TCRLA_Public/100204.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

        Thursday, February 4, 2010, Vol. 11, No. 024

                            Headlines



A R G E N T I N A

MASTERLLONE HERMANOS: Extends Debt Swap Deadline to Feb. 12
TELECOM ARGENTINA: Argentine Court Halts Telecom Italia Sale


B E R M U D A

PROTOSTAR LTD: Proposes to Return 85% to Unsecured Creditors


B R A Z I L

BRASKEM SA: Sunoco Purchase Deal Won't Affect Fitch's Ratings
CESP: Government to Renew Operating Licenses
GENERAL GROWTH: Announces IPO of Brazilian Joint Venture
TELECOMUNICACOES BRASILEIRAS: Brazil May Use Firm for Broadband


C A Y M A N  I S L A N D S

ABSOLUTE LARGE: Members Receive Wind-Up Report
ADAMO CONSULTING: Members Receive Wind-Up Report
APOSTOLORUM LTD: Members Receive Wind-Up Report
ATHENA TRADING: Shareholders Receive Wind-Up Report
AZUL INVESTMENTS: Members Receive Wind-Up Report

BGI BLUEGRASS: Shareholders Receive Wind-Up Report
CONNING ILS: Shareholders Receive Wind-Up Report
CONSTELLATION ASSETS: Members Receive Wind-Up Report
CONSTELLATION PARTNERS: Shareholder Receives Wind-Up Report
CORMEX INTERNATIONAL: Members Receive Wind-Up Report

CRESENT WAY: Members Receive Wind-Up Report
DD ACQUISITION: Shareholders Receive Wind-Up Report
DD ACQUISITION: Shareholders Receive Wind-Up Report
DD ACQUISITION: Shareholders Receive Wind-Up Report
DD 2 ACQUISITION: Shareholders Receive Wind-Up Report

EBBI LTD: Members Receive Wind-Up Report
GOLDSHARES INVESTMENT: Members Receive Wind-Up Report
JOYOUS HOLDINGS: Members Receive Wind-Up Report
LIGHT WEST: Members Receive Wind-Up Report
MAREA FUND: Shareholders Receive Wind-Up Report

MAREA MASTER: Shareholders Receive Wind-Up Report
MULTI-STRATEGY ALPHA: Members Receive Wind-Up Report
PRS CEZANNE: Shareholder Receives Wind-Up Report
PRS INVESTMENT: Shareholder Receives Wind-Up Report
PRS TARGETED: Shareholder Receives Wind-Up Report

SAPIC 98 REFERENCE: Shareholders Receive Wind-Up Report
SCARLETT INVESTMENTS: Members Receive Wind-Up Report
SEPANG TRADING: Members Receive Wind-Up Report
SHELL COVE: Shareholders Receive Wind-Up Report
WHITE BEACH: Members Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: UBS Starts Firm at Neutral


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: US$75M Mining Project Taps Firm for Power Supply


J A M A I C A

AIR JAMAICA: S&P Raises Corporate Credit Rating to 'CCC'
AIR JAMAICA: BITU Meets Airline's Flight Attendants
AIR JAMAICA: To Lose 3 Airlines and Suspend Some Routes
AIR JAMAICA: Union Faces Pressure From Displaced Workers
NATIONAL COMMERCIAL BANK: Taps Dennis Cohen to Run NCB Cap Markets


M E X I C O

UNISYS CORP: Unit Wins Contract With Mexican Government


P E R U

DOE RUN PERU: Kicked Out of Peru Mining Group for Pollution


U R U G U A Y

BANCO DE LA REPUBLICA: Moody's Raises Bank Strength Rating to 'D'


V E N E Z U E L A

PRIMUS CASA: Venezuela Seizes Operations
UNICAPITAL CASA: Government Takes Control of Operations
UNICREDITO SOCIEDAD: Government Takes Control of Operations
PETROLEOS DE VENEZUELA: To Exploit Orinoco Oil Strip


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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



MASTERLLONE HERMANOS: Extends Debt Swap Deadline to Feb. 12
-----------------------------------------------------------
Mastellone Hermanos has extended to February 12 from January 29
the deadline for refinancing US$222.5 million in debt, Matthew
Cowley at Dow Jones Newswires reports.

According to the report, citing a statement to the Buenos Aires
stock exchange, the company said that investors representing
US$168 million, or 75.4% of the debts outstanding, have agreed to
participate in the refinancing.  The report relates that the
company, which uses the La Serenisima brand, said that because it
has secured the approval of more than 50% of creditors it can
execute an out-of-court refinancing.

Dow Jones Newswires notes that the company launched the tender in
mid-December, seeking some breathing room to deal with what it
expects will be a tough year ahead, as the rising cost of raw milk
will squeeze profitability.  The company, the report notes, wants
to replace US$166.7 million in bonds due 2012 with new bonds due
2018.  It also wants to replace US$55.8 million in bank loans due
2011 and 2013 with new securities due in 2015, the report adds.

The report points out that there will be no reduction in the
amount of debt owed, and Mastellone plans to pay investors a
premium of US$11 million to accept the refinancing package.  The
report relates that interest rates on the existing bonds stand at
around 8% per year, while the new bonds would pay an initial rate
of about 7%, rising over time to 9% in the final year before
maturity.  Bank of America Merrill Lynch is managing the deal.

                     About Mastellone Hermanos

Mastellone Hermanos is an Argentine dairy products maker.  The
company was established in 1929 by Antonino Mastellone.
The Mastellone family owns 67% of La Serenisima, while the
Dallpoint Investment fund owns the remaining 33%.


TELECOM ARGENTINA: Argentine Court Halts Telecom Italia Sale
------------------------------------------------------------
Karina Grazina at Reuters reports that an Argentine court halted a
government anti-monopoly ruling that ordered Italy's Telecom
Italia to sell its holdings in Telecom Argentina SA.  "The foreign
companies that were ordered to sell . . . were not listened to or
warned so that they could express their explanations and
arguments," said the ruling by Court A of the Economic Criminal
Chamber, the report relates.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
Dow Jones Newswires related that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                      About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


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


PROTOSTAR LTD: Proposes to Return 85% to Unsecured Creditors
------------------------------------------------------------
ProtoStar Ltd. filed with the U.S. Bankruptcy Court for the
District of Delaware, an amended Disclosure Statement with respect
to its Chapter 11 Plan as of January 26, 2010.

The Debtor related that it has determined that it is in the best
interests of its estates to seek, at this time, approval of this

Disclosure Statement and confirmation of the PS I Plan while
reserving the right to go forward and seek approval of a
Chapter 11 Plan and related disclosure statement with respect to
the other ProtoStar debtor entities at a later date.

The Debtors will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

According to the Disclosure Statement, the Plan provides that each
holder of an allowed PS I unsecured claim will, in full and final
satisfaction of the allowed PS I unsecured claim, receive its pro
rata share of unsecured liquidating trust A interests.  The
estimated recovery is between 0 - 85% of the US$21,300,000 claim.

The Plan will be implemented through, among other things:

1. On the effective date, PS I and the Lender Liquidating Trustee
   will execute the Lender Liquidating Trust Agreement and will
   take all other steps necessary to establish the Lender
   Liquidating Trust for the benefit of the Lender Liquidating
   Trust Beneficiaries in accordance with the PS I Plan.

   For the avoidance of doubt, the Lender Liquidating Trust Assets
   only include assets subject to the Noteholders' validly
   perfected liens and not any unencumbered assets.

2. On the effective date, PS I and the Unsecured Liquidating
   Trustee will execute the Unsecured Liquidating Trust Agreement
   and will take all other steps necessary to establish the
   Unsecured Liquidating Trust for the benefit of the Unsecured
   Liquidating Trust Beneficiaries in accordance with the PS I
   Plan.  The Unsecured Liquidating Trust will be irrevocably
   funded with the Unsecured Liquidating Trust Assets on the
   effective date of the PS I Plan for the benefit of the
   Unsecured Liquidating Trust Beneficiaries.  The funding will be
   exempt from any stamp real estate transfer, mortgage reporting,
   sales, use or other similar tax.

   For the avoidance of doubt, the Unsecured Liquidating Trust
   Assets will include any unencumbered assets of PS I, all
   Chapter 5 Causes of Action of PS I and its Estate.

3. PS I intends to have PS I Reserve Distribution to:

   a) distribute to the PS I DIP Agent an amount necessary to pay
      those PS I DIP Claims related to the refinancing of the WC
      Facility, a portion of which distribution will reduce
      distributions otherwise payable to the Senior Secured
      Notes Trustee for the Noteholders in accordance with
      the Intercreditor Agreement;

   b) distribute to the Holders of Class 2 Claims on the effective
      date and periodically thereafter;

   c) establish an amount of cash to be transferred to the PS I
      Claim Reserve on the effective date in order to provide a
      reasonable reserve of cash to ensure that Holders of Class 3
      Claims (PS I Unsecured Claims) receive the same proportional
      recovery as the Holders of Class 2 Claims (PS I Secured
      Claims) if a final order be entered in the PS I Lien
      Avoidance Action invalidating the Liens held by the
      Noteholders and the WC Lenders with respect to the PS I
      Collateral; and

   d) establish an amount of cash to be transferred to the PS I
      Administrative Reserve on the Effective Date in order to
      provide a reasonable reserve of cash to ensure that the
      Lender Liquidating Trustee or, after the PS I Trust Asset
      Transfer, the Unsecured Liquidating Trustee is able to pay
      (i) Administrative Expense Claims provided for in the
      ProtoStar I Budget, including PS I Administrative Expense
      Claims provided for in the ProtoStar I Budget through the
      effective date, and (ii) the ProtoStar Affiliate
      Administrative Expenses pursuant to the ProtoStar Affiliate
      Administrative Budget and in accordance with any PS I
      Reserve Distribution Order.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/PROTOSTARLTD_AmendedDS.pdf

A full-text copy of the Chapter 11 Plan is available for free at:

      http://bankrupt.com/misc/PROTOSTARLTD_AmendedPlan.pdf

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


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


BRASKEM SA: Sunoco Purchase Deal Won't Affect Fitch's Ratings
-------------------------------------------------------------
Fitch Ratings believes Braskem S.A.'s purchase agreement with the
U.S. based oil company Sunoco, Inc. R&M, will have a limited
impact on Braskem's credit profile and no impact on the current
ratings.  Braskem announced the purchase agreement yesterday and
will pay US$350 million for the acquisition of the polypropylene
business of Sunoco Chemicals, Inc.  Fitch rates Braskem's Issuer
Default Rating 'BB+' and national rating 'AA(bra)'.  This
strategic move is part of Braskem's international expansion
process.

The relative size of this transaction is manageable within
Braskem's current pro forma cash and debt position of
BRL4.2 billion and BRL18.8 billion as of December 2009,
respectively.  After the completion of the acquisition, Braskem's
liquidity position should remain robust compared to its short-term
debt and scheduled amortizations.  On a pro forma basis and based
on Fitch's calculation, incorporating the Sunoco Chemicals and
recent acquisitions, with special highlight to Quattor
Participacoes S.A., Braskem's net leverage ratio should be
3.9 times by year-end 2009, in accordance with Fitch's previous
forecast.

Braskem will benefit from greater geographical diversification of
its business as a result of this transaction, and its positive
track record in acquisitions bodes well for successful integration
of the PP business of Sunoco Chemicals.  The recent crisis has
weakened the petrochemical industry in North America, which
represents a potential opportunity for Braskem to acquire future
assets in the largest resin market worldwide.  Sunoco Chemicals'
privileged location, logistics structure and access to competitive
raw materials are the main drivers for its acquisition by Braskem.
Sunoco Chemicals has annual capacity of 950,000 tons of PP,
representing 13% of the U.S. market capacity, which compares with
2.975 million tons currently produced by Braskem in the Americas.
Sunoco Chemicals' expected operating cash generation for 2009 is
around US$80 million.

In the short to medium term, event risk remains high, as the
company will continue to seek growth through acquisitions abroad.
Depending on the financing strategy for future strategic actions,
size and funding for any investment plan could negatively affect
the company's leverage, liquidity and credit ratings.


CESP: Government to Renew Operating Licenses
--------------------------------------------
Paulo Winterstein at Bloomberg News reports that Cia Energetica de
Sao Paulo said that the government will renew the company's
operating licenses expiring at the start of 2015.

According to the report, citing Folha de S. Paulo newspaper,
Brazil may renew power licenses expiring between 2015 and 2020
using a provisional presidential order.  "CESP should react
positively to such news," Barclays Plc analyst Felipe Mattar wrote
in a note obtained by the news agency.  The drafted terms of
renewal, while not confirmed, come at expected costs which should
help companies maintain investment in the industry and encourage
consolidation, Mr. Mattar added.

The newspaper, the report notes, said that Cesp has four licenses
for hydroelectric dams expiring in 2015.  Bloomberg News recalls
that CESP was put up for sale in 2008 by the state government.
The March auction, the report relates, was canceled after no
bidders posted guarantees needed to take part in an auction on
concern the federal government wouldn't assure the renewal of
licenses.

                             About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric planst located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of December 21, 2009, the company continues to carry Moody's
Ba2 LT Corp Family rating and Senior Unsecured Debt rating.

The company also continues to carry Standard and Poors B LT Issuer
credit rating.


GENERAL GROWTH: Announces IPO of Brazilian Joint Venture
--------------------------------------------------------
General Growth Properties, Inc. on February 2 announced Aliansce
Shopping Centers S.A. has completed an initial public offering of
Aliansce's common shares on the Brazilian Stock Exchange, or
BM&FBovespa.  GGP did not sell any of its Aliansce shares in the
offering and now has approximately a 31.4% ownership interest in
Aliansce, which develops, owns and manages shopping centers in
Brazil.

The initial public offering involved 65,000,000 of Aliansce's
common shares, with each share priced at R$9.00 (equivalent to
approximately US$4.86).  Aliansce sold 50,000,000 shares in the
offering and selling shareholders other than GGP sold 15,000,000
shares.

The securities were not registered under the U.S. Securities Act
of 1933, as amended, or any state securities laws, and unless so
registered, may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable
state securities laws.

                  About General Growth Properties

Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings.  The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide.  General Growth is a self-
administered and self-managed real estate investment trust.  The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.

General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977).  Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel.  Kurtzman Carson Consultants
LLC has been engaged as claims agent.  The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers.  The Debtors disclosed
US$29,557,330,000 in assets and US$27,293,734,000 in debts as of
December 31, 2008.

Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


TELECOMUNICACOES BRASILEIRAS: Brazil May Use Firm for Broadband
---------------------------------------------------------------
Brazil may revive operations of Telecomunicacoes Brasileiras SA to
provide broadband Internet service, Maria Luiza Rabello at
Bloomberg News reports, citing Rogerio Santana, the Planning
Ministry's Secretary of Logistics and Information Technology.

There's a "good chance" of the idea being adopted, the report
quoted Mr. Santana as saying.  Brazil President Lula will decide
on a plan this month, Mr. Santana added.

The report notes that Telebras shares have more than doubled this
year on speculation that the federal government will use the
company to provide Internet access.

                About Telecomunicacoes Brasileiras

Telecomunicacoes Brasileiras SA (Telebras) is Brazil's former
state-owned telephone holding company.


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


ABSOLUTE LARGE: Members Receive Wind-Up Report
----------------------------------------------
The members of Absolute Large Cap Master Fund Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Julian Lloyd-Vine
         Telephone: (345) 943-1206
         Facsimile: (345) 943-1207
         P.O. Box 31298, Grand Cayman KY1-1206


ADAMO CONSULTING: Members Receive Wind-Up Report
------------------------------------------------
The members of Adamo Consulting Ltd. received, on December 24,
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


APOSTOLORUM LTD: Members Receive Wind-Up Report
-----------------------------------------------
The members of Apostolorum Ltd. received, on December 24, 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


ATHENA TRADING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Athena Trading (Capital A1) Limited received,
on January 12, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


AZUL INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Azul Investments Limited received, on December 22,
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


BGI BLUEGRASS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of The BGI Bluegrass Fund 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


CONNING ILS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of The Conning ILS Fund 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


CONSTELLATION ASSETS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Constellation Assets Ltd. received, on December 29,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CONSTELLATION PARTNERS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Constellation Partners Fund SPC received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


CORMEX INTERNATIONAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Cormex International Limited received, on
December 22, 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


CRESENT WAY: Members Receive Wind-Up Report
-------------------------------------------
The members of Cresent Way Holdings 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:

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


DD ACQUISITION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of DD Acquisition Cayman II LLC received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


DD ACQUISITION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of DD Acquisition Cayman LLC received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


DD ACQUISITION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of DD Acquisition Cayman II-2 LLC received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


DD 2 ACQUISITION: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of DD 2 Acquisition Cayman LLC received, on
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


EBBI LTD: Members Receive Wind-Up Report
----------------------------------------
The members of Ebbi Ltd. received, on December 24, 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


GOLDSHARES INVESTMENT: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Goldshares Investment Limited received, on
December 24, 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


JOYOUS HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Joyous Holdings Limited received, on December 22,
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


LIGHT WEST: Members Receive Wind-Up Report
------------------------------------------
The members of Light West Investments Limited received, on
December 22, 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


MAREA FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Marea Fund Ltd. received, on December 30,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MAREA MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Marea Master Fund Ltd. received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MULTI-STRATEGY ALPHA: Members Receive Wind-Up Report
----------------------------------------------------
The members of Multi-Strategy Alpha Port (Maps) TM Fund, Ltd.
received, on December 29, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PRS CEZANNE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of PRS Cezanne Leverage Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


PRS INVESTMENT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of The PRS Investment Strategies Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


PRS TARGETED: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of PRS Targeted Hedge Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


SAPIC 98 REFERENCE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sapic 98 Reference Fund (6) Limited received,
on January 11, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


SCARLETT INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Scarlett Investments Limited received, on
December 22, 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


SEPANG TRADING: Members Receive Wind-Up Report
----------------------------------------------
The members of Sepang Trading Ltd. received, on December 24, 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


SHELL COVE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Shell Cove Capital SPC 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


WHITE BEACH: Members Receive Wind-Up Report
-------------------------------------------
The members of White Beach Investments Limited received, on
December 22, 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


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


BANCOLOMBIA SA: UBS Starts Firm at Neutral
------------------------------------------
BanColombia SA's shares have limited room to appreciate even as
loan and asset growth are expected to rebound over the next few
years, Katherine E. Wegert at Dow Jones Newswires reports, citing
UBS analysts.  The report relates that analysts are starting
coverage of the company at neutral.

According to the report, the bank's American depositary shares
have surged 120% in the last 12 months in line with a rapid rise
in emerging-market equities.  The report relates UBS said that
while improved loan growth and a diverse capital base will help
BanColombia capitalize on an improving economy, the drastic run-up
in the stock means there's little room to gain further.

UBS, the report says, notes that the bank has expanded its non-
interest income base to 35% of total income and its ability to
rely on both the service side of business and deposits offers
protection during market volatility.  Analysts expect the bank's
net-interest margins to expand once the monetary tightening cycle
starts, the report adds.

Dow Jones Newswires says that UBS set its price target on
BanColombia ADRs at US$47.

                       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.


===================================
D O M I N I C A N  R E P U B L I C
===================================


AES DOMINICANA: US$75M Mining Project Taps Firm for Power Supply
----------------------------------------------------------------
The mining company Envirogold Las Lagunas Limited and the energy
group AES Dominicana signed an electricity supply contract which
privileges the use of clean energy at competitive prices, The
Domininca Today reports.  The report relates that the program will
be conducted through the combined cycle power plant AES Andres,
whose capacity is 319 megawatts using natural gas.

According to the report, the agreement, which will last seven
years and six months, stipulates that AES Andres will provide 100%
of EVGLLL's consumption, since the mining company requires
constant and stable energy.  "We are very satisfied for doing
businesses with companies such as EVGLLL with which we share a
long term vision," the report quoted AES Dominicana vice president
for Marketing Rodolfo Cabello as saying.

The report notes that the power group's executive stressed that
among AES Dominicana's objectives is "to be a reliable energy
services supplier  so that projects such as this one can be
adequately developed and reap the benefits which new investments
of this nature entail."

In that regard the power supply for the project, to be carried out
at a cost of US$75 million, "was one of the major challenges we
faced for its viability and for that reason we chose AES
Dominicana as our ally in the most important contracts needed to
materialize this project."

In that regard, the report adds, EVGLLL president Brian Johnson
said that the power supply for the project, to be carried out at a
cost of US$75 million, "was one of the major challenges we faced
for its viability and for that reason we chose AES Dominicana as
our ally in the most important contracts needed to materialize
this project."

                         About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


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


AIR JAMAICA: S&P Raises Corporate Credit Rating to 'CCC'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term CCR on Jamaican national airline, Air Jamaica Ltd., to
'CCC' from 'SD'.  At the same time, S&P has affirmed its 'CCC'
rating on its notes due 2015 and 2027.  The outlook is positive.

"The rating action follows the disclosure of new information
regarding the JDX program being conducted by the government of
Jamaica.  Contrary to S&P's initial understanding, Air Jamaica's
locally issued debt and/or domestically held debt will not be
included in the JDX program; S&P had expected such debt would be
included in the JDX when S&P lowered its CCR on Air Jamaica to
'SD' from 'CCC' on Jan. 19, 2010," said Standard & Poor's credit
analyst Carolina Duran.

S&P is affirming its ratings on the airline's US$200 million and
US$125 million notes due 2015 and 2027, respectively, at 'CCC' --
aligned with its 'CCC' rating on Jamaica's sovereign government
securities (which are not included in the JDX), given the
government's unconditional guarantee of both principal and
interest payments.  S&P assesses Air Jamaica's stand-alone credit
profile at 'B-'.  This reflects the significant ongoing support
the company receives from the sovereign and S&P's expectations
that Jamaica's sovereign rating will be raised to 'B-' upon the
near-term completion of the JDX.

In accordance with S&P's criteria for government-related entities,
its ratings are based on its view of Air Jamaica's: "limited
importance" to the government, as its business could easily be
undertaken by a private sector entity or another larger GRE if the
airline were to cease to exist; and the company's "limited" link
with the government due to the continuing privatization efforts
and potential for significant reduction in government ownership.
Therefore, S&P considers the overall likelihood of extraordinary
government support for Air Jamaica to be low.  Nevertheless, since
Air Jamaica relies heavily on ongoing government support to fund
its day-to-day operations, S&P's rating on the airline is
constrained by S&P's view of the sovereign's creditworthiness.

In S&P's view, the company's ability to continue as a going
concern depends, among other things, on shareholder support,
obtaining necessary funding, and future profitable operations.
The Jamaican government has committed to recapitalize the
airline's annual unpaid payroll, education, and departure tax
liabilities; however, these will not exceed US$30 million per year
through 2010.  The government has also committed to service
$325 million in government-guaranteed debt that Air Jamaica issued
in 2005 by providing a 10-year subsidy to the airline.  Therefore,
S&P expects Air Jamaica to continue servicing its rated
government-guaranteed notes according to schedule.

"The positive outlook reflects S&P's expectation that, upon
completion of Jamaica's debt restructuring, S&P will raise its
rating on the sovereign to 'B-' and Air Jamaica's rating to 'B-',
reflecting its SACP.  On the other hand, S&P could revise the
outlook if there is a material delay in the completion of the JDX
program -- which would change S&P's view on the government's
continued support for Air Jamaica," Ms. Duran added.


AIR JAMAICA: BITU Meets Airline's Flight Attendants
---------------------------------------------------
The Bustamante Industrial Trade Union is remaining tightlipped
about the details of talks it had with Air Jamaica Limited's
workers, GO-Jamaica News reports.  The report relates that the
union, which represents the airline's workers, met with flight
attendants to update them on the state of affairs surrounding the
sale of the national airline.

According to the report, BITU president Kavan Gayle said that the
attendants raised concerns relating to the impact of the
investment of the airline on their employment.

As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Go-Jamaica News said that the Jamaica Airline
Pilots Association is expressing confidence that it will be able
to successfully operate Air Jamaica if a proposal to be
resubmitted to the government is accepted.  According to Jamaica
Observer, JALPA is now waiting a reply from the Jamaican
government after submitting a bid to acquire Air Jamaica.  The
report related Captain Capleton said the association, which
comprises the airline's 140 pilots, is spearheading the
acquisition effort on behalf of the national carrier's staff.

                        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.


AIR JAMAICA: To Lose 3 Airlines and Suspend Some Routes
-------------------------------------------------------
Air Jamaica Limited will be cutting its service to some of its
routes because the airline will be losing three of its planes, Go-
Jamaica News reports.  The report relates that effective March 9
flights from New York to Grenada and Jamaica to Orlando will be
suspended.

According to the report, the airline will be suspending flights
from Jamaica to Curacao, Chicago, Havana, Cuba and Nassau, Bahamas
as of April 12.  The report relates President and Chief Executive
Officer of Air Jamaica Bruce Nobles said that reducing the size of
the fleet has become necessary as the airline seeks to meet its
financial obligations.  The national carrier will now have six
planes.

However, the report points out, Mr. Nobles is seeking to assure
that the airline's service will not be affected by the reduction.
Air Jamaica has also announced adjustment to its flight schedules
for some of its destinations, the report adds.

                          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.


AIR JAMAICA: Union Faces Pressure From Displaced Workers
--------------------------------------------------------
The National Workers' Union found itself on the receiving end of
workers' wrath when displaced Air Jamaica employees converged on
the union's office here demanded a meeting, Jamaica Observer
reports.

According to the report, less than 50 displaced airline workers
said they were laid off last September for 120 days and neither
the union nor the company had given them any information about a
return to work or to discuss redundancy payments, although the
lay-offs had expired.  "If we get 120 days off and we took it with
a smile, then they should come back to us and say, 'gentle people,
due to this, or due to that we have to extend it'," one
disenchanted worker told the news agency in an interview.  "Had
they come in time we could prepare ourselves and brace for the
extension.  Now we are in the dark," he added.

The report notes that the workers, who expressed impatience with
the union, said that they made two unsuccessful attempts to
discuss their concerns with NWU vice-president Granville
Valentine.

Mr. Valentine told the Observer, in a telephone interview, that
due to scaled down operations the airline did not need more
workers at this time.  While acknowledging the need for an
extension of the lay-offs, he noted that if these workers opted
for redundancy they were entitled to it.  "While the workers were
told 120 days that doesn't mean that they are going to go back in
exactly 120 days," the report quoted Mr. Valentine as saying.
"Now, while I agree there is a need for an extension or you make
the position redundant, what it means after 120 days is that the
workers can opt for redundancy and the management cannot deny
them," he added.

                          About Air Jamaica

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
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.


NATIONAL COMMERCIAL BANK: Taps Dennis Cohen to Run NCB Cap Markets
------------------------------------------------------------------
National Commercial Bank of Jamaica said that the banking group's
deputy head, Dennis Cohen, will assume responsibility of NCB
Capital Markets Limited, the bank's wealth management subsidiary,
Jamaica Gleaner reports.  "He is it indefinitely," he report
quoted NCB Group Managing director Patrick Hylton, as saying.

According to the report, NCBCM is still in recovery mode having
suffered a JM$1.23-billion write-down and a substantial decline in
profit performance following exposure on its foreign portfolio
when investment bank Lehman Brothers Group collapsed in September
2008.  The report relates that Mr. Hylton said that the company's
exposure was related to 'master repurchase' arrangements with the
New York-based bank under which it had pledged bonds valued at
about US$44.9 million for its liability of US$27.92 million to
Lehman.

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009, NCB Capital Managing Director Christopher
Williams has resigned his position effective January 31, 2010.
Charged with the responsibility to strategically lead, grow and
manage the wealth management business of National Commercial Bank
Jamaica Limited, NCB Capital Markets Limited, under Mr. William's
guidance, has grown into one of Jamaica's most successful
securities dealer and brokerage house.

                          About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.

Fitch said the ratings have a stable rating outlook.


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


UNISYS CORP: Unit Wins Contract With Mexican Government
-------------------------------------------------------
Unisys Corporation said Wednesday its Mexican subsidiary has been
awarded a contract by the Secretaria de Gobernacion/Registro
Nacional de Poblacion (Mexican Ministry of Internal
Affairs/National Citizen Registry) to create and manage an
advanced citizen identification solution using biometric
technologies.  The project would create a database with iris,
fingerprint and facial biometric data on up to 110 million Mexican
citizens that would be utilized as part of the Mexican
government's larger national ID card project.

The contract, awarded to a consortium comprised of Unisys and
Mexican communications company AXTEL, is worth approximately US$50
million over three years, with approximately US$32 million of the
contract value expected to go to Unisys. Unisys will integrate the
solution, provide the IT infrastructure and manage the data center
hosting the solution. AXTEL will provide communications services
as well as the data center facility and the service operations
center.

"To more accurately identity and detect fraud, the Unisys solution
includes iris capture and matching, as well as multimodal fusion
incorporating three biometrics," said Terry Hartmann, vice
president of Identity Solutions, Unisys.

The Unisys solution will be based on the proven Unisys LEIDA
(Library of eID Artifacts software) framework, which creates
building blocks for identity and credentialing solutions to
accelerate development and reduce implementation time.

Unisys will also provide applications outsourcing services to help
keep the identity and credentialing solution updated and running
correctly.

"This contract will allow the government of Mexico to benefit from
Unisys longstanding experience providing integrated biometric
credentialing solutions in countries such as the United States,
Malaysia, Australia, Canada, South Africa, Angola, Chile, Costa
Rica and Spain," said Guillermo Bocanegra, vice president and
managing partner for Unisys in Latin America.

                           About Unisys

Based in Blue Bell, Pennsylvania, Unisys Corporation (NYSE: UIS)
-- http://www.unisys.com/-- provides a portfolio of IT services,
software, and technology that solves critical problems for
clients.  With more than 26,000 employees, Unisys serves
commercial organizations and government agencies throughout the
world.

At September 30, 2009, the Company had total assets of
$2.741 billion against total current liabilities of
US$1.305 billion, long-term debt of US$845.0 million, long-term
postretirement liabilities of US$1.410 billion, and other long-
term liabilities of US$325.4 million, resulting in stockholders'
deficit of US$1.145 billion.


=======
P E R U
=======


DOE RUN PERU: Kicked Out of Peru Mining Group for Pollution
-----------------------------------------------------------
Peru's mining, oil and energy association (SNMPE) said it has
expelled U.S. mining company Doe Run from its roster for not
cleaning up its pollution problems, which environmentalists say
are among the worst in the world, Agence France Presse reports.
"It has not shown . . . any willingness to comply with its
environmental commitments and its obligations to the country, its
workers, the La Oroya population and its creditors," the report
quoted SNMPE as saying.

According to the report, SNMPE said Doe Run's "lack of interest in
completing PAMA violates the association's ethical principles and
code of conduct," earning it its expulsion.  The report notes that
The company had already been suspended from SNPE in late June.

As reported in the Troubled Company Reporter-Latin America on
January 26, 2010, Bloomberg News said that Doe Run Peru is "close"
to reaching an agreement on US$156 million of debt to reopen its
zinc and lead smelter.  According to the TCRLA on October 1, 2009,
AMM News said that a Doe Run Peru spokesman said that the company
will delay the reopening of its smelter following reports that
Peru's congress voted to give the company a 30-month extension on
its environmental cleanup deadline, which expired on October.  The
report recalled that Doe Run Peru filed for a government-monitored
financial restructuring because it was worried creditors might try
to freeze its assets or operations.  Reuters related that Doe Run
Peru owes some US$100 million to its suppliers and needs to spend
another US$150 million to clean up La Oroya.

                        About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


=============
U R U G U A Y
=============


BANCO DE LA REPUBLICA: Moody's Raises Bank Strength Rating to 'D'
-----------------------------------------------------------------
Moody's Investors Service upgraded Banco de la Republica Oriental
del Uruguay's bank financial strength rating to D, from D-, and
changed its outlook to positive.  The D BFSR maps to an
unsupported baseline credit assessment of Ba2.

At the same time, Moody's downgraded the long/short term local
currency deposit ratings of BROU and Banco Hipotecario del Uruguay
to Baa3/Prime-3, from Baa2/Prime-2.  Moody's also downgraded the
banks' deposit ratings in the Uruguayan national scale to Aa1.uy,
from Aaa.uy.  All of these ratings now have a stable outlook.  The
rating actions conclude the reviews for possible downgrade
initiated on May 26, 2009.

Moody's also indicated that the banks' foreign currency deposit
ratings of Ba3 in the global scale and A1.uy in the national
scale, were not affected by this action.  The foreign currency
deposit ratings remain constrained by Uruguay's foreign currency
deposit ceiling, which has a stable outlook.

BHU's bank financial strength rating of E (which maps to a
baseline credit assessment of Caa1) was not affected by this
action.

         Upgrade of BROU's Bank Financial Strength Rating

In upgrading BROU's bank financial strength rating to D, from D-,
Moody's acknowledged the bank's dominant domestic franchise, which
is reflected in market shares of about 42% of the systems' assets
and deposits.  The upgrade also recognizes the bank's high
liquidity -- which benefits from depositors' confidence - and its
much improved asset quality, which has been maintained despite the
challenging business conditions of the past months.

The upgrade of BROU's unsupported BFSR also acknowledges its
adequate capitalization and reserves coverage, which proved
resilient in light of Moody's stress tests.  Moody's has employed
scenario analysis to determine potential expected losses on the
bank's loan and securities portfolios, thus estimating the impact
on the bank's capitalization and earnings in the context of the
global economic recession, as well as the high dollarization of
Uruguay's financial system.  Even under stress conditions, BROU's
loss absorption capacity has remained strong.

The positive outlook on BROU's D bank financial strength rating
acknowledges the bank's sound financial fundamentals -- and its
liquidity and capital, in particular -- that position it well for
healthy growth in the coming year.

        Deposit Rating Change Reflects Revised Approach to
                         Systemic Support

Moody's said that the downgrades of local currency deposit ratings
were driven by its global reassessment of the ability of
governments to support their countries' banks during a protracted
systemic crisis.  The likelihood of such support is an important
part of Moody's credit analysis, and it provides uplift to ratings
above that which would be implied by the banks' own financial
strength.  For the Uruguayan bank issuers, the downgrades bring
the ratings closer in line with that of the government's own local
currency bond rating of Ba3.

Moody's has refined its assessment of systemic support for the
Uruguayan banks to better reflect the capacity of the government
to support the banking system as a whole in the event of a
systemic crisis.  Moody's continues to believe that most
governments are likely to support their banking systems to avoid a
meltdown of the local payment system in such an event.

Nevertheless, the agency also views the capacity of a country and
its central bank to support the nation's banks to be more closely
aligned with the government's own creditworthiness.  The revised
approach to systemic support is outlined in Moody's special
comment entitled "Financial Crisis More Closely Aligns Bank Credit
Risk and Government Ratings in Non-Aaa Countries", published in
May 2009.

Moody's said that the systemic support indicator for Uruguayan
government-owned banks has been established at Baa3, thus
replacing the Baa2 local currency deposit ceiling as the systemic
support input for bank ratings.  The new systemic support
indicator nevertheless reflects three notches of uplift above the
government's Ba3 local currency bond rating.

The notching differences above the government's own local currency
bond rating reflect Moody's view of the Uruguayan government's
strong willingness and ability to support the country's banking
system, and the differentiation the government has historically
made when supporting government-owned versus privately-owned banks
during times of stress.  The notching differences are underpinned
by these:

1.  The Uruguayan government provided full support to government-
    owned banks during the economic and financial crisis of 2002.

2.  Credit stress in the Uruguayan banking system has been low
    throughout the recent global recession, and banks have not
    been affected because of their high liquidity position and
    very low exposure to global markets.

3.  Despite the high level of dollarization in the banking system,
    the banks' net US dollar asset exposure is on average about
    20% of equity, while liquidity reserves are at levels of 60%
    of assets.

4.  The Uruguayan banking system is small relative to GDP, with
    the government-owned banks representing about half of the
    banking system.

These ratings were affected by this action:

Banco de la Republica Oriental del Uruguay

* Bank financial strength rating: upgraded to D, from D-.  Outlook
  changed to positive from stable.

* Long term local currency deposit rating: downgraded to Baa3,
  from Baa2

* Short term local currency deposit rating: downgraded to Prime-3,
  from Prime-2

* National Scale local currency deposit rating: downgraded to
  Aa1.uy, from Aaa.uy

Banco Hipotecario del Uruguay

* Long term local currency deposit rating: downgraded to Baa3,
  from Baa2

* Short term local currency deposit rating: downgraded to Prime-3,
  from Prime-2

* National Scale local currency deposit rating: downgraded to
  Aa1.uy, from Aaa.uy


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



PRIMUS CASA: Venezuela Seizes Operations
-----------------------------------------

Venezuela's securities exchange commission has seized control of
three brokerage companies, citing ties to banks that recently got
into financial trouble, Business Week reports.

According to the report, the commission is taking over management
of:

   -- Primus Casa de Bolsa,
   -- Unicredito Sociedad de Corretaje, and
   -- Unicapital Casa de Bolsa Productos Agricolas.

The report notes that President Hugo Chavez's government says it
is seeking to safeguard the country's financial sector.  The
commission, the report relates, ordered another firm, Everest
Financial Group, to suspend its operations, according to an
announcement published in the Official Gazette.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related that the
government will sell off Banco Canarias de Venezuela CA and Banco
Provivienda (Banpro), after its intervention begun November 20
"revealed that they had been severely compromised."  The report
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, were owned by businessman Ricardo Fernandez
Barrueco who was jailed on charges of illegally using depositors'
money and faces up to 10 years in jail.


UNICAPITAL CASA: Government Takes Control of Operations
-------------------------------------------------------
Venezuela's securities exchange commission has seized control of
three brokerage companies, citing ties to banks that recently got
into financial trouble, Business Week reports.

According to the report, the commission is taking over management
of:

   -- Primus Casa de Bolsa,
   -- Unicredito Sociedad de Corretaje, and
   -- Unicapital Casa de Bolsa Productos Agricolas.

The report notes that President Hugo Chavez's government says it
is seeking to safeguard the country's financial sector.  The
commission, the report relates, ordered another firm, Everest
Financial Group, to suspend its operations, according to an
announcement published in the Official Gazette.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related that the
government will sell off Banco Canarias de Venezuela CA and Banco
Provivienda (Banpro), after its intervention begun November 20
"revealed that they had been severely compromised."  The report
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, were owned by businessman Ricardo Fernandez
Barrueco who was jailed on charges of illegally using depositors'
money and faces up to 10 years in jail.


UNICREDITO SOCIEDAD: Government Takes Control of Operations
-----------------------------------------------------------
Venezuela's securities exchange commission has seized control of
three brokerage companies, citing ties to banks that recently got
into financial trouble, Business Week reports.

According to the report, the commission is taking over management
of:

   -- Primus Casa de Bolsa,
   -- Unicredito Sociedad de Corretaje, and
   -- Unicapital Casa de Bolsa Productos Agricolas.

The report notes that President Hugo Chavez's government says it
is seeking to safeguard the country's financial sector.  The
commission, the report relates, ordered another firm, Everest
Financial Group, to suspend its operations, according to an
announcement published in the Official Gazette.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2009, Reuters said Venezuela took over three more bank
-- Baninvest, Central Banco Universal, and Banco Real -- raising
the tally to seven.  According to a TCRLA report on December 1,
citing Dow Jones Newswires, the Venezuelan government's takeover
of operational control in four banks continued to rattle the
Venezuelan financial system two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.  Dow Jones related that the
government will sell off Banco Canarias de Venezuela CA and Banco
Provivienda (Banpro), after its intervention begun November 20
"revealed that they had been severely compromised."  The report
noted that Bolivar Banco and Banco Confederado SA will temporarily
shut their doors during the intervention.  The four bank, Dow
Jones Newswires added, were owned by businessman Ricardo Fernandez
Barrueco who was jailed on charges of illegally using depositors'
money and faces up to 10 years in jail.


PETROLEOS DE VENEZUELA: To Exploit Orinoco Oil Strip
----------------------------------------------------
The governments of Venezuela and Russia agreed to create a
consortium to exploit the Junin 6 block of the Orinoco Oil Strip,
Xinhua News reports, citing Venezuelan President Hugo Chavez.

According to the report, Mr. Chavez said that the agreement was
signed between state-run company Petroleos de Venezuela holding
60% of the shares and Russian companies of Rosneft, Lukoil,
Gazpromneft, TNK-BP and Surgoutneftgaz with combined shares of 40
percent.

Mr. Chavez, the report relates, said that PDVSA and the Russian
companies would invest a total of US$18 billion for the work in
Junin 6 block.  The block would begin to produce 52,000 barrels of
oil a day in 2014 and would reach 450,000 barrels a day in 2017,
he added.

The report notes that Mr. Chavez also said that the PDVSA signed
another contract with the Italian company Empresa Nacional de
Hidorcarburos (ENI) to produce 240,000 barrels of oil a day in
Junin bloc 5.

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *