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

        Monday, February 8, 2010, Vol. 11, No. 026

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD IN'L: Liquidators, Receiver in Talks
STANFORD IN'L: Liquidation in Antigua Hurting UK Company


A R G E N T I N A

TELECOM ARGENTINA: Telecom Italia Denies Only 2 Bidders Remain
TRANSPORTADORA DE GAS: Posts ARS139.7-Mil. 4th Quarter Net Profit


B E R M U D A

BW ASSURANCE: Creditors' Proofs of Debt Due on February 12
BW ASSURANCE: Members to Receive Wind-Up Report on February 26
DIRECTRADE LTD: Appoints Official Receiver as Liquidator
EMERALD FINANCIAL: Appoints Official Receiver as Liquidator
EMERALD INVESTMENT: Appoints Official Receiver as Liquidator

ESG REINSURANCE: Supreme Court Enters Wind-Up Order
GEORGETTE LIMITED: Court Enters Wind-Up Order
NOVUS MANAGEMENT: Creditors' Proofs of Debt Due on February 11
SOL JAPAN: Creditors' Proofs of Debt Due on February 10
SOL JAPAN: Members to Receive Wind-Up Report on March 3


B R A Z I L

BANCO SANTANDER: Posts BRL1.59-BB Net Profit for 4th Quarter
COSAN SA: May Bid for Eni Gas Assets in Brazil, CFO Says
MEXICHEM SAB: Ineos to Get US$350MM From Asset Sale to Reduce Debt


C A Y M A N  I S L A N D S

ABN AMRO: Members Receive Wind-Up Report
ABCD COMPANY: Shareholder Receives Wind-Up Report
ACAS CLO 2007-2: Members Receive Wind-Up Report
ACP VIII: Shareholder Receives Wind-Up Report
ACP XV: Shareholder Receives Wind-Up Report

ACP XIV: Shareholder Receives Wind-Up Report
ACP XIII: Shareholder Receives Wind-Up Report
ACP XII: Shareholder Receives Wind-Up Report
ACP X: Shareholder Receives Wind-Up Report
ACP VIII: Shareholder Receives Wind-Up Report

ACP VII: Shareholder Receives Wind-Up Report
ACP VI: Shareholder Receives Wind-Up Report
ACP V: Shareholder Receives Wind-Up Report
ACP IX: Shareholder Receives Wind-Up Report
ACP IV: Shareholder Receives Wind-Up Report

ACP III: Shareholder Receives Wind-Up Report
ACP FUNDING: Shareholder Receives Wind-Up Report
BOA HOLDINGS: Shareholder Receives Wind-Up Report
LEHMAN BROTHERS: Members Receive Wind-Up Report
LILLOOET LIMITED: Members Receive Wind-Up Report

ML APM: Members Receive Wind-Up Report
OCTANS II: Members Receive Wind-Up Report
PLUMERIA INVESTMENT: Members Receive Wind-Up Report
R-ONE TENJIN: Members Receive Wind-Up Report
RED BLUFF: Shareholder Receives Wind-Up Report

RESI FINANCE: Members Receive Wind-Up Report
ROCS LIMITED: Members Receive Wind-Up Report
SMITH BREEDEN: Shareholders Receive Wind-Up Report
SMITH BREEDEN: Shareholders Receive Wind-Up Report
WEST RIVER: Shareholder Receives Wind-Up Report


D O M I N I C A

* DOMINICA: Economy Affected by Global Crisis, IMF Says


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Power Firms Worry Over Ballooning Debt


J A M A I C A

* JAMAICA: IMF OKs US$1.27 Billion Stand-By Arrangement


M E X I C O

DESARROLLADORA HOMEX: Not to Execute Capital Increase Plan in 2010
UNISYS CORP: Unit Wins Contract With Mexican Government


V E N E Z U E L A

BANCO CANARIAS: Venezuela Shuts Units of Firm
BANCO DEL CARIBE: Fitch Upgrades Individual Rating to 'D'
BANCO EXTERIOR: Fitch Affirms 'B+' Issuer Default Ratings
U21 CASA DE BOLSA: Government Halts Operations of Units


X X X X X X X X
* BOND PRICING: For the Week February 1, to February 8, 2010





                         - - - - -


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


STANFORD IN'L: Liquidators, Receiver in Talks
---------------------------------------------
A dispute over the control of US$370 million in assets traced to
Robert Allen Stanford is holding up disbursement of the funds, but
the liquidators and the receiver in the case are in talks to
settle the matter, Anna Driver at Reuters reports, citing Stanford
International Bank Limited's liquidators who work for a unit of
Vantis Plc, Nigel Hamilton-Smith and Peter Wastell.

According to the report, the SIBL liquidators said that US$100
million in assets in the United Kingdom and US$100 million in
Switzerland have been located, but Stanford Financial Group court-
appointed receiver Ralph Janvey and U.S. prosecutors are also
seeking control of those funds.  "I am optimistic that Mr. Janvey
and I will be able to find a common working platform that will
benefit the creditors worldwide," Mr. Hamilton-Smith said in an
e-mail obtained by the news agency.

SIBL liquidators, the report relates, said that a deal is not
expected before March, and any agreement would require regulatory
and court approvals.  The report relates that Swiss regulators
will decide who should control funds there and a court in the
United Kingdom will decide control of those assets.

SIBL liquidators, the report recalls, said that a Canadian court
ruled in December that Mr. Janvey should have control of US$20
million in assets located in that country and the liquidators are
contemplating an appeal of that decision.  Land valued at more
than US$150 million in Antigua has also been traced to Stanford or
companies he controlled, the liquidators added.

                           About Vantis

Vantis Business Recovery Services --- http://www.vantisplc.com/--
- is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                    About Stanford International Bank

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

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

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

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

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


STANFORD IN'L: Liquidation in Antigua Hurting UK Company
--------------------------------------------------------
Stanford International Bank Limited receiver Vantis Business
Recovery Services appears to be facing cash flow problems because
the Antigua-based bank hasn't been paid for its work in the
Stanford matter, Caribbean360.com reports.  The report relates
that the UK accounting, tax and business advisory group is said to
be under financial pressure.

According to the report, the firm's interim results released have
revealed that auditors Ernst & Young warned that uncertainties
from receiving funds from its work at Stanford, plus cash flow and
cost reduction initiatives, put doubt on its ability to continue
as a "going concern".

Caribbean360.com says Vantis said that it had put "significant
resource" to its work recovering assets from SIBL, but a freezing
order on assets in the US, plus a delay in the realization of
property assets meant that the company was unable to receive fees
for its work during the six-month period ending October 31, 2009.

"The group is confident that outstanding time costs will be
recovered in due course but the various legal actions mean that
timing is uncertain," the report quoted Vantis as saying.  The
report points out that the lack of payment has contributed to
Vantis' first-half pre-tax loss of GBP10.7 million (US$16.9
million), compared to the GBP4.5 million (US$7.1 million) it
recorded a year earlier.

Caribbean360.com says that acording to the UK publication,
Accountancy Age, a spokesman for Vantis vigorously denied that
Ernst & Young's going concern warning had damaged the firm's
reputation in undertaking big roles or that it had failed to
undertake appropriate risk management before bidding for the work.
We have the capability, expertise and capacity to do this.  It's a
project that's worthwhile doing," the report quoted the unnamed
spokesman as saying.   The firm's reputation had been enhanced by
the Stanford appointment, with its business recovery division
increasing turnover for the period by 43%, he added.

              About Stanford International Bank

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

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

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

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

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


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


TELECOM ARGENTINA: Telecom Italia Denies Only 2 Bidders Remain
--------------------------------------------------------------
Telecom Italia denied a report that only two bidders remained in
the running for its stake in Telecom Argentina SA, Shane Romig at
Dow Jones Newswires reports.  The report relates that Telecom
Italia said that a "number of bidders" remain.  "The process for
defining a short list, then, is still ongoing," the report quoted
Telecom Italia as saying.

According to the report, citing Reuters, airport services operator
Corporacion America and local businessman Alfredo Roman were the
only two bidders still seeking to buy Telecom Italia's stake in
Telecom Argentina.  The report relates that Reuters said that the
companies made offers of between US$580 million and US$630
million.

Dow Jones Newswires says that the reported bids are for the 50%
stake that Telecom Italia holds in Sofora SA, a holding company
with a controlling stake in Telecom Argentina.

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.


TRANSPORTADORA DE GAS: Posts ARS139.7-Mil. 4th Quarter Net Profit
-----------------------------------------------------------------
Taos Turner at Dow Jones Newswires reports that Transportadora de
Gas del Sur SA reported a fourth-quarter net profit of ARS139.7
million ($36.4 million).  The report relates that the company
posted a ARS2 million net profit a year earlier.

"Higher net income mainly stems from the significant increase in
operating income, which was basically driven by the increase in
natural-gas transportation tariffs . . . along with higher NGL
international prices, which led to an increase in NGL revenues
during 2009's fourth quarter," TGS said in a statement obtained by
the news agency.

Headquartered in Buenos Aires, Argentina, Transportadora de Gas
del Sur SA -- http://www.tgs.com.ar/-- is a transporter of
natural gas; having a 7,419-kilometer (4,610 miles) pipeline
system with a firm contracted capacity of 62.5 million cubic
meters per day (MMm3/d) with an installed power of 538.220
horsepower.  Substantially all of Transportadora de Gas'
capacity is subscribed for under firm long-term transportation
contracts.  Transportadora de Gas is also a processor of natural
gas and marketer of natural gas liquids in Argentina.  The
company operates the General Cerri gas processing complex and
the associated Galvan loading and storage facility in Bahia
Blanca in the Buenos Aires Province where natural gas liquids
are separated from gas transported through the Company's
pipeline system and stored for delivery.  Transportadora de Gas
is engaged in midstream activities and the provision of
telecommunication services in Argentina.  The company operates
the largest pipeline transmission system in Argentina, which
accounts for roughly 60% of the country's total natural gas
consumption.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered
Transportadora de Gas del Sur S.A's currency ratings to BB- from
B+.


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


BW ASSURANCE: Creditors' Proofs of Debt Due on February 12
----------------------------------------------------------
The creditors of BW Assurance Corporation Ltd. are required to
file their proofs of debt by February 12, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 12, 2010.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


BW ASSURANCE: Members to Receive Wind-Up Report on February 26
--------------------------------------------------------------
The members of BW Assurance Corporation Ltd. will receive, on
February 26, 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 12, 2010.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


DIRECTRADE LTD: Appoints Official Receiver as Liquidator
--------------------------------------------------------
On January 21, 2010, the Supreme Court of Bermuda appointed the
official receiver as the permanent liquidator of Directrade Ltd.


EMERALD FINANCIAL: Appoints Official Receiver as Liquidator
-----------------------------------------------------------
On January 21, 2010, the Supreme Court of Bermuda appointed the
official receiver as the permanent liquidator of Emerald Financial
Limited.


EMERALD INVESTMENT: Appoints Official Receiver as Liquidator
------------------------------------------------------------
On January 21, 2010, the Supreme Court of Bermuda appointed the
official receiver as the permanent liquidator of Emerald
Investment Management Limited.


ESG REINSURANCE: Supreme Court Enters Wind-Up Order
---------------------------------------------------
On January 22, 2010, the Supreme Court of Bermuda entered an order
that winds up the operations of ESG Reinsurance (Bermuda) Limited
and confirming and extending the appointment of Mike W. Morrison
and Charles Thresh of KPMG Advisory Limited, Hamilton, Bermuda and
Mike S. Walker of KPMG LLP, London, UK as Joint Provisional
liquidators of the company.


GEORGETTE LIMITED: Court Enters Wind-Up Order
---------------------------------------------
On January 22, 2010, the Supreme Court of Bermuda entered an order
that winds up the operations of Georgette Limited.

The company's official receiver was constituted as provisional
liquidator of the company.


NOVUS MANAGEMENT: Creditors' Proofs of Debt Due on February 11
--------------------------------------------------------------
The creditors of Novus Management Limited are required to file
their proofs of debt by February 11, 2010, to be included in the
company's dividend distribution.

Michael A. Swain is the company's liquidator.


SOL JAPAN: Creditors' Proofs of Debt Due on February 10
-------------------------------------------------------
The creditors of SOL Japan Small & Mid-Cap Master Fund Limited are
required to file their proofs of debt by February 10, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 22, 2010.

The company's liquidator is:

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


SOL JAPAN: Members to Receive Wind-Up Report on March 3
-------------------------------------------------------
The members of SOL Japan Small & Mid-Cap Master Fund Limited will
receive, on March 3, 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 22, 2010.

The company's liquidator is:

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


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


BANCO SANTANDER: Posts BRL1.59-BB Net Profit for 4th Quarter
------------------------------------------------------------
Banco Santander Brasil SA posted fourth-quarter net profit of
BRL1.59 billion (US$863 million), up from BRL906 million a year
earlier, Rogerio Jelmayer at Dow Jones Newswires reports.  The
report relates that the bank attributed its net profit to the
increase of its revenue and credit portfolio and reduction of its
expenses in the period.

According to the repot, the bank posted fourth-quarter revenue of
BRL7.86 billion, up from BRL6.57 billion.  The report notes that
the bank's general expenses totaled BRL2.89 billion in the fourth
quarter, down from BRL3.17 billion in the year-ago period.  At the
end of 2009, the bank's total credit portfolio was BRL138.9
billion, up from BRL136 billion seen at the end of 2008, the
report says.

Banco Santander, the report discloses, ended the period with total
assets of BRL315 billion, up 7.4% from a year earlier.  For the
full year of 2009, Santander reported a net profit of BRL5.5
billion, up from BRL3.9 billion in 2008, the report recalls.

                  About Banco Santander (Brasil)

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                           *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


COSAN SA: May Bid for Eni Gas Assets in Brazil, CFO Says
--------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Cosan SA Industria &
Comercio may bid for Eni SpA's Brazilian natural-gas distribution
assets.  "We are considering bidding; the decision has not been
made yet," the report quoted Cosan Chief Financial Officer Marcelo
Martins, as saying.  "Eni's assets in Brazil look interesting and
are complementary to our business," he added.  Gas Brasiliano
Distribuidora, a unit of Rome-based Eni, is a natural-gas
distributor.

According to the report, Barra Bonita, Brazil-based Cosan bought
1,500 service stations and other assets from Exxon Mobil Corp. for
US$826 million in 2008, and agreed to acquire service-station
network Petrosul in December.  The report relates that Cosan SA
also is in negotiations to form a joint venture with Royal Dutch
Shell Plc to combine ethanol, sugar and fuel distribution assets
in Brazil.

                         About Cosan SA

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

                           *     *     *

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


MEXICHEM SAB: Ineos to Get US$350MM From Asset Sale to Reduce Debt
------------------------------------------------------------------
Carlos Manuel Rodriguez and Andrew Noel at Bloomberg News report
that Britain-based Ineos Group Holdings Plc will get US$350
million from the sale of a fluorine unit to PVC pipe and resin
maker Mexichem SAB to help pay down debt.

According to the report, unnamed sources said that Mexichem will
pay US$300 million for Ineos Fluor, plus US$50 million for a non-
compete clause and transitional services.  The report relates that
Ineos is partway through a program to strengthen its balance
sheet.

Bloomberg News says that the Lyndhurst, England-based company
refinanced loans last year after the global recession triggered a
slump in demand for chemicals.

For Mexichem, the purchase of Ineos Fluor will make it the world's
largest producer of calcium fluoride, the report points out.  The
company, the report adds, said that the acquisition will be
subject to regulatory approval.

                           About Mexichem

Mexichem, headquartered in Tlalnepantla, Mexico, is a producer of
PVC resins, pipes and related PVC products that is backwardly
integrated into chlor-alkali production.  It has grown its PVC
operations rapidly in the past six years through acquisitions as
well as strong organic growth, and predominately services markets
in Latin America.  Its Fluorine Division (6% of 2008 sales)
operates the world's largest fluorspar mine and is a large
producer of hydrofluoric acid, which is sold globally.  Mexichem
had revenues of MXN31.7 billion (approximately US$2.5 billion) for
the twelve months ended June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin on October 21,
2009, Moody's Investors Service assigned a first time Ba1 global
scale and a Aa3.mx Mexico national scale Corporate Family Rating
rating to Mexichem S.A.B. de C.V.  Additionally, Moody's assigned
a Ba1 global scale rating to Mexichem's proposed US$350 million
senior unsecured notes due 2019.


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


ABN AMRO: Members Receive Wind-Up Report
----------------------------------------
The members of ABN AMRO Finance Ireland Limited received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ABCD COMPANY: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of ABCD Company received, on January 14, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949-8666
         Facsimile: 949-7904
         PO Box 694, Grand Cayman KY1-1107
         Cayman Islands


ACAS CLO 2007-2: Members Receive Wind-Up Report
-----------------------------------------------
The members of ACAS CLO 2007-2, Ltd. received, on January 12,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP VIII: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of ACP VIII Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP XV: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of ACP XV Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP XIV: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of ACP XIV Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP XIII: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of ACP XIII Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP XII: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of ACP XII Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP X: Shareholder Receives Wind-Up Report
------------------------------------------
The shareholder of ACP X Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP VIII: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of ACP VIII Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP VII: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of ACP VII Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP VI: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of ACP VI Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP V: Shareholder Receives Wind-Up Report
------------------------------------------
The shareholder of ACP V Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP IX: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of ACP IX Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP IV: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of ACP IV Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP III: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of ACP III Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ACP FUNDING: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of ACP Funding, Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BOA HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Boa Holdings Limited received, on January 20,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949-8666
         Facsimile: 949-0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


LEHMAN BROTHERS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Lehman Brothers USD Enhanced Ash Fund, Ltd.
received, on January 14, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Bradley C. Tank
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


LILLOOET LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Lillooet Limited received, on January 14, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ML APM: Members Receive Wind-Up Report
--------------------------------------
The members of ML APM Global Commodity Futuresaccess 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:

         Merrill Lynch Alternative Investments LLC
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


OCTANS II: Members Receive Wind-Up Report
-----------------------------------------
The members of Octans II CDO Ltd. received, on January 14, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PLUMERIA INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------------
The members of Plumeria Investment Partners received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


R-ONE TENJIN: Members Receive Wind-Up Report
--------------------------------------------
The members of R-One Tenjin Holding Ltd. received, on January 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


RED BLUFF: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Red Bluff Limited received, on January 20,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949-8666
         Facsimile: 949-0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


RESI FINANCE: Members Receive Wind-Up Report
--------------------------------------------
The members of Resi Finance CI Corporation 2007-C Limited
received, on January 14, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ROCS LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of ROCS Limited received, on January 14, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SMITH BREEDEN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Smith Breeden Global Funding 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


SMITH BREEDEN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Smith Breeden Investment Grade Core Bond
Funding 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


WEST RIVER: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of West River Limited received, on January 20,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949-8666
         Facsimile: 949-0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


===============
D O M I N I C A
===============


* DOMINICA: Economy Affected by Global Crisis, IMF Says
-------------------------------------------------------
An International Monetary Fund mission led by Mr. Hunter Monroe of
the IMF's Western Hemisphere Department visited Dominica during
January 18-28 for the annual Article IV discussions on economic
developments and macroeconomic policies.  The mission met with the
Honorable Prime Minister and Minister of Finance, Roosevelt
Skerrit, and his Cabinet, Financial Secretary Rosamund Edwards,
other senior government officials, and representatives of the
private sector and labor unions.  The mission thanks the
authorities for the warm hospitality and close cooperation it
received during its stay in Dominica.

According to a statement issued by the IMF mission led by Mr.
Monroe: "Dominica has been affected by the global crisis through
lower stayover tourist arrivals, foreign direct investment
inflows, and remittances from Dominicans abroad.  However,
Dominica has benefited from a relatively favorable fiscal
position, which allowed room for countercyclical government
action.  Reflecting in part the authorities' decision to maintain
the level of capital spending in 2009 at the high level in 2008,
real Gross Domestic Product is estimated to have shown only a
slight decline of 0.3%. Prices rose 3.2% in the 12 months to
December 2009 (zero percent on a period average basis), reflecting
increases in world food and fuel prices.

"The near to medium-term economic outlook is positive. With the
recovery of the global economy and expected improvements in
international trade and tourism activities, the Dominican economy
is expected to grow at 1 1/2 percent in 2010.  There are downside
risks, however, if weakness in advanced economies adversely
affects tourism demand in Dominica's key source markets.

"The mission welcomes the fiscal stance for FY2009/10, which would
imply a primary surplus of 3 percent of GDP.  However, additional
spending to be financed by external loans would imply a temporary
weakening of the primary surplus in FY2010/11.  The mission urged
the authorities to return as soon as possible to the fiscal anchor
provided by a primary surplus of 3 percent of GDP, which is of
paramount importance for long-term debt sustainability.

"Financial vulnerabilities emanating from the nonbank sector have
heightened uncertainty and warrant close monitoring.  The collapse
of the CL Financial Group and large role played by credit unions
underscore the need to strengthen the supervision of non-bank
financial institutions including insurance companies and credit
unions.  The Agricultural and Industrial Development Bank, now
under the supervision of the Financial Services Unit (FSU), has
refocused on its original mandate as a development bank, and faces
the challenge of managing carefully the rapid growth in its loan
portfolio.

"The country will reap the benefits of reforms reaching fruition
in the near future, including the automation of customs and land
titling and expanded airport facilities to handle larger aircraft
and flights arriving after sunset.  The appointment of a second
judge has already shortened the time required to hear civil
matters such as contract enforcement.

"The mission commends the authorities for continuing with sound
economic policies, which have provided them space to manage the
fallout of the global crisis.  The IMF intends to maintain a close
policy dialogue with the authorities as they continue to implement
their reform agenda. Upon its return to Washington, the mission
will prepare a report to the IMF's Executive Board as a basis for
a Board discussion tentatively scheduled for March 2010."


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


* DOMINICAN REPUBLIC: Power Firms Worry Over Ballooning Debt
------------------------------------------------------------
The power companies grouped in the Dominican Electrical Industry
Association (ADIE) stated its concern with the ballooning debt of
the distributors with that sector, which once again surpasses
US$500 million to February, The Dominican Today reports.

According to the report, ADIE said that January collections were
barely 20% of the total invoiced.  "We want to alert on this
situation since an agreements was reached to regularize the flow
of payments on the part of the distributors," the report quoted
ADIE as saying.

ADIE, the report notes, said that investments in the generation
sector have been affected precisely by the distributors' high
debts, a situation which could improve substantially if the chain
of payments is regularized, and in its view lead to investor
confidence.

The Dominican Today relates that ADIE said its intention is the to
promote good practices within the generation sector reason why the
will was reaffirmed to spur needed improvements to obtain the
entire industry's technical and financial sustainability and above
all, the high losses of the distributors.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Country ceiling at 'B+';
-- Short-term foreign currency IDR at 'B';
-- Senior unsecured debt at 'B'.


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


* JAMAICA: IMF OKs US$1.27 Billion Stand-By Arrangement
-------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
27-month Stand-By Arrangement with Jamaica in the amount of
SDR820.5 million (about US$1.27 billion) to support the country's
economic reforms and help it cope with the consequences of the
global downturn.  A disbursement of SDR414.3 million (about US$
640 million) will become available to Jamaica immediately.

The key objectives of the arrangement are to support the Jamaican
authorities' ample reform program to address deep-seated
structural weaknesses in the country's economy, increase its
growth potential, and make it less vulnerable to external shocks.

To achieve these goals, the program focuses on a three-pronged
strategy:

1) An ambitious plan that puts public finances on a sustainable
   path that includes much-needed public sector reform;

2) A debt strategy to lower exceptionally high interest costs and
   help address the problem of the debt overhang , and raise the
   productivity of public spending;

3) Financial sector regulatory reform to reduce systemic risks.

The Jamaican authorities are already implementing many of these
actions, which are expected to improve the public sector fiscal
balance by over 5 percent of GDP in FY 2010.  Among them, a debt
exchange aimed at generating interest savings of at least 3% of
GDP and a 65% reduction in the amount of maturing debt over the
next three years have been successfully carried out, with an
acceptance level of almost 95% of bondholders.  A tax package has
already been enacted and is expected to produce an increase in
revenues of around 2% of GDP. Loss-making public entities are
being divested.

At the same time, the government's economic program is designed to
ensure a significant increase in social spending for targeted
programs.  Spending will increase by at least 25% (equivalent to
0.3% of GDP) in the school feeding program and the cash transfer
Program of Advancement through Health and Education (PATH).  The
administration will also be pursuing efforts to expand the social
safety net to assist persons below the poverty line who do not
qualify for PATH assistance and improve their employability.

Approval of the Stand-By Arrangement is expected to generate about
US$1.1 billion in funding from other international financial
institutions.  Part of the first disbursement will be used to
establish a Financial Stability Support Fund, which will also
include funds from other multilaterals and will help support the
country's financial sector.

Following the Executive board discussion, Mr. Takatoshi Kato,
Deputy Managing Director and Acting Chair, issued the following
statement:

"Jamaica's large debt burden has magnified the fallout of the
global crisis by limiting the scope for a counter-cyclical
domestic policy response.  Fundamental economic reforms are needed
to restore fiscal sustainability, safeguard economic and financial
sector stability, and enhance Jamaica's growth potential.  The
ambitious economic program demonstrates that the authorities are
committed to meeting these challenges.

"The authorities are to be commended for the strong measures taken
to maintain economic stability.  These include introducing a third
tax package this fiscal year and extending the public sector wage
freeze for two years.  The 2010/11 budget provides for increased
social spending while reducing recurrent expenditures.  The
government has successfully completed a domestic debt exchange
operation, which has contributed to a more equitable sharing of
the burden of the overall fiscal adjustment.  The exchange has
also struck an appropriate balance in terms of delivering
necessary cash flow savings while taking appropriate account of
the need to ensure financial sector stability.

"In addition to these near-term measures, the Jamaican authorities
have committed to a comprehensive agenda of structural reform to
help address the root causes of the deep economic imbalances.  The
swift passage of fiscal responsibility legislation and adoption of
a central Treasury management system are necessary to enhance
budget control and bolster fiscal transparency and accountability.
Rationalization of the public sector, including through
compensation and employment reforms and the divestment of public
entities, aims to secure durable fiscal savings.

"The planned legislative and regulatory reforms will help reduce
systemic risks to the financial system and strengthen the overall
resilience of the economy to shocks.  Key measures include the
adoption of an omnibus banking law, an amendment to the Bank of
Jamaica Act, and reforms of deposit-taking institutions and the
securities dealer sector," Mr. Kato said.

                    Recent Economic Developments

Jamaica has been strongly impacted by the global economic
slowdown.  Real GDP declined by 1.6% in Fiscal Year (FY) 2008/09
(April 1-March 31), with economic conditions deteriorating sharply
in the second half of the year.  During the current fiscal year,
real GDP contracted further, registering a decline of 3% during
the first half of the year.

Bauxite and alumina production and exports fell by about 60
percent, while remittances-a traditional source of balance of
payments support-suffered a sharp decline.  Tourism has also been
negatively affected, although it has proven to be far more
resilient than in the rest of the Caribbean.

In FY2009/10, the external current account deficit is expected to
narrow from 18% of GDP to 9.5%, as the contraction in imports
exceeds by far that of exports. Inflation fell steadily from 26.5%
in August 2008 to 9% in November 2009, reflecting weak domestic
demand and a decline in global commodity prices from their mid-
2008 peaks.

Government finances have deteriorated, constraining the
authorities' ability to respond to the global shock with
countercyclical policies.  The public sector deficit is projected
to reach almost 13% of GDP in FY 2009/10.  The interest bill rose
by 38%, reflecting the effects of the depreciation and a steep
rise in interest rates.  The deficit of public entities remained
large, at close to 3% of GDP.  As a result of these combined
shocks, concerns about economic prospects and the sustainability
of Jamaica's debt have placed significant pressure on the currency
over the past year and a half.

                        Main Program Goals

Growth: Economic growth is projected to shift from a contraction
        of 3.5% in FY2009/10 to an expansion of 0.5% in FY2010/11
        and a further increase of 2% thereafter.

Inflation: While one-off tax measures are expected to result in a
           temporary spike in inflation to just over 12% by end
           FY2009/10, in the absence of strong demand or foreign
           exchange market pressures, inflation is projected to
           fall to an average of 11 percent in FY2010/11 and
           further to 6% over the medium term.

Balance of payments: The external current account deficit is
                     projected to continue to narrow gradually
                     from 9.5% of GDP in FY2009/10 to 5% over the
                     medium term, based on the recent depreciation
                     of the currency in real effective terms and
                     the expected increase in national saving as a
                     result of fiscal consolidation.

Tax Reform: The organization of the tax administration and
            improving tax compliance is expected to be modernized.
            The authorities are committed to implementing rapidly
            the recommendations of a 2008 Fund Technical
            Assistance mission, including by unifying domestic tax
            administration and enhancing compliance through
            streamlined administrative procedures

Public Sector Reforms: The organization of the public sector will
                       be streamlined, with a view to reducing the
                       wage bill as a share of GDP.  A committee
                       has been appointed to review the existing
                       structure of the public sector which is
                       characterized by many entities with unclear
                       or overlapping functions.  The committee
                       will present recommendations on a new
                       structure by December 2010.

Financial sector reforms: Vulnerabilities in the financial system
will be addressed, particularly the high exposure of securities
dealers to government risk.  The Jamaican government is committed
to improving financial sector companies' ability to withstand
shocks, by enhancing capital adequacy and margin requirements.
The Bank of Jamaica will take explicit responsibility for overall
financial system stability.

                          *     *     *

As reported in the Troubled Company Latin America on February 8,
2010, Moody's Investors Service disclosed that it considers
Jamaica's debt exchange proposal for domestic creditors as an
event of default.  As reflected in the nation's current sovereign
ratings of Caa1, with a negative outlook, on both domestic and
foreign currency debt, Moody's had anticipated that Jamaica's
long-standing commitment to honor its obligations in full and on
schedule might finally break this year.


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


DESARROLLADORA HOMEX: Not to Execute Capital Increase Plan in 2010
------------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. disclosed that during the
Board of Directors meeting held on January 29, the Board along
with the Company's Management team, and according to Homex'
shareholders, approved faculties at the General Extraordinary
Shareholders' Meeting held on November 20th, resolved not to
execute its Capital Expansion Plan during 2010.

The company decided to cancel the plan after successfully
concluding the private placement of US$250 million bond through
which Homex has extended its average debt maturity profile from an
average of 4.5 years to an average of 6.3 years, thus importantly
reducing its need for capital, while maintaining its financial
ratios and improving the company's liquidity.

"As we walk into 2010, I feel confident that Homex is well
prepared to tap new and exciting opportunities, and that we have
taken the appropriate steps at the right time to maintain a sound
balance sheet, positioning us  to gain market share and prudently
broaden the scope of our operations," said Gerardo de Nicolas,
Chief Executive Officer of Homex.  "In addition, the challenging
economic environment experienced during 2009, encouraged us to
keep working diligently to improve our efficiency and strengthen
our financial performance during 2010,"  concluded Mr. de Nicolas.

                    About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                           *      *     *

As reported in the Troubled Company Reporter-Latin America on
January 22, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit and senior unsecured debt ratings
on Desarrolladora Homex S.A.B. de C.V.  The outlook is stable.
The recovery rating is 3.


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
US$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.


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


BANCO CANARIAS: Venezuela Shuts Units of Firm
---------------------------------------------
Steven Bodzin at Bloomberg News reports that Venezuela's National
Securities Commission closed six investment units of seized bank
Banco Canarias Banco Universal CA and shuttered brokerage U21 Casa
de Bolsa CA.

According to the report, citing the Official Gazette, the
government halted operations at the six units on December 30 on
the grounds that they could harm the financial system or affect
performance of capital markets.

The report notes that Venezuela has arrested at least 11 people,
issued warrants for at least 30 more and taken over 11 banks and
brokerages since November while accusing bankers of failing to
account for the source of money used to buy the institutions,
improper use of depositor funds and other improprieties.  The
report says that Ali Rodriguez, former finance minister and
current electricity minister, said that the government would close
Banco Canarias.  The bank is now being liquidated.

As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, El Universal said that the Venezuelan
government's banking watchdog, the Venezuelan Superintendence of
Banks and other Financial Institutions (Sudeban), intervened and
closed U21 Casa de Bolsa's operations.  According to the report,
Sudeban took this measure because the funds to cope with the
financial commitments made by the brokerage house, which are
currently due and in process, are deposited in Banco Canarias
accounts, which were blocked as a result of the seizure of the
bank on November 19, 2009.  The report related that U21 Casa de
Bolsa was raided by Venezuelan authorities amid investigations
that led to the takeover of several banks facing capitalization
and solvency problems.

                    About U21 Casa de Bolsa CA

U21 Casa de Bolsa CA operates as a brokerage firm that generates
revenues by investing in securities and mutual funds for both its
clients and its own accounts.


BANCO DEL CARIBE: Fitch Upgrades Individual Rating to 'D'
---------------------------------------------------------
Fitch Ratings has upgraded the Individual Rating of the Venezuela-
based Banco del Caribe to 'D' from 'D/E' and revised the Outlook
of its Long-Term Issuer Default Ratings to Stable from Negative.
Fitch has affirmed the other ratings:

  -- Long-term foreign and local currency IDRs at 'B';
  -- Short-term foreign and local currency IDR at 'B';
  -- Support at '5'.
  -- Support Floor at 'NF'.
  -- Long-term National rating at 'A-(ven)';
  -- Short-term National rating at 'F-2(ven)';
  -- Preferred Shared National Rating at 'BBB(ven)'.

The 'BBB(ven)' rating is equivalent to an 'B1' rating when using
the mandatory rating scale required by the local Securities
Exchange Commission.

The upgrade of Bancaribe's Individual Rating and Outlook revision
are driven by the capacity of the bank to revamp its profitability
and hence preserve its capital base, despite the recent expansion
of its balance sheet, although the heavy burden of fixed and
foreclosed assets still undermines its capital ratios and will
require further enhancements in order to provide the bank with an
adequate capital base to operate in the volatile Venezuelan
environment.  The Rating Outlook for the long-term IDRs is Stable.
Downside risk for Bancaribe's ratings would stem from back turns
on its asset quality ratios and/or exacerbated government measures
that could negatively affect its performance.

Bancaribe ratings reflect its strong competitive position in the
middle market, adequate asset quality, and income diversification.
However, the ratings are hindered by the bank's low capitalization
ratios and the negative effects of government intervention over
the bank business.  Bancaribe's loan portfolio has increased in
line with market trends, with commercial lending and the
portfolios associated with compulsory lending being the backbone
of such growth and consumer lending giving some of its share
compared to previous years.  Thanks to the bank's revamped credit
risk tools, the vigorous economic activity until 2007, and the
bank's proactive collection and charge-off policies, past due
loans have remained a very small part of the portfolio (on average
less than 0.5% of total loans since 2004), while loan loss
reserves have increased steadily to 2.2% of total loans at June
30, 2009.  It is expected that such extremely low past-due ratios
could increase in the medium term but should remain controlled
under 2% of total loans.

Stable spreads and the sizable profits of Bancaribe's financial
subsidiaries (mostly a bank in Curacao, two insurance companies in
Venezuela, and a brokerage house) have been able to sustain the
burden of its operating costs and moderate burden of loan loss
provisions.  Bancaribe's return-on-average-assets ratio has
remained in the 2% range, but it is still significantly reliant on
the good performance of its subsidiaries (almost 50% of its net
income).  While the control of operating costs remains the
cornerstone strategy of the bank in order to boost its
profitability, this is a challenge for every bank in Venezuela,
where inflation levels remain the highest in the world.

Overall capital levels are still tight and encumbered by capital
deployed on the bank's subsidiaries, while its issuance of short-
term nondeferrable preference shares does not provide any equity
credit, according to Fitch.  At June 30, 2009, the total equity
(excluding the aforementioned preference shares) to assets stood
at a tight 7.8%, while bank's free capital ratio was below 3%.

Bancaribe is a medium-sized bank with a 2.67% market share in
terms of invested funds (assets plus investment funds) in June
2009.  Also in June 2009, 51.1% of Bancaribe was controlled by the
Dao family, and 26.6% was held by Scotia International Ltd., a
wholly-owned subsidiary of Bank of Nova Scotia (Scotiabank), with
the remainder publicly held.


BANCO EXTERIOR: Fitch Affirms 'B+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Banco Exterior's
(Exterior) ratings:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B+';

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D';

  -- Support at 5;

  -- Long-term National rating at 'AA-(ven)';

  -- Short-term National rating at 'F1(ven)';

  -- Support Floor at NF.

Fitch has also revised Exterior's Rating Outlook to Stable from
Negative.  The revision is driven by the capacity of the bank to
preserve its capital ratios despite the expansion of its balance
sheet and above average profitability.  However, downturns in
Exterior's capitalization and profitability could trigger negative
changes to all of its ratings.  Additional government intervention
resulting in further pressure to the bank's financial performance
could also negatively affect its ratings.

Exterior's ratings reflect good profitability, strong asset
quality, and sufficient capital base.  The ratings are constrained
by Exterior's size, the need to further diversify revenue sources,
and the negative effects of government intervention in the bank's
business.

After a decrease in its capital ratios from FY04-FY05 due to a
significant expansion of Exterior's balance sheet and high
dividends, the bank's capital base has remained steady (equity to
assets of 8.98% at June 2009) and mostly unencumbered.  One of
Exterior's largest challenges is to preserve and enhance its
current capital base during the nadir of the economic cycle, given
the pressures derived of a complex regulatory scheme and recent
rapid loan expansion.

Interest rate controls and the revamp of its business model have
pressured Exterior's historically high profitability.  However,
the bank's profitability has stabilized, standing above average in
the past three years.  Exterior's still ample spreads are the back
bone of its profitability, while its still limited income
diversification is compensated by its low credit costs.  As such,
the bank's return-on-average-assets (ROAA) ratio has stood at
roughly 4% in the past three years, while its expansion of
consumer lending since 2007 has resulted in an upward trend for
its ROAA, despite the volatile operating environment.

Exterior's expertise in its niche market (commercial loans to the
middle market and consumer loans) has been crucial in preserving
its asset quality ratios, despite frequent periods of volatility
in the Venezuelan economy since the mid 1980s.  As of the first
six months of FY09 (through June 2009), Exterior's past-due-to-
total-loans ratio increased to almost 0.9%, a historical high
within the past five fiscal years but still below the market
average and manageable.  Despite this, loan loss reserves seem
tight at 2% of total loans, given the higher share of consumer
loans, forced expansion into new segments (compulsory lending
required by the government), and lower capital base, compared with
previous periods of stress in Venezuela.

Exterior was Venezuela's sixth largest bank in terms of invested
funds (assets plus ceded investments) at June 2009, with a 3%
market share.  Spain's Grupo Bancario Industrial Fierro controls
about 83% of Exterior's equity and has interests in other
financial institutions in Latin America and Miami.


U21 CASA DE BOLSA: Government Halts Operations of Units
-------------------------------------------------------
Steven Bodzin at Bloomberg News reports that Venezuela's National
Securities Commission closed six investment units of seized bank
Banco Canarias Banco Universal CA and shuttered brokerage U21 Casa
de Bolsa CA.

According to the report, citing the Official Gazette, the
government halted operations at the six units on December 30 on
the grounds that they could harm the financial system or affect
performance of capital markets.

The report notes that Venezuela has arrested at least 11 people,
issued warrants for at least 30 more and taken over 11 banks and
brokerages since November while accusing bankers of failing to
account for the source of money used to buy the institutions,
improper use of depositor funds and other improprieties.  The
report says that Ali Rodriguez, former finance minister and
current electricity minister, said that the government would close
Banco Canarias.  The bank is now being liquidated.

As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, El Universal said that the Venezuelan
government's banking watchdog, the Venezuelan Superintendence of
Banks and other Financial Institutions (Sudeban), intervened and
closed U21 Casa de Bolsa's operations.  According to the report,
Sudeban took this measure because the funds to cope with the
financial commitments made by the brokerage house, which are
currently due and in process, are deposited in Banco Canarias
accounts, which were blocked as a result of the seizure of the
bank on November 19, 2009.  The report related that U21 Casa de
Bolsa was raided by Venezuelan authorities amid investigations
that led to the takeover of several banks facing capitalization
and solvency problems.

                    About U21 Casa de Bolsa CA

U21 Casa de Bolsa CA operates as a brokerage firm that generates
revenues by investing in securities and mutual funds for both its
clients and its own accounts.


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


* BOND PRICING: For the Week February 1, to February 8, 2010
------------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS          8.28  12/31/2033   USD         65.18555
ARGENT-$DIS          8.28  12/31/2033   USD         62.08347
ARGENT-PAR           1.18  12/31/2038   ARS         33.33484
ARGENT-=DIS          7.82  12/31/2033   EUR          55.9509
ARGNT-BOCON PR11        2  12/3/2010    ARS         20.44622
ARGNT-BOCON PR13        2  3/15/2024    ARS          65.7989
BOGAR 2018              2  2/4/2018     ARS         109.5425
BUENOS AIRE PROV    9.625  4/18/2028    USD         63.91925
BUENOS AIRE PROV    9.375  9/14/2018    USD           66.854
BUENOS-$DIS          9.25  4/15/2017    USD         71.44468
MENDOZA PROVINCE      5.5  9/4/2018     USD         75.07296


CAYMAN ISLAND

BANIF FIN LTD           3  12/31/2019   EUR           72.332
BARION FUNDING       1.44  12/20/2056   GBP         31.31738
BARION FUNDING       0.63  12/20/2056   GBP         17.86238
BCP FINANCE CO      4.239  #N/A N Ap    EUR           70.375
BCP FINANCE CO      5.543  #N/A N Ap    EUR         69.24954
BISHOPSGATE ASSE    4.808  8/14/2044    GBP         69.22963
CHINA MED TECH          4  8/15/2013    USD           61.038
CHINA PROPERTIES    9.125  5/4/2014     USD         84.99359
CHINA SUNERGY        4.75  6/15/2013    USD           66.509
DUBAI HLDNG COMM     4.75  1/30/2014    EUR         63.70403
DUBAI HLDNG COMM        6  2/1/2017     GBP         57.85786
FERTINITRO FIN       8.29  4/1/2020     USD            65.75
GOL FINANCE          8.75  #N/A N Ap    USD               88
LDK SOLAR CO LTD     4.75  4/15/2013    USD           73.927
LDK SOLAR CO LTD     4.75  4/15/2013    USD         74.73375
MAZARIN FDG LTD      1.44  9/20/2068    GBP         28.68295
PUBMASTER FIN       6.962  6/30/2028    GBP         68.63525
PUBMASTER FIN        8.44  6/30/2025    GBP          72.8015
SHINSEI FIN CAYM    6.418  #N/A N Ap    USD         61.49111
SHINSEI FIN CAYM    6.418  #N/A N Ap    USD            61.55
SHINSEI FINANCE      7.16  #N/A N Ap    USD            61.55
SHINSEI FINANCE      7.16  #N/A N Ap    USD         61.66392

ECUADOR

REP OF ECUADOR      9.375  12/15/2015   USD         93.97776


JAMAICA

JAMAICA GOVT            8  3/15/2039    USD            79.75

PUERTO RICO

PUERTO RICO CONS      6.5  4/1/2016     USD             47.5
PUERTO RICO CONS      6.2  5/1/2017     USD            54.85


VENEZUELA

PETROLEOS DE VEN      4.9  10/28/2014   USD         62.25908
PETROLEOS DE VEN    5.125  10/28/2016   USD         54.96851
PETROLEOS DE VEN        5  10/28/2015   USD         57.65101
PETROLEOS DE VEN     5.25  4/12/2017    USD         59.40574
PETROLEOS DE VEN    5.375  4/12/2027    USD         48.75284
PETROLEOS DE VEN      5.5  4/12/2037    USD         47.37065
SIDETUR FINANCE        10  4/20/2016    USD            67.25
VENEZUELA            9.25  9/15/2027    USD          72.5748
VENEZUELA            9.25  5/7/2028     USD         70.36364
VENEZUELA            5.75  2/26/2016    USD         68.87955
VENEZUELA               7  12/1/2018    USD         67.31136
VENEZUELA               6  12/9/2020    USD           57.775
VENEZUELA               9  5/7/2023     USD         70.57818
VENEZUELA            8.25  10/13/2024   USD         65.06591
VENEZUELA            7.65  4/21/2025    USD         62.08899
VENEZUELA            9.25  9/15/2027    USD         74.42416
VENEZUELA            7.75  10/13/2019   USD         67.92375
VENEZUELA               7  3/31/2038    USD         55.86364
VENZOD - 189000     9.375  1/13/2034    USD           70.575



                            ***********

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 * * *