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

        Friday, February 12, 2010, Vol. 11, No. 030

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors May Get Some Funds, Receiver Says
STANFORD INT'L: U.S. Judge OKs Sale of Panama Assets
STANFORD INT'L: SFG Receiver Demands Return of US$1.8MM Donations


A R G E N T I N A

ALTO PARANA: S&P Puts 'BB-' Issuer Rating on CreditWatch Negative
ALTO PARANA: S&P Puts 'BB-' Rating on CreditWatch Negative
BANCO HIPOTECARIO: Posts Ps.79.3 Million for Fourth Quarter
BANCO MACRO: 4th Quarter Net Income Up 31% to Ps.241.8 Million


B E R M U D A

XL CAPITAL: Posts US$40.3 Million Net Loss for Fourth Quarter


B R A Z I L

BANCO INDUSTRIAL: Moody's Downgrades Subordinated Rating to 'B1'
BRASKEM SA: Likely to Win Brazil Approval to Buy Quattor
CAMARGO CORREA: To Pay US$1.3 Billion for Biggest Cimpor Stake
CAMARGO CORREA: Cimentos Deal Won't Move Moody's 'Ba3' Rating
TAM SA: Achieves IOSA Registration Renewal


C A Y M A N  I S L A N D S

ACEROLA, LDC: Commences Liquidation Proceedings
ANCHORAGE CAPITAL: Commences Wind-Up Proceedings
ANCHORAGE CAPITAL: Commences Wind-Up Proceedings
BA PARTNERS: Commences Wind-Up Proceedings
BA PARTNERS: Commences Wind-Up Proceedings

BB EUROPE: Commences Wind-Up Proceedings
BB STEEPLE: Commences Wind-Up Proceedings
BOMPRESSO INVESTMENT: Commences Wind-Up Proceedings
CANDELA LIQUIDFUND: Commences Liquidation Proceedings
CC ARBITRAGE: Commences Wind-Up Proceedings

CHILTON EUROPEAN: Commences Liquidation Proceedings
CHILTON SMALL: Commences Liquidation Proceedings
DIAPASON COMMODITIES: Commences Wind-Up Proceedings
GATE SME: S&P Puts Ratings on Notes on CreditWatch Negative
G.O. 1A-CAYMAN: Commences Liquidation Proceedings

G.O. 1A-CAYMAN: Commences Liquidation Proceedings
HOPE HOLDINGS: Commences Wind-Up Proceedings
JWM GLOBAL: Commences Wind-Up Proceedings
JWM GLOBAL: Commences Wind-Up Proceedings
KLEINWORT BENSON: Commences Liquidation Proceedings

KLEINWORT BENSON: Commences Liquidation Proceedings
POLDO ENTERPRISES: Commences Wind-Up Proceedings
RAB UK: Commences Wind-Up Proceedings
RAMIUS TAPESTRY: Commences Liquidation Proceedings
SAAD CAYMAN: Court Enters Wind-Up Order

SETTE INTERNATIONAL: Commences Wind-Up Proceedings
SHINECORP: Commences Liquidation Proceedings
SO SPECIAL: Commences Wind-Up Proceedings
SP GATE: Commences Wind-Up Proceedings
TAPESTRY MASTER: Commences Liquidation Proceedings

VIRTUAL STUDIOS: Commences Wind-Up Proceedings


J A M A I C A

AIR JAMAICA: JALPA Out of the Running for Planned Acquisition
AIR JAMAICA: Protesting Employees Return to Work
NATIONAL COMMERCIAL BANK: Defends Decision to Hike Charges


U R U G U A Y

* URUGUAY: Seeking to Refinance 2011 Bonds, Espectador Says


V E N E Z U E L A

CORPORACION VENEZOLANA: Ternium Informs on Sidor Payments Status
PETROLEOS DE VENEZUELA: Chevron Awards Rights to Develop Project
PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating


X X X X X X X X

* Moody's Expects Default Rate to Decline Sharply in 2010




                         - - - - -


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



STANFORD INT'L: Investors May Get Some Funds, Receiver Says
-----------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Ralph
Janvey, the Stanford Financial Group court-appointed receiver, is
working on a plan that may provide "several million dollars" in
interim payments to investors allegedly defrauded in the Ponzi
scheme.  Although such a payout plan would amount to just pennies
on the dollar of investors' losses, it "will give investors at
least some recovery," Kevin Sadler, attorney for Mr. Janvey, said
in papers filed in Dallas federal that was obtained by the news
agency.

According to the report, Mr. Janvey's filing came as some Stanford
investors are pushing to convert the handling of Stanford's estate
from a receivership to a bankruptcy action.  The report relates
that Mr. Janvey warned that under such a conversion, investors'
claims would have lower priority for repayment than claims by
secured creditors and tax authorities, creating "a risk that
investors will receive nothing."

                          Staking Claims

Bloomberg News notes that prime among Stanford's priority
creditors is the U.S. Internal Revenue Service, which has a claim
of more than US$226 million for unpaid personal income taxes and
interest against Robert Allen Stanford and his estranged wife,
Susan.  The report relates Mr. Janvey said that if the estate
converts to a bankruptcy action, Susan Stanford's claim for unpaid
spousal support might also take precedence over investors' claims
on the remaining funds.

Mr. Janvey, the report discloses, told the court he presently has
US$67.1 million in unrestricted cash on hand, against registered
claims of more than US$1.8 billion.  Bloomberg News relates that
Mr. Janvey said he expects to realize additional cash through the
sale of Stanford's real estate and other holdings and through
lawsuits against individuals who got money out of the alleged
scheme before its collapse last year.

                  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 INT'L: U.S. Judge OKs Sale of Panama Assets
----------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
may proceed with the sale of Stanford Bank S.A. and Stanford Casa
de Valores in Panama City, two assets held by Stanford
International Holdings S.A., in Panama, Anna Driver at Reuters
reports, citing U.S. District Judge David Godbey.

According to the report, Panama's bank regulator seized Robert
Allen Stanford's Panama operations last year after the U.S.
Securities and Exchange Commission accused Mr. Stanford of running
a US$7 billion Ponzi scheme.

Mr. Janvey, the report notes, had previously negotiated the sale
of the Stanford assets to Strategic Investments Group for US$15.5
million, according to court documents.

                 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 INT'L: SFG Receiver Demands Return of US$1.8MM Donations
-----------------------------------------------------------------
Dave Michaels at The Dallas Morning News reports that most
lawmakers haven't returned donations from Robert Allen Stanford
despite pleadings from Stanford Financial Group court-appointed
receiver, Ralph Janvey, who is trying to get the money back for
defrauded investors.

According to the report, Mr. Janvey is sending new letters
demanding the funds from about 70 members of Congress, as well as
the fundraising committees for Democrats and Republicans in the
House and Senate.  The report notes that Mr. Janvey is seeking
more than US$1.8 million in contributions from Mr. Stanford, his
top corporate lieutenants and employees of his offshore bank and
affiliated financial services companies.

"The funds used to make these contributions came directly from
defrauded investors," said Kristie Blumenschein, the report quoted
a spokeswoman for Mr. Janvey as saying.  "Such payments were
fraudulent transfers, and the receiver has requested that the
funds be returned to the receivership estate as soon as possible,"
she added.

The report recalls that Mr. Janvey first asked for the money in
February 2009, but only about US$88,000 has been returned him.  If
the lawmakers don't return the funds, Mr. Janvey could try to sue
them to recover the money, said Phillip L. Stern, a Chicago
securities attorney who previously worked as an enforcement
attorney for the SEC, the report relates.

The Bloomberg News report also disclosed lawmakers and committees
that have not yet donated Stanford's funds to charity nor returned
the amount to the receiver:

   -- Democratic Senatorial Campaign Committee
   -- The National Republican Congressional Committee
   -- Republican Sen. Kay Bailey Hutchison,
   -- Rep. Charlie Gonzalez, D-San Antonio;
   -- Republican Sen. John Cornyn;
   -- Rep. Pete Olson, R-Sugar Land; and
   -- Rep. Kevin Brady, R-The Woodlands.

                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
=================


ALTO PARANA: S&P Puts 'BB-' Issuer Rating on CreditWatch Negative
-----------------------------------------------------------------
On Feb. 10, 2010, Standard & Poor's Ratings Services placed its
'BB-' issuer credit rating on Argentine forest company Alto Parana
S.A. on CreditWatch with negative implications.  At the same time,
S&P affirmed the 'BBB' rating on the company's $270 million notes
due 2017.  Those notes benefit from a full corporate guarantee
that Alto Parana's parent company, Celulosa Arauco y Constitucion
S.A. (BBB/Stable/--), provides.

The CreditWatch listing follows a recent adverse administrative
ruling by the "Tribunal Fiscal de la Nacion" on a tax claim, in
the total amount of about $110 million (including principal,
interest, and penalties), regarding certain income tax deductions
on a 2001 bond issuance.  The company made no provision for this
in its financial statements, because Alto Parana's legal and tax
advisors believe the claim is inappropriate.

The company has announced that it will appeal the decision in a
Court of Appeals.  Nevertheless, it is likely that Alto Parana
will have to pay about $80 million (principal and interest) before
the courts determine whether the company's appeal is valid.  Such
a payment could hurt the company's liquidity and stand-alone
credit quality.

S&P expects to resolve the CreditWatch within the next 60 days.
S&P plans to consider further legal developments and the company's
financial strategy and liquidity if it has to pay the claim.  A
potential downgrade would likely be limited to one notch.

As of Sept. 30, 2009, Alto Parana had about $40 million in
consolidated cash and cash equivalents (about $9 million on a non-
consolidated basis).  A potential payment obligation under the tax
claim would require a combination of increased debt and reduced
capital expenditures.

The ratings on Alto Parana reflect S&P's belief that the company's
99.97% controlling shareholder, Arauco, has sufficient economic
incentives to support the firm, given its strategic importance as
a key foreign subsidiary in Latin America.  The stand-alone
ratings, in turn, reflect the inherent operating risks in
Argentina; a narrow, mostly commodity-oriented product mix; a
modest scale compared with its globally rated peers; and an
aggressive dividend policy, which is consistent with the group's
cash management strategy.  Competitive cost positions in forest
management, pulp production, sawmill products, and panels
partially mitigate these factors.

                         Alto Parana S.A.

                   Rating Placed On CreditWatch

                                 To                 From
                                 --                 ----
Corporate Credit Rating         BB-/Watch Neg/--   BB-/Stable/--

                          Rating Affirmed

            Senior Unsecured                       BBB


ALTO PARANA: S&P Puts 'BB-' Rating on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB-'
issuer credit rating on Argentine forest company Alto Parana S.A.
on CreditWatch with negative implications.

At the same time, S&P affirmed the 'BBB' rating on the company's
$270 million notes due 2017.  Those notes benefit from a full
corporate guarantee that Alto Parana's parent company, Celulosa
Arauco y Constitucion S.A. (BBB/Stable/--), provides.

"The CreditWatch listing follows a recent adverse administrative
ruling on a tax claim," said Standard & Poor's credit analyst
Luciano Gremone.

The total amount of the claim, regarding certain income tax
deductions on a 2001 bond issuance and ruled on by Argentina's
"Tribunal Fiscal de la Nacion," is about $110 million (including
principal, interest, and penalties).

The company made no provision for this claim in its financial
statements and has announced that it will appeal the decision in a
Court of Appeals.

Nevertheless, it is likely that Alto Parana will have to pay about
$80 million (principal and interest) before the courts determine
whether the company's appeal is valid.  Such a payment could hurt
the company's liquidity and stand-alone credit quality.

"S&P expects to resolve the CreditWatch within the next 60 days,"
said Mr. Gremone.  "S&P plan to consider further legal
developments and the company's financial strategy and liquidity if
it has to pay the claim.  A potential downgrade would likely be
limited to one notch."

The ratings on Alto Parana reflect S&P's belief that the company's
99.97% controlling shareholder, Arauco, has sufficient economic
incentives to support the firm, given its strategic importance as
a key foreign subsidiary in Latin America.

The stand-alone ratings, in turn, reflect the inherent operating
risks in Argentina; a narrow, mostly commodity-oriented product
mix; a modest scale compared with its globally rated peers; and an
aggressive dividend policy, which is consistent with the group's
cash management strategy.

Competitive cost positions in forest management, pulp production,
sawmill products, and panels partially mitigate these factors.


BANCO HIPOTECARIO: Posts Ps.79.3 Million for Fourth Quarter
-----------------------------------------------------------
Banco Hipotecario SA posted total net income of Ps. 197.8 million
for the year ended 2009 from Ps. (23.0) million of 2008.  Net
income for the fourth quarter was Ps. 79.3 million, 123.0% and
439.9% higher than last quarter and same quarter of previous year,
respectively.

Net financial margin for the year increased to Ps. 581.2 million
from Ps. 187.3 million of last year.  In the quarter, net
financial margin was Ps. 197.6 million, Ps. 102.3 million and Ps.
131.9 million higher than last quarter and same quarter of
previous year, respectively.

Aggregated net income from services of Ps. 235.3 million was 19.0%
higher than 2008.  Net income from services for the quarter was
Ps. 57.7 million, compared to Ps. 68.6 million of previous
quarter, and Ps. 68.2 million of fourth quarter 2008.

Deposits increased 42.3% YoY and 7.3% QoQ.

NPL ratio decreased from 6.0% to 4.8% in the year while coverage
ratio increased from 84.8% to 99.7% in the same period.

Equity ratio was 24.3%, higher than the 23.0% of December 2008.

BH ranks eleventh in terms of assets, seventh in terms of
household financing and fifth in terms of net worth in the local
financial system.

                      About Banco Hipotecario

Banco Hipotecario SA is an important commercial bank in Argentina
and the nation's premier mortgage lender.  The bank attracts
deposits and offers commercial banking services.  The bank offers
mortgage, personal, and corporate loans, credit cards, and
insurance service.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Moody's Investors Service has affirmed Banco
Hipotecario S.A.'s D BFSR rating.   The rating agency also
downgraded the the global local currency deposit rating to Ba2
from Ba1, with negative outlook; and the global local currency
debt rating lowered to Ba2 from Ba1 with negative outlook.


BANCO MACRO: 4th Quarter Net Income Up 31% to Ps.241.8 Million
--------------------------------------------------------------
Banco Macro S.A. posted results for the fourth quarter ended
December 31, 2009.  The Bank's net income totaled Ps.241.8
million.  This result was 31% higher than the Ps.184.1 million
posted for the fourth quarter of 2008 and 27% higher than the
Ps.190.9 million earned in 3Q09.  The annualized 4Q09 ROAE and
ROAA were 30.2% and 3.8%, respectively.

In 4Q09, the Bank's net financial income was Ps.585.1 million,
increasing 3% year to year.  In addition, Banco Macro's operating
income rose 33% YoY to Ps.316.5 million from Ps. 237.8 million.

Banco Macro's loans to private sector grew 2% quarter to quarter,
or Ps.186.9 million, with a recovery in consumer lending (credit
card loans rose 12% and consumer loans grew 4%) and a 6% increase
in discounted documents.

Total deposits grew 17%, or Ps. 2,764.5 million YoY, totaling
Ps.18.6 billion and representing 79% of the Bank's total
liabilities.  Total deposits remained stable QoQ with a 3%
increase in private sector deposits offset by a 11% decline in
public sector deposits.

Banco Macro continued showing a strong solvency ratio, with an
excess capital of Ps.2.4 billion (27.4% capitalization ratio) in
4Q09. In addition, the Bank's liquid assets remained at a high
level, reaching 60.6% of its total deposits at December 31, 2009.

In 4Q09, the Bank's non-performing to total financing ratio
reached 3.2% and the coverage ratio was 116.1%.

                       About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009, Fitch Ratings affirmed Banco Macro's ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'B';

  -- Foreign and local currency short-term IDRs at 'B';

  -- Individual at 'D';

A full text copy of the company's financial results is available
free at http://ResearchArchives.com/t/s?5249



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B E R M U D A
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XL CAPITAL: Posts US$40.3 Million Net Loss for Fourth Quarter
-------------------------------------------------------------
XL Capital Ltd. posted a net loss of US$40.3 million, or US$0.12
per ordinary share, for the fourth quarter, primarily due to
US$254.8 million of after-tax net realized losses on investments.

The company posted net income of US$206.6 million, or US$0.61 per
ordinary share, for the full year.  P&C operations combined ratio
of 96.4% for the quarter and 93.6% for the year.  The company
posted book value per ordinary share of US$24.60 at December 31,
2009, an increase of 3% in the quarter and 59% for the full year.

The company has operating income of US$235.8 million, or US$0.69
per ordinary share, for the quarter and US$917.3 million, or
US$2.69 per ordinary share, for the full year.

At December 31, 2009, the company had total assets of US$45.579
billion; unpaid losses and loss expenses of US$20.823 billion;
deposit liabilities of US$2.208 billion; future policy benefit
reserves of US$5.490 billion; unearned premiums of US$3.651
billion; notes payable and debt of $2.451 billion; Redeemable
Series C preference ordinary shares of US$182.673 million;
resulting in shareholders' equity of US$9.432 billion.

A full text copy of the company's financial results is available
free at http://ResearchArchives.com/t/s?5246

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BANCO INDUSTRIAL: Moody's Downgrades Subordinated Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service has lowered the foreign currency
subordinated debt rating on US$35 million of non-cumulative step-
up Tier 1 capital notes issued by Banco Industrial S.A. by one
notch to B1 from Ba3, in line with its revised Guidelines for
Rating Bank Hybrids and Subordinated Debt, published in November
2009.  The rating action concludes the review for possible
downgrade initiated on November 18, 2009.  The outlook for the
rating is now stable.  Moody's said that all other ratings for
Industrial were unaffected by this action and remain with stable
outlooks.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit subordinated debt holders as well as senior
creditors.  The systemic support for these instruments has not
been forthcoming in many cases.  The abovementioned revised
guidelines largely remove previous assumptions of systemic support
and generally widen the notching on a hybrid's rating based on the
instrument's particular features, thereby resulting in the rating
action.

The starting point in Moody's revised approach to rating hybrid
securities is therefore the Adjusted Baseline Credit Assessment
(Adjusted BCA), which reflects the bank's stand alone credit
strength and includes uplift only for parental or cooperative
support, but excludes systemic support.  The Adjusted BCA for
Banco Industrial is Ba2 and is the same as its Ba2 BCA (mapped
from the D BFSR) because it does not receive uplift from parental
or cooperative support.

The B1 subordinated debt rating for Industrial's Tier 1 notes is
now two notches below the bank's Adjusted BCA, and reflects the
structure of the securities.  Key features of the notes driving
the rating outcome are the 60 year maturity, non-cumulative coupon
skip mechanism, and deep subordination in liquidation.  Coupon
skip features include optional and mandatory cancellation of
interest, the latter based on regulatory triggers.  In the event
of Banco Industrial's bankruptcy, liquidation, or dissolution
under Guatemalan law, the notes will rank junior to all senior and
subordinated debt, pari passu with the most junior subordinated
debt and preferred stock, and senior only in priority to holders
of common stock.

While the standard notching for such securities per the revised
guidelines is three notches below the Adjusted BCA, the two notch
differential in Industrial's case reflects the strong fundamentals
of the bank, including a high level of common equity.  This
capital strength together with the bank's systemic importance in
Guatemala's developing market suggests a very low probability of a
coupon skip at this juncture.  Moody's highlighted at the same
time the relative newness of the hybrid market in Guatemala and
that it will continue to monitor its development together with the
approach of regulators toward this type of security.

As of December 31, 2009, Banco Industrial was the largest bank in
Guatemala, with $5.5 billion in assets and $490 million in equity.

Moody's last rating action on Banco Industrial S.A. was on
November 18, 2009 when the Ba3 junior subordinated debt was placed
on review for possible downgrade due to the change in its rating
methodology for these instruments.

This rating was lowered for Banco Industrial S.A.'s Tier 1 capital
notes:

* Junior subordinated debt: to B1 from Ba3, with stable outlook

These ratings of Banco Industrial S.A. were affirmed:

* Long Term Local Currency Deposit Rating: Baa3, with stable
  outlook

* Long Term Foreign Currency Deposit Rating: Ba3, with stable
  outlook

* Short Term Local Currency Deposit Rating: Prime-3

* Short Term Foreign Currency Deposit Rating: Not Prime

* Bank Financial Strength Rating: D, with stable outlook



BRASKEM SA: Likely to Win Brazil Approval to Buy Quattor
--------------------------------------------------------
Iuri Dantas at Bloomberg News reports that Braskem SA will
probably win approval from antitrust agency (Cade) to buy Quattor
Petroquimica SA because both companies compete in a global market,
with little effect on domestic prices to consumers.

"Petrochemicals is not a domestic market anymore, but a global
market and Braskem is gaining strength to compete with the big
players" Lucas Brendler, an investment analyst at Banco Geracao
Futuro, told the news agency in a telephone interview.  "It is yet
to be seen whether Cade will determine companies should sell
domestic assets," he added.

According to the report, Mr. Brendler said that an approval from
Cade helps consolidate an expansion of Braskem, which announced
the acquisition of Sunoco Chemicals Inc. for US$350 million 10
days after announcing plans to purchase Quattor.

As reported in the Troubled Company Reporter-Latin America on
January 6, 2010, Bloomberg News said that Braskem SA and Petroleo
Brasileiro SA may purchase Quattor Petroquimica.  The report
related that Braskem SA will own 51% of the acquisition's voting
shares while state-controlled Petrobras will have the rest.

                        About Braskem S.A.

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

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


CAMARGO CORREA: To Pay US$1.3 Billion for Biggest Cimpor Stake
--------------------------------------------------------------
Jim Silver and Anabela Reis at Bloomberg News report that Camargo
Correa SA agreed to buy 22.2% of Cimpor-Cimentos de Portugal SGPS
SA to become the biggest shareholder and likely derail a takeover
attempt by another Brazilian suitor.

According to the report, Camargo will pay EUR6.50 for each of the
almost 149 million Cimpor shares it plans to buy, valuing the
transaction at about EUR968 million (US$1.33 billion).  The report
relates that Camargo Correa is buying the stake from Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA.

Bloomberg News notes that Camargo is the second Brazilian cement
maker to seek a minority stake in Cimpor since Companhia
Siderurgica Nacional SA started a EUR3.86 billion-euro hostile bid
in December.  The report relates that Votorantim Cimentos SA
agreed to buy a 17.3% stake.  "This acquisition entails a closure
to CSN's bidding offer success," Rita Carles, an analyst in Lisbon
at Banif-Banco de Investimento SA, said in a note obtained by the
news agency.

The report relates that Mr. Charles said that having both Camargo
and Votorantim with minority stakes in Cimpor "could generate
serious conflicting interests in the long term." That outcome is
"definitely not providing a stable shareholder structure at
Cimpor," he added.

Meanwhile, the report notes that Camargo may buy an additional 3%
of Cimpor from other shareholders.  The company, the report
relates, said it wants to act "as partner to all those who want to
strengthen a Cimpor that's Portuguese, but with an international
presence and ambition."

                       About Camargo Correa

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

                           *     *     *

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

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


CAMARGO CORREA: Cimentos Deal Won't Move Moody's 'Ba3' Rating
-------------------------------------------------------------
Moody's Investors Service commented that the Ba3 rating and stable
outlook of Camargo Correa Cimentos S.A. are unaffected by the
acquisition by Camargo Correa S.A. (unrated) of a 22.17% interest
in Cimentos de Portugal SGPS, S.A. (unrated) for some
EUR1 billion, because its rating does not rely on financial
support from Camargo Correa S.A. and because the deal will be
partially funded with long-term debt rather than cash up-streamed
from its subsidiaries.

Cimpor, headquartered in Lisbon - Portugal, is the leading cement
producer in Portugal with operations in Spain and several emerging
markets including Brazil, Egypt, China, India, Turkey, South
Africa, Mozambique and Peru.  In the last twelve months ended on
September 30, 2009 Cimpor reported EUR0.68 billion EBITDA (as
defined by Moody's) on EUR2.15 billion consolidated net revenues.
Cimpor revenues and EBITDA in Brazil represented approximately one
fifth of consolidated revenues and EBITDA, respectively.

Camargo Corrˆa Cimentos S.A. is Brazil's third largest cement
manufacturer by volume of cement sold, operating seven plants with
total capacity of 8.3 million tons per year, in addition to
producing some 2 million cubic meters per year of ready-mix
concrete in thirty-five facilities.  CCC controls Loma Negra
C.I.A.S.A., the leading cement manufacturer in Argentina with
6.7 million tons of cement capacity in nine plants.  CCC reported
consolidated net revenues of about BRL 2.3 billion (US$1.1 billion
converted by the average exchange rate) in the last twelve months
ended on June 30, 2009.

CCC is a full subsidiary of Camargo Corrˆa S.A., a family-owned
holding company for one of the largest Brazilian non-financial
conglomerates, with net revenues of about BRL 13.2 billion
(approximately US$7.2 billion) in 2008 originated mainly from its
engineering & construction, cement, footwear, energy and
transportation businesses.  CCSA regards the cement operations as
a core business, which represented approximately 16% of the
group's total sales and 20% of EBITDA in 2008.


TAM SA: Achieves IOSA Registration Renewal
------------------------------------------
TAM Linhas Aereas has achieved its IOSA (IATA Operational Safety
Audit) registration renewal.

The airline's new IOSA registration is valid until January 2012.
The reassessment was granted to the carriers following the
completion of the audit carried out by ARGUS PROS, an independent
organization accredited by IATA.

TAM has maintained its IOSA registration since January 2007.  With
the renewal of IOSA registration the airline has met another
requirement to join the Star Alliance.  TAM's integration into the
airline alliance is expected to be completed in the second quarter
of 2010.

                          About TAM SA

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

                           *     *     *

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


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


ACEROLA, LDC: Commences Liquidation Proceedings
-----------------------------------------------
Acerola, LDC commenced liquidation proceedings on November 23,
2009.

Only creditors who were able to file their proofs of debt by
December 31, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ANCHORAGE CAPITAL: Commences Wind-Up Proceedings
------------------------------------------------
Anchorage Capital Master Offshore II, Ltd. commenced wind-up
proceedings on December 4, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


ANCHORAGE CAPITAL: Commences Wind-Up Proceedings
------------------------------------------------
Anchorage Capital Master Offshore II, Ltd. commenced wind-up
proceedings on December 4, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


BA PARTNERS: Commences Wind-Up Proceedings
------------------------------------------
BA Partners Fund V - Buyout, Ltd. commenced wind-up proceedings on
December 1, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


BA PARTNERS: Commences Wind-Up Proceedings
------------------------------------------
BA Partners Fund V - Venture, Ltd. commenced wind-up proceedings
on December 1, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


BB EUROPE: Commences Wind-Up Proceedings
----------------------------------------
BB Europe commenced wind-up proceedings on December 7, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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, KY1-9004


BB STEEPLE: Commences Wind-Up Proceedings
-----------------------------------------
BB Steeple Healthcare commenced wind-up proceedings on December 3,
2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


BOMPRESSO INVESTMENT: Commences Wind-Up Proceedings
---------------------------------------------------
Bompresso Investment Ltd. commenced wind-up proceedings on
December 8, 2009.

Only creditors who were able to file their proofs of debt by
January 8, 2010, will be included in the company's dividend
distribution.

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


CANDELA LIQUIDFUND: Commences Liquidation Proceedings
-----------------------------------------------------
Candela Liquidfund Ltd. commenced liquidation proceedings on
December 3, 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:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


CC ARBITRAGE: Commences Wind-Up Proceedings
-------------------------------------------
CC Arbitrage SPV Ltd. commenced wind-up proceedings on December 8,
2009.

Only creditors who were able to file their proofs of debt by
January 20, 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, KY1-9004


CHILTON EUROPEAN: Commences Liquidation Proceedings
---------------------------------------------------
Chilton European Liquidfund, Ltd commenced liquidation proceedings
on November 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:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


CHILTON SMALL: Commences Liquidation Proceedings
------------------------------------------------
Chilton Small CAP Liquidfund, Ltd commenced liquidation
proceedings on November 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:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


DIAPASON COMMODITIES: Commences Wind-Up Proceedings
---------------------------------------------------
Diapason Commodities Energy Index Fund commenced wind-up
proceedings on December 4, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


GATE SME: S&P Puts Ratings on Notes on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit on GATE SME CLO 2005-1 Ltd.'s class G notes, GATE SME
CLO 2005-2 Ltd.'s class D, E, F, and G notes, and GATE SME CLO
2006-1 Ltd.'s class B, C, D, and E notes.  At the same time S&P
affirmed the ratings on GATE 2005-1's class A, B, C, D, E, and F
notes, GATE 2005-2's class C notes, and GATE 2006-1's class A
notes.

The rating actions follow deterioration in the SROC metrics for
the notes S&P has placed on CreditWatch negative.  For these
notes, the SROC is now below 100.0000%, indicating insufficient
credit enhancement available, relative to the riskiness of the
pool.  In S&P's view, the main driver for this development has
been deterioration in the credit quality of the reference
portfolios, and lower-than-expected recoveries on certain
defaulted names.

While there has been some degree of credit deterioration in the
underlying portfolio for all three transactions, the extent of the
deterioration has differed in each case.  In S&P's view, GATE
2005-2 and GATE 2006-1 are the worst-affected, while GATE 2005-1
has shown more robust performance.

The average rating in the GATE 2005-2 pool has fallen by two
notches on Deutsche Bank AG's internal rating scale, to 'iB-' from
'iB+'.  For GATE 2006-1, it has fallen by four notches to 'iBB-'
from 'iBBB', and for GATE 2005-1 by one notch to 'iBB+' from
'iBBB-'.

In S&P's view, GATE 2006-1s' class A notes and GATE 2005-2's class
C notes still maintain sufficient enhancement to maintain 'AAA'
ratings, as do the notes in GATE 2005-1 not placed on CreditWatch.
S&P will continue to monitor developments in the credit quality as
further defaults could place those ratings under pressure.

S&P will conduct a review of the transactions (including loan-
level analysis of the reference portfolio) and resolve the
CreditWatch placements in due course.

                           Ratings List

                     GATE SME CLO 2005-1 Ltd.
               $151.5 Million Credit-Linked Notes

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AAA
                        C           AA
                        D           A
                        E           A
                        F           BBB

              Rating Placed On CreditWatch Negative

                                   Rating
                                   ------
              Class       To                    From
              -----       --                    ----
              G           BB+/Watch Neg         BB+

                     GATE SME CLO 2005-2 Ltd.
                  $45 Million Floating-Rate Notes

                          Rating Affirmed

                        Class       Rating
                        -----       ------
                        C           AAA

              Ratings Placed On CreditWatch Negative

                                   Rating
                                   ------
              Class       To                    From
              -----       --                    ----
              D           AA/Watch Neg          AA
              E           A/Watch Neg           A
              F           BBB/Watch Neg         BBB
              G           BB/Watch Neg          BB

                     GATE SME CLO 2006-1 Ltd.
         $262.5 Million Floating-Rate Credit-Linked Notes

                         Rating Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA

              Ratings Placed On CreditWatch Negative

                                   Rating
                                   ------
              Class       To                    From
              -----       --                    ----
              B           AA/Watch Neg          AA
              C           A/Watch Neg           A
              D           BBB/Watch Neg         BBB
              E           BB/Watch Neg          BB


G.O. 1A-CAYMAN: Commences Liquidation Proceedings
-------------------------------------------------
G.O. 1A-Cayman Six, Ltd. commenced liquidation proceedings on
December 8, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


G.O. 1A-CAYMAN: Commences Liquidation Proceedings
-------------------------------------------------
G.O. 1A-Cayman Seven, Ltd. commenced liquidation proceedings on
December 8, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


HOPE HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------
Hope Holdings commenced wind-up proceedings on December 4, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


JWM GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------
JWM Global Macro Fund II, Ltd. commenced wind-up proceedings on
November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


JWM GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------
JWM Global Macro Portfolio Company, Ltd. commenced wind-up
proceedings on November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


KLEINWORT BENSON: Commences Liquidation Proceedings
---------------------------------------------------
Kleinwort Benson GBP Capital Return Strategy Fund, Ltd. commenced
liquidation proceedings on December 4, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


KLEINWORT BENSON: Commences Liquidation Proceedings
---------------------------------------------------
Kleinwort Benson USD Capital Return Strategy Fund, Ltd. commenced
liquidation proceedings on December 4, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


POLDO ENTERPRISES: Commences Wind-Up Proceedings
------------------------------------------------
Poldo Enterprises Ltd. commenced wind-up proceedings on December
8, 2009.

Only creditors who were able to file their proofs of debt by
January 8, 2010, will be included in the company's dividend
distribution.

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


RAB UK: Commences Wind-Up Proceedings
-------------------------------------
RAB UK Fund Limited commenced wind-up proceedings on December 7,
2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1stFloor, 64 Earth Close
         West Bay Beach, PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


RAMIUS TAPESTRY: Commences Liquidation Proceedings
--------------------------------------------------
Ramius Tapestry Compass Fund, Ltd. commenced liquidation
proceedings on December 4, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


SAAD CAYMAN: Court Enters Wind-Up Order
---------------------------------------
On December 4, 2009, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the company's operations.

The company's liquidator is:

         Hugh Dickson
         c/o Sarah Bourke
         Telephone: (345) 815 8233
         Facsimile: (345) 949 7120
         PO Box 1370 GT, Grand Cayman KY1- 1108
         Cayman Islands


SETTE INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Sette International Ltd. commenced wind-up proceedings on
December 8, 2009.

Only creditors who were able to file their proofs of debt by
January 8, 2010, will be included in the company's dividend
distribution.

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


SHINECORP: Commences Liquidation Proceedings
--------------------------------------------
Shinecorp commenced liquidation proceedings on December 4, 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:

         Luis Joaquin Romero Cevallos
         Av. De Las Palmeras N45-74 y De las Orqu¡deas
         Quito, Ecuador


SO SPECIAL: Commences Wind-Up Proceedings
-----------------------------------------
So Special Purpose Fund I Ltd (Cayman) commenced wind-up
proceedings on December 8, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Christopher P. Meyering
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         Walkers
         Walker House, 28-34 Hill Street
         St Helier, Channel Islands, JE4 8PN
         Sciens Hedge Fund Management LLC
         667 Madison Avenue
         New York, NY 10065 USA


SP GATE: Commences Wind-Up Proceedings
--------------------------------------
SP Gate Gourmet Ltd commenced wind-up 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:

         Silver Point Capital, L.P.
         Ms. Kiowa Matthews
         Telephone: +1 203 542 4274
         Facsimile: +1 203 542-4374
         c/o Silver Point Capital, L.P.
         2 Greenwich Plaza, Greenwich, CT 06830
         United States of America


TAPESTRY MASTER: Commences Liquidation Proceedings
--------------------------------------------------
Tapestry Master Fund II, Ltd. SPC commenced liquidation
proceedings on December 4, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


VIRTUAL STUDIOS: Commences Wind-Up Proceedings
----------------------------------------------
Virtual Studios Trading, Ltd. commenced wind-up proceedings on
December 7, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 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


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


AIR JAMAICA: JALPA Out of the Running for Planned Acquisition
-------------------------------------------------------------
The government appears to have all but shut the door on Air
Jamaica Limited's pilots who have been gunning for a chance to buy
the government-owned airline, RadioJamaica reports.  The report
relates that Prime Minister Bruce Golding, while steering clear of
commenting on the viability of the proposal submitted by the
Jamaica Airline Pilots Association, told Parliament that time is
of "immense essence" to get the airline off public funding.

According to the report, the Prime Minister said that if the
negotiations with Trinidad's Caribbean Airlines are successful,
his government will be insisting that Jamaicans be given the
opportunity to subscribe for a public share offer in the divested
entity.  The report points out that Mr. Golding stressed that the
pilots missed an opportunity to bid for the airline when the
international call for expression of interest was issued.  Mr.
Golding, the report relates, further noted that while the
struggling airline evokes pride among Jamaicans and members of the
Diaspora, the government will not be prepared to continue to pump
money into it beyond the end of March.

The report adds that Mr. Golding said that if the negotiations
with Caribbean Airlines are not successful the government will
trigger the necessary processes to begin winding up the airline by
April 1.

As reported in the Troubled Company Reporter-Latin America on
February 5, 2010, RadioJamica said that JALPA is to make a last
ditch bid for control of Air Jamaica.  The report related that
JALPA is to select an equity partner who will provide it with
funding in the event that it gets the nod from the government to
acquire the national airline.  According to the report, JALPA said
that three local and foreign equity partners are jostling for
selection.

                       About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: Protesting Employees Return to Work
------------------------------------------------
Air Jamaica Limited employees at the Sangster International
Airport in Montego Bay have returned to work after staging a
protest Wednesday morning, Go-Jamaica reports.

According to the report, Granville Valentine, Vice President of
the National Workers Union, said that the workers are restive over
the announcement of Prime Minister Bruce Golding in parliament
yesterday, where he indicated that the government will not be
considering a bid by the Jamaica Airline Pilots Association to
take over the national carrier.

The report notes that the protest action caused delays to some of
Air Jamaica's early morning flights.

                         About Air Jamaica

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

                           *     *     *

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

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


NATIONAL COMMERCIAL BANK: Defends Decision to Hike Charges
----------------------------------------------------------
National Commercial Bank Jamaica Limited is defending its decision
to increase service fees as a result of the Jamaica Debt Exchange
program, Go-Jamaica News reports.  The report relates that under
the program banks, which are the major investors in Government
bonds, will be getting lower interest rates than originally
expected.

According to the report, this means that their profits will not be
as much as they had projected.

Go-Jamaica relates that Dennis Cohen, the deputy managing of the
National Commercial Bank, said that his institution has been
forced to increase service charges.  Mr. Cohen, the report notes,
said that operating costs like electricity have increased and so
the bank has to raise the money to meet its expenses.  However,
the report points out, Mr. Cohen said NCB will not pass on the
entire cost to consumers.

Meanwhile, the report relates, Finance Minister Audley Shaw warned
that the increase in bank charges is a wrong move as the
Government will not be supporting the move to increase bank
charges.

                        About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


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


* URUGUAY: Seeking to Refinance 2011 Bonds, Espectador Says
-----------------------------------------------------------
Uruguay President-elect Jose Mujica's choice for economy minister,
Fernando Lorenzo, told El Espectador radio in an interview that
the country will seek to tap international debt markets to
refinance debt coming due in 2011, Lucia Baldomir at Bloomberg
News reports.

According to the report, citing El Espectador, Mr. Lorenzo said
that the next government will need to work to ensure that the
amount of debt due next year isn't "destabilizing," El Espectador
said on its Web site.   Bloomberg News relates that the radio
station reported that about US$450 million of debt is coming due
this year.


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


CORPORACION VENEZOLANA: Ternium Informs on Sidor Payments Status
----------------------------------------------------------------
Ternium S.A. disclosed that it did not receive the Sidor
compensation payments required to be made by Corporacion
Venezolana de Guayana, or CVG.  These payments consist of a
US$157.5 million principal installment, plus interest, due under
the first tranche, and US$141.4 million mandatory prepayment, plus
interest, due under the second tranche.  The total balance of the
Sidor compensation payments outstanding as of the date hereof
amounts to US$1.02 billion, plus interest.

Under the May 7, 2009 agreements governing the transfer of
Ternium's interest in Sidor to Venezuela, CVG has 15 days to cure
any payment default under either tranche.  Ternium has no
indication that CVG will not pay the amounts currently owed to it
in the coming days.

The Corporacion Venezolana de Guayana is a decentralized state
owned Venezuelan enterprise, located in the Guayana region in the
southeast of the country.


PETROLEOS DE VENEZUELA: Chevron Awards Rights to Develop Project
----------------------------------------------------------------
Chevron Corporation disclosed that a consortium led by its
Venezuelan subsidiary has been selected to negotiate its
participation in a project composed of three blocks in the Orinoco
Oil Belt (Faja) of eastern Venezuela.

"We look forward to being part of this new opportunity that will
expand development of one of the world's largest known hydrocarbon
resources," said Chevron Vice Chairman George Kirkland.

Situated in the eastern area of the Faja, approximately 40 miles
(65 kilometers) to the northeast of the city of Puerto Ordaz, the
three blocks have a combined area of 215 square miles (557 square
kilometers).

"We are pleased with the announcement and the prospect of
negotiating an opportunity to expand our partnership with
Petroleos de Venezuela S.A. (PDVSA) and the Venezuelan
communities," said Ali Moshiri, president of Chevron Africa and
Latin America Exploration and Production Co.  "Chevron's growing
presence in Latin America's resource-rich basins highlights the
company's ability to fully integrate our experience and technology
into the successful development of large, complex projects."

It is expected the consortium of Chevron, INPEX Corporation,
Mitsubishi Corporation and Suelopetrol will hold a combined 40
percent interest in the empresa mixta (joint company).  PDVSA will
hold the remaining 60 percent interest.

In Venezuela, Chevron currently holds a joint venture interest in
PetroPiar, an integrated extra-heavy oil project in the Faja;
joint venture interests in PetroBoscan and PetroIndependiente;
joint venture participation in Plataforma Deltana Blocks 2 and 3
to produce natural gas; and an interest in Venezuela's first
liquefied natural gas project, which is currently under
evaluation. Chevron also operates the offshore Cardon III block
north of Lake Maracaibo in the Gulf of Venezuela.

Chevron Corporation is one of the world's leading integrated
energy companies, with subsidiaries that conduct business
worldwide.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/R


PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating
----------------------------------------------------------------
Fitch has affirmed these ratings of Petroleos de Venezuela S.A.:

  -- Foreign currency Issuer Default Rating at 'B+';

  -- Local currency IDR at 'B+';

  -- US$3 billion outstanding zero coupon notes (due 2011) at
     'B+/RR4';

  -- US$1.4 billion outstanding senior notes (due 2014) at
     'B+/RR4';

  -- US$1.4 billion outstanding senior notes (due 2015) at
     'B+/RR4';

  -- US$435 million outstanding senior notes (due 2016) at
     'B+/RR4';

  -- US$3 billion outstanding senior notes (due 2017) at 'B+/RR4';

  -- US$3 billion outstanding senior notes (due 2027) at 'B+/RR4';

  -- US$1.5 billion outstanding senior notes (due 2037) at
     'B+/RR4';

  -- Long-term national scale rating at 'AAA(ven)'.

The Rating Outlook is Stable.

PDVSA's credit quality is inextricably linked to that of the
government of Venezuela.  It is a state-owned entity, whose
royalties and tax payments represent more than 50% of the
government's revenues, and it is of strategic importance to the
economic and social policies of the country.  In the past three
years, the government has used PDVSA's balance sheet to
nationalize electricity companies, as well as to acquire
industrial companies.  The government also took the additional
step during 2008 of changing PDVSA's charter and mission statement
to allow it to participate in any industry that could contribute
to the social development of the country, including health care,
education and agriculture.

PDVSA continues to be an important player in the global energy
sector.  A strong balance sheet in line with worldwide
competitors, sizeable proven hydrocarbon reserves, strategic
interests in international downstream assets, private
participation in upstream operations, and geographic proximity to
the North American market provide important competitive advantages
that are difficult to undermine.  PDVSA's nature as a state-owned
entity, combined with increased government control over business
strategies and internal resources, underscores the close link
between the company's credit profile and that of the sovereign.

Venezuela's reported oil production has remained relatively stable
during the past four years at approximately 3.25 million barrels
per day despite the high level of upstream investments, which have
help offset high decline rates.  From 2002 to 2005, total capital
expenditures at PDVSA averaged US$3.1 billion per year.  In 2006,
2007 and 2008, they climbed to US$7.2 billion, US$12.8 billion and
US$18.4 billion, respectively.  Higher oil prices have also
resulted in much higher contributions by PDVSA to the government
in the form of royalties, taxes, dividends, and transfers to
social and development funds.  During 2008, these contributions
totaled approximately US$53.3 billion compared to US$43.7 billion
in 2007.

Hydrocarbon reserves in the country continue to increase with
proved hydrocarbon reserves of 203 billion barrels of oil
equivalent (85% oil and 15% natural gas) and proved developed
hydrocarbon reserves of 23 MMMboe as of December 2008 while oil
production of 3 million boe in the first half of 2009 is in line
with pre-strike levels.  Since the strike at the end of 2002 (when
the company let go a significant number of employees), reporting
disclosures and corporate communications have improved
significantly and are now more consistent with pre-strike levels.
However, independent market research agency reports indicate
production numbers may be overstated, which indicates a higher
level of reporting risk.

PDVSA's cash generation is expected to drop sharply in FY 2009 due
to lower hydrocarbon prices.  Lower cash flow may reduce
investments and/or increase leverage to help the government fund
capex and possible macroeconomic imbalances.  Despite lower
expected prices, the company's planned investments in Venezuela
are sizeable, totaling an estimated US$121.5 billion over the next
five years, of which up to US$27.7 billion may not be related to
the oil and gas industry.  Expropriation of multinational oil
companies' investments in the heavy oil projects during 2007 by
the Venezuelan government and, in May of 2009 the nationalization
of oil and gas service companies could make it difficult to
attract the needed capital and expertise to maintain and increase
production.  In addition, the arbitration initiated by ExxonMobil
and ConocoPhillips to recover the market value of their projects
could delay private sector participation in the industry's
development.

As of June 30, 2009, total debt equaled US$16.2 billion.  An
estimated 15% or US$2.4 billion of the company's obligations were
characterized as short term compared to US$4.1 billion
unrestricted cash on hand.  Overall, PDVSA has an attractive
balance sheet, with total debt to EBITDA averaging 0.4 times since
2004 and total debt to capitalization of 14% although leverage has
increased since 2007 with adjusted debt over EBITDAR of 2.5x as of
the first half of 2009.  PDVSA has limited access to international
capital markets and its cost of capital remains vulnerable to
investor concerns over the company's exposure to sovereign risk.
In the second half of 2009, PDVSA raised the equivalent of
US$10 billion by issuing US$6.3 billion in bonds at a premium
acquired by Venezuelan investors in domestic currency.  Total debt
at the end of 2009 was US$21.4 billion.  PDVSA's notes' recovery
ratings are capped at 'RR4' despite its strong asset base and
relatively low debt levels due to the uncertainty of the legal
process in Venezuela.  A recovery rating of 'RR4' is consistent
with an average recovery of between 30% and 50% in case of
default.

Liquidity is highly dependent on cash on hand and cash flow
generation which turned negative at the end of 2008 due to a 58%
decline in price of the Venezuelan oil mix, higher costs that
reflect an inflation rate of about 30% while the foreign exchange
rate remained fixed, and substantial subsidies in the domestic
market.  As a result in the latest 12 months ended June 2009,
funds from operations were only US$4 billion compared to an
average of US$10 billion over the last four years.  Margin
pressures continued in the first half of 2009 exacerbated by
PDVSA's 364 MMbpd oil production cuts to comply with OPEC quotas
that took effect Jan. 1, 2009.  Fitch expects margins to improve
in the second half of the year and in 2010 as oil prices increase,
the company reduces costs through the nationalization of oil
service companies in May 2009, and as the devaluation of the
domestic currency announced on Jan. 8, 2010, occurs.

PDVSA is Venezuela's national oil company, with reported oil
production of 3.23 MMbpd, refining capacity of 3.03 MMbpd, proved
hydrocarbon reserves of 202.67 MMMboe (85% oil and 15% natural
gas) and proved developed hydrocarbon reserves of 22.97 MMMboe as
of December 2008.


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


* Moody's Expects Default Rate to Decline Sharply in 2010
---------------------------------------------------------
Overall, a record-high 261 Moody's-rated corporate issuers
defaulted globally on a total $328.9 billion of debt in 2009, up
from $280.6 billion in 2008, said Moody's Investors Service in its
23rd annual default study.  "In contrast to 2008, when bank and
financial institution defaults accounted for 80% of total default
volume, non-financial defaulters drove default volume in 2009-
accounting for roughly 75% of volume and 80% of defaulted
issuers," says Moody's Director of Default Research Kenneth Emery.

Moody's default rate forecasting model, under its baseline
scenario, now projects that the speculative-grade default rate
will fall sharply to 3.3% by the fourth quarter of 2010.  "The
sharp forecasted drop in the default rate assumes an ongoing
economic recovery and stable credit spreads through 2010.  Under a
more pessimistic scenario, however, where the current economic
recovery falters and credit spreads move higher, the default rate
would fall to only 7.2%," Emery said.

"Moody's forecasting model has performed quite well in this cycle,
especially relative to other models and commentators.  In January
2009, when the default rate stood at 4.4%, the baseline forecast
was for a 15% default rate at year-end 2009 compared to the 13%
that materialized.  And as far back as January 2009, Moody's model
signaled the default rate would peak in November 2009 and be
followed by substantial declines in 2010," added Emery.

The default rate for all rated corporate issuers rose to 5.4% at
the end of 2009 from 2.0% at year-end 2008.

Measured on a dollar volume basis, Moody's global speculative-
grade bond default rate ended 2009 at 15.6%, up from 2008's level
of 5.9%. Among all Moody's-rated issuers, the volume-weighted
default rate increased from 2.2% in 2008 to 2.6% in 2009.

Across regions, 200 of 2009's defaulters were North American
issuers (191 in the U.S and 9 in Canada) with defaulted debt
volumes totaling $291.0 billion. In Europe, 30 Moody's-rated
corporate issuers defaulted on $15.5 billion of debt. The
remaining defaulters were Latin-American and Asian issuers.

The average recovery rate for defaulted senior unsecured bonds, as
measured by post-default trading prices, rose to 37.7% in 2009
from 33.8% in 2008.  The increase was triggered by higher recovery
rates for distressed exchange defaults.  Excluding distressed
exchanges, the average senior unsecured bond recovery rate in 2009
was a low 25.4%.

Moody's annual corporate default study, "Corporate Default and
Recovery Rates, 1920-2009," is available at www.moodys.com.


                            ***********

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.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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           * * * End of Transmission * * *