TCRLA_Public/100107.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

        Thursday, January 7, 2010, Vol. 11, No. 004

                            Headlines



A R G E N T I N A

AGROPOTENCIA SA: Creditors' Proofs of Debt Due on March 9
AUDILUM SRL: Requests for Preventive Contest
BIZET SRL: Asks for Preventive Contest
CALL MAX: Creditors' Proofs of Debt Due on March 1
CIADERM SA: Creditors' Proofs of Debt Due on March 16

CONFECCIONES MANUQUIN: Requests for Preventive Contest
CUEROS CURTIDOS: Creditors' Proofs of Debt Due on March 17
GIORCELLI PUBLICIDAD: Asks for Preventive Contest
LATIN AMERICA: Asks for Preventive Contest
LIMA LIMON: Asks for Preventive Contest

OBRA SOCIAL: Creditors' Proofs of Debt Due on March 23
RAF L SUDAMERICANA: Requests for Declaration of Bankruptcy
TEMPORARIA SA: Asks for Preventive Contest
TORTAS ARTESANALES: Creditors' Proofs of Debt Due on April 30
WAASAN SA: Creditors' Proofs of Debt Due on April 15


B R A Z I L

BANCO NACIONAL: To Offer 187.5 BPs Over Treasurys for US$1BB Bond
BANCO NACIONAL: Approves US$695MM Financing to Mercedes Benz
BRASKEM SA: Alberto Geyer Will "Fight to Death" to Outbid Firm
BRASKEM SA: Still in Talk For Quattor Alliance
MARFRIG ALIMENTOS: Completes Acquisition of Seara Alimentos

TAM SA: Board OKs Payment of Interest on Stockholders' Equity


C A Y M A N  I S L A N D S

ANAK EUROPEAN: Commences Liquidation Proceedings
ANAK EUROPEAN: Commences Liquidation Proceedings
ANAK EUROPEAN: Commences Liquidation Proceedings
DELTA EUROPE: Commences Wind-Up Proceedings
DELTA EUROPE: Commences Wind-Up Proceedings

DENOS PARTNERS: Commences Liquidation Proceedings
GUAM-PHILIPPINES CABLE: Commences Liquidation Proceedings
LYNTON GREEN: Commences Liquidation Proceedings
MUTUAL FUND: Commences Liquidation Proceedings
NETINVEST (OVERSEAS): Commences Wind-Up Proceedings

PRUDEN OVERSEAS: Placed Under Voluntary Wind-Up
PUNTO INTERNATIONAL: Commences Wind-Up Proceedings
RAB EMEA: Commences Wind-Up Proceedings
RAB EMEA: Commences Wind-Up Proceedings
RENAISSANCE VANGUARD: Commences Wind-Up Proceedings

RENAISSANCE VANGUARD: Commences Wind-Up Proceedings
ROXY LIMITED: Commences Liquidation Proceedings
SABRE STYLE: Commences Liquidation Proceedings
SABRE STYLE: Commences Liquidation Proceedings
SECURITIES TRADING: Commences Liquidation Proceedings

SRL PARTICIATION: Commences Liquidation Proceedings
TUCKERBROOK LONG/SHORT: Commences Liquidation Proceedings
TUCKERBROOK LONG/SHORT: Commences Wind-Up Proceedings
TUCKERBROOK LONG/SHORT: Commences Wind-Up Proceedings
TUCKERBROOK LONG/SHORT: Commences Wind-Up Proceedings

TUCKERBROOK SHORT: Commences Wind-Up Proceedings
TUCKERBROOK SHORT: Commences Wind-Up Proceedings
TYNA INVESTMENT: Commences Wind-Up Proceedings
UNITED ADVISORS: Commences Wind-Up Proceedings
UNITED CENTAUR: Commences Wind-Up Proceedings


E C U A D O R

PETROECUADOR: Ecuador to Start Talks to Finance Refinery
PETROLEOS DE VENEZUELA: Ecuador to Start Talks to Finance Refinery


H A I T I

* HAITI: Begins Participation in IMF?s Dissemination System


J A M A I C A

AIR JAMAICA: Trinidadians Increase Opposition on Possible Takeover
JAMAICA PUBLIC SERVICE: Maintains No GCT Charge Until March
SUGAR COMPANY OF JAMAICA: Cane Fire Will Not Affect Crop at Frome


M E X I C O

GRUPO POSADAS: Fitch Assigns 'B+/RR4' Rating on $200 Mil. Notes
GRUPO POSADAS: Moody's Assigns 'B2' Rating on $200 Mil. Notes
HIPOTECARIA CREDITO: Moody's Downgrades Ratings on Certs. to 'Ba2'
HIPOTECARIA SU: Moody's Takes Rating Action on Construction Loans
VITRO SAB: Lenders Demand Immediate Payment


P E R U

BANCO DE CREDITO: Ensures Connectivity During Disasters


X X X X X X X X

NORTEL NETWORKS: Contemplates Feb. 24 Auction for VOIP Business
* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


AGROPOTENCIA SA: Creditors' Proofs of Debt Due on March 9
---------------------------------------------------------
Jose Eduardo Obes, the court-appointed trustee for Agropotencia
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 9, 2010.

Mr. Obes will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, 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:

         Jose Eduardo Obes
         Lavalle 1619
         Argentina


AUDILUM SRL: Requests for Preventive Contest
--------------------------------------------
Audilum SRL requested for preventive contest.


BIZET SRL: Asks for Preventive Contest
--------------------------------------
Bizet SRL asked for preventive contest.  The company stopped
making payments last October 19.


CALL MAX: Creditors' Proofs of Debt Due on March 1
--------------------------------------------------
Norberto Jorge Volpe, the court-appointed trustee for Call Max
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 1, 2010.

Mr. Volpe will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 26, 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:

         Norberto Jorge Volpe
         Maipu 859
         Argentina


CIADERM SA: Creditors' Proofs of Debt Due on March 16
-----------------------------------------------------
Maria del Pilar Enriquez, the court-appointed trustee for Ciaderm
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 16, 2010.

Ms. Enriquez 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:

         Maria del Pilar Enr¡quez
         Adolfo Alsina 1495
         Argentina


CONFECCIONES MANUQUIN: Requests for Preventive Contest
------------------------------------------------------
Confecciones Manuqu¡n SA requested for preventive contest.


CUEROS CURTIDOS: Creditors' Proofs of Debt Due on March 17
----------------------------------------------------------
Ruben Eduardo Suez, the court-appointed trustee for Cueros
Curtidos Cangallo SCA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 17, 2010.

Mr. Suez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, 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:

         Ruben Eduardo Suez
         General Casar Diaz 2324
         Argentina


GIORCELLI PUBLICIDAD: Asks for Preventive Contest
-------------------------------------------------
Giorcelli Publicidad SA asked for preventive contest.  The company
stopped making payments last March 2008.


LATIN AMERICA: Asks for Preventive Contest
------------------------------------------
Latin America Consulting Group SA asked for preventive contest.
The company stopped making payments last October 21, 2008.


LIMA LIMON: Asks for Preventive Contest
---------------------------------------
Lima Limon SRL asked for preventive contest.  The company stopped
making payments last November.


OBRA SOCIAL: Creditors' Proofs of Debt Due on March 23
------------------------------------------------------
The court-appointed trustee for Obra Social Bancaria Argentina's
reorganization proceedings, will be verifying creditors' proofs of
claim until March 23, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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.


RAF L SUDAMERICANA: Requests for Declaration of Bankruptcy
----------------------------------------------------------
Raf L Sudamericana SRL asked for declaration of bankruptcy.


TEMPORARIA SA: Asks for Preventive Contest
------------------------------------------
Temporaria SA asked for preventive contest by cessation of
payments.


TORTAS ARTESANALES: Creditors' Proofs of Debt Due on April 30
-------------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Tortas
Artesanales SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 30, 2010.

Ms. de Nobile will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

         Nelida Grunblatt de Nobile
         Felipe Vallese 1195
         Argentina


WAASAN SA: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------
Bernardo Mazer, the court-appointed trustee for Waasan SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 15, 2010.

Mr. Mazer will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 6 in
Buenos Aires, with the assistance of Clerk No. 11, 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:

         Bernardo Mazer
         avenida Corrientes 4434
         Argentina


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


BANCO NACIONAL: To Offer 187.5 BPs Over Treasurys for US$1BB Bond
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will offer
a yield of around 187.5 basis points above comparable U.S.
Treasuries for its US$1 billion, 10-year bond issue, Kejal Vyas
and Rogerio Jelmayer at Dow Jones Newswires report, citing an
unnamed source.

According to the report, the source said that managers of the deal
had received around US$2.5 billion in orders as of midday,
January 5.  It was set to price on January 6.  The report relates
that the securities will mature in July 2020 and BNDES won't
increase the size of the offer from US$1 billion, regardless of
demand.

HSBC Holdings PLC and Barclays PLC (BCS) are lead managers of the
bond deal.

                            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: Approves US$695MM Financing to Mercedes Benz
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA approved
financing worth BRL1.2 billion (US$695 million) to Mercedes Benz
do Brasil, Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the financing will be used by the company
to expand production capacity in its Sao Bernardo do Campo unit.
The report relates that the loans provided by BNDES are attractive
because the bank offers lower interest rates than private banks.

BNDES, the report notes, said that loans are calculated in
accordance with the government's long-term interest rate, known as
the TJLP, which is 6%, plus an average spread of 2%.

Mercedes Benz do Brasil is a unit of Germany's Daimler AG (DAI).

                             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: Alberto Geyer Will "Fight to Death" to Outbid Firm
--------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Quattor Petroquimica
SA shareholder Alberto Geyer will seek to outbid any offer by
Braskem SA for an indirect controlling stake in the Brazilian
petrochemical maker.

According to the report, Mr. Geyer's lawyer, Ivan Nunes Ferreira,
said that his client is prepared to raise his BRL240 million
(US$139 million) offer for 76% of Vila Velha Participacoes, which
indirectly controls Quattor.  Vila Velha owns 56% of Uniao de
Industrias Petroquimicas SA (Unipar), which holds 60% of Quattor.

"Mr. Geyer has the money and the expertise to run Quattor," Mr.
Ferreira told the news agency in a telephone interview from Rio de
Janeiro. "He will fight to death," he added.

As reported in the Troubled Company Reporter-Latin America on
January 6, 2009, Bloomberg News said that Braskem SA and Petroleo
Brasileiro SA may reveal next month the purchase of Quattor
Petroquimica SA.  According to the report, the newspaper said that
Braskem SA will own 51% of the acquisition's voting shares while
state-controlled Petrobras will have the rest.


Quattor was formed in June 2008 after Unipar and state- controlled
oil company Petroleo Brasileiro SA decided to join their stakes in
Brazilian petrochemical plants into a single company.  Petrobras
owns the other 40 percent of Quattor. The oil producer also holds
30 percent of Braskem.

Dow Jones Newswires notes that Quattor was formed in June 2008
after Unipar and Petroleo Brasileiro decided to join their stakes
in Brazilian petrochemical plants into a single company.   The
report relates that Petrobras owns the other 40% of Quattor, and
holds 30% of Braskem.

                         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


BRASKEM SA: Still in Talk For Quattor Alliance
-----------------------------------------------
Braskem SA said that it is still in talks with rival Quattor
Petroquimica about a strategic alliance, Jeff Fick at Dow Jones
Newswires reports.  "The talks are ongoing, but have not yet been
concluded," the report quoted Braskem SA as saying.

According to the report, Braskem SA's statement echoed a similar
filing made by state-run energy giant Petroleo Brasileiro
(Petrobras).  The report relates that India's Reliance Industries
Ltd. was also rumored to be in talks with Quattor about a possible
acquisition.

As reported in the Troubled Company Reporter-Latin America on
January 6, 2009, Bloomberg News said that Braskem SA and Petroleo
Brasileiro SA may reveal next month the purchase of Quattor
Petroquimica SA.  According to the report, the newspaper said that
Braskem SA will own 51% of the acquisition's voting shares while
state-controlled Petrobras will have the rest.

Dow Jones Newswires notes that Quattor was formed in June 2008
after Unipar and Petroleo Brasileiro decided to join their stakes
in Brazilian petrochemical plants into a single company.   The
report relates that Petrobras owns the other 40% of Quattor, and
holds 30% of Braskem.


                         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


MARFRIG ALIMENTOS: Completes Acquisition of Seara Alimentos
-----------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) has completed the acquisition of Seara
Alimentos Ltd., a local poultry, pork and consumer food company
controlled by U.S. food giant Cargill, Rogerio Jelmayer at Dow
Jones Newswires reports, citing a company statement.

According to the report, Marfrig said that the total value of the
acquisition was US$899 million, including US$705.2 million in cash
and US$193.8 million through the assumption of Seara's debts.  The
report relates that the company financed the acquisition with a
primary share offer on the Brazilian Stock Exchange (BMFBovespa),
at the end of 2009, totaling BRL1.5 billion (US$872 million).

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Dow Jones Newswires said that Marfrig
Alimentos agreed to acquire Cargill Inc.'s Brazilian business in
cash and assumed debt, a move to bolster the company's poultry and
pork businesses while opening up better access to markets such as
the U.K. and Japan.  According to the report Marfrig Alimentos
said that it may sell new shares in order to finance the
acquisition, which it expects to complete by year's end.  The
company has secured a credit line from a Brazilian bank in order
to complete the deal, Dow Jones Newswires added.

                    About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


TAM SA: Board OKs Payment of Interest on Stockholders' Equity
-------------------------------------------------------------
TAM SA's Board of Directors has approved a proposal by the Board
of Executive Officers of the company for payment of interest on
stockholders' equity with respect to the period from 01/01/2009 to
09/30/2009 in the amount of R$23,469,071.78, corresponding to
R$0.156270 per share, with application of withholding income tax
at the rate of 15%, except for shareholders demonstrably exempt or
immune from such tax based on their shareholding on 01/04/2010,
which will amount to a net interest of R$ 0.13283 per share.

Interest on stockholders' equity so paid will be applied against
the minimum mandatory dividend to be paid by the Company with
respect to fiscal year 2009, and the amount thereof will be deemed
to be a part of any dividends paid by the company for the purposes
of corporate regulations.

The shares of the company will be traded on the stock exchange
"ex-interest on stockholders' equity" starting, and including,
01/05/2010.  The payment date for the foregoing interest on
stockholders' equity will be fixed hereafter at the shareholders'
meeting that will take action on the financial statements for the
fiscal year ended 12/31/2009 and that will confirm the payment
approved herein, which shareholders' meeting will be held on or
before April 30, 2010.

                          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
==========================


ANAK EUROPEAN: Commences Liquidation Proceedings
------------------------------------------------
Anak European Select Feeder Fund Limited commenced liquidation
proceedings on October 28, 2009.

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:

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


ANAK EUROPEAN: Commences Liquidation Proceedings
------------------------------------------------
Anak European Select Master Fund Limited commenced liquidation
proceedings on October 28, 2009.

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:

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


ANAK EUROPEAN: Commences Liquidation Proceedings
------------------------------------------------
Anak European Select US Feeder Fund Limited commenced liquidation
proceedings on October 28, 2009.

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:

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


DELTA EUROPE: Commences Wind-Up Proceedings
-------------------------------------------
Delta Europe Partners Master, Ltd. commenced liquidation
proceedings on November 5, 2009.

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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


DELTA EUROPE: Commences Wind-Up Proceedings
-------------------------------------------
Delta Europe Partners, Ltd. commenced wind-up proceedings on
November 5, 2009.

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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


DENOS PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
Denos Partners CII Limited commenced liquidation proceedings on
November 12, 2009.

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:

         Philip Mosely
         PO Box 1569, George Town
         Grand Cayman KY1-1110, Cayman Islands
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891
         email: general@caymanmanagement.ky


GUAM-PHILIPPINES CABLE: Commences Liquidation Proceedings
---------------------------------------------------------
Guam-Philippines Cable Company commenced liquidation proceedings
on November 11, 2009.

Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         S.L.C. Whicker
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Alex Watkins
         Telephone: 345-914-4421
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


LYNTON GREEN: Commences Liquidation Proceedings
-----------------------------------------------
Lynton Green Limited commenced liquidation proceedings on
November 12, 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:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (1-O) Limited commenced
liquidation proceedings on November 12, 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:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


NETINVEST (OVERSEAS): Commences Wind-Up Proceedings
---------------------------------------------------
Netinvest (Overseas) Ltd. commenced wind-up proceedings on
November 13, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464, Grand Cayman KY1-1202
         Cayman Islands


PRUDEN OVERSEAS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On November 13, 2009, the members of Pruden Overseas Management,
Ltd. passed a resolution that voluntarily winds 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:

         Peter Mackay
         c/o Global Captive Management Ltd.
         Governors Square, 2nd Floor, Building 3
         23 Lime Tree Bay Avenue
         P.O. Box 1363, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 949 7966


PUNTO INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Punto International Ltd. commenced wind-up proceedings on
November 13, 2009.

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:

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


RAB EMEA: Commences Wind-Up Proceedings
---------------------------------------
Rab Emea Fund Limited commenced wind-up proceedings on
November 12, 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:

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


RAB EMEA: Commences Wind-Up Proceedings
---------------------------------------
Rab Emea Master Fund Limited commenced wind-up proceedings on
November 12, 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:

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


RENAISSANCE VANGUARD: Commences Wind-Up Proceedings
---------------------------------------------------
Renaissance Vanguard Fund Limited commenced wind-up proceedings on
November 12, 2009.

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 liquidators are:

         Peadar De Barra
         Claire Cawley
         Clifton Fund Consulting Limited
         (trading as KB Associates)
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4, Ireland


RENAISSANCE VANGUARD: Commences Wind-Up Proceedings
---------------------------------------------------
Renaissance Vanguard Master Fund Limited commenced wind-up
proceedings on November 12, 2009.

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 liquidators are:

         Peadar De Barra
         Claire Cawley
         Clifton Fund Consulting Limited
         (trading as KB Associates)
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4, Ireland


ROXY LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
Roxy Limited commenced liquidation 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:

         David Walker
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1 ? 1102


SABRE STYLE: Commences Liquidation Proceedings
----------------------------------------------
Sabre Style Arbitrage Liquidfunds GP Limited commenced liquidation
proceedings on November 12, 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:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


SABRE STYLE: Commences Liquidation Proceedings
----------------------------------------------
Sabre Style Arbitrage Liquidfunds Inc commenced liquidation
proceedings on November 13, 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:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


SECURITIES TRADING: Commences Liquidation Proceedings
-----------------------------------------------------
Securities Trading and Management Company Limited commenced
liquidation proceedings.

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:

         Marin Prinsloo
         Samuel Harris House, 1st Floor
         St. George Street, Douglas IM1 1AJ
         Isle of Man


SRL PARTICIATION: Commences Liquidation Proceedings
---------------------------------------------------
SRL Particiation Company commenced liquidation 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:

         Annie Chapman
         69 Dr. Roy's Drive, P.O. Box 1043
         George Town, Grand Cayman KY1-1102


TUCKERBROOK LONG/SHORT: Commences Liquidation Proceedings
---------------------------------------------------------
Tuckerbrook Long/Short Concentrated Small Cap Master Fund, Ltd.
commenced liquidation proceedings on November 12, 2009.

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:

         John Hassett
         30 Doaks Lane, Marblehead
         MA 01945, USA


TUCKERBROOK LONG/SHORT: Commences Wind-Up Proceedings
-----------------------------------------------------
Tuckerbrook Long/Short Concentrated Small Cap Offshore Fund, Ltd.
commenced liquidation proceedings on November 12, 2009.

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:

         John Hassett
         30 Doaks Lane, Marblehead
         MA 01945, USA


TUCKERBROOK LONG/SHORT: Commences Wind-Up Proceedings
-----------------------------------------------------
Tuckerbrook Long/Short Aggressive Growth Master Fund, Ltd.
commenced liquidation proceedings on November 12, 2009.

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:

         John Hassett
         30 Doaks Lane, Marblehead
         MA 01945, USA


TUCKERBROOK LONG/SHORT: Commences Wind-Up Proceedings
-----------------------------------------------------
Tuckerbrook Long/Short Aggressive Growth Offshore Fund, Ltd.
commenced wind-up proceedings on November 12, 2009.

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:

         John Hassett
         30 Doaks Lane, Marblehead
         MA 01945, USA


TUCKERBROOK SHORT: Commences Wind-Up Proceedings
------------------------------------------------
Tuckerbrook Short Alpha Composite, Ltd. commenced liquidation
proceedings on November 12, 2009.

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:

         John Hassett
         30 Doaks Lane, Marblehead
         MA 01945, USA


TUCKERBROOK SHORT: Commences Wind-Up Proceedings
------------------------------------------------
Tuckerbrook Short Alpha Master Composite, Ltd. commenced
liquidation proceedings on November 12, 2009.

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:

         John Hassett
         30 Doaks Lane, Marblehead
         MA 01945, USA


TYNA INVESTMENT: Commences Wind-Up Proceedings
----------------------------------------------
Tyna Investment Ltd. commenced wind-up proceedings on November 13,
2009.

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:

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


UNITED ADVISORS: Commences Wind-Up Proceedings
----------------------------------------------
United Advisors Capital SPC Limited commenced wind-up proceedings
on November 13, 2009.

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:

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


UNITED CENTAUR: Commences Wind-Up Proceedings
---------------------------------------------
United Centaur Master Fund commenced wind-up proceedings on
November 13, 2009.

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:

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


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


PETROECUADOR: Ecuador to Start Talks to Finance Refinery
---------------------------------------------------------
Mercedes Alvaro at Dow Jones Newswires reports that Refineria del
Pacifico-CEM, a joint venture of Ecuador's state-run Petroecuador
and Venezuela's state-run Petroleos de Venezuela, will start
negotiations with investors interested in financing 70% of the
construction of a new refinery in Ecuador.  Petroecuador has 51%
of the shares of the joint company while PdVSA holds the rest.

According to the report, the total cost of the new refinery known
as the "Refineria del Pacifico" could be between US$10 billion and
US$12.5 billion.  Project Manager Carlos Proano told Dow Jones
Newswires in an interview that Petroecuador and PdVSA have
allocated the money to finance 30% of the project.  "Between
January and July we will negotiate the financing conditions," the
report quoted Mr. Proano as saying.

On January 13, 2010, the report notes, Refineria del Pacifico will
be given a financial study, which will be presented to potential
investors, as part of the negotiations for the financing.

Mr. Proano, the report relates, said that Refineria del Pacifico
has a list of those groups that could be interested in providing
financing, including banks, companies and investment banks.  The
groups couldn't be made public because of confidentiality clauses,
he added.

Meanwhile, Petroecuador chief Luis Jaramillo told Dow Jones
Newswires that Deutsche Bank, the China Import-Export Bank and
South Korea's SK Engineering and Construction are interested in
providing financing for the refinery.  The report relates that Mr.
Proano and Mr. Jaramillo said that SK also could be a builder of
the refinery.  The company is forming a pool of potential
investors for the project, they said.

                           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

                        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.


PETROLEOS DE VENEZUELA: Ecuador to Start Talks to Finance Refinery
------------------------------------------------------------------
Mercedes Alvaro at Dow Jones Newswires reports that Refineria del
Pacifico-CEM, a joint venture of Ecuador's state-run Petroecuador
and Venezuela's state-run Petroleos de Venezuela, will start
negotiations with investors interested in financing 70% of the
construction of a new refinery in Ecuador.  Petroecuador has 51%
of the shares of the joint company while PdVSA holds the rest.

According to the report, the total cost of the new refinery known
as the "Refineria del Pacifico" could be between US$10 billion and
US$12.5 billion.  Project Manager Carlos Proano told Dow Jones
Newswires in an interview that Petroecuador and PdVSA have
allocated the money to finance 30% of the project.  "Between
January and July we will negotiate the financing conditions," the
report quoted Mr. Proano as saying.

On January 13, 2010, the report notes, Refineria del Pacifico will
be given a financial study, which will be presented to potential
investors, as part of the negotiations for the financing.

Mr. Proano, the report relates, said that Refineria del Pacifico
has a list of those groups that could be interested in providing
financing, including banks, companies and investment banks.  The
groups couldn't be made public because of confidentiality clauses,
he added.

Meanwhile, Petroecuador chief Luis Jaramillo told Dow Jones
Newswires that Deutsche Bank, the China Import-Export Bank and
South Korea's SK Engineering and Construction are interested in
providing financing for the refinery.  The report relates that Mr.
Proano and Mr. Jaramillo said that SK also could be a builder of
the refinery.  The company is forming a pool of potential
investors for the project, they said.

                           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

                        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.


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


* HAITI: Begins Participation in IMF?s Dissemination System
-----------------------------------------------------------
Haiti started participating in the International Monetary Fund?s
General Data Dissemination System on December 28, 2009, marking a
major step forward in the development of its statistical system.
Comprehensive information on Haiti?s statistical production and
dissemination practices now appears on the IMF?s Dissemination
Standards Bulletin Board.

The GDDS was established by the IMF in 1997.  It provides a
framework to help countries to develop their statistical systems
to produce comprehensive and accurate statistics for policymaking
and analysis.  Haiti is the 98th GDDS participant (excluding the
countries that have graduated from the GDDS to the Special Data
Dissemination Standard - SDDS).


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


AIR JAMAICA: Trinidadians Increase Opposition on Possible Takeover
------------------------------------------------------------------
Air Jamaica Limited is facing an increased opposition from
Trinidadians over the plan of Trinidad and Tobago state-owned
Caribbean Airlines to take over Air Jamaica, RadioJamaica reports.
The report relates that the inhabitants of the twin island
republic believe it will cost Caribbean Airlines billions to
assume control of Air Jamaica, while bringing no real benefit to
regional travelers.

According to the report, citing a Trinidad Guardian newspaper,
Trinidadians urged their government to drop takeover talks.   The
newspaper, the report relates, relates that the President of the
Trinidad Travel Agents Association said that the Trinidad
government would be spending taxpayers' money on the airline
rather than the Jamaican government; and the country "cannot take
on as it would mean their government will be bailing out two
airlines as Caribbean Airlines is also losing money".

Currently, the report notes, the Trinidad government subsidizes
the operations of Caribbean Airlines transferring upwards of
TT$495 million towards operational costs in fiscal 2008 and 2009.

RadioJamaica points out that it is feared that similar sums would
have to be forked out for Air Jamaica in a merged company . . .
plus Trinidadians are worried they will be saddled with the US$250
million it will cost to wrap up Air Jamaica including sums for
redundancy.

As reported in the Troubled Company Reporter-Latin America on
December 21, 2009, Go-Jamaica News reports that a deal could be
reached soon between the Jamaican government and Caribbean
Airlines for the sale of Air Jamaica.  The report relates that
Prime Minister Bruce Golding traveled to Trinidad and Tobago where
he held further discussions with Caribbean Airlines and the
government of the twin island state.  TCRLA, citing Radio Jamaica,
noted that Air Jamaica has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.
Moreover, Radio Jamaica said, the airline currently has over
US$600 million in loans outstanding.

                         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.


JAMAICA PUBLIC SERVICE: Maintains No GCT Charge Until March
-----------------------------------------------------------
Jamaica Public Service Company Limited is maintaining that General
Consumption Tax (GCT) will not be applied to residential
electricity bills before March of this year, GO-Jamaica News
reports.  The report relates that the government had announced on
December 17 that the tax would have taken effect on January one.

However, according to the report, JPSCO indicated that its
internal systems would not be able to accommodate the relevant
changes before March.  The report relates that the government had
estimated that the revenue from this measure would yield
approximately US$1.2 billion annually.

Go-Jamaica notes Corporate Communications Manager at the JPS,
Winsome Callum, said that there are no plans for the GCT to be
applied before March.  No discussions have taken place regarding
the imposition of a retroactive application of GCT on electricity,
he added.

Meanwhile, the report adds, the Opposition People's National Party
has warned the government not contemplate imposing the tax
retroactively.

                           About JPSCO

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

                           *     *     *

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


SUGAR COMPANY OF JAMAICA: Cane Fire Will Not Affect Crop at Frome
-----------------------------------------------------------------
Sugar Company of Jamaica Limited's operations at the Frome Sugar
Factory in Westmoreland will not be severely affected by the fire
that burned several acres of cane at the Friendship and Strawberry
farms belonging to the estate, RadioJamaica reports.

According to the report, John Gayle, General Manager at the SCJ,
who was responding to concern raised that the crop could be lost
due to the fire, said that the factory is quite capable of
processing the cane.  "The fire (affected) an estimated 800 tonnes
of cane and on a normal day, Frome crushes in excess of 3,000
tonnes of cane which means that 800 tonnes is not even a third of
a day's out put," the report quoted Mr. Gayle as saying.

The report notes that SCJ has also reported that the burnt cane
will be reaped.

Meanwhile, the report says that Mr. Gayle disputed report that
cane cutters from the Friendship and Strawberry communities were
laid off by the Frome Sugar Factory and noted that all the workers
are engaged on the 2010 crop.

                            About SCJ

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

                           *     *     *

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


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


GRUPO POSADAS: Fitch Assigns 'B+/RR4' Rating on $200 Mil. Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4' rating to Grupo Posadas,
S.A.B. de C.V.'s proposed US$200 million senior unsecured notes
issuance due 2015.  Proceeds from the issuance are expected to be
used to refinance existing debt.

Fitch currently rates Posadas:

  -- Local currency Issuer Default Rating 'B+';
  -- Foreign currency IDR 'B+';
  -- Senior notes due 2011 'B+/RR4';
  -- National Scale rating 'BBB+(mex)'
  -- Certificados Bursatiles issuances 'BBB+(mex)'

The Rating Outlook is Stable.

Posadas' ratings are based on the company's solid business
position, strong brand name and multiple hotel formats.  Posadas'
presence in all major urban and coastal locations in Mexico,
consistent product offering and quality brand image have resulted
in occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers as well as tourists.
The company also benefits from diversification into other business
segments, which reduces some exposure to its hotel business.
Operations are primarily located in Mexico, which limits
geographic diversification.  The ratings also consider the
industry's high correlation to economic cycles, which affects
operating indicators negatively in downturns.

The ratings also reflect the deterioration in operating
performance and financial indicators derived from the current
adverse economic environment and deepened by the negative effects
on travel and tourism in Mexico resulting from the outbreak of the
A-H1N1 virus.  The revision in Outlook to Stable considers an
expected improvement in Posadas' operating indicators and
financial profile in 2010 as the company's results stabilize and
recover from the negative events of 2009.

While Fitch was already expecting a pessimistic operating
environment for Posadas in 2009, reflected in declining operating
trends during the past 12 months, the outbreak of the A-H1N1 virus
further aggravated the company's situation for the remainder of
the year.  Operating results for the second quarter of 2009
reflect the negative effect of the outbreak, with occupation
levels down to 49% during the quarter from 64% during the same
period in 2008 and revenue per available room down 25% compared to
the previous year.  As a result, EBITDA declined by over 30%
during the quarter to MXN253 million and 18% during the first nine
months of the year to MXN914 million.  EBITDA margins declined to
15% during the second quarter from 21% during the same period in
2008 and to 18% at Sept. 30, 2009, compared to 22% in 2008.
Although there's been a gradual recovery in travel in Mexico, the
prevalent recessive economic environment will continue to pressure
results.

Posadas has been able to adjust and adapt its operations
successfully during previous economic downturns, although the
combination of events in 2009 proved to be challenging.  Fitch
expects improved results in 2010 as they should benefit from
better operating indicators during the months of May, June and
July which in 2009 were deeply affected by the outbreak of the A-
H1N1 virus.  In addition to that, occupation levels should also
improve as the devaluation of the Mexican peso has made Mexico a
more attractive tourist destination for foreigners in terms of
cost, and made international destinations for Mexicans more
expensive.

The company's financial profile has also been affected negatively
by the depreciation of the MXN against the US$ and lower EBITDAR
generation.  As of Sept. 30, 2009, the ratio of total adjusted
debt to EBITDAR for the last 12 months was 4.4 times compared to
3.6x for the same period in 2008.  Fitch expects this ratio to
increase to a range of approximately 4.5x-4.7x by year-end 2009 as
a result of a decline in EBITDA generation, with an expectation
that debt levels remain relatively stable through the year.
Credit protection measures should gradually improve as EBITDA
generation recovers gradually.

At Sept. 30, 2009, on-balance sheet debt reached US$397 million of
which approximately 75% was dollar-denominated and the remainder
was in pesos.  Short-term debt represented only 15% of total debt.
In addition to that, the company had approximately US$136 million
of off-balance sheet debt related to hotel leases.  The company's
liquidity position is manageable, with maturities of US$88 million
over the next 15 months and a cash balance at Sept. 30, 2009, of
US$44 million and funds from operations on average of over
US$90 million during the past five years.  With the proposed
issuance the company will improve its debt maturity profile and
minimize refinancing risk, as proceeds will be used to refinance
near term maturities.

Fitch believes Posadas' cash balances, excluding cash needed for
operations, allow it to cover margin calls considering the current
level of the MXN, and although the company has been able to close
some derivative instrument positions it still has some exposure to
currency volatility which can translate into further margin calls.
In addition to cash balances of US$44 million, at Sept. 30, 2009
the company had US$34.7 million held as collateral related to its
derivative instruments.  Additional depreciation of the MXN would
increase stress on liquidity and put greater pressure on financial
indicators.

Grupo Posadas is the largest hotel operator in Mexico, with 112
hotels and 19,687 rooms across Mexico (85% of total rooms), Brazil
(10%), United States (3%), Argentina (1%) and Chile (1%).
Approximately 80% of rooms are in urban locations, with the
remaining 20% in coastal destinations.  The company manages
different hotel formats (under a combination of owned, leased and
managed properties) that include Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Inn, One Hotels and Fiesta Americana
Vacation Club in Mexico, and Caesar Park and Caesar Business in
Brazil, Argentina and Chile.  For the year ended Dec. 31, 2008,
Posadas had US$514 million of revenues and US$114 million of
EBITDA, considering year-end exchange rates.


GRUPO POSADAS: Moody's Assigns 'B2' Rating on $200 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Grupo Posadas,
S.A.B. de C.V.'s proposed US$200 million senior notes due 2015.
At the same time Moody's affirmed the company's B2 corporate
family rating.  The rating outlook is negative.

Posadas plans to use the net proceeds from the proposed notes
issuance to refinance existing debt.  Moody's expects the notes
issuance to be neutral to Posadas' leverage and to significantly
improve the company's liquidity position by extending the average
life of its debt structure and largely eliminating debt maturities
for the next three years.  Upon the successful placement of the
notes, Moody's expects to change Posadas' rating outlook to stable
from negative based on the expected improvement in the company's
liquidity profile.

The notes will rank pari passu with all of Posadas' other senior
unsecured obligations and will benefit from upstream guarantees
from operating subsidiaries, which accounted for 85% of the
company's revenues for the nine months ended September 30, 2009.

Posadas' ratings continue to be supported by the company's leading
position and brand equity in the Mexican lodging industry,
nationwide coverage in Mexico with both coastal and urban
locations, segment diversification across different hotel classes
and a growing service business.  These credit strengths are partly
offset by the company's high adjusted financial leverage and
current earnings pressures, its small operating scale relative to
global industry peers, and the intense competition it faces from
large, financially strong domestic and international hotel chains.

Posadas' earnings have come under pressure in 2009 because of the
steep decline in economic activity in Mexico (with real GDP
dropping 8.1% in the first nine months of 2009) and the swine flu
outbreak in April and May, which put extraordinary stress on
demand and occupancy rates in 2Q09.  Nonetheless, Moody's expects
earnings to recover modestly in 2010 as economic conditions and
travel activity will likely begin picking up in the coming
quarters, the swine flu outbreak effects on earnings are cycled
and costs remain tightly controlled.

For the 12 months ended September 30, 2009 (LTM 3Q09), Posadas
reported MXN1.33 billion of EBITDA, down 13% from 2008, while
EBITDA margin dropped to 19.1%, down 300bp from 2008 and 540bp
from 2007.  While recovering somewhat from 2Q09, earnings remained
weak in 3Q09, when EBITDA was down 18% year over year, reflecting
a 6% drop of peso-denominated RevPAR and lower occupancy rates.
The latter had recovered to 59% from their swine flu-driven trough
of 48% in 2Q09, but remained around three points below the same
period in the prior year.

The earnings drop and increased debt levels have led to weaker
credit metrics in 2009, a trend which was exacerbated by a higher
adjustment for operating leases and the company's increased
factoring of time share receivables in order to fund liquidity
needs.  For LTM 3Q09, Posadas' adjusted Debt/EBITDA was 5.6 times,
up from 4.4 times in LTM 3Q08 (i.e. just prior to the peso
depreciation) while EBIT/Interest was 1.9 times, down from around
2.2 times for the same period in 2008.  On a positive note, LTM
3Q09 free cash flow remained positive at an estimated
MXN167 million, helped by lower capital spending and the decision
to forgo dividends in 2009.

Pro forma for the contemplated debt issuance, Posadas' total
reported debt will amount to about MXN5.2 billion
(US$400 million), which is close to the amount the company had
outstanding on September 30, 2009.  Reported debt will primarily
consist of the proposed US$200 million 2015 notes and
MXN2.25 billion (US$174 million) of certificados bursatiles (local
notes) due 2013.  Total adjusted debt would amount to
MXN9.6 billion, which, besides reported debt includes an estimated
MXN2.8 billion in capitalized operating leases (at eight times
annual rent expense), MXN1.2 billion for debt outstanding under
factoring lines, and an adjustment for the mark-to-market value of
cross currency swaps net of margin calls.  Outstanding amounts
under factoring facilities are secured by certain hotel assets and
collection rights to qualified timeshare receivables.

Moody's expects the notes issuance to significantly improve
Posadas' liquidity position by extending the average life of the
company's debt structure and by largely eliminating debt
maturities for the next three years.  Debt that would be replaced
includes the company's syndicated facility, which would eliminate
that facility's currently tight maximum 3.5 Net Debt/EBITDA
leverage covenant (as defined in the loan documentation).  The
company would also repay certain secured bank debt and intends to
repay up to US$35 million of the remaining outstanding amount
under its 2011 senior notes that were not repurchased in last
year's tender offer.

The company's liquidity position should also benefit from positive
free cash flow (with leeway to scale back dividends and/or capital
spending if needed), continued access to timeshare-related
factoring lines, and pro forma cash of about MXN500 million.
Margin calls on cross currency swaps continue to pose some
exposure to a peso depreciation, but less so now after Posadas
closed out a portion of the swaps in 3Q09, which helped margin
calls to decrease to US$35 million on September 30, 2009, from
US$49 million on June 30, 2009.

The last rating action on Posadas was on June 24, 2009, when
Moody's downgraded the company's ratings to B2 from B1 with a
negative outlook.

Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a
leading hotel chain operator in Latin America, with MXN7.0 billion
(US$511 million) in revenues for the 12 months ended September 30,
2009, and 112 hotels and 19,687 rooms in operation.  Posadas
derives most of its revenues from Mexico, where it operates its
key 5- and 4-star Fiesta Americana and Fiesta Inn formats, a 3-
star format and its Vacation Club timeshare business.  The company
also operates hotels in Brazil, Argentina and Chile under its
Caesar Park and Caesar Business brands and has a small operation
in Texas.


HIPOTECARIA CREDITO: Moody's Downgrades Ratings on Certs. to 'Ba2'
------------------------------------------------------------------
Moody's de Mexico has downgraded Hipotecaria Credito y Casa, S.A.
de C.V., Sociedad Financiera de Objeto Limitado's CREYCB 08
Certificates to Ba2 from Baa3 (Global Scale, Local Currency) and
to A1.mx from Aa3.mx (National Scale).  Moody's notes that the
CREYCB 08 construction loan transaction is no longer revolving and
therefore no new loans can be assigned to the trust.

The last rating action on the CREYCB 08 Certificates occurred on
May 12, 2009 when the certificates were downgraded to Baa3 from
Baa1 (Global Scale, Local Currency) and to Aa3.mx from Aaa.mx
(National Scale), and maintained on review for further possible
downgrade.

Moody's has observed several challenging trends in the Mexican
housing construction sector over the past year, including longer
construction and sales cycles, weakening demand in certain markets
such as the higher-end and tourist housing sectors, and reduced
private sector mortgage financing impacting the pace of home
sales.  These challenging trends increase extension risk, or the
risk that some construction loans may not fully amortize by the
transaction's final maturity date due to the longer construction
and sales cycles, which increases the risk of losses to investors.

In analyzing Credito y Casa's construction loan securitizations,
Moody's incorporated the impact of these difficult trends and the
mitigants in place to protect against potential negative effects
on the rated securities.  Additionally, in the case of this static
pool, Moody's analysis also incorporated cash flow projections in
which cash flows expected from home sales were stressed on a loan-
by-loan basis depending on the construction loan's completion
rate, delinquency status and housing sector to arrive at the
expected loss on the static pool.

The downgrade of the CREYCB 08 Certificates to Ba2 (Global Scale,
Local Currency) and A1.mx (Mexican National Scale) is primarily
based on concerns related to the stability and quality of Credito
y Casa's servicing platform, uncertainty related to a possible
servicing transfer, and the recent increase in defaulted loans.
On December 28, 2009, Credito y Casa announced that finance
company ABC Capital SA purchased all of its operating assets.  As
a result of this transaction, Credito y Casa will be liquidated
and its operations will be discontinued, and as such, investors of
the CREYCB 08 securitization trust will need to appoint a
substitute servicer and will have the option to appoint ABC
Capital SA or any other qualified servicer.

Positive aspects of this transaction include the static
construction loan portfolio which reduces performance volatility,
the fully funded cash reserve for pending disbursements under
existing loans, the bond factor of 65% given that the transaction
is in early amortization, and gross credit enhancement of 30% in
the form of overcollateralization and cash holdings.  Included in
this credit enhancement percentage is a partial credit guarantee
provided by Sociedad Hipotecaria Federal that covers interest or
principal shortfalls up to an amount of MXN$72 million, or 12% of
the original certificate balance.

In addition, the pool has a relatively high weighted average
construction completion rate of 77% across 29 projects, and a high
concentration of loans in the less risky low-income housing sector
which benefits from a housing shortage and more readily available
mortgage financing from quasi-governmental entities (weighted
average unit price is MXN$505,500).  Another positive aspect is
that the pool does not contain loans for vertical construction,
which are riskier than horizontal construction since construction
must be nearly 100% completed before sales can materialize.
Lastly, principal collections on the pool have been healthy,
averaging approximately 9% as a percentage of the pool balance
over the last six months.

As of December 2009, the trust had a high level of cash or
permissible investments, totaling MXN$276 million, as compared to
MXN$390 million in outstanding certificates.  However, Moody's
notes that of the total MXN$276 million in available cash or
permissible investments, up to approximately MXN$110 million will
be needed to make future disbursements on construction loans that
are currently in the construction phase and that have not yet
fully utilized their lines of credit.

As of November 2009, a low number of construction loans
(representing approximately 8% of the outstanding pool balance)
had less than a 15% change in their loan balances during the past
12 months.  Loan balances with relatively small changes over a
one-year period signal that the loans have experienced either a
slow pace of disbursements due to construction delays and/or a
relatively low level of home sales proceeds applied to amortize
the loan balance.  As of the same date, approximately 26% of the
pool was defaulted with respect to interest (defined as more than
90 days past due).  However, Moody's notes that the loan pool
represents just 40% of the total trust assets given the high level
of cash holdings.

                           Rating Action

The complete rating action is:


* Originator and Servicer: Hipotecaria Credito y Casa, S.A. de
  C.V., Sociedad Financiera de Objeto Limitado.

* Issuer: Banco Invex, S.A., Institucion de Banca Multiple, Invex
  Grupo Financiero, solely in its capacity as trustee of this
  securitization trust:

  -- CREYCB 08 Certificates, downgraded to Ba2 from Baa3 (Global
     Scale, Local Currency) and to A1.mx from Aa3.mx (National
     Scale).

The last rating action occurred on May 12, 2009, when the
certificates were downgraded to Baa3 from Baa1 and to Aa3.mx from
Aaa.mx, and maintained on review for further possible downgrade


HIPOTECARIA SU: Moody's Takes Rating Action on Construction Loans
-----------------------------------------------------------------
Moody's de Mexico has taken rating actions on two construction
loan securitizations issued by Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.  Moody's has
downgraded the senior certificates of Su Casita's HSCCB 08
transaction to B1 (Global Scale, Local Currency) and Baa3.mx
(Mexican National Scale) from Baa1 (Global Scale, Local Currency)
and Aaa.mx (Mexican National Scale).  Moody's has also downgraded
the senior certificates of Su Casita's HSCCB 06 transaction to B1
(Global Scale, Local Currency) and Baa1.mx (Mexican National
Scale) from Baa1 (Global Scale, Local Currency) and Aaa.mx
(Mexican National Scale).  Moody's notes that the HSCCB 06
transaction is no longer revolving and therefore no new loans can
be assigned to the trust.  The HSCCB 08 transaction, however, is
still revolving and Su Casita can continue to assign new
construction loans to the trust.

The last rating action on HSCCB 08 occurred on August 24, 2009,
when the certificates were placed on review for possible downgrade
as a result of a recently updated methodology for rating low-
income construction loan securitizations in Mexico.  The last
rating action on HSCCB 06 occurred on June 11, 2009, when the
certificates were placed on review for possible downgrade due to
performance concerns.

Moody's has observed several challenging trends in the Mexican
housing construction sector over the past year, including longer
construction and sales cycles, weakening demand in certain markets
such as the higher-end and tourist housing sectors, and reduced
private sector mortgage financing impacting the pace of home
sales.  These challenging trends increase extension risk, or the
risk that some construction loans may not fully amortize by the
transaction's final maturity date due to the longer construction
and sales cycles, which increases the risk of losses to investors.

In analyzing Su Casita's construction loan securitizations,
Moody's incorporated the impact of these difficult trends and the
mitigants in place to protect against risks that can potentially
have a negative effect on the rated securities.  Under the updated
rating approach, and absent robust structural protections, Moody's
considers the rating of revolving construction loan
securitizations to be highly linked to the rating of the
originator of the assets.  This is due to the revolving nature of
the transactions and the intensive servicing efforts associated
with construction loans.

Additionally, in the case of the static pool (HSCCB 06), Moody's
analysis also incorporated cash flow projections in which cash
flows expected from home sales were stressed on a loan-by-loan
basis depending on the construction loan's completion rate,
delinquency status and housing sector to arrive at the expected
loss on the static pools.

                      HSCCB 08 Certificates

The downgrade of the senior certificates HSCCB 08 to B1 (Global
Scale, Local Currency) and Baa3.mx (Mexican National Scale) is
primarily based on the heightened extension risk observed in this
revolving transaction, the high concentration of loans outside the
low-income housing sector, the significant delays in construction
across certain projects, and the continuous slow pace of homes
sales and pool amortization.

Further, the HSCCB 08 transaction lacks several of the key
structural features highlighted in Moody's updated methodology
that serve to strengthen transaction governance and to delink the
originator risk from the securitization.  More specifically, this
revolving transaction lacks a master servicer, a strong back-up
servicing arrangement, a third-party collateral due diligence and
appraisal review process, adequate mitigants to extension risk
considering the current environment, and early amortization event
triggers that measure the health of principal collections and home
sales.

Moody's notes that the transaction's legal maturity is March 2014,
and that the revolving period ends just 18 months prior to the
final maturity date, at which point the certificates begin to
amortize.  Given the observed delays in project completion and
sales times, it is likely that many loans will require multiple
extensions to their original maturity dates.  This increases the
risk that certain loans may not fully amortize by the
transaction's final maturity date.  As of November 2009, the
senior certificates' had credit enhancement of 21% in the form of
overcollateralization and cash holdings to protect against
extension and default risk.

As of November 2009, a considerable number of construction loans
(representing approximately 27% of the outstanding pool balance)
have had less than a 15% change in their loan balances during the
past 12 months.  The relatively small changes in these loan
balances signal that over the past year, certain loans have
experienced either a slow pace of disbursements due to
construction delays and/or a relatively low level of home sales
proceeds applied to amortize the loan balance.  As of the same
date, the pool did not contain defaulted loans (defined as 30 days
past due in principal or 90 or more days past due in interest
payments).  However, low levels of defaults are expected given the
transaction's low seasoning and given that most loans have not yet
reached their original maturity dates and therefore cannot default
with respect to principal.  Su Casita has communicated to Moody's
that the company has not repurchased any collateral (either
delinquent or otherwise) from this trust and as a result, the
performance statistics to date are not distorted by loan
repurchases.

As of November 2009, the average construction completion rate for
the underlying housing development projects was approximately 70%
across 44 projects, weighted by their outstanding loan amounts.
The pool was highly concentrated in the middle-to-higher income
segment with an average unit (home) value of approximately
MXP$977,000.  This may contribute to a slower pace of home sales
as compared to the low-income housing sector which benefits from a
housing shortage and more readily available mortgage financing
from quasi-governmental entities.  Further, approximately 34% of
the pool balance consists of vertical construction housing, which
is riskier than horizontal construction since construction must be
nearly 100% completed before sales can materialize.  Principal
collections have been rather low in recent months, averaging
approximately 4% as a percentage of the pool balance over the last
six months.

                      HSCCB 06 Certificates

The downgrade of the senior certificates HSCCB 06 to B1 (Global
Scale, Local Currency) and Baa1.mx (Mexican National Scale) is
primarily based on the weak performance of the underlying loans.
More specifically, the transaction has a high level of defaulted
loans with respect to interest and/or principal, a slow pace of
home sales, significant construction delays across numerous
projects (especially among some of the largest loans), and a high
concentration of housing in riskier higher-income and tourist
properties.  Further, the transaction lacks several of the key
structural features highlighted in Moody's updated methodology
that serve to strengthen transaction governance, such as periodic
audits of the collateral and third-party oversight.  Moody's
believes that extension risk is mitigated to some extent given the
deal's final maturity in September 2016 and by the fact that the
transaction is no longer revolving and no new loans can be
purchased by the trust.

As mentioned above, Moody's notes that this transaction is no
longer revolving due to the breach of a trigger relating to the
rating of the guarantor, Ambac Assurance Corporation's.  Moody's
rates Ambac's insurance financial strength Caa2 on the global
scale.  In addition, Moody's notes that Ambac called a partial
amortization event on December 29, 2009, as a result of a minimum
overcollateralization trigger breach.

As of November 2009, a considerable number of construction loans
(representing approximately 47% of the outstanding pool balance)
have had less than a 15% change in their loan balances during the
past 12 months.  As of the same date, approximately 13% of the
pool was defaulted with respect to interest (defined as 90 or more
days past due with respect to interest).  An additional 8% was
defaulted with respect to principal only, signaling that these
developers have not yet paid the outstanding loan balance after
the permitted extensions of up to one year beyond the original
maturity date.  As of November 2009, the senior certificates' had
credit enhancement of 23% in the form of overcollateralization and
cash holdings to protect against extension and default risk.

As of November 2009, the average construction completion rate for
the underlying housing development projects was approximately 82%
across 95 projects, weighted by their outstanding loan amounts.
The pool is highly concentrated in the middle-to-higher income
sectors with a high average unit (home) value of approximately
MXP$1,000,000.  In addition, the pool is highly concentrated in
the top two projects (representing a combined 21% of the pool
balance), which also have high average home prices of
MXP$5.6 million and MXP$7.0 million.  This is contributing to the
slower pace of home sales as compared to low-income housing.
Further, approximately 40% of the pool balance consists of
vertical construction housing, which is riskier than horizontal
construction.  Principal collections have been rather low in
recent months, averaging approximately 2.5% as a percentage of the
pool balance over the last six months.

                           Rating Action

The complete rating action is:

* Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
  Sociedad Financiera de Objeto Multiple E.N.R.

* Issuer: Banco J.P. Morgan S.A., Institucion de Banca Multiple,
  J.P. Morgan Grupo Financiero, Division Fiduciaria, acting solely
  as trustee.

  -- HSCCB 08 Series A Certificates: downgraded to B1 (Global
     Scale, Local Currency) and Baa3.mx (Mexican National Scale)
     from Baa1 (Global Scale, Local Currency) and Aaa.mx (Mexican
     National Scale).  The last rating action occurred on
     August 24, 2009, when the ratings were placed on review for
     possible downgrade.

  -- HSCCB 06 Series A Certificates: downgraded to B1 (Global
     Scale, Local Currency) and Baa1.mx (Mexican National Scale)
     from Baa1 (Global Scale, Local Currency) and Aaa.mx (Mexican
     National Scale).  The last rating action occurred on June 11,
     2009, when the ratings were placed on review for possible
     downgrade.


VITRO SAB: Lenders Demand Immediate Payment
-------------------------------------------
Riva Froymovich and Anthony Harrup at DowJones Newswires report
that a group of creditors for Vitro, S.A.B. de C.V. is demanding
accelerated payment of US$1 billion in debt on which the company
defaulted almost a year ago.  The report relates that the company
said it is investigating whether the group demanding payment has
the necessary 25% of the bondholders to activate the request on
the 2012 and 2017 bonds.

The report recalls that Vitro SAB defaulted in February 2009 on
US$300 million in 2012 notes, US$700 million in 2017 notes and
US$216 million in 2013 notes.  According to the report, the claim
for accelerated payment is on its 2012 and 2017 debt.

However, the report notes, Marc Rossell, a partner at Chadbourne &
Parke experienced in such situations in Mexico, said that the
group very likely has 25% of the bondholders, which is required to
exercise this position.

Nevertheless, Dow Jones Newswires says, the filers will have to
prove their size, and the company can go back and forth to
contest, requesting more information from holders to show their
precise positions.   "Acceleration in and of itself only makes the
debt come through.  It doesn't get the money through the door,"
the report quoted Mr. Rossell as saying.


Vitro, the report notes, said that it aims to submit a revised
restructuring proposal to creditors by the end of January.  The
report adds that Vitro SAB said that it doesn't expect accelerated
payment notice to affect its ability to operate, and that it is
continuing negotiations with bondholders to restructure its debt.

                         About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


BANCO DE CREDITO: Ensures Connectivity During Disasters
-------------------------------------------------------
Isabel Guerra at Living Peru.com reports that Telefonica del Peru
and Banco de Credito have just signed an agreement that will
guarantee the normal BCP's customers operations in more than 300
agencies spread throughout the country, even during natural
disasters.

According to the report, connectivity will be implemented through
a backup data center located in Brazil, which also has independent
outputs towards the international network through Ecuador and
Chile, ensuring the BCP's agencies operations before any natural
disaster in Lima.

The report notes that this is a pioneering technology project in
Peru and Latin America, taking advantage of Telefonica's
nationwide coverage in Peru and BCP's presence in Latin America.

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 10, 2009, Standard & Poor's Ratings Services said that it
affirmed its 'BB' subordinated debt rating on Banco de Credito del
Peru's US$250 million noncumulative fixed/floating-rate step-up
junior subordinated notes due 2069.  Proceeds from the issuance
will be used for general corporate purposes.


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


NORTEL NETWORKS: Contemplates Feb. 24 Auction for VOIP Business
---------------------------------------------------------------
Nortel Networks Corporation announced that it, its principal
operating subsidiary Nortel Networks Limited, and certain of its
other subsidiaries, including Nortel Networks Inc. and Nortel
Networks UK Limited (in administration), have entered into a
"stalking horse" asset sale agreement with GENBAND, Inc., for the
sale of substantially all of the assets of its North America,
Caribbean and Latin America (CALA) and Asia Carrier VoIP and
Application Solutions (CVAS) business, and an asset sale agreement
with GENBAND for the sale of substantially all of the assets of
the Europe, Middle East and Africa (EMEA) portion of its CVAS
business for a purchase price of US$282 million, subject to
balance sheet and other adjustments currently estimated at
approximately US$100 million.

These agreements include the planned sale of substantially all
assets of the CVAS business globally including softswitching,
gateways and SIP applications.  These agreements also include all
patents and intellectual property that are predominantly used in
the CVAS business.

GENBAND has teamed with one of its existing shareholders, One
Equity Partners III, L.P. (OEP), to assist in financing the
proposed purchase of Nortel's CVAS assets.  OEP manages
investments and commitments for JP Morgan Chase & Co. in private
equity transactions.

Accordingly, Nortel filed with the Bankruptcy Court a Sale Motion
of its CVAS Business on December 23, 2009.  Nortel provided the
Court details of the proposed sale transaction.  Nortel
specifically seek to enter into two separate purchase agreements
in relation to the sale of its CVAS Business: (1) a Stalking
Horse Agreement between the Nortel Debtor Entities and GENBAND,
and (2) an Asset Sale Agreement between the EMEA Nortel Entities
and GENBAND.

The Assets to be acquired by GENBAND include certain inventory
and supplies; unbilled accounts receivable; equipment; contracts;
prepaid expenses; intellectual property; net insurance proceeds
and tax records.  Excluded from the assets to be acquired are
certain cash and cash equivalents; accounts receivable; bank
account balances and petty cash and certain rights.  The Assets
may be sold in a single sale or in parts.

Under the Stalking Horse Agreement, the parties anticipate
entering into ancillary agreements, which include a Transition
Services Agreement, an Intellectual Property License Agreement, a
Trademark License Agreement, a Loaned Employee Agreement, and
Real Estates Terms and Conditions.

A full-text copy of the Stalking Horse Agreement is available for
free at:

    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_1.pdf
    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_2.pdf
    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_3.pdf

Nortel seeks to subject the proposed sale to uniform bidding
procedures.  Among others, Nortel proposes that potential bidders
be required to (i) execute a confidentiality agreement; (ii)
present financial disclosures evidencing their capability to
consummate the transaction; and (iii) submit a preliminary
written proposal.

Bid must be submitted no later than February 16, 2010.  A
potential bid must offer to Nortel a value that is greater than
the value offered by GENBAND, plus the amount of any break-up
fee, plus $4 million, no later than the Bid Deadline.  If more
than one Qualified Bid is received, Nortel will conduct an
auction of the Assets on February 24, 2010.

In the event GENBAND is not selected as the successful purchaser,
Nortel agrees to entitle GENBAND to a $5 million break-up fee and
reimbursement of its reasonable expenses in preparing the Sale
Agreements.  Two thirds of the aggregate "Bid Protections" will
be payable by the Nortel Debtor Entities while the remaining one
third will be payable by the Nortel EMEA Entities.

Moreover, the sale parties agree to provide One Equity Partners
an incentive fee to induce its continued participated in the
auction process.  The agreed OEP Incentive Fee is US$3.6 million,
funded as $1.2 million by each of Nortel Networks Inc., Nortel
Networks Corporation and Nortel Networks UK Limited.  Nortel
acknowledged OEP' good faith efforts to participate in certain
Nortel divestitures.  OEP, which currently holds 35% of GENBAND's
common stock, has committed to provide financing for the payment
of the purchase price of the CVAS Business.  A full-text copy of
the Incentive Letter is available for free at:

       http://bankrupt.com/misc/NORTEL_OEPIncentiveFee.pdf

Nortel seeks to provide notice of the auction details, the sale
hearing and the sale objection deadline to parties-in-interest.
Nortel also intends to publish the Sale Notice in The Wall Street
Journal, The Globe & Mail, and The Financial Times.

To facilitate and effect the sale of the CVAS Business Assets,
Nortel seeks to assume and assign to the Successful Purchaser
certain contracts related to the Assets, including customer
contracts.  Nortel clarifies that it intends to file the list of
Customer Contracts under seal to protect confidential commercial
information.  Nortel intend to send no later than January 15,
2010, an Assumption and Assignment Notice to each contract
counterparty involved.  Nortel will also be filing a cure
schedule in relation to the planned contract assumptions.
Counterparties will be given the opportunity to respond to, or
seek adequate assurance of, the contract assumptions.

A copy of the proposed Bidding Procedures is available for free
at http://bankrupt.com/misc/NORTEL_CVASBizBiddingProc.pdf

In a declaration filed with the Court, NNC Chief Strategy Officer
George Reidel disclosed the efforts Nortel undertook to market
the CVAS Business.  He further related that he believes the
GENBAND deal represents the best proposal available for the CVAS
Business.  He cited that the potential purchase price is likely
to decline over time if the Assets remain unsold.

Nortel urges the Bankruptcy Court to set a sale hearing for
March 3, 2010, where it intends to present the Successful Bid and
Alternate Bid, if any.  All objections to the sale must be filed
no later than February 17.

The Bankruptcy Court is set to convene a hearing on January 6,
2010, to consider approval of the proposed Bidding Procedures.

NNC and its four Canadian affiliates also filed a motion in the
Ontario Superior Court of Justice, seeking approval of the sale
agreement with GENBAND and the proposed process governing the
sale of the CVAS Business Assets.

                        GENBAND's Statement

GENBAND, Inc., a leading developer of next-generation IP
infrastructure solutions, announced that it has entered into an
agreement with Nortel to acquire substantially all of the assets
of its Carrier VoIP and Application Solutions Business (CVAS)
globally, for a purchase price of $282 million and a total cost of
ownership in excess of $400 million.  The proposed transaction
combines GENBAND's next-generation access, trunking, session and
security gateway technology and Nortel's widely used softswitch
and application technology, offering global service providers a
comprehensive VoIP portfolio.  GENBAND's vision behind the
acquisition will be to institute open standards, open interfaces,
promote interoperability and continue to build on its global OEM
business partner relationships.

GENBAND has teamed with one of its existing shareholders, One
Equity Partners (OEP), to purchase the Nortel assets.  Established
in 2001, OEP manages $8 billion of investments and commitments for
JPMorgan Chase & Co. in direct private equity transactions.


"From a customer and partner standpoint, we believe our vision
behind this acquisition is aligned with the industry's desired
evolution path to IP," said Charles D. Vogt, Chief Executive
Officer of GENBAND.  "This transaction, although potentially
subject to a competitive bidding process, represents an
opportunity to fuel affordable network migration to cutting-
edge VoIP technology.  As a leader in next generation VoIP
solutions today, our aim will be to empower service providers and
their partners to access a range of leading VoIP solutions to
interoperate with Nortel's installed base, without having to
replace existing infrastructure and investment.

"In addition to our complementary product portfolios and customer
bases, we enjoy common locations such as Texas, India and China;
and, should we succeed in the auction process, we will expand our
operational footprint in Canada and North Carolina.  We expect to
make employment offers to a significant majority of Nortel CVAS
employees."

GENBAND will continue its commitment to OEM partnering activity
and anticipates it will expand product, service and support
relationships following the proposed Nortel CVAS transaction.

This transaction, which encompasses substantially all of the
assets of Nortel's North American, Caribbean and Latin American
(CALA) and Asian CVAS business, as well as substantially all of
the assets of the European, Middle Eastern and African (EMEA)
portion of its CVAS business, is subject to a competitive bidding
process and requires the approval of Canadian and U.S. Courts.
In addition, consummation of the transaction is subject to the
satisfaction of regulatory and other conditions and the receipt
of various approvals, including governmental clearances in Canada
and the United States and the approval of the court in Israel.
The agreements are also subject to purchase price adjustments
under certain circumstances.

GENBAND is a global leader and innovator of next generation IP
media, session border and fixed mobile convergence security
solutions deployed in over two-thirds of the world's 100 largest
service providers.  These high-performance gateway solutions are
at the core of fixed and mobile networks around the world --
evolving, securing and enhancing communications networks.
Headquartered in Plano, Texas, GENBAND has Centers of Excellence
around the world and serves customers and partners in more than
80 countries.  Additional information is available at:

                      http://www.genband.com/

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.
(http://bankrupt.com/newsstand/=20or 215/945-7000)


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *