TCRLA_Public/100111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Monday, January 11, 2010, Vol. 11, No. 006

                            Headlines



A R G E N T I N A

CENTRAL TERMICA: Moody's Affirms 'B2' Rating on $178 Mil. Notes
* ARGENTINA: Private Banks Call on Central Bank Governor to Resign


B E R M U D A

UGI FINANCE: In Voluntary Liquidation


B R A Z I L

ARACRUZ CELULOSE: Fitch Affirms 'BB' Issuer Default Ratings
BANCO NACIONAL: Freezes Loans to Cosan SA
COSAN SA: Banco Nacional Freezes Loans to Firm
COSAN SA: Walmart Suspends Supply Contract Amid Slavery Charges
EMBRATEL: Inks Transmission Capacity Deal With Net Servicos


C A Y M A N  I S L A N D S

ABN AMRO: Commences Liquidation Proceedings
ACADIA MASTER: Commences Liquidation Proceedings
AFORISMOS INV: Commences Wind-Up Proceedings
DB PYRUS: Commences Liquidation Proceedings
DIAMOND JAUNE: Commences Wind-Up Proceedings

MAJUBA NO.1: Commences Wind-Up Proceedings
MAJUBA NO.3: Commences Wind-Up Proceedings
NATIONAL DEVELOPMENT: Commences Liquidation Proceedings
OCTONION I CDO: Commences Liquidation Proceedings
PA CONSULTING: Commences Liquidation Proceedings

PREMIERE FUNDING: Commences Liquidation Proceedings
ROSE BAY: Commences Wind-Up Proceedings
SCP NEWPORT: Commences Liquidation Proceedings
SKYTECH-AIC AIRCRAFT: Commences Liquidation Proceedings
SR AVANTI: Commences Liquidation Proceedings

STADIA CAPITAL: Commences Liquidation Proceedings
STADIA CAPITAL: Commences Liquidation Proceedings
SUN FUNDING: Commences Liquidation Proceedings
TOB CAPITAL: Commences Liquidation Proceedings
TORUS (IG): Commences Liquidation Proceedings

TOWER HILL: Commences Liquidation Proceedings
TOWER HILL: Commences Liquidation Proceedings
TRIMARAN CLO VIII: Commences Liquidation Proceedings
UNITED GLOBAL: Commences Liquidation Proceedings
VP-1 SPC: Commences Liquidation Proceedings

VP-1 SPC: Commences Liquidation Proceedings
VP-2 SPC: Commences Liquidation Proceedings
VP-2 SPC: Commences Liquidation Proceedings
VTC HOLDINGS: Commences Liquidation Proceedings


E C U A D O R

PETROECUADOR: Asks Ministry to Cancel Noble Energy Contract


G R E N A D A

* GRENADA: Economy Hit Hard by Global Crisis, IMF Says


J A M A I C A

AIR JAMAICA: Divestment Deal Could be Finalized Soon
AIR JAMAICA: Inks Winter Rescue Promotions with Tourist Board
JAMAICA PUBLIC SERVICE: Re-commissions Hydro Plant for US$1-Mil.
SUGAR COMPANY OF JAMAICA: Suspends Frome Sugar Factory Operations
WEST INDIES ALUMINA: Slashes 762 Jobs Amid Low Aluminium Demand


M E X I C O

KANSAS CITY: Moody's Assigns 'B2' Senior Rating on New Notes
KANSAS CITY: S&P Assigns 'B+' Rating on $250 Mil. Senior Notes
URBI DESARROLLOS: Moody's Assigns 'Ba3' Rating on $250 Mil. Debt
VITRO SAB: Bondholders Accelerate Maturity of 2012 & 2017 Notes


X X X X X X X X

* S&P Says 2009 Ends With 265 Defaults; 4 Issuers Default In 2010

* BOND PRICING: For the Week December 4 to December 8, 2009




                         - - - - -


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


CENTRAL TERMICA: Moody's Affirms 'B2' Rating on $178 Mil. Notes
---------------------------------------------------------------
Moody's Latin America has affirmed its B2 and A2.ar ratings on
Central Termica Loma de la Lata's, US$178 million notes and on the
recently approved ARS 60 million loan from Banco de la Nacion
Argentina (not rated).  All the ratings have a negative outlook.

On December 29, Moody's has changed CTLLL's rating outlook to
negative from stable.  The main driver prompting the outlook
change was the relatively higher risk perceived from the long term
contract recently executed directly with Compania Administradora
del Mercado Mayorista Electrico S.A. rather than under the Energia
Plus framework as originally expected.

The company's B2 global scale and A2.ar national scale ratings
reflect the risks and strengths of CTLLL's current project to
close the cycle of its existing thermal generation plant?adding
176 MW to the current 369 MW of existing capacity at the open
cycle ?which is guaranteed by Pampa Energia S.A., the group
holding company, during the construction phase.  The project is
slated for completion in the second quarter 2010, with commercial
operations beginning in the third quarter.  Moody's takes comfort
from the fact that Pampa guarantees the US$178 million notes due
2015 during the construction period, thus mitigating the risks
related to potential delays in project completion.  However, the
agreement recently announced to sell at least 50% of the new
capacity to CAMMESA under a Resolution 220 contract implies that
the parent's guarantee extension after project completion could no
longer be required by a majority of bondholders as the project
would have met the required contracted capacity in time.  Post
construction-completion the ARS 60 million loan will continue to
be supported by the parent's guarantee; however, at that point,
the note holders will no longer have the benefit of the parent's
guarantee but will retain a pledge of all expansion contract
revenues.  Consequently, all ratings are assigned at the same
level given the Pampa guarantee.  Post construction completion,
Moody's will need to evaluate whether there should be any rating
difference between the senior unsecured guaranteed bank facility
and the senior secured notes.

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

CTLLL's main cash requirements arise from the investment in the
expansion project, totaling US$214 million.  To finance the
project, in September 2008, CTLLL closed a bond issuance for an
amount of US$178 million and completed the required financing with
equity contributions and proceeds from the sale of non-core
assets.  As of September 30, 2009, CTLLL had a cash position of
ARS49 million (US$12 million), of which ARS20 million
(US$5.2 million) were deposited in debt service reserve account
and ARS21 (US$5.4 million) were restricted as collateral as
required by the EPC contract.  In addition, the company had
US$31.59 under an escrow account also kept as collateral.  The
company has no significant debt maturities in the near term as the
notes have a five-year grace period with semiannual payments
beginning in September 2013, long after the expected start of the
combined cycle's commercial operations and its associated
increased cash generation.  In addition, the company has obtained
an ARS60 million loan from BNA, with a 30 months tenor.  Proceeds
from this loan will be used to refinance some of CTLLL's short
term debt with banks, which as of September 30th amounted to
ARS42 million, and to finance working capital needs.

The negative outlook reflects Moody's view of increased risk from
the project's higher dependence on CAMMESA sources, which is
currently experiencing an operating deficit that is financed with
government resources.  In Moody's view, this increases the
project's exposure to the Argentine government (B3, Stable).

Moody's expects that the electricity sector will continue to face
significant uncertainties for cost recovery and a low degree of
predictability of the timing and nature of changes in the
regulatory environment.

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

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

Central Termica Loma de la Lata S.A. is an electric generation
company formed as a Sociedad Anonima as a result of Pampa Energia
S.A. acquisition of the thermal power plant at Loma La Lata in May
2007.  CTLLL's main asset is a thermo-electric power plant located
above the major gas fields in the Neuquina basin, in the province
of Neuquen-Argentina.  Currently, CTLLL has an installed net
capacity of 369 MW, which is expected to increase by 176 MW after
this project is completed.  With a total generation of 1745 GWh,
total revenues for the fiscal year ending in December 2008
amounted to ARS193 million (approximately US$58 million), and to
ARS208 million (approximately US$55 million) for the last twelve
months ending in September 2009, with a total generation of 1305
GWh in the same period.

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


* ARGENTINA: Private Banks Call on Central Bank Governor to Resign
------------------------------------------------------------------
Argentina's private-sector banks association, Adeba, called on
Central Bank Governor Martin Redrado to end a showdown with the
government and step aside, to preserve the stability of the
financial system, Matthew Cowley at Dow Jones Newswires reports.

According to the report, Mr. Redrado had refused to leave after
being asked to by Cabinet Chief Alberto Fernandez, on behalf of
President Cristina Fernandez.  The report notes that the
administration had become frustrated at delays by Mr. Redrado in
transferring US$6.6 billion in foreign exchange reserves to the
Treasury, to be able to pay debts this year.

The delays, the report relates, arose amid a political dispute,
with opposition leaders claiming Congress wasn't consulted.

Adeba, presided over by Banco Macro President Jorge Brito, said
that it "firmly believes that the fund will contribute to the
reduction in country risk."  That in turn would improve the
efficiency of the financial system, lower interest rates and
improve the availability of credit, Adeba added.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.


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


UGI FINANCE: In Voluntary Liquidation
-------------------------------------
Sabrina Gordon at Jamaica Gleaner reports that UGI Finance and
Investment Limited, a subsidiary of the Neville Blythe-owned UGI
Group of Companies, has opted for voluntary liquidation, having
run short of cash.

"The information that I can give at this time is very limited but
the liquidation is mainly due to cash flow/liquidity problems that
the company was having," the report quoted Dalma James, court-
appointed liquidator, as saying.  "The assets are adequate but
tied up in real estate and other assets not readily converted into
cash, which pushed the hands of the directors to go into
liquidation," Mr. James added.

According to the report, Melissa Merchant, Head of UGI Group
Neville Blythe's assistant, said that UGI had recently made the
decision to lock down the subsidiary -- the vote was taken
December 22 -- and would not be speaking publicly at this stage.
The report relates that UGI's decision to liquidate the brokerage
came one day after a December 21 notice from the Financial
Services Commission to UGIFIL advising of its intention to suspend
the company's securities dealer's license.

The regulator, the report recalls, published a notice of the
warning to suspend on December 24, citing Section 8, subsections
(1(d) and 5(c) of the FSC Act, which in turn referenced Part A of
the Third Schedule.  The Gleaner says that the FSC did not spell
out the precise reason for the suspension -- 10 options are cited
under the referenced third schedule -- but assured investors it
was monitoring the winding-up process and that their interests
would be adequately protected.

Mr. James, the report notes, said that UGIFIL's assets span real
estate, shares in companies -- the major one being a 70% ownership
in Morgan's Harbour -- and commercial paper with set maturity
dates in 2010, which prevents the company from drawing down on the
funds.  The report relates that Mr. James has set a timeline of no
longer than nine months to wrap up the liquidation process and pay
out to creditors.

"Next move is to organize a meeting of interested parties and, as
soon as possible, realize assets, and pay out liabilities," the
report quoted Mr. James as saying.  "While it could be done in as
much as three months, with real estate and shares involved,
extended negotiation will be required," he added.


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


ARACRUZ CELULOSE: Fitch Affirms 'BB' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'BB' foreign and
local currency Issuer Default Ratings of Aracruz Celulose S.A.
Fitch has also affirmed and withdrawn the 'A+ (bra)' national
scale rating of Aracruz.

These rating actions follow the Dec. 31, 2009 merger of Aracruz
into Fibria Celulose S.A. (the new name of Votorantim Celulose e
Papel S.A).

Fitch's credit ratings of Fibria are:

  -- Foreign currency and local currency IDR of 'BB';
  -- National Scale Rating of 'A+(bra)';
  -- Senior unsecured notes due 2019 'BB'.


BANCO NACIONAL: Freezes Loans to Cosan SA
-----------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA suspended
loans to sugar and ethanol group Cosan S.A. Industria e Comercio
after it was included in a government's list of companies with
workers in slave-like conditions, Inae Riveras at Reuters reports.

According to the report, Cosan SA was included in December on
Brazil's Labor Ministry's black list, which is updated every six
months, after inspectors found workers in irregular conditions in
2007.  The report, citing a statement from BNDES, relates that the
bank has decided to suspend "preventively" all transactions with
Cosan, adding that new contracts with the bank would depend on the
company's exclusion of the list.

According to the report, Cosan SA said the workers had been hired
by a third-party cane-cutting company that no longer works for it
and that it would appeal from the ministry's decision.

In June, the report recalls, the company obtained a loan of BRL788
million (US$452 million) from BNDES, to be used mainly to build a
new sugar and ethanol mill in Goias state.

                        About Cosan SA

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

                          *     *     *

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


                             About 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.


COSAN SA: Banco Nacional Freezes Loans to Firm
----------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA suspended
loans to sugar and ethanol group Cosan S.A. Industria e Comercio
after it was included in a government's list of companies with
workers in slave-like conditions, Inae Riveras at Reuters reports.

According to the report, Cosan SA was included in December on
Brazil's Labor Ministry's black list, which is updated every six
months, after inspectors found workers in irregular conditions in
2007.  The report, citing a statement from BNDES, relates that the
bank has decided to suspend "preventively" all transactions with
Cosan, adding that new contracts with the bank would depend on the
company's exclusion of the list.

According to the report, Cosan SA said the workers had been hired
by a third-party cane-cutting company that no longer works for it
and that it would appeal from the ministry's decision.

In June, the report recalls, the company obtained a loan of BRL788
million (US$452 million) from BNDES, to be used mainly to build a
new sugar and ethanol mill in Goias state.

                        About Cosan SA

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

                          *     *     *

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


                             About 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.


COSAN SA: Walmart Suspends Supply Contract Amid Slavery Charges
---------------------------------------------------------------
Helder Marinho and Lucia Kassai at Bloomberg News report that
Wal-Mart Stores Inc., suspended a supply contract with Cosan SA
Industria & Comercio after the Brazilian sugar maker was added to
a government slavery "blacklist."  The report relates that Cosan
SA said that it won an injunction ordering it be removed from the
list.

According to the report, Walmart is the first retailer to come out
with sanctions against Cosan SA after the sugar producer was added
December 31 to a Brazilian Labor Ministry's list of companies
whose workers operate in slave-like conditions.  The report
relates that Walmart's local unit said it temporarily suspended
purchases of Cosan's Acucar Uniao and Acucar da Barra sugar
brands.

The Labor Ministry, the report notes, said that 42 Cosan workers
were found and "liberated" from conditions analogous to slavery.
Another 163 employers are also on the ministry blacklist, which
was created in 2004 and is updated every six months.

Meanwhile, the report adds, that Petroleo Brasileiro SA's fuel
distribution unit, which buys ethanol from Cosan, may consider
"restrictions" on the company.

                         About Cosan SA

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

                          *     *     *

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


EMBRATEL: Inks Transmission Capacity Deal With Net Servicos
-----------------------------------------------------------
Empresa Brasileira de Telecomunicacoes S.A has concluded an
agreement with fellow operator Cable Company Net Servicos de
Comunicacao (Net) concerning the acquisition of transmission
capacity on the latter's high capacity IP backbone infrastructure,
Telegeography News reports.

According to the report, citing a company statement, Net said that
given the increased importance of broadband services in terms of
its future growth and the high costs involved in building its own
network, it has agreed "irrevocable and indefeasible" terms to use
Embratel's network in the long term for the provision of its
broadband service by entering into Indefeasible Right of Use (IRU)
agreements.

Empresa Brasileira de Telecomunicacoes S.A --
http://www.embratel.com.br-- is a major telecommunications
carrier in Brazil.  It offers up-to-date telecommunications
solutions to the Brazilian market including local, long distance
domestic and international calling; data, video and Internet
transmission.  Embratel can provide services all over the country
through its satellite solutions.  Embratel has been part of the
history of Brazil for 43 years, playing a major role in the
country's development.

                         *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.


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


ABN AMRO: Commences Liquidation Proceedings
-------------------------------------------
ABN AMRO Services Cayman Limited 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Island


ACADIA MASTER: Commences Liquidation Proceedings
------------------------------------------------
Acadia Master Fund II, Ltd. 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:

         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


AFORISMOS INV: Commences Wind-Up Proceedings
--------------------------------------------
Aforismos Inv. Ltd commenced liquidation proceedings on
November 6, 2009.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o  Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


DB PYRUS: Commences Liquidation Proceedings
-------------------------------------------
DB Pyrus (Cayman) Limited commenced liquidation proceedings on
November 5, 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:

         Jeremy Simon Spratt
         KPMG LLP
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         KPMG
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         FAO: Lauren Christie
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


DIAMOND JAUNE: Commences Wind-Up Proceedings
--------------------------------------------
Diamond Jaune Limited commenced liquidation proceedings on
November 6, 2009.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o  Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


MAJUBA NO.1: Commences Wind-Up Proceedings
------------------------------------------
Majuba No.1 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 liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


MAJUBA NO.3: Commences Wind-Up Proceedings
------------------------------------------
Majuba No.3 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 liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


NATIONAL DEVELOPMENT: Commences Liquidation Proceedings
-------------------------------------------------------
National Development Company commenced liquidation proceedings on
November 3, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Island


OCTONION I CDO: Commences Liquidation Proceedings
-------------------------------------------------
Octonion I CDO, Ltd. 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


PA CONSULTING: Commences Liquidation Proceedings
------------------------------------------------
PA Consulting (Cayman Islands) Limited commenced liquidation
proceedings on November 2, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Island


PREMIERE FUNDING: Commences Liquidation Proceedings
---------------------------------------------------
Premiere Funding International 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Island


ROSE BAY: Commences Wind-Up Proceedings
---------------------------------------
Rose Bay Limited commenced liquidation proceedings on
November 6, 2009.

Only creditors who were able to file their proofs of debt by
December 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o  Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SCP NEWPORT: Commences Liquidation Proceedings
----------------------------------------------
SCP Newport Fund, Ltd. commenced liquidation proceedings on
November 12, 2009.

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

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949 1986
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


SKYTECH-AIC AIRCRAFT: Commences Liquidation Proceedings
-------------------------------------------------------
Skytech-AIC Aircraft Fund Limited commenced liquidation
proceedings on November 6, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Island


SR AVANTI: Commences Liquidation Proceedings
--------------------------------------------
SR Avanti Charter Ltd. commenced liquidation proceedings on
November 10, 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:

         Geoffrey Varga
         Helen Ennis
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9902
         Facsimile: (345) 943 9900


STADIA CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
Stadia Capital Limited commenced liquidation proceedings on
November 11, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


STADIA CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
Stadia Capital Master Fund, Ltd. commenced liquidation proceedings
on November 11, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SUN FUNDING: Commences Liquidation Proceedings
----------------------------------------------
Sun Funding Limited 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TOB CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
TOB Capital Amazon, Ltd. commenced liquidation proceedings on
October 28, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TORUS (IG): Commences Liquidation Proceedings
---------------------------------------------
Torus (IG) II-D Limited 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TOWER HILL: Commences Liquidation Proceedings
---------------------------------------------
Tower Hill CDO, Ltd. commenced liquidation proceedings on
November 3, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TOWER HILL: Commences Liquidation Proceedings
---------------------------------------------
Tower Hill CDO II, Ltd. 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TRIMARAN CLO VIII: Commences Liquidation Proceedings
----------------------------------------------------
Trimaran CLO VIII Ltd. 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


UNITED GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
United Global Investments Grade CDO II Limited commenced
liquidation proceedings on November 3, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


VP-1 SPC: Commences Liquidation Proceedings
-------------------------------------------
VP-1 SPC II commenced liquidation proceedings on November 11,
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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


VP-1 SPC: Commences Liquidation Proceedings
-------------------------------------------
VP-1 SPC I commenced liquidation proceedings on November 11, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


VP-2 SPC: Commences Liquidation Proceedings
-------------------------------------------
VP-2 SPC II commenced liquidation proceedings on November 11,
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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


VP-2 SPC: Commences Liquidation Proceedings
-------------------------------------------
VP-2 SPC I commenced liquidation proceedings on November 11, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


VTC HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
VTC Holdings commenced liquidation proceedings on
November 12, 2009.

Only creditors who were able to file their proofs of debt by
December 21, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Christopher Johnson
         Russell Smith
         Johnson Smith Associates Ltd
         80 Shedden Road
         PO Box 2499, Grand Cayman, KY1-1104


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


PETROECUADOR: Asks Ministry to Cancel Noble Energy Contract
-----------------------------------------------------------
State-run Petroecuador has formally asked Ecuador's Ministry of
Nonrenewable Natural Resources to cancel a production contract
with Energy Development Corporation (EDC), because the company
hadn't complied with its development plan, Mercedes Alvaro at Dow
Jones Newswires reports, citing Petroecuador Chief Luis Jaramillo.

"As president of Petroecuador, I have to look out for the
interests of the state.  On November 11, the company was notified
of a series of things that weren't complied with in its
development plan.  These weren't complied with, and as such I have
asked the Ministry of Nonrenewable Natural Resources to proceed to
declare the contract null," Mr. Alvaro told the news agency in an
interview.

According to the report, EDC has a contract until 2036 to operate
the Pacific coast Block 3, which includes the Amistad gas field.
The report relates that a high-level official from the Ministry of
Nonrenewable Natural Resources said that according to Ecuadorian
law, the Ministry must give the company between 30 days and 60
days to justify and correct any non-fulfillment of contracts.
Otherwise, the contract can be canceled, a process that could take
from four months to more than a year, he added.

                       About Petroecuador

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

                          *     *     *

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

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


=============
G R E N A D A
=============


* GRENADA: Economy Hit Hard by Global Crisis, IMF Says
------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
the 2009 Article IV consultation with Grenada.

                          Background

Grenada's economy has been hit hard by the global crisis and the
downturn has been deeper than expected, reflecting the strong drag
of the global crisis on tourism receipts, Foreign Direct
Investment (FDI), and remittances.  Tourism, a key growth driver,
is expected to experience a 20 percent decline in stayover
arrivals; FDI is almost at a standstill; construction, an
important source of employment, is projected to fall by 35
percent, the fourth consecutive year of double-digit declines.  As
a result, real GDP is expected to contract by more than 6 percent
in 2009, with a further 2 percent decline in 2010, before seeing
positive growth.  Falling prices of international commodities in
the first half and weak domestic demand has pushed consumer prices
down, with inflation projected to be negative 0.4 percent during
2009 (compared to 5.2 percent during 2008).

The weak economy has led to rising unemployment, while poverty
remains widespread. According to a preliminary draft of the
Country Poverty Assessment, the unemployment rate stood at 25
percent in June 2008.  Compounding matters, the authorities
believe that labor market conditions have softened further in 2009
leading to unemployment rates closer to 30 percent.  Some 38
percent of the population lives below the poverty line.

Reflecting the anemic economic activity, the growth of monetary
aggregates is slowing: year-on-year growth of credit to the
private sector and broad money continued to decelerate (8.2
percent and -1.0 percent, respectively, as of August 2009).  The
current account deficit is expected to narrow sharply in 2009 (to
22 percent of GDP), as falling FDI and other external financing
force a sharp import reduction, more than offsetting lower tourism
receipts.

Commercial banks, many of which are subsidiaries of international
banks, have generally remained resilient.  However, the quality of
commercial bank loan portfolios is deteriorating: the ratio of
nonperforming loans (NPLs) to total loans, while low, has been
worsening (4.1 percent at end-June 2009) and the ratio of
provisions to NPLs declined to 37.8 percent at end-June 2009, the
lowest level in recent years.  The financial system remains
vulnerable to contagion from regional financial sector entities.
ECCU governments are working together closely on a regional
solution to the difficulties of the Trinidad and Tobago-based CL
Financial Group.

The authorities have made significant progress with structural
reforms.  Preparations to introduce a VAT by February 2010, which
is expected to improve the efficiency of the tax system, are
solidly on track. Reforms to lay the basis for broad-based
economic growth by improving the investment and business
environment are underway.  An institutional reform of the ministry
of finance aims at improving the capacity for economic management.

                   Executive Board Assessment

Executive Directors noted that Grenada's real GDP has contracted
markedly in 2009, due primarily to sharp falls in tourism
receipts, foreign direct investment, and remittances, while
unemployment has risen further.  Fiscal policy has been
constrained by revenue shortfalls and the rising public debt
ratio.  Directors commended the Grenadian authorities for the
satisfactory performance of their economic program under these
highly challenging circumstances.  They supported focusing
macroeconomic policies on mitigating the short-term impact of the
external shocks, while laying the foundation for sustainable,
broad-based economic growth.

Directors considered medium-term fiscal consolidation to be a high
priority. They welcomed the planned fiscal measures, including the
prioritization of capital spending, wage restraint, and increased
efficiency of spending on goods and services, while protecting
social expenditures.  Directors stressed the importance of
accelerating tax and customs reforms and strengthening
institutional capacity for public financial management.  They
endorsed the planned introduction of a value-added tax in early
2010, a key measure to boost revenue and reduce reliance on trade
taxes.  Directors looked forward to the early completion of the
Poverty Reduction and Strategy Paper.

Directors expressed concern over Grenada's high risk of debt
distress.  They urged vigilance in contracting an external loan
for the joint venture under consideration, stressing the need for
an objective assessment of the project's financial viability as
well as substantial equity participation from private investors.
Directors encouraged sustained efforts to put public debt on a
sustainable trajectory, and to regularize financial relations with
external creditors.  They called on the authorities to adhere to
their plan to reduce the stock of domestic arrears.

Directors noted the staff's assessment that the real effective
exchange rate appears broadly in line with macroeconomic
fundamentals.  Looking forward, they encouraged the authorities to
take steps to preserve external competitiveness, including by
completing action plans to improve the business climate and
implementing structural reforms to expand and diversify external
receipts.

Directors noted that, although the banking sector has remained
resilient, financial stresses in the region could pose a risk.
This highlights the need for careful monitoring of financial
sector vulnerabilities and close cooperation among regional
governments, particularly in dealing with the financial
difficulties associated with the Trinidad and Tobago-based CL
Financial Group.  Directors encouraged the authorities to control
the fiscal costs of intervention strictly.  They commended the
authorities for the progress in improving the capacity for nonbank
financial supervision and regulation, and looked forward to the
passage of a new Insurance Act by the end of this year. Directors
noted the authorities' intention to keep their Special Drawing
Rights allocation as a shared reserved cushion at the Eastern
Caribbean Central Bank, as a buffer against risks stemming from
financial stresses in the region.


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


AIR JAMAICA: Divestment Deal Could be Finalized Soon
----------------------------------------------------
A divestment deal could be inked as early as this week between the
national airline Air Jamaica Limited and Trinidad carrier
Caribbean Airlines, RadioJamaica reports.  The report relates that
sources said that discussions are presently in an advanced stage
and the stakeholders are expected to meet this week to sign the
agreement.

As reported in the Troubled Company Reporter-Latin America on
January 7, 2010, RadioJamaica said that Air Jamaica is facing an
increased opposition from Trinidadians over the plan of Caribbean
Airlines to take over Air Jamaica.  The report related 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 related, said 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".

                        About Air Jamaica

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

                           *     *     *

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


AIR JAMAICA: Inks Winter Rescue Promotions with Tourist Board
-------------------------------------------------------------
Air Jamaica Limited teamed up with the Jamaica Tourist Board as
the destination kicks off its Jamaica Winter Rescue campaign,
South Florida Caribbean News reports.  The report relates that the
official launch of the program took place on January 6, at New
York City's Port Authority Bus Terminal.

"As Jamaica's national carrier, it is fitting that we have again
partnered with the Jamaica Tourist Board to offer passengers a
winter escape to Jamaica.  With our attractive fares on flights to
both Kingston and Montego Bay, travelers can shake off the winter
blues and soak up the warmth of the island paradise," the report
quoted George deMercado, Air Jamaica's Senior Director, Global
Sales, as saying.

                       About Air Jamaica

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

                           *     *     *

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


JAMAICA PUBLIC SERVICE: Re-commissions Hydro Plant for US$1-Mil.
----------------------------------------------------------------
Jamaica Public Service Company Limited has put back its first
hydro plant back into service, spending US$1 million to add 0.77
megawatt of capacity to the grid, Jamaica Gleaner reports.  The
report relates that the Constant Spring Hydroelectric Power Plant
that was recommissioned in December marks the first renewable
joint venture project undertaken between equal partners Marubeni
Caribbean and Taqa.

According to the report, each own 40% of JPSCO, with the Jamaican
Government holding the other 20%.  The report relates that the new
capacity can service up to 1,600 homes, the electricity provider
said.  The report relates that sitting idle since 2001, the
facility located at the National Water Commission's (NWC)
treatment plant at Long Lane in St Andrew will be operated under
joint agreement between JPS and NWC.

Meanwhile, the report notes that JPSCO also plans to expanding the
Maggotty Hydroelectric Power Plant in St Elizabeth as the next
renewable project, and has plans to build more hydroelectric
plants at Mahogany Vale in St Thomas and at Rio Grande in
Portland.

                            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: Suspends Frome Sugar Factory Operations
-----------------------------------------------------------------
Cane processing at the Frome sugar factory in Westmoreland has
ground to a halt, RadioJamaica reports.  The report relates that
General Manager at the Sugar Company of Jamaica Limited John Gayle
said that the decision to suspend harvesting of cane was prompted
by the low cane quality due to persistent rains in the cane
growing areas.

"We started the crop and expected to see rainfall in December into
January, drying out as normal.  For example in 2008 in December we
had just seven millimeters of rain at Frome.  But for 2009 we had
80 millimetres of rain," the report quoted Mr. Gayle as saying.
"Because of the continued rainfall the sucrose in the cane gets
depressed and so the price for the cane paid to farmer would also
be depressed because the cane price is dependent on the amount of
sucrose in the cane," he added.

According to the report, Mr. Gayle argued that the decision was a
purely economical one as farmers were not earning enough from cane
sales to cover their harvesting expenses.  The report relates that
Mr. Gayle noted that to keep the factory going, the estate had to
increase its rate of harvesting which created an imbalance in the
cane supply.

Mr. Gayle, the report points out, said that if this continued it
could have resulted in significant operational issues at the back
end of the crop and financial losses to the estate.  The report
relates that Mr. Gayle said as a result the crop will be put on
hold from 10 to 15 days to allow for drying out of the fields and
improvement in the quality of the cane being supplied to the
factory.

                             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.


WEST INDIES ALUMINA: Slashes 762 Jobs Amid Low Aluminium Demand
---------------------------------------------------------------
The West Indies Alumina Company said it will be making the
positions of 762 permanent employees redundant, Go-Jamaica News
reports.  The report relates that the decision comes nine months
after the company suspended production at its Kirkvine and Ewarton
Refineries as a result of the drastic reduction in demand for
aluminium.

According to the report, at that time the permanent employees
started working three days a week.  The report relates that
WINDALCO said that there has been some improvement in the global
economy but the alumina industry has only seen marginal movement.

The company, the report notes, said that with no immediate
resumption of production in sight, the management felt it was in
the best interest of the company to make the 762 positions
redundant.  Go-Jamaica News relates that acting Managing Director
of WINDALCO Andrew Currie said that the redundancy exercise is in
direct response to feedback from many employees.  The company's
management is currently redefining its needs and will be designing
the new organization structure, he added.

The structure will be implemented on Thursday, April 1, 2010.

                        About WINDALCO

West Indies Alumina Company (Windalco) is situated on the island
of Jamaica in the Caribbean.  The company comprises two alumina
refineries (Ewarton Works and Kirkvine Works), a shipping port
(Port Esquivel) and also bauxite mines in Schwallenburgh (Ewarton)
and Russell Place (Kirkvine) and farms in Manchester and St. Ann.


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


KANSAS CITY: Moody's Assigns 'B2' Senior Rating on New Notes
------------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
Kansas City Southern de Mexico, S.A. de C.V. new senior notes due
2018.  At the same time, Moody's has affirmed all of KCSM's other
ratings (corporate family rating of B2).  The ratings outlook is
stable.

There is very little change in outstanding debt amount at KCSM, as
proceeds will be used to redeem up to $240 million of the
company's 9.375% notes due May, 2012.

The B2 corporate family rating reflects Moody's expectations that
the company's credit metrics, cash flows, and liquidity will
steadily improve to levels appropriate for its ratings over the
next 12-18 months.  The anticipated improvement coincides with
expectations for a modest recovery in freight volume industry-wide
through 2010.  However, Moody's expects that KCSM's financial
performance will lag that of The Kansas City Southern Railway (B1
corporate family rating), the U.S. railroad operator owned by
KCSM's parent Kansas City Southern, owing to the higher degree of
sensitivity of KCSM to conditions in both the U.S. and the Mexican
economies.  Because of KCSM's exposure to the freight groups
associated with the U.S. automobile and housing sectors, as well
as the consumer goods markets in both the U.S. and Mexico,
financial results are expected to be materially impacted by slack,
albeit moderately improving, demand for freight services.  KCSM's
principal asset is its concession from the government of Mexico,
which cannot be pledged to secure any financing.  Therefore,
substantially all of KCSM's debt is unsecured.  KCS does not
guarantee the debt of KCSM.

KCSM's ratings also take into account the recently-announced
litigation.  An affiliate of Ferrocarril Mexicano, S.A. de C.V.
filed a claim against KCSM, KCS, the Federal Government of Mexico,
and other parties relating to the award of the majority interest
in Ferrocarril del Noreste, S.A. de C.V. to KCS in 1997.  The
lawsuit claims that the defendants violated certain rules and
regulations associated with the bidding process, and as such the
acquisition should be declared null and void.

At this time, Moody's believes that there is substantial
uncertainty as to the timing of any resolution and the possible
outcome associated with this lawsuit.  Based on the facts
disclosed, Moody's believe that the probability of an unfavorable
outcome from this lawsuit is low.  Nonetheless, Moody's believes
that the severity of any negative outcome could be substantial.
This will be a constraint on the company's ratings until the
matter is resolved or there is more clarity as to the outcome, and
the uncertainty suggests a high degree of headline risk going
forward.

The last rating action was on October 29, 2009, when the ratings
outlook for KCSM and its parent company, Kansas City Southern were
changed to stable from negative.

Kansas City Southern de Mexico, S.A. de C.V., a wholly-owned
subsidiary of U.S. holding company Kansas City Southern, owns the
concession to operate Mexico's northeastern railroad.


KANSAS CITY: S&P Assigns 'B+' Rating on $250 Mil. Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
Kansas City Southern de Mexico S.A. de C.V.'s proposed
$250 million senior notes due 2018.  The issue-level rating on the
notes is one notch higher than the corporate credit ratings on
KCSM and its parent, Kansas City Southern (both entities rated
B/Stable/--).  S&P assigned a '2' recovery rating to this debt,
indicating that lenders can expect substantial (70%-90%) recovery
in the event of a payment default.  The company will use proceeds
from the debt issue, along with other borrowings, to tender for up
to $240 million of the company's $460 million 9.375% senior notes
due 2012.

"Ratings on Kansas City Southern reflect its highly leveraged
capital structure, substantial capital spending requirements, and
challenges associated with its integration of Kansas City Southern
de Mexico S.A. de C.V., the Mexican railroad company it acquired
in April 2005," said Standard & Poor's credit analyst Anita
Ogbara.  Offsetting these risks to some extent are the favorable
characteristics of the U.S. freight railroad industry and the
company's strategically located rail network.

                           Rating List

                       Kansas City Southern
                 Kansas City Southern Railway Co.

        Corporate Credit Rating                B/Stable/--

                         Rating Assigned

           Kansas City Southern de Mexico S.A. de C.V.

             $250 Mil. Senior Notes Due 2018        B+
               Recovery Rating                      2


URBI DESARROLLOS: Moody's Assigns 'Ba3' Rating on $250 Mil. Debt
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global scale foreign
currency rating to Urbi Desarrollos Urbanos, S.A.B. de C.V.'s
proposed senior unsecured debt issuance of approximately
US$250 million.  The rating outlook is stable.

The new notes will have a maturity of 10 years, will rank pari
passu with other unsecured debt and will be guaranteed by all of
the company's wholly-owned subsidiaries.  In addition, the company
will hedge all of the interest and principal against foreign
exchange risk.  Proceeds from this new issuance will be used to
refinance existing long-term and short-term debt.  With this
proposed issuance, Urbi will have no substantial debt maturities
until 2016, a credit plus.

Moody's notes Urbi's maintenance of a diverse, top-10 competitive
position, which has helped it to respond effectively to the
volatile Mexican property market.  Furthermore, Urbi has produced
consistent, sound profitability and maintained solid liquidity
with a conservative capital structure.  The company is publicly
held, with a solid corporate infrastructure, which enhances
transparency and governance.  Urbi's large land bank, good cost
controls, and sophisticated construction and sales management
platforms support its solid operating margins.

Urbi's primary credit challenges are its reliance on the Mexican
economic and political environment, and the high costs of land and
land development.  Furthermore, the housing development market is
fragmented, and homes are built on a predominately speculative
basis, since Urbi and other home developers bear the risk of
finding homebuyers.  The funding of homes remains concentrated
with Sociedad Hipotecaria Federal, INFONAVIT and FOVISSSTE -- all
government-related entities -- and the timing of receipt of the
mortgages funded by them can range from three to twelve months.

The stable rating outlook reflects Moody's expectation that Urbi
will maintain a conservative approach to leverage, stable
earnings, and no missteps in Alternativa Urbi, its rent-to-own
program.  Moody's believes that Urbi has solid franchise value,
with a well-recognized brand and good land reserves.  Furthermore,
Moody's expects that Urbi will continue to focus on the affordable
and low-middle income housing market, while maintaining high
quality construction and good operating controls.

Moody's stated that a rating upgrade would reflect a reduction in
leverage, measured: debt to total assets below 10%, and debt to
EBITDA below 1x, all while the company continues to improve its
industry leadership and successfully implements its Alternativa
Urbi (rent-to-own) program, which Moody's expects will take some
time.  A rating downgrade would result from debt to total assets
approaching 25%, fixed charge coverage falling below 3x (including
capitalized interest), and operating margins falling below the low
teens.  A downgrade could also result from falling out of the top
ten homebuilders in terms of units sold, substantial missteps in
the Alternativa Urbi (rent-to-own) program, as well as from an
adverse shift in the Mexican government's housing policy.

This rating was assigned with a stable outlook:

* Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Proposed
  US$250 million senior unsecured notes at Ba3

Moody's last rating action with respect to Urbi took place on
November 30, 2009, when Moody's confirmed Urbi's Ba3 global scale,
local and foreign currency, senior unsecured debt rating and
Baa1.mx national scale rating, as well as Urbi's short-term MX-2
national scale rating (Not Prime, global scale).  The company's
Ba3 corporate family rating was also confirmed.  The rating
outlook is stable.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $33 billion Mexican pesos and equity of
approximately $16.5 billion Mexican pesos at September 30, 2009.


VITRO SAB: Bondholders Accelerate Maturity of 2012 & 2017 Notes
---------------------------------------------------------------
The members of the Steering Group of the Ad Hoc Committee of
Noteholders of Vitro, S.A.B. de C.V., elected to accelerate the
maturity of Vitro's Senior Notes due 2012 and Senior Notes due
2017.  Vitro defaulted on the Senior Notes in February 2009.

The Committee, which owns more than 25% of the Senior Notes, acted
in response to Vitro's failure to deliver a restructuring proposal
within the time frame requested by the Committee.  The Committee
remains committed to pursuing a comprehensive restructuring of
Vitro's financial obligations and to ensuring that Vitro's post-
restructuring debt level is aligned with its realistic medium and
long-term debt service capacity.

White & Case LLP is representing the Committee as legal counsel
and Chanin Capital Partners LLC is serving as financial advisor.

                            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.


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


* S&P Says 2009 Ends With 265 Defaults; 4 Issuers Default In 2010
-----------------------------------------------------------------
Standard & Poor's on Friday said global corporate defaults totaled
265 in full-year 2009 -- the highest annual tally since the
ratings agency's series began in 1981.  It even exceeds the 229
defaults recorded in 2001 (the most recent recession), said an
article published Friday by Standard & Poor's, titled "Global
Corporate Default Update (Jan. 4 - 7, 2010) (Premium)."

By region, the U.S. led default activity with 193 defaults,
followed by the emerging markets with 36, Europe with 19, and the
other developed region (Australia, Canada, Japan, and New Zealand)
with 17.  These tallies are all roughly twice their respective
regional default totals recorded in 2008.

"Distressed exchanges led default activity, accounting for 103
defaults," said Diane Vazza, head of Standard & Poor's Global
Fixed Income Research  Group. "Missed interest or principal
payments came in second with 88 defaults, followed by 69
bankruptcy-related defaults and five defaults stemming from other
reasons, including regulatory or government takeovers."

So far in 2010, three U.S.-based issuers and one Canadian issuer
have defaulted.  Two of the defaults resulted from distressed
exchanges and two were due to missed interest and principal
payments.

Despite unprecedented turbulence in the credit markets and record-
high default volume since 2008, the ability of corporate credit
ratings to serve as an effective measure of relative default risk
remains intact.  This is evidenced by several factors, such as 87%
of the issuers that defaulted in 2009 were rated speculative grade
('BB+' and lower) prior to default, investment-grade-rated issuers
('BBB-' and above) have a 99% survival rate within a one-year time
horizon, and the majority of defaults in 2009 stemmed from the
weakest end of the credit spectrum, known as weakest links.
Globally, 278 issuers are weakest links (entities rated 'B-' and
lower with a negative outlook or ratings on CreditWatch negative),
and the regional distribution of weakest links closely mirrors the
default experience in 2009.

Of the global corporate defaulters in 2009, 40% of issues with
available recovery ratings had recovery ratings of '6' (indicating
S&P's expectation for negligible recovery of 0%-10%), 15% of
issues had recovery ratings of '5' (modest recovery prospects of
10%-30%), 12% had recovery ratings of '4' (average recovery
prospects of 30%-50%), and 11% had recovery ratings of '3'
(meaningful recovery prospects of 50%-70%). And for the remaining
two rating categories, 12% of issues had recovery ratings of '2'
(substantial recovery prospects of 70%-90%) and 10% of issues had
recovery ratings of '1' (very high recovery prospects of 90%-
100%).


* BOND PRICING: For the Week December 4 to December 8, 2009
-----------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS        8.28  12/31/2033     USD      72.2125
ARGENT-PAR         1.18  12/31/2038     ARS     37.46924
ARGENT-=DIS        7.82  12/31/2033     EUR     61.42714
ARGNT-BOCON PR11      2  12/3/2010      ARS     22.79524
ARGNT-BOCON PR13      2  3/15/2024      ARS     72.21667
BUENOS AIRE PROV  9.625  4/18/2028      USD     66.95118
BUENOS AIRE PROV  9.375  9/14/2018      USD     71.06902
BUENOS-$DIS        9.25  4/15/2017      USD     75.25027
MENDOZA PROVINCE    5.5  9/4/2018       USD     72.24975

BRAZIL

CESP               9.75  1/15/2015      BRL     70.54252

CAYMAN ISLAND

BANIF FIN LTD         3  12/31/2019     EUR           75
BARION FUNDING     1.44  12/20/2056     GBP     30.85745
BARION FUNDING     0.63  12/20/2056     GBP     17.59023
BES FINANCE LTD     6.2  2/7/2035       EUR     72.89167
BISHOPSGATE ASSE  4.808  8/14/2044      GBP     70.60622
CHINA MED TECH        4  8/15/2013      USD           65
CHINA SUNERGY      4.75  6/15/2013      USD        71.52
DUBAI HLDNG COMM      6  2/1/2017       GBP       60.675
DUBAI HLDNG COMM   4.75  1/30/2014      EUR       67.677
GOL FINANCE        8.75  #N/A N Ap      USD         82.5
MAZARIN FDG LTD    1.44  9/20/2068      GBP     28.25437
MAZARIN FDG LTD    0.63  9/20/2068      GBP     14.48317
PUBMASTER FIN     6.962  6/30/2028      GBP     67.89304
PUBMASTER FIN      8.44  6/30/2025      GBP       72.542
SHINSEI FIN CAYM  6.418  #N/A N Ap      USD     59.94136
SHINSEI FIN CAYM  6.418  #N/A N Ap      USD       60.935
SHINSEI FINANCE    7.16  #N/A N Ap      USD           58

ECUADOR

REP OF ECUADOR    9.375  12/15/2015     USD         95.6

JAMAICA

JAMAICA GOVT        8.5  2/28/2036      USD        74.75
JAMAICA GOVT          8  3/15/2039      USD         71.5

PUERTO RICO

PUERTO RICO CONS    6.5  4/1/2016       USD         62.5
PUERTO RICO CONS    6.2  5/1/2017       USD        54.85


VENEZUELA

PETROLEOS DE VEN   5.25  4/12/2017      USD     60.13206
PETROLEOS DE VEN  5.375  4/12/2027      USD     48.92215
PETROLEOS DE VEN    5.5  4/12/2037      USD     48.11812
PETROLEOS DE VEN      5  10/28/2015     USD     57.96269
PETROLEOS DE VEN    4.9  10/28/2014     USD     62.06981
PETROLEOS DE VEN  5.125  10/28/2016     USD     53.89111
VENEZUELA             7  3/16/2015      EUR       83.292
VENEZUELA          5.75  2/26/2016      USD     71.64659
VENEZUELA             7  12/1/2018      USD     70.42917
VENEZUELA          7.75  10/13/2019     USD        70.63
VENEZUELA             6  12/9/2020      USD     62.05575
VENEZUELA             9  5/7/2023       USD     74.30278
VENEZUELA          8.25  10/13/2024     USD       68.582
VENEZUELA          7.65  4/21/2025      USD     66.41813
VENEZUELA          9.25  9/15/2027      USD     62.29703
VENEZUELA          9.25  5/7/2028       USD     74.19542
VENEZUELA             7  3/31/2038      USD       60.245
VENZOD - 189000   9.375  1/13/2034      USD     74.56875



                            ***********

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

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

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

                            ***********


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

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


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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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           * * * End of Transmission * * *