TCRLA_Public/100225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Thursday, February 25, 2010, Vol. 11, No. 039

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Seeks US$1.6Million From Dems & GOP


A R G E N T I N A

BANCO MACRO: Aims to Grow Loans by 15% This Year


B E R M U D A

CENTRAL EUROPEAN MEDIA: Appoints David Sach as New CFO
CENTRAL EUROPEAN MEDIA: 4Q Net Revenues Drop 14% to US$252.1-Mil.


B R A Z I L

ANDARKO PETROLEUM: Starts Exploration Well Project in Brazil
BANCO NACIONAL: May Buy BRL10 Billion of Bonds, Estado Says
TELEBRAS: Opposition in Congress Plans to Probe Firm


C A Y M A N  I S L A N D S

ALAGNA INVESTMENT: Members Receive Wind-Up Report
ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report
ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report
BA PARTNERS: Shareholders Receive Wind-Up Report
BB STEEPLE: Shareholders Receive Wind-Up Report

CANDELA LIQUIDFUND: Shareholders Receive Wind-Up Report
CARAMORE LIMITED: Shareholders Receive Wind-Up Report
CHILTON EUROPEAN: Shareholders Receive Wind-Up Report
CHILTON SMALL: Shareholders Receive Wind-Up Report
CI LTD: Shareholders Receive Wind-Up Report

CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report
CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report
DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report
EATON VANCE: Shareholders Receive Wind-Up Report
ENTRUST LIQUIDFUNDS: Shareholders Receive Wind-Up Report

GEOMATRIX LDC: Shareholders Receive Wind-Up Report
GICALEPA LTD: Members Receive Wind-Up Report
H&F PROSIEBEN: Shareholders Receive Wind-Up Report
H&F RANGER: Shareholders Receive Wind-Up Report
HOPE HOLDINGS: Shareholders Receive Wind-Up Report

INDREN INVESTMENT: Members Receive Wind-Up Report
JOJOBA INVESTING: Members Receive Wind-Up Report
JWM GLOBAL: Shareholders Receive Wind-Up Report
JWM GLOBAL: Shareholders Receive Wind-Up Report
PEAK ASIAN: Shareholders Receive Wind-Up Report

REICH & TANG: Shareholders Receive Wind-Up Report
SEQA CAPITAL: Shareholders Receive Wind-Up Report
SPROUT GROWTH: Shareholders Receive Wind-Up Report
TECHNOLOGY & BUSINESS: Shareholders Receive Wind-Up Report
VIRTUAL STUDIOS: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCO DE BOGOTA: To Offer COP200 Billion Worth of Local Bonds
PETROECUADOR: January Oil Exports Revenues Drop 13% to US$527MM


J A M A I C A

AIR JAMAICA: Opposition Committee to Meet JALPA
KINGSTON METAL: Appeals Suspension of License
SUGAR COMPANY OF JAMAICA: Eridania Withdraws Interest in Factories
ST. CATHERINE METAL: Appeals Suspension of License
* JAMAICA: To Receive US$2 Billion From the European Union


M E X I C O

DESARROLLADORA HOMEX: 4Q Total Revenue Drops 7.2% to Ps.5.8-Bil.
URBI DESARROLLOS: Aims for MXN2 Billion in 2010 Free Cash Flow


P U E R T O  R I C O

PEOPLES PETROLEUM GROUP: Case Summary & 8 Largest Unsec. Creditors


S T  L U C I A

* ST. LUCIA: Economy Severely Impacted by Global Downturn


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Still in Arrears With Service Companies
PETROLEOS DE VENEZUELA: Could Issue US$3 Billion in 2H 2010
* VENEZUELA: President Chavez Sees 0.5%-1.0% Growth in 2010




                         - - - - -


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


STANFORD INT'L: SFG Receiver Seeks US$1.6Million From Dems & GOP
----------------------------------------------------------------
Stanford Financial Group court receiver, Ralph Janvey, claimed in
a Dallas Federal Court that Democratic and Republican campaign
committees have blown off his requests to return US$1.6 million in
donations from Robert Allen Stanford, the financier accused of
orchestrating a multi-billion Ponzi scheme, Bridget Freeland at
Court House News reports.

According to the report, the five senatorial and congressional
committees that accepted donations from Mr. Stanford'd Stanford
International Bank are:

   -- the Democratic Senatorial Campaign Committee,
   -- the National Republican Congressional Committee,
   -- the Democratic Congressional Campaign Committee,
   -- the Republican National Committee, and
   -- the National Republican Senatorial Committee.

Mr. Janvey, the report relates, said that the committees did not
provide anything in exchange for the money, and "have no
legitimate right to retain the funds."  The report relates Mr.
Janvey said that the political organizations have blown off two
written demands for return of the money.

                 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
=================


BANCO MACRO: Aims to Grow Loans by 15% This Year
------------------------------------------------
Banco Macro SA expects to grow lending by 15% in 2010, outpacing
the system's 10%-12% growth forecast for this year, Business News
Americas reports, citing Bank Finance and Investor Relations
Manager Jorge Scarinci.  The report relates Mr. Scarinci said that
the projected lending will be driven by an economy that is poised
to grow by 3.5% this year.

According to the report, the bank's loans to the private sector
grew 2.4% to ARS11.9 billion (US$3.10 billion) as of December 31,
2009, compared to the same time 2008 and was led by a recovery in
consumer lending and a 6% increase in payroll-linked loans; while
non-performing loan ratio worsened to 3.2% from 2.6% a year ago,
and the coverage ratio hit 116% as of December 31, 2009.

As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, Banco Macro S.A. posted results for the fourth
quarter ended December 31, 2009.  The Bank's net income totaled
Ps.241.8 million.  This result was 31% higher than the Ps.184.1
million posted for the fourth quarter of 2008 and 27% higher than
the Ps.190.9 million earned in 3Q09.  The annualized 4Q09 ROAE and
ROAA were 30.2% and 3.8%, respectively.

                        About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009, Fitch Ratings affirmed Banco Macro's ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'B';

  -- Foreign and local currency short-term IDRs at 'B';

  -- Individual at 'D';

A full text copy of the company's financial results is available
free at http://ResearchArchives.com/t/s?5249


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


CENTRAL EUROPEAN MEDIA: Appoints David Sach as New CFO
------------------------------------------------------
Central European Media Enterprises Ltd. appointed David Sach as
Chief Financial Officer of the company effective March 1, 2010.
Mr. Sach succeeds Charles Frank, who has been serving as CME's
interim Chief Financial Officer since July 2009.

"David is a great addition to our senior management team," said
Adrian Sarbu, President and CEO of CME.  "His experience in
technology and media companies and strategic financial management
make him an excellent fit for us, and I look forward to working
with him to build CME in 2010 and beyond.  I would also like to
thank Charles Frank for his contribution over the last eight
months as interim CFO."

Prior to joining CME, Mr. Sach served as Chief Financial Officer
at Clearwire Corporation, a NASDAQ-listed group that provides
high-speed internet services to consumers and businesses in the
USA. Before that, Mr. Sach was Chief Financial Officer of Millicom
International Cellular SA, an emerging markets mobile telephony
group listed in the NASDAQ 100 and on the Stockholm Stock
Exchange.

Mr. Sach also held several senior finance roles at France Telecom,
EMI Group PLC and Thomson Professional Publishing.  Mr. Sach began
his career with Price Waterhouse in New York.

                    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: 4Q Net Revenues Drop 14% to US$252.1-Mil.
-----------------------------------------------------------------
Central European Media Enterprises Ltd. posted financial results
for the fourth quarter and full-year ended December 31, 2009.

Net revenues for the fourth quarter of 2009 decreased 14% to
US$252.1 million, compared to the fourth quarter of 2008.  EBITDA
for the quarter decreased 45% to US$44.1 million.  Operating
income for the quarter increased US$302.2 million to US$23.0
million.  Net loss attributable to the shareholders of CME for the
quarter was US$(55.3) million compared to US$(328.1) million for
the three months ended December 31, 2008.  Fully diluted loss per
share for the three months ended December 31, 2009 decreased
US$6.86 to US$(0.89).

Net revenues for the year ended December 31, 2009 decreased 30% to
US$714.0 million, compared to the year ended December 31, 2008.
EBITDA for the year decreased 75% to US$74.9 million.  Operating
loss decreased US$44.6 million from $(127.8) million to US$(83.2)
million.  The operating loss in 2009 includes an impairment charge
of US$81.8 million relating to the Company's Bulgarian operations.
Net loss attributable to the shareholders of CME for the year was
US$(97.2) million compared to US$(269.5) million for the year
ended December 31, 2008.  Fully diluted loss per share for the
year ended December 31, 2009 decreased US$4.58 to US$(1.79).

Adrian Sarbu, President and Chief Executive Officer of CME,
commented: "An unprecedented economic crisis in our region reset
TV ad spending 30% below 2008.  US$800 million of TV ad spend
vanished in one year, dramatically reducing our revenues.  In this
difficult environment we strengthened our operations by
maintaining audience share leadership, increasing market share and
redefining ourselves as a vertically integrated media company.  We
are making the necessary corrections to our portfolio to achieve
positive EBITDA in all our operations in 2010.  This year we will
focus our energy on increasing profitability across our three new
divisions -- broadcasting, internet and content."

             Consolidated Results for the Three Months
                      Ended December 31, 2009

Consolidated net revenues for the three months ended December 31,
2009 decreased by 14% to US$252.1 million from US$291.5 million
for the three months ended December 31, 2008.  Operating income
for the quarter was US$23.0 million compared to a loss of
US$(279.2) million for the three months ended December 31, 2008.
Net loss attributable to the shareholders of CME for the quarter
was US$(55.3) million compared to US$(328.1) million for the three
months ended December 31, 2008.  Fully diluted loss per share for
the three months ended December 31, 2009 decreased $6.86 to
US$(0.89).

EBITDA for the three months ended December 31, 2009 decreased to
US$44.1 million from US$79.8 million in the three months ended
December 31, 2008.  EBITDA margin for the three months ended
December 31, 2009 was 18% compared to 27% in the three months
ended December 31, 2008.

                 Consolidated Results for the Year
                     Ended December 31, 2009

Consolidated net revenues for the year ended December 31, 2009
decreased by 30% to US$714.0 million from US$1,019.9 million for
the year ended December 31, 2008.  Operating loss for the year was
US$(83.2) million compared to US$(127.8) million for the year
ended December 31, 2008.  Net loss attributable to the
shareholders of CME for the year was US$(97.2) million compared to
US$(269.5) million for the year ended December 31, 2008.  Fully
diluted loss per share for the year ended December 31, 2009
decreased US$4.58 to US$(1.79).

EBITDA for the year ended December 31, 2009 decreased to US$74.9
million from US$296.9 million in the year ended December 31, 2008.
EBITDA margin for the year ended December 31, 2009 was 10%
compared to 29% in the year ended December 31, 2008.

                    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
===========


ANDARKO PETROLEUM: Starts Exploration Well Project in Brazil
------------------------------------------------------------
Peter Millard at Bloomberg News reports that Anadarko Petroleum
Corp. started an exploration well in Brazil that may become the
company's next "mega project."

According to the report, Anadarko spokesman John Christiansen said
that the company is doing initial work on the Wahoo South
exploration well, and then will conduct tests on the block's first
two discoveries.  "This area has all the ingredients to become one
of our next mega projects," the report quoted Anadarko Chief
Executive Officer James Hackett as saying.

Bloomberg News notes that the Woodlands, Texas-based Anadarko
operates Wahoo with a 30% stake.  The report notes that its
partners are Devon Energy Corp., a unit of Bharat PetroResources
Ltd. and Videocon Industries and SK Energy Co.

                     About Anadarko Petroleum

Anadarko Petroleum Corporation is an independent oil and natural
gas exploration and production company. The Company explores for,
develops, produces, gathers, processes, and markets natural gas,
crude oil, condensate and natural gas liquids (NGLs). The Company
is based in The Woodlands, Tex.

                          *     *     *

As of February 24, 2010, the company continues to carry Moody's
Ba2 Preferred Stock rating.


BANCO NACIONAL: May Buy BRL10 Billion of Bonds, Estado Says
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President
Luciano Coutinho said that the bank will spend as much as BRL10
billion (US$5.3 billion) to buy local corporate bonds in the next
three years, Helder Marinho at Bloomberg News reports, citing O
Estado de S. Paulo.

According to the report, the newspaper said that BNDES plans to
buy 20% of bonds sold by local companies as part of a program to
help boost liquidity in the Brazilian capital markets.

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.


TELEBRAS: Opposition in Congress Plans to Probe Firm
----------------------------------------------------
Maria Luiza Rabello and Paulo Winterstein at Bloomberg News report
that Brazil lawmaker Paulo Bornhausen said opposition senators and
representatives will probe government statements that led to an
increase in share prices for Telecomunicacoes Brasileiras SA.

According to the report, Mr. Bornhausen said that members of
President Luiz Inacio Lula da Silva's Workers' Party who have
Telebras shareholders as clients or partners are benefitting from
government statements suggesting that the company will be part of
the program.  The opposition will pursue a probe over whether the
statements aimed to enrich shareholders, Mr. Bornhausen told
Bloomberg News in an interview.  "We want to know how to transform
1 cent into BRL200 million," the report quoted Mr. Bornhausen as
saying.  "Some clarification is mandatory," he added.

The report notes that workers' Party President Jose Eduardo Dutra
said the opposition's accusations are baseless and are designed to
derail the government's plan.

                 About Telecomunicacoes Brasileiras

Telecomunicacoes Brasileiras SA (Telebras) is Brazil's former
state-owned telephone holding company.

                           *     *     *

As of February 24, 2010, the company continues to carry Moody's B1
Senior Unsecured debt ratings.


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


ALAGNA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Alagna Investment 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.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Anchorage Capital Master 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


ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Anchorage Capital Master 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


BA PARTNERS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of BA Partners Fund V - Buyout, 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


BB STEEPLE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of BB Steeple Healthcare 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


CANDELA LIQUIDFUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Candela Liquidfund Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CARAMORE LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Caramore Limited received, on December 29,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


CHILTON EUROPEAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Chilton European Liquidfund, Ltd received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHILTON SMALL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Chilton Small Cap Liquidfund, Ltd received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CI LTD: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of CI Ltd SPC received, on January 11, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ronald Sulisz
         Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104, Cayman Islands
         c/o Lily Lee
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Context/TQA Vantage Plus Master Fund, 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


CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Context/TQA Vantage Plus Master Fund, 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


DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Diapason Commodities Energy Index 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


EATON VANCE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Eaton Vance Loan Opportunities Fund 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


ENTRUST LIQUIDFUNDS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Entrust Liquidfunds 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:

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


GEOMATRIX LDC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Geomatrix LDC 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


GICALEPA LTD: Members Receive Wind-Up Report
--------------------------------------------
The members of Gicalepa 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.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


H&F PROSIEBEN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of H&F Prosieben Blocker Corp. received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         H&F Investors IV (Bermuda), LLC
         c/o One Maritime Plaza, 12th Floor
         San Francisco, California, 94111
         United States of America


H&F RANGER: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of H&F Ranger (Cayman) Ltd. received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hellman & Friedman Investors VI, L.P.
         c/o One Maritime Plaza, 12th Floor
         San Francisco, California, 94111
         United States of America


HOPE HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Hope Holdings 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


INDREN INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Indren Investment 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.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


JOJOBA INVESTING: Members Receive Wind-Up Report
------------------------------------------------
The members of Jojoba Investing 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.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


JWM GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of JWM Global Macro Fund 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


JWM GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of JWM Global Macro Portfolio Company, 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


PEAK ASIAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Peak Asian Absolute Return Fund Ltd. received,
on January 12, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Mark S. Newman
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


REICH & TANG: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Reich & Tang Minutus 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:

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


SEQA CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of SEQA Capital 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:

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


SPROUT GROWTH: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sprout Growth, Ltd. received, on January 21,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Hewitson Watler
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


TECHNOLOGY & BUSINESS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Technology & Business International
Development Limited received, on January 21, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         James M. Diamond
         M. Colin Fitzgerald
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


VIRTUAL STUDIOS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Virtual Studios Trading, 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


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


BANCO DE BOGOTA: To Offer COP200 Billion Worth of Local Bonds
-------------------------------------------------------------
Banco de Bogota SA will offer the market COP200 billion worth of
local bonds, Inti Landauro at Dow Jones Newswires reports, citing
Francisco Chaves, from local brokerage Corredores Asociados, which
handles the sales.

According to the report, Mr. Chavez said that the bank will sell
inflation-linked bonds maturing in seven and 10 years.  The report
relates that the bank expect to pay a maximum yield of inflation
plus 5.50 percentage points for the seven-year bonds and inflation
plus 5.75 percentage points for the 10-year bonds.

                       About Banco de Bogota

Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota
-- http://www.bancodebogota.com-- is a private national bank
involved in all activities associated with a commercial banking
institution as regulated by Colombian law.  On a national level,
it also operates through subsidiaries: Corporacion Financiera
Colombiana S.A., an investment bank; Almacenes Generales de
Deposito "Almaviva S.A.", a products supply logistics company;
Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del
Comercio "Fiducomercio S.A.", trust and portfolio investment
companies; Leasing Bogot  S.A., a leasing company; Valores
Bogot  S.A., a provider of brokerage services; and Fondos de
Pensiones y Cesantias Porvenir, a pensions and suspensions
administrator. The Bank operates 275 offices, five corporate
service centers and a banking attention center.  The company
also has affiliates in Panama, Nassau, Miami, and New York.

                           *     *     *

As of January 25, 2010, the company continues to carry Moody's Ba2
Foreign LT Bank Deposits rating.


PETROECUADOR: January Oil Exports Revenues Drop 13% to US$527MM
---------------------------------------------------------------
Petroecuador's oil export revenues in January dropped 13% to
US$527 million from the US$603 million registered in the previous
month, Mercedes Alvaro at Dow Jones Newswires reports.  The report
relates that in January 2009 Petroecuador reported oil export
revenues of US$205 million.

According to the report, in terms of volume, Petroecuador exported
7.44 million barrels of crude oil in January, down 17% from 8.94
million barrels registered in December; while exports of Oriente
crude in January were 5.48 million barrels, and exports of Napo
crude were 1.96 million barrels.

Dow Jones Newswires notes that the average price of Oriente crude
in January rose 9% to $73.48 a barrel from $67.22 in December.
The report says that the price of Napo crude was US$70.70 per
barrel, a 4% increase against $67.89 registered one month before.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


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


AIR JAMAICA: Opposition Committee to Meet JALPA
-----------------------------------------------
Jamaica Airline Pilots Association will meet with the opposition
committee examining its proposal to acquire Air Jamaica Limited,
Go-Jamaica News reports.  The report relates that Opposition
spokesman on Transport, Robert Pickersgill, said that the main
objective of the group is to determine whether JALPA has enough
money to buy and sustain the airline.

According to the report, Mr. Pickersgrill said that he's convinced
that the pilots' business plan is worth considering.  The report
notes that JALPA has claimed that one of three overseas-based
equity partners who have expressed interest in financing the
operation of the airline is a member of the G7 group of countries.

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.


KINGSTON METAL: Appeals Suspension of License
---------------------------------------------
The Ministry of Industry has started hearings into appeals brought
by scrap metals dealers -- St. Catherine Metal Recyclers Limited
and Kingston Scrap Metal -- whose licenses were recently
suspended, RadioJamaica reports.  The report relates that at the
end of the hearing Industry Minister Karl Samuda will decide
whether the dealers should get back their licenses to operate.

"Under the regulations, I am required to hold hearings with the
people who have been affected and so far we've held one and we're
due to hold another at the end of next week.  At the end of that,
we'll determine what action is to be taken depending on the
evidence that is produced.  We'll do a full assessment and then
everyone will be advised of the results," the report quoted Mr.
Samuda as saying.

According to the report, the licenses of St. Catherine and
Kingston Scrap were suspended after police investigations revealed
that they were in breach of their permits.  The report relates
that personnel at the companies could not properly account for
metal products found on the premises.


SUGAR COMPANY OF JAMAICA: Eridania Withdraws Interest in Factories
------------------------------------------------------------------
Italian firm Eridania Suisse said it is no longer interested in
taking over Sugar Company of Jamaica's factories, Frome, Moneymusk
and Bernard Lodge, RadioJamaica News reports.  The report relates
for months the Italian firm and the Bruce Golding-led government
has conducted feasibility studies on SCJ's entities.

According to the report, Agriculture Minister Dr. Chris Tufton
said that Eridania Suisse is not prepared to invest over US$100
million to take over the factories because they cannot produce the
required 200,000 tonnes of sugar annually giving limited returns
on investment and a prolonged loan repayment period.

RadioJamaica says that as the agreement with Eridania Suisse was
unsuccessful, the Bruce Golding Cabinet has put in place a plan of
action to continue the operations of the three factories including
the appointment of Aubyn Hill as the Chief Executive Officer of
the Sugar Corporation of Jamaica Holdings Limited.  "A new board
of directors composed of nine persons, headed by a Mr. Erwin
Gordon, a senior manager of GraceKennedy is now entrenched for the
operations of SCJ Holdings.  Up to this point Mr. Aubyn Hill was
assured of this post but he has been replaced by Erwin Gordon,"
the report quoted Mr. Tufton as saying.  "Secondly Mr. Aubyn Hill
has been appointed Chief Executive Officer of that entity.  His
principal role will be to manage the operation of SCJ Holdings to
ensure continued efficiency at Monymusk, Frome and Bernard as well
as accelerate the divestment of these assets," He added.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaica
government has received the US$15-million capital injection from
Eridania Suisse.  Caribbean Net News related that the government
has negotiated an interim funding with Eridania Suisse to ensure
the continued operation of Sugar Company of Jamaica's three sugar
estates -- Frome in Westmoreland, Monymusk in Clarendon, and
Bernard Lodge in St Catherine.  The report said the money will be
used to undertake field maintenance work on the three estates, as
well as preparatory works for the Frome and Monymusk factories.
According to the report, Agriculture and Fisheries Minister
Christopher Tufton said the Cabinet has approved the arrangement,
which should "effectively ensure" the factories' sugar production
output for the 2009/10 crop year, while the process of divestment
continues.  Caribbean Net News noted Eridania and Energen
Development Limited are the two short-listed entities with which
the administration is pursuing negotiations toward the sale of the
factories and Petrojam Ethanol Limited (PEL).

                            About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


ST. CATHERINE METAL: Appeals Suspension of License
--------------------------------------------------
The Ministry of Industry has started hearings into appeals brought
by scrap metals dealers -- St. Catherine Metal Recyclers Limited
and Kingston Scrap Metal -- whose licenses were recently
suspended, RadioJamaica reports.  The report relates that at the
end of the hearing Industry Minister Karl Samuda will decide
whether the dealers should get back their licenses to operate.

"Under the regulations, I am required to hold hearings with the
people who have been affected and so far we've held one and we're
due to hold another at the end of next week.  At the end of that,
we'll determine what action is to be taken depending on the
evidence that is produced.  We'll do a full assessment and then
everyone will be advised of the results," the report quoted Mr.
Samuda as saying.

According to the report, the licenses of St. Catherine and
Kingston Scrap were suspended after police investigations revealed
that they were in breach of their permits.  The report relates
that personnel at the companies could not properly account for
metal products found on the premises.


* JAMAICA: To Receive US$2 Billion From the European Union
----------------------------------------------------------
Jamaica is to receive more than US$2 billion from the European
Union (EU), RadioJamaica reports.  The report relates that the EU
will grant the government with for GBP17 million in grant
resources.

According to the report, the money will be disbursed under the
EU's Fluctuation in Export Earnings facility.  The report relates
that under that facility countries receive support in the event of
a decline in their export earnings or a worsening in the
programmed deficit

                        *     *     *

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
===========


DESARROLLADORA HOMEX: 4Q Total Revenue Drops 7.2% to Ps.5.8-Bil.
----------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. posted its financial results
for the Fourth Quarter and Full Year ended on December 31, 2009.

Total revenue in the 2009 fourth quarter decreased 7.2% to Ps.5.8
billion (US$446 million) from Ps.6.3 billion (US$480 million) for
the same period in 2008, reflecting the Company's strategy to
align its growth to cash generation and working capital
improvements.  For the full year 2009, revenues rose 3.0% to
Ps.19.4 billion (US$1.5 billion) from Ps.18.9 billion (US$1.4
billion) in 2008.

In the fourth quarter of 2009, the total number of homes sold
decreased 19.2 percent when compared to the fourth quarter of
2008.  However, the volume of total homes sold for the year rose
0.8%.  The quarterly volume contraction reflects Homex' focus on
privileging cash generation by aligning investments related to
construction-in-process to collections.

Gross margin for the fourth quarter of 2009 was 33.1% compared to
23.3% during the fourth quarter of 2008.  4Q09 gross margin
adjusted for the application of MFRS D-6 "Capitalization of
Comprehensive Financing Cost" decreased 110 bps to 34.1% compared
to 35.2% during the same period of last year, driven by a
reduction in the contribution of total (higher margin) middle-
income revenues from 24.6% as of 4Q08 to 23.9% as of 4Q09.

Adjusted earnings before interest, taxes, depreciation and
amortization (adjusted EBITDA) during the recent quarter was
Ps.1,412 million (US$108 million), a 6.4% increase from the
Ps.1,328 million (US$102 million) reported in the fourth quarter
of 2008, evidencing the Company's year-over- year improved
profitability.  For the full year, EBITDA grew 4.0% to Ps.4,526
million from Ps. 4,352 million.

Adjusted EBITDA margin increased 310 basis points to 24.3% in the
fourth quarter of 2009 from 21.2% in the fourth quarter of 2008,
as a result of realized savings from the Company's on-going
expense reduction program.  Adjusted EBITDA margin for the full
year 2009 improved 22 bps to 23.3% compared to 23.1% in 2008.

For the fourth quarter of 2009, net income was Ps.841 million
(US$64 million) compared to Ps.6 million (US$450 thousand) for the
fourth quarter of 2008.  On a pro-forma basis (without considering
FX non-cash items for both periods) net income margin would have
been 13.4% during the fourth quarter of 2009 compared to 8.1%
during the year ago period.  For the year, net income was Ps. 2.2
billion (US$171 million) compared to 1.6 billion (US$121 million)
for 2008.

As a result of the Company's measures to minimize land and CAPEX
investments, as well as its proactive decision to align
investments related to construction-in-process to cash generated
from collections, during the fourth quarter of 2009, Homex
generated a positive free cash flow balance of Ps.10 million.
This was the third consecutive quarter of positive cash generation
for the Company.  The Company ended 2009 with a negative FCF of
Ps.302 million, compared to year-end 2008, when it reported
negative FCF of Ps.5,230 million.

Effective January 1, 2010, Homex no longer recognized its
revenues, costs and expenses based on the percentage-of-completion
method, and will begin to recognize them based on applicable rules
under INIF 14, where revenues, costs and expenses are recognized
when the Company has transferred title of the property to the
homebuyer.  Homes under construction will thus be considered as
inventory until they are titled.  Homex will commence reporting
quarterly results pursuant to INIF 14 accounting method starting
the first quarter ended March 31, 2010.

The Company previously estimated that 2009 revenues under INIF 14
accounting rules would have a variation of up to 15% and that
shareholders' equity would have a variation of between 20-21
percent.  Importantly, the Company estimates that Homex' 2009
revenues under INIF 14 accounting rules would have a variation of
up to 12%, while shareholders' equity would vary approximately
18%.

                    About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                           *      *     *

As reported in the Troubled Company Reporter-Latin America on
January 22, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit and senior unsecured debt ratings
on Desarrolladora Homex S.A.B. de C.V.  The outlook is stable.
The recovery rating is 3.


URBI DESARROLLOS: Aims for MXN2 Billion in 2010 Free Cash Flow
--------------------------------------------------------------
Urbi Desarrollos Urbanos said that it expected to raise its free
cash flow in 2010 to around MXN2 billion (US$155.6 million),
Gabriela Lopez at Reuters reports.  The report relates that last
year, the company registered free cash flow of MXN1.672 billion
thanks to a plan to curb production, which contributed to a 13%
decline in sales.

"Mexico will keep offering opportunities," the report quoted Urbi
Chief Executive Cuauhtemoc Perez as saying.  "The goal of the
industry is how to face the complexity of the market with
efficiency," Mr. Perez added.

As reported in the Troubled Company Reporter-Latin America on
February 24, 2010, Dow Jones Newswires said that Urbi Desarrollos'
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.  The report related that the company's revenue slipped 2.1%
to MXN4.31 billion as the company boosted sales of low income
homes.  According to the report, 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.

                      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.


====================
P U E R T O  R I C O
====================


PEOPLES PETROLEUM GROUP: Case Summary & 8 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Peoples Petroleum Group Inc.
        Carr 2 Km 18.3 Bo. Candelaria
        Toa Baja, PR 00949

Bankruptcy Case No.: 10-01120

Chapter 11 Petition Date: February 18, 2010

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Hector Juan Figueroa Vincenty, Esq.
                  El Bufete Del Pueblo
                  Luisa 61 Apt 1 A
                  San Juan, PR 00907
                  Tel: (787) 378-1154
                  Email: hector@elbufetedelpueblo.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of $2,667,200,
and total debts of $2,621,067.

A full-text copy of the Debtor's petition, including a list of its
8 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/prb10-01120.pdf

The petition was signed by Antonio Cruz Domenecit, president of
the Company.


==============
S T  L U C I A
==============


* ST. LUCIA: Economy Severely Impacted by Global Downturn
---------------------------------------------------------
International Monetary Fund Division Chief in the Western
Hemisphere Department Alfred Schipke issued this statement:

"An IMF staff mission visited St. Lucia February 8-18 to conduct
the 2010 Article IV Consultation discussions.  The discussions
focused on the adoption of a fiscal framework that will support
fiscal and debt sustainability, a reduction in vulnerabilities,
and St. Lucia's growth prospects following the global downturn.
The mission received excellent cooperation and benefited from a
constructive exchange of views with Prime Minister the Honorable
Stephenson King, Leader of the Opposition Dr. Kenny Anthony,
Permanent Secretary of the Ministry of Finance Isaac Anthony, and
other senior government officials, as well as representatives from
the tourism sector, financial sector, and labor unions.

"Following a period of modest economic growth, St. Lucia was
severely impacted by the global downturn.  Real GDP contracted
sharply in 2009 after expanding on average by about 3% during the
previous 5 years, when tourism became a more prominent sector and
resulted in Foreign Direct Investment-related (FDI) construction.
Inflation is estimated at one percent in December 2009 (from 7
percent in 2008), reflecting a decline in international food and
fuel prices, as well as weaker domestic demand.  Against the
backdrop of a recovery of the global economy, growth is projected
at about one percent in 2010 supported by resurgence in tourism
and a recovery in the construction sector.  There are significant
risks to the outlook, however, including a weaker than anticipated
recovery in St. Lucia's main trading partners, permanently lower-
than-envisaged FDI flows, and the ever-present threat of natural
disasters.

"The mission and the authorities agreed on the importance of
adopting a strong fiscal framework on which to anchor fiscal and
debt sustainability.  The key challenge facing the authorities is
the timing of the withdrawal of the fiscal stimulus to ensure
fiscal and debt sustainability, while minimizing the impact on
unemployment.  The mission recommended adjustment measures which
would reverse part of the Fiscal Year (FY) 2009/10 fiscal stimulus
in the FY2010/11 budget aimed at restoring a primary balance and
reaching a surplus of about 1.5% of GDP over the medium term.  The
implementation of these measures would place the public debt on a
firmly declining trajectory following a small increase in FY2010,
and send a strong signal to market participants about the
government's commitment to an exit strategy and fiscal
consolidation.  Successful adoption of the framework would also
create space to better absorb future shocks and increase targeted
social spending.  In this regard, the mission welcomed the
progress made in implementing tax measures, including the flexible
fuel pricing regime; and noted the authorities' plans to
prioritize capital expenditure, request technical assistance on
public expenditure reform, and aggressively seek grant financing
to help reduce the impact of higher capital outlays on the budget.
At the same time, the mission reiterated the need to move forward
with the implementation of a broad based Value Added Tax (VAT).

"Macro-financial risks have increased in both St. Lucia and the
currency union following the economic downturn.  Banking soundness
indicators have deteriorated and risks of contagion from other
Caribbean countries have increased.  The mission and the
authorities agreed on the urgency of completing the remaining
steps to put in place a fully operational single regulatory unit
to provide a unified regulatory framework for nonbanks, including
credit unions and the insurance industry.  In this context, the
IMF mission welcomed the progress made on adopting financial
sector legislation and encouraged the authorities to press ahead
with the adoption of the Financial Services Regulatory Authority
Act and other enabling legislation including the 2009 Insurance
Act.  The mission also supports the Eastern Caribbean Currency
Union (ECCU) authorities' announced strategy of a regional
resolution of BAICO and welcomes the initial steps toward its
resolution, including the establishment of a new company.  In this
context the mission urged that the resolution of BAICO should
continue to adhere to three principles: (i) avoid systemic
contamination, (ii) minimize the fiscal costs to the extent
possible, given the region's high debt levels and related
vulnerabilities, (iii) and ensure equitable treatment of all
stakeholders.

"The mission and the authorities concurred on the need to reduce
the reliance on tourism as the main engine of economic growth and
discussed possible ways of creating appropriate incentives to
boost private sector led growth, including improving the
investment climate; establishing a one-stop-shop for investors;
deepening regional integration; and raising labor productivity.

"The IMF mission thanks the government and the people of St. Lucia
for their warm hospitality, and wishes them every success in their
ongoing efforts to resuscitate economic growth, reduce
unemployment, and eradicate poverty."


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


PETROLEOS DE VENEZUELA: Still in Arrears With Service Companies
---------------------------------------------------------------
The expropriation process for the 74 service companies seized by
the Venezuelan government and controlled by Petroleos de
Venezuela, since May 2009 has not started formally, Deisy Buitrago
at EL Universal News reports, citing the Official Gazette.

According to the report, experts said that to move forward with
the process, the government should publish the decrees of public
utility that have been recently issued with regard to companies in
other sectors of the economy.  The report relates that in the
nationalization of the former oil operational agreements involving
oilfields and strategic partnerships in the Orinoco oil belt, the
expropriation process advanced with the issuance of the decrees.

Meanwhile, oil industry sources said that Venezuela's Oil Chamber
will discuss Pdvsa's payments which have been delayed for more
than nine months.  The report notes that oil services company
TideWater Inc., which has been hit by the delay in the payment of
compensation, said in a report to the Securities and Exchange
Commission that it filed with the International Center for
Settlement of Investment Disputes an arbitration proceeding
against the Bolivarian Republic of Venezuela regarding
compensation for its seized barges and tow boats.

EL Universal notes that PDVSA disclosed that in 2009 that it would
negotiate compensation, based on the law that reserves to the
Venezuelan state-run oil industry the goods and services of
hydrocarbon primary operations.

                            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: Could Issue US$3 Billion in 2H 2010
-----------------------------------------------------------
Petroleos de Venezuela could issue as much as US$3 billion in the
second half of 2010 and will try to avoid selling bonds in the
coming months, Darcy Crowe at Dow Jones Newswires reports, citing
a report by Barclays Capital economist Alejandro Grisanti.

According to Dow Jones Newswires, Mr. Grisanti said that PDVSA
could sell US$3 billion with maturities in 2012 and 2013.  "We
believe that the issuance spree that occurred last year will not
be repeated," the report quoted Mr. Grisanti as saying.

Dow Jones notes that the government's fiscal position has been
strengthened after President Hugo Chavez ordered a devaluation of
the currency by as much as half, setting a rate of VEF4.3 and a
preferential rate of VEF2.6 for some essential goods.  Dow Jones
Newswires says that Barclays continues to recommend Venezuelan and
PDVSA papers, "but our recommendation is less enthusiastic now"
because of a recent increase in the price of Venezuelan bonds and
a "rise in risk aversion in the market," the report quoted Mr.
Grisanti as saying.

                            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


* VENEZUELA: President Chavez Sees 0.5%-1.0% Growth in 2010
-----------------------------------------------------------
Venezuela President Hugo Chavez said that the country's economy is
likely to grow between 0.5% and 1.0% this year, despite recent
electricity shortages in the country, Mica Rosenberg at Reuters
reports.

"We are going to see modest growth this year that should be
between 0.5% and 1%, because we are coming out of a difficult
situation that is a result of the global crisis, the fall in oil
prices and the decline in oil production," Mr. Chavez told Reuters
in an interview.

According to the report, the country has been hit with electricity
shortages that have caused rolling blackouts and rationing, but
the socialist President did not say how much the electricity
problems could affect the manufacturing sector.  The report notes
that despite its huge crude reserves, the South American OPEC
member relies on hydro-electricity for 70% of its power needs, and
a drought has hit supply since late 2009 forcing President Chavez
to declare an "electricity emergency" this month.

"What I am most worried about with the energy situation is the
social implications, because that is what is most important to
us," the report quoted Mr. Chavez as saying.


                            ***********

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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