/raid1/www/Hosts/bankrupt/TCRLA_Public/100216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Tuesday, February 16, 2010, Vol. 11, No. 032

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Employees Acquitted of Tampering Charges


A R G E N T I N A

AMERICAN ELECTRONIC: Creditors' Proofs of Debt Due on April 20
DON HORACIO: Creditors' Proofs of Debt Due on March 5
FAN STORE: Creditors' Proofs of Debt Due on April 5
IGTIUM SRL: Creditors' Proofs of Debt Due on March 23
INTEGRACION Y TECNOLOGIA: Receiving Proofs of Debt Until April 9

MUSEUM SA: Creditors' Proofs of Debt Due on April 21
LA LINDA: Asks for Opening of Preventive Contest
* ARGENTINA: Government Lacks Votes on Reserves Fund Use


B E R M U D A

BUILDERS RISK: Creditors' Proofs of Debt Due on February 17
BUILDERS RISK: Members to Receive Wind-Up Report on March 9
HUTCHISON (BERMUDA): Creditors' Proofs of Debt Due on February 19
HUTCHISON (BERMUDA): Members to Receive Wind-Up Report on March 10
PROTOSTAR LTD: Creditor Blasts Firm's Bid For Sale-Related Bonuses

ROCHE MANUFACTURING: Creditors' Proofs of Debt Due on February 17
ROCHE MANUFACTURING: Members to Receive Wind-Up Report on March 9
STEWARDSHIP CREDIT: To Declare First Dividend on February 24


B R A Z I L

BANCO PINE: Fitch Affirms Long-Term Issuer Default Ratings at 'B+'
CAMAGRO CORREA: Buys Bipadosa's 6.5% Stake in Cimpor
CESP: Sao Paulo Government Drops Sale Plan
EMBRATEL SA: 4Q Net Profit Jumps 181% to BRL327 Million
GOL LINHAS: To Buy Nine Boeing Jets for US$600 Million

GOL LINHAS: Develops Aircraft Maintenance Waste Program
INVESTIMENTOS E PARTICIPACOES: Moody's Assigns 'Ba2' Rating


C A Y M A N  I S L A N D S

ABSOLUTE III: Placed Under Voluntary Wind-Up
ABSOLUTE V: Commences Wind-Up Proceedings
ASHTON BRIC: Placed Under Voluntary Wind-Up
BEAR STEARNS: Placed Under Voluntary Wind-Up
BGI ALPEX: Placed Under Voluntary Wind-Up

BGI ALPEX: Placed Under Voluntary Wind-Up
BGI ALPEX: Placed Under Voluntary Wind-Up
CONTEXT OFFSHORE: Placed Under Voluntary Wind-Up
CONTEXT OPPORTUNISTIC: Commences Wind-Up Proceedings
CONTEXT/TQA GLOBAL: Commences Wind-Up Proceedings

DANSICO INTERNATIONAL: Commences Wind-Up Proceedings
DURANGO CAPITAL: Placed Under Voluntary Wind-Up
HIMEJI X2: Commences Wind-Up Proceedings
JANA COMPOSITE: Commences Wind-Up Proceedings
KLEINWORT BENSON: Commences Liquidation Proceedings

LOTUS LIBERATOR: Commences Wind-Up Proceedings
MUTUAL FUND: Commences Liquidation Proceedings
MUTUAL FUND: Commences Liquidation Proceedings
MUNICIPAL OPPORTUNITIES: Placed Under Voluntary Wind-Up
NMT, LTD: Commences Wind-Up Proceedings

PERCIPIO APEX: Commences Wind-Up Proceedings
PERCIPIO APEX: Commences Wind-Up Proceedings
R3 CAPITAL: Commences Wind-Up Proceedings
REACHCAPITAL SHARI'A: Commences Wind-Up Proceedings
ROYCE SMALLER: Placed Under Voluntary Wind-Up

SENTINEL MASTER: Commences Wind-Up Proceedings
SOURCECAP PRIMARY: Commences Wind-Up Proceedings
STORMBRIDGE CAPITAL: Commences Liquidation Proceedings
TAKE, INC: Commences Wind-Up Proceedings
TURNBERRY, LTD: Placed Under Voluntary Wind-Up


D O M I N I C A N  R E P U B L I C

* DOMININCAN REPUBLIC: Faces Electricity Woes Anew on Unpaid Bills


J A M A I C A

AIR JAMAICA: Workers Intensify Protest on Pending Sale
AIR JAMAICA: Gov't to Allocate US$27BB for Exit Cost of Airline
CABLE & WIRELESS: LIME Wins Another Court Battle Against Digicel
DIGICEL LIMITED: LIME Wins Another Court Battle Against Firm
DIGICEL LIMITED: Claro Files Suit for Anti-Competitive Practices


M E X I C O

CORPORACION GEO: Leads Home Builders In 2009 Infonavit Loans
ULTRAPAR PARTICIPACOES: To Release 4Q Results on March 11


P A N A M A

* PANAMA: Economic Growth Cues Moody's Reviews on Ratings


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: Claimants Elect Committees


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INT'L: SFG Employees Acquitted of Tampering Charges
------------------------------------------------------------
Pascal Fletcher at Reuters reports that U.S. Federal Judge Richard
Goldberg in Fort Lauderdale cleared former Stanford Financial
Group employees -- security chief Thomas Raffanello and technology
officer Bruce Perraud -- of four counts of conspiracy, obstructing
justice and destroying records.  The report relates Judge Goldberg
said that prosecutors had failed to prove their case.

"The judge made a ruling that there was not sufficient evidence to
allow the jury to decide the case," Ed Shohat, the defense
attorney for Mr. Perraud told Reuters in an interview.

According to the report, the former employees' lawyers argued that
no crime occurred since all of the documents had been preserved
through electronic copies that were given to the court appointed
reciver, Ralph Janvey.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, Mr. Perraud -- a former global security specialist
at Stanford's Fort Lauderdale office -- allegedly had a document-
shredding company destroy a 95-gallon bin full of papers on
Feb. 25, just days after the judge presiding over the U.S. SEC
case had issued an order forbidding the alteration, removal or
destruction of Stanford Financial records.  A TCRLA report on
September 14, 2009, related that Mr. Raffanello has been charged
in a three-count superseding indictment with conspiracy to
obstruct a U.S. SEC proceeding and to destroy documents in a
federal investigation; obstruction of a proceeding before the SEC;
and destruction of records in a federal investigation.

                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).

                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
=================


AMERICAN ELECTRONIC: Creditors' Proofs of Debt Due on April 20
--------------------------------------------------------------
Elena Tancredo, the court-appointed trustee for American
Electronic SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 20, 2010.

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

The Trustee can be reached at:

         Elena Tancredo
         Tucuman 1545
         Argentina


DON HORACIO: Creditors' Proofs of Debt Due on March 5
-----------------------------------------------------
Daniel Ruben Mairon, the court-appointed trustee for Don Horacio
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 5, 2010.

Mr. Mairon will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Daniel Ruben Mairon
         Avenida Santa Fe 1821
         Argentina


FAN STORE: Creditors' Proofs of Debt Due on April 5
---------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for Fan Store
Food SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 5, 2010.

Mr. Grisolia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Hector Julio Grisolia
         Jeronimo Salguero 2533
         Argentina


IGTIUM SRL: Creditors' Proofs of Debt Due on March 23
-----------------------------------------------------
Veronica Bartella, the court-appointed trustee for Igtium SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 23, 2010.

Ms. Bartella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Veronica Bartella
         Quevedo 3338
         Argentina


INTEGRACION Y TECNOLOGIA: Receiving Proofs of Debt Until April 9
----------------------------------------------------------------
Ruben Suez, the court-appointed trustee for Integracion y
Tecnologia SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 9, 2010.

Mr. Suez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Ruben Suez
         Cesar Diaz 2324
         Argentina


MUSEUM SA: Creditors' Proofs of Debt Due on April 21
----------------------------------------------------
Marcelo Rodriguez, the court-appointed trustee for Museum SA's
reorganization proceedings, will be verifying creditors' proofs of
debt until April 21, 2010.

Mr. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 3, 2011.

The Trustee can be reached at:

         Marcelo Rodriguez
         Cerrito 146
         Argentina


LA LINDA: Asks for Opening of Preventive Contest
------------------------------------------------
La Linda SA asked for opening of preventive contest.

The company stopped making payments last May 18, 2009.


* ARGENTINA: Government Lacks Votes on Reserves Fund Use
--------------------------------------------------------
Argentina's government lacks the support needed in the Senate to
approve President Cristina Fernandez de Kirchner's plan to tap
US$6.6 billion in central bank reserves to pay sovereign debt due
this year, Bill Faries at Bloomberg News reports, citing ruling
party Senator Miguel Pichetto.

According to the report, Ms. Fernandez's Dec. 14 decree calling
for a portion of the central bank's US$48 billion in reserves to
be used needs support from some opposition members to pass in at
least one chamber of Congress.  The report recalls that former
central bank President Martin Redrado was fired last month for not
supporting the plan.

Bloomberg News notes Mr. Pichetto said that approval of the plan
would help lower national and provincial interest rates on any new
debt.  Going into international markets for the money would result
in interest payments of as much as 16%, compared with 0.5% from
the central bank, he added.

Bloomberg News says that yields on Argentina's 7% dollar-
denominated bonds due in 2017 have risen 210 basis points, or 2.1
percentage points, since Ms. Fernandez unveiled her plan.


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


BUILDERS RISK: Creditors' Proofs of Debt Due on February 17
-----------------------------------------------------------
The creditors of Builders Risk Insurance Company, Ltd. are
required to file their proofs of debt by February 17, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 29, 2010.

The company's liquidator is:

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


BUILDERS RISK: Members to Receive Wind-Up Report on March 9
-----------------------------------------------------------
The members of Builders Risk Insurance Company, Ltd. will receive,
on March 9, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 29, 2010.

The company's liquidator is:

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


HUTCHISON (BERMUDA): Creditors' Proofs of Debt Due on February 19
-----------------------------------------------------------------
The creditors of Hutchison (Bermuda) Limited are required to file
their proofs of debt by February 19, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 4, 2010.

The company's liquidator is:

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


HUTCHISON (BERMUDA): Members to Receive Wind-Up Report on March 10
------------------------------------------------------------------
The members of Hutchison (Bermuda) Limited will receive, on
March 10, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 4, 2010.

The company's liquidator is:

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


PROTOSTAR LTD: Creditor Blasts Firm's Bid For Sale-Related Bonuses
------------------------------------------------------------------
Law360 reports that creditor Afro Asian Satellite Communications
Mauritius Ltd. has objected to ProtoStar Ltd.'s renewed request to
pay bonuses to management and other employees for helping arrange
the $210 million sale of a satellite to Intel Subsidiary Holding
Co. Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


ROCHE MANUFACTURING: Creditors' Proofs of Debt Due on February 17
-----------------------------------------------------------------
The creditors of Roche Manufacturing Asia Ltd. are required to
file their proofs of debt by February 17, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 28, 2010.

The company's liquidator is:

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


ROCHE MANUFACTURING: Members to Receive Wind-Up Report on March 9
-----------------------------------------------------------------
The members of Roche Manufacturing Asia Ltd. will receive, on
March 9, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 28, 2010.

The company's liquidator is:

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


STEWARDSHIP CREDIT: To Declare First Dividend on February 24
------------------------------------------------------------
Stewardship Credit Arbitrage Fund, Ltd. intends to declare first
interim dividend on February 24, 2010.

Only creditors who were able to file their proofs of debt by
February 19, 2010, will be included in the company's dividend
distribution.

Peter C.B. Mitchell is the company's liquidator.


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


BANCO PINE: Fitch Affirms Long-Term Issuer Default Ratings at 'B+'
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Pine S.A.'s ratings:

  -- Foreign and Local Currency Long-Term Issuer Default Ratings
     at 'B+';

  -- Foreign and Local Currency Short-Term IDRs at 'B';

  -- Individual Rating at 'D';

  -- Support Rating at '5';

  -- Support Rating Floor at 'No Floor';

  -- National Long-Term Rating at 'A-(bra)';

  -- National Short-Term Rating at 'F2(bra)'.

Fitch has also revised the Rating Outlook for all of the above
long-term ratings to Positive from Stable.

At the same time, Fitch assigned a Foreign Currency Long-Term
rating of 'B-/RR6' to Pine's US$125 million 8.75% issuance of
subordinated notes due Jan. 6, 2017.

The Outlook revision reflects Fitch's expectations that Pine
should resume growth, while sustaining a more consistent
performance, maintaining an adequate asset quality portfolio, and
improving its funding structure in the near term, despite greater
concentration in assets and liabilities and a more competitive
scenario.

Pine's ratings also reflects its agility in adapting to economic
volatility, consistently managing risks and balance sheet
adjustments.  Pine is a medium-sized institution focused on the
middle market and business opportunities in certain niche areas.
Given its business model, the bank presents relevant
concentrations in assets and liabilities, although with prudent
credit and liquidity management, particularly during adverse
scenarios and economic cycle volatilities like the recent global
financial crisis.

The rating assigned to the subordinated notes is two notches below
the bank's Local Currency Long-Term IDR 'B+', reflecting its
subordination in relation to its other obligations.  The notes are
subject to the Central Bank of Brazil's approval for being treated
as Tier II for regulatory capital purposes.  Fitch will likely
consider them as class 'D' securities with capital content
receiving 75% weight under Fitch's criteria for approaching
capital assessment, thus reflecting high loss absorption capacity.

Pine's activities are focused on credit to SMEs.  Headquartered in
Sao Paulo, the bank was founded in 1997 and is controlled by
Noberto Pinheiro.  Since 2007, it has been listed on the Sao Paulo
Stock Exchange (BM&FBovespa).


CAMAGRO CORREA: Buys Bipadosa's 6.5% Stake in Cimpor
----------------------------------------------------
Camargo Correa SA purchased a 6.5% stake in Portugal cement
company Cimpor that was held by Spanish company Bipadosa, Kenneth
Rapoza at Dow Jones Newswires reports, citing Estado newswire.
The report relates that the company has been dealing with Cimpor
all year, and the latest deal, estimated by Estado newswire to be
EUR300 million, comes just days after Camargo Correa bought a
22.2% stake in Cimpor.

Sources at Camargo Correa told Dow Jones Newswires that "It's
possible that Camargo Correa is negotiating the Bipadosa shares in
Cimpor, seeing as it is interested in increasing its stake."  The
report relates, citing Portugal's Jornal de Negocios newspaper,
Bipadosa was analyzing a proposal to sell its 6.5% Cimpor stake to
Camargo Correa.  The report notes that the deal comes with a price
of EUR6.50 per Cimpor share, with an option to buy another 3%
stake, giving Camargo a possible total of 32% of Cimpor's shares.

As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, Bloomberg News said that Camargo Correa SA
agreed to buy 22.2% of Cimpor-Cimentos for EUR6.50, 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
related that Camargo Correa is buying the stake from Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA.

                       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';


CESP: Sao Paulo Government Drops Sale Plan
------------------------------------------
Paulo Winterstein and Lucia Kassai at Bloomberg News report that
the government dropped its plan to sell Cia. Energetica de Sao
Paulo.

In 2008, the report recalls, the government cancelled an auction
to sell Cesp after investors failed to deposit guarantees required
to make a bid because the federal government didn't give
assurances it would renew the company's licenses, which begin
expiring in 2015.

According to the report, Paulo Possas, who manages US$50 million
as chief executive of Eagle Capital in Sao Paulo, said that "the
federal government kept pushing things back until the sale
wouldn't benefit" Sao Paulo governor Jose Serra, who may run
against President Luiz Inacio Lula da Silva's chosen successor in
October elections.  "Giving up plans to sell the company may make
it easier to renew the licensesm," the report quoted Mr. Possas as
saying.

                             About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric planst located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of December 21, 2009, the company continues to carry Moody's
Ba2 LT Corp Family rating and Senior Unsecured Debt rating.

The company also continues to carry Standard and Poors B LT Issuer
credit rating.


EMBRATEL SA: 4Q Net Profit Jumps 181% to BRL327 Million
-------------------------------------------------------
Embratel Participacoes SA's fourth quarter net profit increased
181% to BRL327 million (US$176.7 million) due to operational
improvements and foreign-exchange gains that helped reduced
financial costs on the companies larger dollar-denominated debts,
Kenneth Rapoza at Dow Jones Newswires reports.  The report relates
that the company has BRL1.6 billion in foreign debt, or 80% of the
company's total debt obligations.

According to the report, Embratel's net revenue advanced 7.2%
year-on-year in the fourth quarter to BRL2.76 billion due to an
overall rise in the company's local fixed-line telephone service
and its new direct-to-home, or DTH, satellite service, which did
not exist in the same period last year.  The report relates that
DTH added another BRL48 million to the company's revenue.

Dow Jones Newswires notes that Ebitda climbed 20.8% to BRL761.7
million from BRL630.8 million in the fourth quarter 2008; while
Ebitda margin rose slightly in the fourth quarter, to 27.5% from
27% in the third quarter and 24.4% in the fourth quarter of 2008.

The company, the report says, also recorded year-ending figures
and showed Ebitda rising by 14.2% over 2008 to BRL2.81 billion,
with a margin of 26.5% compared with 25.2% in 2008.  The report
relates that net profits on the year totaled BRL1.29 billion, up
110% from 2008 and net revenue for 2009 rose 8.4% to BRL10.6
billion, thanks to 20.5% growth in fixed and wireless demand and a
13.2% jump in wireless data communication, such as cell phone text
messages.

Embratel, the report adds, said that net profits for 2009 were
impacted mostly by a weaker dollar, coupled with profits from Net
Servicos (NETC3.BR), which Embratel has a 35.4% stake in.

                          About Embratel

Empresa Brasileira de Telecomunicacoes S.A --
http://www.embratel.com.br-- is a major telecommunications
carrier in Brazil.  It offers up-to-date telecommunications
solutions to the Brazilian market including local, long distance
domestic and international calling; data, video and Internet
transmission.  Embratel can provide services all over the country
through its satellite solutions.  Embratel has been part of the
history of Brazil for 43 years, playing a major role in the
country's development.

                           *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.



GOL LINHAS: To Buy Nine Boeing Jets for US$600 Million
------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
is planning to buy nine Boeing airplanes for about US$600 million,
Rogerio Jelmayer at Dow Jones Newswires reports, citing Chief
Executive Officer Constantino de Oliveira Jr.

According to the report, Mr. Oliveira Jr. did not unveil an exact
timetable for the purchase.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.


GOL LINHAS: Develops Aircraft Maintenance Waste Program
-------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has developed its own program
for managing aircraft maintenance waste at its operational bases.
Currently, eight bases are using the program to treat and dispose
of 100% of their waste and another 18 are in the advanced
implementation phase.  The company is also carrying out studies
into extending the program to all the airports where it operates.

"After having created our own liquid effluent and solid waste
treatment program at our Maintenance Center in Confins (MG), which
is a benchmark for the industry, we want to introduce similar
procedures at the airports," declared Alberto Correnti, GOL's Head
of Maintenance.  The Maintenance Center is run along strict
environmental standards whereby all the oil and other chemical
effluents produced during the maintenance process are treated
before being disposed of in a way that does not harm the
environment.

For cleaning the inside of the aircraft, the Company uses
industrial towels that are laundered by specialized firms in order
to avoid any type of waste. Also, since 2003, GOL has been dry
cleaning the outside of its aircraft, using only 10% of the amount
of water normally used in this procedure.

In addition to being environmentally correct and in line with the
Company's own social and environmental responsibility policies,
extending the waste management program to the bases will give GOL
greater control over material consumption and use.  In accordance
with ANVISA (National Health Surveillance Agency) and CONAMA
(National Environment Council), the methodology ensures that each
type of waste generated during cleaning and maintenance procedures
is disposed of in the most appropriate manner.  In 2009, more than
14 tonnes of waste were treated prior to disposal, which
represents 30% of the total (the other 70% are treated by third
parties).  In the near future, the Company aims to treat 100% of
the waste generated during the procedures.

The Company has always been preoccupied with the treatment of
aircraft maintenance waste, which was previously handled by
airport management at each base.  "The development of our own
program, which is totally in line with environmental legislation
and the industry's best practices, is an important step forward
for GOL", declared Correnti.  The measure anticipates waste
management tendencies in the global aviation industry: "By
centralizing the process within the Company, we have made this
issue one more facet of our environmental management and
sustainability policy", he concluded.

                          About Go Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

   -- Foreign and Local Currency long-term Issuer Default Ratings
      at 'B+';

   -- Long-term National Rating at 'BBB(bra)';

   -- US$200 million perpetual notes at 'B/RR5';

   -- US$200 million senior notes due 2017 at 'B/RR5'.


INVESTIMENTOS E PARTICIPACOES: Moody's Assigns 'Ba2' Rating
-----------------------------------------------------------
Moody's America Latina Ltda assigned a Ba2 rating on the global
scale and A1.br rating on the Brazilian National scale to the 10-
year BRL450 million amortizing local unsecured debentures to be
issued by Investimentos e Participacoes em Infra-Estrutura S.A
that are to be guaranteed by its wholly-owned subsidiary Linha
Amarela S.A.  The outlook is stable.  This is the first time
Moody's has assigned ratings to debt issued by INVEPAR.

INVEPAR will use the proceeds of these debentures to capitalize
INVEPAR's subsidiary Concessao Metroviaria do Rio de Janeiro S.A
(Ba3, stable) through the acquisition of 10-year bullet payment
debentures to be issued by Metro Rio.  The latter will primarily
use the proceeds of these private debentures to amortize existing
short-term debt estimated at around BRL170 million and fund the
acquisition of new train cars of around BRL280 million.

The use of a debt instrument instead of equity to transfer
financial resources to Metro Rio has been chosen for strategic
financial reasons to support the investment program of its
subsidiary Metro Rio

The Ba2 rating on the INVEPAR's debentures reflects the inherent
stable and predictable cash flow of the guarantor, LAMSA, which is
supported by a long-term concession contract for toll road
services.  LAMSA also has strong credit metrics for the rating
category and a relatively long track record of improving operating
performance since 1998.

Constraining the debentures's ratings are potential cash flow
pressures on the subsidiary guarantor, LAMSA, because of INVEPAR's
rather leveraged capital structure on a consolidated basis, the
sizeable capital expenditure programs at its other subsidiaries,
and the risks associated with raising sufficient and timely long-
term capital to fund those various capital expenditure programs.
In addition, the lack of adequate ring-fencing or other
contractual provisions to prevent LAMSA from increasing its
leverage through the granting of additional guarantees further
constrains the rating.

Moody's forecasts that up-stream dividends from LAMSA will be the
primary cash flow source to cover the debt service associated with
INVEPAR's BRL450 million debentures.  Management has signaled that
INVEPAR's business plan envisages the receipt of around
BRL715 million of new capital from the current shareholders over
the next five years which will be almost fully utilized to
capitalize INVEPAR's two main subsidiaries, Metro Rio and
Concessionaria Auto Raposo Tavares.

In this context, Moody's credit analysis largely focused on
LAMSA's ability to generate sufficient cash flow to meet the
amortization of the debenture's principal amount over the
projected period and the credit risks intrinsic to the
subsidiary's toll road operations.

LAMSA has strong credit metrics for the rating category.  The
stable and predictable nature of its cash flow is based on a long-
tern concession granted by the Municipality of Rio de Janeiro,
which expires in 2022.  The concession has allowed the company to
post healthy cash flow over the years culminating in full
repayment of all debt initially undertaken to fund the
construction of the 20-km urban route in the city of Rio de
Janeiro.

LAMSA operates in a relatively small, yet essential service area.
Alternative routes connecting the Barra da Tijuca to the Avenida
Brasil exist but are not competitive in term of distance, road
quality, and security.  Competing routes are in inferior
condition, prone to heavy traffic jams, and often cross dangerous
areas.  The city's geography and urban layout both limit
competition, as areas of illegal land occupation surround the
concession.

Moody's notes that LAMSA's user profile consists mostly of
commuter traffic, which is the least volatile type and therefore
less vulnerable to economic fluctuations.  Although regional GDP
has fluctuated during the concession, the number of the road users
has grown steadily.  According to management, the daily number of
users grew from 105,136 in 2007 to 111,409 in 2008 and to 116,601
users in 2009.

The municipal government of Rio de Janeiro regulates the
concession.  From a credit perspective, the regulatory framework
of Rio de Janeiro could be considered below the Brazilian average
in terms of transparency on tariff-setting mechanisms and
protection against events outside the control of the
concessionaire.  Consequently, susceptibility to political
interference and a relatively short track record raises a certain
degree of uncertainty with regard to the current regulatory
framework.

The tariffs are adjusted annually in January for inflation, in
accordance with the consumer price index (IPC-A).  During the life
of the concessions, there has been timely approval of the tariff
adjustments.

The implied Ba2 rating attributed to LAMSA's guarantee is lower
than the global toll road methodology outcome.  This reflects the
risks associated with implementing INVEPAR's overall business
plan, lack of ring-fencing provisions in the debenture's indenture
and the potential uncertainties regarding LAMSA's ability to
service the debt if the subsidiary was forced to takeover the debt
in honoring its obligation as guarantor.

Such a takeover is possible should there be shortfalls in
projections as INVEPAR continues to pursue its aggressive
investment program to dramatically expand the business scope of
Metro Rio and CART.  Moody's understands that these projections
are feasible but also recognizes that important risks remain:
increased levels of new borrowings, lack of a track record for
CART, aggressive assumptions for Metro Rio, relatively sizeable
near-term debt on a consolidated basis and a high dependence on
injections of new capital from shareholders.

The A1.br national scale rating reflects the standing of credit
quality relative to domestic peers.  Moody's National Scale
Ratings are intended as relative measures of creditworthiness
among debt issuances and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

INVEPAR was created in March 2000 as a result of an association
between Brazil's largest pension fund and the construction company
OAS (unrated) to invest in other companies in the infrastructure
segment, with toll road concessions a priority.

In 2009, INVEPAR's equity capital was increased by BRL799 with the
entrance of two major pension funds.  The capital increase was
used to partially fund the acquisition of Metro Rio (Ba3/A3.br/
Stable) in March 2009, which required an investment of
approximately BRL1 billion.

INVEPAR reported net revenues and EBITDA of approximately 156 and
98 million real in 2008.

LAMSA is a wholly-owned by INVEPAR and has a 25-year concession to
operate the toll road services of a 20-km urban route in the city
of Rio de Janeiro.  Toll road services have been operational since
January 1998 and connect the Barra da Tijuca to the Avenida
Brasil.  LAMSA reported net revenues and EBITDA of approximately
115 and 74 million real in the first nine months of 2009.  LAMSA
has virtually no debt and up-streams its cash generation to
INVEPAR.  LAMSA has predictable cash generation given its strong
and stable track record of tolled traffic and annual inflation-
linked tariff adjustments.  An estimated 42 million tolled
vehicles used the road asset in 2009.


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


ABSOLUTE III: Placed Under Voluntary Wind-Up
--------------------------------------------
Absolute III Synthetic CDO 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 SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


ABSOLUTE V: Commences Wind-Up Proceedings
-----------------------------------------
Absolute V Synthetic CDO 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 SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


ASHTON BRIC: Placed Under Voluntary Wind-Up
-------------------------------------------
Ashton Bric Fund 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


BEAR STEARNS: Placed Under Voluntary Wind-Up
--------------------------------------------
Bear Stearns Global Products, 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


BGI ALPEX: Placed Under Voluntary Wind-Up
-----------------------------------------
The BGI Alpex Fund (US 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: Placed Under Voluntary Wind-Up
-----------------------------------------
The BGI Alpex Fund (Europe 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: Placed Under Voluntary Wind-Up
-----------------------------------------
BGI Alpex US II Fund 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


CONTEXT OFFSHORE: Placed Under Voluntary Wind-Up
------------------------------------------------
Context Offshore Advantage Fund, 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


CONTEXT OPPORTUNISTIC: Commences Wind-Up Proceedings
----------------------------------------------------
Context Opportunistic Offshore, 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


CONTEXT/TQA GLOBAL: Commences Wind-Up Proceedings
-------------------------------------------------
Context/TQA Global Convertible Offshore Fund, Ltd. commenced wind-
up proceedings on December 10, 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


DANSICO INTERNATIONAL: Commences Wind-Up Proceedings
----------------------------------------------------
Dansico International Ltd commenced wind-up proceedings on
December 4, 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:

         Ian Phillips
         Lee Trickett
         Cayman National Trust Co Ltd
         Suite 6201, 62 Forum Lane
         Camana Bay, George Town
         Grand Cayman


DURANGO CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
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


HIMEJI X2: Commences Wind-Up Proceedings
----------------------------------------
Himeji X2 Liquidfund Inc. 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


JANA COMPOSITE: Commences Wind-Up Proceedings
---------------------------------------------
Jana Composite Offshore Fund, Ltd. commenced wind-up proceedings
on November 30, 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 Capital Return Strategy Master Fund, Ltd.
commenced liquidation 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 liquidator is:

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


LOTUS LIBERATOR: Commences Wind-Up Proceedings
----------------------------------------------
Lotus Liberator Fund 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


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (1-P) Limited commenced
liquidation 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:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, One Capital Place, George Town,
         Grand Cayman KY1-1103, Cayman Islands


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (6-B) Limited commenced
liquidation 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:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, One Capital Place, George Town,
         Grand Cayman KY1-1103, Cayman Islands


MUNICIPAL OPPORTUNITIES: Placed Under Voluntary Wind-Up
-------------------------------------------------------
Municipal Opportunities Fund Offshore Feeder GP 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


NMT, LTD: Commences Wind-Up Proceedings
---------------------------------------
NMT, 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


PERCIPIO APEX: Commences Wind-Up Proceedings
--------------------------------------------
Percipio Apex Master Fund, Ltd. commenced wind-up proceedings on
December 10, 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


PERCIPIO APEX: Commences Wind-Up Proceedings
--------------------------------------------
Percipio Apex Fund (Overseas), Ltd. commenced wind-up proceedings
on December 10, 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


R3 CAPITAL: Commences Wind-Up Proceedings
-----------------------------------------
R3 Capital SLP MGP, 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


REACHCAPITAL SHARI'A: Commences Wind-Up Proceedings
---------------------------------------------------
Reachcapital Shari'a Istithmar Fund, 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


ROYCE SMALLER: Placed Under Voluntary Wind-Up
---------------------------------------------
Royce Smaller Companies Value Fund, 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


SENTINEL MASTER: Commences Wind-Up Proceedings
----------------------------------------------
Sentinel Master Fund, 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


SOURCECAP PRIMARY: Commences Wind-Up Proceedings
------------------------------------------------
Sourcecap Primary Research Fund Limited commenced wind-up
proceedings on December 10, 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


STORMBRIDGE CAPITAL: Commences Liquidation Proceedings
------------------------------------------------------
Stormbridge Capital Funds SPC Ltd commenced liquidation
proceedings on December 10, 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:

         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


TAKE, INC: Commences Wind-Up Proceedings
----------------------------------------
Take, Inc. commenced wind-up proceedings on December 10, 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


TURNBERRY, LTD: Placed Under Voluntary Wind-Up
----------------------------------------------
Turnberry, Ltd. commenced wind-up proceedings on November 24,
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


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


* DOMININCAN REPUBLIC: Faces Electricity Woes Anew on Unpaid Bills
------------------------------------------------------------------
Dominican Republic's electricity supply is low nationwide, as
almost a third of the population remains without energy,
especially in Santo Domingo, Santiago and other Cibao cities, The
Dominican Today reports.

According to the report, state-owned Power Companies (CDEEE) CEO
Celso Marranzini said that the reduction in service occurred when
Puerto Plata's San Felipe plant (old Smith-Enron), was pulled from
system.  The report relates that it was learned that the plant was
shut down on orders of its executives because they have yet to get
paid for the energy served.

The report points out that power deficits has prompted protests in
Santo Domingo, Santiago and major other cities.  The report
relates that the power plants shut down, in addition Cogentrix's
three units, are Itabo I, Haina II, IV, and Haina turbo-gas,
Barahona and San Pedro, Falcondo II and III and Los Mina V, among
others.


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


AIR JAMAICA: Workers Intensify Protest on Pending Sale
------------------------------------------------------
Mark Cummings at Jamaica Observer reports that Air Jamaica Limited
workers intensified their protest against the government's plan to
divest the national carrier to the Trinidad-owned Caribbean
Airlines.

"We are calling on the government to hear the people's cry.  The
pilots and the staff are committed to Air Jamaica and we are sure
that if Jamaica Airline Pilot's Association gets the airline it
can become profitable." the report quoted Khurt Fletcher, a
National Workers Union (NWU) delegate, as saying.

According to the report, Air Jamaica workers protest at the
round-a-bout near the Sangster International Airport in Montego
Bay, St James, on February 12.   Mr. Fletcher, the report relates,
said that the 4 hours protest involved employees from various
departments including reservations, ticketing, ramp and customer
service, but, it did not affect the operations of the airline.

Meanwhile, the report relates, vice president at the National
Workers Union Herbie Morris said that the protest is one of
several planned by the workers to drive home the point that the
airline should not be sold to Caribbean Airlines.  NWU represents
most of the airline's workers.

"The Unions and the workers felt strongly that there is not need
for the airline to be divested but if has to be really divested
the Jamaican people should be given the first preference in owning
the little piece of Jamaica that flies," the report quoted Mr.
Morris as saying.  The unions and the workers are imploring the
prime minister to take "another look" at the situation, he added.

                         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: Gov't to Allocate US$27BB for Exit Cost of Airline
---------------------------------------------------------------
The Jamaican government will be allocating US$27 billion in the
2010/2011 Budget to cover the cost of the administration's exiting
responsibilities for Air Jamaica Limited, Jamaica Information
Service News reports.

"We are hopeful that before we get to the new financial year, we
would have secured an arrangement for the privatization, if not,
the arrangements for its closure would be triggered by April 1,
2010," the report quoted Prime Minister, Hon. Bruce Golding as
saying.  "This means that the necessary notices will be served and
the funds which will be provided in the budget will be dedicated
to winding it up as quickly as possible," he added.

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.


CABLE & WIRELESS: LIME Wins Another Court Battle Against Digicel
----------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has scored another victory in the ongoing legal
battle with its competitor Digicel Limited, RadioJamaica News
reports.

According to the report, the Supreme Court ruled in LIME's favor
regarding an ongoing dispute with Digicel which had blocked its
international call circuits resulting in LIME losing revenues.
The report relates that LIME took legal action against Digicel
after it blocked traffic on its international call circuits in
December 2008 and again in January 2009.

RadioJamaica News notes that the Supreme Court ordered Digicel to
restore all of LIME's circuits to full capacity which means that
Digicel must now comply with the existing inter-connection
agreement between the two companies until the matter is further
aired in Court.

The latest ruling is the newest victory which LIME has scored over
Digicel in recent months, the report adds.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                    About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


DIGICEL LIMITED: LIME Wins Another Court Battle Against Firm
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has scored another victory in the ongoing legal
battle with its competitor Digicel Limited, RadioJamaica News
reports.

According to the report, the Supreme Court ruled in LIME's favor
regarding an ongoing dispute with Digicel which had blocked its
international call circuits resulting in LIME losing revenues.
The report relates that LIME took legal action against Digicel
after it blocked traffic on its international call circuits in
December 2008 and again in January 2009.

RadioJamaica News notes that the Supreme Court ordered Digicel to
restore all of LIME's circuits to full capacity which means that
Digicel must now comply with the existing inter-connection
agreement between the two companies until the matter is further
aired in Court.

The latest ruling is the newest victory which LIME has scored over
Digicel in recent months, the report adds.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                    About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


DIGICEL LIMITED: Claro Files Suit for Anti-Competitive Practices
----------------------------------------------------------------
Claro Jamaica has filed a complaint with the Fair Trading
Commission regarding what it claims are anti-competitive practices
by Digicel Limited, RadioJamaica News reports.

According to the report, Claro wrote to the FTC asking it to
investigate the actions of Digicel, in choosing to offer one
telecoms carrier a lower cross network rate than it offers Claro.
The report relates that Claro said Digicel's action is in clear
violation of the Fair Competition Act which states that an entity
shall not apply dissimilar conditions to equivalent transactions
with other trading parties, which would place them at a
competitive disadvantage.

Claro, the report notes, said it negotiated agreements with two
other telecoms providers to lower the cross network charges and
this has resulted in it being able to pass on lower rates to
consumers.

However, the report points out, Claro said that Digicel refused to
lower the charges and instead chose to file a complaint with the
FTC alleging collusion between LIME and Claro in the market.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


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


CORPORACION GEO: Leads Home Builders In 2009 Infonavit Loans
------------------------------------------------------------
Corporacion GEO, S.A.B. de C.V. has received INFONAVIT's annual
mortgage origination award, for the second consecutive year, for
generating the highest number of mortgages in 2009.

The company said that the recognition underscores GEO's leadership
position with Mexico's most important low-income housing
institutions.  In 2009, the Company generated a record 36,299
mortgages through INFONAVIT, approximately 70% more than GEO's
closest competitor.

GEO's mortgage origination through INFONAVIT grew 16% compared to
2008 and the Company's overall share of INFONAVIT mortgages
reached 8.1%, a 160 bps increase year-on-year, confirming the
Company's leadership position within the low income segments.

Upon receiving the award, Corporacion GEO's CEO Luis Orvananos
Lascurain commented, "GEO continues to maintain a solid leadership
position with Mexico's key housing institutions due to our well
established low income-focused strategy.  We've maintained our
commitment to our clients and the financial community despite a
challenging environment and plan to maintain this focus as we
develop high-quality, value-added homes that enhance their
inhabitants' quality of life."

                        About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed-
rate notes.


ULTRAPAR PARTICIPACOES: To Release 4Q Results on March 11
---------------------------------------------------------
Ultrapar Participacoes S.A. will release its fourth quarter
results on March 11, 2010.

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.

                           *      *      *

As of October 19, 2009, the company continues to carry


===========
P A N A M A
===========


* PANAMA: Economic Growth Cues Moody's Reviews on Ratings
---------------------------------------------------------
Moody's Investors Service has placed Panama's key ratings on
review for upgrade, in recognition of the significant improvement
in the country's fiscal and debt positions over the past several
years and of a structural upward shift in economic growth.

The review for upgrade affects Panama's Ba1 foreign currency
government bond rating, which is now one notch below investment
grade.  Other ratings also on review for upgrade are the foreign
currency country ceilings for bonds and deposits, currently A3 and
Baa2, respectively.

"Panama's government and external debt metrics have improved
dramatically over the past decade, with several ratios already in
line with those of sovereigns at the lower end of the investment
grade range," said Moody's Vice President-Senior Analyst
Alessandra Alecci.  "This has been in large part due to Panama's
very high growth rates in recent years, which averaged 9.0% during
the boom years through 2008 and boosted government and export
revenues in a significant way."

Together with the Panama Canal expansion, intentions to undertake
an ambitious infrastructure development program are likely to
sustain growth rates in the next few years.  The new
administration has announced plans to spend around $14 billion
over the next five years, or the equivalent of 7.0% of GDP
annually, with the aim of further developing Panama's role as a
logistics hub and of diversifying the economy.

"A policy focus on broadening Panama's traditionally narrow tax
base, with central government's tax revenues below 10% of GDP over
the past several years, bodes well for further fiscal
consolidation and debt dynamics," Ms. Alecci said.

Moody's highlighted Panama's favorable debt structure as another
important consideration for the review for upgrade.  "Panama's
average external debt maturity is longer than most Baa-rated
sovereigns and the government's gross financing needs are modest
at around 5.0% of GDP, resulting in low roll-over risk," stated
Ms. Alecci.

The recent crisis demonstrated Panama's ability to deal with a
major shock.  Even though GDP growth declined sharply last year,
it remained in positive territory at around 3%, according to
preliminary estimates.  Despite a major contraction in residential
construction activity, Panama's financial system remained strong,
with high liquidity levels and substantial growth in deposits.
More importantly, there was no significant deterioration in
government debt metrics.  The fiscal deficit came in at just 1.0%
of GDP in 2009, well below the 2.5% of GDP limit established by
the Fiscal Responsibility Law.

The rating review, which is typically concluded within three
months, will aim to confirm Moody's assumptions that the ambitious
infrastructure development program will not derail the public
finances and also that recent and planned tax reforms will lead to
permanently higher tax revenues.

The last change in Panama's ratings was implemented on June 5,
2007, when the country ceiling for foreign currency bonds was
upgraded to A3 from Baa1.  Panama's Ba1 government bond ratings
were assigned in January 1997 and have not changed since.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: Claimants Elect Committees
--------------------------------------
Gemma Handy at Jamaica Observer News reports that claimants
against Olint TCI Corporation Limited elected two committees on
Monday to represent them in their claims against the company.

According to the report, the committees were elected at two
meetings between the liquidator, John Connolly, and club members
held at the Jamaica Conference Centre in downtown Kingston.  The
report relates that one committee will represent the Potential
Beneficiaries of Trust Funds and the other, Unsecured Creditors.

The elections, the report notes, were conducted under the
supervision of the Electoral Office of Jamaica which has certified
the results.

Persons to serve on the respective committees are:

* Potential Beneficiaries of Trust Funds Committee:

   -- Denise Kitson

   -- Dr. Lloyd Goldson

   -- Alastair Macbeath

   -- David Lee

   -- Doreen Forbes

* Unsecured Creditors Committee:

   -- George Wilson

   -- Dean Shaw

   -- Jahsen Levy

   -- Trevor Stines

   -- Rachel Eaton

The Observer notes that Trust Fund beneficiaries are claimants who
had deposited funds directly to Hallmark Bank & Trust Limited in
the Turks and Caicos Islands between the period April 2006 and
July 2008 and had entered into a Private Club Members Agreement
with Olint TCI.  The report relates that unsecured creditors are
claimants who also entered into a Private Club Members Agreement
with Olint TCI, but did not deposit funds directly to Hallmark.
Mr. Connolly, the report points out, told the claimants the he had
so far only identified US$10 million in liquid assets, less than a
sixth of total claims.

                        About Olint Corp.

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


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                     Total
                                   Total      Shareholders
                                   Assets           Equity
Company      Ticker               (US$MM)          (US$MM)
-------      ------              ------------      -------


ARGENTINA

SOC COMERCIAL PL   SCDPF US       113091441  -254639574.1
SNIAFA SA-B        SDAGF US      11003115.7   -2108433.04
AUTOPISTAS SOL     APDSF US       351681167  -2858782.096
SOC COMERCIAL PL   CAD IX         113091441  -254639574.1
SOC COMERCIAL PL   CVVIF US       113091441  -254639574.1
SOC COMERCIAL PL   CADN EO        113091441  -254639574.1
COMERCIAL PL-ADR   SCPDS LI       113091441  -254639574.1
SOC COMERCIAL PL   COME AR        113091441  -254639574.1
SOC COMERCIAL PL   CADN SW        113091441  -254639574.1
COMERCIAL PLA-BL   COMEB AR       113091441  -254639574.1
COMERCIAL PL-C/E   COMEC AR       113091441  -254639574.1
COMERCIAL PLAT-$   COMED AR       113091441  -254639574.1
SNIAFA SA          SNIA AR       11003115.7   -2108433.04
SNIAFA SA-B        SNIA5 AR      11003115.7   -2108433.04
AUTOPISTAS SOL     AUSO AR        351681167  -2858782.096
IMPSAT FIBER NET   IMPTQ US       535007008     -17165000
IMPSAT FIBER NET   330902Q GR     535007008     -17165000
IMPSAT FIBER NET   XIMPT SM       535007008     -17165000
IMPSAT FIBER-CED   IMPT AR        535007008     -17165000
IMPSAT FIBER-C/E   IMPTC AR       535007008     -17165000
IMPSAT FIBER-$US   IMPTD AR       535007008     -17165000
IMPSAT FIBER-BLK   IMPTB AR       535007008     -17165000


BRAZIL

DOC IMBITUBA-RTC   IMBI1 BZ       114896167  -16783228.37
DOC IMBITUBA-RTP   IMBI2 BZ       114896167  -16783228.37
TELECOMUNICA-ADR   81370Z BZ      244018546   -6054999.05
FABRICA TECID-RT   FTRX1 BZ      66779266.7  -50394386.07
PROMAN             PRMN3B BZ     13403496.6  -173711.3081
TEKA-ADR           TEKAY US       237436194  -360484909.9
BOMBRIL            BMBBF US       289000174    -166589140
TELEBRAS-PF RCPT   CBRZF US       244018546   -6054999.05
TEKA               TKTQF US       237436194  -360484909.9
TEKA-PREF          TKTPF US       237436194  -360484909.9
REII INC           REIC US         16631180      -1448544
PET MANG-RIGHTS    RPMG1 BZ      97015785.2  -251755220.1
PET MANG-RIGHTS    RPMG2 BZ      97015785.2  -251755220.1
PET MANG-RECEIPT   RPMG9 BZ      97015785.2  -251755220.1
PET MANG-RECEIPT   RPMG10 BZ     97015785.2  -251755220.1
MMX MINERACAO      TRES3 BZ      1018389001  -160218400.5
MMX MINERACA-GDR   MMXMY US      1018389001  -160218400.5
SANESALTO          SNST3 BZ      27381496.7    -870175.96
CEEE-D             CEED3B BZ     1090886627  -15249815.85
CEEE-D-PREF        CEED4B BZ     1090886627  -15249815.85
B&D FOOD CORP      BDFCE US        16631180      -1448544
BOMBRIL-RGTS PRE   BOBR2 BZ       289000174    -166589140
BOMBRIL-RIGHTS     BOBR1 BZ       289000174    -166589140
MMX MINERACA-GDR   XMM CN        1018389001  -160218400.5
TELEBRAS/W-I-ADR   TBH-W US       244018546   -6054999.05
MMX MINERACA-GDR   3M11 GR       1018389001  -160218400.5
LAEP-BDR           MILK11 BZ      446499199  -70952298.93
LAEP INVESTMENTS   LEAP LX        446499199  -70952298.93
MMX MINERACAO      MMXCF US      1018389001  -160218400.5
BALADARE           BLDR3 BZ       144928981  -33970462.85
TEXTEIS RENAU-RT   TXRX1 BZ      58969047.8  -91550951.89
TEXTEIS RENAU-RT   TXRX2 BZ      58969047.8  -91550951.89
TEXTEIS RENA-RCT   TXRX9 BZ      58969047.8  -91550951.89
TEXTEIS RENA-RCT   TXRX10 BZ     58969047.8  -91550951.89
TELEBRAS SA-RT     TELB9 BZ       244018546   -6054999.05
GASCOIGNE EMP-PF   GASC4 BZ      1123596482  -536003485.6
ALL MALHA PAULIS   GASC3 BZ      1123596482  -536003485.6
CIA PETROLIF-PRF   MRLM4 BZ       377602195  -3014291.724
CIA PETROLIFERA    MRLM3 BZ       377602195  -3014291.724
CEEE-D             CEED3 BZ      1090886627  -15249815.85
NOVA AMERICA SA    NOVA3 BZ        21287489  -183535527.2
NOVA AMERICA-PRF   NOVA4 BZ        21287489  -183535527.2
PROMAN             PRMN3 BZ      13403496.6  -173711.3081
B&D FOOD CORP      BDFC US         16631180      -1448544
CEEE-D-PREF        CEED4 BZ      1090886627  -15249815.85
MMX MINERACAO-RT   MMXM1 BZ      1018389001  -160218400.5
MMX MINERACA-RCT   MMXM9 BZ      1018389001  -160218400.5
TELEBRAS SA        TELB3 BZ       244018546   -6054999.05
TELEBRAS SA        TLBRON BZ      244018546   -6054999.05
TELEBRAS SA        TBASF US       244018546   -6054999.05
TELEBRAS SA-PREF   TELB4 BZ       244018546   -6054999.05
TELEBRAS SA-PREF   TLBRPN BZ      244018546   -6054999.05
TELEBRAS-ADR       TBAPY US       244018546   -6054999.05
TELEBRAS-ADR       TBRAY GR       244018546   -6054999.05
TELEBRAS-CEDE PF   RCTB4 AR       244018546   -6054999.05
TELEBRAS-CED C/E   RCT4C AR       244018546   -6054999.05
TELEBRAS-CEDEA $   RCT4D AR       244018546   -6054999.05
TELEBRAS-CEDE BL   RCT4B AR       244018546   -6054999.05
TELEBRAS-ADR       TBH US         244018546   -6054999.05
TELEBRAS-ADR       TBX GR         244018546   -6054999.05
TELEBRAS-ADR       RTB US         244018546   -6054999.05
TELEBRAS-ADR       TBASY US       244018546   -6054999.05
TELEBRAS-RCT PRF   TELB10 BZ      244018546   -6054999.05
TELEBRAS-RTS CMN   RCTB1 BZ       244018546   -6054999.05
TELEBRAS-RTS PRF   RCTB2 BZ       244018546   -6054999.05
TELEBRAS-RTS CMN   TCLP1 BZ       244018546   -6054999.05
TELEBRAS-RTS PRF   TLCP2 BZ       244018546   -6054999.05
TELEBRAS-COM RT    TELB1 BZ       244018546   -6054999.05
TELEBRAS-CM RCPT   RCTB31 BZ      244018546   -6054999.05
TELEBRAS-CM RCPT   TELE31 BZ      244018546   -6054999.05
TELEBRAS-RCT       RCTB33 BZ      244018546   -6054999.05
TELEBRAS-CM RCPT   TBRTF US       244018546   -6054999.05
TELEBRAS-CM RCPT   RCTB32 BZ      244018546   -6054999.05
TELEBRAS-PF RCPT   RCTB41 BZ      244018546   -6054999.05
TELEBRAS-PF RCPT   TELE41 BZ      244018546   -6054999.05
TELEBRAS-PF RCPT   RCTB42 BZ      244018546   -6054999.05
TELEBRAS-CEDE PF   TELB4 AR       244018546   -6054999.05
TELEBRAS-CED C/E   TEL4C AR       244018546   -6054999.05
TELEBRAS-CM RCPT   RCTB30 BZ      244018546   -6054999.05
TELEBRAS-PF RCPT   RCTB40 BZ      244018546   -6054999.05
TELEBRAS-PF RCPT   TBAPF US       244018546   -6054999.05
TELEBRAS-RECEIPT   TLBRUO BZ      244018546   -6054999.05
TELEBRAS-PF RCPT   TLBRUP BZ      244018546   -6054999.05
TELEBRAS-BLOCK     TELB30 BZ      244018546   -6054999.05
TELEBRAS-PF BLCK   TELB40 BZ      244018546   -6054999.05
TELEBRAS-CEDEA $   TEL4D AR       244018546   -6054999.05
ARTHUR LANGE       ARLA3 BZ      11642255.9  -17154461.86
ARTHUR LANGE SA    ALICON BZ     11642255.9  -17154461.86
ARTHUR LANGE-PRF   ARLA4 BZ      11642255.9  -17154461.86
ARTHUR LANGE-PRF   ALICPN BZ     11642255.9  -17154461.86
ARTHUR LANG-RT C   ARLA1 BZ      11642255.9  -17154461.86
ARTHUR LANG-RT P   ARLA2 BZ      11642255.9  -17154461.86
ARTHUR LANG-RC C   ARLA9 BZ      11642255.9  -17154461.86
ARTHUR LANG-RC P   ARLA10 BZ     11642255.9  -17154461.86
ARTHUR LAN-DVD C   ARLA11 BZ     11642255.9  -17154461.86
ARTHUR LAN-DVD P   ARLA12 BZ     11642255.9  -17154461.86
BOMBRIL            BOBR3 BZ       289000174    -166589140
BOMBRIL CIRIO SA   BOBRON BZ      289000174    -166589140
BOMBRIL-PREF       BOBR4 BZ       289000174    -166589140
BOMBRIL CIRIO-PF   BOBRPN BZ      289000174    -166589140
BOMBRIL SA-ADR     BMBPY US       289000174    -166589140
BOMBRIL SA-ADR     BMBBY US       289000174    -166589140
BUETTNER           BUET3 BZ      97710630.4  -46681943.42
BUETTNER SA        BUETON BZ     97710630.4  -46681943.42
BUETTNER-PREF      BUET4 BZ      97710630.4  -46681943.42
BUETTNER SA-PRF    BUETPN BZ     97710630.4  -46681943.42
BUETTNER SA-RTS    BUET1 BZ      97710630.4  -46681943.42
BUETTNER SA-RT P   BUET2 BZ      97710630.4  -46681943.42
CAF BRASILIA       CAFE3 BZ      20168618.5    -728730286
CAFE BRASILIA SA   CSBRON BZ     20168618.5    -728730286
CAF BRASILIA-PRF   CAFE4 BZ      20168618.5    -728730286
CAFE BRASILIA-PR   CSBRPN BZ     20168618.5    -728730286
CAMBUCI SA         CAMB3 BZ      91527757.2  -26705142.99
CAMBUCI SA         CAMBON BZ     91527757.2  -26705142.99
CAMBUCI SA-PREF    CAMB4 BZ      91527757.2  -26705142.99
CAMBUCI SA-PREF    CAMBPN BZ     91527757.2  -26705142.99
CAMBUCI SA-PREF    CXDOF US      91527757.2  -26705142.99
CHIARELLI SA       CCHI3 BZ      22274026.8  -44537138.21
CHIARELLI SA       CCHON BZ      22274026.8  -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ      22274026.8  -44537138.21
CHIARELLI SA-PRF   CCHPN BZ      22274026.8  -44537138.21
DOC IMBITUBA       IMBI3 BZ       114896167  -16783228.37
DOCAS IMBITUBA     IMBION BZ      114896167  -16783228.37
DOC IMBITUB-PREF   IMBI4 BZ       114896167  -16783228.37
DOCAS IMBITUB-PR   IMBIPN BZ      114896167  -16783228.37
SCHLOSSER          SCLO3 BZ      11745600.4   -75930514.2
SCHLOSSER SA       SCHON BZ      11745600.4   -75930514.2
SCHLOSSER-PREF     SCLO4 BZ      11745600.4   -75930514.2
SCHLOSSER SA-PRF   SCHPN BZ      11745600.4   -75930514.2
CONST A LINDEN     CALI3 BZ        11147513  -15979177.01
CONST A LINDEN     LINDON BZ       11147513  -15979177.01
CONST A LIND-PRF   CALI4 BZ        11147513  -15979177.01
CONST A LIND-PRF   LINDPN BZ       11147513  -15979177.01
D H B              DHBI3 BZ       124060999  -405125352.8
DHB IND E COM      DHBON BZ       124060999  -405125352.8
D H B-PREF         DHBI4 BZ       124060999  -405125352.8
DHB IND E COM-PR   DHBPN BZ       124060999  -405125352.8
DOCA INVESTIMENT   DOCA3 BZ      88417960.9  -18059127.86
DOCAS SA           DOCAON BZ     88417960.9  -18059127.86
DOCA INVESTI-PFD   DOCA4 BZ      88417960.9  -18059127.86
DOCAS SA-PREF      DOCAPN BZ     88417960.9  -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ      88417960.9  -18059127.86
ACO ALTONA         EALT3 BZ      84614947.9  -14270921.51
ACO ALTONA SA      EAAON BZ      84614947.9  -14270921.51
ACO ALTONA-PREF    EALT4 BZ      84614947.9  -14270921.51
ACO ALTONA-PREF    EAAPN BZ      84614947.9  -14270921.51
FABRICA RENAUX     FTRX3 BZ      66779266.7  -50394386.07
FABRICA RENAUX     FRNXON BZ     66779266.7  -50394386.07
FABRICA RENAUX-P   FTRX4 BZ      66779266.7  -50394386.07
FABRICA RENAUX-P   FRNXPN BZ     66779266.7  -50394386.07
HAGA               HAGA3 BZ      16483114.1  -62923101.98
FERRAGENS HAGA     HAGAON BZ     16483114.1  -62923101.98
FER HAGA-PREF      HAGA4 BZ      16483114.1  -62923101.98
FERRAGENS HAGA-P   HAGAPN BZ     16483114.1  -62923101.98
TECEL S JOSE       SJOS3 BZ      17924946.1  -18569451.23
TECEL S JOSE       FTSJON BZ     17924946.1  -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ      17924946.1  -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ     17924946.1  -18569451.23
CIMOB PARTIC SA    GAFP3 BZ      36817394.8  -33083086.54
CIMOB PARTIC SA    GAFON BZ      36817394.8  -33083086.54
CIMOB PART-PREF    GAFP4 BZ      36817394.8  -33083086.54
CIMOB PART-PREF    GAFPN BZ      36817394.8  -33083086.54
GAZOLA             GAZO3 BZ      12452143.1  -40298506.25
GAZOLA SA          GAZON BZ      12452143.1  -40298506.25
GAZOLA-PREF        GAZO4 BZ      12452143.1  -40298506.25
GAZOLA SA-PREF     GAZPN BZ      12452143.1  -40298506.25
GAZOLA-RCPTS CMN   GAZO9 BZ      12452143.1  -40298506.25
GAZOLA-RCPT PREF   GAZO10 BZ     12452143.1  -40298506.25
GAZOLA SA-DVD CM   GAZO11 BZ     12452143.1  -40298506.25
GAZOLA SA-DVD PF   GAZO12 BZ     12452143.1  -40298506.25
IGB ELETRONICA     IGBR3 BZ       145256033  -273857291.8
GRADIENTE ELETR    IGBON BZ       145256033  -273857291.8
GRADIENTE-PREF A   IGBR5 BZ       145256033  -273857291.8
GRADIENTE EL-PRA   IGBAN BZ       145256033  -273857291.8
GRADIENTE-PREF B   IGBR6 BZ       145256033  -273857291.8
GRADIENTE EL-PRB   IGBBN BZ       145256033  -273857291.8
GRADIENTE-PREF C   IGBR7 BZ       145256033  -273857291.8
GRADIENTE EL-PRC   IGBCN BZ       145256033  -273857291.8
HERCULES           HETA3 BZ      11597351.7  -168514680.6
HERCULES SA        HERTON BZ     11597351.7  -168514680.6
HERCULES-PREF      HETA4 BZ      11597351.7  -168514680.6
HERCULES SA-PREF   HERTPN BZ     11597351.7  -168514680.6
RENAUXVIEW SA      TXRX3 BZ      58969047.8  -91550951.89
TEXTEIS RENAUX     RENXON BZ     58969047.8  -91550951.89
RENAUXVIEW SA-PF   TXRX4 BZ      58969047.8  -91550951.89
TEXTEIS RENAUX     RENXPN BZ     58969047.8  -91550951.89
PARMALAT           LCSA3 BZ       388720052  -213641143.9
PARMALAT BRASIL    LCSAON BZ      388720052  -213641143.9
PARMALAT-PREF      LCSA4 BZ       388720052  -213641143.9
PARMALAT BRAS-PF   LCSAPN BZ      388720052  -213641143.9
PARMALAT BR-RT C   LCSA5 BZ       388720052  -213641143.9
PARMALAT BR-RT P   LCSA6 BZ       388720052  -213641143.9
ESTRELA SA         ESTR3 BZ      61011893.6  -54580283.64
ESTRELA SA         ESTRON BZ     61011893.6  -54580283.64
ESTRELA SA-PREF    ESTR4 BZ      61011893.6  -54580283.64
ESTRELA SA-PREF    ESTRPN BZ     61011893.6  -54580283.64
RIOSULENSE SA      RSUL3 BZ      61902901.7  -11292932.53
RIOSULENSE SA      RSULON BZ     61902901.7  -11292932.53
RIOSULENSE SA-PR   RSUL4 BZ      61902901.7  -11292932.53
RIOSULENSE SA-PR   RSULPN BZ     61902901.7  -11292932.53
WETZEL SA          MWET3 BZ      79756128.3  -6350930.692
WETZEL SA          MWELON BZ     79756128.3  -6350930.692
WETZEL SA-PREF     MWET4 BZ      79756128.3  -6350930.692
WETZEL SA-PREF     MWELPN BZ     79756128.3  -6350930.692
MINUPAR            MNPR3 BZ        64999716  -103795048.3
MINUPAR SA         MNPRON BZ       64999716  -103795048.3
MINUPAR-PREF       MNPR4 BZ        64999716  -103795048.3
MINUPAR SA-PREF    MNPRPN BZ       64999716  -103795048.3
NORDON MET         NORD3 BZ      15498217.4   -20133536.7
NORDON METAL       NORDON BZ     15498217.4   -20133536.7
NORDON MET-RTS     NORD1 BZ      15498217.4   -20133536.7
NOVA AMERICA SA    NOVA3B BZ       21287489  -183535527.2
NOVA AMERICA SA    NOVAON BZ       21287489  -183535527.2
NOVA AMERICA-PRF   NOVA4B BZ       21287489  -183535527.2
NOVA AMERICA-PRF   NOVAPN BZ       21287489  -183535527.2
NOVA AMERICA-PRF   1NOVPN BZ       21287489  -183535527.2
NOVA AMERICA SA    1NOVON BZ       21287489  -183535527.2
PETRO MANGUINHOS   RPMG3 BZ      97015785.2  -251755220.1
PETRO MANGUINHOS   MANGON BZ     97015785.2  -251755220.1
PET MANGUINH-PRF   RPMG4 BZ      97015785.2  -251755220.1
PETRO MANGUIN-PF   MANGPN BZ     97015785.2  -251755220.1
RIMET              REEM3 BZ      63757621.6  -107162239.9
RIMET              REEMON BZ     63757621.6  -107162239.9
RIMET-PREF         REEM4 BZ      63757621.6  -107162239.9
RIMET-PREF         REEMPN BZ     63757621.6  -107162239.9
SANSUY             SNSY3 BZ       100279115  -45812488.77
SANSUY SA          SNSYON BZ      100279115  -45812488.77
SANSUY-PREF A      SNSY5 BZ       100279115  -45812488.77
SANSUY SA-PREF A   SNSYAN BZ      100279115  -45812488.77
SANSUY-PREF B      SNSY6 BZ       100279115  -45812488.77
SANSUY SA-PREF B   SNSYBN BZ      100279115  -45812488.77
BOTUCATU TEXTIL    STRP3 BZ      35101566.8  -13482713.52
STAROUP SA         STARON BZ     35101566.8  -13482713.52
BOTUCATU-PREF      STRP4 BZ      35101566.8  -13482713.52
STAROUP SA-PREF    STARPN BZ     35101566.8  -13482713.52
TEKA               TEKA3 BZ       237436194  -360484909.9
TEKA               TEKAON BZ      237436194  -360484909.9
TEKA-PREF          TEKA4 BZ       237436194  -360484909.9
TEKA-PREF          TEKAPN BZ      237436194  -360484909.9
TEKA-ADR           TKTPY US       237436194  -360484909.9
TEKA-ADR           TKTQY US       237436194  -360484909.9
VARIG SA           VAGV3 BZ       966298026   -4695211316
VARIG SA           VARGON BZ      966298026   -4695211316
VARIG SA-PREF      VAGV4 BZ       966298026   -4695211316
VARIG SA-PREF      VARGPN BZ      966298026   -4695211316
WIEST              WISA3 BZ      39838113.9  -93371563.06
WIEST SA           WISAON BZ     39838113.9  -93371563.06
WIEST-PREF         WISA4 BZ      39838113.9  -93371563.06
WIEST SA-PREF      WISAPN BZ     39838113.9  -93371563.06
FER C ATLANT       VSPT3 BZ      1212489621  -38389781.71
FER C ATLANT-PRF   VSPT4 BZ      1212489621  -38389781.71
FERROVIA CEN-DVD   VSPT11 BZ     1212489621  -38389781.71
FERROVIA CEN-DVD   VSPT12 BZ     1212489621  -38389781.71
FER C ATL-RCT CM   VSPT9 BZ      1212489621  -38389781.71
FER C ATL-RCT PF   VSPT10 BZ     1212489621  -38389781.71
HOPI HARI SA       PQTM3 BZ      62168844.1  -55189836.68
HOPI HARI-PREF     PQTM4 BZ      62168844.1  -55189836.68
PARQUE TEM-DV CM   PQT5 BZ       62168844.1  -55189836.68
PARQUE TEM-DV PF   PQT6 BZ       62168844.1  -55189836.68
PARQUE TEM-RT CM   PQTM1 BZ      62168844.1  -55189836.68
PARQUE TEM-RT PF   PQTM2 BZ      62168844.1  -55189836.68
PARQUE TEM-RCT C   PQTM9 BZ      62168844.1  -55189836.68
PARQUE TEM-RCT P   PQTM10 BZ     62168844.1  -55189836.68
MMX MINERACAO      MMXM3 BZ      1018389001  -160218400.5
TRESSEM PART SA    1TSSON BZ     1018389001  -160218400.5
ALL MALHA PAULIS   GASC3B BZ     1123596482  -536003485.6
GASCOIGNE EMP-PF   GASC4B BZ     1123596482  -536003485.6
GASCOIGNE EMPREE   1GASON BZ     1123596482  -536003485.6
GASCOIGNE EMP-PF   1GASPN BZ     1123596482  -536003485.6
CIA PETROLIFERA    MRLM3B BZ      377602195  -3014291.724
CIA PETROLIF-PRF   MRLM4B BZ      377602195  -3014291.724
CIA PETROLIFERA    1CPMON BZ      377602195  -3014291.724
CIA PETROLIF-PRF   1CPMPN BZ      377602195  -3014291.724
LATTENO FOOD COR   LATF US         16631180      -1448544
VARIG PART EM TR   VPTA3 BZ      49432124.2  -399290425.8
VARIG PART EM-PR   VPTA4 BZ      49432124.2  -399290425.8
VARIG PART EM SE   VPSC3 BZ      84848504.6  -430964847.6
VARIG PART EM-PR   VPSC4 BZ      84848504.6  -430964847.6


CHILE

CHILESAT CO-ADR    TL US          450943845  -52392581.33
CHILESAT CORP SA   TELEX CI       450943845  -52392581.33
CHILESAT CO-RTS    CHISATOS CI    450943845  -52392581.33
TELMEX CORP SA     CHILESAT CI    450943845  -52392581.33
TELEX-A            TELEXA CI      450943845  -52392581.33
TELMEX CORP-ADR    CSAOY US       450943845  -52392581.33
TELEX-RTS          TELEXO CI      450943845  -52392581.33


                            ***********

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

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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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