TCRLA_Public/100129.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

        Friday, January 29, 2010, Vol. 11, No. 020

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Lloyd's Must Pay for Defense, Judge Says


B E R M U D A

CENTRAL EUROPEAN: In Talks to Buy News Corp Bulgarian bTV


B R A Z I L

BANCO BRADESCO: 4Q Profit Up 36% to BRL2.18 Billion
CITY OF CURITIBA: Moody's Withdraws 'Ba1' Issuer Rating
COMPANHIA SIDERURGICA: Unveils Tender Offer to Acquire CIMPOR
STATE OF CEARA: Moody's Withdraws 'Ba2' Issuer Ratings


C A Y M A N  I S L A N D S

ADAMS SQUARE: Commences Liquidation Proceedings
AEROJASMINE HOLDINGS: Commences Liquidation Proceedings
AQUAMARINE PROPERTIES: Commences Liquidation Proceedings
ARCH ROCK: Commences Liquidation Proceedings
BATAVIA II CREDIT: Commences Liquidation Proceedings

BIO CITY: Creditors' Proofs of Debt Due on February 7
CALIBRE 2004-III: Commences Liquidation Proceedings
COSTA BELLA: Commences Wind-Up Proceedings
COURAGE SPECIAL: Commences Liquidation Proceedings
DAHLIA SPECIAL: Commences Liquidation Proceedings

DIAMOND PROPERTIES: Commences Liquidation Proceedings
DILLON READ: Commences Liquidation Proceedings
DRAWBRIDGE RV PLUS: Commences Liquidation Proceedings
EMERALD PROPERTIES: Commences Liquidation Proceedings
FAXTOR HG: S&P Downgrades Ratings on Three Classes of 2007-1 Notes

FORT DUQUESNE: Commences Wind-Up Proceedings
FURLONG SYNTHETIC: Commences Liquidation Proceedings
INNOVATION MANAGEMENT: Commences Liquidation Proceedings
JOHNSON DIVERSEY: Commences Liquidation Proceedings
KEHOE BEACH: Commences Liquidation Proceedings

PLUMERIA INVESTMENT: Commences Liquidation Proceedings
R-ONE TENJIN: Commences Liquidation Proceedings
RESI FINANCE: Commences Liquidation Proceedings
ROCS LIMITED: Commences Liquidation Proceedings
ROSE SPECIAL: Commences Liquidation Proceedings

RUBY PROPERTIES: Commences Liquidation Proceedings
STACK 2005-2: Commences Liquidation Proceedings
STACK 2006-2: Commences Liquidation Proceedings
STANFIELD VOLANTE: Commences Liquidation Proceedings
TAUNTON CDO: Commences Liquidation Proceedings

TOWER HILL III: Commences Liquidation Proceedings


C H I L E

* CHILE: Salmon Output to Fall a Third, Association Says


E C U A D O R

PETROECUADOR: Enters Barter Arrangement With Uruguay's ANCAP


H A I T I

* HAITI: Executive Board Approves US$114 Million Aid


J A M A I C A

DIGICEL GROUP: 92% Haitian Cell Sites Restored
JAMAICA URBAN TRANSIT: Increase Still Not Decided
SUGAR COMPANY OF JAMAICA: Monymusk Operations Back to Normal


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Lawsuits Block Help for CLICO Customers


V E N E Z U E L A

GRUMA SAB: Chavez to Seize Monaca Unit After Arrest of Banker
PETROLEOS DE VENEZUELA: Begins Operations in Guarico


X X X X X X X X

FORD MOTOR: Reports $2.6-Bil. Q4 2009 Revenue in South America




                         - - - - -


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


STANFORD INT'L: Lloyd's Must Pay for Defense, Judge Says
--------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News
report that U.S. District Judge David Hittner ruled that Robert
Allen Stanford can use his companies' Lloyd's of London directors
and officers insurance policies to pay lawyers to defend him
against charges.  The report relates that Judge Hittner rejected
requests by Lloyd's underwriters to throw out the financier's
lawsuit seeking to enforce the policies.

"The court has determined that the plaintiffs have a substantial
likelihood of succeeding on their claim that the policies require
underwriters to advance defense funds until a final judicial
determination is made on the underlying litigation," the report
quoted Mr. Hittner as saying.

"Insurers are expected and even required to make ?coverage
determinations' all the time," Lloyd's lawyer, Neel Lane, Esq.,
said in a January 7 court filing urging Judge Hittner to side with
the insurer and deny the defendants coverage, the report relates.
"It is not this court's role to secure a more advantageous
arrangement for them than the D&O policy's terms provide," he
added.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Caribbean Net News said that Mr. Stanford is
suing Lloyd's of London for defense costs.  According to the
report, Lloyd's had advanced some legal fees under a directors and
officers policy.  The report related that the insurer sent a
letter on Nov. 16 declining to extend coverage for beyond
August 27.

According to a TCRLA report, citing Bloomberg News, Lloyd's of
London said that the admission made by former Stanford
International Bank Limited Chief Financial Officer, James "Jim"
Davis when he pleaded guilty relieves the insurance syndicate of
the obligation to pay defense costs for Mr. Stanford and his
codefendants.  The report related that Lloyd's lawyers told Judge
Hittner that the statements reveal criminal activity that takes
the defendants actions outside the terms of their directors' and
officers' insurance coverage.

               About Stanford International Bank

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

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

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

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

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


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


CENTRAL EUROPEAN: In Talks to Buy News Corp Bulgarian bTV
---------------------------------------------------------
Anna Mudeva at Reuters reports that Central European Media
Enterprises is close to signing a deal to buy News Corp's
Bulgarian broadcaster bTV for about EUR500 million (US$704.5
million).  An unnamed source told the news agency in an interview
that the deal for the whole of bTV was likely to be disclosed in
the weeks after February 1.

According to Reuters, the price is much less than EUR500 million
euros that, according to Bulgarian media reports in September
2009, News Corp had sought from CME for only 55% of the station.
The report notes that advertising spending has fallen sharply in
the global downturn.

A spokeswoman for bTV, Bulgaria's most watched station, with a
market share of over 38% in December confirmed that the company
was in talks with potential suitors.

"We have no information at this stage and I cannot comment,"
Reuters quoted bTV's communications director Petya Terzieva as
saying.  "bTV has been talking to a number of companies and many
show interest," she added

Reuters notes that Romana Tomasova, vice president of corporate
communications at CME, said that CME was looking at various
options in Bulgaria after acquiring an 80 percent stake in two
Bulgarian television stations for US$172 million in July 2008.
"In Bulgaria we are evaluating several options," Ms. Tomasova told
Reuters in an interview.  "They may involve kinds of joint
venture, merger, acquisition or just keep developing the stations
as they are," she added.

                    About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *    *

As reported in the Troubled Company Reporter-Latin America on
November 13, 2009, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit rating on Bermuda-based
emerging markets TV broadcaster Central European Media Enterprises
Ltd. to 'B-' from 'B'.  The outlook is negative.


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


BANCO BRADESCO: 4Q Profit Up 36% to BRL2.18 Billion
---------------------------------------------------
Helder Marinho at Bloomberg News reports that Banco Bradesco
S.A.'s fourth-quarter profit rose 36% to BRL2.18 billion (US$1.17
billion) from BRL1.6 billion a year earlier, as it increased loans
to consumers and companies.

According to the report, adjusted net income rose 1.8% to BRL1.84
billion from BRL1.81 billion.  That missed the 1.95 billion-real
average estimate of five analysts in a Bloomberg survey.

"The end of the year was very good for retail banking," Persio
Nogueira, an analyst at Planner Corretora in Sao Paulo, told the
news agency in a phone interview before the bank's results were
announced.  "Default rates were falling and they managed to
increase their portfolio relatively well," he added.  The report
relates that Mr. Nogueira is reviewing his rating of Bradesco
shares.  The analyst, the report notes, expects Brazilian bank
shares to perform in line or "slightly above" the Bovespa stock
index this year.

Banco BTG Pactual reiterated its "buy" rating on the bank, citing
"good asset quality and loan growth trends" despite quarterly
profit that was "a bit below expectations," analyst Eduardo Nishio
wrote in a note obtained by the news agency.  Brazilian economic
expansion will allow the bank to accelerate growth this year and
next, Mr. Nishio added.

Bloomberg News relates that Bradesco's loan portfolio expanded
6.8% to BRL228.1 billion, while total assets increased 11% to
BRL506.2 billion.  The report notes that Bradesco expects its loan
portfolio will grow as much as 25% this year and estimates
Brazil's economy will expand 6%.  The bank's average default rate,
which covers delays in payment of more than 90 days, rose to 4.9%
at the end of December from 3.4% a year earlier, the report says.

Meanwhile, the report adds, Chief Executive Officer Luiz Carlos
Trabuco Cappi said that Bradesco plans to boost investment by 22
percent this year to BRL4.2 billion.  "This investment is to
strengthen conditions for consistent organic growth in the long
term," the report quoted Mr. Cappi as saying.  The investment will
be focused on infrastructure and the opening of 250 new branches,
he added.

Nine of 18 analysts who cover Bradesco have a "buy" rating on the
stock, while the other nine rate the bank "hold," according to
Bloomberg data.

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


CITY OF CURITIBA: Moody's Withdraws 'Ba1' Issuer Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for the
City of Curitiba.  Moody's has withdrawn the ratings for business
reasons.

The most recent rating action was on August 31, 2006, when the
rating was upgraded to Ba1 from Ba2.

This rating and outlook have been withdrawn:

* Issuer ratings of Ba1 withdrawn
* National Scale rating of Aa1.br withdrawn
* Stable outlook withdrawn


COMPANHIA SIDERURGICA: Unveils Tender Offer to Acquire CIMPOR
-------------------------------------------------------------
Companhia Siderurgica Nacional gives notice to the shareholders of
CIMPOR - CIMENTOS DE PORTUGAL, SGPS, S.A. that CSN has commenced
in Portugal, through its indirect subsidiary CSN Cement S.a.r.l.,
a tender offer to acquire up to all of the shares issued by CIMPOR
pursuant to the terms and conditions set forth in a prospectus,
dated January 27, 2010, and governed by Portuguese law.

A tender offer commencement notice and the Prospectus have been
made available to the public on the Web site of the Portuguese
Securities Market Commission (Comissao do Mercado de Valores
Mobiliarios - CMVM) at http://www.cmvm.pt/enand both documents
are also available on the internet in Portuguese at
http://www.csn.com.br/riand in English at
http://www.csn.com.br/ir In addition, non-binding English free-
translations of the tender offer commencement notice and of the
Prospectus are available under cover of Forms 6-K on the Web site
of the U.S. Securities and Exchange Commission at
http://www.sec.gov/ For further information please contact CSN
via email through david.salama@csn.com.br, by telephone at 1 866
201 2904 (toll free) or by facsimile at +55 (11) 3049 7212.

The acceptance period of the offer begins on January 28, 2010 and
ends at 10 am (EST) on February 17, 2010.

                             About CSN

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

                           *     *     *

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


STATE OF CEARA: Moody's Withdraws 'Ba2' Issuer Ratings
------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for the
State of Ceara.  Moody's has withdrawn the ratings for business
reasons.

This rating and outlook have been withdrawn:

* Issuer ratings of Ba2 withdrawn
* Stable outlook withdrawn


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


ADAMS SQUARE: Commences Liquidation Proceedings
-----------------------------------------------
Adams Square Funding I, Ltd. commenced liquidation proceedings on
November 26, 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:

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


AEROJASMINE HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------------
Aerojasmine Holdings Limited commenced liquidation proceedings on
November 26, 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:

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


AQUAMARINE PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------------
Aquamarine Properties Corporation commenced liquidation
proceedings on November 26, 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:

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


ARCH ROCK: Commences Liquidation Proceedings
--------------------------------------------
Arch Rock Limited commenced liquidation proceedings on November
26, 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:

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


BATAVIA II CREDIT: Commences Liquidation Proceedings
----------------------------------------------------
Batavia II Credit Card Corporation Limited commenced liquidation
proceedings on November 26, 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:

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


BIO CITY: Creditors' Proofs of Debt Due on February 7
-----------------------------------------------------
The creditors of Bio City Development Company (Mena) Ltd are
required to file their proofs of debt by February 7, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         RHSW (Cayman) Limited P.O. Box 897
         One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


CALIBRE 2004-III: Commences Liquidation Proceedings
---------------------------------------------------
Calibre 2004-III, Ltd. commenced liquidation proceedings on
November 26, 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:

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


COSTA BELLA: Commences Wind-Up Proceedings
------------------------------------------
Costa Bella CDO Ltd. commenced wind-up proceedings on November 27,
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 SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


COURAGE SPECIAL: Commences Liquidation Proceedings
---------------------------------------------------
Courage Special Situations Erisa Fund, Ltd. commenced liquidation
proceedings on November 26, 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:

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


DAHLIA SPECIAL: Commences Liquidation Proceedings
-------------------------------------------------
Dahlia Special Shareholder, Limited commenced liquidation
proceedings on November 26, 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:

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


DIAMOND PROPERTIES: Commences Liquidation Proceedings
-----------------------------------------------------
Diamond Properties Corporation commenced liquidation proceedings
on November 26, 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:

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


DILLON READ: Commences Liquidation Proceedings
----------------------------------------------
Dillon Read Financial Products Fund Ltd. commenced liquidation
proceedings on November 25, 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:

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


DRAWBRIDGE RV PLUS: Commences Liquidation Proceedings
-----------------------------------------------------
Drawbridge RV Plus Master Fund Ltd. commenced liquidation
proceedings on November 13, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EMERALD PROPERTIES: Commences Liquidation Proceedings
-----------------------------------------------------
Emerald Properties Corporation commenced liquidation proceedings
on November 26, 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:

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


FAXTOR HG: S&P Downgrades Ratings on Three Classes of 2007-1 Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
three classes of Faxtor HG 2007-1's notes and affirmed its ratings
on three other class of notes.

S&P notes from the transaction's published payment date reports
that the class A-2, B-1, and B-2 nondeferrable notes failed to pay
due interest in full during 2009, and remained in default on the
transaction's most recent interest payment date in January 2010.
S&P is therefore lowering the rating on these notes to 'D'.  Due
to an administrative error, S&P did not lower to 'D' the ratings
on these notes at the time the interest payment default was first
reported.

At the same time as the downgrade, S&P has affirmed the 'CC'
rating on the class A-1M notes, which continue to pay the full,
due interest.

S&P also affirmed the 'CC' ratings on the class C and D notes.
The transaction is currently making no interest payments on
classes C or D, but under their terms and conditions, the issuer
can defer interest payments on those notes.

S&P considers that the 'CC' rating is appropriate for the class A-
1M, C, and D notes because, in S&P's opinion, the credit
deterioration that S&P has observed in the portfolio makes all
classes of notes highly vulnerable to their nonpayment of
principal.

                           Ratings List

                          Faxtor HG 2007-1
                       $1.25 Billion Senior-
         And Subordinated Deferrable Floating-Rate Notes

                         Ratings Lowered

                                    Rating
                                    ------
              Class         To                   From
              -----         --                   ----
              A-2           D                    CC
              B-1           D                    CC
              B-2           D                    CC

                         Ratings Affirmed

                       Class         Rating
                       -----         ------
                       A-1M          CC
                       C             CC
                       D             CC


FORT DUQUESNE: Commences Wind-Up Proceedings
--------------------------------------------
Fort Duquesne CDO 2006-1, Ltd. commenced wind-up proceedings on
November 27, 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 SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


FURLONG SYNTHETIC: Commences Liquidation Proceedings
----------------------------------------------------
Furlong Synthetic ABS CDO 2006-1, Ltd. commenced liquidation
proceedings on November 26, 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:

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


INNOVATION MANAGEMENT: Commences Liquidation Proceedings
--------------------------------------------------------
Innovation Management Ltd commenced liquidation proceedings on
November 25, 2009.

Only creditors who were able to file their proofs of debt by
January 6, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


JOHNSON DIVERSEY: Commences Liquidation Proceedings
---------------------------------------------------
Johnson Diversey Cayman, Inc. commenced liquidation proceedings on
November 25, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KEHOE BEACH: Commences Liquidation Proceedings
----------------------------------------------
Kehoe Beach Limited commenced liquidation proceedings on
November 26, 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:

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


PLUMERIA INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
Plumeria Investment Partners commenced liquidation proceedings on
November 26, 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:

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


R-ONE TENJIN: Commences Liquidation Proceedings
-----------------------------------------------
R-One Tenjin Holding Ltd. commenced liquidation proceedings on
November 26, 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:

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


RESI FINANCE: Commences Liquidation Proceedings
-----------------------------------------------
Resi Finance CI Corporation 2007-C Limited commenced liquidation
proceedings on November 24, 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:

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


ROCS LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
ROCS Limited commenced liquidation proceedings on November 26,
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:

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


ROSE SPECIAL: Commences Liquidation Proceedings
-----------------------------------------------
Rose Special Shareholder, Limited commenced liquidation
proceedings on November 26, 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:

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


RUBY PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------
Ruby Properties Corporation commenced liquidation proceedings on
November 26, 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:

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


STACK 2005-2: Commences Liquidation Proceedings
-----------------------------------------------
Stack 2005-2 Ltd. commenced liquidation proceedings on November
27, 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:

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


STACK 2006-2: Commences Liquidation Proceedings
-----------------------------------------------
Stack 2006-2 Ltd. commenced liquidation proceedings on November
26, 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:

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


STANFIELD VOLANTE: Commences Liquidation Proceedings
----------------------------------------------------
Stanfield Volante CLO, Ltd. commenced liquidation proceedings on
November 27, 2009.

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

The company's liquidator is:

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


TAUNTON CDO: Commences Liquidation Proceedings
----------------------------------------------
Taunton CDO Limited commenced liquidation proceedings on
November 26, 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:

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


TOWER HILL III: Commences Liquidation Proceedings
----------------------------------------------------
Tower Hill III CDO, Ltd. commenced liquidation proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


* CHILE: Salmon Output to Fall a Third, Association Says
--------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that salmon production
in Chile may fall 38% this year after a virus killed fish,
according to the nation's industry association.  Chile will
probably produce 250,000 to 300,000 metric tons this year, from
400,000 tons last year and 650,000 tons in 2008, Cesar Barros,
president of SalmonChile, told the news agency in an interview.

According to the report, an outbreak of Infectious Salmon Anemia
swept through farms off southern Chile's Chiloe Island last year,
forcing early harvests.  The report relates that farmers won't
release more young fish into ocean cages until congress passes a
bill to tighten sanitary and labor rules and new licensing in the
industry.  "We really can't say if we'll see a recovery in 2011
and 2012 because that will depend on the levels of fish seeding
this year," the report quoted Mr. Barros as saying.  "Seeding will
only quicken its pace once Chile's new fishing law takes effect,
hopefully by the second half of the year," he added.

Bloomberg News notes Mr. Barros said that lower production and
harvesting of smaller fish have resulted in Chile losing share to
No. 1 producer Norway in the U.S., Japan and Europe.  Chile has
targeted "less demanding" markets such as Brazil, China and
Russia, he added.

Mr. Barros, according to the report, said that congress is
reviewing a proposed overhaul of fisheries law to regulate
concessions, environmental and health practices to avoid new
disease outbreaks and create new financing options such as using
concessions as collateral after farmers were forced to renegotiate
bank debt last year.  "We expect the new law to be enacted by the
second half of this year," the report quoted Mr. Barros as saying.

Bloomberg News says that Chilean salmon farmers have combined debt
of about US$1.5 billion and annual sales of about US$1.2 billion,
according to the association.  New bank debt terms remain
"extremely negative" for the industry.  The report adds that Mr.
Barros said that a second round of negotiations between producers
and their lenders is required to ensure a stable recovery of the
industry.


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


PETROECUADOR: Enters Barter Arrangement With Uruguay's ANCAP
------------------------------------------------------------
Petroecuador has signed a deal with Uruguayan state oil company
ANCAP to exchange crude for oil derivatives, Latin American Herald
Tribune reports.  The report relates that Petroecuador, under the
two-year deal signed by CEO Luis Jaramillo, will trade up to
360,000 barrels of crude per month for diesel fuel and high-octane
gasoline produced by ANCAP's refineries.

According to the report, Mr. Jaramillo said this type of contract
is a way to "position and boost the value of" Ecuadorian crude in
the region.  "One of the strategies for the sale of Ecuadorian
crude has been to establish alliances with Latin American
countries that need our oil, since by diversifying (export)
markets we can compare prices and choose the best option," the
report quoted Mr. Jaramillo as saying.  The types of deals also
facilitate "healthy competition" among the region's state-owned
oil companies, he added.

                       About Petroecuador

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

                           *     *     *

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

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


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


* HAITI: Executive Board Approves US$114 Million Aid
----------------------------------------------------
The Executive Board of the International Monetary Fund completed
the sixth and final review under Haiti's Extended Credit Facility
and approved an SDR65.5 million (equivalent to about US$102
million) augmentation to the facility, that will help Haiti cope
with the aftermath of the massive and disastrous earthquake that
struck the country on January 12, 2010.  With the approval of this
additional financing, a total of US$114 million will be disbursed,
constituting the largest amount made available so far to the
Haitian authorities after the earthquake.

Following the Executive Board discussion of Haiti, Mr. Dominique
Strauss-Kahn, Managing Director and Chairman of the Board, issued
the following statement:

"The powerful earthquake that struck Haiti on January 12 caused
unprecedented human and economic losses to the capital and
neighboring cities, home to 3 million people or about one-third of
the country's population.  Casualties number in the tens of
thousands, and key economic and government infrastructure has been
destroyed.  Aside from the human tragedy, this disaster represents
a major setback for the Haitian economy, following several years
of progress in maintaining macroeconomic stability, resuming
growth, and implementing essential structural reforms.  Last year
Haiti's economy grew by almost 3 percent, the second highest
growth rate in the Western Hemisphere.  In June 2009, Haiti
received US$1.2 billion in HIPC/MDRI debt relief.

"Haiti's needs are massive and pressing.  The international
community has responded fast and has already mobilized substantial
resources for the relief and recovery effort.  The Fund's
augmentation under the Extended Credit Facility provides urgently
needed cash resources to the government, which will allow the
authorities to acquire emergency imports without depleting Haiti's
reserves.

"The Fund is participating in the coordinated international effort
to assess the economic impact of the earthquake, and will assist
the authorities in preparing and implementing a plan for medium-
term reconstruction and economic recovery.  In the short-run, the
Fund, together with other development partners, is providing
immediate technical support to the Haitian authorities in the area
of economic management," Mr. Strauss-Kahn said.

The emergency augmentation will provide urgently needed financing
for essential imports, and make cash available to banks and
transfer houses.  It will also enable the authorities to maintain
an adequate reserves cushion in the face of very large import
needs linked to reconstruction.  The emergency IMF assistance
carries highly concessional terms.  It is interest-free and
repayments of principal are only due after a 5.5 years grace
period. The financing is not subject to any additional policy
conditions.

Completion of the review and the augmentation will bring total
disbursements under the IMF program with Haiti to SDR 180 million
(about US$281 million).  The ECF has replaced the Poverty
Reduction and Growth Facility (PRGF) as the Fund's main tool for
medium-term financial support to low-income countries by providing
a higher level of access to financing, more concessional terms,
enhanced flexibility in program design features, and more focused
streamlined conditionality (see Factsheet).

Haiti's original three-year PRGF arrangement was approved in
November 2006 in an amount equivalent to SDR73.71 million (about
US$115 million; see Press Release No. 06/258).  In June 2008, the
Executive Board approved the first augmentation under the PRGF
arrangement amounting to SDR 16.38 million to help Haiti cope with
the impact of high international food and fuel prices. A second
increase in financial assistance amounting to SDR24.57 million
(about US$38.4 million) was approved by the Executive Board in
February 2009 to help mitigate the negative effects caused by a
series of hurricanes in 2008, as well as the global downturn.


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


DIGICEL GROUP: 92% Haitian Cell Sites Restored
----------------------------------------------
Digicel Group said that more than 92% of its cell sites in Haiti
are now fully operational; following the damage caused to it
network by the earthquake which struck the neighboring Caribbean
nation on January 12, Jamaica Observer reports.

"We have made excellent progress over the last two weeks in
restoring the Digicel network in Haiti.  With over 92% of our cell
sites fully operational, the remaining 8% -- which are destroyed
rooftop sites -- are being replaced with mobile cell sites, some
of which have already been deployed with the remainder scheduled
to be commissioned over the next few weeks," the report quoted
Digicel Group Chief Executive Officer Colm Delves as saying.

Digicel Group, the report notes, said that it has increased its
international circuits to support the increase in international
telephone calls in and out of Haiti where it has more than two
million customers.

                        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

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.


JAMAICA URBAN TRANSIT: Increase Still Not Decided
-------------------------------------------------
No decision has yet been made on how much more commuters will have
to pay to travel on buses operated by the state-owned Jamaica
Urban Transit Company, RadioJamaica reports.  The report relates
that it was revealed that bus fares will be going up by April this
year.

According to the report, citing a government's Letter of Intent to
the International Monetary Fund, fares will be adjusted by no less
than 40%.  The report relates that the increase is expected to
improve the financial performance of the JUTC which is struggling
to remain in operation with a huge deficit.

The report notes that Jamaica Prime Minister Bruce Golding,
Transport Minister Mike Henry is to present a submission to
Cabinet on the new fare table.  "We haven't signed off yet on the
exact amount but what we have to do is cut the losses of the JUTC
by 40% and Minister Henry is to come to Cabinet with the actual
calculation as to how we're going to do that," the report quoted
Mr. Golding as saying.

                            About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


SUGAR COMPANY OF JAMAICA: Monymusk Operations Back to Normal
------------------------------------------------------------
Normal operations should return to the Monymusk Sugar Factory in
Clarendon as the dispute between cane farmers and some private
harvesters has been resolved, RadioJamaica reports.  The report
relates that operations hit a snag because of a dispute over the
rates that are paid to private harvesters for their work.

According to the report, Dr. Horace Charro, Head of the Clarendon
Cane Growers Association, said that both parties have arrived at
an agreement following a lengthy meeting.

"Deliberations have been ongoing over the last two weeks to try
and come to an agreement (but) this was delayed because of the
sharp increase in fuel prices both from world market increases and
the gas tax implemented by the government.  We were able to iron
out a compromise with the contractors where depending on the
distance from the factory, the contractors have agreed to continue
reaping cane at a price not above JM$98 per tonne," the report
quoted Dr. Charro as saying.  The impasse resulted in seven days
of production being lost, he added.

                            About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture
Minister Dr Christopher Tufton said that if a new deal is not
inked soon for the divestment of SCJ's factories, the public will
be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


CL FINANCIAL: Lawsuits Block Help for CLICO Customers
-----------------------------------------------------
Guyana President Bharrat Jagdeo is blaming lawyers and the court
for delaying the liquidation of CLICO Life and General Insurance
Company South America Limited (CLICO Guyana), a unit of CL
Financial Limited, and preventing his government from using over
GUY$3 billion (US$14.7 million) in cash which it has to take care
of 2,000 of the 3,000 depositors who have not had their monies
returned, Caribbean360.com reports.

According to the report, Justice Franklin Holder ordered a stay in
the winding-up proceedings, preventing any further hearing of the
petition to have CLICO wound up until the constitutional writ is
determined.  The report relates that CLICO claims it was denied a
fair hearing and that the liquidation application and the February
2009 order placing it under judicial management were made without
notice to the company.

The report notes that Justice Holder made the ruling after hearing
arguments from attorney-at-law Roysdale Forde who appeared on
behalf of the insurance company and Senior Counsel, Ashton Chase
who appeared for the CLICO (Guyana) judicial manager, Maria van
Beek.

"We've got two lawyers, for very frivolous reasons, blocking this
issue. I do not know when judges make their decisions.  Shouldn't
they ask some basic questions? If you are representing some
interests, how are you going to fund the GUY$12 billion (US$59
million) worth of liabilities that the entity currently has? Your
principals should be able to put up that money or if you don't
have the money, then simply you would have to move to liquidate
the assets so that as many people as possible could get their
money back," the report quoted President Jagdeo as saying.  "The
court is allowing this matter to be prolonged unduly.  By their
inaction, close to 3,000 people can't get their money," he added.

Chief Justice Ian Chang, the report notes, was supposed to have
ruled on the petition since last month, but the CLICO attorney,
Forde, got an interim order from Justice Holder to have the
proceedings put on hold.  The Chief Justice did not deliver his
ruling, saying he had to give Justice Holder time to rule on the
application before him, Caribbean360.com adds.

                        About CL Financial

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

                           *     *     *

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

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


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


GRUMA SAB: Chavez to Seize Monaca Unit After Arrest of Banker
-------------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Venezuelan President
Hugo Chavez said that the government will seize Molinos Nacionales
CA, a unit of Gruma SaB, that produces corn flour, after the
company known as Monaca was taken from an arrested banker.  "What
happened with Monaca? It's being operated by us and needs to be
passed into the government's control," the report quoted Mr.
Chavez as saying.  "He who slips loses," he added.

The Troubled Company Reporter-Latin America, citing Bloomberg
News, reported on December 28, 2009, that GrumaSAB said that
Venezuela's seizure of the assets of arrested banker Ricardo
Fernandez includes a minority stake in its Venezuelan subsidiary.
The report related that Mr. Barrueco who was jailed on charges of
illegally using depositors' money and faces up to 10 years in
jail.

According to the report, Gruma SAB said that it has no
"financial relationship" with Fernandez's banks.  "Is not possible
to assure that a higher involvement from the Venezuelan government
will not have an adverse material effect in the financial
situation and operations results from Gruma," the company said in
a statement obtained by the news agency.  Gruma SAB, Business Week
News noted, said that Mr. Fernandez was only a minority
shareholder in the Monaca and Demaseca subsidiaries and played no
role on their boards.

                        About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


PETROLEOS DE VENEZUELA: Begins Operations in Guarico
----------------------------------------------------
Petroleos de Venezuela SA (PDVSA), through the South Central
Division for Exploration and Production, begins operations in the
District Guarico with proved reserves that exceed 50 thousand
millions of crude in the Block Boyaca 8 and 400 million barrels in
the West Guarico field, most of them located in the large
reservoir of the Orinoco Oil Belt.

The Vice President of Exploration and Production of PDVSA, Eulogio
Del Pino, said that besides the Barinas and Apure districts, the
South Central Division will take great challenges in the oil and
gas with the addition of a third District to the country's axis of
the plains.

By creating this new district, the South Central Division of PDVSA
assumes a new responsibility to send crude to the refineries El
Palito and Santa Ines; the latter is in its final stages of
conceptual engineering, through the pipe line that will
interconnect the State of Guarico with existing Apure-Barinas-El
Palito, to supply fuel to the domestic market.

Also, the Vice President of E and P explained that the exploratory
work will continue in Barinas and Apure, where there is good-
quality oil.  These operational areas also contribute to the goals
of production that the South Central Division has this year.

On the prospects for gas bearings, it was point out that the oil
company will take up again its interest in the south-Andean flank,
exploring new areas to ensure the gas needed for the operation of
the thermoelectric plant (Termobarrancas) to cover power demand in
the plains area.

                           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
===============


FORD MOTOR: Reports $2.6-Bil. Q4 2009 Revenue in South America
--------------------------------------------------------------
Ford Motor Company says for the fourth quarter of 2009, Ford South
America reported a pre-tax operating profit of $369 million,
compared with a profit of $105 million a year ago.  The increase
is more than explained by favorable net pricing and higher volume
and mix, offset partially by unfavorable exchange. Fourth quarter
revenue was $2.6 billion, up from $1.7 billion a year ago.

On Thursday, Ford reported a full year 2009 pre-tax operating
profit, excluding special items, of $454 million, a $7.3 billion
improvement over a year ago.  The company said it now expects to
be profitable for full year 2010 on a pre-tax basis excluding
special items, for North America, total Automotive and total
company, with positive Automotive operating-related cash flow.

Ford's fourth quarter revenue was $35.4 billion, up $6.4 billion
from a year ago. Revenue for the full year was $118.3 billion, a
decline of $19.8 billion versus a year ago.

Ford posted full year net income of $2.7 billion, or 86 cents per
share, driven in part by favorable net pricing, structural cost
reductions, net gains on debt reduction actions and strong Ford
Credit results.  This marks the company's first full year of
positive net income since 2005 and a $17.5 billion improvement
over 2008.

A full-text copy of Ford's earnings release is available at no
charge at http://ResearchArchives.com/t/s?4ef6

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on Nov. 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


                            ***********

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 * * *