TCRLA_Public/100120.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

        Wednesday, January 20, 2010, Vol. 11, No. 013

                            Headlines



A R G E N T I N A

BANCO SAENZ: Moody's Assigns 'E+' Bank Financial Strength Rating
TELECOM ARGENTINA: Government Threatens to Nationalize Firm


B E R M U D A

RIO BRAVO: Creditors' Proofs of Debt Due on January 29
RIO BRAVO: Members to Hear Wind-Up Report on February 18
SYNDICATE AND CORPORATE: Creditors' Proofs of Debt Due on Jan. 27
SYNDICATE AND CORPORATE: Member to Hear Wind-Up Report on Feb. 16
WOODFORD REINSURANCE: Creditors' Proofs of Debt Due on Jan. 29

WOODFORD REINSURANCE: Members to Hear Wind-Up Report on Feb. 18


B R A Z I L

BR MALLS: Reveals Preliminary 4Q09 & 2009 Tenants Sales
MINERVA SA: Plans to Sell US$250 Million of 10-Year Bonds
TAM SA: Multiplus May Raise BRL1.27 Billion in IPO
* BRAZIL: Policy Showing 'Deterioration,' Vieira Da Cunha Says


C A Y M A N  I S L A N D S

ABSPOKE 2005-IB: Members Receive Wind-Up Report
ALTERRA LUTON: Members Receive Wind-Up Report
ASCLEPIUS FINANCIAL: Members Receive Wind-Up Report
ASCELPIUS INVESTMENTS: Members Receive Wind-Up Report
BABSON QUANTITATIVE: Members Receive Wind-Up Report

BAFC 2007-NIM7: Members Receive Wind-Up Report
BAFC 2007-NIM6: Members Receive Wind-Up Report
BAFC 2007-NIM2: Members Receive Wind-Up Report
BRIDGE FUNDING: Members Receive Wind-Up Report
BRYN MAWR: Members Receive Wind-Up Report

CARIBEX RECEIVABLES: Members Receive Wind-Up Report
CLOSPOKE 2005-II: Members Receive Wind-Up Report
CLOSPOKE 2005-IA: Members Receive Wind-Up Report
CLOSPOKE 2005-IB: Members Receive Wind-Up Report
COMMODITY 3: Members Receive Wind-Up Report

CREDIPIA 2005: Members Receive Wind-Up Report
DILLON READ: Members Receive Wind-Up Report
ENHANCED MORTGAGE-BACKED: Members Receive Wind-Up Report
ENHANCED MORTGAGE-BACKED: Members Receive Wind-Up Report
FORTIS HEDGE: Members Receive Wind-Up Report

GSC GROUP: Members Receive Wind-Up Report
HSBC PRIVATE: Members Receive Wind-Up Report
ICF CAYMAN: Members Receive Wind-Up Report
LCG SELECT: Members Receive Wind-Up Report
LCM VII: Members Receive Wind-Up Report

LIBERTY HARBOUR: Members Receive Wind-Up Report
LIQUIDITY ASSETS: Members Receive Wind-Up Report
MACQUARIE FINANCIAL: Members Receive Wind-Up Report
MAPLE LEAF: Members Receive Wind-Up Report
MAPLE LEAF: Members Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: Prime Minister to Meet With Unions
AIR JAMAICA: Debt Exchange Won't Affect Moody's 'Caa1' Rating
AMR CORP: American Airlines Passengers Ready to Sue
DIGICEL GROUP: Gets Network Up and Running in Haitian Capital
SAGICOR LIFE: Jamaica Rating Downgrades Won't Move S&P's Ratings


H A I T I

* HAITI: Paris Club Creditors Urge Other Lenders to Cancel Debt


M E X I C O

GFM RESOURCES: Settles Debt to Grupo Ferrominero
GRUPO POSADAS: Moody's Gives Stable Outlook on 'B2' Ratings
* MEXICO: IDB Provides US$100MM Loan for Quality Education


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Liquidation Slowed by Court


V E N E Z U E L A

ALMACENES EXITO: Venezuela Orders Seizure of Retail Chain
CITGO PETROLEUM: OSHA Fines Firm for July Texas Refinery Blast
* VENEZUELA: Sells US$39.4 Million of 90-Day Bonds




                         - - - - -


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


BANCO SAENZ: Moody's Assigns 'E+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ (plus) to Banco Saenz S.A.  At the same time, Moody's
assigned long- and short-term global local-currency deposit
ratings of B2 and Not Prime, as well as long- and short-term
foreign-currency deposit ratings of Caa1 and Not Prime.  Moody's
also assigned an A1.ar local-currency deposit rating and a Ba1.ar
foreign currency deposit rating in the Argentine national scale.

The outlook on all the ratings is stable.

Moody's said the E+ BFSR reflects Banco Saenz's modest,
specialized consumer finance franchise, which is primarily focused
on financing personal loans and credit cards to clients of its
sister company, Fravega, a leading home appliance retail chain in
Argentina.  Most of the bank's loans are originated in Fravega's
stores, thus creating an important dependence from the group.
However, it is important to mention that the bank dependence, in
terms of earnings, is less important since the majority of the
bank's portfolio is not linked to consumer loans granted in
Fravega's stores, (given that these are securitized), but to
credit card and commercial lending.  The ratings also incorporate
Banco Saenz' poor asset quality -- a consequence of its credit
card portfolio and, particularly, of its active role in the
securitization market, which, in turn, benefits the bank's
capitalization.  Capital levels appear robust and could withstand
higher loan losses, as per Moody's stress tests.

The rating agency also noted that the family ownership structure
and lack of board independence constrain its ratings for Banco
Saenz, as does the risk management assessment which showed room
for improvement.

Moody's said that the B2 global local currency deposit rating
assigned to Banco Saenz is derived from the unsupported E+ BFSR.
Saenz's deposit ratings do not benefit from any uplift from
systemic support because of the bank's very small size and modest
importance to the Argentine banking system.

Banco Saenz S.A. is headquartered in Buenos Aires, Argentina,
and it had assets of ARS420.85 million and deposits for
ARS258 million, as of September 2009.

These ratings were assigned to Banco Saenz S.A.

  -- Bank Financial Strength Rating: E+, stable outlook.

  -- Long- and short-term global local-currency deposit ratings:
     B2 and Not Prime, stable outlook.

  -- Long- and short-term foreign currency deposit ratings: Caa1
     and Not --Prime, stable outlook.

  -- Long-Term National Scale Local-Currency Deposit Rating: A1.ar

  -- Long -Term National Scale Foreign Currency Deposit Rating:
     Ba1.ar


TELECOM ARGENTINA: Government Threatens to Nationalize Firm
-----------------------------------------------------------
The Argentinean government has threatened to nationalize its
Telecom Argentina subsidiary if it loses an appeal against a
recent court order permitting the company to keep its local
holdings. Telecom Italia owns 50% of Sofora Telecomunicaciones, a
holding company that controls Telecom Argentina.

According to the report, National Commission for the Defense of
Competition (CNDC) said that Telefonica has assumed a "dominant
position" in the telecommunications market.  However, the report
relates, Telecom Italia has argued Telefonica's minority stake in
the Telco consortium, which in turn owns 24.5% of the Italian
company, has no impact on the Argentine market.

"If the government's intentions don't prosper in the judicial
field, we'll almost certainly go to Congress and ask them to take
all measures to return the license and operation to the
government," the report quoted Argentina Planning Minister Julio
De Vido, as saying.

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 S.A.
Dow Jones Newswires related 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.


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


RIO BRAVO: Creditors' Proofs of Debt Due on January 29
------------------------------------------------------
The creditors of Rio Bravo Asset Management Ltd. are required to
file their proofs of debt by January 29, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 14, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


RIO BRAVO: Members to Hear Wind-Up Report on February 18
--------------------------------------------------------
The members of Rio Bravo Asset Management Ltd. will hear, on
February 18, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 14, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SYNDICATE AND CORPORATE: Creditors' Proofs of Debt Due on Jan. 27
----------------------------------------------------------------
The creditors of Syndicate and Corporate Management Services,
Limited are required to file their proofs of debt by January 27,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on January 7, 2010.

The company's liquidator is:

          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-La-Ville Road
          Hamilton, Bermuda


SYNDICATE AND CORPORATE: Member to Hear Wind-Up Report on Feb. 16
-----------------------------------------------------------------
The member of Syndicate and Corporate Management Services, Limited
will hear, on February 16, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 7, 2010.

The company's liquidator is:

          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-La-Ville Road
          Hamilton, Bermuda


WOODFORD REINSURANCE: Creditors' Proofs of Debt Due on Jan. 29
--------------------------------------------------------------
The creditors of Woodford Reinsurance II Ltd. are required to file
their proofs of debt by January 29, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


WOODFORD REINSURANCE: Members to Hear Wind-Up Report on Feb. 18
---------------------------------------------------------------
The members of Woodford Reinsurance II Ltd. will hear, on
February 18, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


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


BR MALLS: Reveals Preliminary 4Q09 & 2009 Tenants Sales
-------------------------------------------------------
BR MALLS Participacoes S.A. posted preliminary tenant sales and
rent results, as well as the occupancy and late payment (30 days)
levels for the fourth quarter of 2009 (4Q09).

The company recorded total 4Q sales of R$3.6 billion 2009 sales of
R$11 billion.

Consolidated sales volume totaled R$3.6 billion in the 4Q09, a
15.3% year-over-year increase.  In 2009, the consolidated sales
volume reached R$11 billion, an increase of 13.5% when compared
with 2008 sales.

Same store sales growth presented strong acceleration, reaching
11% in 4Q09.

Same store sales (SSS) in 4Q09 grew by 11%, presenting a
considerable increase when compared to 5.1% growth in 3Q09, and
8.8% growth in 4Q08.  This acceleration was mainly due to the
recovery of the anchors' SSS, which reached a 7.7% growth in 4Q09,
in contrast to a 0.4% growth in 4Q08.  Same store sales for
satellite and leisure stores continued the strong growth pace in
the quarter, recording 11.7% and 17.8% growth, respectively.

In 2009 the consolidated SSS presented a 7% growth. We highlight
the leisure segment SSS growth of 19.5%, followed by the satellite
SSS growth of 9.8%.

Same store rent increased 10.5% in 2009.

In the 4Q09 same store rent (SSR) growth was 8.8%.  In the year,
the consolidated SSR reached a 10.5% growth.

The occupancy level reached once again the highest level ever in
BRMALLS' history, closing 4Q09 with an average of 97.9% compared
to 97.3% in 3Q09.  The company highlights December's occupancy
level that reached 98%, the highest level in the company's
history, with 8 malls 100% occupied.

Late payments (30 days) improved considerably, from an average of
4.2% in 4Q08 to 3.2% in 4Q09.  Once again we highlight December's
performance, with late payments reaching the historical minimum of
2.7%.

                         About BR Malls

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings has affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- Foreign Currency Issuer Default Rating at 'BB-';
  -- Local currency IDR at 'BB-';
  -- Long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.


MINERVA SA: Plans to Sell US$250 Million of 10-Year Bonds
---------------------------------------------------------
Veronica Navarro Espinosa and Francisco Marcelino at Bloomberg
News report that Minerva SA plans to sell $250 million of 10-year
bonds in the company's first overseas dollar debt issue in three
years.  Minerva will use proceeds of the offering to refinance
debt, Edison Ticle, the company's treasury director, said in an
e-mailed statement obtained by the news agency.

According to the report, Minerva hired Goldman Sachs Group Inc.
and BB Securities to arrange the transaction.

Bloomberg News notes that Minerva and other Latin American
companies are tapping international debt markets to lock in lower
borrowing costs before central banks around the world begin to
raise interest rates.  The yield on Minerva's 9.5% bonds due in
2017 has dropped to 10.12% from 19.67% a year ago as a global
economic recovery fuels demand for emerging-market assets,
according to data compiled by Bloomberg.

                        About Minerva S.A.

Minerva S.A. is one of the leading producers and sellers of beef,
leather and live cattle in Brazil, and is one of the country's
three largest exporters in the sector in terms of gross sales
revenue, exporting to around 80 countries.   The company has
presence in the Brazilian states of Sao Paulo, Goias, Tocantins,
Mato Grosso do Sul as well as in Paraguay, Minerva operates seven
slaughter and deboning plants, two tanneries and five distribution
centers.  Minerva also operates in the food service segment
through the joint venture Minerva Dawn Farms (MDF), which has
current meat processing capacity of 10 to 15 tons per hour,
producing food made from beef, pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 20, 2009, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Brazil-based meat
manufacturer Minerva S.A. from 'CCC+' to 'B-'.  The outlook is
stable.


TAM SA: Multiplus May Raise BRL1.27 Billion in IPO
--------------------------------------------------
Laura Price at Bloomberg News reports that TAM SA' unit, Multiplus
SA, may raise as much as BRL1.27 billion (US$722 million) in an
initial public offering as the airline seeks to expand its mileage
program and bolster earnings.

According to the report, Multiplus plans to sell 39.3 million new
voting shares and may offer as many as 5.9 million shares in a
supplementary sale.   The report relates the unit said that share
price is estimated at BRL18 to BRL24.  The unit may sell a further
7.87 million shares, the report notes.

TAM SA, Bloomberg News relates, is spinning off the unit to expand
its airmile business and try to boost revenue, while smaller rival
Gol Linhas Aereas Inteligentes SA grows its Smiles frequent-flyer
program.

Multiplus, the report adds, will set the price for the shares on
February 3, with trading scheduled to begin in Sao Paulo on
February 5.  Banco BTG Pactual SA will manage the sale together
with the local unit of Credit Suisse Group AG and Banco do Brasil
SA's BB Investimentos investment-banking unit.

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


* BRAZIL: Policy Showing 'Deterioration,' Vieira Da Cunha Says
--------------------------------------------------------------
Brazil's economic policy is showing signs of "deterioration,"
Veronica Navarro Espinosa at Bloomberg News reports, citing former
central banker Paulo Vieira da Cunha.

"There are clear indications of deterioration in economic policy,"
the report quoted Mr. Vieira da Cunha as saying.


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


ABSPOKE 2005-IB: Members Receive Wind-Up Report
-----------------------------------------------
The members of ABSPOKE 2005-IB, Ltd. received, on December 28,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ALTERRA LUTON: Members Receive Wind-Up Report
---------------------------------------------
The members of Alterra Luton Holdings, Ltd. received, on
December 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ASCLEPIUS FINANCIAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Asclepius Financial Products Limited received, on
December 28, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ASCELPIUS INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Ascelpius Investments Limited received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


BABSON QUANTITATIVE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Babson Quantitative Mortgage CDO 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:

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


BAFC 2007-NIM7: Members Receive Wind-Up Report
---------------------------------------------
The members of BAFC 2007-NIM7 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:

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


BAFC 2007-NIM6: Members Receive Wind-Up Report
---------------------------------------------
The members of BAFC 2007-NIM6 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:

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


BAFC 2007-NIM2: Members Receive Wind-Up Report
---------------------------------------------
The members of BAFC 2007-NIM2 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:

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


BRIDGE FUNDING: Members Receive Wind-Up Report
----------------------------------------------
The members of Bridge Funding Corporation received, on December
28, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BRYN MAWR: Members Receive Wind-Up Report
-----------------------------------------
The members of BRYN MAWR CLO II 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:

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


CARIBEX RECEIVABLES: Members Receive Wind-Up Report
---------------------------------------------------
The members of Caribex Receivables Finance Co. received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CLOSPOKE 2005-II: Members Receive Wind-Up Report
------------------------------------------------
The members of CLOSPOKE 2005-II, Ltd.  received, on December 28,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CLOSPOKE 2005-IA: Members Receive Wind-Up Report
------------------------------------------------
The members of CLOSPOKE 2005-IA, Ltd. received, on December 28,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CLOSPOKE 2005-IB: Members Receive Wind-Up Report
-----------------------------------------------
The members of CLOSPOKE 2005-IB, Ltd. received, on December 28,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


COMMODITY 3: Members Receive Wind-Up Report
-------------------------------------------
The members of Commodity 3 Year Guaranteed Fund received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CREDIPIA 2005: Members Receive Wind-Up Report
---------------------------------------------
The members of Credipia 2005 International Limited received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


DILLON READ: Members Receive Wind-Up Report
-------------------------------------------
The members of Dillon Read Asia Finance received, on December 29,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ENHANCED MORTGAGE-BACKED: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Enhanced Mortgage-Backed Securities Fund III
Limited received, on December 29, 2009, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ENHANCED MORTGAGE-BACKED: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Enhanced Mortgage-Backed Securities Fund IV Limited
received, on December 29, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FORTIS HEDGE: Members Receive Wind-Up Report
--------------------------------------------
The members of Fortis Hedge Euro High Yield Master 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:

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


GSC GROUP: Members Receive Wind-Up Report
-----------------------------------------
The members of GSC Group CDO Fund XII, 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:

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


HSBC PRIVATE: Members Receive Wind-Up Report
--------------------------------------------
The members of The HSBC Private Equity Fund 2 Limited received, on
December 8, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Private Equity Management BVI 2 Limited
          c/o Maples Finance Limited
          PO Box 1093, 4th Floor, Boundary Hall
          Cricket Square, George Town
          Grand Cayman K1-1102, Cayman Islands


ICF CAYMAN: Members Receive Wind-Up Report
------------------------------------------
The members of ICF Cayman Holdings received, on December 30, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LCG SELECT: Members Receive Wind-Up Report
------------------------------------------
The members of LCG Select Offshore, 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:

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


LCM VII: Members Receive Wind-Up Report
---------------------------------------
The members of LCM VII 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:

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


LIBERTY HARBOUR: Members Receive Wind-Up Report
-----------------------------------------------
The members of Liberty Harbour II CDO, 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:

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


LIQUIDITY ASSETS: Members Receive Wind-Up Report
------------------------------------------------
The members of Liquidity Assets Holding Limited received, on
December 16, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MACQUARIE FINANCIAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Macquarie Financial Infrastructure 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:

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


MAPLE LEAF: Members Receive Wind-Up Report
------------------------------------------
The members of Maple Leaf Leasing 5 Limited received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MAPLE LEAF: Members Receive Wind-Up Report
------------------------------------------
The members of Maple Leaf Finance 4 Limited received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


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


AIR JAMAICA: Prime Minister to Meet With Unions
-----------------------------------------------
Prime Minister Bruce Golding will be meeting with representatives
of the Bustamante Industrial Trade Union and the National Workers
Union (NWU), which represent the more than 1,800 Air Jamaica
workers, RadioJamaica reports.  The report relates NWU Vice
President Granville Valentine said that the unions are concerned
about, what he characterized as, the secretive manner in which the
government has gone about the divestment of the cash strapped
national carrier.

"We have been a part of the process for a very long time but we
were always concerned though about the level of secrecy involved
in the discussions, being a major stakeholder," the report quoted
Mr. Golding as saying.  The union had sought a meeting with Don
Wehby when he was the minister in charge of the divestment
process, but this meeting was never held, he added.

As reported in the Troubled Company Reporter-Latin America on
January 19, 2010, RadioJamaica said that the National Democratic
Movement is calling on the Jamaican government to immediate
disclose to the public, the details of the pending sale of Air
Jamaica Limited to Trinidad and Tobago's Caribbean Airlines.  The
report related that NDM General Secretary, Michael Williams, said
that the party is concerned that Air Jamaica may be sold without
public knowledge and at a ridiculous price.  The government needs
to clarify several issues about the sale of the national airline,
he added.

                        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: Debt Exchange Won't Affect Moody's 'Caa1' Rating
-------------------------------------------------------------
Moody's Investors Service said that the January 14, 2010 proposed
debt exchange by The Government of Jamaica does not, at this time
affect the Caa1 rating of Air Jamaica Limited.

The last rating action on Air Jamaica Limited was the downgrade of
the corporate family and senior unsecured debt ratings, each to
Caa1 from B2 and the change of the outlook to negative on
November 19, 2009.

Air Jamaica's Baseline Credit Assessment reflects factors
Moody's believe are relevant to its credit profile, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure
and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term,
and iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Air Jamaica's core industry and the company's ratings
are believed to be comparable to those of other issuers of similar
credit risk.

Air Jamaica Limited and its parent company, Air Jamaica Holdings
Limited, are headquartered in Kingston, Jamaica.


AMR CORP: American Airlines Passengers Ready to Sue
---------------------------------------------------
Livern Barrett at Jamaica Gleaner reports that U.S.-based aviation
attorney Mike Slack said enough facts have been established to
hold American Airlines responsible for the runway mishap involving
Flight 331 in Kingston, Jamaica.  The report relates that Mr.
Slack is teaming up with the Jamaican law firm, Wilson Franklin
and Barnes, to sue the airline on behalf of more than a dozen
passengers.

According to the report, the attorneys revealed that they were
also checking to make sure their clients did not sign away their
right to sue AA when they accepted a US$5,000 (J$450,000) offer to
passengers who lost their luggage in the accident.

Mr. Slack told the news agency that based on the facts already
gathered by local investigators, AA's responsibility lies "in the
cockpit and the boardroom".  "What those pilots did was a
judgement error . . . and in the boardroom, the question is why
American Airlines continues to have these systemic problems with
its (flight) crew engaging in risky behavior at the expense of its
passengers?" Mr. Slack questioned, the report relates.

Mr. Slack, the report adds, acknowledged that the suit could be
filed in a Jamaican court, but said that for several reasons "it
would be safe to assume that it will be filed somewhere in the
US".

As reported in the Troubled Company Reporter-Latin America on
December 30, 2009, RadioJamaica said that Attorney Anthony Hylton
said that American Airlines Inc. could face legal action from the
Airports Authority of Jamaica and the operators of the Norman
Manley International Airport following an accident at the Jamaican
airport.  The report related that following the incident, the
airport was forced to close for several hours resulting in a major
disruption in flights.  The report noted that the airport as well
as the AAJ also incurred expenses associated with its emergency
response system.

                      About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

AMR Corp. reported a net loss of US$390 million for the second
quarter of 2009, or US$1.39 per share.  At June 30, 2009, the
Company had US$24.1 billion in total assets; US$8.2 billion in
total current liabilities, US$8.3 billion in long- term debt, less
current maturities, US$572 million in obligations under capital
leases, less current obligations, US$6.8 billion in pension and
postretirement benefits, and US$3.1 billion in other liabilities,
deferred gains and deferred credits; resulting in a US$3.0 billion
stockholders' deficit.

                           *     *     *

As reported in the Troubled Company reporter on November 4, 2009,
Moody's Investors Service assigned a B1 rating to the US$276
million of senior secured notes due August 2016 of American
Airlines, Inc., which were privately-placed on July 31, 2009.
Moody's is maintaining its other ratings of American and its
parent AMR Corporation, including the Caa1 Corporate Family and
Probability of Default ratings and the SGL-2 Speculative Grade
Liquidity rating.  The outlook is stable.


DIGICEL GROUP: Gets Network Up and Running in Haitian Capital
-------------------------------------------------------------
Digicel Group's network is now functioning well in the Hatian
capital of Port-au-Prince with increasing numbers of customers
connecting to it, The Royal Gazette reports.  The report relates
that the company said that coverage outside the city, which was
devastated by an earthquake, is good.

According to the report, 70% of the network's cell sites are on
air and Digicel is working on restoring service to the remaining
30%.   The report notes that an assessment of what network
equipment is required has been completed and new equipment has
been ordered and is en route to Haiti.

                        About Digicel Group

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 June 25, 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


SAGICOR LIFE: Jamaica Rating Downgrades Won't Move S&P's Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Sagicor Life Inc. and Sagicor Finance Ltd. are unaffected by the
Jan. 14 sovereign downgrade of Jamaica to 'SD' from 'CCC'.  The
'BBB' local currency financial strength and global scale
counterparty credit ratings on Sagicor, and the 'BBB-' senior
unsecured rating on the obligations of its finance subsidiary,
remain on CreditWatch, where they were placed with negative
implications on Aug. 14, 2009.

S&P believes the domestic debt exchange program that Jamaica
launched officially doesn't materially affect Sagicor's liquidity
and financial performance.  Moreoever, the company's risk
management practices seek to address its exposure to Jamaica,
which is diminishing.  Meanwhile, S&P will continue to monitor
Sagicor's strategies for managing this Jamaican exposure, to
resolve the CreditWatch listing.


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


* HAITI: Paris Club Creditors Urge Other Lenders to Cancel Debt
---------------------------------------------------------------
Paris Club creditors on January 19, 2010, call upon Haiti's other
bilateral creditors to cancel Haiti's debt.

In a statement, Paris Club said, "After the devastating earthquake
that struck Haiti, Paris Club members want to express their
deepest sympathy to the people of Haiti.  They recall that on July
8, 2009, following Haiti's reaching its completion point under the
HIPC initiative they committed to cancel all their claims on
Haiti, which amounted at that time to US$214 millions.  Bilateral
agreements to legally implement this commitment have either
already been completed or are currently being finalized.  For
those creditors that are still in the process of finalizing their
agreement, the commitment has been taken to expedite the process.
Those creditors also recalled that in any case, Haiti will not
have to make any payment in the meantime."

"Considering the financing needs that Haiti will face in
reconstructing the country, Paris Club creditors call upon other
bilateral creditors also to urgently provide full debt
cancellation to Haiti," the statement said.

In July 2009, as a contribution to restoring the Republic of
Haiti's debt sustainability, Paris Club creditors decided to
cancel US$62.73 million, which represents the Paris Club's share
of the effort in the framework of the enhanced Heavily Indebted
Poor Countries Initiative.  Paris Club creditors also committed on
a bilateral and voluntary basis to cancel an additional US$152
million.  As a result of this agreement and additional bilateral
efforts, the Republic of Haiti's debt to Paris Club creditors will
be entirely cancelled.

Haiti's primary bilateral debt outside the Paris Club is $167
million owed to Venezuela and $91 million owed to Taiwan,
according to the IMF, The Associated Press says.

AP notes Taiwan's President Ma Ying-jeou said Tuesday that Taiwan
will consider canceling debts from earthquake-ravaged Haiti, a
move that could add to Taipei's cachet in a region where rival
China is making inroads.

The Republic of Haiti's public external debt was estimated to be
US$1885 million in nominal value before HIPC relief at end
September 2008 (source: IMF and IDA documents). At the same date,
the Republic of Haiti's public external debt due to Paris Club
creditors was estimated to be US$214 million (source : Paris
Club).

The Paris Club was formed in 1956. It is an informal group of
creditor governments from major industrialized countries. It meets
on a monthly basis in Paris with debtor countries to agree with
them on restructuring their debts.  According to AP, those who
were owed money by Haiti are Belgium, Canada, Denmark, France,
Germany, Italy, the Netherlands, Spain, Britain and the U.S.



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


GFM RESOURCES: Settles Debt to Grupo Ferrominero
------------------------------------------------
GFM Resources Limited has settled a debt of US$93,255 owed to
majority shareholder Grupo Ferrominero, S.A. de C.V. through the
issuance of 221,749 common shares at an average price of US$0.43
per share.  The debt settled relates to cash advances made by
Grupo during December 2006 and January 2007 for ongoing
operations.

In addition, Grupo and its subsidiary, Compania Minera Autlan,
S.A.B. de C.V., have exercised conversion rights on US$610,000 in
outstanding convertible debt issued by the Company pursuant to a
convertible loan agreement entered into between the Company and
Grupo on March 1, 2007, and further amended on September 30, 2007,
and subsequently assigned by Grupo to its subsidiary, Autlan.  A
total of 5,867,147 common shares at a deemed weighted average
price of US$0.24 per share, and 4,128,571 share purchase warrants
will be issued upon conversion of the convertible debt.  Each
warrant entitles its holder to purchase one additional common
share at an exercise price of US$0.10 per warrant with expiry
dates ranging from January 22, 2010 to December 1, 2010.

Under the terms of the Agreement, Grupo or Autlan will fund cash
amounts from time to time to a maximum of US$500,000 per year to
meet the Company's ongoing requirements.  Each advance bears
interest commencing on the date of the advance, at the Prime Rate
offered by the Company's bank on such date.  The loan is repayable
on demand.  The funds being converted relate to cash advances made
under the Agreement since March of 2007.

Also under the terms of the Agreement, Grupo has the right to
convert the principal amount of each advance into units of the
Company for a period of five years from the date of the advance at
the closing price of the Company's common shares on the TSX
Venture Exchange on the day before the advance if the conversion
right is exercised within the first two years of the advance, and
10% over the closing price if the conversion right is exercised
during the last three years.  Each unit consists of one common
share and one common share purchase warrant.  Each warrant is be
exercisable for a period of one year from the date of the cash
advance at the Conversion Price, which cannot be lower than $0.05
for the shares or US$0.10 for the warrants in compliance with TSX
Venture Exchange policies.

Should Grupo or Autlan exercise the conversion right after one
year from the date of the advance, then the principal amount of
the advance will be converted only into common shares of the
Company at the Conversion Price, instead of into units consisting
of one common share and one share purchase warrant.  The warrants
to be issued correspond to cash advances made during 2009.

In addition the company will issue to Grupo 150,000 common shares
at a deemed price of US$0.25 per share for the mineral rights to
the La Casita property, as originally announced on May 26, 2008.

                             About GFM

GFM Resources Limited is a Canadian public company engaged in the
business of mineral exploration in Mexico; its shares are listed
on the NEX Board of the TSX Venture Exchange under the symbol
GFM.H. The Company's majority shareholder is Compania Minera
Autlan S.A.B. de C.V., a company listed on the Mexico City stock
exchange and active in manganese and ferroalloy operations in
Mexico, in turn controlled by Grupo Ferrominero, S.A. de C.V., a
private Mexican holding company that also controls other companies
in domains such as electronics and investment banking.


GRUPO POSADAS: Moody's Gives Stable Outlook on 'B2' Ratings
-----------------------------------------------------------
Moody's Investors Service changed Grupo Posadas, S.A.B. de C.V.'s
rating outlook to stable from negative and affirmed the company's
B2 corporate family and senior unsecured debt ratings.

The outlook change was prompted by the successful closing on
January 15, 2010, of Posadas' issuance of US$200 million notes due
2015.  Moody's believes the notes issuance will be neutral to
leverage but should significantly improve the company's liquidity
by extending the average life of its debt structure and largely
eliminating debt maturities for the next three years.

Posadas plans to use the net proceeds from the notes issuance to
refinance existing debt.  The notes rank pari passu with all of
Posadas' other senior unsecured obligations and benefit from
upstream guarantees from operating subsidiaries, which accounted
for 85% of the company's revenues for the nine months ended
September 30, 2009.

Debt that will be refinanced includes the company's syndicated
facility, which would eliminate that facility's currently tight
maximum 3.5 Net Debt/EBITDA leverage covenant (as defined in the
loan documentation).  The company would also repay certain secured
bank debt and intends to repay up to US$35 million of the
remaining outstanding amount under its 2011 senior notes that were
not repurchased in the 2008 tender offer.

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

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

The last rating action on Posadas was on January 5, 2010, when
Moody's assigned a B2 rating to Posadas' proposed US$200 million
notes due 2015.

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


* MEXICO: IDB Provides US$100MM Loan for Quality Education
----------------------------------------------------------
Mexico will improve the quality of a path-breaking program that
provides education to children in remote rural and indigenous
communities with financing from a US$100 million loan approved by
the Inter-American Development Bank.

The funds will be used to enhance the recruitment, training and
working conditions of community instructors, with the goal of
improving educational achievement among the children they serve.
Community instructors are typically young adults who agree to live
and teach in rural communities for at least one year in exchange
for a modest stipend and the promise of a scholarship to continue
their education.

The instructors are hired by the Community Education Program,
which was launched more than 30 years ago by CONAFE (the Spanish
acronym for the National Council to Promote Education), as a
response to the challenge of finding career schoolteachers willing
to live and work permanently in isolated rural hamlets that are
too sparsely inhabited to justify the construction of a
traditional school.

Today more than 35,000 community instructors provide preschool,
primary, and secondary education programs, as well as initial
education and guidance on child-rearing practices for parents of
children up to four years of age, in communities that request the
service.

CONAFE will use the IDB loan to carry out a strategy focused on
attracting and retaining better-qualified candidates to the
Community Education Program, improving their training and
professional development, and upgrading incentives and working
conditions for instructors in 179 highly marginalized
municipalities.  The funds will also be used to improve CONAFE's
information, planning, and monitoring systems.

The total cost of the new program is US$166.7 million, with local
counterpart funds accounting for US$66.7 million.  The US$100
million IDB loan is for 25 years with a 4.5 year grace period and
an interest rate based on LIBOR.


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


HINDU CREDIT: Liquidation Slowed by Court
-----------------------------------------
Curtis Rampersad at Trinidad Express reports that ongoing court
actions have slowed the liquidation of assets of the Hindu Credit
Union, forcing thousands of members to wait even longer to get
their money from the failed co-operative returned to them.

According to the report, citing an update by liquidator Ramdath
Rampersad from the HCU's Chaguanas head office, the liquidation of
the HCU was continuing but several actions by the board of
directors of the HCU in the High Court and Court of Appeal and
before Labour Minister Rennie Dumas' significantly and adversely
impacted' the liquidation process.

Mr. Rampersad, the report notes, said that he was unable to
dispose of any of the HCU assets as a result of an undertaking
given in the High Court in action commenced by the former HCU
board.  The focus for now has been primarily on managing the loan
portfolio of the HCU with emphasis on ensuring repayment and
recovery of loans, he added.

The Express says that the court action is scheduled for hearing on
January 25 and 29 and it is hoped that subject to the ruling of
the High Court, the liquidation process will gather momentum and
result in the sale of HCU assets and the payment of debts.

                       About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


ALMACENES EXITO: Venezuela Orders Seizure of Retail Chain
---------------------------------------------------------
Darcy Crowe at Dow Jones Newswires reports that Venezuela
President Hugo Chavez ordered the seizure of Almacenes Exito SA's
retail chain on accusations that it raised prices after Venezuela
devalued the currency by half.  "Until when are we going to allow
this to happen?" Mr. Chavez asked during his Sunday television
program in reference to the alleged price hike by the firm, the
report relates.

According to the report, Mr. Chavez said that the new law may need
to be approved to carry out the nationalization.  "I'm waiting for
the new law to begin the expropriation process," the report quoted
Mr. Chavez as saying.  "There's no going back," he added.

Almacenes Exito, the report notes, saw some of its stores closed
by government authorities on accusations that it was increasing
prices regardless of Mr. Chavez's orders that retailers were not
to adjust prices after he devalued the currency to VEB4.3 per
dollar from the previous rate of VEB2.15.

In the past Gonzalo Restrepo, Exito's Chief Executive, Dow Jones
Newswires recalls, said that Exito had set apart COP45 billion
(US$23 million) for its minority stake in the Venezuelan retailer
to write off the assets if needed.

Mr. Chavez, the report adds, said that the stores controlled by
Exito and the shopping mall will be used to build up Comerso, a
new government-run retail chain which seeks to sell its products
at "socialist" prices.

                     About Almacenes Exito

Headquartered in Colombia, Almacenes Exito SA is controlled by
French retailer Casino Guichard-Perrachon S.A.


CITGO PETROLEUM: OSHA Fines Firm for July Texas Refinery Blast
--------------------------------------------------------------
Erwin Seba at Reuters reports that the U.S. Occupational Safety
and Health Administration levied US$236,500 in fines for safety
violations found at Citgo Petroleum Corp's Corpus Christi, Texas,
refinery following the six-month probe of a July explosion.
"Citgo did not ensure adequate maintenance and oversight of its
process safety equipment, exposing workers to the release of toxic
chemicals and posing a danger to not only the company's employees
but to the community, as well," the report quoted Dean McDaniel,
OSHA's regional administrator in Dallas, Texas, saying.

According to the report, OSHA said that Citgo has 15 days to
appeal the fines.  "Citgo has received a citation and notification
of penalty from OSHA," Citgo said in a statement obtained by the
news agency.  "Citgo will work with OSHA to resolve these issues,"
it added.

Reuters notes that OSHA's citation is the second time in two
months federal safety investigators have said the alkylation unit
blast, which severely injured one worker, almost released toxic
chemicals into the air across Corpus Christi, which has a
population of 300,000.

                       About Citgo Petroleum

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

                           *     *     *

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

Fitch affirmed these ratings for CITGO:

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


* VENEZUELA: Sells US$39.4 Million of 90-Day Bonds
--------------------------------------------------
Daniel Cancel at Bloomberg News reports that Venezuela's central
bank sold US$39.4 million of 90-day bonds locally to bolster the
currency in the unregulated market.

According to the report, the bank, which originally planned to
sell US$40 million of the notes, sold the dollar-denominated
securities payable in local currency at 112 percent of face value,
giving an implicit exchange rate of about 4.87 bolivar per dollar.

The central bank, the report notes, sold US$100 million of the
bonds "bonos cambiarios," at a price of 116.25% of face value, an
implicit rate of about 5 per dollar.


                            ***********

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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