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

        Wednesday, February 10, 2010, Vol. 11, No. 028

                            Headlines



A R G E N T I N A

AROLCAR SA: Creditors' Proofs of Debt Due on March 29
IGOMIN SA: Creditors' Proofs of Debt Due on March 31
LEBANC SA: Creditors' Proofs of Debt Due on May 4
MITNAR SA: Creditors' Proofs of Debt Due on March 16
PLUS COMPUTERS: Asks for Opening of Preventive Contest


B A R B A D O S

BARBADOS ICE: Building of New Plant Hits Snag


B R A Z I L

BANCO PINE: Raises US$125 Million From Overseas Bonds
BANCO PINE: Moody's Assigns 'Ba3' Rating on $125 Mil. Notes
CAIXA COMPANHIA: Provides BRL1 Billion Credit Line to CSN
COMPANHIA SIDEDRURGICA: Files Complaint to Stop Votorantim
COMPANHIA SIDERURGICA: Cimento Denies its in Talks to Sell Stake

COMPANHIA SIDEDRURGICA: Gets BRL1BB Credit Line From Caixa
GAFISA SA: To Sell BRL1 Billion of Stock for Expansion
GAFISA SA: Posts BRL86.1 Million Net Profit in Fourth Quarter


C A Y M A N  I S L A N D S

AGRIFIRMA LIMITED: Commences Wind-Up Proceedings
BRAMLEY FUNDING: Members Receive Wind-Up Report
CASTLEREAGH ASIA: Members Receive Wind-Up Report
CASTLEREAGH ASSET: Members Receive Wind-Up Report
EP RE: Commences Wind-Up Proceedings

H&F RANGER: Commences Liquidation Proceedings
HALBIS ALPHA: Commences Liquidation Proceedings
HALBIS COMMODITIES: Commences Liquidation Proceedings
LEHMAN BROTHERS: Commences Wind-Up Proceedings
LEUMI CI: Commences Wind-Up Proceedings

LOTUS EXPLORER: Commences Wind-Up Proceedings
MABU INVESTMENT: Shareholders Receive Wind-Up Report
MANAMA RE: Shareholders Receive Wind-Up Report
MONDRIAN FUND: Shareholder Receives Wind-Up Report
MOMENTUM CDO: S&P Corrects Rating on 2006-22 Notes to 'D'

NEW STAR: Members Receive Wind-Up Report
NEW STAR: Members Receive Wind-Up Report
NEW STAR: Members Receive Wind-Up Report
NEW STAR: Members Receive Wind-Up Report
OCEANUS HOLDING: Commences Liquidation Proceedings

PUCUI INTERNATIONAL: Shareholders Receive Wind-Up Report
SCOY OVERSEAS: Commences Wind-Up Proceedings
SEFIMA INTERNATIONAL: Shareholders Receive Wind-Up Report
SIXTINA 22: Members Receive Wind-Up Report
SR DORUS: Shareholders Receive Wind-Up Report

SUNOVA GLOBAL: Shareholders Receive Wind-Up Report
SUNOVA OFFSHORE: Shareholders Receive Wind-Up Report
SV CORINTHIAN: Shareholders Receive Wind-Up Report
SW TUSCAN: Shareholders Receive Wind-Up Report
SWISS RE: Shareholders Receive Wind-Up Report

SZ GOTHIC: Shareholders Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: ICIs Join Airline Workers' Protest
JAMAICA PUBLIC SERVICE: Regulator to Get Report on Power Outages
OLINT CORP: No Money for Jamaican Investors


M E X I C O

CHRYSLER LLC: Pledges US$550-Mil. to Build Fiat 500 in Mexico


V E N E Z U E L A

* VENEZUELA: Fitch Affirms Venezuela's 'B+' Issuer Default Ratings
* VENEZUELA: IDB Approves US$50MM Loan to Improve Service Quality


X X X X X X X X

* LATAM: Madrid & IDB to Collaborate for Projects in Region




                         - - - - -


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


AROLCAR SA: Creditors' Proofs of Debt Due on March 29
-----------------------------------------------------
Jorge Erice, the court-appointed trustee for Arolcar SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 29, 2010.

Mr. Erice will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 28, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Erice
         Tucuman 983
         Argentina


IGOMIN SA: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
Vicente Sgromo, the court-appointed trustee for Igomin SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 31, 2010.

Mr. Sgromo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Vicente Sgromo
         B. de Irigoyen 190
         Argentina


LEBANC SA: Creditors' Proofs of Debt Due on May 4
-------------------------------------------------
Jorge Testa, the court-appointed trustee for Lebanc SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 4, 2010.

Mr. Testa will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 18
in Buenos Aires, with the assistance of Clerk No. 35, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Testa
         Maipu 459
         Argentina


MITNAR SA: Creditors' Proofs of Debt Due on March 16
----------------------------------------------------
Franco Brindisi, the court-appointed trustee for Mitnar SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 16, 2010.

Mr. Brindisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk No.
42, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Franco Brindisi
         Peru 367


PLUS COMPUTERS: Asks for Opening of Preventive Contest
------------------------------------------------------
Plus Computers SA asked for the opening of preventive contest.

The company stopped making payments last December 30.


===============
B A R B A D O S
===============


BARBADOS ICE: Building of New Plant Hits Snag
----------------------------------------------
Barbados Ice Company's officials said that the company is still
awaiting funds from its insurance company to get started with the
re-building of its Harbour Road facility after a fire
destroyed the plant in August 2009, CBC.News reports.  The report
relates that Mr. Thirwell warned that more jobs would be redundant
if the company's plans to rebuild the new facility won't push
through.

According to the report, two Canadian companies continue to
produce BICO ice-cream products, but Mr. Thirwell said that
arrangement will soon come to an end.
Mr. Thirwell, the report notes, added that BICO may look at
extending the deal for another three months to be safe.

                             About BICO

Barbados Ice Company -- http://www.bicoicecream.com/-- was formed
as the result of a merger between two ice-making companies in
1901.  The new company was engaged exclusively in ice manufacture
until 1910, when it decided to extend its facilities.  The
expansion was made for a Cold Storage Department.  In 1949, it
expanded again and began manufacturing ice cream. Subsequently in
1967, it became a subcontractor for the Barbados Port Authority.
In 1976, the Barbados Ice Company changed its name to BICO.  Since
then BICO has discontinued its production of ice.  Presently, it
is a public limited company owned by more than 350 shareholders,
earning the majority of its revenue from its ice cream sales.


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


BANCO PINE: Raises US$125 Million From Overseas Bonds
-----------------------------------------------------
Banco Pine SA raised US$125 million from the issue of overseas
bonds, Rogerio Jelmayer at Dow Jones Newswires reports, citing
Bank CFO Clive Botelho.

According to the report, the bonds will mature on Jan. 6, 2017,
and will pay an annual yield of 8.75%.  The report relates that
Credit Suisse, HSBC and BES coordinated the operation.

"Despite market volatility . . . (when the bank held a road show
for potential investors), we completed the issue as planned," the
report quoted Mr. Botelho as saying.  "If more opportunities
appear later this year, we will access the debt market again, but
this time with an issue of shorter maturity," he added, the report
relates.

                        About Banco Pine

Banco Pine SA -- http://www.bancopine.com.br/-- is a Brazil-based
bank which provides commercial banking products.  It has both
individual and corporate customers.  The Bank offers a range of
financial products and services, such as financial and strategic
advisory, treasury products, investment options, specialized
credit lines and loans.  The Bank's customer transactions involve
the domestic onlending of funds, international transactions
including trade finance and foreign currency-linked loans, the
issuances of bid bonds, performance bonds and sureties and
treasury products for clients. Banco Pine SA operates both
domestic and international markets.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 10, 2010, Moody's Investors Service assigned a Ba3 long-
term foreign currency debt rating to the US$125 million
subordinated notes issued by Banco Pine S.A.  The notes are due in
January 2017, and are eligible for Tier 2 equity upon regulatory
approval.  The outlook on the rating is stable.


BANCO PINE: Moody's Assigns 'Ba3' Rating on $125 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term foreign
currency debt rating to the US$125 million subordinated notes
issued by Banco Pine S.A.  The notes are due in January 2017, and
are eligible for Tier 2 equity upon regulatory approval.  The
outlook on the rating is stable.

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential off
Pine's Ba2 global local currency deposit rating, as per Moody's
notching convention.  At this rating level, Pine's foreign
currency bond rating is not constrained by Brazil's Baa2 country
ceiling.

The last rating action on Pine was on August 23, 2007, when
Moody's upgraded the bank's long-term foreign currency deposit
rating to Ba2 from Ba3, following Moody's upgrade of Brazil's
foreign currency ceiling for deposits to Ba2, from Ba3.  All other
ratings assigned to Pine remained unchanged.

Banco Pine is headquartered in Sao Paulo, Brazil, with assets
totaling BRL7.2 billion (US$ 4.1 billion) and equity of
BRL815 million (US$459 million) as of September 30, 2009.

This rating was assigned to the US$125 million Subordinated Notes
due in 2017:

* Ba3 long-term foreign currency debt rating, stable outlook.


CAIXA COMPANHIA: Provides BRL1 Billion Credit Line to CSN
---------------------------------------------------------
Companhia Siderurgica Nacional said that it arranged a credit line
with state-run bank Caixa Economica Federal, Jeff Fick at Dow
Jones Newswires reports.

According to the report, citing a filing with stock regulators,
CSN said it had contracted a credit line valued at BRL1 billion
Brazilian (US$540 million) with the bank.   The report relates
that the credit line has an amortization period of 36 months.

Dow Jones Newswires notes that proceeds from the credit will be
used for general corporate purposes.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                             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+.


COMPANHIA SIDEDRURGICA: Files Complaint to Stop Votorantim
----------------------------------------------------------
Diana Kinch at Bloomberg News reports that Cia. Siderurgica
Nacional SA filed an antitrust complaint seeking to halt
Votorantim Cimentos' purchase of a stake in Cimpor-Cimentos de
Portugal SGPS SA.

According to the report, citing a document sent to the regulator,
CSN filed the complaint asking to "immediately paralyze the
effects in Brazil of the transaction" between Votorantim and
Lafarge SA.  "We're still interested in buying Cimpor," CSN
spokeswoman Flavia Ferreira told the news agency in a telephone
interview.  "The process isn't over yet," she added.

Bloomberg News notes Ferreira said that CSN has until February 12
to make a new offer.

As reported in the Troubled Company Reporter-Latin America on
February 5, 2010, Bloomberg News said that Votorantim Cimentos
agreed to buy Paris-based Lafarge SA's 17% stake in Cimpor-
Cimentos de Portugal SGPS SA.  The report related that Lafarge
said that Votorantim agreed to pay with Brazilian cement assets
and possibly cash.  According to a TCRLA report on December 22,
2009, citing Reuters, 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.

                             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+.


COMPANHIA SIDERURGICA: Cimento Denies its in Talks to Sell Stake
----------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Cimento Nassau denied
a news report that it is in talks to sell a stake in the company
to Cia. Siderurgica Nacional SA.  "We are not negotiating with CSN
or any other company," Nassau Director Sergio Macaes told the news
agency in a telephone interview.

According to the report, Brasil Economico newspaper reported on
February 5 that CSN may bid for Cimento Nassau, without saying
where it got the information.

Cimento Nassau is controlled by Recife, Brazil-based Grupo Joao
Santos, a closely held holding company with assets in sugar and
ethanol production and paper.

                           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+.


COMPANHIA SIDEDRURGICA: Gets BRL1BB Credit Line From Caixa
----------------------------------------------------------
Companhia Siderurgica Nacional said that it arranged a credit line
with state-run bank Caixa Economica Federal, Jeff Fick at Dow
Jones Newswires reports.

According to the report, citing a filing with stock regulators,
CSN said it had contracted a credit line valued at BRL1 billion
Brazilian (US$540 million) with the bank.   The report relates
that the credit line has an amortization period of 36 months.

Dow Jones Newswires notes that proceeds from the credit will be
used for general corporate purposes.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                             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+.


GAFISA SA: To Sell BRL1 Billion of Stock for Expansion
------------------------------------------------------
Laura Price at Bloomberg News reports that Gafisa SA plans to
raise about BRL1 billion (US$533 million) by selling shares to
double construction this year.

According to Bloomberg News, citing a company filing, Gafisa SA
said that new projects will climb to as much as BRL5 billion from
BRL2.3 billion a year earlier, following a "strong improvement in
market conditions."  The report relates the company said that as
much as 45% of the new work will be aimed at low-income housing.

Bloomberg News notes that Gafisa SA is benefiting from Brazil's
economic recovery and a government plan to build 1 million homes
for low-income families by 2011.

Meanwhile, the report adds, Gafisa SA said it will sell the new
shares in the next few weeks, without giving a specific timescale.
The report relates that the company said the sale of stock may
also be used to improve its "opportunities for mergers and
acquisitions."

                         About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, Moody's has assigned a Ba1 local currency and a
Aa2.br Brazil national scale rating to Gafisa S.A.'s proposed
issue of BRL600 million in secured debentures.  At the same time,
Moody's affirmed Gafisa's Ba2/A1.br corporate family ratings.  The
outlook for all ratings is negative.


GAFISA SA: Posts BRL86.1 Million Net Profit in Fourth Quarter
-------------------------------------------------------------
Gafisa SA reported a fourth-quarter 2009 net profit of BRL86.1
million (US$46 million), up from BRL43.6 million a year earlier,
Rogerio Jelmayer at Dow Jones Newswires reports.  The report
relates that the company attributed the increase of its net
profit, among other factors, to a rise in revenue in the period.

According to the report, Gafisa reported fourth-quarter net
revenue of BRL897.5 million, up from BRL561.7 million.  The report
notes that the company's Ebitda was BRL174.7 million in the fourth
quarter, up from BRL82.3 million.  The company's Ebitda margin,
Dow Jones Newswires says, was 19.5% in the fourth quarter,
compared with 14.6% in the previous period.

The report discloses that for the entire year of 2009, Gafisa
reported a net profit of BRL312.8 million, up from BRL192.8
million in 2008.

"We closed out the year in a strong position, capitalizing on the
economic recovery during the second half to deliver BRL2.3 billion
in launches and BRL3.25 in sales for 2009.  BRL1 billion in
launches were delivered in the fourth quarter alone.  Revenue
growth and improved operating performance allowed us to report a
significant expansion in Adjusted Ebitda margin to 20.0%, which
includes the positive impact associated with the acquisition of
Tenda," Gafiisa's CEO Wilson Amaral said in a statement obtained
by the news agency.

                         About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, Moody's has assigned a Ba1 local currency and a
Aa2.br Brazil national scale rating to Gafisa S.A.'s proposed
issue of BRL600 million in secured debentures.  At the same time,
Moody's affirmed Gafisa's Ba2/A1.br corporate family ratings.  The
outlook for all ratings is negative.


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


AGRIFIRMA LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
Agrifirma Limited commenced wind-up proceedings on November 25,
2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ian D. Stokoe
         Jodi Jones
         Telephone: (345) 914 8684
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


BRAMLEY FUNDING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Bramley Funding Limited received, on January 21,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CASTLEREAGH ASIA: Members Receive Wind-Up Report
------------------------------------------------
The members of Castlereagh Asia Pacific Investment Fund Ltd
received, on January 5, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


CASTLEREAGH ASSET: Members Receive Wind-Up Report
-------------------------------------------------
The members of Castlereagh Asset Management Ltd received, on
January 5, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


EP RE: Commences Wind-Up Proceedings
------------------------------------
EP RE LDC commenced wind-up proceedings on October 30, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


H&F RANGER: Commences Liquidation Proceedings
---------------------------------------------
H&F Ranger (Cayman) Ltd. commenced liquidation proceedings on
November 30, 2009.

Only creditors who were able to file their proofs of debt by
January 11, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hellman & Friedman Investors VI, L.P.
         c/o One Maritime Plaza, 12th Floor
         San Francisco, California, 94111
         United States of America


HALBIS ALPHA: Commences Liquidation Proceedings
-----------------------------------------------
Halbis Alpha Master Ltd. commenced liquidation proceedings on
November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: rrintoul@deloitte.com


HALBIS COMMODITIES: Commences Liquidation Proceedings
-----------------------------------------------------
Halbis Commodities Alpha Fund, Ltd. commenced liquidation
proceedings on November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: rrintoul@deloitte.com


LEHMAN BROTHERS: Commences Wind-Up Proceedings
----------------------------------------------
Lehman Brothers Global Bond Fund, (Offshore) Ltd commenced wind-up
proceedings on November 27, 2009.

Only creditors who were able to file their proofs of debt by
December 30, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Phil Hughes
         Telephone: (345) 815 1402
         Facsimile: (345) 949-1986
         Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


LEUMI CI: Commences Wind-Up Proceedings
---------------------------------------
Leumi CI, Ltd. commenced wind-up proceedings on November 23, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


LOTUS EXPLORER: Commences Wind-Up Proceedings
---------------------------------------------
Lotus Explorer Fund commenced wind-up proceedings on November 26,
2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


MABU INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Mabu Investment Ltd. received, on December 7,
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


MANAMA RE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Manama Re Ltd received, on January 13, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Tamer Ayasli
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


MONDRIAN FUND: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Mondrian Fund received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MOMENTUM CDO: S&P Corrects Rating on 2006-22 Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
credit linked notes issued under Momentum CDO (Europe) Ltd.'s
series 2006-22 transaction by lowering its rating on the tranche
to 'D' from 'CCC-', following the receipt of a loss calculation
notice.

On Feb. 5, 2010, the calculation agent notified Standard & Poor's
that on Nov. 25, 2009, the losses from credit events in the
transaction's underlying portfolios had exceeded the available
credit enhancement.  S&P lowered the rating on the notes to 'D'
based on the fact that noteholders have suffered a principal loss.

The rating action did not occur contemporaneously with the loss
realization because the loss calculation notice was not delivered
to us until February 2010.

                          Rating Lowered

                    Momentum CDO (Europe) Ltd.

            SONATA 5 floating rate notes series 2006-22

                     To   From   Issue Amount
                     --   ----   ------------
                     D    CCC-   $10.0 mil.


NEW STAR: Members Receive Wind-Up Report
----------------------------------------
The members of New Star UK Gemini Liquidfunds GP (Cayman) Limited
received, on December 30, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEW STAR: Members Receive Wind-Up Report
----------------------------------------
The members of New Star UK Gemini Liquidfunds Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


NEW STAR: Members Receive Wind-Up Report
----------------------------------------
The members of New Star European Liquidfunds GP (Cayman) Limited
received, on December 30, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEW STAR: Members Receive Wind-Up Report
----------------------------------------
The members of New Star European Liquidfunds Limited received, on
December 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


OCEANUS HOLDING: Commences Liquidation Proceedings
--------------------------------------------------
Oceanus Holding Company Ltd. commenced liquidation proceedings on
September 7, 2009.

Only creditors who were able to file their proofs of debt by
January 11, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jason H. Lee
         Suite 2801, 28th Floor, Two Pacific Place
         88 Queensway, Hong Kong


PUCUI INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Pucui International Ltd. received, on
December 18, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


SCOY OVERSEAS: Commences Wind-Up Proceedings
--------------------------------------------
Scoy Overseas Partners Ltd. commenced wind-up proceedings on
November 20, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


SEFIMA INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Sefima International Ltd. received, on
December 18, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


SIXTINA 22: Members Receive Wind-Up Report
------------------------------------------
The members of Sixtina 22 Platypus Australia Fund 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:

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


SR DORUS: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of SR Dorus Investments Limited received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SUNOVA GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sunova Global 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:

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


SUNOVA OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sunova 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:

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


SV CORINTHIAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of SV Corinthian Investments Limited received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SW TUSCAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SW Tuscan Investments Limited received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SWISS RE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Swiss Re Funding UK Limited received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SZ GOTHIC: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SZ Gothic Investments Limited received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


AIR JAMAICA: ICIs Join Airline Workers' Protest
-----------------------------------------------
Certain Informal Commercial Importers joined in the demonstration
by a few Air Jamaica Limited workers, saying that their trade will
be significantly affected by the sale of the national airline,
GO-Jamaica News reports.  The report relates that the ICIs said
the sale of Air Jamaica and a cut in routes to some destinations
will lead to a fall in their business.

According to the report, Air Jamaica recently announced that it
will be suspending flights to Curacao, the Bahamas and Cuba, among
other destinations.  The report relates that some months ago, the
national carrier also cut flights to Miami and Los Angeles in the
United States.

The ICIs, the report points out, said that the loss of Air Jamaica
will significantly curtail their ability to travel and import
goods and they're also calling for the government to sell the
airline to the pilots.

As reported in the Troubled Company Reporter-Latin America on
February 9, 2010, Go-Jamaica News said a small group of placard-
bearing protestors stood in front of the Air Jamaica Limited
offices on Harbour Street in Kingston calling for Government to
sell the airline to its staff.  According to the report, Vice
president of the National Workers Union, Granville Valentine, said
that the workers are intent on sending a strong signal to the
government.  The report related that Mr. Valentine said that the
Air Jamaica workers are willing to increase the pressure on the
government if it ignores the appeal of the staff.

                        About Air Jamaica

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

                           *     *     *

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

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


JAMAICA PUBLIC SERVICE: Regulator to Get Report on Power Outages
----------------------------------------------------------------
The Jamaica Public Service Company has until the close of business
Monday to provide a report to the Office of Utilities Regulation
on the recent spate of power outages, RadioJamaica reports.  The
report relates that since last week, sections of the country have
been affected by frequent disruptions in electricity supply.

According to the report, the load shedding was due to problems
which developed on some of the power company's generating units.

The OUR, the report notes, has asked the JPSCO to provide it with
information on the daily and hourly load projection for this month
as well as the available and reserve capacity.  RadioJamaica
points out that Michael Bryce, Director of Consumer and Public
Affairs at the OUR, said that JPSCO's report should also outline
whether there are problems facing the JPSCO plants.  "We also want
to know what is their available and reserve capacity, whether
there are any constraints at their plant and we also want to know
what their maintenance schedule is.  We're also looking to find
out if there are any transmission or network constraints," the
report quoted Mr. Bryce as saying.  "We've asked the JPS for this
report and we would like to have that report by the close of
business today," Mr. Bryce added.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


OLINT CORP: No Money for Jamaican Investors
-------------------------------------------
The prospect looks dim for Jamaican investors seeking to recoup
their losses from failed pyramid scheme Olint Corp. Limited,
RadioJamaica reports.  The report relates that a meeting was held
for investors at the Jamaica Conference Centre on Monday,
February 8, 2010, to hear court-appointed liquidator, Joseph
Conelly, tell them what was to become of their investments.


According to the report, at the end of the meeting, Mr. Conelly
updated RJR News on what he had found so far.  "We've identified
US$6 million in the Turks and Caicos Islands and $4 in the United
States and we have additional amounts of about US$2 million which
we think we can recover and we're still working on the records to
see what else is available," the report quoted Mr. Conelly as
saying.

The report notes that Mr. Conelly was asked if any of those monies
will go to Jamaican investors.  "I'm only the liquidator of Olint
TCI so I'm only dealing with creditors of Olint TCI," Mr. Connelly
answered, the report relates.

RadioJamaica discloses that an unnamed investor said that the
Jamaican government should seek to extradite former Olint Corp.
boss David Smith.

The report points out that the US$12 million so far identified is
a drop in the bucket compared to the hundreds of millions invested
into the scheme.

                        About Olint Corp.

Olint Corp. Limited is an investment scheme based in Jamaica.
It has operations in Turks & Caicos and the U.S.  It has been
facing legal problems since 2006 when the Financial Services
Commission served a cease-and-desist order on the firm.  On
Dec. 24, 2007, the court ruled that the operations of Olint
breached provisions of the Securities Act.  The firm had been
dealing in securities and engaging in the participation of a
profit-sharing agreement, issuing investment contracts, and
providing advice to potential investors without licenses and
registration.  Olint appealed the ruling and was granted a stay
of execution of the cease-and-desist order until the appeal was
heard in February 2008.  In May 2008, the National Commercial
Bank Jamaica Limited attempted to close three Olint accounts in
the bank.  However, Olint secured an injunction from the court
barring the National Commercial from closing the accounts.
Olint has suspended payments to its members since early this
year.


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


CHRYSLER LLC: Pledges US$550-Mil. to Build Fiat 500 in Mexico
-------------------------------------------------------------
Chrysler Group LLC will invest US$550 million to build the Fiat
500 minicar at its assembly plant near Mexico City, The Associated
Press reports.  The report relates Chrysler CEO Sergio Marchionne
said the new work at its Toluca plant will create 400 jobs.

According to the report, Mr. Marchionne said the company will
begin making the model in December for US and Latin American
markets.

AP notes that Mexican President Felipe Calderon said Chrysler will
produce between 100,000 and 130,000 vehicles at the plant,
creating about 1,200 indirect jobs.  The report relates that the
Mexican government has provided a US$400 million incentive package
for the project, the majority of it as loans.

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


* VENEZUELA: Fitch Affirms Venezuela's 'B+' Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed the Bolivarian Republic of Venezuela's
Long-term Foreign and Local currency Issuer Default Ratings at
'B+'.  The Rating Outlook for both IDRs is Stable.  Fitch has also
affirmed the Country Ceiling rating at 'B+' and the Short-term
foreign currency IDR at 'B'.

Venezuela's ratings reflect the sovereign's volatile macroeconomic
environment and its tenuous policy framework in the context of
still favorable external and fiscal solvency indicators relative
to peers following the devaluation in January 2010, and its
manageable debt service profile.

Oil accounts for 93% of total exports, while the central
government's revenue volatility is high even compared with other
non-investment-grade oil-exporters, thus leaving Venezuela highly
vulnerable to a prolonged decline in international oil prices.

A more stable oil price outlook and the positive fiscal effects of
devaluation could limit deterioration in fiscal and external
balance sheets in 2010.  Nevertheless, 'macroeconomic performance
is likely to remain weak as inflation continues to accelerate, and
growth could remain negative (at -0.5%) in 2010 due to energy
shortages, the deterioration of consumers' purchasing power, and
low investment,' said Erich Arispe, Director in Fitch's Sovereign
Group.

'The devaluation of the VEF will not be sufficient to address
macroeconomic distortions present in the economy, reflected in
high inflation and a wide spread between the parallel and official
exchange rates, in the absence of complimentary measures on the
fiscal and monetary front, as well as a radical improvement in the
country's business environment to address the structural component
of inflation,' added Arispe.

Inflation, at 31% on average in 2010, is likely to remain as the
highest among sovereigns rated by Fitch, due to increased fiscal
spending, the government's heterodox anti-inflationary policy
response and the growing indexation of the economy to the parallel
market exchange rate.

Fitch is concerned that Venezuela could turn into a net sovereign
external debtor as early as 2010 if the government issues USD-
denominated debt in the local market to mop up liquidity
temporarily and manage depreciating pressures on the parallel
exchange rate, and, at the same time, transfers 'excess
international reserves' from the central bank to the National
Development Fund.  Most non-investment-grade oil exporters have
solid net sovereign external creditor positions.

Venezuela's external liquidity ratio, at 190% in 2010, is in line
with the 10-year 'B' median.  Nevertheless, in Fitch's view, the
country should maintain higher levels of liquidity to support
creditworthiness, given Venezuela's oil dependency, which causes
an elevated degree of balance of payments volatility relative to
peers.

While the January 2010 devaluation will benefit oil-derived
central government revenue, spending is also likely to accelerate
significantly in the run-up to September 2010 legislative
elections.  Hence, the budget deficit could still reach 3.2% of
GDP, since Fitch expects the government to over-execute the
officially announced 2010 budget by about 49%.Government debt,
though, at 115% of government revenues, is lower than the
projected 2010 'B' median.

Venezuela's debt profile and payment capacity remain strengths for
the credit.  Government amortization will remain close to 1% of
GDP over Fitch's forecast horizon, while the government's non-
reserve liquid FX assets amounted to about 3.7% of GDP in October
2009, thus supporting the sovereign's current ratings levels.
Moreover, the sovereign has a recent record of servicing its
obligations even during times of stress.

Venezuela's creditworthiness could improve if a sustainable and
coherent policy response were implemented to reduce its
vulnerability to oil price fluctuations and macroeconomic
volatility.  Conversely, macroeconomic pressures, underpinned by
oil price volatility, high inflation and the management of a
multiple exchange rate regime, could result in a severe and
disorderly economic adjustment if not addressed, which could
affect the sovereign's capacity to service its debt.  Finally, a
greater-than-anticipated deterioration of the country's fiscal and
external position could also put downward pressure on Venezuela's
ratings.


* VENEZUELA: IDB Approves US$50MM Loan to Improve Service Quality
-----------------------------------------------------------------
The Inter-American Development Bank has approved a US$50 million
loan to promote the efficient use of drinking water in Venezuela
in order to improve quality and enhance service coverage.

The Bank-supported program will focus on at least five of the nine
subsidiaries of the national water company HIDROVEN.  Activities
to be funded include legalizing connections for 80,000 households,
as well as investments aimed at improving the service's quality,
pressure, and continuity.

The government of Venezuela will provide $25 million in local
counterpart funds, taking total funding for the program to $75
million.

Of these, US$62 million will be used to upgrade in-home water
connections, including the installation of meters and instruments
for flow control and measurement, replacement of pipes, connection
fittings and sections of small-scale distribution networks.  A
network map and user registry will also be produced with these
funds.

Another US$5 million will be earmarked for technical assistance
and awareness building campaigns, including the use of audiovisual
material to promote efficient water use; personnel training; and
the adoption of guidelines and procedure manuals on the management
of assets, unbilled water, and consumption efficiency.

The program is expected to lead to a reduction of daily per capita
consumption, which in some peri-urban areas is more than 900
liters-a level considered too high by international standards-to
no more than 350 liters, while ensuring service continuity of at
least 18 hours a day.

Besides improving the service, this will produce annual savings of
25.5 million cubic meters of water, which will in turn help cut
costs by some US$2.2 million a year.

The IDB's loan is for a 25-year term, with a 5-year grace period,
at a variable interest rate based on LIBOR.


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


* LATAM: Madrid & IDB to Collaborate for Projects in Region
------------------------------------------------------------
The Inter-American Development Bank has formed a partnership with
PromoMadrid to collaborate in projects and share best practices in
urban planning, infrastructure and transportation in Latin America
and the Caribbean.

The Memorandum of Understanding, signed with PromoMadrid at IDB's
headquarters, will facilitate the transfer of best practices and
institutional capacity building from the public institutions in
the Region of Madrid to 26 borrowing nations of the IDB.
PromoMadrid is a regional government-owned company, with the
purpose of promoting and developing the Region of Madrid
internationally from an economic perspective.  PromoMadrid acts
under the authority of the Madrid Regional Ministry of Economy and
Finance Affairs.

The Region of Madrid is a world leader in the development of
metropolitan governance frameworks and regional public policies in
topics such as transportation, water and sanitation, health and
energy.


                            ***********

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 * * *