TCRLA_Public/100222.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

        Monday, February 22, 2010, Vol. 11, No. 036

                            Headlines



A R G E N T I N A

FINANCIERA EL COMERCIO: S&P Withdraws 'B-' Corp. Credit Rating


B E R M U D A

EMERALD CAPITAL: Appoints Official Receiver as Liquidator
NEW STAR: Creditors' Proofs of Debt Due on March 3
NEW STAR: Members to Receive Wind-Up Report March 23
SEA CONTAINERS: Appoints Bingham as New Provisional Liquidator
STOCKTON MANAGEMENT: Creditors' Proofs of Debt Due on March 5

STOCKTON MANAGEMENT: Members to Receive Wind-Up Report March 23
VALIDUS HOLDINGS: Posts US$165.8 Million Net Income in 4Q


B R A Z I L

BANCO NACIONAL: Sees Private Bank Lending Picking Up
BRASKEM SA: Approves Mexico Joint Venture With Idesa
COMPANHIA SIDERURGICA: May Accept Less Than 33% of Cimpor
* BRAZIL: IDB Provides US$10 Million Loan to Aid State of Bahia


C A Y M A N  I S L A N D S

ABRIA SELECT: Commences Wind-Up Proceedings
ACADIA FUND: Commences Liquidation Proceedings
ARAGOSTA FUND: Commences Wind-Up Proceedings
ARCA FUNDING: Commences Liquidation Proceedings
AREV CAPITAL: Commences Wind-Up Proceedings

AXIOM MARKET: Commences Liquidation Proceedings
BANCHO HOLDINGS: Commences Liquidation Proceedings
BLUEMOUNTAIN DEFENSIVE: Commences Liquidation Proceedings
BRENTWOOD CLO II: Commences Liquidation Proceedings
CEVAL INTERNATIONAL: Commences Liquidation Proceedings

CFIP FUNDING: Commences Liquidation Proceedings
CHAMBERLIN SPV: Commences Liquidation Proceedings
CONCORDIA (F) MANAGED: Commences Liquidation Proceedings
DALLAGLIO CDO: Commences Liquidation Proceedings
DALLAGLIO CDO: Commences Liquidation Proceedings

DISCOVER CARD: Commences Liquidation Proceedings
DMR STRUCTURED: Commences Liquidation Proceedings
DOLPHIN INTERNATIONAL: Commences Wind-Up Proceedings
DRY BROOK: Commences Liquidation Proceedings
ECO GAM: Commences Liquidation Proceedings

EPIRUS HIGH: Commences Liquidation Proceedings
FEROX BF: Commences Liquidation Proceedings
GLOBAL MUSIC: Commences Liquidation Proceedings
GREENACRE I: Commences Liquidation Proceedings
HELICON CAPITAL: Commences Wind-Up Proceedings

RENDITE FINANCE: Commences Liquidation Proceedings
SAFE DRILL: Commences Wind-Up Proceedings
SKYGATE CAPITAL: Commences Liquidation Proceedings
SKYGATE CAPITAL: Commences Liquidation Proceedings
TLC INTERNATIONAL: Commences Liquidation Proceedings


C O L O M B I A

BANCOLOMBIA SA: To Post Fourth Quarter Earnings Results on March 1
BANCOLOMBIA SA: Evaluates Acquisition Targets in Region


E L  S A L V A D O R

* EL SALVADOR: IDB OKs US$200MM Loan to Strengthen Public Finances


J A M A I C A

* JAMAICA: Inflation Hikes in January 2010


V E N E Z U E L A

EMPRESAS POLAR: President Chavez Threatens to Seize Firm


X X X X X X X X

* BOND PRICING: For the Week February 15, to February 20, 2010




                         - - - - -


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


FINANCIERA EL COMERCIO: S&P Withdraws 'B-' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B-' corporate credit rating on Financiera El Comercio at the
company's request.


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


EMERALD CAPITAL: Appoints Official Receiver as Liquidator
---------------------------------------------------------
On February 18, 2010, the Supreme Court of Bermuda appointed the
official receiver as permanent liquidator of Emerald Capital
International Limited.


NEW STAR: Creditors' Proofs of Debt Due on March 3
--------------------------------------------------
The creditors of New Star UK Gemini Hedge Fund Limited are
required to file their proofs of debt by March 3, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 17, 2010.

The company's liquidator is:

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


NEW STAR: Members to Receive Wind-Up Report March 23
----------------------------------------------------
The members of New Star UK Gemini Hedge Fund Limited will receive,
on March 23, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 17, 2010.

The company's liquidator is:

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


SEA CONTAINERS: Appoints Bingham as New Provisional Liquidator
--------------------------------------------------------------
On January 21, 2010, Elizabeth Bingham of Ernst & Young was
appointed to replace Mr. Stephen Harris as provisional liquidator
of Sea Containers Ltd.

The Liquidator can be reached at:

         Elizabeth Bingham
         Ernst & Young
         One More London Place
         London SE1 2AF, England


STOCKTON MANAGEMENT: Creditors' Proofs of Debt Due on March 5
-------------------------------------------------------------
The creditors of Stockton Management Limited are required to file
their proofs of debt by March 5, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 15, 2010.

The company's liquidator is:

         Robert G. Easton
         Cumberland House, 1 Victoria Street
         Hamilton, Bermuda


STOCKTON MANAGEMENT: Members to Receive Wind-Up Report March 23
---------------------------------------------------------------
The members of Stockton Management Limited will receive, on
March 23, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 15, 2010.

The company's liquidator is:

         Robert G. Easton
         Cumberland House, 1 Victoria Street
         Hamilton, Bermuda


VALIDUS HOLDINGS: Posts US$165.8 Million Net Income in 4Q
---------------------------------------------------------
Validus Holdings, Ltd. reported net income of US$165.8 million, or
US$1.23 per diluted common share for the three months ended
December 31, 2009, compared with net income of US$37.0 million, or
US$0.47 per diluted common share, for the three months ended
December 31, 2008.  Net income for the year ended December 31,
2009 was US$897.4 million, or US$9.24 per diluted common share,
compared with US$53.1 million, or US$0.61 per diluted common
share, for the year ended December 31, 2008.

Net operating income for the three months ended December 31, 2009
was US$176.9 million, or US$1.31 per diluted common share,
compared with net operating income of US$50.9 million, or US$0.65
per diluted common share, for the three months ended December 31,
2008.  Net operating income for the year ended December 31, 2009
was US$533.3 million, or US$5.49 per diluted common share,
compared with net operating income of US$175.1 million, or US$2.22
per diluted common share, for the year ended December 31, 2008.

At December 31, 2009, the Company had US$7.019 billion in total
assets against US$2.988 billion in total liabilities, resulting in
US$4.031 billion in shareholders' equity.  Total capitalization at
December 31, 2009, was US$4.32 billion, including US$289.8 million
of junior subordinated deferrable debentures.

                 Share Repurchase Program Expanded

On February 17, the Board of Directors of the Company authorized
the Company to return up to US$750 million to shareholders.  To
this end, the Board has expanded its current share repurchase
program authorizing the Company to repurchase up to US$750 million
of common shares.  This amount is in addition to, and in excess
of, the US$135.5 million of common shares repurchased by the
Company through February 17, 2010 under its previously authorized
$400 million share repurchase program announced in November 2009.

The Company expects the repurchases to be made from time to time
in the open market or in privately negotiated transactions.  The
timing, form and amount of the share repurchases under the program
will depend on a variety of factors, including market conditions,
the Company's capital position relative to internal and rating
agency targets, legal requirements and other factors.  The
repurchase program may be modified, extended or terminated by the
Board at any time.

A full text copy of the company's earnings release is available
free at http://ResearchArchives.com/t/s?53b1

                   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: Sees Private Bank Lending Picking Up
----------------------------------------------------
Brian Ellsworth at Rueters reports that Banco Nacional de
Desenvolvimento Economico e Social SA expects private banks to
increase lending this year, taking up some of the slack they left
at the height of the worst meltdown in credit markets in decades.
The report relates BNDES President Luciano Coutinho said that the
bank this year will focus more on boosting productive capacity
rather than increasing total loans.


According to the report, by stepping aside, BNDES is seeking to
open space for private capital to help stimulate investment, seen
as the key to pave the way for sustainable growth in the long run.

Mr. Coutinho, the report relates, said that the bank reduced its
expected outlays for this year compared to last year on
expectations of greater private lending.  "Our projection is that
in 2010 the bank will disburse less than in 2009, and I hope that
capital markets and credit markets will help the BNDES support
investment," the report quoted Mr. Coutinho as saying.  The bank
has not made any changes to its recent estimate that it would lend
BRL126 billion (US$69.1 billion) this year, he added.

The report recalls that when markets unraveled late in 2008,
President Luiz Inacio Lula da Silva instructed BNDES to shore up
debt-laden firms and foster mergers among those facing bankruptcy,
easing fears of mass layoffs and company defaults in Brazil.

                              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.


BRASKEM SA: Approves Mexico Joint Venture With Idesa
----------------------------------------------------
Braskem S.A. has approved a joint venture with privately held
Mexican petrochemical firm Idesa amid plans to expand operations
into North America, Peter Murphy at Reuters reports.  The report
relates that the company said that the venture would involve
setting up an integrated petrochemical project in Mexico, without
elaborating.

As reported in the Troubled Company Reporter-Latin America on
November 23, 2009, Braskem SA and Idesa won the auction promoted
by Pemex Gas for the acquisition of raw materials with the
objective of developing a large integrated petrochemical project
in that country.  The agreement will involve the supply of natural
gas for 20 years in competitive conditions to be used as raw
material in a cracker with the capacity for 1 million tons of
ethylene per year, integrated with three polymerization units for
producing 450,000 tons of HDPE per year, 350,000 tons of LLDPE per
year and 200 thousand tons of LDPE per year.

Reuters notes that the filing did not specify whether the Idesa
tie-up was the same venture plan approved.

                        About Braskem S.A.

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

                           *     *     *

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


COMPANHIA SIDERURGICA: May Accept Less Than 33% of Cimpor
---------------------------------------------------------
Companhia Siderurgica Nacional S.A. doesn't rule out becoming a
shareholder in Cimpor-Cimentos de Portugal SGPS SA even if gets
less than one-third plus one share of the Portuguese cement
company's stock in a bid, Joao Lima at Bloomberg News reports,
citing Jornal de Negocios.

According to the report, CSN said that acceptance level was a
condition for its bid for Cimpor.  The report, citing the
newspaper, relates that CSN will only take a decision on whether
it will be a shareholder in Cimpor after the results of the offer
are announced on February 23.

                             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+.


* BRAZIL: IDB Provides US$10 Million Loan to Aid State of Bahia
---------------------------------------------------------------
The Brazilian State of Bahia will make its environmental
management system more efficient and effective, contributing to
the conservation and sustainable use of water and other natural
resources, with help from a US$10 million loan approved by the
Inter-American Development Bank.

The local government will provide US$6.7 million in local
counterpart funds.  The program has two components.  The first
will strengthen planning and management capacity of the State of
Bahia Environment Secretariat.  The second aims to make
conservation more effective in priority protected areas, reversing
the degradation of water resources that supply Salvador's
metropolitan region, and enhancing measures to preserve the
state's eastern watersheds.

Results expected from the four-year program include:

    * Four protected areas (Bacia do Cobre-Sao Bartolomeu, Joane-
      Ipitanga, Lago Pedra do Cavalo, and Lagoa Encantada e Rio
      Almada) will implement environmental management plans and
      pilot projects to rehabilitate degraded locations.

    * All economic activities in these areas will be brought under
      environmental control; environmental licenses, as well as
      water and forest use permits will be put under an
      integrated, standardized set of environmental management
      processes.

    * Recovery will be underway in at least 40 percent of the
      255,000 hectares of protected areas subject to degradation
      processes, such as deforestation, soil erosion, and
      inadequate waste disposal.

    * A State Environmental Information System will be developed
      and implemented, and the Secretariat will adopt a set of
      integrated instruments and rules for planning, environmental
      control, and natural resource management.

    * Six hundred municipal workers will be trained on joint
      environmental management, and 340 members of the protected
      areas' management councils will receive training in
      environmental problem identification and decision-making.

    * All environmental licenses and permits for water and forest
      resources use will be issued within established time limits.

    * The time to register and respond to reports of infractions
      and complaints in the protected areas will be cut by half
      and beneficiaries' satisfaction will increase by 50 percent.

The loan is for a 20-year term, with a four-year grace period and
a LIBOR-based interest rate.


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


ABRIA SELECT: Commences Wind-Up Proceedings
-------------------------------------------
Abria Select Alternatives SPC 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


ACADIA FUND: Commences Liquidation Proceedings
----------------------------------------------
Acadia Fund II 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:

         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


ARAGOSTA FUND: Commences Wind-Up Proceedings
--------------------------------------------
Aragosta Fund, Ltd. commenced wind-up proceedings on
December 10, 2009.

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

The company's liquidator is:

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


ARCA FUNDING: Commences Liquidation Proceedings
-----------------------------------------------
Arca Funding 2006-I, Ltd. commenced liquidation proceedings on
December 9, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


AREV CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
Arev Capital, Ltd. commenced wind-up proceedings on December 11,
2009.

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

The company's liquidator is:

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


AXIOM MARKET: Commences Liquidation Proceedings
-----------------------------------------------
Axiom Market Neutral Fund commenced liquidation proceedings on
December 11, 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:

         Pinalkumar Shah
         Habibsons Bank Limited
         9 Portman Street, London, W1H 6DZ
         United Kingdom
         c/o Victor Murray
         Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BANCHO HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
Bancho Holdings Limited commenced liquidation proceedings on
December 10, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BLUEMOUNTAIN DEFENSIVE: Commences Liquidation Proceedings
---------------------------------------------------------
Bluemountain Defensive Credit Fund Ltd. commenced liquidation
proceedings on December 8, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BRENTWOOD CLO II: Commences Liquidation Proceedings
---------------------------------------------------
Brentwood CLO II, Ltd. commenced liquidation proceedings on
December 10, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CEVAL INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
Ceval International Participation II Ltd. commenced liquidation
proceedings on December 3, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CFIP FUNDING: Commences Liquidation Proceedings
-----------------------------------------------
CFIP Funding SPC commenced liquidation proceedings on December 11,
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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CHAMBERLIN SPV: Commences Liquidation Proceedings
-------------------------------------------------
Chamberlin SPV Ltd. commenced liquidation proceedings on
December 9, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CONCORDIA (F) MANAGED: Commences Liquidation Proceedings
--------------------------------------------------------
Concordia (F) Managed Account (1) Limited commenced liquidation
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:

         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


DALLAGLIO CDO: Commences Liquidation Proceedings
------------------------------------------------
Dallaglio CDO 2005-4 Ltd. commenced liquidation proceedings on
December 11, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DALLAGLIO CDO: Commences Liquidation Proceedings
------------------------------------------------
Dallaglio CDO 2005-3 Ltd. commenced liquidation proceedings on
December 11, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DISCOVER CARD: Commences Liquidation Proceedings
------------------------------------------------
Discover Card Offerings Limited No. 1 commenced liquidation
proceedings on December 9, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DMR STRUCTURED: Commences Liquidation Proceedings
-------------------------------------------------
DMR Structured Arbitrage Fund Ltd. commenced liquidation
proceedings on December 9, 2009.

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

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DOLPHIN INTERNATIONAL: Commences Wind-Up Proceedings
----------------------------------------------------
Dolphin International Fund, Ltd. commenced wind-up proceedings on
December 9, 2009.

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

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


DRY BROOK: Commences Liquidation Proceedings
--------------------------------------------
Dry Brook Capital SPC commenced liquidation proceedings on
December 11, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


ECO GAM: Commences Liquidation Proceedings
------------------------------------------
Eco Gam Fund, Ltd. commenced liquidation proceedings on
December 10, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


EPIRUS HIGH: Commences Liquidation Proceedings
----------------------------------------------
Epirus High Grade CDO 2007-1, Ltd. commenced liquidation
proceedings on December 10, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


FEROX BF: Commences Liquidation Proceedings
-------------------------------------------
Ferox BF Assets 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


GLOBAL MUSIC: Commences Liquidation Proceedings
-----------------------------------------------
Global Music and Media Limited commenced liquidation proceedings
on December 10, 2009.

Only creditors who were able to file their proofs of debt by
January 6, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

or

         Mourant Cayman Liquidators, Ltd.
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


GREENACRE I: Commences Liquidation Proceedings
----------------------------------------------
Greenacre I SPC commenced liquidation proceedings on December 11,
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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


HELICON CAPITAL: Commences Wind-Up Proceedings
----------------------------------------------
Helicon Capital Management LDC commenced wind-up proceedings on
November 26, 2009.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 , Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


RENDITE FINANCE: Commences Liquidation Proceedings
--------------------------------------------------
Rendite Finance No. 1 Inc. commenced liquidation proceedings on
December 10, 2009.

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

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SAFE DRILL: Commences Wind-Up Proceedings
-----------------------------------------
Safe Drill Consultancy Services Ltd. commenced wind-up proceedings
on November 26, 2009.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 , Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


SKYGATE CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
Skygate Capital Partners, Ltd. commenced liquidation proceedings
on December 2, 2009.

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

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;
or

         dms Corporate Services Ltd.
         c/o dms
         Telephone: (+1) 345 946 7665
         Facsimile: (+1) 345 946 7666
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


SKYGATE CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
Skygate Capital Partners Master Fund, Ltd. commenced liquidation
proceedings on December 2, 2009.

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

The company's liquidator is:

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


TLC INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
TLC International LDC 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:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

or

         Mourant Cayman Liquidators, Ltd.
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


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


BANCOLOMBIA SA: To Post Fourth Quarter Earnings Results on March 1
------------------------------------------------------------------
Bancolombia S.A will post its fourth quarter earnings results on
March 3, 2010.  Conference Call is at 8:30 AM

Conference Call URL:

http://www.grupobancolombia.com/investorRelations/informacionEmpre
sarial/investorRelations/conferenceCalls/index.asp?opcion=op1

                     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.


BANCOLOMBIA SA: Evaluates Acquisition Targets in Region
-------------------------------------------------------
Bancolombia SA is evaluating possible acquisitions in Latin
America, Inti Landauro at Dow Jones Newswires reports, citing
Chief Executive Jorge Londono.  "There is nothing right now," Mr.
Londono told Dow Jones in a short interview.  "We are continually
monitoring opportunities for expansion, and acquisitions are a
part of this," he added.

According to the report, Mr. Londono said that the bank is seeking
to expand in Central America and in other countries in Latin
America.

The bank, the report notes, has registered the possibility to sell
COP2 trillion (US$1.04 billion) worth of local bonds, and its
shareholders authorized management to issue 80 million new shares,
which represents about US$900 million at current prices.

Mr. Londono, the report notes, said that the company has the
possibility to raise that money if an opportunity to take over a
company arises.  The company may use the bonds to lend to
customers if the Colombian economy recovers faster than expected
and the demand for credit jumps, he added.

                      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.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: IDB OKs US$200MM Loan to Strengthen Public Finances
------------------------------------------------------------------
The Inter-American Development Bank approved a US$200 million loan
to fully finance a fiscal strengthening program in El Salvador,
aimed at improving the country's public finances while it protects
funding for social programs that benefit low-income groups.

The program, to be carried out in two years by El Salvador's
Ministry of Finance, includes components of tax reform, reduction
and better targeting of subsidies, improving the administration of
taxes and customs, and increasing transparency in public finances.

For five years, 2004 to 2008, the Salvadoran economy had relative
prosperity, but the country was hit hard by the global financial
crisis that started in 2008.  Tax revenue that had been on the
rise since 2004 due to a tax reform, fell in 2008 and again in
2009. The government had to increase public spending in subsidies,
as a way to ease the effect of the crisis on the population.

Some of the reforms and measures to be implemented through the
program include an amendment to the tax code, an increase in the
income and excise taxes, and a reduction of the 6 percent rebate
currently paid as an incentive to exporters.

Subsidies are one of the big challenges for public spending in El
Salvador. Subsidies for water service, gas, and public
transportation, grew from US$245 million in 2007 to US$445 million
in 2008.  Streamlining and targeting these subsidies more
effectively, so they indeed benefit those in greatest need, is a
key priority.

The program also includes the creation of the Deputy Ministry of
Revenue within the Ministry of Finance, with the task of
coordinating tax policy and tax administration, which is now
managed by five separate and highly autonomous entities.

In early 2009, El Salvador signed a stand-by arrangement with the
International Monetary Fund with a view to preserving the
country's economic and financial stability, while maintaining a
dollarized economy.  The government has requested a new three-year
stand-by agreement with the IMF, to replace the one agreed in
2009, in order to reflect recent conditions in the Salvadoran
economy.

The US$200 million IDB loan will provide El Salvador with
budgetary support to correct fiscal imbalances and foster fiscal
sustainability through the government program.  The loan is
structured in two tranches, each representing 50% of the total
financing, subject to verification that steps have been taken to
increase revenues, improve administration, boost the efficiency
and equity of subsidies, and encourage transparency in fiscal
management.

The loan, to be disbursed in 24 months, was approved with an
amortization period of 20 years, five years of grace, and a Libor-
based interest rate.


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


* JAMAICA: Inflation Hikes in January 2010
------------------------------------------
In January, consumers saw living costs spike by the highest levels
in five months, RadioJamaica reports.

According to the report, the Statistical Institute of Jamaica
(STATIN) said price increases averaged 1.4% in January, as the
government's latest tax hikes began to take their toll on the cost
of living.  The report relates that no category of items was
spared the increase, but it was alcoholic beverages and tobacco as
well as transport and communication costs which were most
affected.

STATIN, the report notes, said this was all due to the higher gas
tax and an increase in the General Consumption Tax rate.

RadioJamaica points out that the increased inflation figures mean
that for the last 12 months, consumers have seen their purchasing
power weakened by 12%.


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


EMPRESAS POLAR: President Chavez Threatens to Seize Firm
--------------------------------------------------------
Venezuelan President Hugo Chavez said that Empresas Polar SA will
be subject to seizure should the government find that the company
is refusing to sell food to a state-run retailer, GulfNews.com
reports.  GulfNews.com relates that Mr. Chavez said he has
information that Polar is "putting hurdles" in food shipments to
recently nationalized Exito retail stores and that Polar's
president, Lorenzo Mendoza, is upset over his company's exclusion
from a joint venture with France's Casino Guichard Perrachon SA.

"If Polar refuses to continue to supply food, I could make a
decision that you won't like, Mr Mendoza," the report quoted Mr.
Chavez as saying.  "This would be with respect to the whole
company, I don't have any problems.  Revise yourself and your
people," he added.

Mr. Chavez, the report recalls, threatened to nationalize Polar in
2009, accusing the company of trying to evade laws requiring food
companies to produce price-controlled foods.  The report relates
that the government is seeking to increase its control of food
distribution and retail chains and has seized a rice plant owned
by US-based Cargill Incorporated.

                        About Empresas Polar

Empresas Polar makes corn flour for the country's staple food,
arepas, as well as rice, pasta, ketchup, beer, juices and Pepsi
for the South American country.


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


* BOND PRICING: For the Week February 15, to February 20, 2010
--------------------------------------------------------------

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

ARGENTINA

Argentina
ARGENT-$DIS         8.28  12/31/2033 USD      65.2085
ARGENT-$DIS         8.28  12/31/2033 USD        62.25
ARGENT-PAR          1.18  12/31/2038 ARS       33.201
ARGENT-=DIS         7.82  12/31/2033 EUR     55.10143
ARGNT-BOCON PR13       2  3/15/2024  ARS     65.70202
BOGAR 2018             2  2/4/2018   ARS     111.1928
BONAR X                7  4/17/2017  USD       74.935
BUENOS AIRE PROV   9.625  4/18/2028  USD     62.56618
BUENOS AIRE PROV   9.375  9/14/2018  USD     64.19143
BUENOS-$DIS         9.25  4/15/2017  USD     70.97632
MENDOZA PROVINCE     5.5  9/4/2018   USD      74.7136

BRAZIL

CESP                9.75  1/15/2015  BRL     66.32334

CAYMAN ISLAND

BANIF FIN LTD          3  12/31/2019 EUR       69.772
BARION FUNDING      1.44  12/20/2056 GBP     29.29747
BARION FUNDING      0.63  12/20/2056 GBP     16.42238
BCP FINANCE CO     4.239  #N/A N Ap  EUR     67.90386
BCP FINANCE CO     5.543  #N/A N Ap  EUR     67.67792
BISHOPSGATE ASSE   4.808  8/14/2044  GBP     67.32569
CHINA MED TECH         4  8/15/2013  USD        61.25
CHINA PROPERTIES   9.125  5/4/2014   USD     84.04277
CHINA SUNERGY       4.75  6/15/2013  USD       66.509
DUBAI HLDNG COMM    4.75  1/30/2014  EUR     61.67463
DUBAI HLDNG COMM       6  2/1/2017   GBP     57.00786
FERTINITRO FIN      8.29  4/1/2020   USD        65.75
LDK SOLAR CO LTD    4.75  4/15/2013  USD           72
MAZARIN FDG LTD     1.44  9/20/2068  GBP     26.88248
PANAMA CANAL RAI       7  11/1/2026  USD           79
PUBMASTER FIN      6.962  6/30/2028  GBP     68.10256
PUBMASTER FIN       8.44  6/30/2025  GBP      72.4655
SHINSEI FIN CAYM   6.418  #N/A N Ap  USD     58.69219
SHINSEI FIN CAYM   6.418  #N/A N Ap  USD     58.63333
SHINSEI FINANCE     7.16  #N/A N Ap  USD         60.5
SHINSEI FINANCE     7.16  #N/A N Ap  USD         56.8


PUERTO RICO

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


VENEZUELA

PETROLEOS DE VEN   5.375  4/12/2027  USD     48.21051
PETROLEOS DE VEN     5.5  4/12/2037  USD     46.02511
PETROLEOS DE VEN     4.9  10/28/2014 USD     64.83943
PETROLEOS DE VEN   5.125  10/28/2016 USD     57.05396
PETROLEOS DE VEN       5  10/28/2015 USD     61.14892
PETROLEOS DE VEN    5.25  4/12/2017  USD     60.79262
SIDETUR FINANCE       10  4/20/2016  USD        67.25
VENEZUELA           5.75  2/26/2016  USD     68.57046
VENEZUELA              7  12/1/2018  USD      67.2145
VENEZUELA           7.75  10/13/2019 USD     67.73182
VENEZUELA              6  12/9/2020  USD     57.65577
VENEZUELA              9  5/7/2023   USD        70.42
VENEZUELA           8.25  10/13/2024 USD       64.921
VENEZUELA           7.65  4/21/2025  USD     61.87286
VENEZUELA           9.25  9/15/2027  USD     74.70909
VENEZUELA           9.25  9/15/2027  USD     71.79945
VENEZUELA              7  3/31/2038  USD        55.53
VENEZUELA           9.25  5/7/2028   USD     70.09545
VENZOD - 189000    9.375  1/13/2034  USD       70.032



                            ***********

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
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           * * * End of Transmission * * *