TCRLA_Public/100201.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

        Monday, February 1, 2010, Vol. 11, No. 021

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Daughter Inks Deal to Give Up Houston Condo


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Global Rating
* ARGENTINA: Central Bank President Steps Down


B A H A M A S

CLICO BAHAMAS: New Judge to Oversee Liquidation


B E R M U D A

* BERMUDA: Restaurants May Shut Down Due to Economic Downturn


C A Y M A N  I S L A N D S

APIANA INVESTMENTS: Commences Liquidation Proceedings
ASAT HOLDING: Asks Noteholders to Approve Sale of Subsidiary
BRAMLEY FUNDING: Commences Liquidation Proceedings
CASTLEREAGH ASIA PACIFIC: Commences Liquidation Proceedings
CASTLEREAGH ASSET: Commences Liquidation Proceedings

INNOVATION ADMINISTRATION: Commences Liquidation Proceedings
JCA ULTIMATE: Shareholders Receive Wind-Up Report
LIBERTAS PREFERRED: Commences Wind-Up Proceedings
MABU INVESTMENT: Commences Wind-Up Proceedings
NEW STAR: Commences Wind-Up Proceedings

NEW STAR: Commences Wind-Up Proceedings
NEW STAR: Commences Wind-Up Proceedings
NEW STAR: Commences Wind-Up Proceedings
OCCAM CIRRUS: Shareholders Receive Wind-Up Report
OCCAM VECTIS: Shareholders Receive Wind-Up Report

OCTANS I CDO: Commences Wind-Up Proceedings
PUCUI INTERNATIONAL: Commences Wind-Up Proceedings
RAVENNA INVESTMENT: Shareholders Receive Wind-Up Report
SEFIMA INTERNATIONAL: Commences Wind-Up Proceedings
SR DORUS: Commences Liquidation Proceedings

SUNOVA GLOBAL: Commences Wind-Up Proceedings
SUNOVA OFFSHORE: Commences Wind-Up Proceedings
SV CORINTHIAN: Commences Liquidation Proceedings
SW TUSCAN: Commences Liquidation Proceedings
SWISS RE: Commences Liquidation Proceedings

SZ GOTHIC: Commences Liquidation Proceedings
TIGRIS CDO 2007-1: Commences Wind-Up Proceedings
TOPCO LIMITED: Commences Wind-Up Proceedings
WHITE CANAL: Shareholders Receive Wind-Up Report


C H I L E

* CHILE: Posts $7.2BB Budget Deficit in 2009, Biggest Since 1990


H A I T I

* HAITI: FAO Seeks Sponsors for Govt's $700-Mil. Agriculture Plan


J A M A I C A

AIR JAMAICA: Will Review Pilots' Bid if Caribbean Air Deal Fails
AIR JAMAICA: May Drop Bahamas Route as Part of Carribean Air Deal
JAMAICA DIVERSIFIED: Moody's Downgrades Ratings on Notes to 'B2'
* JAMAICA: PwC Says Debt Exchange, Tax Charges to Contract Economy
* JAMAICA: BOJ Buys $13 Billion Worth of Government Bonds


M E X I C O

GRUMA SAB: Venezuela Gov't May Only Grab Banker's Monaca Stake


T R I N I D A D  &  T O B A G O

* TRINIDAD AND TOBAGO: Economic Outlook Remains Grim, Experts Say


V E N E Z U E L A

MOLINOS NACIONALES: Gov't May Only Grab Banker's Stake
RADIO CARACAS: Chavez Protests France' Comments on Closure


X X X X X X X X

* Airline Passenger Traffic Fell the Most in 2009, IATA Says

* BOND PRICING: For the Week January 25 to January 29, 2010




                         - - - - -


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


STANFORD INT'L: Daughter Inks Deal to Give Up Houston Condo
-----------------------------------------------------------
Reuters reports that Randi Stanford, 27, the daughter of indicted
Texas financier Allen Stanford must move out of a $1.3 million
luxury apartment in Houston, Texas by March 31, pursuant to an
agreement reached Thursday with Ralph Janvey, the court-appointed
receiver overseeing liquidation of Allen Stanford's assets.

Ms. Stanford, Reuters recalls, had fought attempts to force her to
leave the condominium, even referring in a court filing to
"Gestapo-like tactics" by lawyers for Mr. Janvey.  The apartment
is in a high-rise in Houston's posh River Oaks neighborhood.

Mr. Janvey, according to Reuters, said he would sell the 2,800-
square-foot condominium and return profits to Mr. Stanford's
shareholders.

Reuters relates Ms. Stanford's lawyers had argued that Mr. Janvey
has not shown that funds used to buy the condo could be traced to
fraudulent conduct.

Reuters relates that an analysis by a forensic accountant
submitted on Wednesday showed that the $1,297,506 used to purchase
the property in January 2007 came from Allen Stanford's personal
bank account at the Bank of Antigua Limited in Antigua and
Barbuda.

               About Stanford International Bank

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

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

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

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

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


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Global Rating
----------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Aa3.ar and a global local currency rating of B2 to the debt
securities of Fideicomiso Financiero Multipyme X issued by Bapro
Mandatos y Negocios S.A. acting solely in its capacity as Issuer
and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a financial
guarantor in Argentina.  Garantizar has a local currency national
scale rating of Aa3.ar and a global local currency rating of B2.

                            Structure

Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one
class of debt securities denominated in US dollars.  The rated
securities will bear a 6.5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction, which
will occur 300 days after the closing date of the transaction.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nación Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to make
payment under the bills of exchange.  Garantizar, in turn, will
have five days to make this payment into the trust account.  Under
the terms of the transaction documents, the trustee has up to two
days to distribute interest and principal payments to investors.
Interest on the securities will accrue up to the date on which the
funds are initially deposited by either Garantizar, the exporter,
or the individual producers into the Trust account.

The designated Trustee in this transaction is Bapro Mandatos y
Negocios S.A., which is Banco de la Provincia de Buenos Aires'
trustee company.

                           Rating Action

* US$1,955,000 in Fixed Rate Debt Securities of "Fideicomiso
  Financiero MULTIPYME X", rated Aa3.ar (Argentine National Scale)
  and B2 (Global Scale, Local Currency).


* ARGENTINA: Central Bank President Steps Down
----------------------------------------------
Dow Jones Newswires' Matthew Cowley and The Wall Street Journal's
Matt Moffett report that Argentina's central bank President Martin
Redrado resigned abruptly on Friday, after a bitter dispute with
President Cristina Kirchner over control of the bank's foreign-
currency reserves.

According to the report, the announcement came while a
congressional commission was still deliberating over whether Mr.
Redrado had acted properly in refusing to transfer US$6.57 billion
in reserves into a fund established by President Kirchner to pay
part of the national debt.  According to the report, the
commission's recommendation was nonbinding, and because President
Kirchner had already decided Mr. Redrado should go, he decided to
leave on his own terms.

For its part, the report continues, the government seemed keen to
deny Mr. Redrado that satisfaction, preferring instead to claim
that it fired him.

The report notes that, while Mr. Redrado's departure removes a
hurdle for Mrs. Kirchner, the government faces another obstacle in
unlocking the reserves.  The report relates an Argentine court
determined that Mrs. Kirchner needed the blessing of the full
Congress to use the reserves.  Lawmakers are expected to take the
matter up in March, when they return from summer recess -- if they
aren't called into an emergency session before then.

According to the report, the central bank reserves themselves
remain under lock and key, for now, as the court ruling suspended
a presidential edict authorizing the transfer, pending
congressional intervention.  The government is seeking to build
support among legislators.

The report relates Mrs. Kirchner issued a decree firing Mr.
Redrado on Jan. 7.  He went to court and was reinstated the next
day.  On Jan. 22, an appellate court issued an ambiguous ruling
which both the government and Mr. Redrado claimed backed their
positions.  But the government then stationed police outside the
Central Bank and denied him entry Sunday.  Since then, Mr.
Redrado's deputy, Miguel Angel Pesce, has been heading the bank.


=============
B A H A M A S
=============


CLICO BAHAMAS: New Judge to Oversee Liquidation
-----------------------------------------------
Barbados' NationNews.com reports that a new judge will preside
over the liquidation of failed insurer CLICO (Bahamas) Ltd.
NationNews.com says lawyers dealing with the case have confirmed
this to The Nassau Guardian.

NationNews.com notes February will mark the one-year anniversary
of the CLICO liquidation process, and Tracy Ferguson, Esq.,
partner with Callenders & Co., confirmed that a report from the
official liquidator Craig Gomez had been submitted but that it
would be highly unlikely that Supreme Court Justice Cheryl Albury
would see it as she is due to step down from the bench January 29.

NationNews.com, citing Nassau Guardian, relates Ms. Ferguson said,
". . . So the case will now be referred to the chief justice to
allocate a new judge."

As reported by the Troubled Company Reporter on April 30, 2009,
Clico (Bahamas) Limited filed for bankruptcy protection under
Chapter 15 of the U.S. Bankruptcy Code before the U.S. Bankruptcy
Court for the Southern District of Florida (Miami).   Chapter 15
allows a company to seek protection from creditors in the United
States while its primary bankruptcy case is pending in another
country.

Clico commenced insolvency proceedings before the Commercial
Division of the Supreme Court of the Bahamas.  The TCR, citing a
Bloomberg report, said Clico listed assets and debt of as much as
$500 million each.  The Company, Bloomberg said, citing court
papers, loaned more than $70 million to affiliated companies which
Clico's liquidator "believes has found its way into real estate
developments."

Craig A. Gomez was appointed by the Bahamian court as liquidator
of Clico, Bloomberg reported, citing court documents.

Clico (Bahamas) Limited is a Bahamian company that was involved in
life and health insurance, pensions and annuities.


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


* BERMUDA: Restaurants May Shut Down Due to Economic Downturn
-------------------------------------------------------------
Alex Wright at The Royal Gazette in Bermuda reports that Walter
Simmons, the head of the Bermuda Chamber of Commerce's restaurant
and nightclub division, has warned a number of restaurants across
Bermuda could be forced to shut down in the coming months and
years due to the economic downturn.  Mr. Simmons owns Bouchee and
the Rotisserie Grill.

Mr. Simmons, according to the Royal Gazette, said things had
become so bad for the restaurant trade that some eateries' takings
were down by more than 50% and he feared many would not survive as
a result of a drop-off in local and tourist business.

The report relates Mr. Simmons said the Government could help
restaurateurs through freeze on payroll tax and social insurance
and continuation of tax concessions for imported materials used
for renovations.

"I would certainly like not to see an increase in employment
taxes, because we have to pay half of everything for our
employees, including their pension, payroll tax and social
insurance," said Mr. Simmons, according to the report.


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


APIANA INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
Apiana Investments Japan Longshort Fund 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:

         Managementplus Limited
         c/o Nicole Ebanks
         Telephone: (345) 943-2295
         Facsimile: (345) 943-2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855, Grand Cayman, KY1-1207


ASAT HOLDING: Asks Noteholders to Approve Sale of Subsidiary
------------------------------------------------------------
ASAT Holdings Limited is soliciting consent from holders of its
US$150 million 9.25% Senior Notes due 2011 to amend the indenture
governing the Notes in order to permit the sale of ASAT Limited, a
wholly owned subsidiary of the Company, to United Test and
Assembly Center Ltd, and certain related transactions.

A full-text copy of the consent solicitation is available for free
at http://ResearchArchives.com/t/s?4f1d

The Company is a wholly-owned subsidiary of ASAT Limited, a
limited liability company incorporated under the laws of Hong Kong
and a member of the group of companies controlled by ASAT
Holdings.  The business of the Group is to provide semiconductor
package design, assembly and test services to businesses around
the globe.

The Group has for some time been in severe financial difficulty,
brought about largely by the Group's high leverage, fluctuating
demand and continuous downward pressure on product prices in the
semiconductor industry.  Due to the significant debt obligations
of the Group as a whole and the global economic crisis, members of
the Group have failed to meet their respective financial
obligations, including the obligations of the Company under the
Notes and the obligations of ASAT Holdings under the Purchase
Money Loan Agreement, dated as of July 31, 2005, as amended,
between ASAT Holdings, as borrower, the persons party thereto as
lenders at the relevant time -- PMLA Lenders -- and Asia
Opportunity Fund, L.P. as administrative agent -- PMLA.  ASAT
Holdings owes $2.4 million in due but unpaid principal and
$3.4 million in accrued and unpaid interest and fees under the
PMLA. A further $12.4 million in principal is outstanding under
the PMLA.

The board of directors of ASAT Holdings believes that it is
reasonably likely that the Group will be unable to discharge its
financial liabilities, including its liabilities with respect to
the Notes and the PMLA, in full.  The ability of the Company and
the Group to continue to operate as a going concern is uncertain.
With the passage of time, there is a significant possibility that
it will be necessary for insolvency proceedings with respect to
the Company and the Group as a whole to be commenced, perhaps in
several jurisdictions simultaneously, and for the assets of the
Group to be liquidated through such insolvency proceedings.

In February 2009, the Board formed a special committee of its
independent members to explore feasible strategies to address the
financial difficulties of the Group.  Shortly thereafter, ASAT
entered into discussions with certain of the Holders and the PMLA
Lenders, as well as holders of its common shares and preferred
shares with a view toward implementing a financial restructuring
that would have discharged its obligations under the Indenture and
the PMLA in exchange for an issuance of equity in ASAT Holdings
and new debt of the Company to the Holders and PMLA Lenders.  As
these discussions continued into the third quarter of 2009 and the
cash position of the Group worsened, it became apparent that there
was a significant risk that the Group would not be able to
continue as a going concern prior to the expected time of
completion of the financial restructuring.  Furthermore, while the
financial restructuring would have improved ASAT's capital
structure, it would not have addressed ASAT's liquidity issues and
ASAT would have continued to have had substantial capital
requirements.

In addition, the financial restructuring was subject to several
third party approvals and conditions (including the approval of
the Court of Grand Cayman and the U.S. Bankruptcy court), giving
rise to further uncertainty as to whether it had a reasonable
chance of being completed.

Due to the uncertainty as to whether ASAT would have sufficient
liquidity to continue operations through the completion of the
proposed financial restructuring and as to whether ASAT would be
able to achieve a favorable outcome for the Company and its
creditors and other stakeholders through the proposed financial
restructuring, in September 2009, ASAT retained Macquarie Capital
to provide strategic advisory services and to assist the Special
Committee in exploring possible alternatives to maximize value for
the Company's stakeholders.

In November 2009, the Group implemented an auction process to sell
ASAT Limited, the indirect intermediate holding company for the
Group's operating subsidiary, ASAT Semiconductor Dongguan Limited
-- ASAT China -- and certain intragroup receivables owed by ASAT
Limited to the Company and ASAT Holdings.

At the end of the auction process, ASAT continued negotiations
with three bidders.  ASAT also provided for an informal re-bid
process, giving each remaining bidder the opportunity to improve
its terms.  The Special Committee considered the competing offers
at each stage of the process, and discussed the pros and cons of
each bid with Macquarie, management, and legal counsel.  The
Special Committee also consulted with certain large Holders and
PMLA Lenders on a confidential basis, and took account of their
views on the relative attractiveness of each bid.  Following such
discussions and deliberations, the Special Committee advised the
Board, and the Board concluded that one of the bids gave rise to
significant uncertainty about whether a sale could be completed,
primarily because of significant conditions precedent, longer lead
time to completion and delayed payment of part of the
consideration.

According to ASAT, the bid from United Test and Assembly Center
Ltd., provided a relatively straightforward structure for a sale
of the Group's operations at an acceptable price from an
acceptable counterparty.  The Special Committee determined to
proceed to finalization of a sale and purchase agreement with the
Purchaser.  The terms of such bid were finally reflected in a Sale
and Purchase Agreement.

Under the Sale and Purchase Agreement: (i) ASAT Holdings agreed to
sell the entire issued share capital of ASAT Limited and all of
ASAT Holdings' right, title and interest to the inter-company
receivables -- ASAT Holdings Loan Receivable -- owing to ASAT
Holdings, as lender, by ASAT Limited, as borrower, as of the date
of completion of the Proposed Sale; and (ii) the Company agreed to
sell and the Purchaser agreed to purchase all of the Company's
right, title and interest to the inter-company receivables owing
to the Company, as lender, by ASAT Limited, as borrower, as of the
Completion Date, for an aggregate amount of $44,643,887, of which
$1 is in consideration for the Sale Shares and $44,643,886 is in
consideration for the ASAT Holdings Loan Receivable and the
Company Loan Receivable, subject to satisfaction or waiver of each
of the conditions precedent to the Sale and Purchase Agreement on
or before March 31, 2010, which date may be extended by the
agreement of the parties to the Sale and Purchase Agreement --
Long Stop Date.

The Consideration payable by the Purchaser may be subject to a
downward adjustment -- Price Adjustment -- of not more than
$5,000,000, which is to be determined on the basis of working
capital, debt and certain additional factors, calculated as of the
Completion Date.  Upon completion of the Proposed Sale, $5,000,000
of the Consideration -- Retained Escrow Amount -- will be
deposited into an escrow account maintained with JPMorgan Chase
Bank, N.A.  The Purchaser will have no recourse against ASAT
Holdings or the Company for any amounts that may become payable to
the Purchaser with respect to any Price Adjustment or any warranty
claims under the Sale and Purchase Agreement other than to extent
there are available funds standing to the credit of the Escrow
Account.

The Special Committee on behalf of ASAT Holdings also engaged KPMG
Corporate Finance Limited to deliver a fairness opinion to the
Board with respect to the fairness to the creditors of ASAT
Holdings and the Company of the Proposed Sale.  The Fairness
Opinion includes estimated recoveries to Holders, PMLA Lenders,
holders of Series A Preferred Shares and holders of ordinary
shares of ASAT Holdings in the event that the Group were to become
subject to liquidation prior to completion of the Proposed Sale.
Based on the Fairness Opinion, in the event of a liquidation of
the Group, (i) Holders would be entitled to recover approximately
2.12% of the amount outstanding under the Notes, (including
principal and accrued and unpaid interest on the Notes), (ii) PMLA
Lenders would be entitled to recover approximately 1.48% of the
amount outstanding under the PMLA Loan (including principal and
accrued and unpaid interest on the PMLA Loan), and (iii) no
liquidation proceeds would be available for distribution to
holders of ASAT Holdings' Series A Preferred Shares or ordinary
shares.

                    About ASAT Holdings Limited

ASAT Holdings Limited (OTC Bulletin Board: ASTTY) --
http://www.asat.com/-- is a global provider of semiconductor
package design, assembly and test services. With 20 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products.  The Company has
operations in the United States, Asia and Europe.


BRAMLEY FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
Bramley Funding Limited commenced liquidation proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London, EC3A 8EP


CASTLEREAGH ASIA PACIFIC: Commences Liquidation Proceedings
-----------------------------------------------------------
Castlereagh Asia Pacific Investment Fund Ltd commenced liquidation
proceedings on November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Christopher Johnson
         Russell Smith
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


CASTLEREAGH ASSET: Commences Liquidation Proceedings
----------------------------------------------------
Castlereagh Asset Management Ltd commenced liquidation proceedings
on November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Christopher Johnson
         Russell Smith
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


INNOVATION ADMINISTRATION: Commences Liquidation Proceedings
------------------------------------------------------------
Innovation Administration Ltd commenced liquidation proceedings on
November 26, 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
         c/o 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


JCA ULTIMATE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of JCA Ultimate GP Ltd. received, on January 8,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LIBERTAS PREFERRED: Commences Wind-Up Proceedings
-------------------------------------------------
Libertas Preferred Funding IV, 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
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


MABU INVESTMENT: Commences Wind-Up Proceedings
----------------------------------------------
Mabu Investment Ltd. commenced wind-up proceedings on November 6,
2009.

Only creditors who were able to file their proofs of debt by
December 7, 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


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star UK Gemini Liquidfunds GP (Cayman) Limited commenced wind-
up 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:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star UK Gemini Liquidfunds Limited commenced wind-up
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:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star European Liquidfunds GP (Cayman) Limited commenced wind-
up 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:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star European Liquidfunds Limited commenced wind-up
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:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


OCCAM CIRRUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Occam Cirrus Fund Inc. received, on January 8,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


OCCAM VECTIS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Occam Vectis Fund Inc. received, on January 8,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


OCTANS I CDO: Commences Wind-Up Proceedings
-------------------------------------------
Octans I 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
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


PUCUI INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Pucui International Ltd. commenced wind-up proceedings on
November 18, 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


RAVENNA INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ravenna Investment Limited. received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Charles Hotton
         c/o Philip Sutcliffe
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103


SEFIMA INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Sefima International Ltd. commenced wind-up proceedings on
November 18, 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


SR DORUS: Commences Liquidation Proceedings
-------------------------------------------
SR Dorus Investments Limited commenced liquidation proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London, EC3A 8EP


SUNOVA GLOBAL: Commences Wind-Up Proceedings
--------------------------------------------
Sunova Global Offshore Ltd. commenced wind-up proceedings on
November 30, 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:

         Richard Finlay
         c/o Richard Barton
         Telephone: (345) 814-7765
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SUNOVA OFFSHORE: Commences Wind-Up Proceedings
----------------------------------------------
Sunova Offshore Ltd. commenced wind-up proceedings on November 30,
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:

         Richard Finlay
         c/o Richard Barton
         Telephone: (345) 814-7765
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SV CORINTHIAN: Commences Liquidation Proceedings
------------------------------------------------
SV Corinthian Investments Limited commenced liquidation
proceedings on November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London, EC3A 8EP


SW TUSCAN: Commences Liquidation Proceedings
--------------------------------------------
SW Tuscan Investments Limited commenced liquidation proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London, EC3A 8EP


SWISS RE: Commences Liquidation Proceedings
-------------------------------------------
Swiss Re Funding UK Limited commenced liquidation proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London, EC3A 8EP


SZ GOTHIC: Commences Liquidation Proceedings
--------------------------------------------
SZ Gothic Investments Limited commenced liquidation proceedings on
November 23, 2009.

Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London, EC3A 8EP


TIGRIS CDO 2007-1: Commences Wind-Up Proceedings
-------------------------------------------
Tigris CDO 2007-1, 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
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


TOPCO LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Topco Limited commenced wind-up proceedings on November 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:

         Kristan Lynne Martin
         Drey Courtm Admiral Park
         St. Peter Port, Guernsey
         Telephone: 01481 752465
         e-mail: Kristan.martin@kbci.com


WHITE CANAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of White Canal Cayman Ltd. received, on January
8, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


* CHILE: Posts $7.2BB Budget Deficit in 2009, Biggest Since 1990
----------------------------------------------------------------
Eduardo Thomson at Bloomberg in Santiago, Chile, reports that
Chile's budget director Alberto Arenas said the country posted its
biggest budget deficit since 1990 as the government boosted
spending to help protect the country from the worst global
slowdown since the Great Depression.

Bloomberg reports Mr. Arenas said in a statement distributed
Friday in Santiago the government reported a $7.2 billion budget
deficit in 2009, equal to 4.5% of gross domestic product.
According to Bloomberg, revenue from copper, the country's biggest
export, contracted 51.3% while tax revenue fell 20.4% from 2008.
According to Bloomberg, Mr. Arenas income fell 23.2% from 2008 to
18.3 trillion pesos ($34.9 billion) as spending rose 17.8% to 22.3
trillion pesos.

Bloomberg reports that Alberto Ramos, an economist at Goldman
Sachs Group Inc., wrote in an e-mailed research report, ?We expect
the fiscal deficit to moderate to less than 1.0 percent of GDP in
2010, backed by higher average copper prices and the rebound of
real activity.  According to Bloomberg, Mr. Ramos said,
?Cyclically adjusted, the structural budget balance is expected to
move from a 0.9% of GDP deficit in 2009 to broad balance in 2010.?

According to Bloomberg, Mr. Arenas said government debt in 2009
totaled 5.6 trillion pesos, or 6.3% of GDP, up from 5.2% of GDP in
2008.

According to Bloomberg, Mr. Arenas said Chile's next government
will be left to decide whether to move forward on a recommendation
made by the finance ministry last year that the funds boost
returns by investing more in stocks and corporate bonds.

President-elect Sebastian Pinera takes office March 11.


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


* HAITI: FAO Seeks Sponsors for Govt's $700-Mil. Agriculture Plan
-----------------------------------------------------------------
Food and Agriculture Organization of the United Nations is calling
for international donors to support a $700 million investment plan
in the agricultural sector drawn up by the Haitian government to
repair earthquake damaged infrastructure, boost national food
production and create employment for people fleeing Port-au-
Prince.

The special program, drawn up by the Ministry of Agriculture,
Natural Resources and Rural Development gives specific guidelines
for international aid in the sector for the next eighteen months.
It is one of the cornerstones of the government's strategy to
rebuild the country following the January 12 earthquake.

FAO and the Inter-American Institute for Agriculture Cooperation
signed an agreement with the Ministry to support the government's
plan.

FAO is leading the United Nations and NGO partners "cluster"
(coordination group) in agriculture.

A meeting was held in the Dominican Republic on January 27
attended by Joanas Gue, the Haitian Minister of Agriculture and
his counterpart in the Dominican Republic, Salvador Jimenez and
representatives of international aid organizations.

                   Food Situation Fragile

"The food situation in Haiti was already very fragile before the
earthquake and Haiti was highly dependent on food imports," said
Alexander Jones, FAO Emergencies Response Manager in Haiti.

"With people moving back to the rural areas, growth in Haiti's
agricultural sector is now an urgent priority and the Haitian
government's plan does a very good job of laying down the
immediate priorities."

Almost 60% of Haitians lived in rural areas before the earthquake
struck. Haiti's rural areas are desperately poor with 80% of the
population surviving on the razor-edge of poverty with less than
two dollars a day.

The Haitian government estimates in its blueprint around $32
million is needed now to buy urgent seeds, tools and fertilisers
for farmers so that they can begin planting in March for the
spring planting season which usually accounts for 60% of Haiti's
agricultural production.

                          Sugar Refinery

Other short-term actions envisaged by the plan include the repair
of the quake-damaged Darbonne sugar refinery near Leogane,
protection of watersheds, reforestation, the rebuilding and
reinforcing of collapsed riverbanks and damaged irrigation
channels and the rehabilitation of 600 kilometres of feeder roads.

The government has also recommended the acquisition of thousands
of tonnes of cereal, pulses and vegetable seeds, produced
domestically and abroad, tools and fertilizers and support to the
livestock sector for an eighteen month period.

Other priorities include the re-launch of a program to encourage
the planting of nutritious sweet potatoes in all 10 of Haiti's
administrative departments and the building of storage facilities
to stock food and grain to prepare the country for the upcoming
hurricane season.

FAO will start activities along these priorities with the funds
received from Belgium, Brazil, Canada, Spain and the agency's own
funds.

In September 2008 the Haitian agricultural sector suffered severe
damage from a series of back-to-back tropical storms and
hurricanes from which parts of the country still have not
recovered.


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


AIR JAMAICA: Will Review Pilots' Bid if Caribbean Air Deal Fails
----------------------------------------------------------------
Caribbean Net News reports Jamaican Prime Minister Bruce Golding
said on his monthly radio talk show program, Jamaica House Live,
on Wednesday night that the business proposal by airline pilots
for ownership of Air Jamaica would be thoroughly reviewed if the
current negotiations with Caribbean Airlines of Trinidad fall
through.

Caribbean Net News quotes Prime Minister Golding as saying, "If
the negotiations with Caribbean Airlines do not lead to an
agreement, we would be in a position to look at the business plan
that has been submitted by the Jamaica airline Pilots association.
We have gathered enough experience in this divestment exercise
that has been going on for over a year, looking at all the due
diligence that has been done, the analysis of the financial
evaluation and so on. We know what to look for to ensure that it
is a proposal that can be sustained. Once we dispose of Air
Jamaica, there is no possibility to come back to the government.
The budget cannot take it,"


AIR JAMAICA: May Drop Bahamas Route as Part of Carribean Air Deal
-----------------------------------------------------------------
Jamaica Observer's Inderia Saunders reports that Air Jamaica is
considering dropping its Nassau, Bahamas route.  According to
Jamaica Observer, the Chief Executive Officer of Air Jamaica Bruce
Nobles said during a phone interview the move is part of a
possible acquisition of Jamaica's national airline by regional
carrier 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," Mr. Nobles said, according to
Observer.  "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."

According to Observer, Mr. Nobles concedes that cutting the Nassau
route is not completely off the table, given that it represents
such a small percentage of its market.

                        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
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA 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 DIVERSIFIED: Moody's Downgrades Ratings on Notes to 'B2'
----------------------------------------------------------------
Moody's has downgraded the ratings of Jamaica Diversified Payment
Rights Company, Series 2006-1 and 2007-1 and Jamaican Credit Card
Receivables Master Trust, Series 2001-A (Amended and Restated
November 29, 2007) to B2 from Ba3.  The ratings are no longer on
review for possible downgrade.  The structured transactions are
originated by National Commercial Bank Jamaica Limited (NCB).

The rating action is the result of the downgrade of the key local
currency ratings for Jamaica.  On January 22, 2010, Moody's
downgraded the local currency rating of the bonds issued by the
government of Jamaica to Caa2 from Caa1.  The foreign currency
government bond rating remains at Caa1, and both ratings now carry
a stable outlook.  The sovereign downgrade is a reflection of
Moody's estimation that losses to investors on the bonds that are
part of a debt exchange will be approximately 20% (as explained in
Moody's press release "Moody's Downgrades Jamaica's Local Currency
Bond Rating to Caa2", January 22, 2010).  The rating downgrade on
the structured ratings reflects the potential negative
developments in the economy and on NCB Jamaica as a result of the
decline of Jamaica's financial profile.  Moody's notes that these
developments reflect significant pressure on the government's
finances that can have negative effects on the credit quality of
NCB as holder of Jamaican government securities.

As in most future flow transactions, the rating of Jamaica
Diversified Payment Rights Series 2006-1 and 2007-1 and Jamaican
Credit Card Receivables Series 2001-A is in part based on the
operational and financial strength of the originator of the future
receivables, in this case, NCB.  As a result, a change in Moody's
opinion about the above mentioned factors results in a change of
the rating of NCB's future flow transactions.

Moody's notes that both future flow transactions are currently
performing according to expectations.  Both Series 2006-1 and
2007-1 issued by Jamaica Diversified Payment Rights Company
exhibit monthly and quarterly debt service coverage levels of
approximately 45 times as of the end of December 2009, while
current quarterly debt service coverage ratios for the Jamaican
Credit Card Receivables Master Trust 2001-A certificates are 6.2
times as of December 2009, above the 1.75 times early amortization
trigger.

The Jamaican Credit Card Receivables Master Trust Series 2001-A
certificate represents an interest in U.S. dollar cash flows
generated by future settlement payments owed by Visa and
MasterCard International to National Commercial Bank Jamaica
Limited (NCB).  The Jamaica Diversified Payment Rights Company,
Series 2006-1, and Series 2007-1 notes are backed by existing and
future U.S. dollar cash flows generated by the electronic
remittance business of NCB.  NCB is the originator of and the
servicer in both transactions.

The previous rating action on the Jamaican Diversified Payment
Rights, Series 2006-1 and Series 2007-1 Notes and Jamaican Credit
Card Receivables Master Trust, Series 2001-A certificates occurred
on November 20, 2009, when Moody's downgraded the notes and the
certificates to Ba3 and placed the ratings on review for possible
downgrade.

                           Rating Action

The complete rating action is:

* Jamaica Diversified Payment Rights Company, Series 2006-1,
  downgraded to B2 from Ba3; previously downgraded to Ba3 and
  placed on review for possible downgrade on November 20th, 2009

* Jamaica Diversified Payment Rights Company, Series 2007-1,
  downgraded to B2 from Ba3; previously downgraded to Ba3 and
  placed on review for possible downgrade on November 20th, 2009

* Jamaican Credit Card Receivables Master Trust, Series 2001-A
  (Amended and Restated November 29, 2007), downgraded to B2 from
  Ba3; previously downgraded to Ba3 and placed on review for
  possible downgrade on November 20th, 2009


* JAMAICA: PwC Says Debt Exchange, Tax Charges to Contract Economy
------------------------------------------------------------------
Avia Collinder at The Gleaner in Jamaica reports that Brian
Denning, tax expert and partner at PricewaterhouseCoopers Jamaica,
said the government's debt exchange and new taxation charges will
result in a compression of the economy and an effective reduction
of revenues from taxation.  Mr. Denning, The Gleaner reports, said
the fiscal initiatives announced in the past nine months would
effectively squeeze $82 billion from the system.

"The $42 billion in tax packages implemented in April, September
and December 2009 and the $40 billion cut in interest payments
will remove an aggregate $82 billion from the economy, which will
result in a contraction," Mr. Denning told the Financial Gleaner,
expanding on a presentation he made at a capital markets
conference in Kingston.

"It is taking money out of the economy, and so there is less for
consumption, less for savings and less for other economic
activity. It will reduce revenue. This is the knock-on effect of
the JDX (Jamaica Debt Exchange) and the new taxes combined."

According to The Gleaner, Mr. Denning also predicts that the end
result would be increasing pressure on tax revenues to fund
government activity to the detriment of investments.

According to the report, Mr. Denning said Jamaica needs better
systems to collect the revenues from the non-compliant and
businesses "operating under the radar screen".  "In the short
term, the solution lies in reform to tax administration framework,
the collection of taxes lawfully due. Our path to sustainable
economic growth must be paved with tax receipts," Mr. Denning
said, according to The Gleaner.

Veronica Navarro Espinosa at Bloomberg in New York on January 27
reported that Jamaica extended the deadline for creditors to
tender local debt in an exchange that Standard & Poor's and
Moody's Investors Service say is a default.

Jamaica, which had set an initial deadline of January 26, set the
new closing date for the transaction as Feb. 3 at 1 p.m., the
government said on its Web site, according to Bloomberg.  The
statement said holders of 90% of the bonds eligible for the
transaction had applied and forms are still being submitted.

On January 14, the IMF said its staff and the Jamaican authorities
reached agreement, subject to final approval by the IMF Executive
Board, on an economic program supported by an SDR 802.5 million
(about US$1.25 billion) loan under a 27-month Stand-By
Arrangement.  The program could go to the Executive Board for
approval "in the next few weeks," pending some prior actions to be
taken by the Jamaican government.  Approval of the SBA is expected
to catalyze about US$1.1 billion in funding from other
international financial institutions.

The Gleaner notes Bruce Golding's administration is predicting
that the debt initiative, other fiscal programs and the expected
US$1.25 billion of support from the International Monetary Fund
will break the back of the recession and deliver 0.3% to 0.6%
growth in GDP this year.

The IMF also predicts that the Jamaican economy will continue to
contract, though marginally, this year.

According to the report, Mr. Denning said, "The negotiation with
the IMF for balance of payments support and to open the door to
cheaper multilateral funding, the implementation of fiscal
responsibility laws, the debt ex-change, and public-sector reform
are all part of a broader economic programme to get our fiscal
house in order."

Alicia Roache at the Jamaica Observer says Jamaica's Minister of
Finance, Audley Shaw on Wednesday announced a 91% participation
from bondholders to the debt exchange, which would see holders of
Government of Jamaica bonds returning the high interest earning
instruments for bonds with lower yields and longer maturities.
However, many banks and other financial institutions earn a
significant portion of their income from interest on these bonds.
The exchange is expected to see a reduction in the earnings from
net interest income as a result, according to Observer.

In a separate article, Ms. Roache says the real estate market
could rebound this year following a decline in interest rates
resulting in an improvement in buyer response, industry experts
say.  However, not everyone is convinced that this will soon
occur.  According to Ms. Roache, Anya Levy, executive director at
Valerie Levy and Associates says a reduction in interest rates
following the successful completion of the Jamaica Debt Exchange
is the only stimulus that could lead to a rebound in the market.

The Gleaner notes Jamaica is ranked the 10th worst tax
jurisdiction, placing 174 of 183 economies in the Doing Business
survey.  Its major trading partners in North America, Canada and
the United States, are ranked 28th and 61st, respectively; the
United Kingdom does even better at 16, while in the region,
Dominican Republic is ranked 70th, St. Lucia, 40th, and Trinidad
and Tobago, 56th.


* JAMAICA: BOJ Buys $13 Billion Worth of Government Bonds
---------------------------------------------------------
The Gleaner in Jamaica reports The Bank of Jamaica had to pick up
$13 billion worth of bonds to bail out the Government earlier this
month.  The Gleaner reports deputy Financial Secretary Darlene
Morrison confirmed the transaction Thursday night but denied
suggestions that it represented an advance to the Government.

Ms. Morrison told The Gleaner that the BOJ stepped in to pick up
the instruments after a 60-day bond offer floated by the
Government had not been fully subscribed.

The Gleaner notes it is not the first time that the BOJ has come
to the rescue of central government with funds.  The Gleaner says
the BOJ in December confirmed that it advanced the Government $5.1
billion.  Of this amount, the central bank said $2.5 billion had
been repaid, while the remainder was being converted to
securities.

The Gleaner also relates the BOJ said it picked up $18 billion
from two government bond offers that had not been fully
subscribed.


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


GRUMA SAB: Venezuela Gov't May Only Grab Banker's Monaca Stake
--------------------------------------------------------------
Nathan Gill and Daniel Cancel at Bloomberg News in Caracas report
that HSBC Holdings Plc analyst Pedro Herrera said in a note to
clients Friday that Venezuela may leave Gruma SAB with full
operational control of Molinos Nacionales CA, maker of Robin Hood
flour known as Monaca, and only seize banker Ricardo Fernandez
Barrueco's stake in order to maintain stability in the food
industry.

The Troubled Company Reporter-Latin America reported on Friday
Venezuelan President Hugo Chavez said his government will take
control of Monaca after authorities arrested Mr. Fernandez
Barrueco in November for allegedly diverting deposits from
financial institutions that he owned and for failing to prove the
origin of funds.

Gruma has a 72.86% stake in Monaca.  Mr. Fernandez Barrueco holds
a 24.14% stake.

"The government cannot afford major disruptions to food
availability at this time," Mr. Herrera wrote, according to
Bloomberg.  "The food supply and distribution system of which
Gruma is a part has been working well and it benefits the
government to ensure that it continues to work."

Bloomberg notes Gruma's Venezuelan operations accounted for about
18% of total sales as of September 2009.  Gruma operates Monaca in
Venezuela through a company called Valores Mundiales.

                        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.


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


* TRINIDAD AND TOBAGO: Economic Outlook Remains Grim, Experts Say
-----------------------------------------------------------------
Trinidad and Tobago Express reports that the country's economic
outlook continues to be grim with the rate of inflation and
unemployment edging back up and interest rates coming further
down.

Trinidad and Tobago Express relates that inflation in Caribbean
countries like Barbados and Jamaica will continue to rise towards
the end of 2010, economic experts at Caribbean Money Market
Brokers suggested on Thursday.

According to Trinidad and Tobago Express, senior analyst at CMMB
Vangie Bhagoo on Thursday told business executives at a CMMB-
hosted forum on local, regional and global markets at the Hyatt
Regency Trinidad, Port of Spain, that inflation, now at 1.3%, was
projected to climb again by the end of the year to between 3% and
5%.

According to Trinidad and Tobago Express, Ms. Bhagoo added that
unemployment, now at 5.8% is also projected to increase to between
6.5% and 7% by the end of the year.


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


MOLINOS NACIONALES: Gov't May Only Grab Banker's Stake
------------------------------------------------------
Nathan Gill and Daniel Cancel at Bloomberg News in Caracas report
that HSBC Holdings Plc analyst Pedro Herrera said in a note to
clients Friday that Venezuela may leave Gruma SAB with full
operational control of Molinos Nacionales CA, maker of Robin Hood
flour known as Monaca, and only seize banker Ricardo Fernandez
Barrueco's stake in order to maintain stability in the food
industry.

The Troubled Company Reporter-Latin America reported on Friday
Venezuelan President Hugo Chavez said his government will take
control of Monaca after authorities arrested Mr. Fernandez
Barrueco in November for allegedly diverting deposits from
financial institutions that he owned and for failing to prove the
origin of funds.

Gruma has a 72.86% stake in Monaca.  Mr. Fernandez Barrueco holds
a 24.14% stake.

"The government cannot afford major disruptions to food
availability at this time," Mr. Herrera wrote, according to
Bloomberg.  "The food supply and distribution system of which
Gruma is a part has been working well and it benefits the
government to ensure that it continues to work."

Bloomberg notes Gruma's Venezuelan operations accounted for about
18% of total sales as of September 2009.  Gruma operates Monaca in
Venezuela through a company called Valores Mundiales.

                        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.


RADIO CARACAS: Chavez Protests France' Comments on Closure
----------------------------------------------------------
Reuters in Caracas reports President Hugo Chavez said on Tuesday
that Venezuela has sent France a protest note over criticisms of
the Venezuelan government's move to push opposition station Radio
Caracas Television off subscription television networks.

"I had to approve a protest note for the government France, and it
makes me sad," President Chavez said in televised comments,
according to Reuters.  "I don't know why the government of
(Nicolas) Sarkozy has to get involved in those internal issues."

As reported by the Troubled Company Reporter on January 26, 2010,
Jose Orozco at Bloomberg News said Venezuela's telecommunications
regulator (Conatel) ordered cable television providers to stop
carrying Radio Caracas Television, the network whose broadcast
rights President Hugo Chavez revoked in 2007, for allegedly
violating rules including not televising the president's speeches.

TCR-LA, citing Bloomberg, said Public Works and Housing Minister
Diosdado Cabello, who also heads Conatel, called on cable
providers to pull networks off the air that haven't registered
with the regulator and whose media classification has been changed
to national from international.  Bloomberg noted that
international networks, whose programming must be 70% foreign,
don't have to follow rules such as broadcasting President Chavez's
speeches.

According to Reuters, a spokesman for the French Foreign Ministry
has expressed "concern" about the decision and urged authorities
to "quickly revoke the decision."

Reuters notes the removal of RCTV from subscription television was
widely criticized by press freedom groups and by the U.S.
government, though it was backed by Chavez supporters who say the
station was not following broadcast rules.

Reuters recalls President Chavez in previous bilateral disputes
has threatened foreign investors, most notably when he threatened
actions Spanish multinationals following a row with Spanish King
Juan Carlos I.  Reuters notes French oil giant Total, which has
billions of dollars invested in Venezuela, is considered a likely
candidate to take part in bidding for several heavy oil projects.
Reuters also notes President Chavez in January nationalized a
hyper-market chain owned by French retailer Casino on charges of
price gouging.  The company owns another chain of supermarkets in
Venezuela.

                      About Radio Caracas

Radio Caracas Television Internacional is a Venezuelan cable
television network headquartered in the Caracas neighborhood of
Quinta Crespo.  It was sometimes referred to as the Canal de
B rcenas.  Owned by Empresas 1BC, RCTV Internacional was
inaugurated as Radio Caracas Television (RCTV) on November 15,
1953, by William H. Phelps, Jr.  Its radio counterpart was Radio
Caracas Radio.


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


* Airline Passenger Traffic Fell the Most in 2009, IATA Says
------------------------------------------------------------
The International Air Transport Association (IATA) reported
December and full-year 2009 demand statistics for international
scheduled air traffic that showed the industry ending 2009 with
the largest ever post-war decline.  Passenger demand for the full
year was down 3.5% with an average load factor of 75.6%.  Freight
showed a full-year decline of 10.1% with an average load factor of
49.1%.

"In terms of demand, 2009 goes into the history books as the worst
year the industry has ever seen. We have permanently lost 2.5
years of growth in passenger markets and 3.5 years of growth in
the freight business," said Giovanni Bisignani, IATA's Director
General and CEO.

International passenger capacity fell 0.7% in December 2009 while
freight capacity grew 0.6% above December 2008 levels.  Yields
have started to improve with tighter supply-demand conditions in
recent months, but they remained 5-10% down on 2008 levels.
"Revenue improvements will be at a much slower pace than the
demand growth that we are starting to see. Profitability will be
even slower to recover and airlines will lose an expected US$5.6
billion in 2010," said Bisignani.

Seasonally adjusted demand figures for December compared to
November 2009 indicate a 1.6% rise in passenger traffic while
freight remained basically flat with a 0.2% decline.

                   International Passenger Demand

December 2009 passenger demand recorded a 4.5% improvement
compared to December 2008, with a load factor of 77.6%.  While
this is an 8.4% demand improvement from the February 2009 low
point, it is still 3.4% below the early 2008 peak.

    * Carriers in Asia-Pacific, Europe and North America
      recorded year-on-year declines in passenger demand
      of 5.6%, 5.0% and 5.6% respectively in 2009.
      Asia-Pacific carriers stand out as benefitting most
      from the year-end upturn with an 8.0% year-on-year
      improvement in December.  This reflects their 35%
      contribution to the year-end rise boosted by the
      significant economic upturn in the region.  By
      contrast, European carriers saw a 1.2% decline and
      North American carriers declined by 0.4%.  While
      both North American and European carriers saw demand
      improvements in the first half of the year, the
      second half was basically flat.

    * Middle Eastern carriers generated the fastest growth
      in passenger traffic at the end of the year with a
      19.1% increase in December (and 11.2% growth for the
      entire year).  These gains result from Middle Eastern
      carriers taking a larger share of long-haul connecting
      traffic over their hubs.

    * Latin American carriers recorded 7.1% growth in December.
      Full-year traffic growth was constrained to 0.3% due to
      the impact of Influenza A(H1N1) fears during the second
      and third quarters.

    * Africa's carriers experienced a sharp decline of 6.8% in
      2009 primarily on an exceptionally weak first half.
      Their year ended with December demand at 3.1% above
      previous year levels.

                   International Freight Demand

December 2009 freight demand showed a 24.4% improvement on
December 2008 with a load factor of 54.1%.  This improvement is
exaggerated by the exceptionally weak performance in December 2008
which was the low point on the cycle.  Freight demand is still 9%
lower than the peak in early 2008. Optimism is returning to the
industry as purchasing managers survey indicators reached a 44-
month high in December pointing towards increased freight volumes
in the coming months.

    * Asia-Pacific carriers accounted for over 60% of the
      increase in international air freight markets over
      the past 12 months?outperforming their 45% market
      share.  Despite this improvement, Asia-Pacific
      carriers' freight volumes remain 8% below peak levels.

    * European carriers remain 20% below 2008 peak levels
      reflecting the glacial pace of economic recovery in
      Europe compared to Asia-Pacific.

    * Middle East carriers and Latin American carriers are
      smaller market participants, but ended the year better
      than peak levels by 7% and 21% respectively.

"The industry starts 2010 with some enormous challenges. The worst
is behind us, but it is not time to celebrate.  Adjusting to 2.5-
3.5 years of lost growth means that airlines face another spartan
year focused on matching capacity carefully to demand and
controlling costs," said Bisignani.

"We also face a renewed challenge on security as a result of the
events of December 25, 2009.  The approach of the Obama
administration is encouraging with Department of Homeland Security
Secretary Janet Napolitano visiting IATA's offices in Geneva to
engage industry to find solutions.  We agreed that governments and
industry must cooperate and we are preparing for a meeting in the
coming weeks to follow-up on our recommendations which focused on
finding more efficient ways to implement intelligence-driven and
risk-based security measures," said Bisignani.

"Governments and industry are aligned in the priority that we
place on security.  But the cost of security is also an issue.
Globally, airlines spend US$5.9 billion a year on what are
essentially measures concerned with national security. This is the
responsibility of governments, and they should be picking up the
bill," said Bisignani.


* BOND PRICING: For the Week January 25 to January 29, 2010
-----------------------------------------------------------

Issuer            Coupon  Maturity  Currency   Price
------            ------  --------  --------   -----

ARGENTINA

ARGENT-$DIS         8.28   12/31/2033     USD     68.12708
ARGENT-PAR          1.18   12/31/2038     ARS       37.265
ARGENT-=DIS         7.82   12/31/2033     EUR        58.27
ARGNT-BOCON PR11       2   12/3/2010      ARS     22.91565
ARGNT-BOCON PR13       2   3/15/2024      ARS     72.36667
BOGAR 2018             2   2/4/2018       ARS     122.1913
BUENOS AIRE PROV   9.375   9/14/2018      USD     69.29977
BUENOS AIRE PROV   9.625   4/18/2028      USD     66.18604
BUENOS-$DIS         9.25   4/15/2017      USD     73.57433
MENDOZA PROVINCE     5.5   9/4/2018       USD     74.61038

BRAZIL

CESP                9.75   1/15/2015      BRL     66.13108


CAYMAN ISLAND

BANIF FIN LTD          3   12/31/2019     EUR       74.986
BARION FUNDING      1.44   12/20/2056     GBP     31.48093
BARION FUNDING      0.63   12/20/2056     GBP     18.02821
BCP FINANCE CO     4.239   #N/A N Ap      EUR     76.45833
BCP FINANCE CO     5.543   #N/A N Ap      EUR     77.42871
BES FINANCE LTD      6.2   2/7/2035       EUR       73.012
BISHOPSGATE ASSE   4.808   8/14/2044      GBP      70.8755
CHINA MED TECH         4   8/15/2013      USD           65
CHINA PROPERTIES   9.125   5/4/2014       USD     84.09288
CHINA SUNERGY       4.75   6/15/2013      USD        68.75
DUBAI HLDNG COMM       6   2/1/2017       GBP     60.04744
DUBAI HLDNG COMM    4.75   1/30/2014      EUR     65.56565
FERTINITRO FIN      8.29   4/1/2020       USD        65.75
GOL FINANCE         8.75   #N/A N Ap      USD           89
MAZARIN FDG LTD     1.44   9/20/2068      GBP     28.81371
PUBMASTER FIN      6.962   6/30/2028      GBP      68.5028
PUBMASTER FIN       8.44   6/30/2025      GBP      72.7575
SHINSEI FIN CAYM   6.418   #N/A N Ap      USD      62.9783
SHINSEI FIN CAYM   6.418   #N/A N Ap      USD         62.8
SHINSEI FINANCE     7.16   #N/A N Ap      USD       62.925
SHINSEI FINANCE     7.16   #N/A N Ap      USD           58


ECUADOR

REP OF ECUADOR     9.375   12/15/2015     USD     95.73143

JAMAICA

JAMAICA GOVT         8.5   2/28/2036      USD           78
JAMAICA GOVT           8   3/15/2039      USD        74.25


PUERTO RICO

PUERTO RICO CONS     6.5   4/1/2016       USD         46.5
PUERTO RICO CONS     6.2   5/1/2017       USD        54.85

VENEZUELA

PETROLEOS DE VEN     4.9   10/28/2014     USD     61.61541
PETROLEOS DE VEN   5.125   10/28/2016     USD     54.25962
PETROLEOS DE VEN    5.25   4/12/2017      USD     59.54517
PETROLEOS DE VEN   5.375   4/12/2027      USD     48.67695
PETROLEOS DE VEN     5.5   4/12/2037      USD     47.11334
PETROLEOS DE VEN       5   10/28/2015     USD     57.53844
VENEZUELA           9.25   9/15/2027      USD     74.06038
VENEZUELA           9.25   5/7/2028       USD         70.4
VENEZUELA           5.75   2/26/2016      USD        69.85
VENEZUELA              7   12/1/2018      USD     68.66666
VENEZUELA              6   12/9/2020      USD     58.68622
VENEZUELA              9   5/7/2023       USD     71.14025
VENEZUELA           8.25   10/13/2024     USD       65.475
VENEZUELA           7.65   4/21/2025      USD     62.91875
VENEZUELA           7.75   10/13/2019     USD     67.52917
VENEZUELA              7   3/31/2038      USD     57.87429
VENZOD - 189000    9.375   1/13/2034      USD       70.841


                            ***********

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 * * *