TCRLA_Public/100219.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

        Friday, February 19, 2010, Vol. 11, No. 035

                            Headlines



A R G E N T I N A

APICAL SA: Creditors' Proofs of Debt Due on May 3
DELTA METALSUR: Requests for Preventive Contest
FUROR SA: Creditors' Proofs of Debt Due on March 18
HOSS SA: Creditors' Proofs of Debt Due on April 6
MARSANS INTERNACIONAL: Asks for Preventive Contest

MOUNTY SA: Creditors' Proofs of Debt Due on March 19


B R A Z I L

BANCO NACIONAL: Petrobras May Tap US$10.9 Billion Credit Line
COMPANHIA SIDERURGICA: "New Offer Still Too Low," Cimpor Says
MARGRIG ALIMENTOS: Acquires Land to Build Feedlot


C A Y M A N  I S L A N D S

ALPHA CAPITAL: Commences Liquidation Proceedings
BCI INVESTMENTS: Commences Liquidation Proceedings
BULL PATH: Commences Liquidation Proceedings
BULL PATH: Commences Liquidation Proceedings
CADOGAN TERTIUS: Commences Liquidation Proceedings

CHEYNE PAN: Commences Wind-Up Proceedings
FORMOSA GROWTH: Commences Wind-Up Proceedings
HARBERT STRATEGIC: Commences Wind-Up Proceedings
HARBERT CAPITAL: Commences Wind-Up Proceedings
HARBERT STRATEGIC: Commences Wind-Up Proceedings

HELIOS STRATEGIC: Commences Wind-Up Proceedings
HELIOS STRATEGIC: Commences Wind-Up Proceedings
HELIOS STRATEGIC: Commences Wind-Up Proceedings
HEWETT LEASING: Commences Wind-Up Proceedings
KENMAR GLOBAL: Commences Wind-Up Proceedings

MFS FLOATING: Commences Liquidation Proceedings
OLD MUTUAL: Commences Liquidation Proceedings
OLD MUTUAL: Commences Liquidation Proceedings
PRIMAX ELECTRONICS: Commences Liquidation Proceedings
STEALTH OFFSHORE: Commences Wind-Up Proceedings

TARAWERA LIMITED: Commences Wind-Up Proceedings
TESSERACT CAPITAL: Commences Liquidation Proceedings
TEQUESTA CONVEXITY: Grand Court Enters Wind-Up Order
TEQUESTA CORE: Grand Court Enters Wind-Up Order
TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order

TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order
TEQUESTA MORTGAGE: Grand Court Enters Wind-Up Order
VEGA RISK: Commences Liquidation Proceedings
WT INVESTMENTS: Commences Liquidation Proceedings
XT INVESTMENTS: Commences Liquidation Proceedings


C O L O M B I A

ECOPETROL SA: Seeks Up to US$3.5 Billion Debt This Year
ECOPETROL SA: Units to Borrow US$2.3BB for Capital Spending
* COLOMBIA: Economy Showing Signs of Recovery, IMF Says


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Economy Remains Weak, IMF Says


H A I T I

* HAITI: Reconstruction Cost May Near US$14BB, IDB Study Shows


J A M A I C A

AIR JAMAICA: To End Service at Orlando International
AIR JAMAICA: Workers' Fight for Ownership Could Go to Court


M E X I C O

CEMEX SAB: S&P Puts Three Ratings on CreditWatch Negative
RDS ULTRA-DEEPWATER: S&P Assigns 'B-' Rating on $260 Mil. Notes




                         - - - - -


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


APICAL SA: Creditors' Proofs of Debt Due on May 3
-------------------------------------------------
Juan Carlos Toledo, the court-appointed trustee for Apical SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 3, 2010.

Mr. Toledo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 December 13, 2010.

The Trustee can be reached at:

         Juan Carlos Toledo
         Mario Bravo 58
         Argentina


DELTA METALSUR: Requests for Preventive Contest
-----------------------------------------------
Delta Metalsur SA requested for preventive contest.


FUROR SA: Creditors' Proofs of Debt Due on March 18
---------------------------------------------------
Stella Maris Diaz, the court-appointed trustee for Furor SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 18, 2010.

Ms. Diaz 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:

         Stella Maris Diaz
         Colombres 1070
         Argentina


HOSS SA: Creditors' Proofs of Debt Due on April 6
-------------------------------------------------
Mabel Herrera, the court-appointed trustee for Hoss SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 6, 2010.

Ms. Herrera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34 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:

         Mabel Herrera
         Rodriguez Pena 694
         Argentina


MARSANS INTERNACIONAL: Asks for Preventive Contest
--------------------------------------------------
Marsans Internacional Argentina asked for preventive contest.

The company stopped making payments last November 2009.


MOUNTY SA: Creditors' Proofs of Debt Due on March 19
----------------------------------------------------
Mario Gabriel Sogary, the court-appointed trustee for Mounty SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 19, 2010.

Mr. Sogary 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. 37 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:

         Mario Gabriel Sogary
         Montevideo 708
         Argentina


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


BANCO NACIONAL: Petrobras May Tap US$10.9 Billion Credit Line
-------------------------------------------------------------
Petrobras may tap a BRL20-billion (US$10.9 billion) credit line
from Banco Nacional de Desenvolvimento Economico e Social SA if
lawmakers delay the approval of the firm's capitalization plan,
Elzio Barreto at Reuters reports, citing Valor Economico
newspaper.

According to the report, the newspaper, citing estimates from
Credit Suisse, said that Petrobras may raise as much as US$50
billion from minority shareholders and the Brazilian government in
the capitalization plan to fund investments on oil exploration.

The report notes that legislation on the Petrobras capital raising
plans may be put to a lower house vote on March 2 or 3.  The
report relates that if the bill is not approved by April,
Petrobras may tap the line from BNDES, which already lent BRL25
billion to the company in 2009 as credit dried up because of the
turmoil in global markets.

                            About BNDES

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.


COMPANHIA SIDERURGICA: "New Offer Still Too Low," Cimpor Says
-------------------------------------------------------------
Cimpor-Cimentos de Portugal SGPS SA.'s board said that a modified
offer by Companhia Siderurgica Nacional S.A.'s to buy at least a
third of the company at EUR6.18 a share did not reflect the
company's fair value, Andrei Khalip and Shrikesh Laxmidas at
Reuters report.  The report relates that the board said it
recommended to shareholders not to sell their shares in Cimpor.

According to the report, CSN raised its bid for Cimpor from
EUR5.75 but offered to buy a smaller stake rather than control of
the company.  The report recalls that Cimpor's board had
previously rejected CSN's initial takeover bid.  "After a careful
analysis of the terms of the modified offer, the administrative
board still considers that it does not reflect the real value of
Cimpor," a company statement obtained by the news agency.

Cimpor, the report notes, added that the price offered by CSN was
below the EUR6.5-a-share seen in the recent deals where Camargo
Correa bought minority stakes in Cimpor.  The report adds that
CSN's offer runs out on Feb. 22.

The Troubled Company Reporter-Latin America, citing Reuters,
reported on December 22, 2009, that CSN offered to buy Cimpor for
as the steelmaker slowly diversifies from its core business
outside its home base.  The report related that the bid
underscores efforts by CSN's Chief Executive Benjamin Steinbruch
to grow in areas other than steel and mining.  CSN Managing
Director Juarez Avelar told Reuters the company expects little
difficulty in buying the stake.  The company considers the price
for Cimpor fair and would not enter into a bidding war for the
stake, he added.

                           About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


MARGRIG ALIMENTOS: Acquires Land to Build Feedlot
-------------------------------------------------
Marfrig Alimentos S.A. has acquired 150 hectares (370.6 acres) of
land in the Cordoba province of Argentina to build a 22,000-head
feedlot in line with its expansion into Argentina, Feed Stuffs
News reports.

According to the report, the feedlot will be a 77.2 million-peso
(US$20 million) project.  The report relates that the company also
plans to build a second feedlot in a neighboring province.

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


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


ALPHA CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
Alpha Capital Commodity Master Fund Ltd. commenced liquidation
proceedings on December 7, 2009.

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

The company's liquidator is:

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


BCI INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------
BCI Investments Ltd. commenced liquidation 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:

         Peter Anderson
         c/o 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


BULL PATH: Commences Liquidation Proceedings
--------------------------------------------
Bull Path Liquidfund GP commenced liquidation proceedings on
December 10, 2009.

Only creditors who were able to file their proofs of debt by
January 26, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


BULL PATH: Commences Liquidation Proceedings
--------------------------------------------
Bull Path 2X Fund Ltd commenced liquidation proceedings on
December 10, 2009.

Only creditors who were able to file their proofs of debt by
January 26, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


CADOGAN TERTIUS: Commences Liquidation Proceedings
--------------------------------------------------
Cadogan Tertius Fund (Cayman), Ltd. commenced liquidation
proceedings on November 24, 2009.

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

The company's liquidator is:

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


CHEYNE PAN: Commences Wind-Up Proceedings
-----------------------------------------
Cheyne Pan Asia Long/Short Fund Inc. commenced wind-up proceedings
on November 25, 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


FORMOSA GROWTH: Commences Wind-Up Proceedings
---------------------------------------------
The Formosa Growth Fund Limited commenced wind-up proceedings on
December 11, 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


HARBERT STRATEGIC: Commences Wind-Up Proceedings
------------------------------------------------
Harbert Strategic Commodities Offshore Fund, Ltd. commenced
wind-up proceedings on December 10, 2009.

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

The company's liquidator is:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 915 1767
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


HARBERT CAPITAL: Commences Wind-Up Proceedings
----------------------------------------------
Harbert Capital Structure and Convertible Arbitrage Master Fund,
Ltd. commenced wind-up proceedings on December 10, 2009.

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

The company's liquidator is:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 915 1767
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


HARBERT STRATEGIC: Commences Wind-Up Proceedings
------------------------------------------------
Harbert Strategic Commodities Master Fund, Ltd. commenced
wind-up proceedings on December 10, 2009.

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

The company's liquidator is:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 915 1767
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


HELIOS STRATEGIC: Commences Wind-Up Proceedings
-----------------------------------------------
Helios Strategic Limited II commenced wind-up proceedings on
December 2, 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


HELIOS STRATEGIC: Commences Wind-Up Proceedings
-----------------------------------------------
Helios Strategic Fund II, LLC commenced wind-up proceedings on
December 2, 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


HELIOS STRATEGIC: Commences Wind-Up Proceedings
-----------------------------------------------
Helios Strategic Fund II commenced wind-up proceedings on
December 2, 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


HEWETT LEASING: Commences Wind-Up Proceedings
---------------------------------------------
Hewett Leasing 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


KENMAR GLOBAL: Commences Wind-Up Proceedings
--------------------------------------------
Kenmar Global Resource Fund II SPC 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


MFS FLOATING: Commences Liquidation Proceedings
-----------------------------------------------
MFS Floating Rate Income Fund commenced liquidation proceedings on
December 7, 2009.

Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
Old Mutual Multi-Strategy SPC commenced liquidation proceedings on
December 11, 2009.

Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
Old Mutual Asset Managers (Cayman) Limited commenced liquidation
proceedings on December 11, 2009.

Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


PRIMAX ELECTRONICS: Commences Liquidation Proceedings
-----------------------------------------------------
Primax Electronics Holdings, Ltd. commenced liquidation
proceedings on December 7, 2009.

The company's liquidator is:

         Raymond Liang
         669, Ruey Kuang Road
         Neihu, Taipei, Taiwan, R.O.C.


STEALTH OFFSHORE: Commences Wind-Up Proceedings
-----------------------------------------------
The Stealth Offshore Fund 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


TARAWERA LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Tarawera 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


TESSERACT CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
Tesseract Capital Trading, Ltd commenced liquidation proceedings
on December 9, 2009.

Only creditors who were able to file their proofs of debt by
January 26, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


TEQUESTA CONVEXITY: Grand Court Enters Wind-Up Order
----------------------------------------------------
On December 3, 2009, the Grand Court of Cayman Islands entered an
order to have Tequesta Convexity Fund Ltd's operations wound up.

The company's liquidators are:

         David Walker
         Ian Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         PO Box 258, Strathvale House
         George Town, KY1- 1104
         Grand Cayman, Cayman Islands


TEQUESTA CORE: Grand Court Enters Wind-Up Order
-----------------------------------------------
On December 3, 2009, the Grand Court of Cayman Islands entered an
order to have Tequesta Core Mortgage Fund Ltd's operations wound
up.

The company's liquidators are:

         David Walker
         Ian Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         PO Box 258, Strathvale House
         George Town, KY1- 1104
         Grand Cayman, Cayman Islands


TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order
---------------------------------------------------
On December 3, 2009, the Grand Court of Cayman Islands entered an
order to have Tequesta Enhanced Convexity Fund Ltd's operations
wound up.

The company's liquidators are:

         David Walker
         Ian Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         PO Box 258, Strathvale House
         George Town, KY1- 1104
         Grand Cayman, Cayman Islands


TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order
---------------------------------------------------
On December 3, 2009, the Grand Court of Cayman Islands entered an
order to have Tequesta Enhanced Convexity Master Fund Ltd's
operations wound up.

The company's liquidators are:

         David Walker
         Ian Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         PO Box 258, Strathvale House
         George Town, KY1- 1104
         Grand Cayman, Cayman Islands


TEQUESTA MORTGAGE: Grand Court Enters Wind-Up Order
---------------------------------------------------
On December 3, 2009, the Grand Court of Cayman Islands entered an
order to have Tequesta Mortgage Fund Ltd's operations wound up.

The company's liquidators are:

         David Walker
         Ian Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         PO Box 258, Strathvale House
         George Town, KY1- 1104
         Grand Cayman, Cayman Islands


VEGA RISK: Commences Liquidation Proceedings
--------------------------------------------
Vega Risk Management Solutions 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


WT INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------
WT Investments Ltd. commenced liquidation 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:

         Peter Anderson
         c/o 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


XT INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------
XT Investments Ltd. commenced liquidation 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:

         Peter Anderson
         c/o 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
===============


ECOPETROL SA: Seeks Up to US$3.5 Billion Debt This Year
-------------------------------------------------------
Ecopetrol SA will seek up to US$3.5 billion in financing for its
capex plan of US$6.9 billion in 2010, Business News Americas
reports, citing company president Javier Gutierrez.  The report
relates that the estimate is based on a WTI oil price of
US$56.68/b.

"However, if oil prices are more than that, our debt will of
course be lower,'" the report quoted CFO Adriana Echeverry as
saying.  "We have made a very conservative estimate for the price
of oil," he added.

According to the report, Mr. Gutierrez said that financing could
include bond issues, credit from banks and multilateral
organizations and divesting non-essential assets.  "Ecopetrol
subsidiaries will require an additional US$2.3 billion of debt in
2010, but these resources will be raised by them," the report
quoted Mr. Gutierrez as saying.

The capex program includes US$951 million for exploration,
including the drilling of 20 exploratory wells and 5,700km2 of
seismic, and US$3.5 billion to increase production by 12% over the
course of the year, the company reported in a separate statement
obtained by the news agency.  Another US$1.2 billion will go
towards refining, the statement added.

Mr. Gutierrez, the report adds, said that about 90% of all
investments in 2010 will be directed to company initiatives in
Colombia.

                      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+';


ECOPETROL SA: Units to Borrow US$2.3BB for Capital Spending
-----------------------------------------------------------
The different units of Ecopetrol SA will borrow as much as US$2.3
billion in 2010 to finance capital expenditures, Inti Landauro at
Dow Jones Newswires reports, citing Chief Executive Javier
Gutierrez.

According to the report, Mr. Gutierrez said that the units will
each raise the amount they will require.

Ecopetrol's units are:

   -- Colombian oil-producing company Hocol SA,
   -- refinery Refineria de Cartagena SA (Reficar),
   -- petrochemical unit Propilco,
   -- pipeline operators Ocensa and ODL; and
   -- Peruvian  oil-producing operation Savia,
      which is 50% owned by South Korea's KNOC.

                         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+';


* COLOMBIA: Economy Showing Signs of Recovery, IMF Says
-------------------------------------------------------
An International Monetary Fund mission headed by Marco Pinon,
Advisor in the Western Hemisphere Department, said, "An IMF team
has been in Colombia over the past two weeks as part of the
periodical Article IV consultation process.  The team held
discussions with the authorities and the private sector about
recent economic and financial developments, and the near- and
medium-term outlook.  The mission will prepare a report to be
presented to the IMF Executive Board in April to conclude the
Article IV consultation.

"The Colombian economy is showing signs of recovery. Economic
activity improved in the second half of 2009 as countercyclical
policies took effect and external conditions improved, despite the
impact of lower trade with Venezuela.  Inflation declined to 2
percent by end- 2009, as inflation pressures abated with the
reversal of food price increases and weak aggregate demand.  The
external current account deficit declined as lower imports more
than offset the drop in exports, and it was comfortably financed
with official and private capital inflows."

"Economic policies before and after the global crisis were
appropriate to ameliorate the impact on Colombia. The central bank
lowered its policy rate by 650 basis points since late 2008 and
fiscal policy was countercyclical. The flexible exchange rate and
the sound financial system were also instrumental in mitigating
the effects of the external shocks."

"Output growth is expected to pick up to about 2-2.5 percent in
2010 as monetary and fiscal policy remain supportive of domestic
demand and the sound financial system provides a strong basis for
a resumption of credit.  Inflation is expected to rise due to
temporary increases in food prices related to El Nino but
nonetheless remain within the 2-4 target range during the year.
The balance of payments position is expected to improve, with
strong capital flows expected to more than cover the increase in
the external current account deficit.

"Colombia's public debt remains moderate, and is projected to
decline over the medium term, as sustained growth resumes.
Colombia has a strong institutional fiscal framework, and is well
placed to strengthen it further by adopting a fiscal rule.  The
mission highlighted the international experience with fiscal
rules, and welcomed the authorities' plans to adopt one in the
future."


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


* DOMINICAN REPUBLIC: Economy Remains Weak, IMF Says
----------------------------------------------------
Alejandro Santos, chief of the International Monetary Fund mission
to the Dominican Republic, said, "An IMF mission visited Santo
Domingo during the last two weeks for discussions under the first
review of the Stand-By Arrangement (SBA), approved by the IMF
Executive Board in November 2009 (Press Release No. 09/393).  The
mission met with Central Bank Governor H‚ctor Valdez, Minister of
Finance Vicente Bengoa, Minister of Economy TemĦstocles Montas,
Vice-President of the Public Electricity Corporation Celso
Marranzini, other members of the Economic and Social Cabinet,
senior government officials, the private sector, and the
international community.

"The mission made significant progress in the discussions and will
conduct the final assessment of the review in Washington in the
coming weeks.   An agreement in principle on a letter of intent
(LOI) for policies in 2010-in line with the program-has been
reached.  While there are some limited deviations in the targets
for end-2009, the policies originally envisaged in the program for
2010 are maintained.  Signing of the LOI is expected during March
2010.

"Performance under the current SBA has been largely positive.
While the economy remains weak, there is evidence of a rebound in
activity in the last several months of 2009 and it is estimated
that real GDP grew 3.5 percent for the whole year.  There is no
evidence of price pressures in the economy. Inflation closed at
5.8 percent by the end of 2009 (below the lower end of the Central
Bank's target), and core inflation (excluding food and fuels)
closed at 3 percent.  The exchange rate has remained stable. The
international community's efforts to reconstruct Haiti-which is
expected to count with the active participation of the Dominican
Republic-may increase net exports going forward.  The economy has
enough unutilized capacity to deal with this potential increase in
demand.

"The fiscal deficit of the consolidated public sector reached
almost 4.5 percent of GDP in 2009, in line with the authorities'
economic program, while the fiscal deficit of the Central
Administration amounted to 3.5 percent of GDP, which is 0.4
percent of GDP higher than programmed due mostly to higher
electricity subsidies and revenue shortfalls.  The deviation of
the Central Administration's deficit was offset by improvements in
the financial position of the rest of the public sector.

"Monetary conditions improved significantly.  Following an earlier
contraction, new lending to the private sector rebounded at the
end of 2009 and expanded by 8.5 percent for the year as a whole.
After the approval of the SBA, significant disbursements from the
World Bank and the Inter-American Development Bank in December
2009 led to a large increase in the level of international
reserves of the Central Bank by the end of the year.

"Two quantitative performance criteria for end-December 2009 under
the IMF-supported program were not observed: (i) the limit on the
fiscal deficit of the Central Administration; and (ii) clearance
of arrears to electricity generators. The authorities are taking
corrective actions to address temporary program deviations.  With
the approval of the 2010 budget, the authorities are implementing
policies to ensure that fiscal targets are within the program
limits, and taking measures to eliminate arrears with electricity
generators.

"All structural benchmarks under the program were met.  The
authorities designed a strategy of reforms in the electricity
sector to reduce indiscriminate subsidies and improve service, and
are working on the definition of quantitative targets for its
implementation.  Also as agreed under the program, the coverage of
the conditional cash transfer program (Solidaridad) designed to
buffer the poorest from the worst effects of the economic downturn
was increased to cover 70,000 new families living in extreme
poverty.  The authorities are working to meet structural
benchmarks for 2010 and, in some cases, are using technical
assistance from the IMF for this purpose.

"The mission would like to thank the authorities and the citizens
of the Dominican Republic for their warmth and hospitality."


=========
H A I T I
=========


* HAITI: Reconstruction Cost May Near US$14BB, IDB Study Shows
--------------------------------------------------------------
The cost of rebuilding Haiti's homes, schools, roads and other
infrastructure could soar to nearly US$14 billion, according to a
new study by economists at the Inter-American Development Bank.

The study offers a preliminary estimate of the potential damages
resulting from the January 12 earthquake, using simple regression
techniques employing data from past natural disasters and their
damage estimates.  It takes into account several variables
including the magnitude of the disaster, the number of fatalities,
and the affected country's population and per capita GDP.

A detailed accounting of the cost of reconstruction will emerge in
coming months as a full Post Disaster Needs Assessment is
completed.  But the new IDB study indicates the cost is likely to
be larger than anticipated.  The study calculates damages assuming
either 200,000 or 250,000 people dead or missing (as of Feb. 11,
the Haitian government had reported 230,000 dead).

IDB economists Andrew Powell, Eduardo Cavallo and Oscar Becerra
calculated a base estimate of US$8.1 billion for a 250,000 dead-
or-missing toll, but they estimate this figure is likely to be at
the low end and conclude that an estimate of US$13.9 billion is
within the statistical margin of error.

While the results are subject to many caveats, the study confirms
that the Haitian earthquake is likely to be the most destructive
natural disaster in modern times, when viewed in relation to the
size of the Haiti's population and its economy.  Indeed, in this
respect the Haiti earthquake was vastly more destructive than the
Indonesian Tsunami of 2004 and the cyclone that hit Myanmar in
2008. It caused five times more deaths per million inhabitants
than the second-ranking natural killer, the 1972 earthquake in
Nicaragua.

Powell, Cavallo and Becerra conclude that the scale of the damages
in Haiti will require unprecedented coordination among the
multiple bilateral, multilateral and private donors.  To ensure
the efficient use of billions of dollars in reconstruction funds,
for example, individual donors may need to surrender the kind of
control and conditionality they typically demand of projects they
finance.  This will in turn require extraordinary mechanisms to
ensure transparency and accountability.

Moreover, a separate forthcoming study by Cavallo and others
indicates that countries hit by disasters on this scale suffer an
economic setback that can take decades to reverse.  In several
such countries, investigators found that even with big inflows of
outside aid, GDP per capita was up to 30 percent lower 10 years
after the disaster than it would have been if the country had been
spared.  "Of course this does not necessarily mean that aid does
not work, perhaps the negative growth effect would have been even
worse if aid had not increased," the study notes.  "However, this
does underline the challenge ahead for Haiti and for the
international community attempting to support the country."


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



AIR JAMAICA: To End Service at Orlando International
----------------------------------------------------
Air Jamaica Limited is ending service at Orlando International
Airport after March 8, as it scales back service across its
network, the Orlando Sentinel reports.

According to the report, airport spokeswoman Carolyn Fennell said
that Air Jamaica started service at OIA in 1990, and operated four
flights a week from the airport.  The report notes that low-cost
carriers AirTran Airways and JetBlue Airways recently launched
service to Montego Bay, Jamaica, adding competition for the
airline.

As reported in the Troubled Company Reporter-Latin America on
February 11, 2010, Go-Jamaica News said that Air Jamaica will sell
two of the eight aircraft it owns to settle outstanding debts with
the Internal Revenue Service in the United States.  According to
the report, the Jamaican government will set aside US$27 billion,
which will include US$25 million for redundancy costs, in the next
budget to cover exit costs associated with the Air Jamaica.

Mr. Golding, the report noted, said that Air Jamaica is divesting:

   -- routes,
   -- real estate,
   -- spare parts,
   -- maintenance facility that provides service for other
      Airplanes, and
   -- five floors at the Air Jamaica offices on
      Harbour Street

Go-Jamaica related that Mr. Golding said the proceeds from the
sale will be pumped into the airline.

                       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: Workers' Fight for Ownership Could Go to Court
-----------------------------------------------------------
The battle between the government and Jamaica Airline Pilots'
Association over Air Jamaica Limited could be heading to courts,
RadioJamaica reports.

According to the report, the Office of the Contractor General
threatened to step into the matter if the government bows to
pressure and breaches the law to facilitate the bid by the JALPA
to acquire the airline.  However, the report says JALPA indicated
an arbiter may have to be brought in to the settle the legal issue
involved in the proposed divestment of the airline.

The report points out that if the pilot's association decides to
take the matter to court to settle the ESOP issue, it could
effectively block Air Jamaica's sale to Caribbean Airlines,
derailing the government's plans.

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.


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


CEMEX SAB: S&P Puts Three Ratings on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
synthetic structured financings with first-to-default structures
that are credit-linked to Cemex S.A.B. de C.V., on CreditWatch
with negative implications.

On Dec. 14, 2009, ISDA determined that Cemex's August 2009
refinancing of debt was a credit restructuring event, as it
relates to ISDA-based contracts, which are the basis of the credit
default swaps underlying the transactions.  Standard & Poor's did
not view Cemex's actions as a distressed exchange.

The investors in the credit-linked notes are taking the credit
risk of Cemex (as the CDS reference entity).   Under the CDS for
the transactions, a process has begun where ISDA will determine an
auction price on Feb. 18, 2010, related to Cemex debt.  If the
swap counterparty elects to terminate the transaction's CDS, they
will use the auction price as one of several components in the
settlement calculation when making payment to the issuer and
subsequently, payouts to investors.

ISDA also determined Feb. 26, 2010, as the settlement date for
this credit restructuring event.  The CreditWatch actions indicate
that noteholders are at risk of losing their principal amounts,
depending on several factors: whether the swap counterparty
decides to terminate the CDS or continue the transaction; the
actual ISDA determined auction price; the inflation-rate index
component (if applicable) and the actual exchange rate used within
the calculations of the termination amount.  As these variables
are not all known at this time, it is uncertain whether the
investors will incur a loss or not.

S&P will continue to surveil the ratings on these asset-backed
transactions and revise the ratings as necessary, to reflect any
changes in the transactions' underlying credit quality.

                   Ratings Placed On Creditwatch

                  Emblem Finance Co. No. 2 Ltd.

                             Series 3

                              Rating
                              ------
                       To                From
                       --                ----
                       B/Watch Neg       B

                         Signum Verde Ltd.
                          Series 2007-03

                              Rating
                              ------
                       To                From
                       --                ----
                       B/Watch Neg       B

                           UDICX Bonos
                          Series 2008-1

                              Rating
                              ------
                       To                From
                       --                ----
                       mxBB+/Watch Neg   mxBB+


RDS ULTRA-DEEPWATER: S&P Assigns 'B-' Rating on $260 Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned a
preliminary 'B-' rating to $260 million in senior secured notes
due 2017 proposed by RDS Ultra-Deepwater Ltd. RDS plans to use
proceeds of these notes as part of a financing package to purchase
a sixth-generation, semi-submersible, offshore drilling rig.

The preliminary rating assumes that all project documents are
finalized on comparable terms as presented to Standard & Poor's,
and that the project meets S&P's criteria for special-purpose
entities.  The final rating will depend on meeting these criteria
and on a review of all finalized project documents.

RDS is a wholly owned special-purpose finance subsidiary of
Rubicon Drilling Services - Aluguer de Equipamentos Tecnologicos,
Unipessoal LDA (Rubicon; not rated), a limited liability company
organized under the laws of Portugal.  RDS is to issue the notes
and make an intercompany loan to Rubicon, which has agreed to
purchase PetroRig III, a sixth-generation, ultradeepwater,
semisubmersible drilling rig.  Through a related company, Grupo R
Exploracion Marina S.A. de C.V. (not rated), which is part of a
conglomerate of companies, Grupo R, servicing the Mexican energy
and industrial sector, S&P expects that the rig will enter into a
long-term charter contract with PEMEX Exploracion y Produccion
(not rated), a wholly owned subsidiary of Petroleos Mexicanos
(BBB/Stable/A).

The notes are to be secured by a security interest in all of RDS'
assets.  The issuer's only asset is to be an intercompany note
with Rubicon.  Rubicon's guarantee of the notes is to be secured
by a security interest in substantially all of the assets of
Rubicon, including PetroRig III.  The liens securing the guarantee
are to be contractually subordinated to the liens that secure a
senior bank loan credit facility.

The preliminary ratings on RDS's notes are supported by these
strengths:

Grupo R has a long-standing business relationship with PEMEX and
as participated in the development of many of PEMEX E&P's
exploration nd production projects.  Since 1987, Grupo R has been
an offshore contractor and maritime platform service provider to
PEMEX E&P.

Equity contribution of approximately $170 million by Grupo R,
compared to total project cost of around $655 million.

Valuable asset as collateral.  The rig's estimated fair market
value according to an Independent Engineer's report results in
$650 - $675 million.

PetroRig III is a new rig with up-to-date technology in the
market.  In the past, the fleet of higher specification semi-
submersible rigs has maintained higher utilization rates with more
meaningful dayrate premiums in comparison to the fleet consisting
of lower generation semi-submersibles, particularly during
downturns in the energy industry. Construction risk is
considered limited.  According to the Independent Engineer report,
the rig is around 97% complete and its delivery is expected to be
on time on mid-March.

These weaknesses offset these strengths:

The notes are expected to be exposed to recontracting and/or
refinancing risk given their 7 year tenor vs.  a 5 year charter
contract with PEMEX.  The notes will be subordinated to a senior
bank loan in both interest and principal payments.

The only source of income for the payment of the senior bank loan
and the notes will be PetroRig III.  Under certain defined
conditions, PEMEX could cancel the bareboat charter agreement.

The charter agreement entails a fixed dayrate to be paid by PEMEX
for the first two years.  After this period, project income will
be exposed to a variable dayrate risk on a yearly basis.

First ultra-deep water project for Grupo R.

No debt service reserve account for bondholders, except one
created for the first coupon payment only.

The project's legal structure is complex and entails several
special purpose vehicles in different geographies.  In S&P's
opinion, this could limit future claims and potential recovery in
a distressed scenario.  At project beginning, a temporary escrow
account could be used to receive funds from the senior bank loan
and the notes.  In S&P's opinion, this account could not be
considered as bankruptcy remote.

PetroRig III is expected to post strong operating results based on
the contracted and anticipated day rates and daily operating
expenses.  However, during the first three years of operations,
the DSCR will be close to 1x given that, according to the senior
bank loan credit facility, all excess cash (that is, cash after
operating costs, working capital needs and scheduled principal and
interest payments) has to be used for the prepayment of such loan.
After this period, once the senior bank loan is expected to be
fully prepaid, the DSCR increases to 3x.  Nevertheless, according
to the company's base case scenario, at the termination of the
bareboat charter agreement with PEMEX at year five, the net debt
balance (after subtracting the cash position) on the notes will be
around $60 million.

Given the significant amount of excess cash that is expected to be
generated and used for prepayments of the senior bank loan, and
taking into consideration that the dayrate is fixed for the first
two years of the charter agreement, Standard & Poor's performed a
breakeven analysis for 2012 (when the variable rate starts to
apply) such that the excess cash flow sweep equals zero.  The
resulting rate is an average of $312,000.  Considering the base
case average rate for 2012 of $478,000, the breakeven implied
decline in the rate is -34.7%, which in S&P's opinion provides a
certain level of comfort.


                            ***********

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

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