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

        Friday, January 22, 2010, Vol. 11, No. 015

                            Headlines



A R G E N T I N A

RCI BANQUE: Moody's Corrects Outlook on 'C-/Baa2' Rating to Stable


B E R M U D A

VALIDUS HOLDINGS: Prices Public Senior Debt Offering


B R A Z I L

BANCO NACIONAL: Hypermarcas SA Denies Deal W/ Firm for Stake Sale
BRASIL FOODS: Sells US$750 Million of 10-Year Bonds Overseas
BR MALLS: Brazil's GP Investments Sells Stake in Firm
COMPANHIA ENERGETICA: To Speed Up Purchase of Stake in Light SA
FUNDO DE INVESTIMENTO: Moody's Keeps 'Ba2' Rating on Senior Shares

LIGHT SA: Cemig Seeks to Speed Up Purchase of a 13% Stake in Firm


C A Y M A N  I S L A N D S

336214 LIMITED: Commences Wind-Up Proceedings
DEL MONTE FRESH: Commences Wind-Up Proceedings
EP RE: Commences Wind-Up Proceedings
ESTIA INVESTMENT: Commences Wind-Up Proceedings
EUROCENTRICO INVESTMENT: Commences Wind-Up Proceedings

FARMINGTON LIMITED: Members Receive Wind-Up Report
FONTAINE LIMITED: Members Receive Wind-Up Report
HSH CAYMAN: Commences Wind-Up Proceedings
HSH CAYMAN: Appoints Ian Stokoe as Liquidator
HSH CAYMAN: Appoints Ian Stokoe as Liquidator

HSH CAYMAN: Commences Wind-Up Proceedings
HSH COINVEST: Commences Wind-Up Proceedings
JCA ULTIMATE: Commences Wind-Up Proceedings
JUPITER FINANCE: S&P Withdraws 'CCC-' Rating on 2007-001 Notes
LOGI LTD: Commences Wind-Up Proceedings

LUDMILLA INVESTMENT: Commences Wind-Up Proceedings
MEDICINA INTERNATIONAL: Commences Wind-Up Proceedings
MELODY MIX: Commences Wind-Up Proceedings
NORTH BROOK: Members Receive Wind-Up Report
OCCAM CIRRUS: Commences Wind-Up Proceedings

OCCAM VECTIS: Commences Wind-Up Proceedings
PATHFINDER INVESTMENTS: Members Receive Wind-Up Report
PENARTH INVESTMENTS: Members Receive Wind-Up Report
RIGHT UP: Commences Wind-Up Proceedings
S. RUBIN ART: Commences Wind-Up Proceedings

SECONDSOUT LTD: Commences Wind-Up Proceedings
SHERLOCK LIMITED: Members Receive Wind-Up Report
SQUIRE INVESTMENTS: Members Receive Wind-Up Report
THESIS INVESTMENTS: Commences Wind-Up Proceedings
VEINTICINCO LIMITED: Members Receive Wind-Up Report

VEINTICINCO LIMITED: Members Receive Wind-Up Report
WHITE CANAL: Commences Wind-Up Proceedings


C H I L E

* CHILE: IDB OKs US$10MM Loan to Support Forest Agency CONAF


J A M A I C A

AIR JAMAICA: Considers Canceling Nassau Route
AIR JAMAICA: Union Says Caribbean Airline Can't Meet Needs
* JAMAICA: CariCRIS Puts Rated Firms on Rating Watch - Developing


M E X I C O

GLOBAL CROSSING: Helps AeroMexico Streamline Operations


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Sign New Three-Year Labor Deal W/ Workers
PETROLEOS DE VENEZUELA: Pres. Chavez Proclaims Socialism in Firm


X X X X X X X X

* LATAM: Should Seek Sources of Growth for Sustainable Recovery




                         - - - - -


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


RCI BANQUE: Moody's Corrects Outlook on 'C-/Baa2' Rating to Stable
------------------------------------------------------------------
Moody's Investors Service has corrected the outlook on the ratings
of RCI Banque Sucursal Argentina on moodys.com.  The outlook is
currently stable.

The last rating action on RCI Banque, the parent company, was on
23rd November 2009 when the BFSR and the long term ratings were
downgraded to C-/Baa2 and assigned a stable outlook.  The long
term issuer rating of RCI Banque Sucursal Argentina was not
impacted by the downgrade, since it stands at Ba1, being capped by
the local currency ceiling.  However, the LT issuer rating
incorrectly appeared to be under review for possible downgrade on
moodys.com.  Moody's has corrected the outlook on moodys.com to
the actual position, which is stable.

Headquartered in Noisy-le Grand, RCI Banque reported total assets
of EUR22.451 billion and reported shareholders' equity (including
minority interests) of EUR2.059 billion as of 30 June 2009.


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


VALIDUS HOLDINGS: Prices Public Senior Debt Offering
----------------------------------------------------
Validus Holdings, Ltd., has priced a registered offering of
US$250,000,000 aggregate principal amount of 8.875% Senior Notes
due 2040 principal.  The Offering is expected to close on or about
January 26, 2010, subject to customary closing conditions.  The
Company intends to use the net proceeds from this offering for
general corporate purposes, which may include the repurchase of
its outstanding capital stock, dividends to its shareholders
and/or potential acquisitions.  Goldman, Sachs & Co., Deutsche
Bank Securities Inc. and J.P. Morgan Securities Inc. are joint
bookrunners for the Offering. BNP Paribas Securities Corp., Calyon
Securities (USA) Inc., Comerica Securities, Inc., HSBC Securities
(USA) Inc., ING Financial Markets LLC, Lloyds TSB Bank plc, Scotia
Capital (USA) Inc. and SunTrust Robinson Humphrey, Inc. are co-
managers for the Offering.

The Notes are being offered pursuant to an effective shelf
registration statement that has been filed with the Securities and
Exchange Commission.  A prospectus and prospectus supplement
related to the Offering have been filed with the SEC and are
available on the SEC's Web site at http://www.sec.gov.Copies of
the prospectus and prospectus supplement related to the Offering
can be obtained from the underwriters at: Goldman, Sachs & Co.,
Prospectus Department, 85 Broad Street, New York, NY 10004,
telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing
prospectus-ny@ny.email.gs.com, Deutsche Bank Securities Inc.,
Prospectus Department, 100 Plaza One, Jersey City, NJ 07311,
telephone: 1-800-503-4611, or by emailing
prospectusrequest@list.db.com , or J.P. Morgan Securities Inc.,
270 Park Avenue, High Grade Syndicate Desk, 8th Floor, New York,
NY 10017, telephone: 212-834-4533.

                     About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


BANCO NACIONAL: Hypermarcas SA Denies Deal W/ Firm for Stake Sale
-----------------------------------------------------------------
Hypermarcas SA denied that it had reached a deal to sell a stake
in the company to Banco Nacional de Desenvolvimento Economico e
Social SA, Jeff Fick at Dow Jones Newswires reports.

According to the report, citing a filing with stock regulators,
Hypermarcas said that it constantly discussed financing options
with diverse market agents in an effort to fund its business plan.
The company, however, denied press reports that it had any
financing or capitalization deals in place.

As reported in the Troubled Company Reporter-Latin America on
Janaury 21, 2010, Reuters said that BNDES is in talks to buy a
minority stake in Hypermarcas to strengthen the domestic
pharmaceutical industry and help the company fund overseas
takeovers.  According to the report, BNDESpar, the bank's
investment holding subsidiary, may buy between 10% and 30% of
Hypermarcas and spend BRL1 billion (US$563.7 million) to BRL1.5
billion.  The report related that Hypermarcas agreed to pay BRL1.3
billion in December to buy drugmaker Neo Quimica to expand further
in over-the-counter medicines.  The takeover was Hypermarcas'
fifth acquisition in 2009 and its fourth in the over-the-counter
medicine sector, where drugs are sold without medical
prescription, the report added.

                            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.


BRASIL FOODS: Sells US$750 Million of 10-Year Bonds Overseas
------------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports BRF Brasil
Foods SA sold US$750 million of bonds after boosting the size of
the offering by 50%.  The report relates that the company sold the
10-year bonds to yield 7.375%, down from initial guidance of
7.625%.

Banco Itau SA, Banco Santander SA and JPMorgan Chase & Co.
arranged the sale.

According to the report, Brasil Foods joined a push by Latin
American companies seeking to lock in lower borrowing costs amid a
global economic rebound.  The report relates that the extra yield
investors demand to own emerging-market corporate debt instead of
U.S.

                      About BRF-Brasil Food

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.



BR MALLS: Brazil's GP Investments Sells Stake in Firm
-----------------------------------------------------
Brazil's GP Investments has sold its 6.78% stake in local shopping
center administrator BR Malls Participacoes SA, Rogerio Jelmayer
at Dow Jones Newswires reports.

According to the report, the private-equity firm sold its stake,
represented by 13.7 million shares, through an auction on the Sao
Paulo Stock Exchange (BMFBovespa).  The report relates that it
sold its stake for 300 million Brazilian reals ($167 million),
with each share offered at BRL21.90.

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-'.


COMPANHIA ENERGETICA: To Speed Up Purchase of Stake in Light SA
---------------------------------------------------------------
Companhia Energetica de Minas Gerais SA (Cemig) wants to speed up
its purchase of a 13% stake in Light SA, Jeff Fick at Dow Jones
Newswires reports, citing Cemig CEO Djalma Bastos de Morais.  "We
are going to try to accelerate the green light for the conclusion
of the deal," the report quoted Mr. Bastos de Morais as saying.

According to the report, Mr. Morais said that he will travel next
week to Brasilia to meet with regulators to push the deal through.

The report relates that the deal, which is worth about BRL1.6
billion Brazilian (US$894 million), was first announced in late
2009.  Under the deal, the report says, Cemig will buy the stake
in Light from closely held conglomerate Andrade Gutierrez and an
investment fund operated by Pactual.

                    About Companhia Energetica

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.

                         About Light SA

Light SA generates and distributes electricity in the Brazilain
State of Rio de Janerio.  The company operates in the state of Rio
de Janerio.

                           *     *     *

As of January 22, 2010, the company continues to carry Moody's Ba1
rating.


FUNDO DE INVESTIMENTO: Moody's Keeps 'Ba2' Rating on Senior Shares
------------------------------------------------------------------
Moody's America Latina Ltda. has confirmed the Ba2 (Global Scale,
Local Currency) and Aa2.br (Brazilian National Scale) ratings of
the Senior Shares issued by Fundo de Investimento em Direitos
Creditorios Paulista -- Veiculos II.

In September 30, 2009, Moody's had downgraded FIDC Paulista II to
Ba2/Aa2.br from Baa3/Aaa.br and had placed the ratings on review
for further downgrade.  The rating action was based on both Banco
Paulista S.A.'s unexpected exit from the vehicle finance business,
thereby no longer acting as originator and primary servicer to the
transaction, as well as portfolio performance, which was below
Moody's original expectations.

Moody's notes that the transaction is no longer revolving, and is
currently in early amortization because Banco Paulista does no
longer act as originator/seller of receivables in the transaction.
Collateral performance has stabilized in recent months.  The fund
has positive economic profitability again, which has led to an
increase in subordination.  This is in contrast to the overall
negative economic profitability and negative fund income due to
the high monthly provisions for delinquent loans during the first
half of 2009.  During this time, the value of junior shares had
fallen nearly 10% from BRL32 million to BRL29 million, as it
absorbed losses that exceeded the net income of the fund.

More recently, subordination levels have increased to 33.6% as of
December 31, 2009, from 24% as of August 31, 2009.  The value of
junior shares has been restored to approximately BRL32 million.
This increase in subordinated shares is a reflection of the
stabilization of the new provisioning requirements, while the
higher subordination percentage is a result of the repayment of
senior shares after the fund was placed in early amortization.

According to the fund's Administrator, the senior shares are
expected to be repaid in the first quarter of 2011, ahead of the
legal final maturity of the senior shares in January 2012.
Moody's notes that the senior shares currently benefit from
significant credit enhancement, in the form of 33.6% subordination
level and 14% excess spread, which provides significant comfort in
the event that credit losses should again rise in the short term.

Moody's considered the key sources of credit enhancement --
subordination and excess spread -- compared to losses, which were
stressed to evaluate the impact on the Senior Shares.  Moody's
also analyzed the sufficiency of the discount rate being used to
purchase the portfolio to cover losses.

                           Rating Action

The complete rating action is:

Issuer: FIDC Paulista - Veiculos II - Series 2008-1

* Senior Shares, ratings confirmed at Aa2.br (Brazilian National
  Scale) and Ba2 (Global Scale, Local Currency); previously on
  September 30, 2009 ratings were downgraded from Aaa.br
  (Brazilian National Scale) and Baa3 (Global Scale, Local
  Currency) and placed on review for possible downgrade.


LIGHT SA: Cemig Seeks to Speed Up Purchase of a 13% Stake in Firm
-----------------------------------------------------------------
Companhia Energetica de Minas Gerais SA (Cemig) wants to speed up
its purchase of a 13% stake in Light SA, Jeff Fick at Dow Jones
Newswires reports, citing Cemig CEO Djalma Bastos de Morais.  "We
are going to try to accelerate the green light for the conclusion
of the deal," the report quoted Mr. Bastos de Morais as saying.

According to the report, Mr. Morais said that he will travel next
week to Brasilia to meet with regulators to push the deal through.

The report relates that the deal, which is worth about BRL1.6
billion Brazilian (US$894 million), was first announced in late
2009.  Under the deal, the report says, Cemig will buy the stake
in Light from closely held conglomerate Andrade Gutierrez and an
investment fund operated by Pactual.

                    About Companhia Energetica

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.

                         About Light SA

Light SA generates and distributes electricity in the Brazilain
State of Rio de Janerio.  The company operates in the state of Rio
de Janerio.

                           *     *     *

As of January 22, 2010, the company continues to carry Moody's Ba1
rating.


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


336214 LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
336214 Limited commenced wind-up proceedings on November 13, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Karen Page
         Telephone: 011 44 1534 282414
         Facsimile: 011 44 1534 282400
         P O Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


DEL MONTE FRESH: Commences Wind-Up Proceedings
----------------------------------------------
Del Monte Fresh Produce (Thailand) Inc. commenced wind-up
proceedings on November 12, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005, Cayman Islands


EP RE: Commences Wind-Up Proceedings
------------------------------------
EP RE LDC commenced wind-up proceedings on October 30, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005, Cayman Islands


ESTIA INVESTMENT: Commences Wind-Up Proceedings
-----------------------------------------------
Estia Investment Ltd. commenced wind-up proceedings on
November 17, 2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EUROCENTRICO INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------------
Eurocentrico Investment Ltd. commenced wind-up proceedings on
November 17, 2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FARMINGTON LIMITED: Members Receive Wind-Up Report
--------------------------------------------------
The members of Farmington 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


FONTAINE LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Fontaine 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


HSH CAYMAN: Commences Wind-Up Proceedings
-----------------------------------------
On November 13, 2009, the Grand Court of Cayman Islands appointed
Ian Stokoe as the liquidator of HSH Cayman V GP Ltd.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         (345) 914-8686
         (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSH CAYMAN: Appoints Ian Stokoe as Liquidator
---------------------------------------------
On November 13, 2009, the Grand Court of Cayman Islands appointed
Ian Stokoe as the liquidator of HSH Cayman II GP Ltd.

The Liquidator can be reached at:

         Ian Stokoe
         c/o Elizabeth Osborne
         (345) 914-8686
         (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSH CAYMAN: Appoints Ian Stokoe as Liquidator
---------------------------------------------
On November 13, 2009, the Grand Court of Cayman Islands appointed
Ian Stokoe as the liquidator of HSH Cayman II GP Ltd.

The Liquidator can be reached at:

         Ian Stokoe
         c/o Elizabeth Osborne
         (345) 914-8686
         (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSH CAYMAN: Commences Wind-Up Proceedings
-----------------------------------------
On November 13, 2009, the Grand Court of Cayman Islands entered an
order to wind up the operations of HSH Cayman I GP Ltd.

Ian Stokoe was appointed as the company's liquidator.

The Liquidator can be reached at:

         Ian Stokoe
         c/o Elizabeth Osborne
         (345) 914-8686
         (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSH COINVEST: Commences Wind-Up Proceedings
-------------------------------------------
On November 13, 2009, the Grand Court of Cayman Islands entered an
order to wind up the operations of HSH Coinvest (Cayman) GP Ltd.

David Walker and Ian Stokoe were appointed as the company's
liquidators.

The Liquidator can be reached at:

         Ian Stokoe
         David Walker
         c/o Elizabeth Osborne
         (345) 914-8686
         (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


JCA ULTIMATE: Commences Wind-Up Proceedings
-------------------------------------------
JCA Ultimate GP Ltd. commenced wind-up proceedings on November 13,
2009.

Only creditors who were able to file their proofs of debt by
December 13, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


JUPITER FINANCE: S&P Withdraws 'CCC-' Rating on 2007-001 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on Jupiter Finance Ltd.'s $100 million floating-rate
portfolio credit-linked notes series 2007-001.

The rating withdrawal follows the arranger's notification to us
that the issuer repurchased the notes for cancellation on Jan. 19,
2010.


LOGI LTD: Commences Wind-Up Proceedings
---------------------------------------
Logi Ltd. commenced wind-up proceedings on November 17, 2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LUDMILLA INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Ludmilla Investment Ltd. commenced wind-up proceedings on
November 17, 2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MEDICINA INTERNATIONAL: Commences Wind-Up Proceedings
-----------------------------------------------------
Medicina International Financing Ltd. commenced wind-up
proceedings on November 17, 2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MELODY MIX: Commences Wind-Up Proceedings
-----------------------------------------
Melody Mix Holdings commenced wind-up proceedings on November 17,
2009.

Only creditors who were able to file their proofs of debt by
December 18, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NORTH BROOK: Members Receive Wind-Up Report
-------------------------------------------
The members of North Brook 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


OCCAM CIRRUS: Commences Wind-Up Proceedings
-------------------------------------------
Occam Cirrus Fund Inc. commenced wind-up proceedings on
October 23, 2009.

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

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


OCCAM VECTIS: Commences Wind-Up Proceedings
-------------------------------------------
Occam Vectis Fund Inc. commenced wind-up proceedings on
October 23, 2009.

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

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


PATHFINDER INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Pathfinder Investments 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


PENARTH INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------
The members of Penarth Investments 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


RIGHT UP: Commences Wind-Up Proceedings
---------------------------------------
Right Up Limited commenced wind-up proceedings on November 16,
2009.

Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds / Laurel Di Bernardo
         Telephone: 945-4777
         Facsimile: 945-4799
         P O Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


S. RUBIN ART: Commences Wind-Up Proceedings
-------------------------------------------
S. Rubin Art Investments Ltd. commenced wind-up proceedings on
November 17, 2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SECONDSOUT LTD: Commences Wind-Up Proceedings
---------------------------------------------
Secondsout Ltd. commenced wind-up proceedings on November 17,
2009.

Only creditors who were able to file their proofs of debt by
December 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SHERLOCK LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Sherlock 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


SQUIRE INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Squire Investments Limited received, on November
23, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


THESIS INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Thesis Investments Ltd. commenced wind-up proceedings on
November 13, 2009.

Only creditors who were able to file their proofs of debt by
December 18, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


VEINTICINCO LIMITED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Veinticinco 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


VEINTICINCO LIMITED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Veinticinco 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:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman


WHITE CANAL: Commences Wind-Up Proceedings
------------------------------------------
White Canal Cayman Ltd. commenced wind-up proceedings on
November 16, 2009.

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

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


=========
C H I L E
=========


* CHILE: IDB OKs US$10MM Loan to Support Forest Agency CONAF
------------------------------------------------------------
The Inter-American Development Bank approved a US$10 million loan
to support the efforts of Chile's national forestry agency, CONAF,
to preserve forest resources and the sustainable development of
woodlands ecosystems.

With nearly 2.1 million hectares of planted forests, Chile ranks
10th in the world and second in Latin America after Brazil.  The
forestry sector is the third largest exporter after mining and
food production, accounting for 3.5% of GDP and 13% of total
exports.

The IDB loan will help CONAF improve management in all areas and
achieve these results:

    * Increase the land area and quality of native forests under
      management plans from 36,000 hectares to 40,000 hectares.
    * Implement a new forest fire forecast and prevention system
      to help reduce the number of fires by 5 percent and the
      response time also by 5 percent with respect to the average
      for 2002-2007.
    * Design data capture and processing systems for monitoring
      and evaluating 75 firefighting brigades, and strengthen and
      supply equipment to said brigades.
    * Implement a forestation strategy with a focus on sustainable
      management and a program of participative technical
      assistance in forestry for small and medium-sized growers
      and rural and indigenous communities.
    * Achieve a substantial improvement of the national system of
      state-protected natural areas through the formulation of 20
      management plans, ensuring conservation and enhancing the
      quality of user experience.

The loan is for 10 years, with a 5-year grace period and a LIBOR-
based interest rate. Chile will provide US$10.17 million in local
counterpart funds.


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


AIR JAMAICA: Considers Canceling Nassau Route
---------------------------------------------
Inderia Saunders at The Nassau Guardian reports that Air Jamaica
Limited is considering dropping its Nassau route.  Airline CEO
Bruce Nobles told the news agency that the move is part of a
possible acquisition of the national airline by Caribbean
Airlines, although no decisions have been made as yet.

"We don't have a signed agreement yet, so it would be premature to
say where we are going to fly," the report quoted Mr. Nobles as
saying.  "A lot of decisions have not been made yet.  We are in
discussions with Caribbean Airlines in trying to create a more
powerful airline in the Caribbean and some routes may fall out of
that," he added.

Mr. Nobles, the report notes, said concedes that cutting the
Nassau route is not completely off the table, given it represents
such a small percentage of its market.  "The Nassau route load
factor runs at about the 40 to 50 percent range whereas the rest
of region is in the 70 percent range," Mr. Nobles said, the report
relates.  "The cost to operate it is fine, but it's a small piece
of our operation.  That doesn't mean it's a bad market, but if
you're going to prioritize the use of very big airplanes you want
to put it in place where you can fill them up," 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: Union Says Caribbean Airline Can't Meet Needs
----------------------------------------------------------
President of the National Workers Union, Vincent Morrison is
questioning Caribbean Airlines' capability to operate or revive
Air Jamaica, Go-Jamaica reports.  The NWU represents more than
1,000 of Air Jamaica Limited's 1,900 workers.

According to the report, Jamaican Finance Minister, Audley Shaw,
said that the government is in the final stages of negotiations
with Caribbean Airlines to purchase Air Jamaica which has
accumulated millions of dollars in losses.

However, the report notes Mr. Morrison said that the Trinidad and
Tobago-owned company does not have the capacity to meet the
demands of Air Jamaica.  Jamaica's farm work programs in the
United States and Canada will suffer if Caribbean Airlines takes
control of the national airline, he added.

Mr. Morrison, the report relates, said that the union is still
awaiting word from Prime Minister Bruce Golding as to when he will
be able meet with the union to discuss matters affecting Air
Jamaica's employees.

                        About Air Jamaica

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

                           *     *     *

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


* JAMAICA: CariCRIS Puts Rated Firms on Rating Watch - Developing
-----------------------------------------------------------------
Caribbean Information & Credit Rating Services Limited placed all
its rated entities in Jamaica on Rating Watch -- Developing.  This
Rating Action follows the announcement by the Government of
Jamaica of a Domestic Debt Exchange.  The exchange offer
transaction is likely to have varying degrees of impact on the
profitability, capitalization, asset quality and asset values of
our rated financial institutions in Jamaica.  Furthermore, the
ratings of these entities are linked to the rating of the
Government of Jamaica.

A CariCRIS rating is placed on Rating Watch when events occur that
may affect the credit quality of the issuer/issue, the impact of
which cannot be accurately assessed at that point in time.  A
rating placed under Rating Watch does not imply that the rating
will necessarily change.

CariCRIS' publicly rated entities in Jamaica are:

    * National Commercial Bank Jamaica Limited
    * NCB Capital Markets Limited
    * Sagicor Life Jamaica Limited
    * Pan Caribbean Financial Services Limited

The debt restructuring has no doubt been prompted by mounting
fiscal pressures.  However, as per CariCRIS' criteria, this debt
management operation may not necessarily be construed as a default
by the Government of Jamaica if these conditions are met:

   -- The exchange/restructuring of the debt is voluntary
   -- It has been effected without missing any interest/principal
      payment
   -- Credible communication from bondholders is available that
      they have accepted the new terms.


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


GLOBAL CROSSING: Helps AeroMexico Streamline Operations
-------------------------------------------------------
Global Crossing disclosed that it is helping AeroMexico, the
global airline of Mexico and Latin America, improve the efficiency
and effectiveness of its business by providing the airline with a
full suite of data and voice services to support more than 30 of
its locations worldwide.  AeroMexico, which has signed a three-
year contract with Global Crossing, chose the company over its
incumbent provider of 11 years.

AeroMexico will use Global Crossing's Multi Protocol Label
Switching (MPLS) connectivity and Dedicated Internet Access (DIA)
to connect 22 United States locations, including Chicago, Miami,
Houston, Las Vegas, Los Angeles and San Diego, and eight
international locations, including Brazil, Chile, France, Mexico
City, Peru, and Spain.  Global Crossing's managed IP services will
enhance the airline's entire operations globally, including its
in-flight scheduling and baggage systems.  Global Crossing's toll-
free and long-distance services will support the airline's
reservation systems and enhance its call center operations.

"Since implementing Global Crossing's converged IP services
several months ago, we've already improved services to our
customers and have seen cost savings of more than 40 percent
annually on our telecommunications expenses," said Jaime
Pocasangre, chief information officer at AeroMexico.  "By
migrating our international operations to Global Crossing
services, we're significantly enhancing the efficiency of our
business and the quality of the customer experience we deliver."

"We're proud that AeroMexico has chosen Global Crossing's
converged and managed IP services to help streamline its
operations," said Neil Barua, Global Crossing's managing director
for North America.  "We appreciate the opportunity to bring them
enhanced services and look forward to providing them with
additional capabilities as their business evolves."

"Having AeroMexico as one of Global Crossing's customers is a
great distinction and opportunity to demonstrate our ability to
provide top-notch services to one of the leading airlines in the
region," said Hector Alonso, Global Crossing's managing director
for Latin America.  "By connecting their various locations while
at the same time making their business more efficient we are
continuing to demonstrate our ability to service and expand into
the airline industry."

Global Crossing Converged IP Services enable high-quality any-to-
any connectivity. The service consistently delivers essential
levels of latency, jitter and packet loss to ensure the successful
concurrent handling of multiple types of traffic, especially voice
and video. It is backed by comprehensive service-level agreements
(SLAs) covering the overall performance of the service, and online
access to real-time and historical service-performance reports.

                      About AeroMexico

AeroMexico and its subsidiary, AeroMexico Connect, currently
operate more than 600 daily flights through the airline's new
Terminal 2 at its Mexico City International Airport hub to 40
destinations in Mexico, 16 U.S. locations in 11 states, as well as
major cities that include Tokyo, Paris and Buenos Aires in 12
other countries worldwide.  U.S. cities served  are Los Angeles,
Ontario (Ca.), San Diego, San Francisco, Las Vegas, Denver,
Phoenix, Albuquerque, Seattle-Tacoma, Houston, San Antonio,
Atlanta, Chicago, New York City, Orlando and Miami; as well as
Toronto and Montreal in Canada.  AeroMexico Vacations provides
customized vacation travel packages.  The airline also offers
connecting service to other international destinations through its
SkyTeam global airline alliance with nine full member carriers and
two associate carriers.

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
and its subsidiaries are a global communications service provider,
serving many of the world's largest corporations, government
entities and many other telecommunications carriers, providing a
full range of Internet Protocol and managed data and voice
products and services.  The Company's network delivers services to
nearly 700 cities in more than 60 countries and six continents
around the world.  The Company operates as an integrated global
services provider with operations in North America, Europe, Latin
America and a portion of the Asia/Pacific region, providing
services that support a migration path to a fully converged IP
environment.

Global Crossing reported a net loss of US$73 million for the three
months ended September 30, 2009, from a net loss of US$72 million
for the year ago period.  Global Crossing reported a net loss of
US$104 million for the nine months ended September 30, 2009, from
a net loss of US$232 million for the year ago period.

At September 30, 2009, Global Crossing had US$2,463,000,000 in
total assets against US$2,796,000,000 in total liabilities,
resulting in US$333,000,000 in stockholders' deficit.


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


PETROLEOS DE VENEZUELA: Sign New Three-Year Labor Deal W/ Workers
-----------------------------------------------------------------
Dan Molinski at Dow Jones Newswires reports that Petroleos de
Venezuela signed a new three-year collective bargaining agreement
with its workers after just two months of friendly negotiations.

According to the report, the new deal will retroactively cover
2009 and continue through 2011, and applies to nearly 70,000
employees and contractors.  The report relates that PDVSA
President Rafael Ramirez said that the new deal will retroactively
cover 2009 and continue through 2011, and applies to nearly 70,000
employees and contractors.

While the deal will include pay raises, Mr. Ramirez, the report
says, noted that "the themes of the deal aren't so much about
salaries as benefits" for health, education, housing and other
issues.

                          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


PETROLEOS DE VENEZUELA: Pres. Chavez Proclaims Socialism in Firm
----------------------------------------------------------------
Venezuela's Minister of Energy and Petroleum trumpeted the
agreement "among revolutionaries," El Universal News reports.

According to the report, President Hugo Chavez insisted that
socialism must be built in the state-run oil company Petroleos de
Venezuela, during the signing ceremony of the collective
bargaining agreement with oil workers.  The report relates that
the labor deal will be in force until 2011.  "This is not a
provisional measure, and it will not be easy to establish.  You
can not establish socialism by decree, you have to father and give
birth to socialism," the report quoted Mr. Chavez as saying.

Earlier, the report recalls, the minister of Energy and Petroleum
and Pdvsa President, Rafael Ramirez, praised the signing of the
collective bargaining agreement "among revolutionaries," referring
to most of the leaders of the United Federation of Venezuelan

                          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: Should Seek Sources of Growth for Sustainable Recovery
---------------------------------------------------------------
Latin America should move towards new sources of economic growth
with greater value added for a sustainable recovery from the
crisis, stated the Secretary-General of the Organization for
Economic Cooperation and Development, Angel Gurria.

Gurria delivered a lecture at ECLAC headquarters today on "Chile's
accession to the OECD - Together for a cleaner, stronger and
fairer world economy' after participating earlier in the day in
the signing ceremony of the country's accession to the
organization, held at Chile's presidential palace.

"If Latin America wants to be more competitive and productive, it
clearly has to migrate towards manufacturing and services, taking
advantage of its installed capacity, reserve of talent and the
fact that we are no longer a region with low-cost labour," he
said.

Although economic recovery has begun, growth over the next few
years will be modest, fiscal balances will continue to be
negative, and employment will improve only long after other
economic indicators, added Gurria.

In her welcome words to Gurria, ECLAC Executive Secretary Alicia
BArcena noted how both organizations coincide in rethinking post-
crisis development models.

"Our teams are working together, reflecting on vital issues such
as climate change, innovation, green jobs, fiscal policies and
corporate governance," she said.

Gurria added that with such high dependency on the export of prime
materials in open markets over which countries in the region have
no control, Latin America needs a model based on innovation to
better face the challenges of productivity, competitiveness and
long-term growth.

"The growth model for the following decades has to be intelligent
. . . If recovery isn't quick, the progress made during the first
half of this decade in terms of reducing inflation and creating
employment may be lost, and that would be politically and socially
very serious," he warned.

After the talk, Gurria visited the gardens of the ECLAC building
with his wife, LuluQuintana, daughter of Carlos Quintana, who was
Executive Secretary of the Commission between 1967 and 1972.

It was Carlos Quintana's wife, Lulude Quintana, who contributed to
creating ECLAC's gardens, which complement the building designed
by architect Emilio Duhart and that was recently granted the
Government of Chile's Bicentennial Construction Award.

"This building would be nothing if Lulude Quintana hadn't passed
through here and left us with this wonderful trail, this garden
that today adorns ECLAC," said BArcena.


                            ***********

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 * * *