TCRLA_Public/100205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Friday, February 5, 2010, Vol. 11, No. 025

                            Headlines



B E R M U D A

AIG FINANCIAL: Creditors'  Proofs of Debt Due on February 5
AIG FINANCIAL: Members to Receive Wind-Up Report on Feb. 25
AIG -FP DEUTSCHLAND: Creditors'  Proofs of Debt Due on February 5
AIG-FP DEUTSCHLAND: Members to Receive Wind-Up Report on Feb. 25
ISLAND MANAGEMENT: Creditors'  Proofs of Debt Due on February 5

ISLAND MANAGEMENT: Members to Receive Wind-Up Report on Feb. 25
LEASING TELECOM: Creditors'  Proofs of Debt Due on February 5
LEASING TELECOM: Member to Receive Wind-Up Report on February 26
SYNCORA PRIVATE: Creditors'  Proofs of Debt Due on February 5
SYNCORA PRIVATE: Members to Receive Wind-Up Report on February 25

VERSATILE ACTION: Creditors'  Proofs of Debt Due on February 5
VERSATILE ACTION: Member to Receive Wind-Up Report on February 26


B R A Z I L

BRASKEM SA: To Buy Sunoco Unit for US$350 Million
COSAN COMBUSTIVEIS: Fitch Puts BB- Cur. Ratings on Positive Watch
COMPANHIA SIDERURGICA: Votorantim Buys Lafarge's Cimpor Stake
GERDAU AMERISTEEL: To Host 2009 Financial Results Call on Feb. 25
MARFRIG ALIMENTOS: Plans Two mega Feedlots to Ensure Beef Supply

TAM SA: Multiplus SA is 2nd Brazil IPO to Raise Less Than Sought


C A Y M A N  I S L A N D S

AQR GLOBAL: Shareholder Receives Wind-Up Report
ASAT HOLDINGS: Closes Asset Sales; to Commence Liquidation
ASOR INTERNATIONAL: Shareholders Receive Wind-Up Report
BCM LONG-SHORT: Shareholders Receive Wind-Up Report
BROADLAWN OFFSHORE: Shareholders Receive Wind-Up Report

BT BRYCE: Shareholders Receive Wind-Up Report
CEPHEUS LIMITED: Shareholders Receive Wind-Up Report
DANZA CLASSICA: Shareholders Receive Wind-Up Report
ENDEAVOUR SOLEBAY: Shareholders to Hear Wind-Up Report on Feb. 15
ENDEAVOUR SOLEBAY: Shareholders to Hear Wind-Up Report on Feb. 15

EPOCH 2002-2: Shareholders Receive Wind-Up Report
FOUNDATION HEAT: Shareholders Receive Wind-Up Report
GENNAIO INVESTMENT: Shareholders Receive Wind-Up Report
GETTY CONSULTING: Shareholders Receive Wind-Up Report
HALCYON SECURITIZED: Shareholders Receive Wind-Up Report

KAILAS II: Shareholders Receive Wind-Up Report
KAILAS GLOBAL: Shareholders Receive Wind-Up Report
MASTER CONSULTING: Shareholders Receive Wind-Up Report
NEVE INTERNATIONAL: Shareholders Receive Wind-Up Report
OLD MUTUAL: Shareholders Receive Wind-Up Report

OLD MUTUAL: Shareholders Receive Wind-Up Report
PREFRA SPC: Shareholders Receive Wind-Up Report
PRS TARGETED: Shareholders Receive Wind-Up Report
PROVIDENT CBO I: Shareholders Receive Wind-Up Report
RIVENDALE ABSOLUTE: Shareholders Receive Wind-Up Report

ROWAYTON LOAN: Shareholders Receive Wind-Up Report
SONIAMARIA: Shareholders to Hear Wind-Up Report on February 15
STORMPORT LTD: Shareholders Receive Wind-Up Report
TDJ HOLDINGS: Shareholders Receive Wind-Up Report
TELEOS STRATEGIES: Shareholders Receive Wind-Up Report

TELEOS SYSTEMATIC: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: Cut to 'Neutral' at JPMorgan on Valuation
ECOPETROL SA: Posts Change in Accounting Methodology


D O M I N I C A N  R E P U B L I C

PETROLEOS DE VENEZUELA: Mum on Refinery Deal W/ Dominican Rep


E C U A D O R

ECOPETROL SA: Forms Savia Peru Joint Venture With Korea's Knoc
PETROECUADOR: Aims to Terminate Oil Contract W/ Compania General
PETROECUADOR: 2009 Crude Output 486,049 Barrel/Day


G U Y A N A

* GUYANA: Denies Plans to Shutter Mines


J A M A I C A

AIR JAMAICA: Few More Weeks for Airline Sale, Government Says
AIR JAMAICA: JALPA to Choose From 3 Equity Partners
CASH PLUS: Liquidator Wants Information on Creditors
* JAMAICA: Fitch Downgrades Issuer Default Ratings to 'RD'


M E X I C O

MEXICHEM SAB: Ineos Fluor Deal Won't Affect Moody's 'Ba1' Rating
SATELLITE MEXICANOS: System Failure to Cut Satellite Life


P E R U

BANCO INTERNACIONAL DEL PERU: Interbank Says Lending to Grow 40%


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Chief Musaib-Ali Resigns From Post


V E N E Z U E L A

PETROLEOS DE VENEZUELA: CEO in China in Oil Talks
PETROLEOS DE VENEZUELA: To Strengthen Gas Ops. With UNERMB
PETROLEOS DE VENEZUELA: Unit Recovery Project Shows 60% Progress




                         - - - - -


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


AIG FINANCIAL: Creditors'  Proofs of Debt Due on February 5
----------------------------------------------------------
The creditors of AIG Financial Products Asia Limited are required
to file their proofs of debt by February 5, 2010, to be included
in the company' s dividend distribution.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


AIG FINANCIAL: Members to Receive Wind-Up Report on Feb. 25
-----------------------------------------------------------
The members of AIG Financial Products Asia Limited will receive,
on February 25, 2010, at 9:30 a.m., the liquidator' s report on
the company' s wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


AIG -FP DEUTSCHLAND: Creditors'  Proofs of Debt Due on February 5
----------------------------------------------------------------
The creditors of AIG -FP Deutschland Limited are required to file
their proofs of debt by February 5, 2010, to be included in the
company' s dividend distribution.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


AIG-FP DEUTSCHLAND: Members to Receive Wind-Up Report on Feb. 25
----------------------------------------------------------------
The members of AIG-FP Deutschland Limited will receive, on
February 25, 2010, at 9:30 a.m., the liquidator' s report on the
company' s wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


ISLAND MANAGEMENT: Creditors'  Proofs of Debt Due on February 5
--------------------------------------------------------------
The creditors of Island Management Services Ltd are required to
file their proofs of debt by February 5, 2010, to be included in
the company' s dividend distribution.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


ISLAND MANAGEMENT: Members to Receive Wind-Up Report on Feb. 25
---------------------------------------------------------------
The members of Island Management Services Ltd will receive, on
February 25, 2010, at 9:30 a.m., the liquidator' s report on the
company' s wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


LEASING TELECOM: Creditors'  Proofs of Debt Due on February 5
------------------------------------------------------------
The creditors of Leasing Telecom Limited are required to file
their proofs of debt by February 5, 2010, to be included in the
company' s dividend distribution.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Christopher C. Morris
         Century House, 16 Par-la-Ville Road
         Hamilton HM 08, Bermuda


LEASING TELECOM: Member to Receive Wind-Up Report on February 26
----------------------------------------------------------------
The member of Leasing Telecom Limited will receive, on February
26, 2010, at 10:00 a.m., the liquidator' s report on the company'
s wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Christopher C. Morris
         Century House, 16 Par-la-Ville Road
         Hamilton HM 08, Bermuda


SYNCORA PRIVATE: Creditors'  Proofs of Debt Due on February 5
------------------------------------------------------------
The creditors of Syncora Private Trust Company Limited are
required to file their proofs of debt by February 5, 2010, to be
included in the company' s dividend distribution.

The company commenced wind-up proceedings on January 20, 2010.

The company' s liquidator is:

         Susan Comparato
         825, 8th Avenue, New York
         New York 10019, U.S.A.


SYNCORA PRIVATE: Members to Receive Wind-Up Report on February 25
-----------------------------------------------------------------
The members of Syncora Private Trust Company Limited will receive,
on February 25, 2010, at 9:30 a.m., the liquidator' s report on
the company' s wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 20, 2010.

The company' s liquidator is:

         Susan Comparato
         825, 8th Avenue, New York
         New York 10019, U.S.A.


VERSATILE ACTION: Creditors'  Proofs of Debt Due on February 5
-------------------------------------------------------------
The creditors of Versatile Action Investments Limited are required
to file their proofs of debt by February 5, 2010, to be included
in the company' s dividend distribution.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Christopher C. Morris
         Century House, 16 Par-la-Ville Road
         Hamilton HM 08, Bermuda


VERSATILE ACTION: Member to Receive Wind-Up Report on February 26
-----------------------------------------------------------------
The member of Versatile Action Investments Limited will receive,
on February 26, 2010, at 10:00 a.m., the liquidator' s report on
the company' s wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 21, 2010.

The company' s liquidator is:

         Christopher C. Morris
         Century House, 16 Par-la-Ville Road
         Hamilton HM 08, Bermuda


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


BRASKEM SA: To Buy Sunoco Unit for US$350 Million
-------------------------------------------------
Braskem SA said that it would buy the chemicals unit of U.S.-based
refinery Sunoco Inc. for US$350 million, Elzio Barreto and Matt
Daily at Reuters report.  The report relates that the move comes
on the heels of Braskem SA's announcement that it would buy
smaller Brazilian rival Quattor and issue between BRL4.5 billion
and BRL5 billion in new stock to fund its expansion.

According to the report, the deal, which is expected to complete
by March 31, includes Sunoco's polypropylene manufacturing
facilities in Pennsylvania, Texas and West Virginia, which have
the capacity to produce about 2.1 billion pounds of polypropylene
annually.

Reuters notes that Sunoco said it would record a pretax loss
from the sale in the first quarter between US$185 million and
US$195 million.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 3, 2010, Standard & Poor's Ratings Services said that its
ratings on Brazilian petrochemical company Braskem S.A.
(BB+/Stable/--) are not affected by the company's announcement
that it has agreed to acquire petrochemical assets in the U.S.
from Sunoco Chemicals, a division of Sunoco Inc.


COSAN COMBUSTIVEIS: Fitch Puts BB- Cur. Ratings on Positive Watch
-----------------------------------------------------------------
Fitch Ratings has placed the ratings of Cosan Combustiveis e
Lubrificantes on Rating Watch Positive and the ratings of Cosan
S.A. Industria e Comercio on Rating Watch Evolving.  The rating
action follows the announcement on Feb. 1, 2010, that Cosan signed
a Memorandum of Understanding related to a possible merger of its
sugar and ethanol, co-generation and fuel distribution businesses
with Shell International Petroleum Company Ltd.'s Brazilian fuel
distribution operations.

Fitch has placed these ratings on Evolving Watch:

Cosan:

  -- Foreign Currency Issuer Default Rating 'BB-';
  -- Local Currency IDR 'BB-';
  -- National Scale Rating 'A-(bra)'.

Fitch has placed these ratings on Positive Watch:

CCL:

  -- Foreign Currency IDR 'BB-';
  -- Local Currency IDR 'BB-';
  -- National Scale Rating 'A-(bra)';
  -- US$350 million senior unsecured notes due 2014 'BB-'.

The association with Shell will generate two joint ventures, one
focused on the sugar and ethanol and co-generation businesses and
the other on the fuel distribution business.  Fitch expects that
CCL will be fully transferred to the Downstream JV.  If the
transaction goes through, Cosan will become an equity
participation company with stakes in both JVs and in other
businesses that will not be a part of the merger, such as
logistics, lubricants and agricultural land development.

   Strengthening in CCL's Business Position; Expected Improved
                         Financial Profile

CCL's Positive Rating Watch status reflects a strengthening
operating and financial profile of the company after the
association.  The Downstream JV will benefit from Shell's
contribution of unleveraged assets that will generate a steady and
relatively predictable cash flow, and from the stronger business
profile associated with the larger combined size and market share.
Fitch expects that Shell and Cosan will operate this JV with low
leverage given the characteristic narrow margins of the fuel
distribution business, and will be able to capture some synergies
with the sugar and ethanol business.

            Uncertainties in Cosan's Capital Structure

Cosan's Evolving Rating Watch status reflects the uncertainties on
the final capital structure of the S&E JV and the expected equity
participation characteristics of Cosan, with its remaining debt
subordinated to the operating companies.  Also, the expected
BRL1.2 billion investments in Rumo Logistica could also have a
potential negative impact on the Cosan's credit profile depending
on its funding structure.  Fitch estimates that around
US$230 million in debt could remain on Cosan's balance sheet after
the debt drop-down, but it cannot affirm at this point how strong
or weak the debt service coverage by dividends from the JVs and
the remaining businesses will be.

Cosan and Shell will each contribute US$4.9 billion in assets for
both JVs.  On a combined basis, Cosan will contribute
US$2.5 billion in net debt and Shell will contribute
US$1.6 billion in cash to both JVs, but it is not clear at this
point how much debt and cash will be allocated to each JV.  If
most of the cash is used to repay debt at both JVs, combined
leverage will also decrease, increasing the potential dividend
upstream to Cosan and supporting a potential positive rating
action.  Furthermore, this potential positive action would be
warranted if the investments in Rumo Logistica are made with
funding that is compatible with its expected cash generation
and/or could be supported by the dividend upstream from both JVs
to Cosan.


COMPANHIA SIDERURGICA: Votorantim Buys Lafarge's Cimpor Stake
-------------------------------------------------------------
Ben Livesey and Peter Millard at Bloomberg News report that
Votorantim Cimentos SA agreed to buy Paris-based Lafarge SA's 17%
stake in Cimpor-Cimentos de Portugal SGPS SA.  The report relates
that Lafarge said that Votorantim agreed to pay with Brazilian
cement assets and possibly cash.

According to the report, the deal, combined with an agreement by
Votorantim and another Cimpor shareholder to work together for the
company's independence, further dims the chances for Companhia
Siderurgica Nacional S.A's bid.  The report relates that
Votorantim and Portugal's state-owned bank, Caixa Geral de
Depositos SA, said that they will give each other the right of
first refusal if they sell, and they will support Cimpor's
international growth while seeking to keep it as a publicly traded
company based in Portugal.

As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, Reuters said that CSN offered to buy Cimpor for
as the steelmaker slowly diversifies from its core business
outside its home base.  The report related that the bid
underscores efforts by CSN's Chief Executive Benjamin Steinbruch
to grow in areas other than steel and mining.  CSN Managing
Director Juarez Avelar told Reuters the company expects little
difficulty in buying the stake.  The company considers the price
for Cimpor fair and would not enter into a bidding war for the
stake, he added.  Reuters noted that Cimpor has net debt of EUR1.8
billion.

                             About CSN

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

                           *     *     *

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


GERDAU AMERISTEEL: To Host 2009 Financial Results Call on Feb. 25
-----------------------------------------------------------------
Gerdau Ameristeel Corporation will host a conference call to
discuss its 2009 Year End financial results for the 12 month-
period ending December 31, 2009.  The company invites all
interested parties to participate.

    DATE:                 Thursday, February 25, 2010

    TIME:                 2:30 p.m., Eastern Time. Please call in
                          15 minutes prior to start time to secure
                          a line.

    DIAL-IN NUMBER:       1-647-427-7450 or 1-888-231-8191

    LIVE WEBCAST:         http://www.gerdauameristeel.com. Please
                          connect to this website at least 15
                          minutes prior to the conference
                          call to ensure adequate time for any
                          software download that may be needed to
                          hear the webcast.

    TAPED REPLAY:         1-416-849-0833 or 1-800-642-1687
                          Available until Thursday, March 4, 2010
                          at midnight.

    REFERENCE NUMBER:     55207235

Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara
Smith, Vice President and CFO, will co-chair the call.  A
question-and-answer session will follow, at which time the
operator will direct participants as to the correct procedure for
submitting questions.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


MARFRIG ALIMENTOS: Plans Two mega Feedlots to Ensure Beef Supply
----------------------------------------------------------------
Marfrig Alimentos SA's unit, Quickfood, has purchased 150 hectares
in the province of Cordoba to establish one of the largest
feedlots in Argentina, AllAboutFeed.com reports.  The report
relates that the US$20 million project will have a feeding
capacity for 22,000 cattle and is part of the Brazilian
corporation's expansion in Argentina.

According to the report, a second feedlot complex is planned for
the province of Buenos Aires.  The report says that once
established the feedlots are expected to cover 15% of the
Argentine annual demand for cattle.

The report notes that Quickfood's operation comes at a crossroads
in cattle farming since an intense drought and better profit
opportunities in agriculture had considerably reduced Argentina's
cattle heard and land dedicated to livestock.

                     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


TAM SA: Multiplus SA is 2nd Brazil IPO to Raise Less Than Sought
----------------------------------------------------------------
Paulo Winterstein and Fabiola Moura at Bloomberg News reports that
Multiplus SA, the frequent-flyer unit of airline Tam SA, is
raising 33% less than the company sought, the second Brazilian
initial public offering this year to sell below its price range.

According to the report, Multiplus is raising BRL723.9 million
(US$391 million) by selling 45.2 million of new voting shares for
BRL16 reais, including the so-called over-allotment.  The report
relates that the figures are below the estimated range of BRL18 to
BRL24 each, showing buyers were able to extract bigger
concessions.

These sales "aren't attractively priced and the risks associated
with IPOs have to be a factor," the report quoted Joao Pedro
Brugger, an analyst at Leme Investimentos in Florianopolis,
Brazil, which didn't take part in the IPO, as saying.  The price
"should surprise on the negative side," he added.

                         About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


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


AQR GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of AQR Global Asset Allocation Company 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:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9876


ASAT HOLDINGS: Closes Asset Sales; to Commence Liquidation
----------------------------------------------------------
ASAT Holdings Limited said that in response to the Consent
Solicitation issued by New ASAT (Finance) Limited on January 25,
2010, it has received consents from holders owning 59.05% in
principal amount of the 9.25% Senior Notes due 2011 to amend the
indenture governing the Existing Notes.

Subsequent to receiving majority consent from holders of the
Existing Notes, the Company has completed the sale to Global A&T
Electronics Ltd., the nominee and the immediate parent of United
Test and Assembly Center Ltd., of all the shares in ASAT Limited,
the Company's wholly owned subsidiary, which is itself the
indirect parent of ASAT Semiconductor (Dongguan) Limited, the only
operating subsidiary of the Company.  ASAT Limited is a global
provider of semiconductor package design, assembly and test
services.

As part of the transaction, GATE also purchased a loan receivable
by the Company in the amount of $226.4 million from ASAT Limited,
and a loan receivable by ASAT Finance in the amount of $171.0
million, also from ASAT Limited.  In addition, the single share of
ASAT Finance, the issuer of the Existing Notes, was transferred to
the Company, such that ASAT Finance became a direct subsidiary of
the Company and was not transferred to GATE as part of the
transactions set forth.

As a consequence of the transactions, the Company's assets consist
only of the net proceeds of the sale of the shares of ASAT Limited
and the Company's loan receivable as well as the shares of ASAT
Finance and the shares of Newhaven Limited, a dormant British
Virgin Islands company with certain dormant direct and indirect
subsidiaries.  The assets of ASAT Finance comprise the net
proceeds of the sale of the loan receivable of ASAT Finance.  The
net proceeds of the sale, including US$5 million that have been
placed in escrow for 60 days against warranty claims and
deficiency of working capital below a specified amount, are
approximately US$44.6 million.  The liabilities of the Company
include its obligations as a guarantor under the Existing Notes
and a borrower under a certain purchase money loan agreement, plus
certain debts to professional advisors.  The liabilities of ASAT
Finance consist of its obligations as issuer of the Existing Notes
as well as a guarantor under the PMLA subject to certain
limitations.

It is the intention of the Company as soon as possible to appoint
a liquidator and to enter into a members' voluntary liquidation
under the laws of the Cayman Islands.  The liquidator is expected
to distribute the proceeds of the Sale Process to the stakeholders
of the Company and of ASAT Finance and then to wind up the Company
and ASAT Finance.  As the proceeds of the Sale Process will not be
sufficient to satisfy the obligations of the Company and of ASAT
Finance to the holders of the Existing Notes and the lenders under
the PMLA it is expected that the shareholders of the Company will
not receive anything in the distribution of the proceeds from the
Sale Process.

Commencement of a members' voluntary liquidation will require the
approval of the shareholders of the Company as a special
resolution.  Notice will be sent to shareholders shortly informing
them of the holding of an Extraordinary General Meeting for this
purpose.

GATE intends to change the name of ASAT Semiconductor (Dongguan)
Limited to UTAC Dongguan Limited, and ASAT Limited to UTAC Hong
Kong Limited as soon as possible.

                   About Global A&T Electronics

Global A&T Electronics Ltd. -- http://www.utacgroup.com/-- with
its operating subsidiary United Test and Assembly Center Ltd., is
a leading independent provider of semiconductor assembly and
testing services for a broad range of integrated circuits
including memory, mixed-signal, analog, logic and radio frequency
ICs. The Group offers a full range of package and test
development, engineering and manufacturing services and solutions
to a worldwide customer base, comprising leading integrated device
manufacturers (IDMs), fabless companies and wafer foundries. GATE
Group operates manufacturing facilities in Singapore, Thailand,
Taiwan and China, in addition to its global network of sales
offices in the United States, Europe, Japan, Korea, China and
Singapore.


                        About ASAT Holdings

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


ASOR INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of ASOR International Ltd. received, on
December 14, 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


BCM LONG-SHORT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of BCM Long-Short Equities, 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


BROADLAWN OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Broadlawn Offshore, 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:

         Ogier Fiduciary Services (Cayman) Limited
         c/o Phil Hughes
         Telephone: (345) 815-1402
         Facsimile: (345) 949-9877


BT BRYCE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of BT Bryce Limited received, on January 8, 2010,
the liquidator' s report on the company' s wind-up proceedings and
property disposal.

The company' s liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


CEPHEUS LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Cepheus Limited received, on January 8, 2010,
the liquidator' s report on the company' s wind-up proceedings and
property disposal.

The company' s liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


DANZA CLASSICA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Danza Classica Ltd. received, on December 28,
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


ENDEAVOUR SOLEBAY: Shareholders to Hear Wind-Up Report on Feb. 15
-----------------------------------------------------------------
The shareholders of Endeavour Solebay Fund Limited will receive,
on February 15, 2010, at 2:30 p.m., the liquidator' s report on
the company' s wind-up proceedings and property disposal.

The company' s liquidator is:

         Woodward L. Terry
         Telephone: (345) 945-2800
         Facsimile: (345) 945-2727
         e-mail: terrylaw@candw.ky


ENDEAVOUR SOLEBAY: Shareholders to Hear Wind-Up Report on Feb. 15
-----------------------------------------------------------------
The shareholders of Endeavour Solebay Master Fund Limited will
receive, on February 15, 2010, at 2:30 p.m., the liquidator' s
report on the company' s wind-up proceedings and property
disposal.

The company' s liquidator is:

         Woodward L. Terry
         Telephone: (345) 945-2800
         Facsimile: (345) 945-2727
         e-mail: terrylaw@candw.ky


EPOCH 2002-2: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of EPOCH 2002-2, Limited received, on January 8,
2010, the liquidator' s report on the company' s wind-up
proceedings and property disposal.

The company' s liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


FOUNDATION HEAT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Foundation Heat and Power Inc. received, on
December 31, 2009, the liquidator' s report on the company' s
wind-up proceedings and property disposal.

The company' s liquidator is:

         Philip Mosely
         PO Box 1569, George Town
         Grand Cayman KY1-1110, Cayman Islands
         Telephone: 949 4018
         Facsimile: 949 7891
         e-mail: general@caymanmanagement.ky


GENNAIO INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Gennaio Investment Company received, on
December 28, 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


GETTY CONSULTING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Getty Consulting Ltd. received, on December
28, 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


HALCYON SECURITIZED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Halcyon Securitized Products Investors ABS CDO
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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


KAILAS II: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Kailas II, 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


KAILAS GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Kailas Global 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


MASTER CONSULTING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Master Consulting Ltd. received, on
December 28, 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


NEVE INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Neve International Ltd. received, on
December 28, 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


OLD MUTUAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Old Mutual Global Equity Market Neutral Master
Fund received, on January 18, 2010, the liquidator' s report on
the company' s wind-up proceedings and property disposal.

The company' s liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


OLD MUTUAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Old Mutual Global Equity Market Neutral Fund
received, on January 18, 2010, the liquidator' s report on the
company' s wind-up proceedings and property disposal.

The company' s liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


PREFRA SPC: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Prefra 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


PRS TARGETED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders 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


PROVIDENT CBO I: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Provident CBO I, Limited received, on
January 8, 2010, the liquidator' s report on the company' s wind-
up proceedings and property disposal.

The company' s liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


RIVENDALE ABSOLUTE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Rivendale Absolute Return Strategies Limited
received, on January 8, 2010, the liquidator' s report on the
company' s wind-up proceedings and property disposal.

The company' s liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


ROWAYTON LOAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Rowayton Loan Funding Company received, on
January 8, 2010, the liquidator' s report on the company' s wind-
up proceedings and property disposal.

The company' s liquidator is:

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


SONIAMARIA: Shareholders to Hear Wind-Up Report on February 15
--------------------------------------------------------------
The shareholders of Soniamaria will receive, on February 15, 2010,
at 8:30 a.m., the liquidator' s report on the company' s wind-up
proceedings and property disposal.

The company' s liquidator is:

         Woodward L. Terry
         Telephone: (345) 945-2800
         Facsimile: (345) 945-2727
         e-mail: terrylaw@candw.ky


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

The company' s liquidator is:

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


TDJ HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of TDJ Holdings Ltd. received, on January 15,
2010, the liquidator' s report on the company' s wind-up
proceedings and property disposal.

The company' s liquidator is:

         Michael L. Alberga
         Telephone: +1 345 949-0699
         Facsimile: +1 345 949-8171
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         George Town, Grand Cayman KY1-1106


TELEOS STRATEGIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Teleos Strategies, 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


TELEOS SYSTEMATIC: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Teleos Systematic Master 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


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


BANCOLOMBIA SA: Cut to 'Neutral' at JPMorgan on Valuation
---------------------------------------------------------
Alexander Cuadros and Laura Price at Bloomberg News report that
Bancolombia SA was cut to "neutral" from "overweight" at JPMorgan
Chase & Co. because of its relative valuation and the
"challenging" near-term earnings environment due to "sluggish"
economic growth and low interest rates.

The bank will earn less in 2010 than other Latin American
financial institutions as a slow recovery drags on loan growth and
record-low borrowing costs keep margins narrow, analyst Saul
Martinez wrote in a note obtained by the news agency.  The report
relates that JPMorgan forecasts Colombia's economy will expand 3%
this year, down from a peak of 7.5% in 2007.

According to the report, Mr. Martinez said that the bank's
earnings are sensitive to changes in the central bank's benchmark
rate because about 60% of its loans are variable-rate.  The
central bank slashed rates to 3.5% in November from 10 percent a
year earlier, and won't begin raising them until the second half
of this year, he added.

JPMorgan predicts Bancolombia will report 2010 earnings growth of
8.5% compared to 21% for Peru's Credicorp Ltd., 27% for Santander
Chile and 24% for Banco de Chile, 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.


ECOPETROL SA: Posts Change in Accounting Methodology
----------------------------------------------------
Ecopetrol S.A. disclosed that pursuant to current standards issued
by the Contaduria General de la Nacion (National Accounting
Office), as of December 31, 2009, the company will apply the
indirect method in its statement of cash flows instead of the
direct method which had been used prior to such date.  This change
makes local accounting standards consistent with U.S. GAAP.
Furthermore, the new methodology will not have any financial
impact on the Company and is in accordance with local and
international accounting standards.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Short-term foreign currency IDR at 'B';
-- Outstanding senior unsecured debt at 'BB+';


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


PETROLEOS DE VENEZUELA: Mum on Refinery Deal W/ Dominican Rep
-------------------------------------------------------------
Venezuela Treasury minister Vicente Bengoa said that Venezuela has
yet to officially notify that it has desisted from purchasing a
stake Dominican Republic's only refinery REFIDOMSA, and the fact
that negotiations began several months ago doesn't mean they've
failed, Dominican Today reports.

According to the report, Mr. Bengoa said that the negotiations
have been postponed several times because the plan was for
president Hugo Chavez to come to the country, which hasn't been
possible.  The people involved in the talks haven't been able to
come to the country to conclude the process because they "are very
busy," he added.

The report notes that an unnamed Dominican Republic official said
that the situation cannot be described as strange and that the
Government isn't in a hurry to sell REFIDOMSA and if the deal
doesn't materialize they'll do what's best for the Dominican
State.

As reported in the Troubled Company Reporter-latin America on
January 15, 2010, Dominican Republic Treasury Minister Vicente
Bengoa said that the sale of a 49% stake in the country's only
refinery REFIDOMSA, to Venezuelan par Petroleos de Venezuela would
be finalized no later than next week.  According to the report,
the signing of the contract was scheduled in the country for
yearend, but situation unforeseen by PDVSA authorities and because
of the last summit of the countries grouped in regional organism
ALBA, spearheaded by Venezuela, made that date impossible.

The Dominican Government will get US$131.5 million for the
49% refinery stake.

                            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


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


ECOPETROL SA: Forms Savia Peru Joint Venture With Korea's Knoc
--------------------------------------------------------------
Ecopetrol SA and South Korea's Knoc confirmed that they have
concluded the process of transforming the Petro Tech Peru company,
in order to convert it into a firm called Savia Peru.

According to the report, the firm plans to invest more than US$2.5
billion in the next eight years and hopes to become the top crude
and gas producer in the country.  The report relates that the
project aims to produce 18,000 barrels of oil daily, reaching
50,000 in 2016.  Ecopetrol has a 50% share of Savia Peru.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Short-term foreign currency IDR at 'B';
-- Outstanding senior unsecured debt at 'BB+';


PETROECUADOR: Aims to Terminate Oil Contract W/ Compania General
---------------------------------------------------------------
Petroecuador and Argentine oil and gas company Compania General de
Combustibles SA (CGC), are close to reaching an agreement to
terminate an oil contract and allow CGC to exit Ecuador, Mercedes
Alvaro at Dow Jones Newswires reports.  "In November CGC and
Petroecuador signed a letter of understanding to end the contract.
This process is underway.  We have to complete the environmental
analysis to be able to end the contract," the report quoted Jaime
Regalado, head of Petroecuador's contracts unit, as saying.

According to the report, CGC was awarded an exploration license in
1996 for the 200,000-hectare block 23, located in the province of
Pastaza, in the Amazon region.  The report relates CGC has a 50%
share in block 23 and Burlington Resources Inc. the other 50%.

Dow Jones Newswires notes that native groups in the area have
refused to allow CGC to drill.  In January 2003, the report
recalls, the Sarayaku native group took workers hostage.

Last March, the report notes, the company filed a claim against
Ecuador with the International Centre for Settlement of Investment
Disputes, (Icsid), in a bid to recover losses on its project for
not being able to develop the block.

The company has invested around US$30 million in Ecuador, the
report adds.

                        About Petroecuador

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

                           *     *     *

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

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


PETROECUADOR: 2009 Crude Output 486,049 Barrel/Day
--------------------------------------------------
Ecuador's average oil output last year fell 4% to 486,049 barrels
a day from 506,104 barrels a day in 2008, Mercedes Alvaro at Dow
Jones Newswires reports, citing a data from Petroecuador.

According to the report, Petroecuador's output averaged 281,553
b/d during 2009, not including shared production with private
sector companies, while private sector company oil output totaled
204,496 b/d.  The report relates that Petroecuador's figures, last
year private sector production fell 14% compared with 2008.

Last year, the report notes, the private companies operating in
the Andean country invested at a minimum level, aiming only to
maintain existing oil fields, due to uncertainty over contract
renegotiations with the administration of President Rafael Correa.

Dow Jones Newswires relates that the contract renegotiating
process is expected to finish in March, when the existing
temporary participation deals, in which the state receives a
percentage from oil production, should be changed into service
provider contracts through which companies would be paid a
production fee and reimbursed for investment costs.

The country's total 2009 oil production was 177.41 million barrels
from the year earlier figure of 184.73 million barrels, the report
adds.

                        About Petroecuador

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

                           *     *     *

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

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


===========
G U Y A N A
===========


* GUYANA: Denies Plans to Shutter Mines
---------------------------------------
The Guyana government said that it has no plans to close the
mining industry as workers shut down the gold-mining town of
Bartica in the Essequibo river over measures, they argue, will
spell the end of the sector, Jamaica Gleaner reports.

According to the report, Prime Minister Samuel Hinds clarified
that the government's new regulations for the industry, noting
that the proposed six-month notice period for miners before
operations begin is to allow the Guyana Forestry Commission (GFC)
to ensure there is not mass deforestation.  "The intention is,
that in giving notice . . . a timber operator would be adjusted
and modified to take account of the cutting.  So the six-month
issue is not for the GFC to say no . . . it's for the GFC and the
timber operators to amend their harvesting plans to include this
intention," the report quoted Mr. Hinds as saying.

The Gleaner notes that the miners want the Bharrat Jagdeo
administration to quash the new regulations but Hinds said there
is need for constructive dialogue.  The miners, the report
relates, claim that the measures contained in the government's Low
Carbon Development Strategy (LCDS) would lead to a shutdown of the
sector.

Edward Shields, executive secretary of the Guyana Gold and Diamond
Miners' Association (GGDMA), said the action by the workers
emphasised the importance of the sector to their economic well
being, the report points out.


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


AIR JAMAICA: Few More Weeks for Airline Sale, Government Says
-------------------------------------------------------------
The Jamaican government indicated that it will take a few more
weeks before an announcement is made regarding the sale of Air
Jamaica Limited, Go-Jamaica News reports.  The report relates that
the Bruce Golding administration is in negotiations with the
Trinidad based Caribbean Airlines for the sale of the national
carrier.

According to the report, Finance Minister Audley Shaw said that an
announcement on the sale will not be made before his budget
presentation for the 2010/2011 financial year, which starts on
April 1.  However, the report relates, Mr. Shaw sought to assure
that negotiations with Caribbean Airlines are still on track and
are at an advanced stage.

The report points out that in emphasizing that the sale of the
national airline is a government and not an IMF driven deal,
Mr. Shaw said that the government recently wrote to the
multinational lending agency indicating a timeline to finalize
negotiations.

                         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: JALPA to Choose From 3 Equity Partners
---------------------------------------------------
The Jamaica Airline Pilots Association is to make a last ditch bid
for control of Air Jamaica Limited, RadioJamaica reports.  The
report relates that JALPA is to select an equity partner who will
provide it with funding in the event that it gets the nod from the
government to acquire the national airline.

According to the report, JALPA said that three local and foreign
equity partners are jostling for selection.

The report relates that Captain Russell Capleton, JALPA President,
said that after a selection is made a guarantee letter will be
sent to the Office of the Prime Minister.  "We have three equity
partners hurdling towards the finish line.  We received the first
draft letter from the equity partners which we'll be presenting to
the Prime Minister (but) it had some omissions so we sent it back
to them for correct.  Their legal department says we'll get that
back tomorrow morning," the report quoted Captain Capleton as
saying.

RadioJamaica says that JALPA is still pressing the Government to
give it ownership of Air Jamaica despite ongoing negotiations with
Trinidad and Tobago's Caribbean Airlines to take over the
airline's operations.

                       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.


CASH PLUS: Liquidator Wants Information on Creditors
----------------------------------------------------
Creditors of the failed investment scheme Cash Plus Limited have
until March 31 to provide certain information to the court-
appointed liquidator Hugh Wildman, RadioJamaica reports.

According to the report, a newspaper advertisement said Cash Plus
creditors should submit their names, addresses, and particulars of
their debts or claims to Mr. Wildman.  The report relates that
creditors could be asked to provide evidence of their debts or
claims.

RadioJamaica, citing the newspaper advertisement, notes that if
Cash Plus creditors do not provide the information they will be
left out of any distribution.

Since the collapse of Cash Plus more than a year ago, investors
have been awaiting word on the status of their investments, the
report says.

                        About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations.  The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002 by
mortgage banker Carlos Hill.  The company offers its participants
the opportunity to participate in the group's ventures which
include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


* JAMAICA: Fitch Downgrades Issuer Default Ratings to 'RD'
----------------------------------------------------------
Fitch Ratings downgraded Jamaica's long-term foreign and local
currency Issuer Default Ratings to 'RD' following the successful
execution of the domestic debt exchange.  Fitch believes that the
recent exchange constituted a coercive debt exchange as outlined
in Fitch's global criteria report.  The domestic debt exchange
included foreign currency denominated instruments to which Fitch's
foreign currency rating applies.  In Fitch's opinion, a material
share (over 10%) of the total central government's foreign
currency denominated debt owed to private creditors was subjected
to the exchange.  Accordingly, Fitch has placed Jamaica's foreign
currency rating into 'RD'.  Fitch has also downgraded the short-
term foreign currency rating to 'D'.  The agency notes that the
foreign currency denominated securities issued in international
capital markets were not affected by this debt exchange and are
affirmed at 'CCC'.

Subsequently, Fitch has upgraded Jamaica's long-term foreign and
local currency IDRs to 'CCC' and placed both ratings on Rating
Watch Positive.  Fitch has also upgraded Jamaica's short-term
foreign currency rating to 'C' and affirmed the Country Ceiling at
'B-'.

The upgrade of the sovereign ratings takes into account the
successful outcome of the domestic debt exchange.  The authorities
estimate that the participation rate has already reached over 90%
of eligible securities.  This in turn will yield important fiscal
savings in terms of debt service.

Fitch believes that successful outcome of the exchange is likely
to lead to the approval of the US$1.3 billion IMF Stand-By
program.  'With the orderly execution of the debt exchange, the
government of Jamaica has made a significant step forward in
securing the IMF funding, which is critical for the country to
support its international liquidity situation and move forward
with a package of reforms to buttress its fiscal situation and
investor confidence,' said Shelly Shetty, Senior Director in
Fitch's Sovereign Group.

Fitch will likely upgrade Jamaica's sovereign ratings into the 'B'
category provided that the government of Jamaica secures the
approval of the US$1.3 billion loan from the IMF and after Fitch
has reviewed the expected improvement in the government's external
and fiscal position.


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


MEXICHEM SAB: Ineos Fluor Deal Won't Affect Moody's 'Ba1' Rating
----------------------------------------------------------------
Moody's Investors Service said that Mexichem S.A.B. de C.V.'s
announced agreement to purchase the Ineos Fluor business does not
affect Mexichem's Ba1 Corporate Family Rating, Aa3.mx national
scale rating and stable outlook.  The transaction is subject to
regulatory and other approvals, and will be financed with Mexichem
existing cash balances.

The last rating action for Mexichem occurred on October 19, 2009,
when Moody's assigned first time global and national scale ratings
to Mexichem and rated its US$350 million senior unsecured notes
due 2019.

Mexichem, headquartered in Tlalnepantla, Mexico, is a producer of
PVC resins, pipes and related PVC products that is backwardly
integrated into chlor-alkali production.  Its Fluorine Division
operates the world's largest fluorspar mine and is a large
producer of hydrofluoric acid, which is sold globally.


SATELLITE MEXICANOS: System Failure to Cut Satellite Life
---------------------------------------------------------
Satelites Mexicanos said that the failure of the primary
propulsion system on its Satmex 5 unit will shave more than a year
off its remaining life, Laurence Iliff at Dow Jones Newswires
reports.

According to the report, Satmex 5 has approximately 2.7 years of
remaining life versus the nearly four years left on its design
life.  The report relates that Satmex is seeking financing for the
building and launch of a new or replacement satellite.  The
failure isn't expected to affect any service to Satmex 5 customers
over its remaining time, the report says.

Dow Jones Newswires says that XIPS electric propulsion system used
to maintain the satellite's in-orbit position experienced an
unexpected shutdown and the company doesn't expect to be able to
restart it.  The report relates that the satellite, which isn't
insured for the particular failure, is running on a backup
propulsion system.

                        About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America. Our fleet offers hemispheric
and regional coverage throughout the Americas.

                        *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


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


BANCO INTERNACIONAL DEL PERU: Interbank Says Lending to Grow 40%
----------------------------------------------------------------
John Quigley at Bloomberg News reports that Banco Internacional
del Peru plans to expand loans by 40% this year as Peru's economy
recovers.

According to the report, Andres Munoz Ramirez, the lender's
commercial banking vice president, said that Peruvian companies
are likely to increase investment in infrastructure, mining and
construction projects this year, spurring demand for credit.  The
report relates that companies may invest about US$8 billion in
Peru's mining sector this year, about US$2.5 billion on energy
projects, and US$1.5 billion could be invested in agriculture in
the next three years, he added.  About US$30 billion is needed to
improve the country's infrastructure, he report says/

"Peru has an extraordinary development potential," the report
quoted Mr. Munoz as saying.  "There is something for everyone," he
added.

                   About Banco Internacional del Peru

Banco Internacional del Peru (Interbank) attracts deposits and
offers retail, commercial, and investment banking services.  The
bank offers personal, corporate, and mortgage loans, factoring,
refinancing, and other financial services.  The parent company of
the Interbank group is Corporacion Interbanc.

                             *     *     *

As of February 4, 2010, the bank continues to carryStandard and
Poor's BB+ LT Issuer Credit ratings.  The bank also continues to
carry Fitch rating's BB- Currrency LT Debt ratings and B short
term rating.


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


CL FINANCIAL: CLICO Chief Musaib-Ali Resigns From Post
------------------------------------------------------
Colonial Life Insurance Company Chief Executive Claude Musaib-Ali
resigned from his post, Trinidad Express reports.  CLICO is a
subsidiary of CL Financial Limited.  The report relates that Mr.
Musaib-Ali, a former CLICO and British American Insurance
executive, was brought back to the failing insurance company last
year after government and the Central Bank rescued CL Financial.

According to the report, Mr. Musaib-Ali and the central bank was
not available for comments.

The report notes that contacted for comment last night, Finance
Minister Karen Nunez-Tesheira said, "I am sure the more
appropriate persons to ask would be Mr Ali or the Governor of the
Central Bank, under whose remit the Colonial Life Insurance
Company falls under Section 44 D of the Central Bank Act . . . If
it is so, I am sure it would be made public soon enough. If, in
fact, your information is correct, that is not something that
would not be made public.  It would be disclosed at the
appropriate time."

                        About CL Financial

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

                           *     *     *

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

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


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


PETROLEOS DE VENEZUELA: CEO in China in Oil Talks
-------------------------------------------------
Venezuela oil minister and Petroleos de Venezuela Chief Executive
Officer Rafael Ramirez is in Beijing for talks with government and
China's oil companies officials on joint-venture exploitation of
the Orinoco's extra heavy oil extra reserves, Petroleumworld.com
reports.

According to the report, China National Offshore Oil Corporation
is active in Venezuela with a joint venture to develop the Boyaca-
3 block in the Orinoco belt, also CNPC is the a pact to develop an
Orinoco block, which could eventually produce 400,000 barrels of
oil a day.

The report, citing Dow Jones Newswires, notes that Mr. Ramirez is
to meet with China National Petroleum Corp. and Sinopec Group
beside meetings with China's economic planning, the National
Development and Reform Commission, and China Development Bank.

Sinopec and CNPC, the report say, are considering building
refineries in Venezuela, while CNPC and state-owned oil company
PDVSA, plan a major refinery in southern China's Guangdong
province to process Venezuelan oil.

The report adds that China and Venezuela have a joint development
fund in which Beijing has placed US$8 billion in exchange for oil.

                            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: To Strengthen Gas Ops. With UNERMB
----------------------------------------------------------
In pursuit of strengthening the operations of production,
processing, transportation, distribution, marketing and
transformation, common of the gas and petrochemical industries of
the Nation, as part of the consolidation for the Socialist Gas
Industry Revolution, Petroleos de Venezuela and Pequiven will
incorporate into their labor squad members of the 1st Gas
Engineers class of the Universidad Nacional Experimental Rafael
Maria Baralt (UNERMB).

In compliance with the guidelines of the Oil Sowing Plan, new gas
engineers who received their diplomas from President Hugo Chavez
will have the opportunity to enter the oil and petrochemical
companies in the country to strengthen the core processes of the
management of gaseous hydrocarbons.

President Chavez also reported on the approval of an expansion
plan for UNERMB throughout the West, including the Andean region,
within the Bicentennial year of Independence and the celebration
of the birth of Rafael Maria Baralt.

                        A Gas Producer Power

During his speech, President Chavez pointed out the need to turn
Venezuela into a regional gas producer power, referring to the
huge gas reserves located in the north bank of the Orinoco River.
"Venezuela will become a power and I invite you.  Venezuela should
be already a power but we have been chained up for 500 years "he
said.

The Head of State said that in addition to the onshore gas
certificate, there is great potential in what he called the "The
Caribbean Gas Belt", located in Venezuelan waters, which could
move the country forward to fourth place in proven natural gas
reserves in the world.

                             Workforce

It is estimated that, these new practitioners will begin
immediately making the necessary internal processes for the staff
training, in order to contribute with their knowledge in various
states of the country as workers of PDVSA Gas and Pequiven, in the
areas where these companies have operations: Anzoategui, Barinas,
Bolivar, Sucre, Zulia, among others.

                            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: Unit Recovery Project Shows 60% Progress
----------------------------------------------------------------
The basic engineering process for the construction of a recovery
plant for used lubricating oils in Venezuela counts with an
advance of 60%, a project driven by PDVSA Intevep, a subsidiary of
Petroleos de Venezuela SA.

The purpose of the project is the gradual implementation at a
national level, of a process of collecting used lubricating oils,
generated by vehicular and industrial pollution, to abate the
contamination and the environmental impact caused by the improper
disposal of the product in fertile soils, lakes and rivers.  It
will also allow giving a productive use to the passive, which when
subjected to chemical processes in a recovery plant, gives out a
product called Lubricant Base API Group II, used to develop new
oils.

For 2012, it is estimated an implementation of a recovery and
treatment plant with a capacity to process 40,000 tons of used
lubricating oils (ALU) from all over the country.

                Partnerships With AXENS and Viscolube

Through a technical assistance contract between PDVSA Intevep and
the European companies AXENS, France and Viscolube, Italy; there
have been undertaken a series of joint activities, in a year and a
half, achieving positive results and thus obtain more than 50%
progress on the tasks set for the implementation of this project.

Among the activities that will be carry out under this program a
diagnosis will be provide to determine the generation of ALU by
states, the location study for the construction of one or more
recovery plants in the country will be put into place, and the
identification of technology use and development of basic
engineering processes for the implementation of the work.

                       Third visit to Intevep
Importantly, in January 2010, a large delegation comprise by
representatives  from the companies AXENS and Viscolube met with
the managements specialists involved in the project from PDVSA
Intevep, with the means to follow up with the works relating the
development phase of the engineering project.

                            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


                            ***********

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 * * *