TCRLA_Public/100218.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

        Thursday, February 18, 2010, Vol. 11, No. 034

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors Sue Antigua, Carib Banks, & Regulators


A R G E N T I N A

MASTELLONE HERMOSA: Extends Debt Swap Deadline to Feb. 26


B E R M U D A

DEERFIELD LTD: Creditors' Proofs of Debt Due on February 26
DEERFIELD LTD: Members to Receive Wind-Up Report on March 15
ETUDE LTD: Creditors' Proofs of Debt Due on February 26
ETUDE LTD: Members to Receive Wind-Up Report on March 15
GROVE STREET: Creditors' Proofs of Debt Due on February 26

GROVE STREET: Members to Receive Wind-Up Report on March 15
PINE RIDGE: Creditors' Proofs of Debt Due on February 26
PINE RIDGE: Members to Receive Wind-Up Report on March 15
RIVER FORD: Creditors' Proofs of Debt Due on February 26
RIVER FORD: Members to Receive Wind-Up Report on March 15

VALIDUS HOLDINGS: Increases Annual Dividend by 10%
VALIDUS HOLDINGS: Taps John Fitzpatrick to Board of Directors


B R A Z I L

BANCO NACIONAL: May Lend BRL14 Billion for Petrochemicals
CAMARGO CORREA: to Acquire an Additional 2.492% Stake in Cimpor


C A Y M A N  I S L A N D S

ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
APPLETON LEE: Commences Liquidation Proceedings
APPLETON GLOBAL: Commences Liquidation Proceedings

APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings

APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings
APPLETON PROTECTED: Commences Liquidation Proceedings
BAHANA ALPHA: Commences Wind-Up Proceedings

BLACK BEAR: Commences Wind-Up Proceedings
BLACK DIAMOND: Commences Liquidation Proceedings
BREVAN HOWARD: Commences Liquidation Proceedings
CHEYNE CARBON: Commences Wind-Up Proceedings
CHEYNE LATAM: Commences Wind-Up Proceedings

CHEYNE OCEANA: Commences Wind-Up Proceedings
ENTRUST LIQUIDFUNDS: Commences Wind-Up Proceedings
MAKO ARBPLUS: Commences Wind-Up Proceedings
MAKO GFG: Commences Wind-Up Proceedings
MAKO VOLPLUS: Commences Wind-Up Proceedings

NEW ELLINGTON: Commences Wind-Up Proceedings
NEXT VENTURES: Commences Wind-Up Proceedings
RMF ALPHA: Commences Liquidation Proceedings
SAPIC II: Commences Liquidation Proceedings
SILVERSTREET STRATEGIES: Commences Liquidation Proceedings


C O L O M B I A

BANCOLOMBIA SA: Unit Looks to Up Fee Income 20% in 2010
ECOPETROL SA: to be "Standout Player" in Latin America


G R E N A D A

AIR JAMAICA: Cut in Routes to Impact Grenada's Tourism Product


J A M A I C A

AIR JAMAICA: Regulator Rejects Claims by Airline Employees
AIR JAMAICA: JALPA Takes Lobby to Gain Control of Airline
CIGARETTE COMPANY OF JA: Wins Court Battle Against Government
* JAMAICA: Losses Continue in Manufacturing Sector
* JAMAICA: Fitch Upgrades Long-Term Foreign Ratings to 'B-'


M E X I C O

GRUMA SAB: Posts Quarterly Net Income of MXN631 Million
NII HOLDINGS: Deal Won't Affect Moody's Ratings on Grupo Televisa
SU CASITA: Fitch Downgrades Ratings on Two Tranches
* MEXICO: Raises 2010 Growth Estimate as Demand Recovers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


STANFORD INT'L: Investors Sue Antigua, Carib Banks, & Regulators
----------------------------------------------------------------
David McFadden at The Associated Press reports that investors who
were allegedly victims of a global fraud perpetrated by Robert
Allen Stanford filed a class action lawsuit against Caribbean
regulators, five regional financial institutions, and the
government of Antigua and Barbuda.  The report, citing a Stanford
affiliate, attorney Peter D. Morgenstern, relates that the class
suit seeks compensation for the "unlawful seizure" of the Bank of
Antigua.

The Bank of Antigua was taken over by the Eastern Caribbean
Central Bank (ECCB) in February 2009 in the wake of the U.S. fraud
probe of Mr. Stanford's financial empire.  Equity ownership of the
bank was redistributed.  The lawsuit, the report notes, said the
financial institutions that took ownership of the Bank of Antigua
are Antigua Commercial Bank, St. Kitts-Nevis-Anguilla National
Bank Ltd., Eastern Caribbean Financial Holdings Company Ltd.,
National Commercial Bank (SVG) Ltd., and National Bank of Dominica
Ltd.

According to the AP, the complaint alleges the victims are
entitled to the value of the Bank of Antigua when it was seized to
provide some compensation to the roughly 28,000 investors from
across the globe who allege they lost their life savings to Mr.
Stanford.

"Instead of acting as a legitimate central bank, the ECCB became a
partner in crime with the government of Antigua and Barbuda when
it seized the bank," Mr. Morgenstern said in a statement obtained
by the news agency.  "The Bank of Antigua was, and remains,
enormously valuable.  All of that value rightfully belongs to Mr.
Stanford's victims," he added.

The AP notes that according to the suit filed before the U.S.
District Court in Dallas, Texas, the Bank of Antigua's value
included loan receivables from the government of Antigua worth
tens of millions of dollars, at least.  The report relates that
the lawsuit said investors are entitled to compensation for the
value of the Bank of Antigua when it was seized, and that equity
ownership of the bank was distributed by the central bank to
Antigua itself and five bank defendants for little or no
compensation.

              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
=================


MASTELLONE HERMOSA: Extends Debt Swap Deadline to Feb. 26
----------------------------------------------------------
Shane Romig at Dow Jones Newswires reports that Mastellone
Hermanos has again extended its deadline for refinancing US$222.5
million in debt to February 26.  The report relates that Bank of
America Merrill Lynch is managing the deal.

As reported in the Troubled Company Reporter-Latin America on
February 4, 2010, Dow Jones Newswires said that Mastellone
Hermanos extended to February 12 from January 29 the deadline for
refinancing US$222.5 million in debt.  The report related that the
company said investors representing US$168 million, or 75.4% of
the debts outstanding, have agreed to participate in the
refinancing.  According to the report, the company said it can
execute an out-of-court refinancing because it has secured the
approval of more than 50% of creditors.

According to Dow Jones Newswires, the company launched the tender
in mid-December, seeking some breathing room to deal with what it
expects will be a tough year ahead, as the rising cost of raw milk
will squeeze profitability.  The company, the report related,
wants to replace US$166.7 million in bonds due 2012 with new bonds
due 2018.  It also wants to replace US$55.8 million in bank loans
due 2011 and 2013 with new securities due in 2015, the report
adds.

The report points out that there will be no reduction in the
amount of debt owed, and Mastellone plans to pay investors a
premium of US$11 million to accept the refinancing package.  The
report relates that interest rates on the existing bonds stand at
around 8% per year, while the new bonds would pay an initial rate
of about 7%, rising over time to 9% in the final year before
maturity.

                   About Mastellone Hermanos

Mastellone Hermanos is an Argentine dairy products maker.  The
company was established in 1929 by Antonino Mastellone.
The Mastellone family owns 67% of La Serenisima, while the
Dallpoint Investment fund owns the remaining 33%.


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


DEERFIELD LTD: Creditors' Proofs of Debt Due on February 26
-----------------------------------------------------------
The creditors of Deerfield Ltd. are required to file their proofs
of debt by February 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


DEERFIELD LTD: Members to Receive Wind-Up Report on March 15
------------------------------------------------------------
The members of Deerfield Ltd. will receive, on March 15, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


ETUDE LTD: Creditors' Proofs of Debt Due on February 26
-------------------------------------------------------
The creditors of Etude Ltd. are required to file their proofs of
debt by February 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


ETUDE LTD: Members to Receive Wind-Up Report on March 15
--------------------------------------------------------
The members of Etude Ltd. will receive, on March 15, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


GROVE STREET: Creditors' Proofs of Debt Due on February 26
----------------------------------------------------------
The creditors of Grove Street Ltd. are required to file their
proofs of debt by February 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


GROVE STREET: Members to Receive Wind-Up Report on March 15
-----------------------------------------------------------
The members of Grove Street Ltd. will receive, on March 15, 2010,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


PINE RIDGE: Creditors' Proofs of Debt Due on February 26
--------------------------------------------------------
The creditors of Pine Ridge Ltd. are required to file their proofs
of debt by February 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


PINE RIDGE: Members to Receive Wind-Up Report on March 15
---------------------------------------------------------
The members of Pine Ridge Ltd. will receive, on March 15, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


RIVER FORD: Creditors' Proofs of Debt Due on February 26
--------------------------------------------------------
The creditors of River Ford Ltd. are required to file their proofs
of debt by February 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


RIVER FORD: Members to Receive Wind-Up Report on March 15
---------------------------------------------------------
The members of River Ford Ltd. will receive, on March 15, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 9, 2010.

The company's liquidator is:

         Cox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


VALIDUS HOLDINGS: Increases Annual Dividend by 10%
--------------------------------------------------
Validus Holdings, Ltd.'s Board of Directors has increased its
annual divided by 10% from US$0.80 to US$0.88 per common share and
common share equivalent for which each outstanding warrant is
exercisable.  As a result, the Board declared a regular quarterly
dividend of US$0.22 per common share and US$0.22 per common share
equivalent for which each outstanding warrant is then exercisable.
The dividend is payable on March 31, 2010 to shareholders and
warrant holders of record on March 15, 2010.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


VALIDUS HOLDINGS: Taps John Fitzpatrick to Board of Directors
-------------------------------------------------------------
Validus Holdings, Ltd., disclosed that John Fitzpatrick, a Partner
with Pension Corporation and former Executive Board member of
Swiss Re, has been appointed to the Company's Board of Directors,
effective immediately.  The appointment will expand Validus' Board
to 12 members.

"We are delighted to welcome John to the Validus Board," said Ed
Noonan, Validus' Chairman and Chief Executive Officer.  "John is a
proven leader in the insurance and reinsurance sector and I am
certain that he will be a valuable resource for our Board and
management team as we focus on continuing to grow our business and
building value for shareholders."

Mr. Fitzpatrick added, "I am pleased to be joining Validus' Board
at such an exciting time in the Company's growth and development.
I look forward to working with the other directors and Validus'
management team to build on the Company's strong track record of
success."

Mr. Fitzpatrick is currently a Partner at Pension Corporation and
a Director of Pension Insurance Corporation Ltd., the London-based
pension insurer.  From 1998 to 2006, he was a member of Swiss Re's
Executive Board Committee and served Swiss Re as Chief Financial
Officer, Head of the Life and Health Business Group and Head of
Financial Services.  Mr. Fitzpatrick was previously a member of
the Board of the Association of British Insurers. He received his
BBA from Loyola University in Chicago and is a CPA and CFA.

                    About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


BANCO NACIONAL: May Lend BRL14 Billion for Petrochemicals
---------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA may lend
about BRL14 billion (US$7.5 billion) through 2013 to support
investment in the petrochemicals industry, Laura Price at
Bloomberg News reports, citing O Estado de S. Paulo.

According to the report, citing the local newspaper, Cynthia
Moreira, head of the bank's chemical industries department, said
that BNDES is willing to help plastic resins producer Braskem SA
expand outside the South American country.

Bloomberg News notes that the newspaper said Petrochemicals
companies in Brazil will invest about BRL32 billion by 2013.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                           *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


CAMARGO CORREA: to Acquire an Additional 2.492% Stake in Cimpor
----------------------------------------------------------------
Joao Lima at Bloomberg News reports that Camargo Correa SA agreed
to buy an additional 2.492% stake in Cimpor-Cimentos de Portugal
SGPS SA.  The report relates that Camargo Correa is buying the
stake from investors indicated by Portuguese construction company
Teixeira Duarte-Engenharia e Construcoes SA and agreed to pay
EUR6.50 euros a share.

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';


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


ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
---------------------------------------------------------
Alternative Strategies (USD) Ltd. commenced liquidation
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:

         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


ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
---------------------------------------------------------
Alternative Strategies (EUR) Ltd. commenced liquidation
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:

         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


ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
---------------------------------------------------------
Alternative Strategies (CHF) Ltd. commenced liquidation
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:

         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


APPLETON LEE: Commences Liquidation Proceedings
-----------------------------------------------
Appleton Lee Fund 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


APPLETON GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
Appleton Global Currency Fund 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Currency Fund 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Currency Fund Limited - Series 3 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Currency Fund Limited - Series 4 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Currency Fund Limited - Series 5 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Currency Fund Limited - Series 6 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Diversified Fund Limited - Series 1 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Diversified Fund Limited - Series 2 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Diversified Fund Limited - Series 3 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


APPLETON PROTECTED: Commences Liquidation Proceedings
-----------------------------------------------------
Appleton Protected Diversified Fund Limited - Series 4 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


BAHANA ALPHA: Commences Wind-Up Proceedings
-------------------------------------------
Bahana Alpha Capital 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


BLACK BEAR: Commences Wind-Up Proceedings
-----------------------------------------
Black Bear Offshore Fund Limited 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


BLACK DIAMOND: Commences Liquidation Proceedings
------------------------------------------------
Black Diamond Convertible Ltd. commenced liquidation 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:

         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


BREVAN HOWARD: Commences Liquidation Proceedings
------------------------------------------------
Brevan Howard India Opportunities Master Fund Limited commenced
liquidation proceedings on December 8, 2009.

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

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


CHEYNE CARBON: Commences Wind-Up Proceedings
--------------------------------------------
Cheyne Carbon Fund 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


CHEYNE LATAM: Commences Wind-Up Proceedings
-------------------------------------------
Cheyne Latam High Income Fund Inc. 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


CHEYNE OCEANA: Commences Wind-Up Proceedings
--------------------------------------------
Cheyne Oceana Investment Fund I Inc 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


ENTRUST LIQUIDFUNDS: Commences Wind-Up Proceedings
--------------------------------------------------
Entrust Liquidfunds GP 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


MAKO ARBPLUS: Commences Wind-Up Proceedings
-------------------------------------------
Mako Arbplus Fund 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


MAKO GFG: Commences Wind-Up Proceedings
---------------------------------------
Mako GFG Multi-Sector Fund 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


MAKO VOLPLUS: Commences Wind-Up Proceedings
-------------------------------------------
Mako Volplus Fund 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


NEW ELLINGTON: Commences Wind-Up Proceedings
--------------------------------------------
New Ellington Overseas, 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


NEXT VENTURES: Commences Wind-Up Proceedings
--------------------------------------------
Next Ventures Emerging Markets Opportunities 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


RMF ALPHA: Commences Liquidation Proceedings
--------------------------------------------
RMF Alpha Strategies Reference Fund (1) Limited commenced
liquidation 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:

         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


SAPIC II: Commences Liquidation Proceedings
-------------------------------------------
Sapic II Reference Fund (13) Limited commenced liquidation
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:

         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


SILVERSTREET STRATEGIES: Commences Liquidation Proceedings
----------------------------------------------------------
Silverstreet Strategies SPC Ltd. commenced liquidation 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:

         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


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


BANCOLOMBIA SA: Unit Looks to Up Fee Income 20% in 2010
-------------------------------------------------------
Bancolombia SA's investment banking arm, Banca de Inversion
Bancolombia, is looking to increase fee income by 20% to COP30
billion (US$15.5 million) this year after posting a record 2009
despite a stagnant economy, Business News America reports, citing
Unit President Rodrigo Velasquez.

According to the report, the entity closed 30 deals last year,
with the main ones in the M&A area being the purchase by local
firms:

   -- Colinversiones,
   -- Inversiones Argos, and
   -- Banca de Inversion Bancolombia itself of Gas Natural's
      controlling stake in Empresa de Energia del Pacifico
      for US$1.1 billion,
   -- as well as the US$306 million acquisition of Cementos
      Argos' coal assets by Brazilian miner Vale.

The report notes that while the economy is still recovering after
showing virtually zero growth in 2009 compared to growth rates of
6-7% in previous years, Mr. Velasquez still sees a very good
environment for foreign direct investment and local companies'
growth plans.  "Our forecast is that this year will be similar or
slightly better [than 2009]," the report quoted Mr. Velasquez as
saying.

The report notes that while companies held back their M&A plans at
the beginning of the year due to the global crisis, they quickly
began searching for opportunities again, especially foreign
companies looking to increase their presence in Colombia as well
as large and midsized locals looking for buys in South and Central
America.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: to be "Standout Player" in Latin America
------------------------------------------------------
Ecopetrol SA will be one of Latin America's "standout players" in
oil and gas production as a "broad growth strategy" proves
successful, Alexander Cuadros at Bloomberg News reports, citing
Bank of America Corp.  Ecopetrol's production rose at a "stellar"
rate in the fourth quarter, led by higher output at the Rubiales
and Castilla fields, analysts Frank McGann and Conrado Vegner
wrote in a note obtained by the news agency.

According to Bloomberg News, BofA said that the company's
valuation is "compelling" after lagging behind peers and the
market, according to BofA, which reiterated its "buy"
recommendation.  "Management's focus on growth through a
combination of improved recovery factor at existing fields plus
selective acquisitions and a broad exploration portfolio will, we
expect, prove to be successful," Mr. McGann and Mr. Vegner wrote
in a statement obtained by the news agency.

Bloomberg News, citing a Citigroup report, notes that the company
is "relatively expensive" as expected share offerings offset
higher oil prices and production growth.  The report relates that
the government and the company separately plan to sell as much as
a 25% total stake in public offerings over the next five years.

Ecopetrol's "large" expected offerings pose the risk of share
dilution, Tereza Mello, a Citigroup analyst in Sao Paulo, wrote in
the report obtained by the news agency.  The report relates that
Citigroup, which reiterated its "hold" recommendation on
Ecopetrol, forecasts shares will rise to 2,800 pesos.

                        About Ecopetrol S.A

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

                           *     *     *

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

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

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

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


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


AIR JAMAICA: Cut in Routes to Impact Grenada's Tourism Product
--------------------------------------------------------------
RadioJamaica reports there is concern that Air Jamaica Limited's
move to cut certain routes will have serious implications for
tourism in the region.

According to the report, Clarice Modeste-Curwen, former Grenada
Tourism Minister, is worried that when Air Jamaica stops flying to
the island next month it will result in a fall off in tourist
arrivals.  The report relates Ms. Modeste-Curwen said that
Grenadians at home and in the Diaspora have given tremendous
support to Air Jamaica over the years; and a large number of
persons will be inconvenienced when flight service ends.

Ms. Modeste-Curwen, the report notes, said that during the period
before Delta Airlines starts flights to Grenada, the government
should do all in its power to encourage potential visitors to use
alternative routes and other airlines.

According to the report, Air Jamaica will cease flying to the
Grenada come March 9.

                        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.


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


AIR JAMAICA: Regulator Rejects Claims by Airline Employees
----------------------------------------------------------
The Office of the Contractor General has rejected claims by the
employees of Air Jamaica Limited that they're being illegally
prevented by the government from acquiring the airline, Go-Jamaica
reports.  The report relates that lawyers for the Jamaica Airline
Pilots Association and the employees wrote to the Contractor
General, seeking his guidance and clarification on whether the
employees of Air Jamaica, in attempting to acquire the airline
through an Employee Share Ownership Plan, would be required to
follow the applicable tender process.

According to the report, the employees are contending that under
the 1994 legislation for the Employee Stock Ownership Plan workers
of an entity due to be closed down should be given first
preference to take over the operations.

However, the report points out, according to Contractor General
Greg Christie, if the government sets aside the public competitive
tendering process to facilitate JALPA and the employee's request;
it would be in violation of the Government's contract award
principles.  Should the current negotiations between the
government and Caribbean Airlines break down for any reason, the
Government would then be obliged, by law, to submit the divestment
of the airline to a new public competitive tendering process, Mr.
Christie added.

As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, RadioJamaica said that the government appears
to have all but shut the door on Air Jamaica's pilots who have
been gunning for a chance to buy the.  The report related that
Prime Minister Bruce Golding, while steering clear of commenting
on the viability of the proposal submitted by the Jamaica Airline
Pilots Association, told Parliament that time is of "immense
essence" to get the airline off public funding.

                        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: JALPA Takes Lobby to Gain Control of Airline
---------------------------------------------------------
The Jamaica Airline Pilots' Association is taking its lobby to
gain control of Air Jamaica Limited overseas, RadioJamaica
reports.  The report relates that the group is to attend a Town
Hall meeting in Lauderdale Lakes, Florida.

According to the report, JALPA said that those interested in
hearing its presentation and being updated on the current status
of the acquisition are invited to attend.  The report relates that
the acquisition team has declared that the ailing airline can be
made profitable within two years of being acquired.

JALPA, the report notes, lamented the government's dismissal of
what it said was its excellent plan to take over of Air Jamaica.

JALPA Spokesman Captain Russell Capleton, relates, said that in
support of its bid, the group already has investors lined up to
pump money into the ailing airline.  JALPA plans for Air Jamaica
are not based on only sentiment but was a serious business plan,
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.


CIGARETTE COMPANY OF JA: Wins Court Battle Against Government
-------------------------------------------------------------
The Cigarette Company of Jamaica has scored a major victory in its
billion dollar tax battle with the government, RadioJamaica News
reports.  The report relates that the Appeal Court has upheld an
appeal by the company to recover JM$1.7 billion in income tax
which was paid more than a decade ago.

According to the report, the former cigarette manufacturer, which
is being wound up by its parent Carreras Limited, was also awarded
costs.

Michael Bernard, Managing Director of Carreras, told the news
agency that the company is waiting on the government to refund the
money.  "The ruling effectively means that the $1.7 billion that
we paid over to the government sometime ago upon the ruling of the
revenue court in their favour, is due back to Carreras or the
Cigarette Company of Jamaica," the report quoted Mr. Bernard as
saying.

The Cigarette Company of Jamaica, the report recalls, had paid the
money after receiving income tax assessments including penalties
in respect of the years 1997 to 2002.  However, the report says,
after consulting its lawyers the company appealed the assessment
on the basis that there were no facts to support the amount it was
being asked to pay as well as the penalties imposed.


* JAMAICA: Losses Continue in Manufacturing Sector
--------------------------------------------------
Jamaica's manufacturing sector has suffered its eighth consecutive
quarter of contraction, RadioJamaica reports.  The report, citing
the Central Bank, relates that during the October to December
quarter, the sector continued to be impacted by weak external
demand associated with the global economic depression as well as
lower domestic demand due to reduced disposable income.

However, the report notes, the contraction was at a slower pace
than the average decline of 5.9% recorded for the preceding
quarters of 2009.  The report relates that this was influenced
mainly by declines in the food and beverages category which
emanated primarily from lower production of alcoholic and non-
alcoholic beverages.

According to the report, the decline in crude oil refining due to
the closure of Petrojam for maintenance also had a negative
impact.


* JAMAICA: Fitch Upgrades Long-Term Foreign Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings upgraded Jamaica's long-term foreign and local
currency ratings to 'B-'.  The Rating Outlook is Stable.  Fitch
has also upgraded the short-term foreign currency rating to 'B'
and the country ceiling rating to 'B'.

The upgrade takes into account the recent approval of a
US$1.27 billion IMF Stand-By Arrangement which mitigates near-term
external liquidity concerns.  The successful outcome of the
domestic debt exchange also supports the upgrade.  The Jamaican
authorities estimate that the exchange achieved a 97%
participation rate, which could result in interest savings of at
least 3% of GDP in FY 2010/11.  The rating is also underpinned by
the government's commitment to maintain macroeconomic stability
and implement reforms as envisioned in the IMF program, as well as
stronger per capita income and governance indicators than the
corresponding 'B' medians.

'IMF support and the domestic debt exchange reduce Jamaica's near-
term balance of payment and fiscal pressures while allowing the
country to embark on economic reforms required to secure a more
sustainable fiscal trajectory,' said Shelly Shetty, Senior
Director in Fitch's Sovereign Group.  The IMF program targets a
steady increase in the central government primary surplus through
a reduction in the wage bill and restraint in current spending.  A
broader fiscal consolidation is expected to take place through a
further reduction in interest burden and the streamlining of
broader public sector activities.  It is also expected to pave the
way for additional disbursements of approximately US$1 billion
from other multilateral creditors in the coming years.

Notwithstanding the IMF program, Jamaica's credit profile remains
quite weak.  While the sovereign secured interest savings through
the domestic debt restructuring, Fitch forecasts that Jamaica's
interest-to-revenue ratio will remain extremely high at over 40%
during the forecast period.  Furthermore, Fitch expects other
fiscal solvency ratios to remain weaker than the 'B' medians.  For
example, general government debt stands at over 120% of GDP
compared to a 'B' median of 31%.

'While the fiscal consolidation embedded in the IMF program is
encouraging, Fitch notes that meeting the program targets will
still remain challenging, especially as public finances remain
vulnerable to external and weather-related shocks.  Moreover,
revenue under-performance cannot be ruled out given the weak state
of the economy,' added Shetty.  In order to sustain the fiscal
effort, the government will have to implement politically
difficult measures such as rationalizing public sector employment
and maintaining a public sector wage freeze.  At the same time,
tax administration efforts to boost revenue collection will need
to gain pace.

Fitch also believes that Jamaica's external position will remain
vulnerable to external shocks.  Jamaica is likely to continue
incurring relatively large current account deficits during the
forecast period, and financing them will depend critically on the
disbursements from the multilateral agencies.  Meeting the
benchmarks set under the IMF program will be critical for
maintaining the multilateral flows, and Fitch cautions that
implementation risks related to the IMF program are high.

Jamaica's estimated five-year growth of 0.2% in 2009 is
significantly below the 'B' median of 6%, highlighting the
structural constraints to Jamaica's economic performance.  Fitch
believes that a global recovery, lower interest rates and greater
investor confidence supported by the IMF program could boost
Jamaica's growth.  However, Fitch expects that the sluggish
performance of the U.S. economy and the closure of the two of the
three alumina companies on the island will constrain Jamaica's
growth momentum to below 2% over the agency's forecast period.

Going forward, sustained fiscal consolidation as well as further
reduction in the country's external vulnerabilities could benefit
sovereign creditworthiness.  On the other hand, credit pressures
could increase if Jamaica's Stand-By Arrangement with the IMF
derails, which could lead to a significant loss in investor
confidence and strain Jamaica's already fragile external liquidity
position.


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


GRUMA SAB: Posts Quarterly Net Income of MXN631 Million
-------------------------------------------------------
Carlos Manuel Rodriguez at Bloomberg News reports that Gruma,
S.A.B. de C.V. reported a fourth-quarter net income of MXN631
million (US$49 million) from a loss of MXN11.1 billion in the
year-ago period as after price increases in Mexico and the U.S.
The report relates that sales fell 0.1% to MXN12.7 billion.

Gruma SAB is profitable now partly because it didn't repeat last
year's derivative currency losses, analyst Fernando Olvera of BBVA
Bancomer SA in Mexico City said in a research report obtained by
the news agency.  Gruma SAB reported losses totaling MXN11.1
billion in 2008's fourth quarter, according to Bloomberg data, in
wrong-way currency derivatives bets.

According to the report, the company said that the drop in sales
was caused "mainly" because falling revenue in Venezuela.

                        About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


NII HOLDINGS: Deal Won't Affect Moody's Ratings on Grupo Televisa
-----------------------------------------------------------------
Moody's Investors Service said that Grupo Televisa, S.A.B.'s
senior unsecured issuer ratings of Baa1 on the global scale and
Aaa.mx rating on the Mexican national scale and their stable
outlook are not affected by the company's signing of a definitive
agreement with NII Holdings Inc (rated B1 stable) to acquire an
equity stake in the latter's operating subsidiary in Mexico,
Comunicaciones Nextel de Mexico, S.A. de C.V. (not rated),
announced on February 15, 2010.  Under the agreement, Televisa
will invest US$1.44 billion in cash for an initial 30% equity
stake in Nextel Mexico for the purpose of participating in the
upcoming auction of wireless spectrum in Mexico as well as for
related capital expenditures.  Out of this amount, US$500 million
will be directed to Nextel Mexico and US$940 million will be paid
to NII Holdings.  The initial investment will be US$1.14 billion
with the remaining investment made in three equal annual
installments ending in 2013.

The announced acquisition is part of Televisa's ongoing
investments in the telecommunications industry in Mexico, which
started in early 2006 with the consolidation of the cable TV
industry and the expansion of its offerings of pay TV, broadband
access and voice bundled services.  In Moody's opinion, the size
and the structure of the proposed investment in Nextel Mexico do
not affect Televisa's ratings given that i) the company had set
aside cash for long-term strategic investments; ii) Televisa's
liquidity position is strong; and iii) Televisa's debt maturity
profile is comfortable.  Moody's estimates that, as of December
2009, Televisa had about US$3.3 billion in cash and investments.
Also, out of an estimated total unadjusted debt of US$3.4 billion,
about US$503 million is due up to 2012 (US$76 million in 2010,
US$77 million in 2011 and US$350 million in 2012); US$175 million
is due in 2015; US$268 million is due in 2016; and the remaining
is due after 2016 and up to 2040.

"Televisa is seeking to expand its presence in a more competitive
industry (telecom) than its own (diversified media).  Mitigating
the investment risk is Televisa's strong free cash flow generation
and the fact that it is to join forces with Nextel, which has a
long-standing experience in the wireless telecom industry", said
Nymia Almeida, Vice President, Senior Analyst at Moody's.  At the
same time, Televisa will face certain challenges, namely Nextel
Mexico's small market position in the country and the presence of
substantially larger, better funded competitors capable of
disrupting Nextel's niche market position.  In addition, future
demand for the innovative wireless services and capabilities
contemplated by the partners, which is expected to include
quadruple play of converged services (voice, broadband access, pay
TV and mobile services), is uncertain.

This transaction was approved by the Mexican anti-trust, Cofeco,
on February 11, 2010.  However, Televisa's investment and the
other transactions contemplated by the investment agreement are
conditioned upon the Nextel/Televisa consortium being awarded
licenses to use specified amounts of spectrum in the upcoming
spectrum auctions in Mexico and other customary closing
conditions.

Televisa's ratings are supported by the group's strong competitive
position in the Mexican television and pay TV markets and its
stable operating performance.  The company's advertisement-heavy
business model has proven resilient thus far during the current
economic downturn in Mexico: nominal TV broadcasting sales in the
last twelve months ended in September 2009 were flat as compared
to 2008.  Televisa's manageable debt maturity profile for the next
several years as well as its ample liquidity in the form of a
sizeable cash balance also support its ratings.  Constraining
Televisa's ratings, however, are its modest revenue size, the lack
of clarity over its long-term growth plans and leverage target,
and its high dividend payout.

Before the announcement, the last action on Televisa's ratings
occurred on May November 23, 2009, when Moody's assigned a Baa1
senior unsecured global rating to Televisa's new US$600 million in
senior unsecured global notes due in January 2040.

Headquartered in Mexico City, Mexico, Televisa is the largest
diversified media company in the Spanish-speaking world.  Last-
twelve-months revenues as of September 2009 amounted to
approximately US$3.8 billion and adjusted EBITDA margin, as
calculated by Moody's, reached 41%.  Televisa's main business is
television broadcasting/advertisement, which represented
approximately 41% of revenues and 50% of operating income, as
reported by Televisa, during the LTM.  Televisa has interests in
the largest direct-to-home satellite service provider in Mexico
and three large cable TV companies, which offer video, broadband
and telecommunication services.  The company also has interests in
magazine publishing and distribution, radio production and
broadcasting as well as gaming.


SU CASITA: Fitch Downgrades Ratings on Two Tranches
---------------------------------------------------
Fitch Ratings has downgraded both tranches of Su Casita Trust.
This transaction is backed by a pool of mortgages originated and
serviced by Hipotecaria Su Casita, S.A. de C.V., S.F.O.M, E.N.R.

Su Casita Trust Class A -

  -- Unenhanced long-term rating to 'BB+' from 'BBB-';

  -- Unenhanced national long-term rating to 'AA-(mex)' from
     'AA(mex)' local scale.

The Rating Outlook is Negative.

Su Casita Trust Class B -

  -- National long-term rating to 'A-(mex)' from 'A+(mex)'.

The Rating Outlook is Negative.

Adverse macroeconomic factors, such as unemployment and inflation,
experienced in Mexico throughout 2009 contributed to the
deterioration of this and other residential mortgage backed
security transactions issued in the country.  These factors affect
RMBS transactions in varying degrees given their pool and
structural characteristics.

The information analyzed and presented below is derived from
collection reports issued by the servicer and distribution reports
issued by the common representative.

This transaction, issued in April 2007, originally featured
overcollateralization of 1.00% with a target of 2.00%; however,
with the most recent information provided by the servicer and the
common representative, as of Jan. 25, 2010 the OC decreased to
negative 9.54%.  This transaction has been experiencing an
increasing trend during the last year for delinquencies of both 90
days or more and 180 days or more.  As of Jan. 1, 2010, 90 days or
more delinquencies rose to 14.94% from 10.10% at the end of July
2009, while 180 days or more delinquencies rose to 7.55% from
4.82% during the same period.  This transaction has 337 properties
in inventory with a value of 37,900,685 UDIs.  The loans of this
portfolio do not count with mortgage insurance, which is a
characteristic that significantly affects loss severity.  The
Class A bond has a financial guarantee provided by MBIA; however,
Fitch conducted the analysis of this transaction without
considering the impact of this guarantee.

The analysis conducted by Fitch included the review of the monthly
surveillance data, as well as a re-evaluation of delinquency and
loss assumptions and a break-even scenario by re-running Fitch's
cash flow model.  The re-running of the cash flow model determines
the maximum level of defaults each structure could sustain without
suffering a loss.  These results were compared to Fitch's new
delinquency and loss numbers assumed for each portfolio and at
each given rating category.

The cash flow model incorporates all credit enhancements for each
issuance, as well as their structural characteristics such as the
waterfall of payments described in the legal documents.  The cash
flow model also incorporates Fitch's analysis on Constant
Prepayment Rate, delayed proceeds due to delinquencies, excess
spread, and mortgage insurance, and Fitch's view on the recovery
proceeds of any houses yet to be sold within the trust.


* MEXICO: Raises 2010 Growth Estimate as Demand Recovers
--------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that Mexico's
government raised its estimate for 2010 economic growth, citing
signs of recovery in internal and external demand after the
country's biggest slump since the Great Depression.  Gross
domestic product will rise 3.9% this year, up from a previous
forecast of 3%, the Finance Ministry said in an e-mailed statement
obtained by the news agency.

"They're being very careful, conservative," the report quoted
Gabriel Casillas, JPMorgan Chase & Co.'s chief economist in Mexico
City, as saying.  "The improvement that has been seen in
manufacturing and employment translates into higher consumer
demand," he added.

According to the report, Deputy Finance Minister Alejandro Werner
said that the government was considering raising its growth
outlook, dependent on economic data.

Mr. Casillas, the report notes, said that auto production in
particular is helping spur growth, and the currency's 15% decline
over the past three years will keep Mexican exports competitive.

The central bank, the report adds, increased its growth forecasts
in January, saying the economy will expand 3.2% to 4.2% in 2010
and 2011.  The economy contracted about 7% last year, the biggest
drop since the 1930s, the bank estimated.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *