as a going concern, in view of (i) the
absence of any positive developments with regard to the resolution
of various legal and tax related issues with the local
authorities, (ii) Tristan's weakened liquidity and financial
metrics, including the accrual of various contingent liabilities
(such as tax claims and guarantees to related parties), and (iii)
the high level of impairment of its asset base.

Given Tristan's severely eroded liquidity position, Moody's
believes the company is unlikely to be able to service the
coupon payment on the notes on time and potentially within the
30-day cure period.  Taking into account the absence of
available funds as of the end of Q3 2009 and certain commitments
that Tristan has had to service during Q4 2009 (including oil
deliveries to Vitol, under the prepayment scheme resulting in no
cash inflow), Moody's views the risk of default on the coupon
payment as high.  In addition, Tristan is currently in breach
under the US$60 million Laren facility, which was due on 17
December 2009 and for which the extension terms are currently
being negotiated.  Moody's understands that the coupon payment
will largely depend on the successful restructuring of the Laren
facility.

Tristan's poor financial standing is exacerbated by the company's
inability to access funds trapped at the level of the affiliated
entities -- these include interest-free loans and trade debtors
cumulatively amounting to around US$240 million as of the end of
Q3 2009.  In Moody's view, these assets are severely impaired and
may not be recoverable.  Moody's previous rating action on Tristan
took place on 30 June 2009, when its ratings were downgraded to
Caa3 from Caa2, with a negative outlook.

Tristan is a special purpose vehicle domiciled in the British
Virgin Islands created for the sole purpose of issuing secured
notes to finance a loan to two oil and gas companies, KPM and TNG,
organized under the laws of Kazakhstan.  The guarantors of the
notes, KPM and TNG, are engaged in the exploration and development
of two oil and gas fields and in the production of oil, condensate
and gas in the Pre-Caspian basin of Western Kazakhstan.  All
companies are directly or indirectly owned by Mr. Stati, a
Moldovan citizen, and certain members of his family.


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


* BOND PRICING: For the Week December 28 to January 1, 2009
-----------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS        8.2812/31/2033  USD        74.9125
ARGENT-PAR         1.1812/31/2038  ARS     38.6812515
ARGENT-=DIS        7.8212/31/2033  EUR     60.9166667
ARGNT-BOCON PR13      23/15/2024   ARS     74.9923229
BUENOS AIRE PROV  9.3759/14/2018   USD     69.1247223
BUENOS AIRE PROV  9.6254/18/2028   USD      66.853642
BUENOS-$DIS        9.254/15/2017   USD     74.9163185
MENDOZA PROVINCE    5.59/4/2018    USD     71.6866801

CAYMAN ISLAND

BARION FUNDING     0.6312/20/2056  GBP     17.6306725
BARION FUNDING     1.4412/20/2056  GBP     30.8493851
BISHOPSGATE ASSE  4.8088/14/2044   GBP     67.7348328
CHINA MED TECH        48/15/2013   USD         64.125
CHINA PROPERTIES  9.1255/4/2014    USD     77.7171294
CHINA SUNERGY      4.756/15/2013   USD         65.663
DUBAI HLDNG COMM   4.751/30/2014   EUR     63.4983152
DUBAI HLDNG COMM      62/1/2017    GBP       54.85315
GOL FINANCE        8.75#N/A N Ap   USD             82
LDK SOLAR CO LTD   4.754/15/2013   USD         74.375
LDK SOLAR CO LTD   4.754/15/2013   USD     74.3320007
MAZARIN FDG LTD    1.449/20/2068   GBP     28.2307741
MAZARIN FDG LTD    0.639/20/2068   GBP       14.50198
PUBMASTER FIN     6.9626/30/2028   GBP     66.5635829
PUBMASTER FIN      8.446/30/2025   GBP     72.0145035
SHINSEI FIN CAYM  6.418#N/A N Ap   USD      57.451585
SHINSEI FIN CAYM  6.418#N/A N Ap   USD          57.55
SHINSEI FINANCE    7.16#N/A N Ap   USD             58
SHINSEI FINANCE    7.16#N/A N Ap   USD         56.425
SMFG PREFERRED    6.164#N/A N Ap   GBP     77.4529464
XL CAPITAL LTD      6.5#N/A N Ap   USD             75


PUERTO RICO

PUERTO RICO CONS    6.54/1/2016    USD           62.5
PUERTO RICO CONS    6.25/1/2017    USD          54.85

VENEZUELA

PETROLEOS DE VEN    5.54/12/2037   USD     44.3609725
PETROLEOS DE VEN    4.910/28/2014  USD     57.3759972
PETROLEOS DE VEN      510/28/2015  USD     52.0873222
PETROLEOS DE VEN  5.3754/12/2027   USD      44.704795
PETROLEOS DE VEN   5.254/12/2017   USD     55.4247732
PETROLEOS DE VEN  5.12510/28/2016  USD      49.556061
VENEZUELA          5.752/26/2016   USD       65.43058
VENEZUELA             712/1/2018   USD         64.125
VENEZUELA          7.7510/13/2019  USD       65.84375
VENEZUELA             612/9/2020   USD          55.46
VENEZUELA             95/7/2023    USD          67.75
VENEZUELA          8.2510/13/2024  USD        62.9375
VENEZUELA          7.654/21/2025   USD          59.53
VENEZUELA          9.259/15/2027   USD       73.66666
VENEZUELA          9.259/15/2027   USD      63.223886
VENEZUELA          9.255/7/2028    USD          67.85
VENEZUELA             73/31/2038   USD          55.67
VENZOD - 189000   9.3751/13/2034   USD         68.125


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *