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

        Wednesday, January 13, 2010, Vol. 11, No. 008

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: TD Wins Delay in Release of Bank's Records


A R G E N T I N A

AUTOPISTAS DEL SOL: Starts US$307 Million Bond Exchange Offer


B E R M U D A

EMERALD CAPITAL: Creditors and Contributories to Meet on Jan. 27
ESG REINSURANCE: Court to Hear Wind-Up Petition on January 22
MEDITOR COBRA: Commences Wind-Up Proceedings
MEDITOR COBRA: Commences Wind-Up Proceedings
XL CAPITAL: Proposes Redomestication to Ireland

XL CAPITAL: Unit to Service Wholesale Distribution Industry


B R A Z I L

BANCO VOTORANTIM: Plans to Sell Benchmark Dollar Bonds
COSAN SA: Expects Walmart Supply to Resume on Court Order
GOL LINHAS: Posts December 2009 Traffic Figures


C A Y M A N  I S L A N D S

ALCHEM EVENT: Shareholders Receive Wind-Up Report
AMCG HOLDINGS: Shareholders Receive Wind-Up Report
ARAWAK PROPERTIES: Shareholders Receive Wind-Up Report
ARCADIA COMPANY: Shareholders Receive Wind-Up Report
ARDEN SB: Shareholder Receives Wind-Up Report

ARDEN SMART: Shareholder Receives Wind-Up Report
ARDEN SMART: Shareholder Receives Wind-Up Report
BELVEDERE JAPAN: Shareholders Receive Wind-Up Report
BELVEDERE JAPAN: Shareholders Receive Wind-Up Report
BIAGIO INTERNATIONAL: Shareholders Receive Wind-Up Report

CALABASH RE: Shareholder Receives Wind-Up Report
CASAM HEDGE 1: Shareholders Receive Wind-Up Report
CHEETAH INTERNATIONAL: Shareholders Receive Wind-Up Report
CHINA MINING: Shareholders Receive Wind-Up Report
DUMA GLOBAL: Shareholders Receive Wind-Up Report

J2 QUANTITATIVE: Shareholder Receives Wind-Up Report
LAFB1: Shareholders Receive Wind-Up Report
LIBERTA COMPANY: Members Receive Wind-Up Report
LILLO HOLDING: Shareholders Receive Wind-Up Report
MARILYN CORPORATION: Shareholders Receive Wind-Up Report

MIDAS GLOBAL: Shareholder Receives Wind-Up Report
MONDRIAN FUND: Shareholder to Receive Wind-Up Report on Jan. 15
OMBRA INTERNATIONAL: Shareholders Receive Wind-Up Report
POLAR CAPITAL: Shareholders Receive Wind-Up Report
PRS CEZANNE: Shareholder to Receive Wind-Up Report on Jan. 15

PRS INVESTMENT: Shareholder to Receive Wind-Up Report on Jan. 15
PRS TARGETED: Shareholder to Receive Wind-Up Report on Jan. 15
RABO CAPITAL: Shareholders Receive Wind-Up Report
RICAART LTD: Members Receive Wind-Up Report
TPS CAPITAL: Shareholders Receive Wind-Up Report


C O L O M B I A

INTERCONEXION ELECTRICA: Cteep To Pay US$93 Million In Dividends


J A M A I C A

SUGAR COMPANY OF JAMAICA: Monymusk Starts Planting New Crop
WEST INDIES ALUMINA: Redundancy Talks to Continue


M E X I C O

KANSAS CITY: S&P Republishes Press Release to Correct Information
KANSAS CITY: S&P Assigns 'B+' Rating on US$250 Mil. Senior Notes
* MEXICO: Moody's Confirms Municipality of Nicolas' 'Ba2' Rating


P E R U

DOE RUN PERU: To Reach Financing Deal This Month


V E N E Z U E L A

* VENEZUELA: Carabobo Oil Auction Still On, Official Says
* VENEZUELA: Fitch Says Devaluation Brings Limited Benefits
* VENEZUELA: S&P Changes Outlook to Stable




                         - - - - -


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


STANFORD INT'L: TD Wins Delay in Release of Bank's Records
----------------------------------------------------------
Joe Schneider at Bloomberg News reports that Toronto-Dominion Bank
won more time to negotiate access to transaction records with
investors who claim to have lost US$61-million that was to be
deposited in Robert Allen Stanford's Stanford International Bank
Limited.

According to the report, Mansura Enterprises CV, a Dutch investor
and its Luxembourg unit, Clapham Luxembourg Holding, sought a
judge's order to force Toronto-Dominion to turn over computer data
and documents related to proceeds from a sale of shares to Aura
Minerals Inc. in 2008.  The report relates that the money, which
was deposited at Toronto-Dominion and was to be transferred to a
Stanford account in Antigua, is missing.

Bloomberg News notes that Toronto-Dominion is cooperating with the
U.S. authorities and transaction records have been provided to
them, said Geoff Hall, Toronto-Dominion's lawyer.

"This matter gets quite complicated," the report quoted Ontario
Superior Court Judge Colin Campbell as saying.  "All parties are
victims of something that appears to be a significant fraud," he
added.

Mansura, the report points out, said that Stanford Financial Group
court-appointed receiver, Ralph Janvey, has refused to provide the
information to individual creditors.

Judge Campbell adjourned the request for about a month.

Bloomberg News notes that about US$20-million in Stanford accounts
held by Toronto-Dominion bank was frozen by the Attorney General
of Ontario under a law that lets the government seize assets
acquired through unlawful activity.  The report relates that
Toronto-Dominion has also been sued by an Alberta furniture maker,
three Alberta investors and a Quebec company who claim to have
lost US$17-million in investments with Mr. Stanford.  The
plaintiffs, the report adds, claim that the bank was negligent and
should've known Stanford investments were fraudulent.

               About Stanford International Bank

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

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

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

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

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


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


AUTOPISTAS DEL SOL: Starts US$307 Million Bond Exchange Offer
-------------------------------------------------------------
Drew Benson at Bloomberg News reports that Autopistas del Sol S.A.
opened an offer to exchange US$307 million in bonds due 2014 and
2017.  The report, citing a company filing, relates that the
exchange will be open until February 10.

According to the report, the company is offering peso-linked bonds
due in 2015 and par dollar notes due in 2020.  The report notes
that in an optional "second step," participants may then swap the
2020 dollar notes for discount dollar notes due in 2017.

The company, the report notes, said that there are US$154.5
million worth of 2017 bonds and US$152.5 million worth of 2014
bonds outstanding.

As reported in the Troubled Company Reporter-Latin America on
November 23, 2009, Bloomberg News said Autopistas said that the
government's failure to let it raise toll rates led to a
"progressive deterioration" of its finances that forced the
company to miss an interest payment on US$155 million of bonds.
The report related that the country's Planning Ministry said that
it may name an overseer to Autopistas.

                     About Autopistas del Sol

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services lowered its
ratings on Ausol, including its corporate credit rating to 'CCC'
from 'CCC+'.  The outlook is negative.


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


EMERALD CAPITAL: Creditors and Contributories to Meet on Jan. 27
----------------------------------------------------------------
The creditors and contributories of Emerald Capital International
Limited will hold their first meetings on January 27, 2010, at
10:00 a.m. and 10:30 a.m. respectively, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's provisional liquidator can be reached at:

         KPMG Advisory Limited
         Crown House, 4 Par-la-Ville Road
         Hamilton HM 08
         c/o Charles Thresh/Tom White
         e-mail: thomaswhite@kpmg.bm


ESG REINSURANCE: Court to Hear Wind-Up Petition on January 22
-------------------------------------------------------------
A petition to wind up the operations of ESG Reinsurance (Bermuda)
Limited will be heard before the Supreme Court of Bermuda on
January 22, 2010, at 9:30 a.m.


MEDITOR COBRA: Commences Wind-Up Proceedings
--------------------------------------------
On December 11, 2009, the members of Meditor Cobra Fund (B)
Limited resolved to voluntarily wind up the company's operations.

James M. Keyes is the company's liquidator.


MEDITOR COBRA: Commences Wind-Up Proceedings
--------------------------------------------
On December 11, 2009, the members of Meditor Cobra Fund (C)
Limited resolved to voluntarily wind up the company's operations.

James M. Keyes is the company's liquidator.


XL CAPITAL: Proposes Redomestication to Ireland
-----------------------------------------------
XL Capital Ltd has proposed to change the parent holding company's
place of incorporation to Ireland from the Cayman Islands, with
the parent holding company to be renamed "XL Group plc".

XL's Chief Executive Officer, Michael S. McGavick, said: "We
believe that changing XL's place of incorporation from the Caymans
to Ireland is in the best interests of XL and our shareholders.
Among other benefits, we believe the proposed move will reduce
certain risks that may impact us and offer us the opportunity to
reinforce our reputation, which is one of our key assets, and to
better support our global business platforms.  The new "XL Group"
name is desirable to reflect our exclusive focus on providing
property, casualty and specialty insurance and reinsurance
products for our customers' complex risks."

To effect the redomestication, a new Irish public limited company,
XL Group plc, would replace XL Capital Ltd as the ultimate holding
company of the XL group of companies, and the Company's ordinary
shareholders would receive one ordinary share of the new Irish
company in lieu of each ordinary share of the Company held by
them.  XL expects to submit the proposal for redomestication,
along with related proposals, to its shareholders in the next
several months and complete the transaction on July 1, 2010.  The
proposed redomestication will be subject to approval by the
Company's ordinary shareholders and the Grand Court of the Cayman
Islands, as well as satisfaction of other conditions.

XL has operated in Ireland for most of its corporate history and
is very familiar with its regulatory and legal environment.
Ireland has strong international relationships as a member of the
Organisation for Economic Co-Operation and Development (OECD) and
the European Union, a long history of international investment,
and long-established commercial relationships, trade agreements
and tax treaties with the other European Union member states, the
United States and other countries around the world.  As a result,
XL believes Ireland offers a stable long-term legal and regulatory
environment with the financial sophistication to meet the needs of
XL's global business.

XL does not expect the redomestication will have any material
impact on its financial results.  XL will continue to be
registered with the U.S. Securities and Exchange Commission and be
subject to SEC reporting requirements.  Further, the Company will
continue to be subject to the mandates of the Sarbanes-Oxley Act
of 2002 and the applicable corporate governance rules of the New
York Stock Exchange, and will continue to report its financial
results in U.S. dollars and under U.S. generally accepted
accounting principles, in addition to any reporting requirements
under Irish law.  The Company's shares will continue to trade on
the NYSE under the ticker symbol "XL".

                       About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


XL CAPITAL: Unit to Service Wholesale Distribution Industry
-----------------------------------------------------------
XL Insurance, the global underwriting operations of XL Capital
Ltd, and American Wholesalers Underwriting, Ltd., a specialized
program administrator, disclosed a new joint underwriting
agreement to provide the Wholesalers' Insurance Program(R) the
WIP(R), a comprehensive insurance program for the durable and non-
durable goods wholesale distribution industry.

John Hartman, XL Insurance's Chief Underwriting Officer of
Programs, said: "XL Insurance values industry expertise. In this
new underwriting agreement, that is exactly what American
Wholesalers Underwriting brings to the table.  With their
experienced staff and thorough industry knowledge, they have
carved out a 'best in class' approach to service the wholesale
distributors' insurance needs.  We are looking forward to a long-
term relationship that will yield strong results for us as well as
the customers we'll serve together."

"We are very excited to be working with XL Insurance," said
American Wholesalers Underwriting President Ken Lewis.  "We both
value technical underwriting expertise and loss prevention that
can help our clients manage their risk exposures effectively."

"WIP is a recognized program in this industry. Over the years, we
have tailored and streamlined the underwriting, policy servicing,
accounting and claims processing to specifically address issues
that are unique to wholesalers," explained Mr. Lewis.

"Technology is the cornerstone of our underwriting operation.
AWUL's advanced automated management system allows us to
efficiently and consistently process our policies while providing
our clients with quick and efficient quotes and policy
turnaround," said John Shea, AWUL's Chief Operating Officer.

WIP is a national insurance program designed to meet the needs of
the durable, non - durable, and food distribution industries.
These industries encompass a broad scope of Standard Industrial
Classifications ranging from 5000-5199. including motor vehicle
supplies, industrial supplies and equipment, material handling
equipment, metal services, electrical and plumbing, hardware, and
food and beverage distributors.

The program provides property, inland marine, auto, general
liability, workers comp and umbrella coverage with numerous
industry specific extensions.  Available in all 50 states,
coverages and limits are tailored to meet individual distributor's
specific risk management needs.  The program will be provided by
XL's Greenwich Insurance Company and its affiliates, licensed to
write property and casualty insurance throughout the United
States.

American Wholesalers Underwriting, Ltd. is a nationally recognized
program administrator, underwriter and wholesaler serving retail
insurance agencies.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BANCO VOTORANTIM: Plans to Sell Benchmark Dollar Bonds
------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that Banco
Votorantim SA plans to sell dollar bonds in overseas markets, part
of a push by Latin American companies to take advantage of
declining borrowing costs.  The report relates that the benchmark
bond will mature in 10 years.

According to the report, citing an unnamed source, Deutsche Bank
AG, Bank of America Corp., Banco do Brasil SA and Banco Itau are
arranging the sale.  The report relates that Banco Votorantim is
tapping debt markets as a global economy recovery spurs demand for
higher- yielding, emerging-market assets.

Banco Votorantim, the report notes, may sell the securities as
early as this week.  Meanwhile, the report relates, Banco
Industrial e Comercial SA and Urbi Desarrollos Urbanos SAB also
plan to sell debt.

                      About Banco Votorantim

Banco Votorantim S.A., together with its subsidiaries, operates as
a multiple bank with commercial, credit, financing, and investment
portfolios in Brazil.  It offers commercial and investment banking
services, consumer finance, asset management, and securities
brokerage services.  The company engages in financing for the
infrastructure sector, including projects involving electric power
generation, transmission, and distribution; and providing private
banking services, such as wealth management and estate planning
advisory services with a focus on risk control, investment
performance, and wealth preservation and expansion.  Banco
Votorantim also engages in the negotiation and distribution of
securities for third parties, and administration of investment
funds.  The company was founded in 1988 and is headquartered in
Sao Paulo, Brazil.  Banco Votorantim S.A. is a part of the
Votorantim Group

                           *     *     *

As of January 12, 2010, the bank continues to carry Standard and
Poor's BB+ LT Issuer Credit ratings.  The company also continues
to carry S&P's B ST Issuer Credit ratings.


COSAN SA: Expects Walmart Supply to Resume on Court Order
---------------------------------------------------------
Carlos Caminada at Bloomberg News reports that Cosan SA Industria
& Comercio expects suspended loans and supply contracts to be
reinstated after it won an injunction ordering its name be removed
from a Brazilian government slavery blacklist.

According to the report, Wal-Mart Stores Inc. will likely restore
contracts to buy sugar from the company.  The report relates that
Cosan SA won an injunction from a Brazilian labor court on
January 8 ordering it be removed from a Labor Ministry list of
companies whose workers operate in slave-like conditions.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, Bloomberg News said 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."  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 noted 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 added, said
that 42 Cosan workers were found and "liberated" from conditions
analogous to slavery.

                          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 of January 12, 2010, the company continues to carry Moody's Ba3
LT Corp Family rating and Senior Unsecured debt rating.  The
company also continues to carry S&P's BB- Issuer credit ratings;
and Fitch ratings' BB LT Issuer default ratings.


GOL LINHAS: Posts December 2009 Traffic Figures
-----------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
posted its preliminary traffic figures for December 2009.
Management Comments In December, GOL's air traffic demand grew by
34.8% in relation to the same period last year, reflecting both
the company's better positioning in its markets in 2009 (higher
frequency and regularity between Brazil's main airports, strong
cost advantages, the revitalization of SMILES, Latin America's
largest mileage program, and other factors), and increased demand,
which was driven primarily by Brazil's economy recovery signs.

Consequently, domestic market demand grew by 36.2% in relation to
December 2008, and by 14.7% in relation to November 2009,
reflecting the seasonal increase in demand, given the fact that
the summer high season begins in December and the higher number of
days in the month (30 days in November, versus 31 in December).

Average daily demand was 11.0% higher in relation to the same
period.  International demand was up 23.9% in relation to December
2008, mainly reflecting the adjustments to the Company's
international network, which sought to improve this segment's
profitability by launching new routes between Brazil and the
Caribbean with flights to Aruba and Cura‡ao, and the adjustments
to the frequency of flights to Argentina, Colombia, Chile, Bolivia
and Venezuela.

In addition, international traffic benefited from the decline in
the U.S. dollar exchange rate and the economy recovery in Brazil
and South America.  International traffic also recorded nominal
growth of 17.5% in relation to November, impacted by seasonality
and the higher number of days in the month (average daily traffic
rose 13.7%).

As a result, in December of 2009, GOL registered a total load
factor of 76.3%.  The load factor was 77.1% in the domestic market
and 70.3% in the international market.  The load factor in the
international market was 21.4 percentage points higher than the
48.9% posted in December 2008, and 5.7 p.p. higher than the 64.6%
in November 2009.  Operating Data December 2009* December 2008* %
Chg (YoY) November 2009* % Chg (MoM) Total System ASK (mm) (1)
3,702.9 3,240.8 14.3% 3,433.5 7.8% RPK (mm) (2) 2,827.0 2,097.3
34.8% 2,458.1 15.0% Load Factor(3) 76.3% 64.7% +11.6pp 71.6%
+4.7pp Domestic Market ASK (mm) (1) 3,278.6 2,748.1 19.3% 3,040.5
7.8% RPK (mm) (2) 2,528.7 1,856.6 36.2% 2,204.1 14.7% Load Factor
(3) 77.1% 67.6% +9.5pp 72.5% +4.6pp International Market ASK (mm)
(1) 424.3 492.7 -13.9% 393.0 8.0% RPK (mm) (2) 298.3 240.7 23.9%
253.9 17.5% Load Factor (3) 70.3% 48.9% +21.4pp 64.6% +5.7pp ( * )
Data for December 2009 is preliminary; Data from the National
Civil Aviation Agency (ANAC) for December 2008 and November 2009.

GOL has been maintaining its disciplined strategy of expanding
capacity in order to maximize its operating income.  In December,
the company expanded its domestic capacity by 19.3%, while demand
increased by 36.2%.  This strategy was clearly more effective in
the international market, where GOL contracted its capacity by
13.9%, while demand increased by 23.9%.

As a result of the gradual recovery in yields following the
scenario of increased price competition, net yield showed recovery
once again in December, reaching slightly more than R$19.00 cents.
This brought the net yield to approximately R$18.00 cents in the
fourth quarter of 2009 and to just above R$20.00 cents in the
whole of 2009.  Operating Data 4T09 4T08 % Chg % 3T09 % Chg Total
System - Quarter ASK (mm) (1) 10,592.0 9,460.1 12.0% 10,212.7 3.7%
RPK (mm) (2) 7,770.8 5,629.1 38.0% 6,705.8 15.9% Load Factor (3)
73.4% 59.5% +13.9pp 65.7% +7.7pp Operating Data 2009 2008 % Chg %
Total System - Year ASK (mm) (1) 39,988.0 41,106.9 -2.7% RPK (mm)
(2) 26,095.6 25,308.1 3.1% Load Factor (3) 65.3% 61.6% +3.7pp (1)
Available seat kilometers (ASK) is the sum of the products
obtained by multiplying the number of seats available on each
flight stage by the distance of the average flight stage.  (2)
Revenue passenger kilometers (RPK) is the sum of the products
obtained by multiplying the number of revenue passengers carried
on each flight stage by the average stage distance.  (3) Load
factor is the percentage of aircraft seating capacity effectively
used, which is calculated by dividing the number of passenger-
kilometers flown by the number of seat-kilometers available.

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

-- Foreign and Local Currency long-term Issuer Default Ratings
    at 'B+';

-- Long-term National Rating at 'BBB(bra)';

-- US$200 million perpetual notes at 'B/RR5';

-- US$200 million senior notes due 2017 at 'B/RR5'.


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


ALCHEM EVENT: Shareholders Receive Wind-Up Report
--------------------------------------------------
On December 24, 2009, the shareholders of Alchem Event Driven
Offshore Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


AMCG HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
On December 23, 2009, the shareholders of AMCG Holdings Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ARAWAK PROPERTIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Arawak Properties Limited received, on
December 23, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ARCADIA COMPANY: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 23, 2009, the shareholders of Arcadia Company Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ARDEN SB: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of Arden SB Basket, Ltd. received, on December 30,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9876


ARDEN SMART: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Arden Smart Beta Holdings, Ltd. received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9876


ARDEN SMART: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Arden Smart Beta Feeder A, Ltd. received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9876


BELVEDERE JAPAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Belvedere Japan Master Fund received, on
December 23, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


BELVEDERE JAPAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Belvedere Japan Fund received, on December 23,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BIAGIO INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Biagio International Ltd. received, on
December 7, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CALABASH RE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Calabash Re Limited received, on December 30,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         c/o Anya Payne
         Telephone: 949-7505
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands


CASAM HEDGE 1: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Casam Hedge 1 received, on December 30, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHEETAH INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Cheetah International Ltd. received, on
December 7, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CHINA MINING: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 24, 2009, the shareholders of China Mining Partners
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


DUMA GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 24, 2009, the shareholders of Duma Global
Opportunities Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


J2 QUANTITATIVE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of J2 Quantitative Asset Allocation Fund received,
on December 21, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


LAFB1: Shareholders Receive Wind-Up Report
------------------------------------------
The shareholders of LAFB1 received, on December 30, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o Steven J. Barrie
         Telephone: 345 949 9710
         Facsimile: 345 945 2188
         31 The Strand, P.O. Box 2075
         Grand Cayman KY1-1105


LIBERTA COMPANY: Members Receive Wind-Up Report
-----------------------------------------------
The members of Liberta Company Limited received, on December 23,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LILLO HOLDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Lillo Holding Ltd. received, on December 7,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MARILYN CORPORATION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Marilyn Corporation Limited received, on
December 7, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MIDAS GLOBAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
On December 23, 2009, the shareholder of Midas Global Asset
Management Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MONDRIAN FUND: Shareholder to Receive Wind-Up Report on Jan. 15
---------------------------------------------------------------
The shareholder of Mondrian Fund will receive on January 15, 2010,
at 11:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


OMBRA INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ombra International Ltd. received, on
December 7, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


POLAR CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
On November 23, 2009, the shareholders of Polar Capital Columbus
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


PRS CEZANNE: Shareholder to Receive Wind-Up Report on Jan. 15
-------------------------------------------------------------
The shareholder of PRS Cezanne Leverage Fund will receive on
January 15, 2010, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


PRS INVESTMENT: Shareholder to Receive Wind-Up Report on Jan. 15
----------------------------------------------------------------
The shareholder of The PRS Investment Strategies Fund will receive
on January 15, 2010, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


PRS TARGETED: Shareholder to Receive Wind-Up Report on Jan. 15
--------------------------------------------------------------
The shareholder of PRS Targeted Hedge Fund will receive on
January 15, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


RABO CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Rabo Capital Limited received, on December 24,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


RICAART LTD: Members Receive Wind-Up Report
-------------------------------------------
The members of Ricaart Ltd. received, on December 23, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TPS CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of TPS Capital Limited received, on December 23,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


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


INTERCONEXION ELECTRICA: Cteep To Pay US$93 Million In Dividends
----------------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that the board of
directors of Brazilian power transmission company Cteep has
approved the company's plan to pay BRL161 million (US$93 million)
in dividends.

According to the report, the total amount represents a payment of
BRL1.07 per share.  The report relates that the payment will be
based on shareholders' positions as of January 11 and it will be
paid January 22.

Cteep is 37.5%-owned by Colombian energy company Interconexion
Electrica SA and 35%-owned by Brazilian government energy company
Eletrobras.

                      About Interconexion Electrica

Interconexion Electrica SA is Colombia's state-run transmission
firm.

                           *     *     *

As of January 13, 2010, the company continues to carry Standard
and Poor's BB+ LT Issuer Credit ratings.


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


SUGAR COMPANY OF JAMAICA: Monymusk Starts Planting New Crop
-----------------------------------------------------------
This year's sugar crop began at the Monymusk Sugar Estate in
Clarendon after a delay due to wet conditions in the cane fields,
RadioJamaica News reports.  The report relates that the Sugar
Company of Jamaica said the factory is slated to process 426
tonnes of cane from the Monymusk and Bernard Lodge areas.

According to the report, this is expected to yield 37,000 tonnes
of sugar for the local market as well as for export.  SCJ, the
report notes, is expecting major improvements in this year's sugar
crop due to the significant investment made in retrofitting the
factory.

RadioJamaica says that Monymusk now boasts new mill rollers,
bearings, boiler tubes, chains and other critical equipment which
was stripped from Bernard Lodge and installed there in a bid to
boost efficiency.

                              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: Redundancy Talks to Continue
-------------------------------------------------
West Indies Alumina Company's management and the National Workers
Union (NWU) are to resume talks on a planned redundancy exercise
at the bauxite company, RadioJamaica reports.  The report relates
that the two parties met to try to settle the dispute and the NWU
says several proposals on how to deal with the matter were placed
on the table.

According to the report, Vincent Morriosn, NWU President and
Island Supervisor, said that WINDALCO has agreed to examine these
proposals before resuming the talks.  "We have agreed to resume
discussions . . . the company will give us its answers to a number
of issues one of which is for WINDALCO to provide some assistance
to the workers outside of the redundancy payment.  We hope that a
fund can be established from which the workers can access funds to
start some small businesses, WINDALCO has indicated to us that
they will be responding to us on that matter," the report quoted .

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, Go-Jamaica News said that Windalco will be
making the positions of 762 permanent employees redundant.  The
report related 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.

                         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: S&P Republishes Press Release to Correct Information
-----------------------------------------------------------------
Standard & Poor's Ratings Services has republished a Jan. 7, 2010
release to correct some information in the first paragraph
regarding S&P's recovery criteria for Mexico.

S&P assigned its 'B+' rating to Kansas City Southern de Mexico
S.A. de C.V.'s proposed US$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 are rated B/Stable/--).  Based on Standard
& Poor's recovery criteria for Mexico, the recovery rating is
capped at '2', indicating that lenders can expect very high (90%
to 100%) 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 US$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.

                           Ratings 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.

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


KANSAS CITY: S&P Assigns 'B+' Rating on US$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
US$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 are
rated B/Stable/--).  Based on Standard & Poor's recovery criteria
for Mexico, the recovery rating is capped at '2', indicating that
lenders can expect very high (90% to 100%) 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 US$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.

                           Ratings 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.

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


* MEXICO: Moody's Confirms Municipality of Nicolas' 'Ba2' Rating
----------------------------------------------------------------
Moody's de M‚xico confirmed the A2.mx (Mexican National Scale)
debt rating assigned to the Municipality of Nicolas Romero's
MXN68 million loan from Banco Interacciones.  Moody's Investors
Service confirmed the Ba2 (Global Scale, local currency) debt
rating assigned to the aforementioned loan.  These actions
conclude the review for a possible downgrade that was initiated on
November 9, 2009.

Issuer ratings of Baa2.mx (Mexican National Scale) and B1 (Global
Scale, local currency) for the Municipality of Nicolas Romero are
not affected.  The outlook on the issuer ratings is stable.

The ratings confirmation reflects the removal of an early
amortization clause from the loan contract, which had stated that
if the municipality was registered in the national credit bureau,
the bank could trigger the early amortization of the loan.  The
risk associated with this clause was heightened by the recent
generalized increase in accounts payable across the Mexican
municipal sector, owing to the impact of the economic downturn,
and the apparent recent registry of various municipalities with
the national credit bureau.

On December 21, 2009, Banco Interacciones removed the
aforementioned early amortization clause from the loan contract,
thereby eliminating any refinancing risk stemming from this
clause.

The last rating action with respect to the Municipality of Nicolas
Romero was taken on November 9, 2009, when the debt ratings for
the MXN68 million loan were placed under review for a possible
downgrade.


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


DOE RUN PERU: To Reach Financing Deal This Month
------------------------------------------------
Alex Emery at Bloomberg News reports that Doe Run Peru said it may
reach a financing agreement "within weeks" that will enable it to
reopen its shuttered smelter.

"Everything points to the smelter reopening in February," Doe Run
Vice President Jose Mogrovejo told the news agency in a telephone
interview.  Wage talks with workers and the government's
supervisory role are also pending, he added.

According to the report, Mining Federation General Secretary Luis
Castillo said that Doe Run is scheduled to meet with
representatives of its 3,700 workers.  "Workers have already
accepted two 90-day suspensions and under the terms of the accord,
there can't be a third," Mr. Castillo told Bloomberg in a
telephone interview.  "There's nothing more to discuss," he added.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, AMM News said that a Doe Run Peru spokesman said
that the company will delay the reopening of its smelter following
reports that Peru's congress voted to give the company a 30-month
extension on its environmental cleanup deadline, which expired on
October.  The report recalls that Doe Run Peru filed for a
government-monitored financial restructuring because it was
worried creditors might try to freeze its assets or operations.
Reuters related that Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya.

                          About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                           *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


* VENEZUELA: Carabobo Oil Auction Still On, Official Says
---------------------------------------------------------
Dan Molinski at Dow Jones Newswires reports that Venezuela's plan
to hold a drilling auction for several blocks of heavy and extra-
heavy crude in the Orinoco region remains in place despite the
government's announcement that it devalued the currency.  "The
auction is moving forward, it's still on," the report quoted an
unnamed official as saying.

According to the report, the official would not confirm whether
the planned timetable for holding the so-called Carabobo auction
would remain the same or may be pushed back.  The report relates
that the bidding was expected to take place later this month or
early in February.

The report notes that among the companies that have shown interest
in presenting a bid in the Carabobo oil auction are U.S.-based
Chevron Corp., the U.K.'s BP PLC, France's Total S.A., Norway's
Statoil ASA and Chinese state oil firm CNPC.  The report relates
that the auction is considered the most important drilling project
in oil-rich Venezuela in more than a decade and the blocks up for
bidding could produce a total of 1.2 million barrels a day.

Bloomberg News adds that winning bidders would set up joint
ventures with PdVSA, with PdVSA holding a 60% stake and the
company or consortium of firms retaining the other 40%.

                           *     *     *

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


* VENEZUELA: Fitch Says Devaluation Brings Limited Benefits
-----------------------------------------------------------
Fitch Ratings said that the benefits from the devaluation of the
official exchange rate announced by the Venezuelan government
could be muted by the political cycle and existing macroeconomic
distortions in the absence of fiscal and monetary policy
adjustments.

On Friday Jan. 8, 2010, the government of the Bolivarian Republic
of Venezuela announced the devaluation of the official exchange
rate and introduced a dual exchange rate system.  The US$ exchange
rate for priority imports such as food, medicine and other goods
deemed essential was set at VEF2.6, while the rate for other
foreign exchange transactions was set at VEF4.3.

The government also announced its intention to intervene in the
parallel exchange rate market in coordination with the central
bank.  The last time the government adjusted the official exchange
rate was in March 2005.

Given its high oil dependency, the central government's revenues
will likely be the main beneficiary of this modification to the
official exchange rate.  Nevertheless, 'the revenue gains derived
from the devaluation are likely to be channeled to boost spending
in the run-up to legislative elections in September 2010,' said
Erich Arispe, Director in Fitch's Sovereign Group.  As a result,
Fitch expects the central government to record a deficit
equivalent to 3.1% of GDP in 2010.

Fitch has noted that the VEF's overvaluation and high inflation
have flattered Venezuela's fiscal solvency ratios since 2005.
Hence, at the new official exchange rate for non-essential goods
and following a year of significant growth in debt issuance (47%
in nominal terms), central government debt is now approximately
25% of GDP compared to only 13% of GDP at the end of 2008.  This
level, though, still compares favorably to rating peers
(sovereigns rated 'B-', 'B' or B+'), and the government's
amortization profile remains manageable at 1.5% of GDP and 1.3% in
2010 and 2011, respectively.

On the other hand, 'years of an inconsistent policy framework,
including a fixed exchange regime combined with expansionary
fiscal and monetary policies, have increased the cost of a
currency devaluation for Venezuela in terms of lower growth and
higher inflation,' said Arispe.  In the absence of comprehensive
adjustments in terms of fiscal and monetary policy, macroeconomic
distortions such as inflation inertia and the depreciated spread
with the parallel exchange rate are likely to remain.

Prospects for a growth recovery in 2009 could be muted by further
weakness in the purchasing power of consumers in spite of the
expected boost in government spending.  In terms of inflation,
already the highest in Latin America and of all sovereigns rated
by Fitch, the combination of controlled-prices' adjustments to
avoid shortages, a strong fiscal stimulus and deteriorating
inflation expectations are likely to negatively impact the
dynamics of domestic prices.  Furthermore, the announced central
bank transfer (US$7 billion) to the National Development Fund will
continue feeding inorganic creation of money.

'Although the government expressed its intention to support export
diversification through devaluation, competitiveness gains for
non-oil exports may be insufficient given continued high inflation
relative to trade partners and an unfavorable business
environment,' added Arispe.  Venezuelan businesses currently face
a variety of constraints in terms of a changing regulatory
framework, unstable macroeconomic environment, price controls and
bottlenecks in the energy sectors, which in turn have deterred
investment.

Venezuela's long-term foreign currency Issuer Default Rating is
rated 'B+' with a Stable Outlook.  This rating continues to factor
in the sovereign's volatile macroeconomic environment and tenuous
policy framework in the context of still favorable external and
fiscal solvency indicators relative to peers following the
devaluation.  Fitch will monitor Venezuela for additional
macroeconomic and financial stress, which could lead to downward
pressures on Venezuela's rating.


* VENEZUELA: S&P Changes Outlook to Stable
------------------------------------------
On Jan. 11, 2010, Standard & Poor's Ratings Services revised its
outlook on the Bolivarian Republic of Venezuela to stable from
negative.  At the same time, Standard & Poor's affirmed its 'BB-
/B' foreign- and local-currency sovereign credit ratings on
Venezuela.

S&P revised the outlook to stable because S&P believes that the
latest government devaluation of the currency, combined with
prospects for stable oil revenues, will reduce Venezuela's fiscal
pressures.

Since December 2008, when S&P assigned a negative outlook to
Venezuela, the government has implemented a series of policies to
reduce its fiscal deficit and improve its revenue position.  These
include an increase in the VAT rate to 12% from 9% and a reduction
of spending growth, particularly in off-budget expenditure.  In
addition, on Jan. 8, 2010, the government devalued the official
exchange rate of the Bolivar Fuerte (Bfs) against the U.S. dollar
to 2.6 from 2.15 for medicines and food and to 4.3 for imports of
most other goods.  S&P expects that all of these measures will
reduce the general government deficit to about 2% of GDP in 2010
from an estimated 5.2% of GDP in 2009.

Although a devaluation of this magnitude present risks of high
inflation, the foreign exchange controls Venezuela currently has
in place forced most importers to acquire dollars in the parallel
f/x market -- 6 Bfs per US$ as of Jan. 11, 2010 -- and to price
their imports at that level.  That, in turn, contributed to a high
inflation rate of 28% in 2009.  These importers might now be able
to source more of their f/x purchases at one of the official
rates.  As a result, and although S&P is forecasting inflation
levels of about 40% for 2010, these are only slightly above S&P's
inflation expectations before the government announced the
devaluation.

Supporting the ratings on Venezuela is a liquidity position that
compares favorably with those of rated peers.  Standard & Poor's
projects that the central bank's foreign exchange reserves, which
S&P estimate at US$36.3 billion at year-end 2009, will decline
only slightly in 2010 and that other government external liquid
assets -- such as those at the Fondo de Desarrollo National
(FONDEN) -- will fall to US$5 billion in 2010 from an estimated
US$8.5 billion in 2009.  At the same time, S&P expects the current
account to benefit from the change in the official exchange rate,
moving to a surplus of about 6% of GDP in 2010 from an expected
surplus of about 1.5% of GDP in 2009.  S&P estimate that gross
external borrowing requirements as a percentage of current account
receipts and usable reserves were 72% in 2009, and S&P forecast
the ratio to improve to 68% in 2010.  By contrast, the estimated
median for 'BB' rated sovereigns is 96% for 2009 and 93% for 2010.
On the other hand, political factors remain the main constraint on
the ratings.  Changing and arbitrary laws, price and exchange
controls, and other distorting economic measures that have hurt
Venezuela's domestic economy, have deterred foreign direct
investment, and will continue to limit the ratings for the
foreseeable future.

The stable outlook balances the risks associated with
interventionist government policies in the private sector (which
diminishes foreign direct investment and growth prospects) and
with growing government spending pressures -- in line with the
September 2010 legislative elections -- with the strengths of
still-robust fiscal and external positions.  If oil prices decline
below current expectations without additional adjustment of the
government's policy mix, the country's external and fiscal
indicators could go back into a deteriorating trend, triggering a
downgrade.  On the other hand, if fiscal and external indicators
continue to improve, the government manages to strengthen public
finances, and it undertakes policies to encourage more investment
and growth, the ratings on Venezuela could improve.

                 Ratings Affirmed; Outlook Action

                Venezuela (Bolivarian Republic of)

                                To                 From
                                --                 ----
Sovereign Credit Rating        BB-/Stable/B       BB-/Negative/B

               Transfer & Convertibility Assessment

            Local Currency                         BB-
            Senior Unsecured                       BB-
              Recovery Rating                      4


                            ***********

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.


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