TCRLA_Public/100224.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

        Wednesday, February 24, 2010, Vol. 11, No. 038

                            Headlines



A R G E N T I N A

CAVACO SA: Creditors' Proofs of Debt Due on April 16
EMBELL SA: Creditors' Proofs of Debt Due on March 23
EMPRENDIMIENTOS: Creditors' Proofs of Debt Due on April 1
GALERNA SRL: Creditors' Proofs of Debt Due on May 5
BANCO GANDERO: Joins IFC Program to Develop Trade Financing


B R A Z I L

BANCO CRUZEIRO: Moody's Assigns 'Ba2' Rating on US$250 Mil. Notes
BANCO IBI: Banco Bradesco Deal Cues Moody's to Withdraw Ratings
COMPANHIA SIDERURGICA: US$5.7BB Takeover Bid for Cimpor Fails
INVESTIMENTOS E PARTICIPACOES: Moody's Puts 'Ba3' Corporate Rating
* BRAZIL: Retail Sales Unexpectedly Drop in December


C A Y M A N  I S L A N D S

ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report
AVENUE CLO: Shareholders Receive Wind-Up Report
BOSCHETTO INTERNATIONAL: Shareholders Receive Wind-Up Report
CAMBRIDGE CAPITAL: Commences Wind-Up Proceedings
CASTLEGROVE CAYMAN: Commences Wind-Up Proceedings

EP RE: Shareholders Receive Wind-Up Report
FAIRHEADS INTERNATIONAL: Shareholders Receive Wind-Up Report
FAMILY INTERNATIONAL: Shareholders Receive Wind-Up Report
FENICE INVESTMENTS: Commences Wind-Up Proceedings
GRACE INVESTMENTS: Members Receive Wind-Up Report

GREEN RAPID: Shareholders Receive Wind-Up Report
JAKOBSHORN INVESTMENTS: Shareholders Receive Wind-Up Report
LAMARMOTTA LTD: Shareholders Receive Wind-Up Report
LEHMAN BROTHERS: Shareholders Receive Wind-Up Report
LEUMI CI: Shareholders Receive Wind-Up Report

LILLO HOLDING: Shareholders Receive Wind-Up Report
LOTUS EXPLORER: Shareholders Receive Wind-Up Report
PANDORA LIMITED: Shareholders Receive Wind-Up Report
PIGGY INTERNATIONAL: Shareholders Receive Wind-Up Report
ROCK CAPITAL: Members Receive Wind-Up Report

SALOMONE LTD: Shareholders Receive Wind-Up Report
SCOY OVERSEAS: Shareholders Receive Wind-Up Report
SPARQ (CAYMAN): Members Receive Wind-Up Report
SR BOONE: Commences Liquidation Proceedings
SR BOONE: Commences Liquidation Proceedings

SR CRITERION: Commences Liquidation Proceedings
SR EDINBURGH: Commences Liquidation Proceedings
SR LOEB: Commences Liquidation Proceedings
SR LUCERNE: Commences Liquidation Proceedings
SR MW: Commences Liquidation Proceedings


C O L O M B I A

ECOPETROL SA: To Hold General Shareholders' Meeting on March 25
PACIFIC RUBIALES: Seeks US$200 Million Credit Line With BofA's Aid


J A M A I C A

AIR JAMAICA: Pilots Still Hopeful on Airline Bid


M E X I C O

ALESTRA SA: Sees Return to Growth in 2010
CEMEX SAB: to Get US$100MM Cash Proceeds From JV Asset Sale
URBI DESARROLLOS: Net Profit Drops 6% to MXN599.8 Million
* MEXICO: To Sell Up to US$2 Billion of Local Bonds
* MEXICO: Economy Shrank 6.5% in 2009 Amid Global Crisis


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Performs Operations Diagnostics of JVs
PETROLEOS DE VENEZUELA: Tests New Technology to Enhance Production




                         - - - - -


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


CAVACO SA: Creditors' Proofs of Debt Due on April 16
----------------------------------------------------
Hugo Angarolla, the court-appointed trustee for Cavaco SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 16, 2010.

Mr. Angarolla will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

         Hugo Angarolla
         Olazabal 2060
         Argentina


EMBELL SA: Creditors' Proofs of Debt Due on March 23
----------------------------------------------------
Jorge Osvaldo Stanislavsky, the court-appointed trustee for Embell
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 23, 2010.

Mr. Stanislavsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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:

         Jorge Osvaldo Stanislavsky
         Talcahuano 768
         Argentina


EMPRENDIMIENTOS: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------------
Juan Carlos de la Piedra, the court-appointed trustee for
Emprendimientos Editoriales SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until April 1, 2010.

Mr. de la Piedra will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Juan Carlos de la Piedra
         Avenida Juan B. Justo 5096
         Argentina


GALERNA SRL: Creditors' Proofs of Debt Due on May 5
---------------------------------------------------
Estudio Rego Saavedra, the court-appointed trustee for Galerna
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 5, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 9, 2011.

The Trustee can be reached at:

         Estudio Rego Saavedra
         Arenales 2552
         Argentina

BANCO GANDERO: Joins IFC Program to Develop Trade Financing
-----------------------------------------------------------
Banco Ganadero SA joined IFC's Global Trade Finance Program, which
provides guarantees for banks operating in emerging markets to
help them expand trade financing for their clients.  IFC is a
member of the World Bank Group.
IFC's trade guarantee program helps mitigate risks that otherwise
might stop a bank from financing trade in developing economies.

"This relationship with the Global Trade Finance Program will help
us increase our capacity to deliver trade products at competitive
pricing to a broad number of Bolivian clients, expanding our
geographic coverage," said Ronald Gutierrez Lopez, Banco
Ganadero's General Manager.

Giri Jadeja, IFC's Global Financial Markets Regional Senior
Manager for Latin America and the Caribbean, said, "The entry of
Banco Ganadero into the program is a key element of IFC's efforts
to continue supporting Bolivian small and midsize enterprises
active in trade."

Since launching the Global Trade Finance Program, IFC has issued
$2.2 billion in guarantees to facilitate trade flows with Latin
America and the Caribbean, with a network of 50 issuing banks in
the region.  More than 40% of the guarantees issued have benefited
local small and midsize businesses and supported interregional
trade flows between emerging markets.

IFC is the only international financial institution focused
exclusively on the private sector, the engine of sustainable
development in emerging markets.  Along with IBRD, it is currently
seeking a capital increase to strengthen its ability to create
opportunity for the poor in developing countries-including by
helping extend trade financing in Latin America and the Caribbean.


                              About IFC

IFC is a member of the World Bank Group.  IFC fosters sustainable
economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing
advisory and risk mitigation services to businesses and
governments.  IFC's new investments totaled US$14.5 billion in
fiscal 2009, helping channel capital into developing countries
during the financial crisis.

                              About IBDR

The International Bank for Reconstruction and Development aims to
reduce poverty in middle-income and creditworthy poorer countries
by promoting sustainable development through loans, guarantees,
risk management products, and analytical and advisory services.
Established in 1944 as the original institution of the World Bank
Group, IBRD is structured like a cooperative that is owned and
operated for the benefit of its 186 member countries.

                     About Banco Ganadero

Banco Ganadero is headquartered in Santa Cruz de la Sierra,
Bolivia, and had assets of Bs.3.6 billion and deposits of
Bs.3.2 billion, as of June 30, 2009.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 7, 2009, Moody's Latin America assigned a "B2" rating to
Banco Ganaderos' Global Local Currency Debt Rating.


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


BANCO CRUZEIRO: Moody's Assigns 'Ba2' Rating on US$250 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to the US$250 million senior unsecured notes
issued by Banco Cruzeiro do Sul S.A.  The notes, due in February
2015, were issued under the bank's existing US$1 billion Global
Medium Term Note Program.  The outlook on the rating is negative.

Moody's stated that the Ba2 debt rating incorporates BCSul'
fundamental credit quality and all relevant country risks.  At
Ba2, the bond rating is not constrained by the Baa2 country
ceiling for foreign currency bonds and notes for Brazil.

The last rating action on BCSul was on September 11, 2009, when
Moody's rated the bank's 2012 senior unsecured notes at Ba2.

BCSul is headquartered in Sao Paulo, Brazil, and it had total
assets of BRL7,391 million (US$4.1 billion) and total equity of
BRL1,042 million (US$497 million) as of September 30, 2009.

This rating was assigned to the US$250 million senior unsecured
notes due 2015:

* Ba2 long-term foreign currency debt rating, negative outlook.


BANCO IBI: Banco Bradesco Deal Cues Moody's to Withdraw Ratings
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Ibi S.A. -- Banco Multiplo.  The rating action reflects the
acquisition of Ibi by Banco Bradesco S.A. in October 2009 and its
integration into Bradesco's operating platform.

The bank has no rated foreign currency debt outstanding.

Moody's last rating action on Ibi was on September 22, 2009, when
Moody's upgraded Ibi's foreign currency deposit ratings to Baa3
and Prime 3, with positive outlook, from Ba2 and Not Prime,
following the conclusion of the review of Brazil's foreign
currency deposit ceiling.

Banco Ibi S.A. -- Banco Multiplo was headquartered in Barueri, Sao
Paulo, Brazil and had total assets of BRL4.0 billion
(US$2.3 billion) and equity of BRL889.8 million (US$500.5 million)
as of September 30, 2009.

These ratings assigned to Ibi were withdrawn:

  -- Bank Financial Strength Rating: B-, stable outlook

  -- Global Local Currency Deposit Ratings: A1 for long-term and
     Prime-1 for short-term, stable outlook

  -- Foreign Currency Deposit Ratings: Baa3 for long-term and
     Prime-3 for short-term, positive outlook

  -- Brazilian National Scale Ratings: Aaa.br for long-term and
     BR-1 for short-term, stable outlook


COMPANHIA SIDERURGICA: US$5.7BB Takeover Bid for Cimpor Fails
-------------------------------------------------------------
Joao Lima at Bloomberg News reports that the EUR4.15 billion
(US$5.7 billion) takeover bid of Cia. Siderurgica Nacional SA for
Cimpor-Cimentos de Portugal SGPS SA failed to entice enough Cimpor
shareholders even after sweetening its bid for Cimpor by 7.5% to
EUR6.18 a share.  The report relates that the company raised its
proposal after Brazilian cement makers Camargo Correa SA and
Votorantim Cimentos SA announced agreements to acquire stakes in
Cimpor.

"In the next few weeks, the new board of directors' election will
be key to understand how the new shareholders will get along,"
Rita Carles, an analyst at Banif Banco de Investimento SA with a
"neutral" rating on the stock, said in a note obtained by the news
agency.  "We are somewhat worried.  Further destabilisation of the
management team could have a negative impact on the company's
operational performance," she added.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2010, Reuters said that Cimpor-Cimentos de Portugal's
board said that a modified offer by Companhia Siderurgica Nacional
S.A.'s to buy at least a third of the company at EUR6.18 a share
did not reflect the company's fair value.  The report related that
the board said it recommended to shareholders not to sell their
shares in Cimpor.

                            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+.


INVESTIMENTOS E PARTICIPACOES: Moody's Puts 'Ba3' Corporate Rating
------------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba3 corporate family rating
on the global scale and A2.br corporate family rating on the
Brazilian national scale to Investimentos e Participacoes em
Infra-Estrutura S.A and withdrew the Ba3 corporate family rating
on the global scale and A3.br corporate family rating on the
Brazilian national scale that had been previously assigned to its
subsidiary, Concessao Metroviaria Rio de Janeiro S/A.  At the same
time, Moody's assigned a Ba3 issuer rating on the global scale and
A3.br on the Brazilian national scale to Metro Rio and withdrew
the BR-2 short term rating in the Brazilian national scale
assigned to a 180-day BRL100 million promissory notes that matured
in January.  The outlook is stable for all ratings.

The Ba3 corporate family rating of INVEPAR reflects the inherently
stable and predictable cash flow of all its subsidiaries, which
are supported by long-term concession contracts for toll roads and
subway services, INVEPAR's experienced management and the implicit
support of its major shareholders.  The Ba3 issuer rating of Metro
Rio reflects the inherently stable and predictable cash flow
derived from a long-term concession contract, the financially
strong shareholders and experienced management.

INVEPAR's high leverage and the large amount of near-term debt on
a consolidated basis, its sizeable capital expenditure programs
and high dependence on the injection of new equity capital from
shareholders over the next several years to meet a rather
aggressive business plan constrain the corporate family rating.
Metro Rio's aggressive capital expenditures program and the risks
associated with obtaining adequate and timely long-term funding
coupled with the risks associated with the execution of the
current expansion plans to the existing mass transportation system
constrain the issuer rating.

INVEPAR's A2.br national scale corporate family rating and Metro
Rio's A3.br national scale issuer rating reflect the standing of
their credit quality relative to domestic peers.  Moody's National
Scale Ratings are intended as relative measures of
creditworthiness among debt issuances and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Brazil are designated by the ".br"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The last rating action for INVEPAR was on February 12, 2010, when
Moody's assigned a Ba2 rating on the global scale and A1.br rating
on the Brazilian National scale to the 10-year BRL450 million
amortizing local unsecured debentures to be issued by
Investimentos e Participacoes em Infra-Estrutura S.A that are to
be guaranteed by its wholly-owned subsidiary Linha Amarela S.A.
The outlook is stable.  The last rating action for Metro Rio was
on June 26, 2009, when Moody's assigned a Ba3 corporate family
rating on the global scale and A3.br corporate family rating on
the Brazilian National Scale.  At the same time Moody's assigned a
Br-2 rating to Metro Rio's 180-day BRL100 million promissory
notes.

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

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

INVEPAR reported consolidated net revenues of approximately
BRL156 million and EBITDA of approximately BRL98 million in 2008.
During the same period, Metro Rio reported net revenues of
BRL326 million and EBITDA of BRL127 million.


* BRAZIL: Retail Sales Unexpectedly Drop in December
----------------------------------------------------
Camila Fontana and Andre Soliani at Bloomberg News report that
retail sales in Brazil unexpectedly fell in December from the
previous month, reducing the odds of an interest rate increase
next month.  The country's retail sales fell 0.4% in December from
November, surprising 17 analysts who had been expecting a 0.2%
increase according to the median estimate in a Bloomberg survey.

The country's sales climbed 9.1% from a year ago, the national
statistics agency said in a report obtained by the news agency.

According to the report, Luciano Rostagno, economic analyst at CM
Capital Markets, said that the weaker-than-expected retail report
should push back expectations for an increase in the benchmark
interest rate to April from March.  "Given that the outlook for
demand is less heated, the bets for a hike in March lost
strength," Mr. Rostagno told the news agency in a phone interview.

The statistics agency, the report notes, also said that inflation
through mid-February quickened to the fastest pace since April
2003.  The report says that Consumer prices, as measured by the
IPCA-15 index, rose 0.94% in the month through mid-February.


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


ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Anchorage Capital Partners Offshore II, Ltd
received, on January 22, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


AVENUE CLO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Avenue CLO VII, Ltd. received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


BOSCHETTO INTERNATIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Boschetto International Ltd. received, on
January 4, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


CAMBRIDGE CAPITAL: Commences Wind-Up Proceedings
------------------------------------------------
Cambridge Capital Products 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:

         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


CASTLEGROVE CAYMAN: Commences Wind-Up Proceedings
-------------------------------------------------
Castlegrove Cayman Inc commenced wind-up proceedings on
December 4, 2009.

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

The company's liquidator is:

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


EP RE: Shareholders Receive Wind-Up Report
------------------------------------------
The shareholders of EP RE LDC received, on January 8, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


FAIRHEADS INTERNATIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Fairheads International Securities Limited
received, on January 21, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Simon Gray
         c/o Lesli Schutte
         Telephone: (345) 949 6960
         Facsimile: (345) 949 6961
         PO Box 1814, Grand Cayman KY1-1109
         Cayman Islands


FAMILY INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Family International Ltd. received, on
January 4, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


FENICE INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Fenice Investments 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


GRACE INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Grace Investments Inc. received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Brott Limited
         c/o Michelle R. Bodden-Moxam
         Telephone: 946-6145
         Facsimile: 946-6145
         Bridge Street Services Limited
         Marquee Place, Suite 300
         430 West Bay Road,
         P.O. Box 30691, Grand Cayman KY1-1203
         Cayman Islands


GREEN RAPID: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Green Rapid Limited received, on January 4,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


JAKOBSHORN INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Jakobshorn Investments Ltd. received, on
January 4, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


LAMARMOTTA LTD: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Lamarmotta Ltd. received, on January 4, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


LEHMAN BROTHERS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lehman Brothers Global Bond Fund, (Offshore)
Ltd received, on January 22, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Phil Hughes
         Telephone: (345) 815 1402
         Facsimile: (345) 949-1986


LEUMI CI: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Leumi CI, Ltd. received, on January 22, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


LILLO HOLDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Lillo Holding Inc. received, on December 7,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


LOTUS EXPLORER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Lotus Explorer Fund received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


PANDORA LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pandora Limited received, on January 5, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


PIGGY INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Piggy International received, on December 12,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


ROCK CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
The shareholders of Rock Capital (GP) Ltd. & Rock Real Estate
Securities Fund L.P. received, on December 30, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Andrew David Law
         Montague Sterling Centre
         P.O. Box N-3924
         Nassau, The Bahamas


SALOMONE LTD: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Salomone Ltd. received, on January 4, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         c/o Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


SCOY OVERSEAS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Scoy Overseas Partners Ltd. received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


SPARQ (CAYMAN): Members Receive Wind-Up Report
----------------------------------------------
The members of SPARQ (Cayman) Corp. received, on January 22, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Chang, Chia-Hsiang
         c/o Michelle R. Bodden
         Telephone: 946-6145
         Facsimile: 946-6146
         Bridge Street Services Limited
         Marquee Place, Suite 300
         430 West Bay Road, P.O. Box 30691
         Grand Cayman KY1-1203, Cayman Islands


SR BOONE: Commences Liquidation Proceedings
-------------------------------------------
SR Boone Capital Offshore Feeder MA Ltd. commenced liquidation
proceedings on December 10, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SR BOONE: Commences Liquidation Proceedings
-------------------------------------------
SR Boone Capital Master Ma Ltd. commenced liquidation proceedings
on December 8, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SR CRITERION: Commences Liquidation Proceedings
-----------------------------------------------
SR Criterion Master MA Ltd. commenced liquidation proceedings on
December 8, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SR EDINBURGH: Commences Liquidation Proceedings
-----------------------------------------------
SR Edinburgh Limited commenced liquidation proceedings on
December 11, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SR LOEB: Commences Liquidation Proceedings
------------------------------------------
SR Loeb Arbitrage Master MA Ltd. commenced liquidation proceedings
on December 8, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SR LUCERNE: Commences Liquidation Proceedings
---------------------------------------------
SR Lucerne Mid Cap Master MA Ltd. commenced liquidation
proceedings on December 8, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SR MW: Commences Liquidation Proceedings
----------------------------------------
SR MW Eureka Master Ma Ltd. commenced liquidation proceedings on
December 8, 2009.

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

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


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


ECOPETROL SA: To Hold General Shareholders' Meeting on March 25
---------------------------------------------------------------
Ecopetrol SA Chief Executive Officer calls on the company's
shareholders to attend the Annual General Shareholders' Meeting
to be held on March 25, 2010, starting at 9 a.m., at the
International Center of Business and Exhibitions, located at
Carrera 37 No. 24-67, Bogota, Colombia.

The agenda for the Meeting will be:

1. Safety guidelines

2. Quorum Verification

3. Opening Statement by the Chairman of the Board of Directors

4. Approval of the Agenda

5. Appointment of the Meeting's President

6. Appointment of the Commission in charge of scrutinizing
   elections and polling

7. Appointment of the Commission in charge of reviewing and
   approving the minutes of the Meeting

8. Presentation of the report concerning the Board of Directors'
   activities, the Board of Directors' evaluation of the Chief
   Executive Officer's performance, as well as the Company's
   compliance with the Corporate Governance Code

9. Presentation of 2009 performance reports by the Board of
   Directors and by the Chief Executive Officer of the Company

10. Report by the Minority Shareholders' Representative

11. Review of the Company's unconsolidated and consolidated
    Financial statements as of December 31, 2009 (the "2009
    Financial Statements")

12. Review of the External Auditor's Report

13. Approval of (i) the reports presented by the Company's
    Management and External Auditor and (ii) the 2009 Financial
    Statements

14. Approval of proposal for dividend distribution

15. Election of the External Auditor and determination of
    compensation in connection therewith

16. Election of the Board of Directors

17. Authorization for public issuance of non-convertible bonds

18. Shareholder Proposals and miscellaneous matters

As of March 3, 2010, Shareholders will be able to exercise their
right to inspect the Company's books, records and other documents
referred to in the Colombian Commercial Code.  This information
will be made available to Shareholders at the Company's main
offices (Calle 37 No. 8-43 Bogota, Colombia), at prescheduled
times from 7:30 a.m. to 4:00 p.m.

The resumes of the candidates up for election for the open Board
of Directors positions and for External Auditor will also be made
available to Shareholders on the Company's website.

                     About Ecopetrol S.A

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

                           *     *     *

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

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

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

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


PACIFIC RUBIALES: Seeks US$200 Million Credit Line With BofA's Aid
------------------------------------------------------------------
Pacific Rubiales Energy Corp. has engaged Banc of America
Securities as lead arranger for an unsecured two-year credit
facility of up to US$200 million, Matthew Bristow at Dow Jones
Newswires reports.  The report relates that the company expects
the creditors to be both international and Colombian lenders.

According to the report, the closing is expected to occur on or
before March 31, 2010.  According to the report, the company said
it does not expect to fully draw down the facility during 2010.

Pacific Rubiales, the report notes is now trading at volumes in
Bogota that could allow it to be included in Colombia's benchmark
IGBC stock index next quarter.

                        About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.


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


AIR JAMAICA: Pilots Still Hopeful on Airline Bid
------------------------------------------------
The Jamaica Airline Pilots Association is making a desperate
attempt to keep its bid for Air Jamaica Limited alive despite
strong indication from the government that the cash-strapped
carrier is to be sold to Caribbean Airlines, RadioJamaica reports.

According to the report, JALPA spokesman John Eyre said that the
group is pressing ahead with its business proposal buoyed by
strong public sentiment that Air Jamaica should remain locally
owned.  The report relates that Mr. Eyre said JALPA is still
expecting to sit down with the Government to discuss its plans for
Air Jamaica.

"We continue to press for our cause, we believe it is in the
interest of Jamaica to keep an airline in Jamaica and so we will
be heading along those lines.  We will ensure that our plan is
fine tuned day by day to learn what is needed to make the airline
successful and we will keep pressing that case to the government,"
the report quoted Mr. Eyre as saying.

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.


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


ALESTRA SA: Sees Return to Growth in 2010
-----------------------------------------
Alestra S. de R.L. de C.V. expects to return to growth in 2010
after a recession damped sales last year, Ken Parks at Dow Jones
Newswires reports, citing Chief Executive Rolando Zubiran.  The
report relates that Mr. Zubiran said the company is seeing demand
for its services from growing sectors like automobile and
financial services.

According to the report, Company Chief Financial Officer Bernardo
Garcia said that the company has budgeted capital expenditures of
more than MXN1 billion (US$78 million) this year, up from MXN936
million last year and MXN793 million in 2008.  The report notes
that Mexico's central bank has forecast growth in gross domestic
product of between 3.2% and 4.2% this year as the economy rebounds
from a deep recession in 2009, when gross domestic product likely
contracted close to 7%.

Dow Jones Newswires says that Alestra's sales were virtually
unchanged last year at MXN4.68 billion, although the percentage of
revenue from value-added services rose to 70% from 63% in 2008;
while operating income dipped 1% to MXN568 million, and Ebitda
rose 6% to MXN1.42 billion.  The report relates that Alestra
reported net debt of US$207 million at the end of December.

Mr. Zubiran, the report discloses, said that Alestra plans to put
more emphasis on small and medium-sized firms during the next five
years.  The company might bid for rights to lease fiber optic
infrastructure from state-run electric utility Comision Federal de
Electricidad in an auction later this year, he added.

                     About Alestra S. de R.L

Alestra S. de R.L. de C.V. is a Mexican telecommunications
company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 11, 2009, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Alestra S. de R.L. de C.V.


CEMEX SAB: to Get US$100MM Cash Proceeds From JV Asset Sale
-----------------------------------------------------------
CEMEX, S.A.B. de C.V.'s 49.9% owned Ready Mix USA LLC joint
venture has completed the sale of 12 active quarries and certain
other assets to SPO Partners & Co. for US$420 million.  The
active quarries, which consist of 2 granite quarries in Georgia,
9 limestone quarries in Tennessee, and 1 limestone quarry in
Virginia, are operated by Ready Mix USA LLC and were deemed non
strategic by CEMEX and Ready Mix USA LLC, its joint venture
partner.

The proceeds from the sale will be partly used to reduce debt held
by Ready Mix USA LLC, and to effect a cash distribution of
approximately US$100 million to each joint venture partner,
including CEMEX.  CEMEX, which does not consolidate the results of
Ready Mix USA LLC, expects to use its cash proceeds from this
divestment to reduce outstanding debt and to enhance its liquidity
position.

According to the company, the asset divestment marks another
milestone in CEMEX's efforts to regain its financial flexibility.
Other such milestones include the completion of the refinancing of
US$15 billion of CEMEX's outstanding debt and the issuance of
close to US$2.3 billion in notes, including the US$500 million
raised last month.  Additionally, CEMEX has raised US$2.2 billion
in equity and mandatorily convertible securities and sold its
Australian operations to Holcim for US$1.7 billion.

                          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)'.


URBI DESARROLLOS: Net Profit Drops 6% to MXN599.8 Million
---------------------------------------------------------
Urbi Desarrollos Urbanos SAB's fourth-quarter net profit fell 6%
to MXN599.8 million (US$46.8 million) from MXN637.9 million a year
ago due to a higher tax bill, Ken Parks at Dow Jones Newswires
reports.

According to the report, the company's revenue slipped 2.1% to
MXN4.31 billion as the company boosted sales of low income homes.
The report relates that Urbi said it sold 13,988 homes during the
quarter, up 13.1% from a year earlier, of which 12,229 were low-
income units.

Dow Jones Newswires discloses that the company's Ebitda rose 6.6%
to MXN1.28 billion, while operating income rose 6.3% to MXN952.8
million, thanks to cost savings.  However, the report notes, taxes
rose nearly 21% to MXN289.8 million.

                       About Urbi Desarrollos

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


* MEXICO: To Sell Up to US$2 Billion of Local Bonds
---------------------------------------------------
Veronica Navarro Espinosa and Ye Xie at Bloomberg News report that
Mexico plans to sell as much as US$2 billion of peso-denominated
bonds in its first local debt offering through a syndicate of
banks, part of an effort to lure more foreign investors to its
domestic market.  The 10-year bonds will carry a coupon of 8%, the
central bank said in a statement obtained by the news agency.
Banco Santander SA, JPMorgan Chase & Co., Grupo Financiero BBVA
Bancomer and Bank of America Corp. will arrange the deal, the
statement added.

According to Bloomberg News, citing research firm 4Cast Inc.,
speculation that Mexico's peso bonds will be included in Citigroup
Inc.'s World Government Bond Index is boosting investor demand for
the securities.  The report relates that Gerardo Rodriguez, head
of the Finance Ministry's Public Credit Department, said that
Citigroup may announce the inclusion of Mexican debt in the index
in the next four months.

Bloomberg News points out that the so-called syndicated mechanism,
instead of the central bank's weekly auction, will allow Mexico to
place the maximum of issuance in one single sale and accelerate
the process of being added to Citigroup's index, according to
Barclays Plc.


* MEXICO: Economy Shrank 6.5% in 2009 Amid Global Crisis
--------------------------------------------------------
Thomas Black and Jens Erik Gould at Bloomberg News report that
Mexico's economy contracted 6.5% last year as the global financial
crisis sapped demand for its exports.  The report relates that the
national statistics agency said that gross domestic product fell
2.3% in the fourth quarter from a year earlier.

Analysts had forecast a 2.6% decline, according to the median
estimate of 19 economists surveyed by Bloomberg.

According to the report, the recession in the U.S., which buys
about 80% of Mexico's exports, crippled the country's economy as a
fall in exports led to job losses, falling production and
declining domestic demand.  The report relates that industrial
production fell for 19 straight months beginning in May 2008
before rising in December, and retail sales have dropped for 15
months.

"Mexico suffered a lot because it is very exposed to the
industrial sector," the report quoted Italo Lombardi, a Latin
America economist and strategist at BNP Paribas in New York, as
saying.  "But 2010 is looking pretty good. You have signs of
improvement, and it's broad based," he added.

Bloomberg News notes that Mexico's government raised its estimate
for 2010 economic growth to 3.9%, from a previous forecast of 3%
growth, citing signs of recovery in internal and external demand.


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


PETROLEOS DE VENEZUELA: Performs Operations Diagnostics of JVs
--------------------------------------------------------------
Authorities of Petroleos de Venezuela SA through its subsidiary
Corporacion Venezolana del Petroleo, held a meeting with the
directive and representatives of the companies comprising the
Venezuelan Association of Hydrocarbons, to analyze the functioning
and operation of joint ventures after nearly four years of its
creation.

The meeting, held at the premises of the Institute for Energy
Studies of La Tahona, was attended by Vice President of
Exploration and Production of PDVSA, Eulogio Del Pino, who
emphasized that the importance of the activity was aimed at
"knowing the strengths and weaknesses of existing joint ventures".

"It's a good time to review how the performance of the companies
has been and take care of those core points that would meet the
requirements of the value chain of the petroleum industry," said
Del Pino, who also added, "we guarantee an integration model of
society and industry ".

For its part, the director of Venezuela's Repsol, Ramiro Paez,
endorsed the event, because in his view it allows "the interchange
between state representatives and partners involved in different
businesses that are in the value chain of the national oil
industry".

According to the company statement, the presence of the Spanish
consortium in the country it's made clear in their participation
in the Joint Venture and Gas License Petroquiriquire, Block Cardon
and was one of the partners in the bid that was selected to
participate in the Carabobo field, Block 1 of the Oil Belt
Orinoco.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

   -- Foreign currency Issuer Default Rating 'B+'
   -- Local currency IDR 'B+'
   -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
   -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
   -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R


PETROLEOS DE VENEZUELA: Tests New Technology to Enhance Production
------------------------------------------------------------------
The Cabrutica District of PDVSA E & P Orinoco Belt's Division is
moving forward in the evaluation of a pilot project in deep
electric heating, a technology that will increase crude production
by 14% in low production wells.

A team of oil professionals successfully completed the
installation of a heater wire of 480-volt current, submerged at 3
thousand 500 feet down a well, using variable frequency drives to
control the levels of heat transferred to the well's flow, a
maneuver that could increase the temperature to 20 F.

Leonardo Jorge, Chief in Technology for the Cabrutica District,
said the aim of this work is to decrease the viscosity of crude
oil in the bottom of the wells, in order to reduce friction losses
in the management of the hydrocarbon, thereby increasing
production.

Mr. Jorge continued to explain that they have developed several
tests on surface, thermo graphic records in the short circuit
cable and mechanical arrangements, which proved the feasibility
and practicality from this method.  However, in the coming days
new tests will be made to verify the system.

Mr. Jorge said that these operational adjustments were made with
Petroleos de Venezuela's oil workers and existing resources within
the Corporation, like wires from electro-submersible pumps,
frequency variator and mechanical arrangements.  Additionally, the
automatic control logic was executed, for local monitoring in the
San Diego Operating Center and remote monitoring from the district
of San Tome.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

   -- Foreign currency Issuer Default Rating 'B+'
   -- Local currency IDR 'B+'
   -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
   -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
   -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R


                            ***********

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

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

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

                            ***********


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

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


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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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 * * *