TCRLA_Public/100114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Thursday, January 14, 2010, Vol. 11, No. 009

                            Headlines



A R G E N T I N A

TELECOM ARGENTINA: Telco Partners Appeal Government Ruling
TONEL SRL: Creditors' Proofs of Debt Due on March 17


B R A Z I L

BANCO INDUSTRIAL: To Price US$200M 3-Year Notes To Yield 6.25%
BANCO NACIONAL: May Provide BRL12-BB Financing for Dam Project
CAMARGO CORREA: Offers to Buy Cimpor Stake, Merge Companies
COMPANHIA SIDERURGICA: Convinces Shareholders to Sell Cimpor
COSAN SA: Brazil Appeals Removal From Blacklist


C A Y M A N  I S L A N D S

BROCADE ENHANCED: Shareholders Receive Wind-Up Report
CHALKSTREAM (ISTRA): Shareholders Receive Wind-Up Report
CHALKSTREAM (TUCKERMAN): Shareholders Receive Wind-Up Report
CHINA RETAIL: Members Receive Wind-Up Report
CITTA FUND: Shareholder Receives Wind-Up Report

CITTA MASTER: Shareholder Receives Wind-Up Report
CONSTELLATION FUND: Shareholder Receives Wind-Up Report
GLOBAL MARKETS: Shareholder Receives Wind-Up Report
ING CLARION: Shareholders Receive Wind-Up Report
ING CLARION: Shareholders Receive Wind-Up Report

ING CLARION: Shareholders Receive Wind-Up Report
ING CLARION: Shareholders Receive Wind-Up Report
MALBEC QUANTYS: Shareholder Receives Wind-Up Report
MAYON, LTD: Shareholder Receives Wind-Up Report
NAUTIQUE FUNDING: Shareholders Receive Wind-Up Report

NIAGARA/FRIEDBERG: Shareholders Receive Wind-Up Report
NORTH COAST: Shareholders Receive Wind-Up Report
PANTERA ARABIA: Shareholder Receives Wind-Up Report
PANTERA ARABIA: Shareholder Receives Wind-Up Report
PANTERA GLOBAL: Shareholder Receives Wind-Up Report

PANTON ALTERNATIVE: Shareholder Receives Wind-Up Report
QPM QUORUM: Shareholder Receives Wind-Up Report
RAM 6: Members Receive Wind-Up Report
S&P IV: Shareholders Receive Wind-Up Report
STEED MANAGEMENT: Shareholder Receives Wind-Up Report

SUN WAVE: Members Receive Wind-Up Report
VANTAGE ALTERNATIVE: Members Receive Wind-Up Report
VANTAGE ALTERNATIVE: Members Receive Wind-Up Report
VOLKSWAGEN INVESTMENTS: Members Receive Wind-Up Report
ZIPANGU FUND: Members Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: See Potential at Caribbean Marketplace
AIR JAMAICA: Caribbean Air Acquisition "Good Move" if Minus Debt
DIGICEL LIMITED: Sues Hondutel Over Missing Payments
JAMAICA PUBLIC SERVICE: Deploys Team to Restore Power
WEST INDIES ALUMINA: UC Rusal to Hold Talks with Jamaican Gov't


M E X I C O

CEMEX SAB: Plans to Sell Dollar Bonds Due 2016
URBI DESARROLLOS: To Sell US$300 Million Bond in Overseas Markets


P E R U

DOE RUN PERU: To Restart Troubled Metals Plant


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Interim Chief Executive Officer Quits


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Records Accomplishments in Gas Production


X X X X X X X X

* LATAM & Caribbean Exports Fell 24% in 2009 Due to Crisis




                         - - - - -


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


TELECOM ARGENTINA: Telco Partners Appeal Government Ruling
----------------------------------------------------------
Matthew Cowley at Dow Jones Newswires reports that Telecom
Italia's majority owners object to being forced to sell indirect
stakes in Telecom Argentina S.A.

According to the report, citing El Cronista Comercial newspaper,
the partners in European telecommunications holding firm Telco
have appealed an Argentine government ruling obliging them to sell
their indirect stakes in an Argentine unit by August 25.  The
report relates that it wasn't clear whether the investors have
turned to the legal system or whether they would send their
observations directly to the CNDC.

Dow Jones Newswires says that the Telco partners in question
include:

   -- Spain's Telefonica,
   -- Pirelli,
   -- Mediobanca,
   -- Intesa Sanpaolo,
   -- Assicurazioni Generali, and
   -- Sintonia.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina.  Dow
Jones Newswires recalled that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                      About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


TONEL SRL: Creditors' Proofs of Debt Due on March 17
----------------------------------------------------
The court-appointed trustee for Tonel S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 17, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 26, 2010.


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


BANCO INDUSTRIAL: To Price US$200M 3-Year Notes To Yield 6.25%
--------------------------------------------------------------
Katherine E. Wegert at Bloomberg News reports that Banco
Industrial e Commercial SA (Bicbanco) is seen pricing a US$200
million, three-year bonds with a 6.25% yield.  The report relates
that the offer is set to price January 12, afternoon.

According to the report, an unnamed source said that managers of
the transaction, Bank of America Merrill Lynch, HSBC and Banco
Itau Unibanco, received more than US$300 million in orders.  The
report notes that about half of the orders came from U.S.
investors while a third of the interest is comes from Europe, and
the remainder of the orders came from Asian-based investors.

Dow Jones Newswires says that the deal comes on the heels of a
roadshow Bicbanco executives have been conducting with investors
in the U.S. and Europe.

Bicbanco, the report adds, becomes the latest in a string of
Brazilian banks tapping overseas debt markets.

                         About Bicbanco

Banco Industrial e Comercial S.A. is headquartered in Sao Paulo,
Brazil, with BRL10.937 billion in total assets and BRL1.630
billion in equity as of March 31, 2008.

                           *     *     *

As of January 13, 2010, the company continues to carry Moody's Ba1
Foreign Currency LT Debt, Foreign LT Bank deposits rating, and
Local LT bank deposits rating.  The company also continues to
carry Moody's Ba2 Subordinate Debt rating.


BANCO NACIONAL: May Provide BRL12-BB Financing for Dam Project
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA may
provide BRL12 billion financing for the construction of an Amazon
dam project, Francisco Marcelino at Bloomberg News reports.  The
report, citing an unnamed BNDES spokesman, relates that BNDES will
announce the terms of financing once the government sets the
auction date.

According to the report, Banco do Brasil SA has begun talks with
banks and companies to arrange a loan of about BRL9 billion
(US$5.1 billion) to help finance construction of an Amazon dam
project.  Banco do Brasil is negotiating with five to six banks
and with companies that may bid to build the Belo Monte
hydroelectric dam, Sandro Marcondes, Banco do Brasil's commercial
director, told the news agency in a telephone interview.

The companies, the report notes, include:

   -- GDF Suez,
   -- Camargo Correa SA,
   -- Odebrecht SA,
   -- Cia. Energetica de Minas Energia,
   -- Neoenergia, and
   -- Centrais Eletricas Brasileiras SA units, Chesf and
      Eletronorte.

"We are working with companies and [BNDES] to identify risks
associated with the project," the report quoted Mr. Marcondes as
saying.

                            About BNDES

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

                           *     *     *

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


CAMARGO CORREA: Offers to Buy Cimpor Stake, Merge Companies
-----------------------------------------------------------
Carlos Caminada and Francisco Marcelino at Bloomberg News report
that Camargo Correa SA offered to buy an unspecified stake in
Cimpor-Cimentos de Portugal and merge its Portuguese unit into the
company to repel a rival EUR3.86 billion (US$5.6 billion) offer
from Cia. Siderurgica Nacional.

According to the report, citing a regulatory filing, Camargo
Correa will hold a stake of between 15% and 25% for the
transaction to close, and will "necessarily" have a stake of less
than 50 percent in Cimpor.  The report relates that Camargo also
agreed to pay as much as EUR350 million to Cimpor's shareholders.

Bloomberg News notes that buying Cimpor would allow Camargo Correa
to double its share of the Brazilian cement market as construction
demand surges ahead of the World Cup in 2014 and the Olympics two
years later.  "At this moment, it is not possible for Cimpor to
state an opinion or understanding either on the feasibility or
opportunity of the received proposal," the repot quoted the
company as saying.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

  -- Foreign currency Issuer Default Rating 'BB';
  -- Local currency IDR 'BB';


COMPANHIA SIDERURGICA: Convinces Shareholders to Sell Cimpor
------------------------------------------------------------
Companhia Siderurgica Nacional S.A. CEO Benjamin Steinbruch is in
Portugal trying to convince the majority shareholders of cement
manufacturer Cimentos de Portugal to sell up, Steel Guru News
reports, citing BNamericas.

According to the report, Pedro Galdi SLW market analyst told
BNamericas that "Mr. Benjamin is testing the market before doing
the public tender offer.  The worst that could happen would be for
the majority shareholders not to accept and eventually CSN would
have to make a new offer."

As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, Reuters said that CSN offered to buy Cimpor for
as the steelmaker slowly diversifies from its core business
outside its home base.  The report related that the bid
underscores efforts by CSN's Chief Executive Benjamin Steinbruch
to grow in areas other than steel and mining.  CSN Managing
Director Juarez Avelar told Reuters the company expects little
difficulty in buying the stake.  The company considers the price
for Cimpor fair and would not enter into a bidding war for the
stake, he added.  Reuters noted that Cimpor has net debt of EUR1.8
billion.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


COSAN SA: Brazil Appeals Removal From Blacklist
-----------------------------------------------
Katia Cortes at Bloomberg News reports that Brazil's Attorney
General's Office planned to appeal an injunction that removed
Cosan SA Industria & Comercio from a government list of companies
whose workers operate in slave-like conditions.

The Attorney General's Office will contest the ruling as soon as
it is officially notified, according to an e-mailed statement to
Bloomberg News.  The report, citing Labor Minister Carlos Lupi,
relates that the Labor Ministry will present evidence to the
Attorney General's Office that Cosan used slave-like labor.

Cosan SA, the report notes, won an injunction from a Brazilian
labor court on January 8 ordering its removal from the Labor
Ministry list.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2010, Reuters said that BNDES suspended loans Cosan
S.A. after it was included in a government's list of companies
with workers in slave-like conditions.  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, related 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.  In June, the report recalled, 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 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.


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


BROCADE ENHANCED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Brocade Enhanced Master Fund Limited received,
on December 22, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Ann Smith
         Telephone: 345-914-4383
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


CHALKSTREAM (ISTRA): Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Chalkstream (Istra) Subsidiary, 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:

         Andrew K. Tsai
         590 Madison Avenue, 9th Floor
         New York, NY 10022, U.S.A.


CHALKSTREAM (TUCKERMAN): Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Chalkstream (Tuckerman) Subsidiary II, 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:

         Andrew K. Tsai
         590 Madison Avenue, 9th Floor
         New York, NY 10022, U.S.A.


CHINA RETAIL: Members Receive Wind-Up Report
--------------------------------------------
The members of The China Retail Fund, LDC received, on
December 23, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Telephone: +852 2852 1659
         Facsimile: +852 2850 8362
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong


CITTA FUND: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Citta Fund received, on December 15, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Wat Chi Ming
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


CITTA MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Citta Master Fund received, on December 15,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Wat Chi Ming
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


CONSTELLATION FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Constellation Fund Ltd. received, on
December 14, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Matthew Mulry
         Telephone: (345) 815 1761
         Facsimile: (345) 949 1986


GLOBAL MARKETS: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Global Markets Investment Fund 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:

         Ogier
         c/o Colin MacKay
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


ING CLARION: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ING Clarion Global Liquidfund GP Ltd.
received, on December 29, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         31 The Strand, 46 Canal Point Drive
         P.O. Box 2075, Grand CaymanKY1-1105
         Cayman Islands


ING CLARION: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ING Clarion Global Liquidfund Ltd. received,
on December 29, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         31 The Strand, 46 Canal Point Drive
         P.O. Box 2075, Grand CaymanKY1-1105
         Cayman Islands


ING CLARION: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ING Clarion US Liquidfund GP Ltd. received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         31 The Strand, 46 Canal Point Drive
         P.O. Box 2075, Grand CaymanKY1-1105
         Cayman Islands


ING CLARION: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ING Clarion US Liquidfund Ltd. received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         31 The Strand, 46 Canal Point Drive
         P.O. Box 2075, Grand CaymanKY1-1105
         Cayman Islands


MALBEC QUANTYS: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Malbec Quantys GP Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


MAYON, LTD: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Mayon, 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:

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


NAUTIQUE FUNDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Nautique Funding II Ltd. 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


NIAGARA/FRIEDBERG: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Niagara/Friedberg Global-Macro Fund 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:

         Michael Grant
         Rue du Lac 6, 1897 Bouveret
         Switzerland


NORTH COAST: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of North Coast Insurance, SPC received, on
December 16, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         P.O. Box 1051 G.T.
         Governors Square, 23 Lime Tree Bay Avenue
         George Town, Grand Cayman


PANTERA ARABIA: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Pantera Arabia Fund 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 Mike Tremmel
         Telephone: +1.415.869.6600
         Facsimile: +1.415.869.6610


PANTERA ARABIA: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Pantera Arabia Master Fund 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 Mike Tremmel
         Telephone: +1.415.869.6600
         Facsimile: +1.415.869.6610


PANTERA GLOBAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Pantera Global Macro Fund 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 Mike Tremmel
         Telephone: +1.415.869.6600
         Facsimile: +1.415.869.6610


PANTON ALTERNATIVE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Panton Alternative Fund, Ltd. received, on
December 24, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


QPM QUORUM: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of QPM Quorum Quantitative Fund Ltd. received, on
December 15, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815 1848
         Facsimile: (345) 949 1986


RAM 6: Members Receive Wind-Up Report
-------------------------------------
The members of RAM 6 Leasing Ltd. received, on December 11, 2009,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hassan Hihi
         Lot Siham no 18, Californie
         Casablanca, Morocco


S&P IV: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of S&P IV Company 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


STEED MANAGEMENT: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Steed Management received, on December 14,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Jamal Young
         Telephone: (345) 943-5700
         Facsimile: (345) 943-5711


SUN WAVE: Members Receive Wind-Up Report
----------------------------------------
The members of Sun Wave Holdings 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:

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


VANTAGE ALTERNATIVE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Vantage Alternative Investments Feeder Fund 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


VANTAGE ALTERNATIVE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Vantage Alternative Investments Fund 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


VOLKSWAGEN INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Volkswagen Investments 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:

         Albrecht Moehle
         VHH 11. Floor
         P.O. Box 1849, D-38436, Wolfsburg
         Germany


ZIPANGU FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of The Zipangu Fund received, on December 16, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Keith Olson
         Telephone: 852 2877 0088
         Facsimile: 852 2877 0918
         Suite 3902, Central Plaza
         18 Harbour Road, Wanchai, Hong Kong


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


AIR JAMAICA: See Potential at Caribbean Marketplace
---------------------------------------------------
Air Jamaica Limited and the Jamaican government are pleased at the
prospects for Jamaica's tourist industry, South Florida Caribbean
news reports.  The report relates that Jamaica's Minister of
Tourism Edmund Bartlett and team met with officials from MLT
Vacations to discuss plans for further collaboration.

According to the report, a meeting was held at a Caribbean
Marketplace convention in Puerto Rico, organized by the Caribbean
Hotel & Tourism Association.

The report notes that Mr. Bartlett and Director of Tourism John
Lynch met with up with members of the Air Jamaica delegation
during the convention.

                       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: Caribbean Air Acquisition "Good Move" if Minus Debt
----------------------------------------------------------------
According to Trinidad Express, Ian Bertrand, aviation consultant
and former chief executive of BWIA, the predecessor company of
Caribbean Airlines, said Caribbean Airlines should attempt to take
over Air Jamaica Limited only if it does not include the company's
massive US$900 million debt.

According to the report, Mr. Bertrand said that Air Jamaica's
government guaranteed debt stands at US$650 million, with another
US$200 million in short-term debt.  If the airline has to be
divested, it will involve another US$50 million to reduce
personnel, he suggested.

"Once you are not taking all that debt and you don't have the
tourism obligation (that the Jamaican government demanded of Air
Jamaica in past decades) and you had the money to capitalize the
airline, then it might not be a bad time for a merger" between
Caribbean Airlines and Air Jamaica, the report quoted Mr. Bertrand
as saying.

The International Monetary Fund, the report notes, has specified
that the Jamaican government must sell Air Jamaica if it is to
qualify for a nearly US$1.3 billion aid loan.

However, Mr. Bertrand, the report points out, said that if anyone
had to buy Air Jamaica from that country's government, they should
not spend more than one dollar for it because of its debt.  The
report says that another option would be for Air Jamaica and
Caribbean Airlines to approach aircraft suppliers together, change
their machinery to one type of airplane and thus reduce costs.

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.


DIGICEL LIMITED: Sues Hondutel Over Missing Payments
----------------------------------------------------
Digicel Group's Honduran unit plans to launch a legal bid to
recover funds it claims it is owed by PTO Hondutel concerning the
latter's failure to adhere to the terms of their Interconnection
Agreement.

According to the report, Digicel said that it is looking to sue
for HNL10 million (US$538,000) in payments covering the term from
February 2009, unless the debt is honored.  Last month, the report
notes, the company said that if it failed to get agreement
concerning payment of the debt it would be forced to suspend
incoming international calls.

However, the report relates on December 16, the National
Telecommunications Commission ordered it to permit the entry of
international calls from Hondutel, and instead take the matter to
arbitration.

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


JAMAICA PUBLIC SERVICE: Deploys Team to Restore Power
-----------------------------------------------------
Jamaica Public Service Company Limited has deployed teams to
continue working to restore power supply to customers who have
been without electricity, RadioJamaica reports.

According to the report, the company's customers across the island
have been experiencing outages primarily as a result of broken
poles and power lines damaged by the strong winds associated with
the cold front affecting the country.

"Our crews are back out (and) we're expecting that power should be
restored to all affected customers by later this morning or by
midday.  We apologize to customers about the challenge that we're
facing in restoring power but we have a committed team of
technical officers who are all out working to restore power," the
report quoted Winsome Callum, Head of Corporate Communications at
the JPS, as saying.

                            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.


WEST INDIES ALUMINA: UC Rusal to Hold Talks with Jamaican Gov't
---------------------------------------------------------------
Representatives of UC Rusal, the Russian parent company of West
Indies Alumina Company (WINDALCO) bauxite company, are due in the
country to hold crucial meetings with the Government, RadioJamaica
reports.  The report relates that the discussions are expected to
focus on the future of the company's operations in Jamaica in
light of an announcement that the WINDALCO was being restructured.

According to the report, the National Workers Union, which
represents workers at the bauxite company, met with management in
a bid to stave off the redundancy exercise.  The report relates
that NWU placed several job saving proposals on the table in lieu
of redundancies.  NWU President and Island Supervisor, Vincent
Morrison, the report points out, said that WINDALCO's management
had agreed to examine these proposals and return to the
negotiating table on Monday when it will announce its decision on
those measures.

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
===========


CEMEX SAB: Plans to Sell Dollar Bonds Due 2016
----------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that CEMEX,
S.A.B. de C.V. plans to sell dollar bonds due in 2016.

According to the report, citing a unnamed source, Bank of America
Corp., Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. are
arranging the sale.  The report relates that the sale is a re-
opening of securities Cemex issued last month.

The report notes that Cemex SAB and other emerging-market
companies are selling debt in international debt markets before
central banks around the world withdraw stimulus measures that
helped spur demand for higher-yielding assets.

Cemex SAB, the report says, sold US$1.25 billion of the 2016 bonds
to yield 9.50% and EUR350 million (US$515.7 million) of notes on
December 9.  The company, the report adds, boosted the size of the
dollar bond from US$1 billion and the euro bond from EUR300
million.

                          About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


URBI DESARROLLOS: To Sell US$300 Million Bond in Overseas Markets
-----------------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that Urbi
Desarrollos Urbanos SAB plans to sell US$300 million of 10-year
bonds overseas after boosting the offering by 20%.

According to the report, citing an unnamed source, Urbi may sell
the bonds to yield 9.75%, down from initial guidance of 9.875%.
The source, the report relates, said that Deutsche Bank AG and
Banco Santander SA are managing the offering.

Mexicali, Mexico-based Urbi and other Latin American companies are
selling debt overseas to lock in lower borrowing costs before
central banks around the world begin to raise interest rates. The
extra yield investors demand to own emerging-market corporate debt
instead of U.S.

                        About Urbi Desarrollos

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 $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


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


DOE RUN PERU: To Restart Troubled Metals Plant
----------------------------------------------
Peru's government asked Doe Run Peru to restart operations at its
smelter, shut since June because of financial and environmental
troubles, and said further delays would complicate talks with its
workers, Reuters reports.

"In order to get financing, it needs to restart operations," the
report quoted Vice Minister of Mines, Fernando Gala, as saying.
"Our interest, in the government, is for work to resume," he
added.

According to the report, the union at Doe Run is scheduled to meet
with the company later this week to discuss plans to reopen the
plant.  "So long as there's no restart plan, talks with workers
will be complicated," Mr. Gala said, the report notes.

As reported in the Troubled Company Reporter-Latin America on
January 8, 2010, Reuters said that Doe Run Peru Vice President of
Environmental Affairs, Jose Mogrovejo, said that "it's unlikely
(operations) could restart this month."  "Up to now, we're
continuing talks with our potential strategic associates," the
report quoted Mr. Mogrovejo as saying.  Any agreement would need
to be reviewed by the government, he added.

According to the TCRLA 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.


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


CL FINANCIAL: Interim Chief Executive Officer Quits
---------------------------------------------------
CL Financial Limited's interim Chief Executive Officer, Steve
Bideshi, is leaving after the Government failed to come to terms
with him with regard to a three-year compensation package, The
Guardian News reports.  Mr. Bideshi was in the CEO position for
six months.

According to the report, citing a company statement, CL Financial
Chairman Shafeek Sultan-Khan said that Mr. Bideshi was leaving the
financial institution on January 31 after he "completed his
obligations as as the interim CEO of CL Financial."  The report
relates that the statement indicated that Mr. Bideshi was
"returning to the pursuit of his other business interests,"
although the banker left the top job at Citibank in Turkey in July
last year to join CL Financial.

The report notes that at the heart of Mr. Bideshi's decision to
leave the company was a growing disenchantment over what he saw as
the foot-dragging by the Government over finalization of the terms
and conditions of his contract.  The report relates that there was
also some disagreement with the compensation package, although
sources close to him insisted he was not leaving because of the
money.  Sources, the report adds, said that Bideshi agreed to
leave his job in Turkey based on a letter of employment as the
interim CEO of CL Financial for six months during which time it
was expected that the terms and conditions for the balance of the
three years would have been worked out.

The Guardian points out that the three-year time frame was based
on the fact that the Government signed a three-year agreement on
June 12 with majority shareholder and former CL Financial
chairman, Lawrence Duprey, aimed at restructuring the conglomerate
by disposing its assets and lengthening the maturity profile of
its debt, which is estimated to be over US$2 billion.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


PETROLEOS DE VENEZUELA: Records Accomplishments in Gas Production
-----------------------------------------------------------------
PDVSA Gas, a subsidiary of Petroleos de Venezuela, keeps on making
progress towards the consolidation of the country as a world
energy super power, by providing the domestic market with a
sustained average production of 1 billion cubic feet of gas a day,
in January-December 2009.

The gas produced in Anaco accounts for 42.46% of the fuel supplied
by domestic providers, including E&P East Division and mixed
companies, such as Guarico Gas, Ypergas, Petropiar and, in the
West, Costa Este and Ul‚ Amuay, among others.

In furtherance of the goal of reliable gas supply in the national
territory, the Venezuelan gas industry meets the requirements of
the industrial, electric, petrochemical, iron and steel, refining,
residential, sugar mills, cement, cryogenic, oil upgraders, paper,
and textile sectors, all of them uppermost for the national
sustainable economic development.

                       Production for growth

The electric sector received 632 million cubic feet of gas a day
from January to the middle of December 2009.  During that same
period, the Venezuelan petrochemical sector daily received 459
million cubic feet of gas, including 183 million for Pequiv‚n
Oriente and 134 for Fertinitro.  El Tablazo Fertilizantes,
Pequiven at El Tablazo and Moron were also supplied.

The iron and steel sector daily received 290 million cubic feet of
gas, including 160 million for Sidor; the remainder was
apportioned among Comsigua, Opco, Orinoco Iron and Planta Pellas.

In addition, 210 million cubic feet of gas a day went to
refineries, including 80 million for Amuay, 67 million for Cardon,
26 million for Puerto La Cruz, and 20 million for El Palito.

Other users of the Venezuelan gas industry were oil upgraders. As
of the middle of December, they had daily received 135 million
cubic meters of gas on average. Customers in this sector include
Petropiar, PetrocedeNo and Petroanzoategui.

The aluminum industry received 41 million cubic feet of gas a day.
Such supply kept steady the whole month of December.  Cement
factories daily received from the gas industry 102 million cubic
feet of gas, and the textile sector got 8 million from January.

Thus, PDVSA, in line with the state policies of the Bolivarian
Government, fully meets the demand of energy in the domestic
market, in an effort to help build the new economic, production
and social model and assure the sovereign people of the largest
amount possible of happiness.

                           About PDVSA

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

                           *     *     *

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

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


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


* LATAM & Caribbean Exports Fell 24% in 2009 Due to Crisis
----------------------------------------------------------
The value of total exports from Latin America and the Caribbean in
2009 fell 24% with regard to the previous year due to the global
crisis, according to new estimates released by ECLAC.

According to the study International Trade in Latin America and
the Caribbean 2009: Crisis and Recovery, the value of imports also
decreased 25%. Although both exports and imports diminished
significantly, the drop is milder than that experienced during the
first semester of 2009 (-31% and -29%, respectively), implying a
better outlook for 2010.

The report updates the ECLAC study Latin America and the Caribbean
in the World Economy 2008 ? 2009 published last August and
overviews the recent development of the region's foreign trade by
country and region of origin and destination, per groups of
products and in terms of value and volume.

The 24% contraction in the value of the region's exports
represents a combined 15% drop in value and 9% in volume.

"This simultaneous decrease in price and volume is unprecedented
in recent history.  The last similar situation took place in
1937," states the document.

The economic recovery in the last quarter of 2009 is due, among
other reasons, to the partial rise in the price of several
commodities, such as copper, zinc, oil, wheat and soya, and the
strong demand from China as of the second quarter of last year.

The report asserts that although the fall in exports was
generalized in 2009, there were significant differences between
subregions and countries.  For example, while exports diminished
42% in Venezuela and 32% in Andean countries as a whole, they
decreased 29% in the Caribbean, 22% in Mexico and Chile, and only
6% in Central America (excluding Mexico).

The drop in imports in 2009 is similar to the one during the
foreign debt crisis in 1982 and also varies significantly between
countries and subregions: -35% in Caribbean nations, -32% in
Chile, -22% in Mexico and -26% in South America.

In terms of sectors, mining and oil exports fared the worst, with
an average fall of -42.3% (January-September 2009), while
manufactured products dropped 25.4% and agricultural and livestock
exports decreased 18.4%.


                            ***********

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.


           * * * End of Transmission * * *