TCRLA_Public/100223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Tuesday, February 23, 2010, Vol. 11, No. 037

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Must Stay in Jail Pending Trial, Court Says
STANFORD INT'L: Antigua Government Reacts to Class Action Suit


A R G E N T I N A

ACRIL SRL: Creditors' Proofs of Debt Due on April 16
EMDECER SA: Creditors' Proofs of Debt Due on April 1
PACKS DEL SUR: Creditors' Proofs of Debt Due on April 16
SECURUS SA: Creditors' Proofs of Debt Due on May 24
UNI-CO UNIDADES: Creditors' Proofs of Debt Due on March 5

WINE 5: Creditors' Proofs of Debt Due on April 21


B E R M U D A

CENTRAL EUROPEAN MEDIA: To Acquire bTV Channel for US$400 Million
CENTRAL EUROPEAN MEDIA: To Post FY2009 Earnings Results on Feb. 24


B R A Z I L

BANCO NACIONAL: BNDESPAr Buys BRL2.27BB Debentures From JBS SA
CAMARGO CORREA: Can Move Ahead with Cimpor Deal, Estado Says


C A Y M A N  I S L A N D S

BOJOS GROUP: Commences Liquidation Proceedings
CITI TRELLUS: Commences Wind-Up Proceedings
FORE CONVERTIBLE: Commences Wind-Up Proceedings
GREENACRE II: Commences Liquidation Proceedings
IZARA INTERNATIONAL: Commences Liquidation Proceedings

LEO VENTURES: Commences Liquidation Proceedings
NAUTILUS RMBS: Commences Liquidation Proceedings
NAUTILUS RMBS: Commences Liquidation Proceedings
NAUTILUS RMBS: Commences Liquidation Proceedings
NORMANDY INTERNATIONAL: Commences Liquidation Proceedings

NORMANDY INTERNATIONAL: Commences Liquidation Proceedings
PALLAS IV: Commences Liquidation Proceedings
PERELLA WEINBERG: Commences Liquidation Proceedings
PUMA CAPITAL: Commences Liquidation Proceedings
QVT FINANCIAL: Commences Liquidation Proceedings

RANEK LEASING: Commences Liquidation Proceedings
REDWOOD SPC: Commences Liquidation Proceedings
RONAN STREET: Commences Liquidation Proceedings
SPECTRUM SPC: Commences Liquidation Proceedings
SPECTRUM SPC: Commences Liquidation Proceedings

SPG INV: Commences Liquidation Proceedings
STRUCTURED FINANCE: Commences Wind-Up Proceedings
SUNSHINE FUNDING: Commences Liquidation Proceedings
TABS 2006-5: Commences Liquidation Proceedings
TABS 2006-6: Commences Liquidation Proceedings

TELOS CLO: Commences Liquidation Proceedings
TOUTE VERTE: Commences Liquidation Proceedings
TRICADIA CDO: Commences Liquidation Proceedings
TRICADIA CDO: Commences Liquidation Proceedings
WESTERN ASSET: Commences Liquidation Proceedings


C O L O M B I A

* COLOMBIA: Venezuela May Buy Electricity From Country, Pres. Says


J A M A I C A

AIR JAMAICA: JALPA's Bid for Airline "too late," Minister Says
AIR JAMAICA: Divestment Committee Defends Government's Actions
* JAMAICA: Economy Declines for Nine Consecutive Quarters
* JAMAICA: To Receive Another Loan From IDB


M E X I C O

CEMEX SAB: Debt Valued at 97 Cents in Final Credit Swaps Auction
CORPORACION GEO: Shares May Rise to Three-Year High in 2010
FINCOMUN SERVICIOS: S&P Affirms 'BB-/B' Counterparty Credit Rating


V E N E Z U E L A

* VENEZUELA: May Buy Colombia Electricity, President Chavez Says


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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

STANFORD INT'L: Owner Must Stay in Jail Pending Trial, Court Says
-----------------------------------------------------------------
The U.S. Fifth Circuit Court of Appeals in New Orleans has again
denied requests by Robert Allen Stanford's lawyers for the
released of their client pending his trial, Anna Driver at Reuters
reports.  The report relates that the Appeals court said in a
ruling that Mr. Stanford's lawyers presented "no new
circumstances" in their second effort to win his release.

According to the report, Mr. Stanford's lawyers argued that
because of his declining mental and physical health, friends and
family had offered to hire armed off-duty peace officers to guard
him to ensure that he would appear in court.  The report relates
that Mr. Stanford's legal team is mulling an appeal to the US
Supreme Court.

Meanwhile, the report notes, lawyers who represent Stanford in
civil fraud case said they plan to file a motion asking that the
U.S. Securities and Exchange Commission's complaint against the
former billionaire be dismissed.

As reported in the Troubled Company Reporter-Latin America on
December 29, 2009, Bloomberg News said that U.S. District Judge
David Hittner has denied Mr. Stanford's request for bail despite
reviewing psychiatrists reports that he was close to "a complete
nervous breakdown."  According to the report, reports from two
psychiatrists who examined Mr. Stanford said that he was suffering
from severe depression triggered by his incarceration under
conditions that rendered him unable to help in his defense.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: Antigua Government Reacts to Class Action Suit
--------------------------------------------------------------
A senior official of the Antigua and Barbuda government has
described Stanford Victims Coalition's class action lawsuit
against the Eastern Caribbean Central Bank and the government as
"unbelievable," Jamaica Observer reports.  The report relates that
the lawsuit, which was filed in the U.S. by a group of disgruntled
investors though Morgenstern & Blue, LLC, seeks at least US$100
million in compensation" for ECCB's unlawful seizure last year of
the Bank of Antigua, an asset of Robert Allen Stanford.

According to the report, attorney general Justin Simon said he was
not impressed by the claims.  "I am really, really very upset
because it clearly indicates that this kind of action comes from
the uninformed and is itself unbelievable.  To accuse the ECCB of
thievery and of stealing the millions to which the Bank of Antigua
is valued is more than preposterous and ludicrous," the report
quoted Mr. Simon as saying.  "There has been no stealing, there
has been no thievery, there has been taking over, there has been
no expropriation," he continued, adding that the central bank was
acting under its emergency powers.

Mr. Simon, the report notes, said that after a U.S. court
appointed Stanford Financial group receiver, Ralph Janvey, the
Bank of Antigua experienced a run which triggered the intervention
of the ECCB, which Mr. Simon said was necessary as the run would
have affected all of the members of the Eastern Caribbean Monetary
Union.

                  About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


ACRIL SRL: Creditors' Proofs of Debt Due on April 16
----------------------------------------------------
Ana M. Blujerman, the court-appointed trustee for Acril SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 16, 2010.

Ms. Blujerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9 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 15, 2010.

The Trustee can be reached at:

         Ana M. Blujerman
         Parana 774
         Argentina


EMDECER SA: Creditors' Proofs of Debt Due on April 1
----------------------------------------------------
Hector M. Falvino, the court-appointed trustee for Emdecer SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 1, 2010.

Mr. Falvino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2 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 7, 2010.

The Trustee can be reached at:

         Hector M. Falvino
         Av. Pueyrredon 468
         Argentina


PACKS DEL SUR: Creditors' Proofs of Debt Due on April 16
--------------------------------------------------------
Salvador Lamarchina, the court-appointed trustee for Packs del Sur
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 16, 2010.

Mr. Lamarchina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7 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:

         Salvador Lamarchina
         Esmeralda 847
         Argentina


SECURUS SA: Creditors' Proofs of Debt Due on May 24
---------------------------------------------------
Gustavo H. Di Capua, the court-appointed trustee for Securus SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 24, 2010.

Mr. Di Capua will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28 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 April 14, 2011.

The Trustee can be reached at:

         Gustavo H. Di Capua
         Muniz 416
         Argentina


UNI-CO UNIDADES: Creditors' Proofs of Debt Due on March 5
---------------------------------------------------------
Mario D'Atri, the court-appointed trustee for Uni-Co Unidades
Comerciales SA's reorganization proceedings, will be verifying
creditors' proofs of claim until March 5, 2010.

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

The Trustee can be reached at:

         Mario D'Atri
         Tte. Gral. Juan D.Peron 1605
         Argentina


WINE 5: Creditors' Proofs of Debt Due on April 21
-------------------------------------------------
Maria del Buono, the court-appointed trustee for Wine 5 SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 21, 2010.

Ms. Buono will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16 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:

         Maria del Buono
         Lavalle 1290
         Argentina


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

CENTRAL EUROPEAN MEDIA: To Acquire bTV Channel for US$400 Million
-----------------------------------------------------------------
Central European Media Enterprises Ltd. has entered into an
agreement with News Corporation to acquire bTV, the free-to-air
commercial television channel in Bulgaria, as well as the bTV
Cinema and bTV Comedy cable channels and 74% of Radio Company C.J.
OOD which operates several radio stations (the bTV Group).  Total
consideration, which is payable in cash, is US$400 million on a
cash-free and debt-free basis.  The consideration is subject to
adjustment in the event that actual working capital at completion
differs from an agreed level of target working capital.  The
transaction is subject to the approval of the Bulgarian Commission
for the Protection of Competition and other customary closing
conditions and is expected to complete in the second quarter of
2010.

Adrian Sarbu, President and CEO of CME, commented: "The
acquisition of bTV is the next step in repositioning CME after the
sale of our Ukrainian operations.  We are now focused on building
a highly profitable vertically integrated media company operating
in the EU and EU accession countries.  bTV greatly complements our
portfolio of broadcasting assets.  I am confident that we will be
able to bring Bulgarian viewers an enhanced TV offer and deliver
significant value for our shareholders."

In connection with this acquisition, CME will also enter into an
agreement to acquire from Top Tone Holdings Limited its 20%
interest in CME's Pro.BG business in consideration of a 6%
interest in a newly created subsidiary that will hold the bTV
business and Pro.BG businesses and the termination of the existing
agreements in respect of the Pro.BG business.  Top Tone Holdings
will also have the right to acquire an additional 4% interest for
a period of up to three years from closing.  The closing is
expected to be simultaneous with the completion of the acquisition
of the bTV businesses.

CME was advised by Deutsche Bank AG, London Branch on the
acquisition of the bTV Group.

                   About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *    *

As reported in the Troubled Company Reporter-Latin America on
November 13, 2009, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit rating on Bermuda-based
emerging markets TV broadcaster Central European Media Enterprises
Ltd. to 'B-' from 'B'.  The outlook is negative.


CENTRAL EUROPEAN MEDIA: To Post FY2009 Earnings Results on Feb. 24
------------------------------------------------------------------
Central European Media Enterprises Ltd. will release its fourth
quarter and full year 2009 financial results before U.S. market
hours on Wednesday, February 24, 2010.

The company will also host a teleconference and video webcast to
discuss its fourth quarter and full year 2009 results on
Wednesday, February 24, 2010 at 9 a.m. New York time (2 p.m.
London and 3 p.m. Prague time).  The video webcast and
teleconference will refer to presentation slides which will be
available on CME's Web site http://www.cetv-net.comprior to the
call.

To access the teleconference, U.S. and International callers may
dial +1 785-424-1051 ten minutes prior to the start time and
reference passcode: 7CETVQ4.  The conference call will be video
webcast live via http://www.cetv-net.com/

The video webcast will be archived on www.cetv-net.com for two
weeks. Additionally, a digital audio replay in MP3 format will be
available for two weeks following the call on CME's website

                   About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *    *

As reported in the Troubled Company Reporter-Latin America on
November 13, 2009, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit rating on Bermuda-based
emerging markets TV broadcaster Central European Media Enterprises
Ltd. to 'B-' from 'B'.  The outlook is negative.


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


BANCO NACIONAL: BNDESPAr Buys BRL2.27BB Debentures From JBS SA
--------------------------------------------------------------
BNDESPar, the shareholding and investment arm of Banco Nacional de
Desenvolvimento Economico e Social SA, bought BRL2.27 billion of
the BRL3.48 billion in convertible debentures issued by JBS SA,
Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the debentures can be converted into
shares of JBS units based in the U.S. once those units have held
an initial public offering.

Earlier this year, the report recalls, JBS executives said that
the company delayed the US$2 billion IPO for its U.S. units, due
to "adverse market conditions."

                           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.


CAMARGO CORREA: Can Move Ahead with Cimpor Deal, Estado Says
------------------------------------------------------------
Camargo Correa SA will sign an agreement with Brazil's antitrust
regulator (Cade) that allows the company to move ahead with its
acquisition of a stake in Cimpor e Portugal SGPS SA, Jessica Brice
at Bloomberg News reports, citing O Estado de S. Paulo.  According
to the report, the newspaper said Vinicius Carvalho, the Cade
member responsible for assessing the case, said that as part of
the accord, Camargo Correa will agree not take any action that
can't later be undone should the regulator reject the acquisition.

According to the report, the newspaper said that Camargo Correa
was ordered not to interfere with business decisions of Cimpor as
they relate to the Brazil market.

According to the report, the newspaper said that Cade, by making
the agreement, is rejecting a recommendation by the Justice
Ministry to suspend the transactions until a ruling is made on
whether the acquisitions will hurt competition.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';


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


BOJOS GROUP: Commences Liquidation Proceedings
----------------------------------------------
The Bojos Group Corporation commenced liquidation 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:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


CITI TRELLUS: Commences Wind-Up Proceedings
-------------------------------------------
Citi Trellus Ltd. commenced wind-up proceedings on December 3,
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


FORE CONVERTIBLE: Commences Wind-Up Proceedings
-----------------------------------------------
Fore Convertible SPV Holdings Offshore, Ltd. 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


GREENACRE II: Commences Liquidation Proceedings
-----------------------------------------------
Greenacre II 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


IZARA INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
Izara International, Ltd. commenced liquidation 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 Khatidja McLean
         Telephone: (345) 815 1760
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


LEO VENTURES: Commences Liquidation Proceedings
-----------------------------------------------
Leo Ventures Fund SPC commenced liquidation 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:

         Maricorp Services Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         Facsimile: 345 945 2188
         31 The Strand, P O Box 2075
         Grand Cayman KY1-1105


NAUTILUS RMBS: Commences Liquidation Proceedings
------------------------------------------------
Nautilus RMBS CDO III, 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


NAUTILUS RMBS: Commences Liquidation Proceedings
------------------------------------------------
Nautilus RMBS CDO IV, 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


NAUTILUS RMBS: Commences Liquidation Proceedings
------------------------------------------------
Nautilus RMBS CDO V, 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


NORMANDY INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
Normandy International Absolute Return 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:

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


NORMANDY INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
Normandy International Master Fund Ltd. commenced liquidation
proceedings on December 9, 2009.

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

The company's liquidator is:

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


PALLAS IV: Commences Liquidation Proceedings
--------------------------------------------
Pallas IV CDO Limited 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:

         Steven O'connor
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


PERELLA WEINBERG: Commences Liquidation Proceedings
---------------------------------------------------
Perella Weinberg Partners Alpha Large Cap Offshore Fund 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


PUMA CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
Puma Capital Limited 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


QVT FINANCIAL: Commences Liquidation Proceedings
------------------------------------------------
QVT Financial 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


RANEK LEASING: Commences Liquidation Proceedings
------------------------------------------------
Ranek Leasing Limited 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


REDWOOD SPC: Commences Liquidation Proceedings
----------------------------------------------
Redwood 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


RONAN STREET: Commences Liquidation Proceedings
-----------------------------------------------
Ronan Street CLO, 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


SPECTRUM SPC: Commences Liquidation Proceedings
------------------------------------------------
Spectrum 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


SPECTRUM SPC: Commences Liquidation Proceedings
-----------------------------------------------
Spectrum SPC II 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


SPG INV: Commences Liquidation Proceedings
------------------------------------------
SPG INV, 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


STRUCTURED FINANCE: Commences Wind-Up Proceedings
-------------------------------------------------
Structured Finance, Inc. 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:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         64 Earth Close, 1st Floor
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


SUNSHINE FUNDING: Commences Liquidation Proceedings
---------------------------------------------------
Sunshine Funding Corporation 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


TABS 2006-5: Commences Liquidation Proceedings
----------------------------------------------
Tabs 2006-5, 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


TABS 2006-6: Commences Liquidation Proceedings
----------------------------------------------
Tabs 2006-6, 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:

         Steven O'Connor
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


TELOS CLO: Commences Liquidation Proceedings
--------------------------------------------
Telos CLO 2007-3, 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


TOUTE VERTE: Commences Liquidation Proceedings
----------------------------------------------
Toute Verte 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:

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


TRICADIA CDO: Commences Liquidation Proceedings
-----------------------------------------------
Tricadia CDO 2006-7, 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


TRICADIA CDO: Commences Liquidation Proceedings
-----------------------------------------------
Tricadia CDO 2007-8, 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


WESTERN ASSET: Commences Liquidation Proceedings
------------------------------------------------
Western Asset / Citi Institutional Enhanced Income 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:

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


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


* COLOMBIA: Venezuela May Buy Electricity From Country, Pres. Says
------------------------------------------------------------------
Venezuela is evaluating a proposal to purchase electricity from
Colombia and is buying power turbines from General Electric Co.
amid nationwide rolling blackouts and a severe drought, Daniel
Cancel and Steven Bodzin at Bloomberg News report, citing
President Hugo Chavez.

According to the report, Foreign Minister Nicolas Maduro said that
Colombia sent a proposal and the offer is being reviewed by
Venezuelan Electricity Minister Ali Rodriguez and a team of
technicians.  The report notes Mr. Maduro said that Venezuela,
which froze relations with Colombia last year, doesn't want the
issue to become politicized.

Bloomberg News notes that President Chavez is tapping regional
allies including Argentina, Brazil and Cuba to prevent a collapse
of the national power grid as water levels plunge at the country's
biggest hydro reservoir.  The report relates that President Chavez
said that Venezuela planned to acquire two GE turbines having a
total of 440 megawatts.

President Chavez, the report notes, declared a national emergency
in the electricity sector on February 8.

Bloomberg News points out that Venezuela depends on hydroelectric
power generation for more than two-thirds of its energy needs and
thermoelectric plants that run on fuel oil, diesel and natural gas
are operating below capacity because of maintenance problems.


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


AIR JAMAICA: JALPA's Bid for Airline "too late," Minister Says
--------------------------------------------------------------
Jamaica Finance Minister Audley Shaw has dismissed the Jamaica
Airline Pilots Association's bid for Air Jamaica Limited as coming
way too late to usurp that of Caribbean Airlines, RadioJamaica
reports.  The report relates that Mr. Shaw has also declared that
the government will not give the pilots preferential treatment as
sections of the society are asking the divestment team to do.

"When you are running a transparent government as is required
under the international system of transparency that we are
committed to we can't have our own procurement policies that have
been laid down into law, not by my government but by previous
governments and the laws on procurement are very clear and they
are reinforced and buttressed by an aggressive and vigilant
Contractor-General," the report quoted Mr. Shaw as saying.

According to the report, Mr. Shaw said that the government is now
focused on completing the Caribbean Airlines deal which he
described as being on the runway.  The report points out that Mr.
Shaw also indicated that he shares the view that the pilots do not
have the money needed to keep the Lovebird in the air.

As reported in the Troubled Company Reporter-Latin America on
February 5, 2010, RadioJamica said that JALPA is to make a last
ditch bid for control of Air Jamaica.  The report related that
JALPA is to select an equity partner who will provide it with
funding in the event that it gets the nod from the government to
acquire the national airline.  According to the report, JALPA said
that three local and foreign equity partners are jostling for
selection.

                        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: Divestment Committee Defends Government's Actions
--------------------------------------------------------------
The committee responsible for the sale of Air Jamaica Limited is
defending the government's action in the divestment process,
RadioJamaica reports.  According to the report, the committee said
it is satisfied that, throughout the life of the Air Jamaica
Divestment Project, the government has taken all the necessary
steps to ensure a fair and transparent bidding process.

According to the report, the committee said that every effort was
also made to protect Air Jamaica against the threat of
transferring its management to an unqualified and unprepared
investor.

RadioJamaica notes that Dennis Lalor, chairman of the Air Jamaica
Divestment Committee, said he wanted to bring clarity to the
discussion about the process for the divestment of Air Jamaica.

Mr. Lalor, the report points out, said that the main objective of
the divestment project is to ensure the long term, sustainable
development of Air Jamaica, through a partnership between the
government and a private sector investor who had adequate
technical expertise and financial strength and who would implement
a sound business plan for the entity's future.

                          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.


* JAMAICA: Economy Declines for Nine Consecutive Quarters
---------------------------------------------------------
Planning Institute of Jamaica, in its latest report, estimated
that the economy declined by 2.8% last year, RadioJamaica reports.
The report relates that the contraction comes as the economy
racked up its ninth consecutive quarter of decline during the
period October to December.

According to the report, Dr. Pauline Knight, Acting Head of the
PIOJ confirmed that the Jamaican economy was still moribund even
as the global economy was emerging from recession.  "As expected,
the performance of the Jamaican economy continued to lag behind
global economic performance.  We entered the recession after the
developed world and we will also bottom out after they do," the
report quoted Mr. Knight as saying.  The report relates that that
means continued decline for Jamaica's battered economy which fell
2.8% last year.

RadioJamaica notes that is hoped that the country will see at
least 0.5% growth this year.  However, the report points out, this
expected growth is dependent on continued revitalization in other
markets.

"This is predicated on the continued recovery in the other
economies, so it's still contingent on what is happening in the
rest of the world.  If however, the world double dips, then we may
see a continuation of the decline that we've been seeing," the
report quoted Dr. Christine Clarke, Director Economic Planning and
Research at the PIOJ, as saying.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings has downgraded Jamaica's long-
term foreign and local currency Issuer Default Ratings to 'CCC'
from 'B'.  The Outlooks on the Long-Term ratings remain Negative.
Jamaica's Country ceiling has also been lowered to 'B-' from 'B+'
and the short-term foreign currency IDR has been downgraded to 'C'
from 'B'.


* JAMAICA: To Receive Another Loan From IDB
-------------------------------------------
Jamaica is to receive JM$15 billion in loans from the Inter-
American Development Bank, RadioJamaica reports.  The report
relates that the multilateral agency to release the three loans
which are valued at US$170 million.

According to the report, the money will be used to finance policy-
based programs.  According to the report, the funding is expected
to be the first in a series of loans that Jamaica will receive in
coming weeks from multilateral agencies following last month's
signing of a US$1.2 billion standby facility with the
International Monetary Fund.

The government, the report says, had stated that the IMF deal
cleared the way for other multilateral agencies to release foreign
currency loans during this month.  The receipt of these foreign
currency inflows will improve the Bank of Jamaica's power to
maintain stability in the foreign exchange market and reinforce
its expectation of reduced inflation in 2010, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings has downgraded Jamaica's long-
term foreign and local currency Issuer Default Ratings to 'CCC'
from 'B'.  The Outlooks on the Long-Term ratings remain Negative.
Jamaica's Country ceiling has also been lowered to 'B-' from 'B+'
and the short-term foreign currency IDR has been downgraded to 'C'
from 'B'.


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


CEMEX SAB: Debt Valued at 97 Cents in Final Credit Swaps Auction
----------------------------------------------------------------
Shannon D. Harrington at Bloomberg News reports that credit-
default swaps traders settling contracts protecting loans and
bonds sold by CEMEX, S.A.B. de C.V. has set a value of 97 cents on
the dollar for the debt.  The report, citing a data from the an
auction Web site run by Markit Group Ltd. and Creditex Group Inc,
relates that the the price, the result of an auction by 13 dealers
including Goldman Sachs Group Inc. and Barclays Plc, means sellers
of swaps on Cemex will pay 3 cents on the dollar to buyers of
protection to settle the contracts.

According to the report, the final price rose from an initial
value of 92 cents on the dollar earlier after the first round of
the auction.  The report relates that dealers had reported a net
demand to buy US$90 million of the bonds and loans and matched
that with sell orders from the banks and their clients.

As reported in the Troubled Company Reporter-Latin America on
November 12, 2009, Dow Jones Newswires said that trading in
Cemex SAB's credit default swaps is essentially frozen
as contract holders await a delayed decision by the International
Swaps and Derivatives Association on whether company's US$15
billion debt restructuring was a credit event.  The report related
that this has been the case for about two months, and will
continue until the question is resolved.  According to the report,
a standard voting panel was unable to reach an 80% supermajority
decision on the fate of Cemex's outstanding CDS, and an external
review board will have to make the final call on whether the
refinancing constituted a credit event.  The report, citing the
Depository Trust and Clearing Corporation, noted that the decision
will affect the holders of 1,387 outstanding CDS contracts with a
net notional value of just over US$591 million.

                         About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

   -- Foreign currency Issuer Default Rating at 'B';

   -- Local currency IDR at 'B';

   -- Long-term national scale rating at 'BB-(mex)';

   -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

   -- MXN30 billion Programa Dual Revolvente de Certificados
      Bursatiles program at 'BB-(mex)';

   -- Senior unsecured debt obligations at 'B+/RR3';

   -- Unsecured debt issued through the Certificados Bursatiles
      program at 'BB-(mex)';

   -- Short-term national scale rating at 'B (mex)';

   -- MXN2.5 billion short-term portion of Programa Dual
      Revolvente de Certificados Bursatiles program at 'B (mex)'.


CORPORACION GEO: Shares May Rise to Three-Year High in 2010
-----------------------------------------------------------
Corporacion Geo SAB's shares may rise to a three-year high in 2010
as banks boost mortgage lending and the government backs more
loans, Thomas Black at Bloomberg News reports, citing Credit
Suisse Group AG.

According to the report, Alan Solis, an analyst at Credit Suisse
in Mexico City, said that the company shares will climb 26% to
MXN46 by year-end from a February 19 close of MXN36.51, as profit
rises 28% to MXN1.93 billion (US$150 million) and sales increase
more than 10%.  The report relates that Mr. Solis rated the
company's stock "outperform."

"Geo is gaining market share," the report quoted Mr. Solis as
saying.  The builder is benefiting from the government-subsidized
mortgages that make up more than 60% of home loans in Mexico, he
added.

The Mexican Construction Industry Chamber, the report notes, said
that single-family home building, the largest component of
construction, will help the industry expand 2.3% this year after
it shrank 7.5% in 2009 amid Mexico's worst economic slump since
the 1930s.  Homebuilding for individual families makes up more
than 18 percent of construction, the chamber added.

"Our economic model shows the construction industry has begun a
gradual recovery," the report quoted the Mexico City-based
construction chamber as saying.

                      About Corporacion GEO

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

                           *     *     *

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


FINCOMUN SERVICIOS: S&P Affirms 'BB-/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB-/B'
counterparty credit and 'mxBBB+' national scale ratings on
FinComun, Servicios Financieros Comunitarios S.A. de C.V.  The
outlook is stable.

"The ratings reflect the concentration of the company's loan
portfolio in only a few Mexican states, leaving FinComun's
portfolio and profitability levels vulnerable to unexpected
events.  The ratings are also constrained by the higher debt
levels found in its target market and the stiff competition the
company faces.  The ratings are balanced by the firm's proactive
and experience management, adequate funding base, and good capital
levels," said Standard & Poor's credit analyst Angelica Bala.

Despite adequate credit risk management practices and extensive
experience, FinComun's asset quality indicators have been affected
by the H1N1 epidemic in the states where it operates, which
obliged the company to restructure its loans in order to increase
recovery.  S&P has seen an improvement in its nonperforming loans
to 4.4% as of year-end 2009 from their historical levels of 9% in
November 2008.  In S&P's view, this reflects management's ability
to detect problems and implementing risk management practices to
solve them.  However, NPLs have increased due to the great amount
of loan restructuring made necessary after H1N1 affected almost
22% of FinComun's customers.  S&P believes that the rate of
recovery of restructured loans is higher than collection made
without restructuring, and that the rate of delinquencies in
restructured loans has been gradually decreasing.  Although S&P
also believes that the institution has adequate risk management
capabilities, S&P thinks its portfolio's vulnerability to
occurrences, such as epidemics and natural disasters, could make
problematic assets even more volatile and losses difficult to
predict.

The stable outlook is based on S&P's expectation that management
will continue to proactively manage credit risk, report positive
bottom-line results for 2010, and maintain good capitalization
levels.  "If its asset quality problems lead to net losses, the
ratings could be negatively affected.  On the other hand, S&P
could raise the ratings if FinComun can boost the geographic
diversification in its portfolio so that it's not as exposed to
unforeseen events that may affect some states more than others,"
Ms. Bala added.


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


* VENEZUELA: May Buy Colombia Electricity, President Chavez Says
----------------------------------------------------------------
Venezuela is evaluating a proposal to purchase electricity from
Colombia and is buying power turbines from General Electric Co.
amid nationwide rolling blackouts and a severe drought, Daniel
Cancel and Steven Bodzin at Bloomberg News report, citing
President Hugo Chavez.

According to the report, Foreign Minister Nicolas Maduro said that
Colombia sent a proposal and the offer is being reviewed by
Venezuelan Electricity Minister Ali Rodriguez and a team of
technicians.  The report notes Mr. Maduro said that Venezuela,
which froze relations with Colombia last year, doesn't want the
issue to become politicized.

Bloomberg News notes that President Chavez is tapping regional
allies including Argentina, Brazil and Cuba to prevent a collapse
of the national power grid as water levels plunge at the country's
biggest hydro reservoir.  The report relates that President Chavez
said that Venezuela planned to acquire two GE turbines having a
total of 440 megawatts.

President Chavez, the report notes, declared a national emergency
in the electricity sector on February 8.

Bloomberg News points out that Venezuela depends on hydroelectric
power generation for more than two-thirds of its energy needs and
thermoelectric plants that run on fuel oil, diesel and natural gas
are operating below capacity because of maintenance problems.


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


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

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


ARGENTINA

SOC COMERCIAL PL    SCDPF US      113091441   -254639574
SNIAFA SA-B         SDAGF US     11229696.2  -2670544.88
AUTOPISTAS SOL      APDSF US      351681167   -2858782.1
SOC COMERCIAL PL    CAD IX        113091441   -254639574
SOC COMERCIAL PL    CVVIF US      113091441   -254639574
SOC COMERCIAL PL    CADN EO       113091441   -254639574
COMERCIAL PL-ADR    SCPDS LI      113091441   -254639574
SOC COMERCIAL PL    COME AR       113091441   -254639574
SOC COMERCIAL PL    CADN SW       113091441   -254639574
COMERCIAL PLA-BL    COMEB AR      113091441   -254639574
COMERCIAL PL-C/E    COMEC AR      113091441   -254639574
COMERCIAL PLAT-$    COMED AR      113091441   -254639574
SNIAFA SA           SNIA AR      11229696.2  -2670544.88
SNIAFA SA-B         SNIA5 AR     11229696.2  -2670544.88
AUTOPISTAS SOL      AUSO AR       351681167   -2858782.1
IMPSAT FIBER NET    IMPTQ US      535007008    -17165000
IMPSAT FIBER NET    330902Q GR    535007008    -17165000
IMPSAT FIBER NET    XIMPT SM      535007008    -17165000
IMPSAT FIBER-CED    IMPT AR       535007008    -17165000
IMPSAT FIBER-C/E    IMPTC AR      535007008    -17165000
IMPSAT FIBER-$US    IMPTD AR      535007008    -17165000
IMPSAT FIBER-BLK    IMPTB AR      535007008    -17165000

BRAZIL

DOC IMBITUBA-RTC    IMBI1 BZ      114896167  -16783228.4
DOC IMBITUBA-RTP    IMBI2 BZ      114896167  -16783228.4
TELECOMUNICA-ADR    81370Z BZ     244018546  -6054999.05
FABRICA TECID-RT    FTRX1 BZ     66779266.7  -50394386.1
PROMAN              PRMN3B BZ    13403496.6  -173711.308
TEKA-ADR            TEKAY US      237436194   -360484910
BOMBRIL             BMBBF US      289000174   -166589140
TELEBRAS-PF RCPT    CBRZF US      244018546  -6054999.05
TEKA                TKTQF US      237436194   -360484910
TEKA-PREF           TKTPF US      237436194   -360484910
REII INC            REIC US        16631180     -1448544
PET MANG-RIGHTS     RPMG1 BZ     97015785.2   -251755220
PET MANG-RIGHTS     RPMG2 BZ     97015785.2   -251755220
PET MANG-RECEIPT    RPMG9 BZ     97015785.2   -251755220
PET MANG-RECEIPT    RPMG10 BZ    97015785.2   -251755220
MMX MINERACAO       TRES3 BZ     1018389001   -160218401
MMX MINERACA-GDR    MMXMY US     1018389001   -160218401
SANESALTO           SNST3 BZ     27381496.7   -870175.96
CEEE-D              CEED3B BZ    1090886627  -15249815.8
CEEE-D-PREF         CEED4B BZ    1090886627  -15249815.8
B&D FOOD CORP       BDFCE US       16631180     -1448544
BOMBRIL-RGTS PRE    BOBR2 BZ      289000174   -166589140
BOMBRIL-RIGHTS      BOBR1 BZ      289000174   -166589140
MMX MINERACA-GDR    XMM CN       1018389001   -160218401
TELEBRAS/W-I-ADR    TBH-W US      244018546  -6054999.05
MMX MINERACA-GDR    3M11 GR      1018389001   -160218401
LAEP-BDR            MILK11 BZ     446499199  -70952298.9
LAEP INVESTMENTS    LEAP LX       446499199  -70952298.9
MMX MINERACAO       MMXCF US     1018389001   -160218401
BALADARE            BLDR3 BZ      144928981  -33970462.8
TEXTEIS RENAU-RT    TXRX1 BZ     58969047.8  -91550951.9
TEXTEIS RENAU-RT    TXRX2 BZ     58969047.8  -91550951.9
TEXTEIS RENA-RCT    TXRX9 BZ     58969047.8  -91550951.9
TEXTEIS RENA-RCT    TXRX10 BZ    58969047.8  -91550951.9
TELEBRAS SA-RT      TELB9 BZ      244018546  -6054999.05
GASCOIGNE EMP-PF    GASC4 BZ     1123596482   -536003486
ALL MALHA PAULIS    GASC3 BZ     1123596482   -536003486
CIA PETROLIF-PRF    MRLM4 BZ      377602195  -3014291.72
CIA PETROLIFERA     MRLM3 BZ      377602195  -3014291.72
CEEE-D              CEED3 BZ     1090886627  -15249815.8
NOVA AMERICA SA     NOVA3 BZ       21287489   -183535527
NOVA AMERICA-PRF    NOVA4 BZ       21287489   -183535527
PROMAN              PRMN3 BZ     13403496.6  -173711.308
B&D FOOD CORP       BDFC US        16631180     -1448544
CEEE-D-PREF         CEED4 BZ     1090886627  -15249815.8
MMX MINERACAO-RT    MMXM1 BZ     1018389001   -160218401
MMX MINERACA-RCT    MMXM9 BZ     1018389001   -160218401
TELEBRAS SA         TELB3 BZ      244018546  -6054999.05
TELEBRAS SA         TLBRON BZ     244018546  -6054999.05
TELEBRAS SA         TBASF US      244018546  -6054999.05
TELEBRAS SA-PREF    TELB4 BZ      244018546  -6054999.05
TELEBRAS SA-PREF    TLBRPN BZ     244018546  -6054999.05
TELEBRAS-ADR        TBAPY US      244018546  -6054999.05
TELEBRAS-ADR        TBRAY GR      244018546  -6054999.05
TELEBRAS-CEDE PF    RCTB4 AR      244018546  -6054999.05
TELEBRAS-CED C/E    RCT4C AR      244018546  -6054999.05
TELEBRAS-CEDEA $    RCT4D AR      244018546  -6054999.05
TELEBRAS-CEDE BL    RCT4B AR      244018546  -6054999.05
TELEBRAS-ADR        TBH US        244018546  -6054999.05
TELEBRAS-ADR        TBX GR        244018546  -6054999.05
TELEBRAS-ADR        RTB US        244018546  -6054999.05
TELEBRAS-ADR        TBASY US      244018546  -6054999.05
TELEBRAS-RCT PRF    TELB10 BZ     244018546  -6054999.05
TELEBRAS-RTS CMN    RCTB1 BZ      244018546  -6054999.05
TELEBRAS-RTS PRF    RCTB2 BZ      244018546  -6054999.05
TELEBRAS-RTS CMN    TCLP1 BZ      244018546  -6054999.05
TELEBRAS-RTS PRF    TLCP2 BZ      244018546  -6054999.05
TELEBRAS-COM RT     TELB1 BZ      244018546  -6054999.05
TELEBRAS-CM RCPT    RCTB31 BZ     244018546  -6054999.05
TELEBRAS-CM RCPT    TELE31 BZ     244018546  -6054999.05
TELEBRAS-RCT        RCTB33 BZ     244018546  -6054999.05
TELEBRAS-CM RCPT    TBRTF US      244018546  -6054999.05
TELEBRAS-CM RCPT    RCTB32 BZ     244018546  -6054999.05
TELEBRAS-PF RCPT    RCTB41 BZ     244018546  -6054999.05
TELEBRAS-PF RCPT    TELE41 BZ     244018546  -6054999.05
TELEBRAS-PF RCPT    RCTB42 BZ     244018546  -6054999.05
TELEBRAS-CEDE PF    TELB4 AR      244018546  -6054999.05
TELEBRAS-CED C/E    TEL4C AR      244018546  -6054999.05
TELEBRAS-CM RCPT    RCTB30 BZ     244018546  -6054999.05
TELEBRAS-PF RCPT    RCTB40 BZ     244018546  -6054999.05
TELEBRAS-PF RCPT    TBAPF US      244018546  -6054999.05
TELEBRAS-RECEIPT    TLBRUO BZ     244018546  -6054999.05
TELEBRAS-PF RCPT    TLBRUP BZ     244018546  -6054999.05
TELEBRAS-BLOCK      TELB30 BZ     244018546  -6054999.05
TELEBRAS-PF BLCK    TELB40 BZ     244018546  -6054999.05
TELEBRAS-CEDEA $    TEL4D AR      244018546  -6054999.05
ARTHUR LANGE        ARLA3 BZ     11642255.9  -17154461.9
ARTHUR LANGE SA     ALICON BZ    11642255.9  -17154461.9
ARTHUR LANGE-PRF    ARLA4 BZ     11642255.9  -17154461.9
ARTHUR LANGE-PRF    ALICPN BZ    11642255.9  -17154461.9
ARTHUR LANG-RT C    ARLA1 BZ     11642255.9  -17154461.9
ARTHUR LANG-RT P    ARLA2 BZ     11642255.9  -17154461.9
ARTHUR LANG-RC C    ARLA9 BZ     11642255.9  -17154461.9
ARTHUR LANG-RC P    ARLA10 BZ    11642255.9  -17154461.9
ARTHUR LAN-DVD C    ARLA11 BZ    11642255.9  -17154461.9
ARTHUR LAN-DVD P    ARLA12 BZ    11642255.9  -17154461.9
BOMBRIL             BOBR3 BZ      289000174   -166589140
BOMBRIL CIRIO SA    BOBRON BZ     289000174   -166589140
BOMBRIL-PREF        BOBR4 BZ      289000174   -166589140
BOMBRIL CIRIO-PF    BOBRPN BZ     289000174   -166589140
BOMBRIL SA-ADR      BMBPY US      289000174   -166589140
BOMBRIL SA-ADR      BMBBY US      289000174   -166589140
BUETTNER            BUET3 BZ     97710630.4  -46681943.4
BUETTNER SA         BUETON BZ    97710630.4  -46681943.4
BUETTNER-PREF       BUET4 BZ     97710630.4  -46681943.4
BUETTNER SA-PRF     BUETPN BZ    97710630.4  -46681943.4
BUETTNER SA-RTS     BUET1 BZ     97710630.4  -46681943.4
BUETTNER SA-RT P    BUET2 BZ     97710630.4  -46681943.4
CAF BRASILIA        CAFE3 BZ     20168618.5   -728730286
CAFE BRASILIA SA    CSBRON BZ    20168618.5   -728730286
CAF BRASILIA-PRF    CAFE4 BZ     20168618.5   -728730286
CAFE BRASILIA-PR    CSBRPN BZ    20168618.5   -728730286
CAMBUCI SA          CAMB3 BZ     91527757.2    -26705143
CAMBUCI SA          CAMBON BZ    91527757.2    -26705143
CAMBUCI SA-PREF     CAMB4 BZ     91527757.2    -26705143
CAMBUCI SA-PREF     CAMBPN BZ    91527757.2    -26705143
CAMBUCI SA-PREF     CXDOF US     91527757.2    -26705143
CHIARELLI SA        CCHI3 BZ     22274026.8  -44537138.2
CHIARELLI SA        CCHON BZ     22274026.8  -44537138.2
CHIARELLI SA-PRF    CCHI4 BZ     22274026.8  -44537138.2
CHIARELLI SA-PRF    CCHPN BZ     22274026.8  -44537138.2
DOC IMBITUBA        IMBI3 BZ      114896167  -16783228.4
DOCAS IMBITUBA      IMBION BZ     114896167  -16783228.4
DOC IMBITUB-PREF    IMBI4 BZ      114896167  -16783228.4
DOCAS IMBITUB-PR    IMBIPN BZ     114896167  -16783228.4
SCHLOSSER           SCLO3 BZ     11745600.4  -75930514.2
SCHLOSSER SA        SCHON BZ     11745600.4  -75930514.2
SCHLOSSER-PREF      SCLO4 BZ     11745600.4  -75930514.2
SCHLOSSER SA-PRF    SCHPN BZ     11745600.4  -75930514.2
CONST A LINDEN      CALI3 BZ       11147513    -15979177
CONST A LINDEN      LINDON BZ      11147513    -15979177
CONST A LIND-PRF    CALI4 BZ       11147513    -15979177
CONST A LIND-PRF    LINDPN BZ      11147513    -15979177
D H B               DHBI3 BZ      124060999   -405125353
DHB IND E COM       DHBON BZ      124060999   -405125353
D H B-PREF          DHBI4 BZ      124060999   -405125353
DHB IND E COM-PR    DHBPN BZ      124060999   -405125353
DOCA INVESTIMENT    DOCA3 BZ     88417960.9  -18059127.9
DOCAS SA            DOCAON BZ    88417960.9  -18059127.9
DOCA INVESTI-PFD    DOCA4 BZ     88417960.9  -18059127.9
DOCAS SA-PREF       DOCAPN BZ    88417960.9  -18059127.9
DOCAS SA-RTS PRF    DOCA2 BZ     88417960.9  -18059127.9
ACO ALTONA          EALT3 BZ     84614947.9  -14270921.5
ACO ALTONA SA       EAAON BZ     84614947.9  -14270921.5
ACO ALTONA-PREF     EALT4 BZ     84614947.9  -14270921.5
ACO ALTONA-PREF     EAAPN BZ     84614947.9  -14270921.5
FABRICA RENAUX      FTRX3 BZ     66779266.7  -50394386.1
FABRICA RENAUX      FRNXON BZ    66779266.7  -50394386.1
FABRICA RENAUX-P    FTRX4 BZ     66779266.7  -50394386.1
FABRICA RENAUX-P    FRNXPN BZ    66779266.7  -50394386.1
HAGA                HAGA3 BZ     16483114.1    -62923102
FERRAGENS HAGA      HAGAON BZ    16483114.1    -62923102
FER HAGA-PREF       HAGA4 BZ     16483114.1    -62923102
FERRAGENS HAGA-P    HAGAPN BZ    16483114.1    -62923102
TECEL S JOSE        SJOS3 BZ     17924946.1  -18569451.2
TECEL S JOSE        FTSJON BZ    17924946.1  -18569451.2
TECEL S JOSE-PRF    SJOS4 BZ     17924946.1  -18569451.2
TECEL S JOSE-PRF    FTSJPN BZ    17924946.1  -18569451.2
CIMOB PARTIC SA     GAFP3 BZ     36817394.8  -33083086.5
CIMOB PARTIC SA     GAFON BZ     36817394.8  -33083086.5
CIMOB PART-PREF     GAFP4 BZ     36817394.8  -33083086.5
CIMOB PART-PREF     GAFPN BZ     36817394.8  -33083086.5
GAZOLA              GAZO3 BZ     12452143.1  -40298506.3
GAZOLA SA           GAZON BZ     12452143.1  -40298506.3
GAZOLA-PREF         GAZO4 BZ     12452143.1  -40298506.3
GAZOLA SA-PREF      GAZPN BZ     12452143.1  -40298506.3
GAZOLA-RCPTS CMN    GAZO9 BZ     12452143.1  -40298506.3
GAZOLA-RCPT PREF    GAZO10 BZ    12452143.1  -40298506.3
GAZOLA SA-DVD CM    GAZO11 BZ    12452143.1  -40298506.3
GAZOLA SA-DVD PF    GAZO12 BZ    12452143.1  -40298506.3
IGB ELETRONICA      IGBR3 BZ      145256033   -273857292
GRADIENTE ELETR     IGBON BZ      145256033   -273857292
GRADIENTE-PREF A    IGBR5 BZ      145256033   -273857292
GRADIENTE EL-PRA    IGBAN BZ      145256033   -273857292
GRADIENTE-PREF B    IGBR6 BZ      145256033   -273857292
GRADIENTE EL-PRB    IGBBN BZ      145256033   -273857292
GRADIENTE-PREF C    IGBR7 BZ      145256033   -273857292
GRADIENTE EL-PRC    IGBCN BZ      145256033   -273857292
HERCULES            HETA3 BZ     11597351.7   -168514681
HERCULES SA         HERTON BZ    11597351.7   -168514681
HERCULES-PREF       HETA4 BZ     11597351.7   -168514681
HERCULES SA-PREF    HERTPN BZ    11597351.7   -168514681
RENAUXVIEW SA       TXRX3 BZ     58969047.8  -91550951.9
TEXTEIS RENAUX      RENXON BZ    58969047.8  -91550951.9
RENAUXVIEW SA-PF    TXRX4 BZ     58969047.8  -91550951.9
TEXTEIS RENAUX      RENXPN BZ    58969047.8  -91550951.9
PARMALAT            LCSA3 BZ      388720052   -213641144
PARMALAT BRASIL     LCSAON BZ     388720052   -213641144
PARMALAT-PREF       LCSA4 BZ      388720052   -213641144
PARMALAT BRAS-PF    LCSAPN BZ     388720052   -213641144
PARMALAT BR-RT C    LCSA5 BZ      388720052   -213641144
PARMALAT BR-RT P    LCSA6 BZ      388720052   -213641144
ESTRELA SA          ESTR3 BZ     61011893.6  -54580283.6
ESTRELA SA          ESTRON BZ    61011893.6  -54580283.6
ESTRELA SA-PREF     ESTR4 BZ     61011893.6  -54580283.6
ESTRELA SA-PREF     ESTRPN BZ    61011893.6  -54580283.6
RIOSULENSE SA       RSUL3 BZ     61902901.7  -11292932.5
RIOSULENSE SA       RSULON BZ    61902901.7  -11292932.5
RIOSULENSE SA-PR    RSUL4 BZ     61902901.7  -11292932.5
RIOSULENSE SA-PR    RSULPN BZ    61902901.7  -11292932.5
WETZEL SA           MWET3 BZ     79756128.3  -6350930.69
WETZEL SA           MWELON BZ    79756128.3  -6350930.69
WETZEL SA-PREF      MWET4 BZ     79756128.3  -6350930.69
WETZEL SA-PREF      MWELPN BZ    79756128.3  -6350930.69
MINUPAR             MNPR3 BZ       64999716   -103795048
MINUPAR SA          MNPRON BZ      64999716   -103795048
MINUPAR-PREF        MNPR4 BZ       64999716   -103795048
MINUPAR SA-PREF     MNPRPN BZ      64999716   -103795048
NORDON MET          NORD3 BZ     15498217.4  -20133536.7
NORDON METAL        NORDON BZ    15498217.4  -20133536.7
NORDON MET-RTS      NORD1 BZ     15498217.4  -20133536.7
NOVA AMERICA SA     NOVA3B BZ      21287489   -183535527
NOVA AMERICA SA     NOVAON BZ      21287489   -183535527
NOVA AMERICA-PRF    NOVA4B BZ      21287489   -183535527
NOVA AMERICA-PRF    NOVAPN BZ      21287489   -183535527
NOVA AMERICA-PRF    1NOVPN BZ      21287489   -183535527
NOVA AMERICA SA     1NOVON BZ      21287489   -183535527
PETRO MANGUINHOS    RPMG3 BZ     97015785.2   -251755220
PETRO MANGUINHOS    MANGON BZ    97015785.2   -251755220
PET MANGUINH-PRF    RPMG4 BZ     97015785.2   -251755220
PETRO MANGUIN-PF    MANGPN BZ    97015785.2   -251755220
RIMET               REEM3 BZ     63757621.6   -107162240
RIMET               REEMON BZ    63757621.6   -107162240
RIMET-PREF          REEM4 BZ     63757621.6   -107162240
RIMET-PREF          REEMPN BZ    63757621.6   -107162240
SANSUY              SNSY3 BZ      100279115  -45812488.8
SANSUY SA           SNSYON BZ     100279115  -45812488.8
SANSUY-PREF A       SNSY5 BZ      100279115  -45812488.8
SANSUY SA-PREF A    SNSYAN BZ     100279115  -45812488.8
SANSUY-PREF B       SNSY6 BZ      100279115  -45812488.8
SANSUY SA-PREF B    SNSYBN BZ     100279115  -45812488.8
BOTUCATU TEXTIL     STRP3 BZ     35101566.8  -13482713.5
STAROUP SA          STARON BZ    35101566.8  -13482713.5
BOTUCATU-PREF       STRP4 BZ     35101566.8  -13482713.5
STAROUP SA-PREF     STARPN BZ    35101566.8  -13482713.5
TEKA                TEKA3 BZ      237436194   -360484910
TEKA                TEKAON BZ     237436194   -360484910
TEKA-PREF           TEKA4 BZ      237436194   -360484910
TEKA-PREF           TEKAPN BZ     237436194   -360484910
TEKA-ADR            TKTPY US      237436194   -360484910
TEKA-ADR            TKTQY US      237436194   -360484910
VARIG SA            VAGV3 BZ      966298026  -4695211316
VARIG SA            VARGON BZ     966298026  -4695211316
VARIG SA-PREF       VAGV4 BZ      966298026  -4695211316
VARIG SA-PREF       VARGPN BZ     966298026  -4695211316
WIEST               WISA3 BZ     39838113.9  -93371563.1
WIEST SA            WISAON BZ    39838113.9  -93371563.1
WIEST-PREF          WISA4 BZ     39838113.9  -93371563.1
WIEST SA-PREF       WISAPN BZ    39838113.9  -93371563.1
FER C ATLANT        VSPT3 BZ     1212489621  -38389781.7
FER C ATLANT-PRF    VSPT4 BZ     1212489621  -38389781.7
FERROVIA CEN-DVD    VSPT11 BZ    1212489621  -38389781.7
FERROVIA CEN-DVD    VSPT12 BZ    1212489621  -38389781.7
FER C ATL-RCT CM    VSPT9 BZ     1212489621  -38389781.7
FER C ATL-RCT PF    VSPT10 BZ    1212489621  -38389781.7
HOPI HARI SA        PQTM3 BZ     62168844.1  -55189836.7
HOPI HARI-PREF      PQTM4 BZ     62168844.1  -55189836.7
PARQUE TEM-DV CM    PQT5 BZ      62168844.1  -55189836.7
PARQUE TEM-DV PF    PQT6 BZ      62168844.1  -55189836.7
PARQUE TEM-RT CM    PQTM1 BZ     62168844.1  -55189836.7
PARQUE TEM-RT PF    PQTM2 BZ     62168844.1  -55189836.7
PARQUE TEM-RCT C    PQTM9 BZ     62168844.1  -55189836.7
PARQUE TEM-RCT P    PQTM10 BZ    62168844.1  -55189836.7
MMX MINERACAO       MMXM3 BZ     1018389001   -160218401
TRESSEM PART SA     1TSSON BZ    1018389001   -160218401
ALL MALHA PAULIS    GASC3B BZ    1123596482   -536003486
GASCOIGNE EMP-PF    GASC4B BZ    1123596482   -536003486
GASCOIGNE EMPREE    1GASON BZ    1123596482   -536003486
GASCOIGNE EMP-PF    1GASPN BZ    1123596482   -536003486
CIA PETROLIFERA     MRLM3B BZ     377602195  -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ     377602195  -3014291.72
CIA PETROLIFERA     1CPMON BZ     377602195  -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ     377602195  -3014291.72
LATTENO FOOD COR    LATF US        16631180     -1448544
VARIG PART EM TR    VPTA3 BZ     49432124.2   -399290426
VARIG PART EM-PR    VPTA4 BZ     49432124.2   -399290426
VARIG PART EM SE    VPSC3 BZ     84848504.6   -430964848
VARIG PART EM-PR    VPSC4 BZ     84848504.6   -430964848


CHILE

CHILESAT CO-ADR     TL US         450943845  -52392581.3
CHILESAT CORP SA    TELEX CI      450943845  -52392581.3
CHILESAT CO-RTS     CHISATOS CI   450943845  -52392581.3
TELMEX CORP SA      CHILESAT CI   450943845  -52392581.3
TELEX-A             TELEXA CI     450943845  -52392581.3
TELMEX CORP-ADR     CSAOY US      450943845  -52392581.3
TELEX-RTS           TELEXO CI     450943845  -52392581.3


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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