TCRLA_Public/100202.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

        Tuesday, February 2, 2010, Vol. 11, No. 022

                            Headlines



A R G E N T I N A

* ARGENTINA: Costs May Drop After Central Banker Quit


B R A Z I L

BANCO CRUZEIRO: To Pay BRL15.5 Million in Dividends
BERTIN SA: Moody's Confirms B1 Guaranteed Sr. Unsec. Ratings
BRACOL HOLDING: Moody's Withdraws B1 Corporate Family Rating
CAMAGRO CORREA: Brazil Supports Electricity Plans, Folha Says
COSAN SA: Posts BRL167.1-Million Net Income in Third Quarter

EMBRAER SA: Expects Global Market Share to Fall to 40% on China
FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Rating on Class A Secs.
GOL LINHAS: Appoints New Independent Board Member
GOL LINHAS: Posts December 2009 Traffic Figures
IM PASTOR: Moody's Downgrades Ratings on Various Classes of Notes

MARFRIG ALIMENTOS: Continues Argentinean Expansion


C A Y M A N  I S L A N D S

336214 LIMITED: Shareholders Receive Wind-Up Report
BESTWELL CORPORATION: Shareholders Receive Wind-Up Report
DEL MONTE FRESH: Shareholders Receive Wind-Up Report
DIMAOND BLANC: Members Receive Wind-Up Report
DIMAOND GRIS: Members Receive Wind-Up Report

EP RE LDC: Shareholders Receive Wind-Up Report
EP RE MANAGEMENT: Shareholders Receive Wind-Up Report
ESTIA INVESTMENT: Members Receive Wind-Up Report
EUROCENTRICO INVESTMENT: Members Receive Wind-Up Report
GILDALE INTERNATIONAL: Shareholders Receive Wind-Up Report

GS BROOK: Shareholders Receive Wind-Up Report
GS BROOK: Shareholders Receive Wind-Up Report
HYDRA INVESTMENTS: Members Receive Wind-Up Report
LOGI LTD: Members Receive Wind-Up Report
LUDMILLA INVESTMENT: Members Receive Wind-Up Report

MEDICINA INTERNATIONAL: Members Receive Wind-Up Report
MELODY MIX: Members Receive Wind-Up Report
OCCAM VECTIS: Shareholders Receive Wind-Up Report
PETERSON CO: Members Receive Wind-Up Report
PORTCULLIS INVESTMENTS: Shareholders Receive Wind-Up Report

RELATIVE VALUE: Shareholders Receive Wind-Up Report
RELATIVE VALUE: Shareholders Receive Wind-Up Report
RELATIVE VALUE: Shareholders Receive Wind-Up Report
RIGHT UP: Shareholders Receive Wind-Up Report
S. RUBIN ART: Members Receive Wind-Up Report

SECONDSOUT LTD: Members Receive Wind-Up Report
SHANA LTD: Members Receive Wind-Up Report
SHANTARIS LIMITED: Members Receive Wind-Up Report
SPARCO INVESTMENTS: Members Receive Wind-Up Report
THESIS INVESTMENTS: Members Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: Seeks Shareholders' OK for Dividend Payment


P U E R T O  R I C O

FIRST BANCORP: Posts US$53.2MM Net Loss for Third Quarter
FIRST BANCORP: Offers to Swap Series A through E Preferreds


V E N E Z U E L A

PETROLEOS DE VENEZUELA: South Central Begins Ops. In Guarico
PETROLEOS DE VENEZUELA: Refinery Produces 183 Thousand Barrels/Day


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


* ARGENTINA: Costs May Drop After Central Banker Quit
-----------------------------------------------------
The resignation of Argentine central bank President Martin Redrado
may cut the country's borrowing costs as it prepares to
restructure as much as US$20 billion of defaulted bonds, Rodrigo
Orihuela at Bloomberg News reports, citing research company
IDEAglobal.

"[Mr.] Redrado's resignation is a positive event," Enrique
Alvarez, head of Latin America fixed-income research at
IDEAglobal, told the news agency in a telephone interview.  "There
was a slight recovery on Friday on speculation about Redrado's
departure and I believe bonds will continue to rise," he added.

According to the report, Argentine President Cristina Fernandez de
Kirchner's plan to use reserves eased investors' concerns over
debt payments in a country that has been unable to tap
international credit markets since its record US$95 billion
default in 2001.  The report relates that Argentina is seeking to
sell bonds abroad once it has restructured.

Bloomberg News notes that the government wants to name former
central bank President Mario Blejer to replace Redrado, Economy
Minister Amado Boudou has said.

As reported in the Troubled Company Reporter-Latin America on
February 1, 2010, Dow Jones Newswires said 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.  The report related that 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.


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


BANCO CRUZEIRO: To Pay BRL15.5 Million in Dividends
---------------------------------------------------
Banco Cruzeiro do Sul SA will pay dividends totaling BRL15.5
million (US$8.24 million) to shareholders on February 22, Rogerio
Jelmayer at Dow Jones Newswires reports.

According to the report, the bank said that it will pay BRL0.11
for each outstanding share.  Dow Jones Newswires relates that the
payment, which will be made in the form of interest on own equity,
will be based on shareholders' positions as of January 29.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                          *     *     *

As of February 2, 2010, the company continues to carry Moody's
Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits
Ratings at Ba3.


BERTIN SA: Moody's Confirms B1 Guaranteed Sr. Unsec. Ratings
------------------------------------------------------------
Moody's confirmed the B1 guaranteed senior unsecured ratings for
Bracol Holding Ltda.'s 73.1% previous owner of Bertin S.A. (the
note issuer).  Following the bondholders consent solicitation and
merger of Bertin with JBS S.A. (rated B1/positive), Bracol is no
longer the guarantor of the rated notes and Bertin has been fully
merged into JBS which has assumed all of Bertin's debt
obligations.  As a result, Bracol's B1 corporate family rating has
been withdrawn.  This rating action concludes the review for
possible downgrade of Bracol's rating initiated on June 23, 2009,
and continued on September 22nd, 2009, following the announcement
of the JBS/Bertin merger.  The outlook is positive in line with
JBS's rating outlook.

Rating confirmed:

  -- US$350 million 10.25% senior unsecured notes due 2016: B1

Rating withdrawn:

  -- Bracol Holding Ltda's Corporate Family Rating: B1

The B2 rating and stable outlook of Vigor, formerly a subsidiary
of Bertin, remain unchanged.  Vigor is now a 99.4%-owned
subsidiary of JBS.

The US$350 million 10.25% notes that Moody's rate were issued by
Bertin and Bertin Finance Ltd., but fully and unconditionally
guaranteed by Bracol.  On November 24, 2009, the issuers of the
bonds sent a consent solicitation to all bondholders to consider
several amendments which included among other changes the release
and termination of the Bracol guarantee and the change of
covenants and events of default of the abovementioned notes to
those governing JBS's existing senior unsecured notes.  On
December 14, the consent solicitation expired with all proposed
amendments approved by the noteholders after more than 85% of
noteholders accepted the new terms and conditions to the indenture
for the US$350 million 10.25% senior unsecured notes due in 2016.
With the merger of Bertin into JBS, JBS will assume all of
Bertin's obligations, including the US$350 million 2016 notes.

Moody's last rating action on Bracol was on September 22nd, 2009,
when Moody's stated the continuation of the review for possible
downgrade of Bracol's ratings that commenced on June 23, 2009,
until the final closing of Bertin's planned association with JBS.

Bertin S.A., headquartered in Sao Paulo, SP, Brazil, is one of the
largest beef processing and leather exporting companies in Latin
America.  In addition, the company also produces a diverse range
of dairy and vegetable oil products, hygiene, beauty and pet
products.


BRACOL HOLDING: Moody's Withdraws B1 Corporate Family Rating
------------------------------------------------------------
Moody's confirmed the B1 guaranteed senior unsecured ratings for
Bracol Holding Ltda.'s 73.1% previous owner of Bertin S.A. (the
note issuer).  Following the bondholders consent solicitation and
merger of Bertin with JBS S.A. (rated B1/positive), Bracol is no
longer the guarantor of the rated notes and Bertin has been fully
merged into JBS which has assumed all of Bertin's debt
obligations.  As a result, Bracol's B1 corporate family rating has
been withdrawn.  This rating action concludes the review for
possible downgrade of Bracol's rating initiated on June 23, 2009,
and continued on September 22nd, 2009, following the announcement
of the JBS/Bertin merger.  The outlook is positive in line with
JBS's rating outlook.

Rating confirmed:

  -- US$350 million 10.25% senior unsecured notes due 2016: B1

Rating withdrawn:

  -- Bracol Holding Ltda's Corporate Family Rating: B1

The B2 rating and stable outlook of Vigor, formerly a subsidiary
of Bertin, remain unchanged.  Vigor is now a 99.4%-owned
subsidiary of JBS.

The US$350 million 10.25% notes that Moody's rate were issued by
Bertin and Bertin Finance Ltd., but fully and unconditionally
guaranteed by Bracol.  On November 24, 2009, the issuers of the
bonds sent a consent solicitation to all bondholders to consider
several amendments which included among other changes the release
and termination of the Bracol guarantee and the change of
covenants and events of default of the abovementioned notes to
those governing JBS's existing senior unsecured notes.  On
December 14, the consent solicitation expired with all proposed
amendments approved by the noteholders after more than 85% of
noteholders accepted the new terms and conditions to the indenture
for the US$350 million 10.25% senior unsecured notes due in 2016.
With the merger of Bertin into JBS, JBS will assume all of
Bertin's obligations, including the US$350 million 2016 notes.

Moody's last rating action on Bracol was on September 22nd, 2009,
when Moody's stated the continuation of the review for possible
downgrade of Bracol's ratings that commenced on June 23, 2009,
until the final closing of Bertin's planned association with JBS.

Bertin S.A., headquartered in Sao Paulo, SP, Brazil, is one of the
largest beef processing and leather exporting companies in Latin
America.  In addition, the company also produces a diverse range
of dairy and vegetable oil products, hygiene, beauty and pet
products.


CAMAGRO CORREA: Brazil Supports Electricity Plans, Folha Says
-------------------------------------------------------------
The Brazilian government supports plans by Camargo Correa SA to
buy power distributors and create a company that would have a
third of the country's power distribution market, Adriana
Brasileiro at Bloomberg News reports, citing Folha de S. Paulo.

According to the report, the newspaper said that Camargo Correa
plans to buy control of power distributors Eletropaulo
Metropolitana SA and AES Sul.  The report relates that the
newspaper added that Camargo also plans to buy the stakes that
Banco do Brasil SA, and Previ, the bank's employees' pension fund,
own in distributor Neoenergia SA.

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

                          *     *     *

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

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


COSAN SA: Posts BRL167.1-Million Net Income in Third Quarter
------------------------------------------------------------
Laura Price and Jessica Brice at Bloomberg News report that Cosan
SA Industria & Comercio said that fiscal third-quarter profit
surged more than 30-fold after sugar prices rose.

According to the report, net income in the quarter that ended
December 31 rose to BRL167.1 million (US$88.2 million) from BRL5.2
million in the year-earlier period.

The company's revenue, the report relates, climbed 48% to BRL3.8
billion after the Barra Bonita, Brazil-based company boosted sales
of sugar and fuels, excluding ethanol.  Average sugar prices in
New York more than doubled compared with a year earlier, the
report adds.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates harvests and processes sugarcane,
the main raw material for sugar and ethanol manufacturing.  With
17 manufacturing units and two port terminals in the city of
Santos, Cosan says it is currently the largest individual group in
the world in terms of sugarcane byproducts manufacturing.  With
capacity to grind more than 40 million tonnes of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba3
LT Corp Family rating and Senior Unsecured debt rating.  The
company also continues to carry S&P's BB- Issuer credit ratings;
and Fitch ratings' BB LT Issuer default ratings.




EMBRAER SA: Expects Global Market Share to Fall to 40% on China
---------------------------------------------------------------
Regina Tan and Liza Lin at Bloomberg News reports that Empresa
Brasileira de Aeronautica S.A. expects its share of the global
market for regional jets seating as many as 120 passengers to fall
to 40% from 54% within five years.

According to the report, the Brazilian planemaker faces
competition from planes under development in China, Japan and
Russia, Executive Vice President Mauro Kern said in an interview
in Singapore.

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB?Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.


FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Rating on Class A Secs.
----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXXI issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale) and
Caa3 (Global Scale, Local Currency) to the subordinated
Certificates.

The assigned ratings are based on these factors:

  -- The credit quality of the securitized personal loans

  -- The ability and willingness of ANSES to make monthly pensions

  -- The ability of Banco Supervielle to act as the servicer of
     the pool

  -- The ability of Deutsche Bank to act as trustee in this
     transaction

  -- Initial credit enhancement provided through subordination

  -- The availability of various reserve accounts, and

  -- The legal structure of the transaction.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 22,064 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS80,002,177.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent for this government entity and
deducts the monthly loan installment directly from the borrower's
paycheck.

                            Structure

Deutsche Bank S.A. (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class C Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 275 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 19% or lower
than 12%.  The Class C Fixed Rate Securities will bear a fixed
interest rate of 19%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

                          Rating Action

Originator: Banco Supervielle S.A.

  -- ARS30,400,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXI",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS37,600,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXI",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS8,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXI",
     rated Ba1.ar (Argentine National Scale) and Caa1 (Global
     Scale, Local Currency)

  -- ARS4,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXXI", rated Caa2.ar (Argentine
     National Scale) and Caa3 (Global Scale, Local Currency)


GOL LINHAS: Appoints New Independent Board Member
-------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
has appointed Paulo Kakinoff as a new member of its board of
directors, Trading Markets News reports.

According to the report, Mr. Kakinoff is currently the CEO of Audi
Brasil.  The report relates that Mr. Kakinoff has previously
served and Sales & Marketing director for Volkswagen do Brasil and
executive director for South America at Volkswagen Group's offices
in Germany.

The report notes that GOL's board of directors now has nine
members, four of whom, including the chairman, are independent
members.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

   -- Foreign and Local Currency long-term Issuer Default Ratings
      at 'B+';

   -- Long-term National Rating at 'BBB(bra)';

   -- US$200 million perpetual notes at 'B/RR5';

   -- US$200 million senior notes due 2017 at 'B/RR5'.


GOL LINHAS: Posts December 2009 Traffic Figures
-----------------------------------------------
GOL Linhas Aereas Inteligentes S.A. completed the nine years of
regular commercial aviation operations.  During this period, the
company increased its fleet from six to 109 operational aircraft
and continued to popularize Brazilian air travel, revolutionizing
the market by introducing fares capable of competing with the bus
companies, attracting more first-time passengers and members of
Brazil's new middle-class.

With its GOL and VARIG brands, the group offers the most extensive
and convenient route network in South America with more than 800
flights per day to 59 destinations in 9 countries.

Certain decisions were vital for the company's immediate success:
operating a modern and standardized fleet of Boeing 737 New
Generation aircraft, utilizing the internet as the company's main
sales channel (paperless tickets), focusing on innovation and
technology to boost results and investing in a highly efficient
and committed team to guarantee excellence in service quality.

"We are proud to have transported more than 130 million passengers
since the company was launched in 2001.  Thanks to GOL, more
people can travel by plane, the fastest, safest and most
convenient transportation.  We believe there are many more who
have the conditions to fly but have not done so yet.  In other
words, we have a long growth trajectory ahead of us," declared
Constantino de Oliveira Junior, CEO and co-founder of the company.

GOL's ninth year was marked by a series of innovations and
achievements, including:

  -- Buy on Board: in addition to regular services, clients can
     also buy various quality products on-board.

  -- Revitalization of the SMILES program: Latin America's largest
     mileage program with 6.6 million participants. This year, the
     company announced partnerships with several important
     companies, including the Franco-Dutch Air France-KLM (Flying
     Blue), and the North-American American Airlines (AAdvantage),
     which has the highest number of flights to Brazil.

  -- Code-share agreements: we closed new agreements with American
     Airlines, Air France-KLM, Iberia and Aeromexico.

  -- Regular flights to Aruba, in the Caribbean: in addition to
    this route, the company also offers charter flights to Curacao
    and Punta Cana in association with tour operators and local
    governments.

-- Expansion of Voe Facil: this program permits ticket payments
    in up to 36 installments and is now offered by travel
    agencies.  The program launched its first Voe Facil store in
    one of the biggest middle-class shopping regions in Sao Paulo
    city.

-- Launch of Gollog: the company's cargo transportation service
    announced the launch of Gollog Express, which offers door-to-
    door cargo deliveries with previously established deadlines.

"We are studying opportunities for further expanding our
operations, launching flights in both the domestic market and
high-traffic international centers," concluded Oliveira Junior.

                          About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

-- Foreign and Local Currency long-term Issuer Default Ratings
    at 'B+';

-- Long-term National Rating at 'BBB(bra)';

-- US$200 million perpetual notes at 'B/RR5';

-- US$200 million senior notes due 2017 at 'B/RR5'.


IM PASTOR: Moody's Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of:

-- the senior and junior notes issued by IM Pastor 3 ( IM 3)
-- all the notes issued by IM Pastor 4 ( IM 4)

Last rating action date for IM 3 and IM 4 was 29 June 2009.

All the notes were placed on review for possible downgrade as a
consequence of the downgrade to A3/P-2 of the long-term and short-
term rating of Banco Pastor.  The action concludes the review and
it is mainly due to the deterioration of the collateral
performance.  The downgrades also reflect Moody's negative sector
outlook for Spanish RMBS and the weakening of the macro-economic
environment in Spain, including the expected increase in
unemployment rates projected for 2010.

                      Portfolio Performance

IM 3 and IM 4 closed in June 2005 and June 2006 respectively.
Both transactions are backed by a portfolio of first-ranking
mortgage loans secured on residential properties located in Spain,
for an overall balance at closing of EUR 1 billion (IM 3) and EUR
920 million (IM 4).  The securitized mortgage portfolios benefit
from a relatively low weighted average LTV (currently 56% and 57%
respectively), with no loan exceeding 80% LTV at closing.  The two
pools are fairly exposed to the Mediterranean coast.  A
significant portion of the pools has been originated via brokers
or other external channels, representing 39% (IM 3) and 32% (IM 4)
of current pool balance at the end of December 2009.

The collateral performance in IM 3 and IM 4 has deteriorated
further since the last rating review in May 2009, when Moody's
took action on the subordinated notes in IM 3 and the mezzanine
and subordinated notes in IM 4.  Credit trends in IM 3 and IM 4
continue to under-perform arrears and defaults experienced by
similarly seasoned low LTV Spanish RMBS and both transactions are
performing worse than anticipated as of the last rating review.
Moody's notes that the share of loans being written-offs has
nearly doubled since the last rating review.  Cumulative write-
offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM
4 respectively at the end of December 2009, compared to
approximately 1.5% of original balance at the end of March 2009.
Moody's observes that the balance of loans more than 90 days in
arrears has recently improved and it is currently equal to 3.1%
and 2.0% of current pool balance in IM 3 and IM 4 -- compared to
respectively 3.9% and 3.2% of current pool balance as at the last
rating review.  Moody's believe that the stabilization in arrears
may be attributed to the low interest rate environment.  Despite
the seemingly improving arrears trends in the deals recently,
Moody's remain concerned about the prolonged weakening in macro-
economic conditions in Spain.

The weak performance of IM 3 and IM 4 has been mainly driven by
the exposure to loans originated via external channels,
particularly in the region of Valencia and Catalonia.
Additionally, non-Spanish borrowers (representing about 12% and 8%
of current pool balance respectively) have been affected by
difficult economic conditions such as increasing unemployment and
declining house prices.  Loans to non-Spanish nationals are
experiencing significantly higher defaults than loans granted to
Spanish borrowers.

                Reserve Funds / PDLs /Amortization

The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve funds in both transactions and
build-up in unpaid principal deficiencies ledgers in IM 3
(EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last
payment date.  The unpaid PDLs currently represent 0.9% and 1.3%
of current pool balance of IM 3 and IM 4 respectively.  Available
funds in both transactions will ultimately increase as recoveries
from written-off loans are collected and properties being acquired
are sold.  However, Moody's remain concerned about the
uncertainties relating to the timing and the amount of recoveries.
So far, recoveries only amount to 15% and 10% of cumulative
defaults in IM 3 and IM 4 respectively.  The slow pace of the
recoveries suggests that the unpaid PDL may not be cured rapidly.
The amortization of the mezzanine and junior notes is likely to
remain sequential as a consequence of the breach of pro-rata
amortization triggers.

                 Remedial Actions Taken Following
                  Banco Pastor Downgrade to A3/P2

Banco Pastor acts as swap counterparty in both transactions.  In
IM 4, Banco Pastor's payment obligations under the swap are
guaranteed by Banco Popular (Aa3/P1) since February 2009.
Following its downgrade to A3/P2 in June 2009, Banco Pastor has
been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3,
which is in line with the requirements described in Moody's report
titled "the Framework for De-linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions."

The treasury account that was held at Banco Pastor was transferred
to Banco Sabadell (A2/P-1) after the loss of P-1 as required by
the transaction documents.  Banco Sabadell also replaces Banco
Pastor as Paying Agent following the downgrade of Banco Pastor.

In the review Moody's has also assessed the commingling risk
exposure taking into account the daily (IM 4) and weekly (IM 3)
sweeps from the collection account to the reinvestment account in
the name of the Fondo.  Moody's notes that the frequency of
collection sweeps have increased from monthly to daily (IM 4) /
weekly (IM3) following the loss of P-1 rating of Banco Pastor.

               Insufficient Liquidity in The Deals

As described in the press release of 29 of June, the main exposure
to Banco Pastor in IM 3 and IM 4 is linked to the servicing role
that Banco Pastor plays in the transactions.  Moody's notes that
the reserve fund of both transactions is fully depleted and that
no other sources of liquidity are available in the two
transactions.  Moody's believes that the absence of liquidity in
the transactions could impair the ability of the Issuer to make
timely payment of interest on the Notes, particularly in case of a
servicing transfer.  Moody's considers that the risk of a missed
payment of interest on the Class A of IM 3 is not commensurate
with a Aaa-rating and therefore has downgraded the rating for this
class of notes.

              Revised Lifetime Loss And Milan Aaa CE

Moody's has reassessed its lifetime loss expectation for IM 3 and
IM 4 to account for the collateral performance to date as well as
Moody's expectations for these transactions in the context of a
current macroeconomic environment in Spain.  On the basis of the
rapid increase in defaulted loans and the low recovery rate to
date in IM 3 and IM 4, Moody's have updated the portfolio expected
loss assumption from 1.4% to 1.8% of original balance in IM 3 and
from 1.6% to 2.4% of original balance in IM 4.

As part of its analysis, Moody's has also assessed loan-by-loan
information for the outstanding portfolios to determine the credit
support consistent with target rating levels and the volatility of
the distribution of future losses.  As a result, Moody's has
revised its MILAN Aaa credit enhancement (MILAN Aaa CE)
assumptions to 7.5% for both IM 3 and IM4, up from respectively
5.8% and 5.2% as at the last rating review.  The loss expectation
and the Milan Aaa CE are the two key parameters used by Moody's to
calibrate its loss distribution curve, which is one of the core
inputs in the cash-flow model it uses to rate RMBS transactions.
Current credit enhancement under the Class A notes (including
subordination and reserve fund and taking into consideration the
amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4
respectively as at the last payment date in December.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
risks have not been addressed, but may have a significant effect
on yield to investors.

                 List of Detailed Rating Actions

Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria

  -- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3
     Placed Under Review for Possible Downgrade


  -- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Caa2; previously on June 29, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos

  -- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to Ba1; previously on June 29, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2
     Placed Under Review for Possible Downgrade


MARFRIG ALIMENTOS: Continues Argentinean Expansion
--------------------------------------------------
Marfrig Alimentos SA is planning two huge feedlots in Argentina,
continuing its growing presence in the country, Meat
International.com reports.

According to the report, Marfrig, through its meat processing
daughter company, Quickfood has purchased 150 hectares in the
province of Cordoba to establish one of the largest feedlots in
the country.  The report relates that the feedlot will cost US$20
million to set-up and will have a capacity for 22,000 cattle.

The report notes that the project is part of the Brazilian
corporation's expansion in Argentina with a second feedlot planned
for the province of Buenos Aires.

While Argentina is one of the world's leading exporters of beef,
the federal government has restricted exports to ensure the
domestic market supply, the report adds.

                     About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                         *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

-- Moody's "B1" LT Corp Family Rating;
-- Standard and Poor's "B+" LT Foreign Issuer Credit
    rating; and
-- Fitch ratings' "B+" LT Issuer Credit ratings


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


336214 LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of 336214 Limited received, on January 7, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BESTWELL CORPORATION: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Bestwell Corporation received, on January 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


DEL MONTE FRESH: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Del Monte Fresh Produce (Thailand) 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


DIMAOND BLANC: Members Receive Wind-Up Report
--------------------------------------------
The members of Dimaond Blanc Limited received, on December 18,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DIMAOND GRIS: Members Receive Wind-Up Report
--------------------------------------------
The members of Dimaond Gris Limited received, on December 18,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


EP RE LDC: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of EP RE LDC 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


EP RE MANAGEMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of EP RE Management LDC 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


ESTIA INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of Estia Investment Ltd. received, on December 17,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


EUROCENTRICO INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Eurocentrico Investment Ltd. received, on
December 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


GILDALE INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Gildale International 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


GS BROOK: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of GS Brook Street Investors, LLC 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


GS BROOK: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of GS Brook Street Portfolio, LLC 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


HYDRA INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Hydra Investments Limited received, on December 18,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LOGI LTD: Members Receive Wind-Up Report
----------------------------------------
The members of Logi Ltd. received, on December 17, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LUDMILLA INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------------
The members of Ludmilla Investment Ltd. received, on December 17,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MEDICINA INTERNATIONAL: Members Receive Wind-Up Report
------------------------------------------------------
The members of Medicina International Financing Ltd. received, on
December 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MELODY MIX: Members Receive Wind-Up Report
------------------------------------------
The members of Melody Mix Holdings Limited received, on
December 18, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


OCCAM VECTIS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Occam Vectis General Partner 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


PETERSON CO: Members Receive Wind-Up Report
-------------------------------------------
The members of Peterson Co. Ltd. received, on December 18, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PORTCULLIS INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Portcullis Investments Ltd. received, on
January 7, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         Laura Henry
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


RELATIVE VALUE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Relative Value Opportunity Fund II, 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


RELATIVE VALUE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Relative Value Opportunity Fund III, 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


RELATIVE VALUE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Relative Value Opportunity Portfolio, 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


RIGHT UP: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Right Up Limited received, on January 7, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


S. RUBIN ART: Members Receive Wind-Up Report
--------------------------------------------
The members of S. Rubin Art Investments Ltd. received, on
December 17, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


SECONDSOUT LTD: Members Receive Wind-Up Report
----------------------------------------------
The members of Secondsout Ltd. received, on December 17, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SHANA LTD: Members Receive Wind-Up Report
-----------------------------------------
The members of Shana Ltd. received, on January 21, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         UBS Nominees Ltd.
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


SHANTARIS LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Shantaris Limited received, on December 18, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SPARCO INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Sparco Investments Limited received, on December
18, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


THESIS INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Thesis Investments Ltd. received, on December 18,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


===============
C O L O M B I A
===============


BANCOLOMBIA SA: Seeks Shareholders' OK for Dividend Payment
-----------------------------------------------------------
Bancolombia SA's board asked the shareholders to approve a
dividend of COP636.8 (US$0.32) per share in 2010, Inti Landauro at
Dow Jones Newswires reports, citing a filing to the local stock
and bond regulator.

According to the report, the dividend, which is 2.05% higher than
in 2009, will be paid in four quarterly installments and will
represent about COP501 billion (US$253 million) for the company.
The report relates that the company's shareholders will vote on
the dividend on March 1 during the annual general assembly.

The bank will release its net profit for 2009 on March 1.

Colombia's largest brokerage, Interbolsa, expects Bancolombia's
net profit in 2009 was COP1.19 trillion, 7.4% less than in 2008,
the report adds.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


====================
P U E R T O  R I C O
====================


FIRST BANCORP: Posts US$53.2MM Net Loss for Third Quarter
---------------------------------------------------------
First BanCorp, the bank holding company for FirstBank Puerto Rico,
reported results for the fourth quarter and year ended
December 31, 2009.  The net loss for the quarter totaled US$53.2
million, or US$(0.64) per diluted share, compared to a net loss of
US$165.2 million, or US$(1.89) per diluted share for the third
quarter ended September 30, 2009.  As previously reported, the net
loss for the third quarter ended September 30, 2009 included a
non-cash charge of US$152.2 million, or US$(1.65) per share, for
an increase in the valuation allowance against the Corporation's
deferred tax assets.  Net loss for the year ended December 31,
2009 was US$275.2 million, or US$(3.48) per diluted share,
compared to net income of US$109.9 million, or US$0.75 per diluted
share for 2008.

Total assets decreased by US$452.7 million to US$19.6 billion as
of December 31, 2009 from US$20.1 billion as of September 30,
2009. Non-performing loans increased by US$25.0 million, or 2%, to
$1.56 billion as of December 31, 2009 from US$1.54 billion as of
September 30, 2009.  Meanwhile, the allowance to total loans ratio
increased to 3.8% as of December 31, 2009 from 3.4% as of
September 30, 2009.

Aurelio Aleman, Chief Executive Officer of First BanCorp
commented, "First BanCorp's results in the fourth quarter reflect
the management team's concerted efforts towards stabilizing the
credit portfolios, as seen in the slowdown in growth of non-
performing loans and slight improvements in both net charge-offs
and provision for loan losses, while the Puerto Rico and United
States economies remain pressured.  Our core business continued to
progress as evidenced by net interest margin expansion and
controllable expense reduction."

A full-text copy of the company's third quarter results available
for free at http://ResearchArchives.com/t/s?4f84

                     About First BanCorp

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent company of FirstBank Puerto Rico, a state chartered
commercial bank with operations in Puerto Rico, the Virgin Islands
and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation.  First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, formerly UniBank, the thrift subsidiary of Ponce General,
all operate within U.S. Banking laws and regulations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings downgraded First BanCorp's long-
term Issuer Default Ratings to 'B-' from 'BB' and Individual
ratings to 'D/E' from 'C/D'.  Fitch also downgraded the ratings of
FBP's subsidiary, FirstBank of Puerto Rico to 'B' from 'BB' and
the Individual rating to 'D' from 'C/D'.  The Rating Outlook is
Negative.


FIRST BANCORP: Offers to Swap Series A through E Preferreds
-----------------------------------------------------------
First BanCorp disclosed that it is planning to conduct an exchange
offer under which it will be offering to exchange newly issued
shares of common stock for the issued and outstanding shares of
publicly held Series A through E Noncumulative Perpetual Monthly
Income Preferred Stock, subject to any necessary proration.

The exchange offer will be conducted to improve its capital
structure given the current economic conditions in the markets in
which it operates and the evolving regulatory environment.

Through the exchange offer First BanCorp seeks to improve its
Tier 1 common equity ratio.  The Corporation expects to file a
registration statement for the exchange offer after it files its
annual report on Form 10-K for fiscal year 2009 with the
Securities and Exchange Commission in March 2010.  Completion of
the exchange offer will be subject to certain conditions,
including the approval by stockholders of the issuance of shares
of the common stock pursuant to the exchange.

                     About First BanCorp

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent company of FirstBank Puerto Rico, a state chartered
commercial bank with operations in Puerto Rico, the Virgin Islands
and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation.  First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, formerly UniBank, the thrift subsidiary of Ponce General,
all operate within U.S. Banking laws and regulations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings downgraded First BanCorp's long-
term Issuer Default Ratings to 'B-' from 'BB' and Individual
ratings to 'D/E' from 'C/D'.  Fitch also downgraded the ratings of
FBP's subsidiary, FirstBank of Puerto Rico to 'B' from 'BB' and
the Individual rating to 'D' from 'C/D'.  The Rating Outlook is
Negative.


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


PETROLEOS DE VENEZUELA: South Central Begins Ops. In Guarico
------------------------------------------------------------
Petroleos de Venezuela SA, through the South Central Division for
Exploration and Production, begins operations in the District of
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


PETROLEOS DE VENEZUELA: Refinery Produces 183 Thousand Barrels/Day
------------------------------------------------------------------
During 2009, Petroleos de Venezuela's East Refinery reached a
level of oil processing of 183,000 barrels per day, enabling
compliance with the demands for refined products to supply the
domestic market and the delivery of commitments to the export
market.

From this processing capacity, estimated at 66.17 million barrels
per year plus the volume of inputs required to produce finished
products, a total of 31 million barrels of fuel were delivered to
Anzoategui, Bolivar, Delta Amacuro, Monagas and Sucre, from which
8.4 mmbl were 95 Octane Gasoline, 12.2 mmbl of 91 Octane Gasoline,
0.3 mmbl Jet A and 10 mmbl automotive diesel.

For the export market it allocated 48 million barrels of refined
products: naphtha, Jet A, 10 ppm sulfur diesel fuel and residuals,
pointing out the placement of 11.8 mmbl Ultra Low Sulfur Diesel
(ULSD) in the markets of Europe, the Caribbean and South America,
in compliance with the specifications of less than 10 ppm sulfur
established in the Regulation EN: 590:2006, which took effect from
January 2009, generating economic benefits of 824 million dollars
for the country.

For the East Refinery general management, led by Fernando Padron,
the year 2009 was consistent in the application of new
technologies and energy resource optimization.  One example was
the replacement of the Catalyst in the Unit of Naphtha Hydro
treating (NHT / REF), which allowed the increase in the level of
processing of heavy naphtha with a sulfur content of 250 ppm and a
greater flexibility on the receipt of naphtha derived from PDVSA
refineries.

Furthermore, the Atmospheric Distillation Unit No. 2 achieved an
improved efficiency by increasing distillate production by 10
thousand barrels per day, volume necessary to maintain the maximum
charge in the Distillates Hydro treating Unit (HDT), which
represented a economic benefit of 30% obtained by the delivering
of ULSD Diesel.

Another important highlight is the increase obtained in
operational reliability and efficiency in the San Roque refinery,
achieving a greater production of finished liquid paraffin of 47.4
TMD, with the processing of 5 mbd of waxy crude.

By 2010, the East Refinery will lead their strategies to comply
with the maintenance of the Processing Units in the Puerto La Cruz
refinery, to ensure business continuity within their facilities
and meet the demands of the domestic and international
hydrocarbons market.

The refining complex, as part of its 60th anniversary, is
preparing to start the process of transforming their facilities
with the construction of the complex Conversion Profunda, which
will start the Venezuelan HDH technology, enabling the processing
of heavy oil from the Orinoco Oil Belt.

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                     Total
                                   Total      Shareholders
                                   Assets           Equity
Company      Ticker               (US$MM)          (US$MM)
-------      ------              ------------      -------


ARGENTINA

SCDPF US   SOC COMERCIAL PL      113091441.2    -254639574
SDAGF US   SNIAFA SA-B           11489328.24   -840226.119
APDSF US   AUTOPISTAS SOL        351681166.9    -2858782.1
CAD IX     SOC COMERCIAL PL      113091441.2    -254639574
CVVIF US   SOC COMERCIAL PL      113091441.2    -254639574
CADN EO    SOC COMERCIAL PL      113091441.2    -254639574
SCPDS LI   COMERCIAL PL-ADR      113091441.2    -254639574
COME AR    SOC COMERCIAL PL      113091441.2    -254639574
CADN SW    SOC COMERCIAL PL      113091441.2    -254639574
COMEB AR   COMERCIAL PLA-BL      113091441.2    -254639574
COMEC AR   COMERCIAL PL-C/E      113091441.2    -254639574
COMED AR   COMERCIAL PLAT-$      113091441.2    -254639574
SNIA AR    SNIAFA SA             11489328.24   -840226.119
SNIA5 AR   SNIAFA SA-B           11489328.24   -840226.119
AUSO AR    AUTOPISTAS SOL        351681166.9    -2858782.1
IMPTQ US   IMPSAT FIBER NET        535007008     -17165000
330902Q GR IMPSAT FIBER NET        535007008     -17165000
XIMPT SM   IMPSAT FIBER NET        535007008     -17165000
IMPT AR    IMPSAT FIBER-CED        535007008     -17165000
IMPTC AR   IMPSAT FIBER-C/E        535007008     -17165000
IMPTD AR   IMPSAT FIBER-$US        535007008     -17165000
IMPTB AR   IMPSAT FIBER-BLK        535007008     -17165000

BRAZIL

IMBI1 BZ   DOC IMBITUBA-RTC      114896167.4   -16783228.4
IMBI2 BZ   DOC IMBITUBA-RTP      114896167.4   -16783228.4
81370Z BZ  TELECOMUNICA-ADR      244018546.2   -6054999.05
FTRX1 BZ   FABRICA TECID-RT      66779266.69   -50394386.1
PRMN3B BZ  PROMAN                13403496.63   -173711.308
TEKAY US   TEKA-ADR              237436193.6    -360484910
BMBBF US   BOMBRIL               289000173.9    -166589140
CBRZF US   TELEBRAS-PF RCPT      244018546.2   -6054999.05
TKTQF US   TEKA                  237436193.6    -360484910
TKTPF US   TEKA-PREF             237436193.6    -360484910
REIC US    REII INC                 16631180      -1448544
RPMG1 BZ   PET MANG-RIGHTS       97015785.16    -251755220
RPMG2 BZ   PET MANG-RIGHTS       97015785.16    -251755220
RPMG9 BZ   PET MANG-RECEIPT      97015785.16    -251755220
RPMG10 BZ  PET MANG-RECEIPT      97015785.16    -251755220
TRES3 BZ   MMX MINERACAO          1018389001    -160218401
MMXMY US   MMX MINERACA-GDR       1018389001    -160218401
SNST3 BZ   SANESALTO             27381496.74    -870175.96
CEED3B BZ  CEEE-D                 1090886627   -15249815.8
CEED4B BZ  CEEE-D-PREF            1090886627   -15249815.8
BDFCE US   B&D FOOD CORP            16631180      -1448544
BOBR2 BZ   BOMBRIL-RGTS PRE      289000173.9    -166589140
BOBR1 BZ   BOMBRIL-RIGHTS        289000173.9    -166589140
XMM CN     MMX MINERACA-GDR       1018389001    -160218401
TBH-W US   TELEBRAS/W-I-ADR      244018546.2   -6054999.05
3M11 GR    MMX MINERACA-GDR       1018389001    -160218401
MILK11 BZ  LAEP-BDR              446499199.2   -70952298.9
LEAP LX    LAEP INVESTMENTS      446499199.2   -70952298.9
MMXCF US   MMX MINERACAO          1018389001    -160218401
BLDR3 BZ   BALADARE              144928980.8   -33970462.8
TXRX1 BZ   TEXTEIS RENAU-RT      58969047.84   -91550951.9
TXRX2 BZ   TEXTEIS RENAU-RT      58969047.84   -91550951.9
TXRX9 BZ   TEXTEIS RENA-RCT      58969047.84   -91550951.9
TXRX10 BZ  TEXTEIS RENA-RCT      58969047.84   -91550951.9
TELB9 BZ   TELEBRAS SA-RT        244018546.2   -6054999.05
GASC4 BZ   GASCOIGNE EMP-PF       1123596482    -536003486
GASC3 BZ   ALL MALHA PAULIS       1123596482    -536003486
MRLM4 BZ   CIA PETROLIF-PRF      377602195.2   -3014291.72
MRLM3 BZ   CIA PETROLIFERA       377602195.2   -3014291.72
CEED3 BZ   CEEE-D                 1090886627   -15249815.8
NOVA3 BZ   NOVA AMERICA SA          21287489    -183535527
NOVA4 BZ   NOVA AMERICA-PRF         21287489    -183535527
PRMN3 BZ   PROMAN                13403496.63   -173711.308
BDFC US    B&D FOOD CORP            16631180      -1448544
CEED4 BZ   CEEE-D-PREF            1090886627   -15249815.8
TELB3 BZ   TELEBRAS SA           244018546.2   -6054999.05
TLBRON BZ  TELEBRAS SA           244018546.2   -6054999.05
TBASF US   TELEBRAS SA           244018546.2   -6054999.05
TELB4 BZ   TELEBRAS SA-PREF      244018546.2   -6054999.05
TLBRPN BZ  TELEBRAS SA-PREF      244018546.2   -6054999.05
TBAPY US   TELEBRAS-ADR          244018546.2   -6054999.05
TBRAY GR   TELEBRAS-ADR          244018546.2   -6054999.05
RCTB4 AR   TELEBRAS-CEDE PF      244018546.2   -6054999.05
RCT4C AR   TELEBRAS-CED C/E      244018546.2   -6054999.05
RCT4D AR   TELEBRAS-CEDEA $      244018546.2   -6054999.05
RCT4B AR   TELEBRAS-CEDE BL      244018546.2   -6054999.05
TBH US     TELEBRAS-ADR          244018546.2   -6054999.05
TBX GR     TELEBRAS-ADR          244018546.2   -6054999.05
RTB US     TELEBRAS-ADR          244018546.2   -6054999.05
TBASY US   TELEBRAS-ADR          244018546.2   -6054999.05
TELB10 BZ  TELEBRAS-RCT PRF      244018546.2   -6054999.05
RCTB1 BZ   TELEBRAS-RTS CMN      244018546.2   -6054999.05
RCTB2 BZ   TELEBRAS-RTS PRF      244018546.2   -6054999.05
TCLP1 BZ   TELEBRAS-RTS CMN      244018546.2   -6054999.05
TLCP2 BZ   TELEBRAS-RTS PRF      244018546.2   -6054999.05
TELB1 BZ   TELEBRAS-COM RT       244018546.2   -6054999.05
RCTB31 BZ  TELEBRAS-CM RCPT      244018546.2   -6054999.05
TELE31 BZ  TELEBRAS-CM RCPT      244018546.2   -6054999.05
RCTB33 BZ  TELEBRAS-RCT          244018546.2   -6054999.05
TBRTF US   TELEBRAS-CM RCPT      244018546.2   -6054999.05
RCTB32 BZ  TELEBRAS-CM RCPT      244018546.2   -6054999.05
RCTB41 BZ  TELEBRAS-PF RCPT      244018546.2   -6054999.05
TELE41 BZ  TELEBRAS-PF RCPT      244018546.2   -6054999.05
RCTB42 BZ  TELEBRAS-PF RCPT      244018546.2   -6054999.05
TELB4 AR   TELEBRAS-CEDE PF      244018546.2   -6054999.05
TEL4C AR   TELEBRAS-CED C/E      244018546.2   -6054999.05
RCTB30 BZ  TELEBRAS-CM RCPT      244018546.2   -6054999.05
RCTB40 BZ  TELEBRAS-PF RCPT      244018546.2   -6054999.05
TBAPF US   TELEBRAS-PF RCPT      244018546.2   -6054999.05
TLBRUO BZ  TELEBRAS-RECEIPT      244018546.2   -6054999.05
TLBRUP BZ  TELEBRAS-PF RCPT      244018546.2   -6054999.05
TELB30 BZ  TELEBRAS-BLOCK        244018546.2   -6054999.05
TELB40 BZ  TELEBRAS-PF BLCK      244018546.2   -6054999.05
TEL4D AR   TELEBRAS-CEDEA $      244018546.2   -6054999.05
ARLA3 BZ   ARTHUR LANGE          21333792.82     -16295577
ALICON BZ  ARTHUR LANGE SA       21333792.82     -16295577
ARLA4 BZ   ARTHUR LANGE-PRF      21333792.82     -16295577
ALICPN BZ  ARTHUR LANGE-PRF      21333792.82     -16295577
ARLA1 BZ   ARTHUR LANG-RT C      21333792.82     -16295577
ARLA2 BZ   ARTHUR LANG-RT P      21333792.82     -16295577
ARLA9 BZ   ARTHUR LANG-RC C      21333792.82     -16295577
ARLA10 BZ  ARTHUR LANG-RC P      21333792.82     -16295577
ARLA11 BZ  ARTHUR LAN-DVD C      21333792.82     -16295577
ARLA12 BZ  ARTHUR LAN-DVD P      21333792.82     -16295577
BOBR3 BZ   BOMBRIL               289000173.9    -166589140
BOBRON BZ  BOMBRIL CIRIO SA      289000173.9    -166589140
BOBR4 BZ   BOMBRIL-PREF          289000173.9    -166589140
BOBRPN BZ  BOMBRIL CIRIO-PF      289000173.9    -166589140
BMBPY US   BOMBRIL SA-ADR        289000173.9    -166589140
BMBBY US   BOMBRIL SA-ADR        289000173.9    -166589140
BUET3 BZ   BUETTNER               97710630.4   -46681943.4
BUETON BZ  BUETTNER SA            97710630.4   -46681943.4
BUET4 BZ   BUETTNER-PREF          97710630.4   -46681943.4
BUETPN BZ  BUETTNER SA-PRF        97710630.4   -46681943.4
BUET1 BZ   BUETTNER SA-RTS        97710630.4   -46681943.4
BUET2 BZ   BUETTNER SA-RT P       97710630.4   -46681943.4
CAFE3 BZ   CAF BRASILIA          20168618.46    -728730286
CSBRON BZ  CAFE BRASILIA SA      20168618.46    -728730286
CAFE4 BZ   CAF BRASILIA-PRF      20168618.46    -728730286
CSBRPN BZ  CAFE BRASILIA-PR      20168618.46    -728730286
CAMB3 BZ   CAMBUCI SA            91527757.19     -26705143
CAMBON BZ  CAMBUCI SA            91527757.19     -26705143
CAMB4 BZ   CAMBUCI SA-PREF       91527757.19     -26705143
CAMBPN BZ  CAMBUCI SA-PREF       91527757.19     -26705143
CXDOF US   CAMBUCI SA-PREF       91527757.19     -26705143
CCHI3 BZ   CHIARELLI SA          22274026.77   -44537138.2
CCHON BZ   CHIARELLI SA          22274026.77   -44537138.2
CCHI4 BZ   CHIARELLI SA-PRF      22274026.77   -44537138.2
CCHPN BZ   CHIARELLI SA-PRF      22274026.77   -44537138.2
IMBI3 BZ   DOC IMBITUBA          114896167.4   -16783228.4
IMBION BZ  DOCAS IMBITUBA        114896167.4   -16783228.4
IMBI4 BZ   DOC IMBITUB-PREF      114896167.4   -16783228.4
IMBIPN BZ  DOCAS IMBITUB-PR      114896167.4   -16783228.4
SCLO3 BZ   SCHLOSSER             11745600.44   -75930514.2
SCHON BZ   SCHLOSSER SA          11745600.44   -75930514.2
SCLO4 BZ   SCHLOSSER-PREF        11745600.44   -75930514.2
SCHPN BZ   SCHLOSSER SA-PRF      11745600.44   -75930514.2
CALI3 BZ   CONST A LINDEN        11147512.97     -15979177
LINDON BZ  CONST A LINDEN        11147512.97     -15979177
CALI4 BZ   CONST A LIND-PRF      11147512.97     -15979177
LINDPN BZ  CONST A LIND-PRF      11147512.97     -15979177
DHBI3 BZ   D H B                 124060999.4    -405125353
DHBON BZ   DHB IND E COM         124060999.4    -405125353
DHBI4 BZ   D H B-PREF            124060999.4    -405125353
DHBPN BZ   DHB IND E COM-PR      124060999.4    -405125353
DOCA3 BZ   DOCA INVESTIMENT      88417960.92   -18059127.9
DOCAON BZ  DOCAS SA              88417960.92   -18059127.9
DOCA4 BZ   DOCA INVESTI-PFD      88417960.92   -18059127.9
DOCAPN BZ  DOCAS SA-PREF         88417960.92   -18059127.9
DOCA2 BZ   DOCAS SA-RTS PRF      88417960.92   -18059127.9
EALT3 BZ   ACO ALTONA            84614947.94   -14270921.5
EAAON BZ   ACO ALTONA SA         84614947.94   -14270921.5
EALT4 BZ   ACO ALTONA-PREF       84614947.94   -14270921.5
EAAPN BZ   ACO ALTONA-PREF       84614947.94   -14270921.5
FTRX3 BZ   FABRICA RENAUX        66779266.69   -50394386.1
FRNXON BZ  FABRICA RENAUX        66779266.69   -50394386.1
FTRX4 BZ   FABRICA RENAUX-P      66779266.69   -50394386.1
FRNXPN BZ  FABRICA RENAUX-P      66779266.69   -50394386.1
HAGA3 BZ   HAGA                  16483114.08     -62923102
HAGAON BZ  FERRAGENS HAGA        16483114.08     -62923102
HAGA4 BZ   FER HAGA-PREF         16483114.08     -62923102
HAGAPN BZ  FERRAGENS HAGA-P      16483114.08     -62923102
SJOS3 BZ   TECEL S JOSE          17924946.14   -18569451.2
FTSJON BZ  TECEL S JOSE          17924946.14   -18569451.2
SJOS4 BZ   TECEL S JOSE-PRF      17924946.14   -18569451.2
FTSJPN BZ  TECEL S JOSE-PRF      17924946.14   -18569451.2
GAFP3 BZ   CIMOB PARTIC SA       36817394.78   -33083086.5
GAFON BZ   CIMOB PARTIC SA       36817394.78   -33083086.5
GAFP4 BZ   CIMOB PART-PREF       36817394.78   -33083086.5
GAFPN BZ   CIMOB PART-PREF       36817394.78   -33083086.5
GAZO3 BZ   GAZOLA                12452143.07   -40298506.3
GAZON BZ   GAZOLA SA             12452143.07   -40298506.3
GAZO4 BZ   GAZOLA-PREF           12452143.07   -40298506.3
GAZPN BZ   GAZOLA SA-PREF        12452143.07   -40298506.3
GAZO9 BZ   GAZOLA-RCPTS CMN      12452143.07   -40298506.3
GAZO10 BZ  GAZOLA-RCPT PREF      12452143.07   -40298506.3
GAZO11 BZ  GAZOLA SA-DVD CM      12452143.07   -40298506.3
GAZO12 BZ  GAZOLA SA-DVD PF      12452143.07   -40298506.3
IGBR3 BZ   IGB ELETRONICA        101669051.5    -189496654
IGBON BZ   GRADIENTE ELETR       101669051.5    -189496654
IGBR5 BZ   GRADIENTE-PREF A      101669051.5    -189496654
IGBAN BZ   GRADIENTE EL-PRA      101669051.5    -189496654
IGBR6 BZ   GRADIENTE-PREF B      101669051.5    -189496654
IGBBN BZ   GRADIENTE EL-PRB      101669051.5    -189496654
IGBR7 BZ   GRADIENTE-PREF C      101669051.5    -189496654
IGBCN BZ   GRADIENTE EL-PRC      101669051.5    -189496654
HETA3 BZ   HERCULES               11597351.7    -168514681
HERTON BZ  HERCULES SA            11597351.7    -168514681
HETA4 BZ   HERCULES-PREF          11597351.7    -168514681
HERTPN BZ  HERCULES SA-PREF       11597351.7    -168514681
TXRX3 BZ   RENAUXVIEW SA         58969047.84   -91550951.9
RENXON BZ  TEXTEIS RENAUX        58969047.84   -91550951.9
TXRX4 BZ   RENAUXVIEW SA-PF      58969047.84   -91550951.9
RENXPN BZ  TEXTEIS RENAUX        58969047.84   -91550951.9
LCSA3 BZ   PARMALAT              388720052.3    -213641144
LCSAON BZ  PARMALAT BRASIL       388720052.3    -213641144
LCSA4 BZ   PARMALAT-PREF         388720052.3    -213641144
LCSAPN BZ  PARMALAT BRAS-PF      388720052.3    -213641144
LCSA5 BZ   PARMALAT BR-RT C      388720052.3    -213641144
LCSA6 BZ   PARMALAT BR-RT P      388720052.3    -213641144
ESTR3 BZ   ESTRELA SA            61011893.59   -54580283.6
ESTRON BZ  ESTRELA SA            61011893.59   -54580283.6
ESTR4 BZ   ESTRELA SA-PREF       61011893.59   -54580283.6
ESTRPN BZ  ESTRELA SA-PREF       61011893.59   -54580283.6
RSUL3 BZ   RIOSULENSE SA         61902901.69   -11292932.5
RSULON BZ  RIOSULENSE SA         61902901.69   -11292932.5
RSUL4 BZ   RIOSULENSE SA-PR      61902901.69   -11292932.5
RSULPN BZ  RIOSULENSE SA-PR      61902901.69   -11292932.5
MWET3 BZ   WETZEL SA             79756128.35   -6350930.69
MWELON BZ  WETZEL SA             79756128.35   -6350930.69
MWET4 BZ   WETZEL SA-PREF        79756128.35   -6350930.69
MWELPN BZ  WETZEL SA-PREF        79756128.35   -6350930.69
MNPR3 BZ   MINUPAR               64999715.99    -103795048
MNPRON BZ  MINUPAR SA            64999715.99    -103795048
MNPR4 BZ   MINUPAR-PREF          64999715.99    -103795048
MNPRPN BZ  MINUPAR SA-PREF       64999715.99    -103795048
NORD3 BZ   NORDON MET            15498217.36   -20133536.7
NORDON BZ  NORDON METAL          15498217.36   -20133536.7
NORD1 BZ   NORDON MET-RTS        15498217.36   -20133536.7
NOVA3B BZ  NOVA AMERICA SA          21287489    -183535527
NOVAON BZ  NOVA AMERICA SA          21287489    -183535527
NOVA4B BZ  NOVA AMERICA-PRF         21287489    -183535527
NOVAPN BZ  NOVA AMERICA-PRF         21287489    -183535527
1NOVPN BZ  NOVA AMERICA-PRF         21287489    -183535527
1NOVON BZ  NOVA AMERICA SA          21287489    -183535527
RPMG3 BZ   PETRO MANGUINHOS      97015785.16    -251755220
MANGON BZ  PETRO MANGUINHOS      97015785.16    -251755220
RPMG4 BZ   PET MANGUINH-PRF      97015785.16    -251755220
MANGPN BZ  PETRO MANGUIN-PF      97015785.16    -251755220
REEM3 BZ   RIMET                 63757621.65    -107162240
REEMON BZ  RIMET                 63757621.65    -107162240
REEM4 BZ   RIMET-PREF            63757621.65    -107162240
REEMPN BZ  RIMET-PREF            63757621.65    -107162240
SNSY3 BZ   SANSUY                100279114.9   -45812488.8
SNSYON BZ  SANSUY SA             100279114.9   -45812488.8
SNSY5 BZ   SANSUY-PREF A         100279114.9   -45812488.8
SNSYAN BZ  SANSUY SA-PREF A      100279114.9   -45812488.8
SNSY6 BZ   SANSUY-PREF B         100279114.9   -45812488.8
SNSYBN BZ  SANSUY SA-PREF B      100279114.9   -45812488.8
STRP3 BZ   BOTUCATU TEXTIL       35101566.77   -13482713.5
STARON BZ  STAROUP SA            35101566.77   -13482713.5
STRP4 BZ   BOTUCATU-PREF         35101566.77   -13482713.5
STARPN BZ  STAROUP SA-PREF       35101566.77   -13482713.5
TEKA3 BZ   TEKA                  237436193.6    -360484910
TEKAON BZ  TEKA                  237436193.6    -360484910
TEKA4 BZ   TEKA-PREF             237436193.6    -360484910
TEKAPN BZ  TEKA-PREF             237436193.6    -360484910
TKTPY US   TEKA-ADR              237436193.6    -360484910
TKTQY US   TEKA-ADR              237436193.6    -360484910
VAGV3 BZ   VARIG SA              966298025.5   -4695211316
VARGON BZ  VARIG SA              966298025.5   -4695211316
VAGV4 BZ   VARIG SA-PREF         966298025.5   -4695211316
VARGPN BZ  VARIG SA-PREF         966298025.5   -4695211316
WISA3 BZ   WIEST                 39838113.86   -93371563.1
WISAON BZ  WIEST SA              39838113.86   -93371563.1
WISA4 BZ   WIEST-PREF            39838113.86   -93371563.1
WISAPN BZ  WIEST SA-PREF         39838113.86   -93371563.1
VSPT3 BZ   FER C ATLANT           1189275625   -35605725.7
VSPT4 BZ   FER C ATLANT-PRF       1189275625   -35605725.7
VSPT11 BZ  FERROVIA CEN-DVD       1189275625   -35605725.7
VSPT12 BZ  FERROVIA CEN-DVD       1189275625   -35605725.7
VSPT9 BZ   FER C ATL-RCT CM       1189275625   -35605725.7
VSPT10 BZ  FER C ATL-RCT PF       1189275625   -35605725.7
PQTM3 BZ   HOPI HARI SA          62168844.09   -55189836.7
PQTM4 BZ   HOPI HARI-PREF        62168844.09   -55189836.7
PQT5 BZ    PARQUE TEM-DV CM      62168844.09   -55189836.7
PQT6 BZ    PARQUE TEM-DV PF      62168844.09   -55189836.7
PQTM1 BZ   PARQUE TEM-RT CM      62168844.09   -55189836.7
PQTM2 BZ   PARQUE TEM-RT PF      62168844.09   -55189836.7
PQTM9 BZ   PARQUE TEM-RCT C      62168844.09   -55189836.7
PQTM10 BZ  PARQUE TEM-RCT P      62168844.09   -55189836.7
MMXM3 BZ   MMX MINERACAO          1018389001    -160218401
1TSSON BZ  TRESSEM PART SA        1018389001    -160218401
GASC3B BZ  ALL MALHA PAULIS       1123596482    -536003486
GASC4B BZ  GASCOIGNE EMP-PF       1123596482    -536003486
1GASON BZ  GASCOIGNE EMPREE       1123596482    -536003486
1GASPN BZ  GASCOIGNE EMP-PF       1123596482    -536003486
MRLM3B BZ  CIA PETROLIFERA       377602195.2   -3014291.72
MRLM4B BZ  CIA PETROLIF-PRF      377602195.2   -3014291.72
1CPMON BZ  CIA PETROLIFERA       377602195.2   -3014291.72
1CPMPN BZ  CIA PETROLIF-PRF      377602195.2   -3014291.72
LATF US    LATTENO FOOD COR         16631180      -1448544
VPTA3 BZ   VARIG PART EM TR      49432124.18    -399290426
VPTA4 BZ   VARIG PART EM-PR      49432124.18    -399290426
VPSC3 BZ   VARIG PART EM SE      84848504.58    -430964848
VPSC4 BZ   VARIG PART EM-PR      84848504.58    -430964848


CHILE

TL US      CHILESAT CO-ADR       450943844.7   -52392581.3
TELEX CI   CHILESAT CORP SA      450943844.7   -52392581.3
CHISATOS CICHILESAT CO-RTS       450943844.7   -52392581.3
CHILESAT CITELMEX CORP SA        450943844.7   -52392581.3
TELEXA CI  TELEX-A               450943844.7   -52392581.3
CSAOY US   TELMEX CORP-ADR       450943844.7   -52392581.3
TELEXO CI  TELEX-RTS             450943844.7   -52392581.3


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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