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

        Monday, February 15, 2010, Vol. 11, No. 031

                            Headlines



B E R M U D A

CONTENDER 2: Creditors' Proofs of Debt Due on March 5
CONTENDER: Members & Creditors to Hear Wind-Up Report on March 22


B R A Z I L

BANCO SANTANDER BRASIL: Plans to Share ATMs with Other Banks
BES INVESTIMENTO: Scraps Int'l Bond Offering of Up to US$350MM
CAMARGO CORREA: Cimpor Deal May Be Hindered by Signs of Cartel
CAMARGO CORREA: Fitch Downgrades Issuer Default Rating to 'BB-'
CAMARGO CORREA: S&P Changes CreditWatch on 'BB' Rating to Negative


C A Y M A N  I S L A N D S

ARTISAN BARREL: Commences Liquidation Proceedings
AVLAVAS CAPITAL: Commences Wind-Up Proceedings
BAJA COMPANY: Commences Liquidation Proceedings
BATABANO LIMITED: Commences Liquidation Proceedings
BGI ALPEX: Commences Wind-Up Proceedings

BGI ALPEX: Commences Wind-Up Proceedings
BGI ALPEX: Commences Wind-Up Proceedings
CAPRA GLOBAL: Commences Wind-Up Proceedings
CAT-MEX LTD: Commences Wind-Up Proceedings
COTTON HALL: Commences Wind-Up Proceedings

DACANA LIMITED: Commences Wind-Up Proceedings
DURANGO CAPITAL: Commences Wind-Up Proceedings
EDUARDOS INVESTMENTS: Commences Liquidation Proceedings
FOLLY LIMITED: Commences Wind-Up Proceedings
FRIEDBERG TOTAL: Commences Wind-Up Proceedings

KENYABOY LTD: Commences Liquidation Proceedings
KIWI, LDC: Commences Liquidation Proceedings
LATAM STRUCTURED: Commences Wind-Up Proceedings
MACCHIAIOLI LIMITED: Commences Wind-Up Proceedings
MALACLA FINANCE: Commences Wind-Up Proceedings

NEW STAR: Commences Wind-Up Proceedings
NEW STAR: Commences Wind-Up Proceedings
NEW STAR: Commences Wind-Up Proceedings
ORAL-B LABORATORIES: Commences Liquidation Proceedings
PARROTS LANDING: Commences Liquidation Proceedings

PETALIA INVESTMENTS: Commences Liquidation Proceedings
RADISH INVESTMENT: Commences Wind-Up Proceedings
SECURED AIRCRAFT: Commences Wind-Up Proceedings
TARBENIAN LEASING: Commences Wind-Up Proceedings
URUGUAY CREDIT: Commences Wind-Up Proceedings


C O L O M B I A

ECOPETROL SA: To Invest US$3.6 Billion in 2010


E C U A D O R

PETROECUADOR: To Sell Crude to Brazil' Petrobras


G R E N A D A

* GRENADA: Tourism & Foreign Direct Investment Weakened by Crisis


J A M A I C A

AIR JAMAICA: PM's Statement Angers Workers


P E R U

* PERU: Seeks US$5 Billion for Infrastructure Projects


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Implemented 526 Environment Clean Up
BANCO OCCIDENTAL: Fitch Affirms 'B-' Issuer Default Rating


X X X X X X X X

* Caribbean Tourism Organization Forecasts Growth in 2010
* BOND PRICING: For the Week February 8, to February 12, 2010




                         - - - - -


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


CONTENDER 2: Creditors' Proofs of Debt Due on March 5
-----------------------------------------------------
The creditors of Contender 2 Ltd are required to file their proofs
of debt by March 5, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         John C. McKenna
         Finance & Risk Services Ltd
         International Centre, Suite 502
         26 Bermudiana Road
         Hamilton


CONTENDER: Members & Creditors to Hear Wind-Up Report on March 22
-----------------------------------------------------------------
The members and creditors of Contender 2 Ltd will receive, on
March 22, 2010, at 9:30 a.m. and 9:45 a.m. respectively, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         John C. McKenna
         Finance & Risk Services Ltd
         International Centre, Suite 502
         26 Bermudiana Road
         Hamilton




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


BANCO SANTANDER BRASIL: Plans to Share ATMs with Other Banks
------------------------------------------------------------
Banco do Brasil SA, Banco Bradesco SA and Banco Santander Brasil
SA, are planning to share automated teller machines to reduce
operational costs, Rogerio Jelmayer at Dow Jones Newswires
reports, citing an unnamed source.

According to the report, the three banks started a preliminary
study to evaluate the potential amount of costs reduction with the
measure and other operational issues.  The report relates that the
banks will hold a press conference to announce details of the
plan.

The source, the report notes, said that the banks intend to
conclude the study in the next five months.

In the year 2009, Brazil banks recorded total ATMS of:

  -- Bradesco ended 2009 with a total of 30,657 ATMs,
  -- Banco do Brasil had 40,000 in the period, and
  -- Banco Santander ended last year with a total of 18,600 ATMs.

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

                           *     *    *

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

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


BES INVESTIMENTO: Scraps Int'l Bond Offering of Up to US$350MM
--------------------------------------------------------------
Veronica Navarro Espinosa and Fabiola Moura at Bloomberg News
report that BES Investimento do Brasil scrapped an international
bond offering of as much as US$350 million.  BES Investimento do
Brasil postponed the offering because it would have been more
expensive given the "market volatility," Paulo Augusto Saba, the
bank's managing director for global markets, sales and fixed-
income trading in Brazil, told the news agency in a phone
interview.  BES was planning to issue five year bonds, he added.

"If we were to do the issuance now, we would have to pay much
more, and we didn't need to do so," the report quoted Mr. Saba as
saying. "I want to do a beautiful deal.  I don't want to do a
Frankenstein deal in the market," he added.

According to the report, global markets plunged as concern
governments will struggle to fund themselves triggered a selloff
in riskier assets.  The report relates that Mr. Saba would not
forecast when the company will resume the bond sale.  "As soon as
the market gives signs it has started to come out of the stress
mode, we will" consider it, the report quoted Mr. Saba as saying.

                        About BES Investimento

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil.  In June 2009, the bank had total assets of approximately
R$3.6 billion (US$1.8 billion) and equity of R$305 million
(US$156 million).

As reported in the Troubled Company Reporter-Latin America on
October 5, 2009, Moody's ratings retained its D+ bank financial
strength rating on the bank.


CAMARGO CORREA: Cimpor Deal May Be Hindered by Signs of Cartel
--------------------------------------------------------------
Camargo Correa SA's planned acquisitions of stakes in Cimpor-
Cimentos de Portugal SGPS may face regulatory hurdles in Brazil
amid "robust" indications that a cement cartel already exists,
Iuri Dantas and Lucia Kassai at Bloomberg News report, citing
Arthur Badin, president of antitrust agency Cade.  "We cannot
close our eyes to robust signs of a cartel in the cement industry
currently under investigation," Mr. Badin told the news agency in
an interview. "It's a matter of reputation," he added.

According to the report, Mr. Badin said that Brazil's Justice
Ministry is probing Camargo Correa and nine other companies for
allegedly colluding to prop up prices.

As reported in the Troubled Company Reporter-Latin America on
January 14, 2010, Bloomberg News said that Camargo Correa offered
to buy an unspecified stake in Cimpor-Cimentos de Portugal and
merge its Portuguese unit into the company to repel a rival
EUR3.86 billion (US$5.6 billion) offer from Cia. Siderurgica
Nacional.  According to the report, citing a regulatory filing,
Camargo Correa will hold a stake of between 15% and 25% for the
transaction to close, and will "necessarily" have a stake of less
than 50 percent in Cimpor.  The report related that Camargo also
agreed to pay as much as EUR350 million to Cimpor's shareholders.

                       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: Fitch Downgrades Issuer Default Rating to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Brazilian Conglomerate
Camargo Correa S.A.'s and its special-purpose vehicle CCSA Finance
Limted:

Camargo

  -- Foreign currency Issuer Default Rating to 'BB-' from
     'BB';

  -- Local currency IDR to 'BB-' from 'BB';

  -- National Scale rating to 'A+(bra)' from 'AA-(bra)';

  -- BR400 million Debentures Series 1 (due 2012) to 'A+(bra)'
     from 'AA-(bra)';

  -- BR700 million Debentures Series 2 (due 2014) to 'A+(bra)'
     from 'AA-(bra)'.

CCSA Finance Limited

  -- US$250 million senior unsecured bonds due 2016 to 'BB-' from
     'BB'.

CCSA Finance Limited is wholly-owned by Camargo and incorporated
in the Cayman Islands.  Camargo unconditionally guarantees CCSA
Finance Limited's debt.

The Rating Outlook has been revised to Stable from Negative.

Fitch's downgrade of Camargo's ratings follows the company's
announcement that it had reached an agreement to acquire a 22.17%
stake in Cimentos de Portugal S.A. from Teixeira Duarte-Engenharia
e Construcoes SA for EUR968.3 million (about USD1.33 billion or
BRL2.50 billion).  The downgrade reflects the leveraging effect
this transaction will have on Camargo's credit protection
measures, which were already weak for the rating category on a net
debt basis.  Camargo's net debt is expected to increase to
BRL10.1billion from BRL 7.7.billion on a pro forma basis, while
its pro forma net leverage ratio would climb to 3.5 times from
2.7x.

Camargo's credit profile has been trending negative since early
2009, when the company purchased a 50% stake in VBC Energia from
Votorantim for BRL2.6 billion, funded primarily with debt.
Camargo has a history of maintaining large cash balances to
facilitate acquisitions and mitigate market volatility.  The
company's liquidity position measured by the ratio of cash to
short-term was 0.9x by the end of June 2009.  With the Cimpor
transaction the company's ratio is expected to weaken to around
0.6x.  The Stable Outlook reflects Fitch's expectations that
Camargo will continue managing its balance sheet to a targeted
ratio of net-debt-to-EBITDA in the 3.5x to 3.0x range.  An
increase in equity or the sale of non-core assets would be viewed
positively and could result in a positive rating action, depending
upon the size and timing.

Strategically, the acquisition is viewed positively by Fitch.  It
allows Camargo to increase its presence in the global cement
market, and it should result in synergies with Camargo's highly
correlated core businesses (cement, engineering and construction).
Cimpor's presence in 13 countries, including Brazil where it
operates six cement plants and 32 ready mix units, would further
improve Camargo's geographic diversification.  This transaction,
along with Votorantim's recent acquisition of a 17% stake in
Cimpor, also lowers the probability that CSN, a Brazilian steel
and iron ore company, will be successful in its efforts to acquire
more than 50% of Cimpor, thereby maintaining the current dynamics
of the Brazilian cement industry.

Camargo's credit ratings reflect the company's diversified
portfolio of operations, adequate market position in the
industries in which it participates, and high leverage.  Further
factored into Camargo's ratings is the high correlation of its
core businesses of cement, engineering and construction, as well
as the diversification provided by the company's other two core
businesses, textiles and footwear.  Camargo's ratings are
supported by the company's long track record of successful
acquisitions such as Loma Negra, Tavex, and Alpargatas Argentina.

Camargo Correa is one of the largest private industrial
conglomerates in Brazil generating BRL14.1 billion of net revenues
and around BRL2.8 billion of EBITDA for the last-twelve month
period, ended in June 30, 2009.  Camargo is a holding company with
full ownership interests in cement, engineering and construction
companies.  Control position in homebuilding, textiles, footwear
and sportswear manufacturing companies.  Camargo also has equity
interests in energy, transportation (highway concessions) and
steel businesses.  A large proportion of the company's equity
investments are in companies that are publicly traded and liquid.
The company is controlled by the Camargo family through their
direct holdings in Participacoes Morro Vermelho, which in turn
owns 100% of Camargo.


CAMARGO CORREA: S&P Changes CreditWatch on 'BB' Rating to Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised the
CreditWatch listing on Camargo Correa Cimentos S.A.'s 'BB' rating
to Negative from Positive, and kept its 'BB' rating on parent,
Camargo Correa S.A., on CreditWatch Negative, where it was placed
on Jan. 14, 2010.

S&P's rating on CCSA remains on CreditWatch with negative
implications following the announcement that it has entered into
an agreement to acquire Teixeira Duarte-Engenharia e Construcoes
S.A.'s (Teixeira Duarte; unrated) 22.17% share in Portugal-based
Cimpor for approximately EUR970 million.  The transaction is,
therefore, different from CCSA's previous offer, made on
Jan. 14, 2010, to buy a stake in Cimpor, then merge CCC into
Cimpor, and pay Cimpor's shareholders a EUR350 million one-off
dividend.  Under the current proposal, CCC will remain a
subsidiary of CCSA, thus, its rating will align with the parent.

"Despite allowing CCSA to maintain control of CCC's cash flows and
to benefit from a share of Cimpor's dividend stream, S&P believes
that an eventual increase in debt to finance the acquisition could
depress CCSA's credit metrics, already aggressive for its rating
category," said Standard & Poor's credit analyst Marcelo Schwarz.
"Nevertheless, S&P acknowledge that CCSA has an adequate cash
position and benefits from noncore assets that could be divested
to boost liquidity."

On the other hand, the change in CCC's CreditWatch listing
reflects S&P's view that its assets would no longer be merged (as
they would have been under the previous proposal) into Cimpor--a
stronger and more geographically diversified cement group.  As a
result, S&P will continue to consider CCC to be an integral part
of the CCSA group.

"S&P expects to resolve the CreditWatch listing within the next
few months, as the proposed transactions unfold and S&P get a
better grasp of any potential business and financial implications
these may have on both CCSA and CCC," Mr. Schwarz added.


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


ARTISAN BARREL: Commences Liquidation Proceedings
-------------------------------------------------
Artisan Barrel Company commenced liquidation proceedings on
December 2, 2009.

The company's liquidator is:

         Tyler J. Comstock
         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


AVLAVAS CAPITAL: Commences Wind-Up Proceedings
----------------------------------------------
Avlavas Capital Corporation commenced wind-up proceedings on
December 4, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


BAJA COMPANY: Commences Liquidation Proceedings
-----------------------------------------------
The Baja Company commenced wind-up proceedings on December 3,
2009.

Only creditors who were able to file their proofs of debt by
January 14, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Trulaw Directors Ltd
         PO Box 866 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-949-7555
         Facsimile: 345-815-0566


BATABANO LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Batabano Limited commenced liquidation proceedings on
November 30, 2009.

Only creditors who were able to file their proofs of debt by
January 12, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gregory E. Merren
         P.O. Box 31013, Grand Cayman, KY1-1205
         Cayman Islands


BGI ALPEX: Commences Wind-Up Proceedings
----------------------------------------
The BGI Alpex Fund (Australia I) Limited commenced wind-up
proceedings on December 9, 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


BGI ALPEX: Commences Wind-Up Proceedings
----------------------------------------
The BGI Alpex Fund (Japan I) Limited commenced wind-up proceedings
on December 9, 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


BGI ALPEX: Commences Wind-Up Proceedings
----------------------------------------
The Bgi Alpex Fund (UK I) Limited commenced wind-up proceedings on
December 9, 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


CAPRA GLOBAL: Commences Wind-Up Proceedings
-------------------------------------------
Capra Global Managed Assets, 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 KY1-9005, Cayman Islands


CAT-MEX LTD: Commences Wind-Up Proceedings
------------------------------------------
Cat-Mex Ltd. commenced wind-up proceedings on December 7, 2009.

Only creditors who were able to file their proofs of debt by
October 4, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


COTTON HALL: Commences Wind-Up Proceedings
------------------------------------------
Cotton Hall Global Small Companies Fund, Ltd. commenced wind-up
proceedings on December 8, 2009.

Only creditors who were able to file their proofs of debt by
January 13, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


DACANA LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
Dacana Limited commenced wind-up proceedings on October 29, 2009.

Only creditors who were able to file their proofs of debt by
January 31, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robert E. Gibb
         Fordsar (Cayman) Limited
         Telephone: (345) 945-5799
         Facsimile: (345) 945-5899
         P. O. Box 335, Grand Cayman KY1-1301
         Cayman Islands


DURANGO CAPITAL: Commences Wind-Up Proceedings
----------------------------------------------
Durango Capital Ltd. commenced wind-up proceedings on December 9,
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


EDUARDOS INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
Eduardos Investments 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


FOLLY LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Folly Limited commenced wind-up proceedings on December 9, 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


FRIEDBERG TOTAL: Commences Wind-Up Proceedings
----------------------------------------------
Friedberg Total Return Fixed Income Fund Ltd. commenced wind-up
proceedings on December 9, 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:

         Enrique Z. Fenig
         Brookfield Place
         181 Bay Street, Suite 250
         Toronto, ON M5J 2T3, Canada


KENYABOY LTD: Commences Liquidation Proceedings
-----------------------------------------------
Kenyaboy Ltd. 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.
         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


KIWI, LDC: Commences Liquidation Proceedings
--------------------------------------------
Kiwi, 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.
         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


LATAM STRUCTURED: Commences Wind-Up Proceedings
-----------------------------------------------
Latam Structured Finance, Ltd. commenced wind-up proceedings on
November 20, 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


MACCHIAIOLI LIMITED: Commences Wind-Up Proceedings
--------------------------------------------------
Macchiaioli 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


MALACLA FINANCE: Commences Wind-Up Proceedings
----------------------------------------------
Malacla Finance Limited commenced wind-up proceedings on
December 9, 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star Credit Hedge Fund Limited commenced wind-up proceedings
on December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star European Opportunities Hedge Fund Limited commenced wind-
up proceedings on December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Commences Wind-Up Proceedings
---------------------------------------
New Star Real Estate Hedge Fund Limited commenced wind-up
proceedings on December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


ORAL-B LABORATORIES: Commences Liquidation Proceedings
------------------------------------------------------
Oral-B Laboratories Islands Limited commenced liquidation
proceedings on December 8, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


PARROTS LANDING: Commences Liquidation Proceedings
--------------------------------------------------
Parrots Landing Watersports Park Ltd. commenced liquidation
proceedings on November 30, 2009.

Only creditors who were able to file their proofs of debt by
January 12, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gregory E. Merren
         P.O. Box 31013, Grand Cayman, KY1-1205
         Cayman Islands


PETALIA INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
Petalia Investments Ltd. commenced wind-up 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


RADISH INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Radish Investment Corporation commenced wind-up proceedings on
December 9, 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 liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


SECURED AIRCRAFT: Commences Wind-Up Proceedings
-----------------------------------------------
Secured Aircraft Loan Company commenced wind-up proceedings on
December 9, 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 liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


TARBENIAN LEASING: Commences Wind-Up Proceedings
------------------------------------------------
Tarbenian Leasing Limited commenced wind-up proceedings on
December 9, 2009.

Only creditors who were able to file their proofs of debt by
January 14, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Scott Aitken
         Connan Hill
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 345 949-7755
         Facsimile: 345 949-7634


URUGUAY CREDIT: Commences Wind-Up Proceedings
---------------------------------------------
Uruguay Credit Opportunities, SPC commenced wind-up proceedings on
November 20, 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


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


ECOPETROL SA: To Invest US$3.6 Billion in 2010
----------------------------------------------
Ecopetrol on Thursday announced plans to invest US$3.558 billion
in production this year, Colombia reports, citing Portfolio.com.
The report relates that Ecopetrol SA intends to increase
production to 600,000 barrels of oil-equivalent per day in 2010,
up from 2009's rate of 521,000.

"Everything is directed towards meeting the production goal of 1
million barrels per day in 2015," the report quoted Company
President Javier Gutierrez.

According to the report, Ecopetrol SA plans to drill 13 oil wells
in Colombia this year, and seven more will be located variously in
Brazil, Peru, and the U.S. Gulf of Mexico.  The report notes that
that the company's output grew 12% in both 2008 and 2009, and it
plans to maintain the same rate of growth this year.

However, the report relates, Mr. Gutierrez stated that the planned
growth would not come at the expense of safety or quality
standards.

                       About Ecopetrol S.A

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

                           *     *     *

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

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

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

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


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


PETROECUADOR: To Sell Crude to Brazil' Petrobras
-------------------------------------------------
State-owned Petroecuador will sell 1,080,000 barrels of crude to
Brazilian state-controlled energy giant Petrobras following
completion of a bidding process for the occasional sale of
domestic oil, latin America Herald Tribune.  The report relates
that the consignment will include three 360,000-barrel shipments
of crude, two of the Oriente type and another of the Napo variety.

"The negotiation was beneficial for the state because the Oriente
crude was sold with a differential of less than US$5.38 per barrel
(compared to its benchmark) and the Napo with (a differential of)
less than USA$7.88 per barrel," the report quoted the company as
saying.

According to the report, the company also said it sold two
190,000-barrel shipments of fuel oil (an oil residue-one to
Chinese oil company PetroChina and another to U.S. firm Citizens.

                       About Petroecuador

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

                           *     *     *

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

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


=============
G R E N A D A
=============


* GRENADA: Tourism & Foreign Direct Investment Weakened by Crisis
-----------------------------------------------------------------
An International Monetary Fund mission led by Nita Thacker of the
IMF's Western Hemisphere Department visited Grenada during
February 1-10 to conduct the fifth review of the government's
home-grown economic program supported by an IMF financial
arrangement under the Extended Credit Facility and to discuss a
successor three-year arrangement.  The mission met with Finance
Minister Nazim Burke, Permanent Secretary Timothy Antoine, other
senior government officials, representative of the Official
Opposition, and representatives of the business and financial
community and labor unions.  The mission thanks the authorities
for their warm hospitality and close cooperation it received
during its stay in Grenada.

The following statement was issued by the IMF mission led by Ms.
Thacker: "Grenada has been hit hard by the global economic
slowdown with the two mainstays of the economy -- tourism and
foreign direct investment (FDI) -- weakening significantly.  Real
gross domestic product is estimated to have declined by 7.7%in
2009, after 2.2% growth in 2008.  Tourism dropped by about 13%
year-on-year and FDI-related construction is estimated to have
contracted by about 50 percent for the year, although the pace of
decline slowed in the last quarter of 2009, reflecting an uptick
in FDI inflows.  Prices fell by 2.4% in the 12 months to December
2009, reflecting weak domestic demand and lower international food
and fuel prices.

"While economic activity is expected to improve in 2010, the
recovery is likely to be very slow, reflecting the gradual
improvement in source countries -- in particular, the US and UK.
Continued growth in the agricultural sector and some recovery of
FDI-financed construction activity are expected to raise growth to
0.8 percent in 2010.  However, there are downside risks to this
outlook, if weakness in advanced economies continues to adversely
affect tourism and FDI.

"Despite these difficult circumstances, all but two of the targets
under the current program were met.  The primary deficit
(excluding grants) was higher-than-expected, reflecting increased
spending on goods and services and higher spending on social
assistance programs.  The government was late with a few external
debt service payments to its official creditors, but has
subsequently taken steps to ensure timely payments.

"Progress on the structural front was more promising.  The value
added tax (VAT) to broaden the tax base and enhance the efficiency
of tax collection was introduced on February 1, 2010, as initially
planned.  The government is also working with the Organization for
Economic Co-operation and Development (OECD) to revise the Public
Procurement Act in line with international best practices and
establish a Public Procurement Department.

"The mission reached agreement in principle on a new three-year
arrangement that would be supported under the IMF's Extended
Credit Facility, which has replaced the Poverty Reduction and
Growth Facility.  The government's key objectives in the new
program are: ensuring fiscal and debt sustainability by placing
the debt-to-GDP ratio on a firm downward trajectory; reducing
vulnerabilities in the financial system and strengthening the
supervision of the nonbank financial sector; generating high and
sustainable growth through structural reforms that will encourage
private sector-led growth; and reducing poverty by creating more
effective social safety nets.

"The medium-term fiscal program is underpinned by the need to
achieve fiscal and debt sustainability.  In light of the difficult
economic environment, the fiscal adjustment will be phased in. On
the revenue side, the government will focus on improving
compliance and simplifying tax collections.  The VAT is expected
to enhance the coverage and buoyancy of the tax system, and other
post-VAT measures are also being considered to improve revenue
performance, including facilitating voluntary compliance by
continuing the taxpayer education and service program;
implementing enforcement programs to deal promptly with non-filers
and stop-filers; and developing audit capacity.  On the
expenditure side, the government plans to control current
expenditures by containing the wage bill, reducing the spending on
goods and services by improving procurement procedures and
reducing waste, and improving the efficiency of social spending.
These measures will make room for higher capital spending over the
medium-term to improve the productive capacity of the economy and
place growth on a sustained upward trajectory.

"The government is working to improve the supervision of the
nonbank financial sector through the Grenada Authority for the
Regulation of Financial Institutions (GARFIN).  Insurance sector
supervision will be enhanced under the new Insurance Act, through
onsite supervision and enforcement of statutory fund requirements.
GARFIN is also working to improve the supervision of credit
unions, building societies, pension funds, and money service
businesses.  In partnership with the other Eastern Caribbean
Currency Union (ECCU) governments, the authorities are working
toward creating a new company to take over the ECCU operations of
the British American Insurance Company, in line with the
recommendations of the judicial managers, who assessed the company
to be insolvent.

"The government has set out an ambitious agenda for structural
reforms.  This includes an updated technology infrastructure for
customs which in combination with the new Customs Act will speed
processing times while improving enforcement. Other reforms,
including a separate Registrar of Companies and Intellectual
Property, are intended to reduce the time required to incorporate
a company and to start a business.  The Lands and Deeds Registry
will expedite the transfer of property, and an additional Civil
Court will reduce the delays at courts and enhance contract
enforcement.

"The recently completed Country Poverty Assessment reveals that 38
percent of population lived below the poverty line in June 2008,
even before the crisis hit and the unemployment rate reached
levels now believed to be about 30 percent.  In this context, the
government plans to further strengthen and rationalize the social
safety net.  The government is preparing a full Poverty Reduction
Strategy Paper, developing a measure of social spending to monitor
efforts to protect the most vulnerable groups, and establishing a
central registry of beneficiaries.

"The staff team thanks the Grenadian government officials for
their close cooperation and looks forward to a continued
constructive dialogue on the economic challenges and opportunities
facing Grenada.  Upon the team's return to Washington, it will
prepare the necessary documentation for presentation to the IMF's
Executive Board to consider Grenada's request to complete the
fifth review and to approve a new arrangement under the Extended
Credit Facility.  The mission wishes the authorities success in
their endeavors and is encouraged by their commitment to undertake
reforms to improve the prospects for its population."


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


AIR JAMAICA: PM's Statement Angers Workers
------------------------------------------
Air Jamaica Limited workers withdrew their services at the
Sangster International Airport in Montego Bay on February 11,
leaving several passengers stranded, as they were reportedly upset
over Prime Minister Bruce Golding's statement that Jamaica
Airlines Pilots' Association's bid to buy the airline would not be
accommodated, RadioJamaica reports.

According to the report, at midday Thursday, passengers scheduled
to leave on the flight to New York were still at the airport
although they are allowed to board the aircraft at 9:30am.  The
report relates that boarding was done by a member of the
management team but without assistance from other ground staff the
aircraft remained grounded.

RadioJamaica notes that the ground staff remained off the job
while check in lines grew longer.  The report relates that the
workers asserted that they are tired of operating in an air of
uncertainty as they await the sale of the airline.  The report
points out that the workers insistent that they will not resume
duties unless instructed to do so by their union representatives.

                      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.


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


* PERU: Seeks US$5 Billion for Infrastructure Projects
------------------------------------------------------
John Quigley at Bloomberg News reports that Peru is seeking about
US$5 billion of private investment to develop the country's
infrastructure, including US$2.3 billion in energy projects.

According to the report, citing Jorge Leon, the head of the
country's private investment promotion agency (Proinversion), the
government plans to seek bids for US$2 billion of energy,
transport, and irrigation projects this year.  Mr. Leon, the
report relates, projects include a 500-kilovolt transmission line
in southern Peru that may require US$450 million of investment,
and two 200-kilovolt lines that may total US$70 million.

Bloomberg News notes that the government is also studying a US$1.3
billion pipeline to supply natural gas to cities between Ayacucho
in the central Andes and the northern port of Chimbote.  The
government plans to secure the gas for the pipeline from the
Camisea fields in the southern Amazon jungle, the report says.


Mr. Leon, the report adds, said that the government is seeking
private investment in 50 projects, including US$461 million in
ports, US$371 million in telecommunications, US$237 million in
airports and US$609 million in irrigation.


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


PETROLEOS DE VENEZUELA: Implemented 526 Environment Clean Up
------------------------------------------------------------
With the solid commitment to settle the environmental debt to the
country and the people of Venezuela, PDVSA E & P Orinoco Belt
Division, in coordination with the East Division, successfully
implemented the clean up of 526 petroleum waste pits during 2009,
in the Districts San Tome and Morichal.

The Waste Pit Clean Up Plan 2009, executed by the Corporate
Management of Environment and Occupational Hygiene, achieved the
successful recovery of an area of 45.6 hectares belonging to
operational areas of the oil industry located in the southern
states of Anzoategui and Monagas.

Until the decade of the '90s, the pits were built around the oil
wells for storage of waste generated during their construction,
operation and maintenance.  This practice led to potential sources
of contamination through leaks and overflows that affect
agricultural production units.

For nearly a century transnational companies operating in the
country exploded crude in out of proportion and unlimited ways
building numerous pits, which represent environmental liabilities
that are now being clean up by the Petroleos de Venezuela, as a
responsibility towards the country and the Venezuelan people.

Cleaning up these pits represents for PDVSA a line of work to
honor its commitment to the revolutionary government led by the
Commander President Hugo Chavez, to settle the environmental debt.

Currently, in accordance with existing environmental regulations
these pits are not being built during the construction of oil
wells, as this represents a potential contamination risk to flora,
fauna and the ecosystems in general.  All waste generated is
managed properly without producing risks to peoples health and the
environment.

That is why, E & P Orinoco Belt Division works hard to recover new
spaces through the consolidation and restoration plans that will
eliminate environmental liabilities and run oil operations in
harmony with the society and the environment.

                            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


BANCO OCCIDENTAL: Fitch Affirms 'B-' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Banco Occidental de
Descuento's long-term foreign currency and local currency Issuer
Default Ratings at 'B-' and removed the Rating Watch Negative
assigned in February 2009.  Fitch has assigned a Negative Rating
Outlook.

Also in the same rating action Fitch has downgraded the long-term
National Rating and short-term National Rating to 'BB(ven)' from
'BBB-' and 'B(ven)' from 'F3(ven)', respectively.

The full list of rating actions is:

  -- Long-term foreign and local currency Issuer Default Ratings
     affirmed at 'B-'; Outlook Negative;

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

  -- Individual affirmed at 'D/E';

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF';

  -- Long-term National rating downgraded to 'BB(ven)' from 'BBB-
      (ven)';

  -- Short-term National rating downgraded to 'B(ven)' from
     'F3(ven)'.

The rating actions reflect the positive effects of a capital
injection made by BOD's shareholder in late 2009 and the expected
capitalization of the foreign exchange gains resulting from the
January 2010 devaluation of the Venezuelan Bolivar that will
significantly boost BOD net income during the first two months of
the year, although such extraordinary income is non-recurrent in
its nature.  Despite the former, BOD's capital position is still
weak compared to its local and international peers.  The Negative
Outlook (as well as the 'E' component of the Individual rating)
reflects Fitch's concerns that the weak capitalization may come
under further pressure, requiring the bank to raise further
capital to support future growth and/or pressure on asset quality.

BOD's already weak capital base has been pressured by the burden
created due the sizable goodwill generated by the acquisition of a
mid-size bank in 2009 (Corp Banca C.A.), which left the bank with
negative core and eligible capital and the time of the acquisition
(-2.3% as of June 2009).  In October 2009, BOD shareholders
increased its capital by VEB 460 billion (+70%), which returned
the bank to compliance with minimum regulatory capital
requirements.  The positive effects on its net income in early
2010 due to the foreign exchange gains resulting from the
valuation of its long foreign exchange position have also aided in
rebuilding part of its core capital.  Despite the former, the
estimated core capital to total assets ratio of the bank remains
quite tight, estimated at about 2.5%, especially considering the
challenges imposed by the operating environment and the expected
merger with Corp Banca (yet to be approved by the regulators),
while profitability and assets quality ratios still compared
unfavorably with its peers.

The expected merger with Corp Banca will aid the bank in starting
to rebuild its capital base, but sustaining that trend will depend
on the ability of the bank to capitalize on the expanded market
share and deal with the hurdles of the operating environment.
Given the significant challenges of the bank in regards to its
capital position, jointly with still below average profitability
ratios, further deterioration of the bank's capital base, asset
quality ratios, or profitability could trigger negative changes in
all the bank's ratings.  Additionally, as is the case with its
Venezuelan peers, exacerbation of government measures could
negatively affect BOD's performance.  Should the bank sustain
improvement of its weak capital base, while improving
profitability without a weakening of asset quality, Fitch could
revise the Outlook to Stable.

The bank's ratings are limited by a weak capital base, volatile
asset quality ratios, low profitability, and the negative effects
of government intervention over the bank business.  BOD's ratings
reflect its strong regional presence and thorough knowledge in its
area of influence.

The expansion of the balance sheet, credit costs, and the fierce
control over interest rates and fees have undermined BOD's
profitability, being that the nonrecurring nature of some income
recorded in 2009 just provided a temporary upturn in those ratios.
At June 30, 2009, its net interest revenue to average earning
assets decreased to a tight 6%, while its operating profit to
average assets ratio was 2.75% (0.8% excluding some extraordinary
trading gains).  Profits in 2010 will be benefited by the non-
recurring nature of the aforementioned foreign exchange gain,
although high operating expenses and the increased burden of loan
loss provisioning could pressure its profitability in the short
and medium terms.

Asset quality ratios compare unfavorably with peers (past due
loans to total loans of almost 2% at June 30, 2009), with loan
loss reserves just covering past due loans 110%.  The
deterioration of the operating environment and the incorporation
of Corp Banca's loan portfolio will imply further efforts to
improve such metrics.

BOD was Venezuela's fifth largest bank in terms of funds under
management (assets plus ceded investments) at June 30, 2009, with
a 6.6% market share.  It has a privileged market position in
Venezuela's leading oil-producing region, Zulia.  BOD is
controlled by Cartera de Inversiones de Venezuela, which, in turn,
is controlled by the bank's president.


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


* Caribbean Tourism Organization Forecasts Growth in 2010
---------------------------------------------------------
The Caribbean Tourism Organization is forecasting a rebound in
visitor arrivals in 2010 with moderate growth expected for the
region on the heels of positive indicators from the fourth quarter
of 2009, Caribbean Net News reports.

According to the report, Winfield Griffith, director of research
and information technology, said that the CTO is expecting tourism
in the region to grow by up to three percent in 2010 as the global
economy continues to see recovery.  The report relates that a
total of 22.1 million people visited the Caribbean in 2009, down
from 22.9 million in 2008.

Caribbean Net News notes that the first quarter saw a 6.6% decline
in visitation yet that percentage dropped to 6.0% in the second
quarter, 2.0% in the third quarter and then actually saw an
increase in year-over-year visitation of 1.0% in the fourth
quarter.  CTO Secretary General Hugh Riley, the report relates,
said that obvious challenges exist for the region but several
factors offer hope for a successful 2010.


* BOND PRICING: For the Week February 8, to February 12, 2010
-------------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS          8.28    12/31/2033    USD     65.03896
ARGENT-$DIS          8.28    12/31/2033    USD     62.27346
ARGENT-PAR           1.18    12/31/2038    ARS     33.16608
ARGENT-=DIS          7.82    12/31/2033    EUR    55.229343
ARGNT-BOCON PR11        2    12/3/2010     ARS     20.84616
ARGNT-BOCON PR13        2    3/15/2024     ARS     65.89173
BANCO MACRO SA       9.75    12/18/2036    USD         83.5
BOGAR 2018              2    2/4/2018      ARS     112.0826
BONAR X                 7    4/17/2017     USD     74.99008
BUENOS AIRE PROV    9.375    9/14/2018     USD    63.978636
BUENOS AIRE PROV    9.625    4/18/2028     USD    62.625454
BUENOS-$DIS          9.25    4/15/2017     USD    70.649462
MENDOZA PROVINCE      5.5    9/4/2018      USD    75.550508


BRAZIL

CESP                 9.75    1/15/2015     BRL    64.688802


CAYMAN ISLAND

BANIF FIN LTD           3    12/31/2019    EUR       69.917
BARION FUNDING       1.44    12/20/2056    GBP    30.111577
BARION FUNDING       0.63    12/20/2056    GBP    16.981382
BCP FINANCE CO      4.239    #N/A N Ap     EUR    68.607143
BCP FINANCE CO      5.543    #N/A N Ap     EUR    68.897739
BISHOPSGATE ASSE    4.808    8/14/2044     GBP     68.15627
CHINA MED TECH          4    8/15/2013     USD        60.79
CHINA PROPERTIES    9.125    5/4/2014      USD    83.998508
CHINA SUNERGY        4.75    6/15/2013     USD       66.509
DUBAI HLDNG COMM     4.75    1/30/2014     EUR     66.21665
DUBAI HLDNG COMM        6    2/1/2017      GBP     60.25061
ESFG INTERNATION    5.753    #N/A N Ap     EUR    77.416667
FERTINITRO FIN       8.29    4/1/2020      USD        65.75
LDK SOLAR CO LTD     4.75    4/15/2013     USD           72
MAZARIN FDG LTD      1.44    9/20/2068     GBP    27.613881
PUBMASTER FIN       6.962    6/30/2028     GBP     68.19794
PUBMASTER FIN        8.44    6/30/2025     GBP        72.46
SHINSEI FIN CAYM    6.418    #N/A N Ap     USD      59.2375
SHINSEI FIN CAYM    6.418    #N/A N Ap     USD    59.419736
SHINSEI FINANCE      7.16    #N/A N Ap     USD       60.425
SHINSEI FINANCE      7.16    #N/A N Ap     USD         60.5
XL CAPITAL LTD        6.5    #N/A N Ap     USD         74.


ECUADOR

REP OF ECUADOR      9.375    12/15/2015    USD    92.984999


PUERTO RICO

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


VENEZUELA

PETROLEOS DE VEN      5.5    4/12/2037     USD    47.213983
PETROLEOS DE VEN        5    10/28/2015    USD    59.207199
PETROLEOS DE VEN      4.9    10/28/2014    USD    62.930864
PETROLEOS DE VEN    5.125    10/28/2016    USD    55.695313
PETROLEOS DE VEN     5.25    4/12/2017     USD    60.431064
PETROLEOS DE VEN    5.375    4/12/2027     USD    48.630404
SIDETUR FINANCE        10    4/20/2016     USD        67.25
VENEZUELA               7    12/1/2018     USD     68.02292
VENEZUELA            7.75    10/13/2019    USD     68.16442
VENEZUELA               6    12/9/2020     USD     58.24231
VENEZUELA               9    5/7/2023      USD     71.44607
VENEZUELA            8.25    10/13/2024    USD     65.00909
VENEZUELA            7.65    4/21/2025     USD     62.47083
VENEZUELA            9.25    9/15/2027     USD    72.474297
VENEZUELA            9.25    5/7/2028      USD     71.09834
VENEZUELA            5.75    2/26/2016     USD     69.81154
VENEZUELA               7    3/31/2038     USD     56.42727
VENZOD - 189000     9.375    1/13/2034     USD     71.2166



                            ***********

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.


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