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

        Friday, February 26, 2010, Vol. 11, No. 040

                            Headlines



A R G E N T I N A

* ARGENTINA: Appeals Ruling That Bars Use of Reserves to Pay Debt


B E R M U D A

ENVIRONMENTAL ENERGY: Court to Hear Wind-Up Petition on March 12
GLOBAL CROSSING: Reports Net Loss for 6th Consecutive Year
GLOBAL CROSSING: FMR, Fidelity Own 14.952% of Common Stock
GLOBAL CROSSING: CEO John Legere to Get US$350,681 2009 Bonus
INTELSAT SA: Expects Up to US$900 Million in Total CapEx This Year

PROTOSTAR LTD: Seeks May 25 Extension of Plan Filing Deadline
XL CAPITAL: XL Insurance Taps Seraina Maag CEO for N.A. Unit


B R A Z I L

COMPANHIA ENERGETICA: Sao Paulo May Sell Minority Stake
COMPANHIA DE SANEAMENTO: Eyes Sale of R$900-Mil. in Debentures
GOL LINHAS: Reveals Earnings Guidance for 2010
MARFRIG ALIMENTOS: Mulls Acquisition of Poultry Plants
NET SERVICOS: Swings to BRL306 Million Net Profit in Fourth Qtr.

NET SERVICOS: Reiterated 'Overweight' at Barclays
USIMINAS SIDERURGICAS: Posts BRL633 Million Net Income in 4Q


C A Y M A N  I S L A N D S

ACEROLA, LDC: Members Receive Wind-Up Report
ARTISAN BARREL: Members Receive Wind-Up Report
BA PARTNERS: Shareholders Receive Wind-Up Report
BAJA COMPANY: Shareholders Receive Wind-Up Report
BB EUROPE: Shareholders Receive Wind-Up Report

BOMPRESSO INVESTMENT: Shareholders Receive Wind-Up Report
CAPRA GLOBAL: Shareholders Receive Wind-Up Report
CC ARBITRAGE: Shareholders Receive Wind-Up Report
DURANGO CAPITAL: Shareholders Receive Wind-Up Report
EFP (CAYMAN): Shareholders Receive Wind-Up Report

EFP (CAYMAN): Shareholders Receive Wind-Up Report
EFP (CAYMAN): Shareholders Receive Wind-Up Report
GENNAKER I: S&P Downgrades Ratings on Five Classes of Notes
G.O. 1A-CAYMAN: Members Receive Wind-Up Report
G.O. 1A-CAYMAN: Members Receive Wind-Up Report

G SQUARE: S&P Downgrades Ratings on Six Classes of Notes
KENYABOY LTD: Members Receive Wind-Up Report
KIWI LDC: Members Receive Wind-Up Report
KLEINWORT BENSON: Shareholders Receive Wind-Up Report
KLEINWORT BENSON: Members Receive Wind-Up Report

LATAM STRUCTURED: Shareholders Receive Wind-Up Report
ORAL-B LABORATORIES: Members Receive Wind-Up Report
POLDO ENTERPRISES: Shareholders Receive Wind-Up Report
RAB UK: Shareholders Receive Wind-Up Report
RADISH INVESTMENT: Shareholder Receives Wind-Up Report

RAMIUS TAPESTRY: Members Receive Wind-Up Report
SETTE INTERNATIONAL: Shareholders Receive Wind-Up Report
SHINECORP: Shareholders Receive Wind-Up Report
SP GATE: Shareholder Receives Wind-Up Report
TAPESTRY MASTER: Members Receive Wind-Up Report

URUGUAY CREDIT: Shareholders Receive Wind-Up Report
XILINX HOLDING: Members Receive Wind-Up Report


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Power Plants Get ISO Certification


J A M A I C A

SUGAR COMPANY OF JAMAICA: Aubyn Hill Gets JM$7.5 Million Job
* JAMAICA: Gets US$200MM Loan From World Bank for Fiscal Reform


M E X I C O

DESARROLLADORA HOMEX: Puts Focus On Cash Flow In 2010


V E N E Z U E L A

CORPORACION VENEZOLANA: Misses US$299MM Payment to Ternium SA
PETROLEOS DE VENEZUELA: To Increase Production at Power Plant




                         - - - - -


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


* ARGENTINA: Appeals Ruling That Bars Use of Reserves to Pay Debt
-----------------------------------------------------------------
President Cristina Fernandez de Kirchner's government filed a
motion asking judges to send a case to the Supreme Court for final
ruling after an Argentine federal court kept a hold on the
government's plan to use US$6.6 billion in reserves to pay debt,
Eliana Raszewski at Reuters reports.  The report relates that the
judges ruled against freeing the reserves while the case
proceeded.

According to the report, the so-called Bicentennial Fund bolstered
confidence in the country's ability to meet its obligations,
leading to a rally in the country's bonds.  The report recalls
that yields have since increased after a dispute over the plan led
Ms. Fernandez to fire central bank president Martin Redrado.

The ruling is a "death sentence" to the Bicentennial Fund, Boris
Segura, an economist at RBS Securities Inc. in Stamford,
Connecticut, wrote in a note to obtained by Bloomberg News.
Still, "we expect the Treasury to get more money financing from
the central bank, in the form of increased (but yet undeclared)
transfer of profits," he added.

Bloomberg News notes that to go into effect, the decree to tap the
bank's US$47.8 billion in reserves must also be approved by at
least one of the two chambers in congress, where opposition
parties hold a majority.  Argentina's congress will return from a
summer recess March 1.


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


ENVIRONMENTAL ENERGY: Court to Hear Wind-Up Petition on March 12
----------------------------------------------------------------
A petition to wind up the operations of Environmental Energy
Corporation Ltd will be heard before the High Court of Bermuda on
March 12, 2010, at 9:30 a.m.


GLOBAL CROSSING: Reports Net Loss for 6th Consecutive Year
----------------------------------------------------------
Global Crossing Ltd. on Tuesday filed with the Securities and
Exchange Commission its annual report on Form 10-K for the year
ended December 31, 2009.  Global Crossing has remained in the red
for the sixth consecutive year since emerging from bankruptcy
protection in December 2003:

          Year                     Net Loss
          ----                     --------
          2009                 US$141 million
          2008                   $284 million
          2007                   $312 million
          2006                   $324 million
          2005                   $354 million
          2004                   $336 million

Revenues were US$2.536 billion for 2009 from US$2.599 billion for
2008.

At December 31, 2009, the Company had total assets of US$2.488
billion and total liabilities of US$2.848 billion, resulting in a
US$360 million stockholders' deficit.

One year after emerging from its 2003 bankruptcy, Global Crossing
reported stockholders' equity of US$51 million at December 31,
2004.  The Company swung to a shareholders' deficit of US$173
million as at December 31, 2005.

At December 31, 2009, Global Crossing's available liquidity
consisted of US$477 million of unrestricted cash and cash
equivalents.  In addition, at December 31, 2009, the Company also
held US$16 million in restricted cash and cash equivalents.  Its
restricted cash and cash equivalents comprise cash collateral for
letters of credit or performance bonds issued in favor of certain
of its vendors and deposits securing real estate obligations.

Global Crossing said operating cash flows in 2010 will be
adversely impacted by US$55 million of incremental annual interest
expense primarily resulting from the issuance of the 12% Senior
Secured Notes due September 15, 2015, and associated refinancing.

Global Crossing also said the vast majority of its long-term debt
and capital lease obligations mature after 2010.  However, Global
Crossing has US$86 million related to various debt agreements that
become due and payable in the next 12 months (including US$11
million of bonds issued by Global Crossing Impsat's Colombian
subsidiary.  With regard to Global Crossing's major debt
instruments, (i) the US$144 million original principal amount of
its 5% Convertible Notes matures in 2011 (subject to earlier
conversion into Global Crossing Ltd. common stock at the
conversion price of US$22.98 per share); (ii) the US$439 million
original principal amount of the Global Crossing UK Notes matures
in 2014, of which Global Crossing anticipates making an offer of
US$19 million in respect to the 2009 Excess Cash Offer; and (iii)
the US$750 million original principal amount of the 12% Senior
Secured Notes matures in 2015.

If cash on hand at the time any of these debt instruments mature
is insufficient to satisfy these and other debt repayment
obligations, Global Crossing said it would need to access the
capital markets to meet liquidity requirements.

A full-text copy of the Company's annual report on Form 10-K is
available for free at http://ResearchArchives.com/t/s?54ed

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
and its subsidiaries are a global communications service provider,
serving many of the world's largest corporations, government
entities and many other telecommunications carriers, providing a
full range of Internet Protocol and managed data and voice
products and services.  The Company's network delivers services to
nearly 700 cities in more than 60 countries and six continents
around the world.  The Company operates as an integrated global
services provider with operations in North America, Europe, Latin
America and a portion of the Asia/Pacific region, providing
services that support a migration path to a fully converged IP
environment.


GLOBAL CROSSING: FMR, Fidelity Own 14.952% of Common Stock
----------------------------------------------------------
FMR LLC and Edward C. Johnson 3d disclosed that they may be deemed
to own 8,994,244 shares or roughly 14.952% of the common stock of
Global Crossing Ltd.

Fidelity Management & Research Company, a wholly owned subsidiary
of FMR LLC, is the beneficial owner of 8,814,744 or 14.654% of
Global Crossing shares as a result of acting as investment adviser
to various investment companies registered under Section 8 of the
Investment Company Act of 1940.  The ownership of one investment
company, Fidelity Mid-Cap Stock Fund, amounted to 4,500,000 shares
or 7.481% of the Common Stock outstanding.

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
and its subsidiaries are a global communications service provider,
serving many of the world's largest corporations, government
entities and many other telecommunications carriers, providing a
full range of Internet Protocol and managed data and voice
products and services.  The Company's network delivers services to
nearly 700 cities in more than 60 countries and six continents
around the world.  The Company operates as an integrated global
services provider with operations in North America, Europe, Latin
America and a portion of the Asia/Pacific region, providing
services that support a migration path to a fully converged IP
environment.

At December 31, 2009, Global Crossing had total assets of US$2.488
billion and total liabilities of US$2.848 billion, resulting in a
US$360 million stockholders' deficit.  Global Crossing has
remained in the red for the sixth consecutive year since emerging
from bankruptcy protection in December 2003.  For the 2009 fiscal
year, it reported a net loss of US$141 million.


GLOBAL CROSSING: CEO John Legere to Get US$350,681 2009 Bonus
-------------------------------------------------------------
Effective February 12, 2010, the Board of Directors of Global
Crossing Limited and the Compensation Committee of the Board
approved a payout of 31.9% of annual bonus target under the
Company's 2009 discretionary incentive compensation bonus program.
All of the bonus payable under the 2009 bonus program will be
payable in cash.

The dollar value of the bonus payouts to executive officers --
other than Global Crossing's former Chief Financial Officer, Jean
Mandeville, whose employment with the Company terminated on
September 30, 2008 -- named in the Summary Compensation Table of
the Company's proxy statement for its 2009 Annual General Meeting
of Shareholders are:

                          2009 Annual Bonus

     John J. Legere, CEO                         US$350,681.69
     David R. Carey, EVP - Marketing                $88,068.92
     Daniel J. Enright, EVP - Global Operations     $82,888.40
     John A. Kritzmacher, CFO                      $102,574.39
     John B. McShane, EVP and Gen. Counsel          $81,852.29

                        About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
and its subsidiaries are a global communications service provider,
serving many of the world's largest corporations, government
entities and many other telecommunications carriers, providing a
full range of Internet Protocol and managed data and voice
products and services.  The Company's network delivers services to
nearly 700 cities in more than 60 countries and six continents
around the world.  The Company operates as an integrated global
services provider with operations in North America, Europe, Latin
America and a portion of the Asia/Pacific region, providing
services that support a migration path to a fully converged IP
environment.

At December 31, 2009, Global Crossing had total assets of US$2.488
billion and total liabilities of US$2.848 billion, resulting in a
US$360 million stockholders' deficit.  Global Crossing has
remained in the red for the sixth consecutive year since emerging
from bankruptcy protection in December 2003.  For the 2009 fiscal
year, it reported a net loss of US$141 million.


INTELSAT SA: Expects Up to US$900 Million in Total CapEx This Year
------------------------------------------------------------------
Intelsat S.A. recently unveiled annual capital expenditure
guidance for the three fiscal years beginning January 1, 2010, and
ending December 31, 2012.

Intelsat expects 2010 total capital expenditures to range from
US$825 million to US$900 million, including some capital
expenditures that were expected to be incurred in 2009 but that
now are expected to be incurred in 2010.  Expected annual capital
expenditure ranges for fiscal years 2011 and 2012 are US$800
million to US$875 million, and US$450 million to US$525 million,
respectively.

Intelsat has nine satellites in development, including Intelsat
New Dawn, which is expected to be launched during the Guidance
Period.  In addition to these programs, Intelsat expects to
procure two additional replacement satellites during this period.
By the conclusion of the Guidance Period, Intelsat does not expect
its total station-kept transponder count to change significantly
from current levels.

Intelsat's guidance excludes capital expenditures associated with
the Intelsat New Dawn satellite being procured and launched by our
New Dawn joint venture.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

As of September 30, 2009, Intelsat had US$17,052,043,000 in total
assets against total current liabilities of US$659,614,000, long-
term debt, net of current portion of US$15,087,524,000, deferred
satellite performance incentives, net of current portion of
US$115,607,000, deferred revenue, net of current portion of
US$226,198,000, deferred income taxes of US$531,913,000, accrued
retirement benefits of US$238,385,000, other long-term liabilities
of US$343,554,000 and noncontrolling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


PROTOSTAR LTD: Seeks May 25 Extension of Plan Filing Deadline
-------------------------------------------------------------
ProtoStar Ltd. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to extend their exclusive
periods to file and solicit acceptances of a chapter 11 plan of
reorganization for three months.  Specifically, the Debtors want
their exclusive plan filing deadline extended to May 25, 2010, and
their exclusive solicitation deadline to July 26, 2010.

The Debtors have twice filed a bankruptcy-exit plan.  The first
version was filed in September 2009.  The Joint Chapter 11 Plan
respected the corporate separateness of each of the ProtoStar
entities and did not provide for the substantive consolidation of
ProtoStar.  ProtoStar reserved its rights to seek confirmation of
the Plan with respect to one or more of the ProtoStar entities at
anytime while holding off on the confirmation process with respect
to other ProtoStar entities.

A second amended Chapter 11 Plan was filed on January 26, 2010.
Under that version, ProtoStar seeks confirmation of the Plan with
respect to ProtoStar I Ltd. separately and intends to seek
confirmation of the Plan with respect to each of the ProtoStar
entities in the near future.

ProtoStar says the three-month extension of the Exclusivity
Periods will allow it to pursue the confirmation process that has
already begun with respect to the Plan without the specter of
distraction and derailment that one or more competing chapter 11
plans could oppose.

During the fourth quarter of 2009, ProtoStar obtained court
approval for the sale of its PS I Satellite and PS II Satellite.
ProtoStar is looking to maximize the value of certain other assets
and has commenced its claims reconciliation process.

An April 8 hearing has been slated to consider approval of the
Debtors' request.

                          About ProtoStar

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


XL CAPITAL: XL Insurance Taps Seraina Maag CEO for N.A. Unit
------------------------------------------------------------
XL Insurance, XL Capital Ltd's global insurance operations,
appointed Seraina Maag as Chief Executive of its North America
Property & Casualty (P&C) unit. She succeeds Dennis Kane, who is
retiring at the end of the year.

Ms. Maag most recently headed the Zurich North America Commercial,
Specialties Business Unit, managing all aspects of that operation
with offices across the United States.  She is a member of the
World Economic Forum Young Global Leaders group, and was named one
of Business Insurance magazine's 2009 Women to Watch.  Upon
joining XL Insurance, she will report to David Duclos, XL's Chief
Executive of Insurance Operations, and be based in New York.

Commenting on the appointment, Mr. Duclos said: "We couldn't be
more pleased to appoint Seraina to lead our North American P&C
operation and are delighted to count on her broad industry
experience and background in underwriting, finance and business
line management.  Her experience will allow her to play a critical
role in our business and positions us well to build on the growing
momentum within XL Insurance."

Mr. Duclos added: "This and other recent appointments demonstrate
how XL continues to attract our industry's top talent who find XL
to be a respected source of the best underwriting talent and
leadership."

Throughout her career, Ms. Maag has held leadership positions in
commercial insurance and finance in the US and abroad.  Prior to
her most recent role, she was financial officer for Zurich's North
America Commercial Specialties Business after spending four years
running Investor Relations & Rating Agencies for Zurich Financial
Services in Switzerland.  In that role, Ms. Maag was responsible
for managing the Group's relationships with investors, analysts
and rating agencies on a global basis.

Before joining Zurich in 2002, Ms. Maag was a partner and
financial analyst for NZB Neue Zuercher Bank in Switzerland.
Between 1990 and 2000 she held various senior management positions
with Swiss Re in Switzerland and Australia.

                         About XL Insurance

"XL Insurance" is the global brand used by member insurers of the
XL Capital Ltd (NYSE: XL) group of companies.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


===========
B R A Z I L
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COMPANHIA ENERGETICA: Sao Paulo May Sell Minority Stake
-------------------------------------------------------
Sao Paulo's state government is considering selling a minority
stake in Cia Energetica de Sao Paulo after dropping plans to
privatize the company, Lucia Kassai at Bloomberg News reports,
citing Relatorio Reservado newsletter.

According to the report, the newsletter said that the state
government may sell a minority stake to a private equity fund or
seek partnerships with companies.

As reported in the Troubled Company Reporter-Latin America on
February 16, 2010, Bloomberg News said that the government dropped
its plan to sell CESP.  In 2008, the report related, the
government cancelled an auction to sell Cesp after investors
failed to deposit guarantees required to make a bid because the
federal government didn't give assurances it would renew the
company's licenses, which begin expiring in 2015.

                             About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric planst located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of December 21, 2009, the company continues to carry Moody's
Ba2 LT Corp Family rating and Senior Unsecured Debt rating.

The company also continues to carry Standard and Poors B LT Issuer
credit rating.


COMPANHIA DE SANEAMENTO: Eyes Sale of R$900-Mil. in Debentures
--------------------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo (Sabesp) is
seeking to sell R$900,000,000 in debentures in a public offering,
in two installments:

     -- the first series of debentures in the amount of
        R$600,000,000 with a maturity term of five years; and

     -- the second series in the amount of R$300,000,000 with a
        maturity term of three years.

Sabesp has filed with the Brazilian Association of Financial and
Capital Market Entities on February 22, 2010, a request for prior
analysis of the registration of the public offering of the 11th
Issue of Debentures.  Sabesp said the structuring process is being
conducted through a pool of financial institutions under the
leadership of BB Banco de Investimento S.A., in the capacity of
Lead Coordinator, also having as coordinators Caixa Economica
Federal, HSBC Corretora de Titulos e Valores Mobiliarios S.A. and
Banco Votorantim S.A.  The 11th Issue will be filed at CVM
pursuant to CVM Instruction 400, of December 29, 2003, as amended,
and CVM Instruction 480, of December 7, 2009.

In due course, a notice to the market will be published, in
accordance with Article 53 of CVM Instruction 400, including
information on: (i) the other characteristics of the Offering;
(ii) the places for obtaining the Offering prospectus; (iii) the
scheduled dates and places for disclosure of the Offering; and
(iv) the conditions, procedures and date for the bookbuilding
process.  The Offering will commence after the respective
registration is granted by CVM.

The funds obtained through the 11th Issue will be used for
redemption of the 4th Issue of Promissory Notes, in the amount of
nine hundred million reais (R$900,000,000.00), on the issue date.

                            About Sabesp

Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005.  It operates
water and sewage systems in Sao Paulo, Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Fitch Ratings has affirmed these ratings on
Companhia de Saneamento Basico do Estado de Sao Paulo:

  -- Local currency long-term Issuer Default Rating at 'BB';

  -- Foreign Currency long-term IDR at 'BB';

  -- International long-term rating for the $140 million notes
     issued at 'BB';


GOL LINHAS: Reveals Earnings Guidance for 2010
----------------------------------------------
GOL Linhas Aereas Inteligentes posted its guidance for 2010.  GOL
discloses its guidance annually and revises the figures every
subsequent quarter to incorporate any developments in its
operating and financial performance, as well as any eventual
changes in interest rate, FX, GDP and international oil price
(WTI) trends.

    2010 Guidance                             Projection
                                             Low      High
                                             ---      ----
    Brazilian GDP Growth                     5.0%     6.0%
    Domestic Demand Growth  (% RPKs)        12.5%    18.0%
    Supply and Demand Growth in
       relation to GDP                       2.5x     3.0x
    Passengers Transported (million)         31.5     36.5
    ASKs., System (billion)                  45.0     47.2
    Fleet (End of the period)                 111      111
    Yield (R$ cents)                        19.50    21.00
    RPK, System (billion)                    31.5     33.0
    Departures (000)                          290      300
    CASK ex-fuel (R$ cents)                   8.9      8.5
    Fuel litters consumed (billion)          1.45     1.47
    Fuel Price (R$/ liter)                   1.70     1.58
    Average WTI (US$ / barrel)                 82       77
    Average Exchange Rate (R$/ US$)          1.85     1.72
    Operating Margin (EBIT)                   10%      13%

                              Demand

GOL expects domestic air traffic demand to increase by between 2.5
and 3.0 times Brazilian GDP (i.e. between 12.5% and 18.0%), based
on historical demand growth in recent years and on the financial
market's estimates of 2010 GDP growth of between 5% and 6%,
combined with the continuous expansion of Brazil's potential
market led by the accelerated growth of the country's middle class
and tourism in South America and the Caribbean.

The 5.5 percentage point difference between maximum and minimum
demand growth is directly related to the volatility of the Real in
relation to the U.S. dollar, WTI oil prices and the maintenance of
their historical correlation.  The company believes that the lower
the volatility of these assets, the higher its ability to
encourage demand and increase its penetration of the potential
Brazilian market, one of the most underpenetrated worldwide.

The expected continuous growth of the potential market in the
coming years should be driven by:

   -- The strengthening of economic activity in Brazil and South
      America, fueling business passenger traffic (representing
      approximately 65% of total Brazilian air traffic).

   -- The accelerated growth of the addressable market: according
      to the IBGE (Brazilian Institute of Geography and
      Statistics) and the FGV (Getulio Vargas Foundation), between
      2003 and 2008 the percentage of the population that could
      afford to fly rose from around 70 million to more than 100
      million (around 90 million of whom are earning between
      R$1,000 and R$4,500 per month).

   -- The higher share of air-transport-related activities (e.g.
      tourism and leisure) in the consumption basket of Brazil's
      middle-income earners.  According to Brazil's Tourism
      Ministry, the C and D income groups accounted for 35.5% of
      domestic tourism between 2007 and 2009 and their share may
      climb to 58.5% between 2009 and 2011.

   -- Soaring consumer confidence. According to an FGV study
      published in January 2010, consumer confidence reached its
      highest level since January 2005 (149 points), and the
      prospects remain positive for the coming months.

   -- The increasing number of foreign tourists and business
      travelers in Brazil, due to the country's higher exposure as
      the host of the 2014 World Cup and the 2016 Olympics, which
      will take place in Rio de Janeiro.

                         Supply (GOL)

GOL plans to repeat the efficient fleet and seat supply management
so evident in 2009. In 2010, it intends to expand its operational
capacity in the same proportion as demand growth.  The main
drivers of this expansion will be:

   -- The addition of 3 aircraft to the operational fleet,
      increasing the total number of aircraft from 108 at the end
      of 2009 to 111 at the close of 2010.

   -- The higher share of B737-800 aircraft in the operational
      fleet mix (64%, versus 61% in 2009), in turn increasing the
      total number of seats by 3.5%.

   -- An upturn in the average load factor from 11.9 block
      hours/day in 2009 to 12.8 block hours/day, which will be the
      main tool for ensuring that seat supply keeps pace with
      demand growth.

   -- An increase in the average stage length due to flights to
      the Caribbean region which began in mid-2009.

            Yields, Aircraft Utilization and Load Factor

The Company estimates an average 2010 load factor of approximately
70%, with yields remaining flat over the 2009 average.  The yield
band of between R$ 19.50 and R$ 21.00 incorporates scenarios of
higher or lower volatility in the capital market and/or changes in
the economic scenario or consumer profile.

                             Costs

GOL estimates 2010 operating costs per available seat-kilometer,
excluding fuel (ex-fuel CASK), of between R$8.5 cents (R$) and
R$8.9 cents (R$). This reduction in relation to the 2009 R$9.2
cents guidance is due to the following factors:

   -- The lower number of idle aircraft, thanks to the devolution
      of 11 Boeing 737-300s, which are currently undergoing final
      maintenance before being returned.

   -- The December/09 execution of a 36-month subleasing agreement
      for a B767-300 aircraft with an American charter company.

   -- The increase in the average utilization rate.

   -- The positive impact of the average exchange rate between
      2009 and 2010.

                        About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

   -- Foreign and Local Currency long-term Issuer Default Ratings
      at 'B+';

   -- Long-term National Rating at 'BBB(bra)';

   -- US$200 million perpetual notes at 'B/RR5';

   -- US$200 million senior notes due 2017 at 'B/RR5'.


MARFRIG ALIMENTOS: Mulls Acquisition of Poultry Plants
------------------------------------------------------
Marfrig Alimentos has confirmed that it is in talks with Grupo
Globoaves over the acquisition or lease of two free-range chicken
and poultry plants, Just Food News reports.

According to the report, the company move is part of its strategy
to diversify its offering of protein-based products and will add
free-range duck and chicken products in its new Seara division,
which has activities in chicken, pork and processed foods.  The
report relates that a spokesperson for the company said that the
acquisition would also include the Nho Bento chicken brand and
Germania duck brand.

The company, citing a regulatory filing, said that the deal is
dependent on completion of due diligence, the report adds.

                     About Marfrig Alimentos

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

                           *     *     *

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

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


NET SERVICOS: Swings to BRL306 Million Net Profit in Fourth Qtr.
----------------------------------------------------------------
Net Servicos de Comunicacao SA reported a fourth-quarter net
profit of BRL306 million (US$165 million), reversing a net loss of
BRL76 million in the year-earlier period, Rogerio Jelmayer at Dow
Jones Newswires reports.  The report relates that the company
attributed the profit, among other factors, to the appreciation of
the Brazilian real versus U.S. dollar, which reduced its debts
service costs.

According to the report, the company reported fourth-quarter
Ebitda of BRL348 million, up from BRL275 million a year earlier;
while Ebitda margin at the end of the fourth quarter was 28%, up
slightly from 27% seen in the fourth quarter of 2008.

Dow Jones Newswires notes that the company's fourth-quarter net
revenue rose 21% to BRL1.23 billion from BRL1 billion.

The report relates that cable-TV subscriptions rose 20% to 3.69
million clients during the quarter, while broadband service
subscriptions picked up 30% to 2.88 million.  The report notes
that internet phone services up 42% to 2.5 million clients in the
period.

Dow Jones Newswires says that the company's net debt ended the
fourth quarter at BRL1.18 billion, up from BRL1.02 million in the
year ago period.  The report relates that Net Servicos reported a
net profit of BRL736 million for the entire year of 2009, up from
BRL20 million seen in 2008.

The company's net revenue totaled BRL4.6 billion last year, up 25%
from BRL3.69 billion in the previous year, the report adds.

                       About Net Servicos

Net Servicos de Comunicacao SA provides cable television services
under the brand name NET, hihg-speed broadband Internet services
under the bame Virtuua, and data transmission services using both
satellite ad terrestrial technology under the name Vicom.  The
company mainly operates from Sao Paulo, rio de Janerio and Beo
Horizonte, Brazil.

                          *     *     *

As of February 25, 2010, the company continues to carry Moody's
Ba1 LT Corp Family and Senior Unsecured Debt rating.  The company
also continues to carry Standard and Poor's BB+ LT Issuer Credit
ratings.


NET SERVICOS: Reiterated 'Overweight' at Barclays
-------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Net Servicos de
Comunicacao SA was reiterated "overweight" at Barclays Plc on
February 24, 2010, after new pay-TV customers in Brazil jumped in
January, indicating Brazil's biggest cable-TV company is "back on
track."

Net Servicos "will be a primary beneficiary of the industry's
continued growth," analyst Michel Morin wrote in a note obtained
by Bloomberg News.  The report relates that Mr. Morin cited data
from regulator Anatel that showed the industry had its strongest
growth in customers on record last month.

Net Servicos provides cable television services under the brand
name NET, hihg-speed broadband Internet services under the bame
Virtuua, and data transmission services using both satellite ad
terrestrial technology under the name Vicom.  The company mainly
operates from Sao Paulo, rio de Janerio and Beo Horizonte, Brazil.

                          *     *     *

As of February 25, 2010, the company continues to carry Moody's
Ba1 LT Corp Family and Senior Unsecured Debt rating.  The company
also continues to carry Standard and Poor's BB+ LT Issuer Credit
ratings.


USIMINAS SIDERURGICAS: Posts BRL633 Million Net Income in 4Q
------------------------------------------------------------
Laura Price at Bloomberg News reports that Usinas Siderurgicas de
Minas Gerais SA reported fourth-quarter net income of BRL633
million, or BRL1.28 a share.

According to the report, in the year-earlier period, profit was
BRL936 million, or BRL1.90 a share.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Subordinate Debt rating.


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


ACEROLA, LDC: Members Receive Wind-Up Report
--------------------------------------------
The members of Acerola, LDC received, on January 12, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         UBS Nominees Ltd.
         Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman, KY1-1107
         Cayman Islands


ARTISAN BARREL: Members Receive Wind-Up Report
----------------------------------------------
The members of Artisan Barrel Company received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Tyler J. Comstock
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


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


BAJA COMPANY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of The Baja Company received, on January 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Trulaw Directors Ltd
         PO Box 866, Grand Cayman
         Cayman Islands
         Telephone: 345-949-7555
         Facsimile: 345-815-0566


BB EUROPE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of BB Europe 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


BOMPRESSO INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Bompresso Investment Ltd. received, on
January 8, 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


CAPRA GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Capra Global Managed Assets, 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


CC ARBITRAGE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CC Arbitrage SPV 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


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


EFP (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of EFP (Cayman) Funding 2006-1 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:

         Brett Sibley
         Bank of America Merrill Lynch
         One Bryant Park, 6th Floor, New York
         NY 10036, United States of America


EFP (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of EFP (Cayman) Funding 2006-2 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:

         Brett Sibley
         Bank of America Merrill Lynch
         One Bryant Park, 6th Floor, New York
         NY 10036, United States of America


EFP (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of EFP (Cayman) Funding 2006-3 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:

         Brett Sibley
         Bank of America Merrill Lynch
         One Bryant Park, 6th Floor, New York
         NY 10036, United States of America


GENNAKER I: S&P Downgrades Ratings on Five Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
five classes of co-issuers Gennaker I CDO Ltd. and Gennaker I CDO
Inc.'s notes.  At the same time, S&P affirmed its rating on one
class of notes.

The rating actions follow last week's auction of most of the
transaction's assets, which was held to liquidate the portfolio as
directed by the trustee in its Notice of Full Liquidation released
in December 2009.  The liquidation of portfolio assets is part of
a sequence of the events that began in April 2009, when the
transaction triggered an event of default.

While S&P does not yet have confirmation of the auction proceeds,
S&P understands it is highly unlikely that the liquidation of the
portfolio will raise sufficient amounts to fully repay any of the
noteholders.

Given its assessment of the auction's outcome, S&P now considers
that its 'CC' rating is appropriate on all rated classes, denoting
that all noteholders are highly vulnerable to non-payment of
principal and interest.

                           Ratings List

                        Gennaker I CDO Ltd.
        $1.122 Billion Floating- And Deferrable-Rate Notes

                         Ratings Lowered

                                  Rating
                                  ------
              Class        To                  From
              -----        --                  ----
              A-1A          CC                  CCC-
              A-1B          CC                  CCC-
              A-2           CC                  CCC-
              B             CC                  CCC-
              C             CC                  CCC-

                         Rating Affirmed

                         Class         Rating
                         -----         ------
                         D             CC


G.O. 1A-CAYMAN: Members Receive Wind-Up Report
----------------------------------------------
The members of G.O. 1A-Cayman Six, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


G.O. 1A-CAYMAN: Members Receive Wind-Up Report
----------------------------------------------
The members of G.O. 1A-Cayman Seven, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


G SQUARE: S&P Downgrades Ratings on Six Classes of Notes
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of G Square Finance 2007-1 Ltd.'s notes.

The rating actions follow continued credit deterioration and
defaults in the transaction's underlying portfolio.

According to its analysis of the most recent portfolio
information, S&P now rate more than 40% of the assets in the
portfolio 'CC', indicating high vulnerability to nonpayment of
principal and interest, and more than 11% of the assets 'D',
indicating nonpayment of interest and/or principal.  In addition,
losses through credit-impaired sales or defaults have reduced the
par value of the portfolio below the level necessary, in S&P's
opinion, to repay even the most senior notes.

To date, the transaction continues to collect sufficient principal
and interest payments from the portfolio to make interest payments
in full on its nondeferrable notes.  However, S&P now considers it
highly unlikely that the issuer will ultimately be able to fully
repay any class of notes, and S&P has therefore lowered its
ratings on all classes to 'CC'.

G Square Finance 2007-1 is a cash flow collateralized debt
obligation with a portfolio comprising primarily U.S. residential
mortgage-backed securities and U.S. CDO securities.

                           Ratings List

                 G Square Finance 2007-1 Ltd.
         $1.7 Billion Senior Secured Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
              Class         To                From
              -----         --                ----
              A-1           CC                CCC-
              A-2           CC                CCC-
              B             CC                CCC-
              C             CC                CCC-
              D             CC                CCC-
              E             CC                CCC-


KENYABOY LTD: Members Receive Wind-Up Report
--------------------------------------------
The members of Kenyaboy 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:

         UBS Nominees Ltd.
         Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman, KY1-1107
         Cayman Islands


KIWI LDC: Members Receive Wind-Up Report
----------------------------------------
The members of Kiwi, LDC received, on January 12, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         UBS Nominees Ltd.
         Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman, KY1-1107
         Cayman Islands


KLEINWORT BENSON: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Kleinwort Benson GBP Capital Return Strategy
Fund, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


KLEINWORT BENSON: Members Receive Wind-Up Report
------------------------------------------------
The members of Kleinwort Benson USD Capital Return Strategy Fund,
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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


LATAM STRUCTURED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Latam Structured Finance, 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


ORAL-B LABORATORIES: Members Receive Wind-Up Report
---------------------------------------------------
The members of Oral-B Laboratories Islands Limited received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


POLDO ENTERPRISES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Poldo Enterprises Ltd. received, on January 8,
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


RAB UK: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of RAB UK Fund Limited received, on January 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


RADISH INVESTMENT: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Radish Investment Corporation received, on
January 21, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


RAMIUS TAPESTRY: Members Receive Wind-Up Report
-----------------------------------------------
The members of Ramius Tapestry Compass Fund, 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:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


SETTE INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Sette International Ltd. received, on
January 8, 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


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

The company's liquidator is:

         Luis Joaquin Romero Cevallos
         Av. De Las Palmeras N45-74 y De las Orqu¡deas
         Quito, Ecuador


SP GATE: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of SP Gate Gourmet 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:

         Silver Point Capital, L.P.
         Ms. Kiowa Matthews
         Telephone: +1 203 542 4274
         Facsimile: +1 203 542-4374


TAPESTRY MASTER: Members Receive Wind-Up Report
-----------------------------------------------
The members of Tapestry Master Fund II, Ltd. SPC received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


URUGUAY CREDIT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Uruguay Credit Opportunities, SPC 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


XILINX HOLDING: Members Receive Wind-Up Report
----------------------------------------------
The members of Xilinx Holding Four Limited received, on January
12, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Scott Hover-Smoot
         Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman, KY1-1107
         Cayman Islands


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


AES DOMINICANA: Power Plants Get ISO Certification
--------------------------------------------------
AES Dominicana Energia Finance S.A.'s power plants -- AES Andres
and Dominican Power Partners -- recently certified their
Integrated Management System of Quality and Environment for
Electricity Generation from Natural Gas, in adherence to the norms
ISO 9001:2008 and 14001:2004 respectively, The Dominican Today
reports.

"These certifications are a true accomplishment for our businesses
and all our personnel, constituting a concrete example of our
faithfully compliance with our policies for Quality and
Environment, adding them to our passion by the Security," the
report quoted AES Dominicana President Marco De la Rosa as saying.

According to the report, with the certifications both plants can
advance to the next level of excellence by:

   -- standardizing the activities of the personnel who work
      within the organization though the documentation,

   -- heightened satisfaction of all associates,

   -- increased effectiveness and efficiency in the entire
      organization in reaching goals, and

   -- reaffirmation that it's it constant process of improvement
      and continuous learning.

                       About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


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


SUGAR COMPANY OF JAMAICA: Aubyn Hill Gets JM$7.5 Million Job
------------------------------------------------------------
The lead negotiator in the divestment of Sugar Company of Jamaica,
Aubyn Hill, will be given a bonus by the government if he finds a
buyer for the three remaining sugar entities, Go-Jamaica repots.
The report relates Agriculture Minister Dr. Christopher Tufton
said that Mr. Hill will be paid a commission equal to 1% of the
value of the investment.

According to the report, Mr. Hill has also been appointed the
chief executive officer at SCJ Holdings Limited, the company which
runs the Sugar Companies of Jamaica.  The report notes that the
appointment has been made despite huge sums that have been paid to
Mr. Hill who is yet to secure a buyer for the remaining sugar
assets.

Dr. Tufton, the report discloses, said as the CEO of SCJ Holdings,
Aubyn Hill will be paid JM$7.5 million a year.  However, the
report relates, the Opposition is raising concern that Mr. Hill's
roles may be conflicting as the CEO of SCJ Holdings and the lead
negotiators in the divestment of the sugar factories.

As reported in the Troubled Company reporter-Latin America on
February 25, 2010, RadioJamica said that 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 related that 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.

                              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.


* JAMAICA: Gets US$200MM Loan From World Bank for Fiscal Reform
----------------------------------------------------------------
The World Bank Board of Directors has approved a US$200 million
loan for Jamaica to support the government's reform program to
address fiscal and debt sustainability, Caribbean360.com reports.
The report relates that the initiative is a coordinated effort by
multilateral development banks and the International Monetary Fund
to help the government sustain its long-term development agenda.

According to the report, the World Banks said that the First
Programmatic Fiscal Sustainability Development Policy Loan will
support a series of measures to enhance fiscal and debt
sustainability, increase the efficiency of public financial
management and budgeting processes, and increase tax revenues
through improved tax administration.  The report notes that the
policies supported by the World Bank are complemented by the IMF
Standby Arrangement approved on February 4, 2010, in the amount of
US$1.27 billion, as well as by budgetary support from the
Caribbean Development Bank, the European Union and the Inter-
American Development Bank.

                           *     *     *

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: Puts Focus On Cash Flow In 2010
-----------------------------------------------------
Desarrolladora Homex SAB will focus on improving collections and
running down its land bank with a view to boosting cash flow, Ken
Parks at Dow Jones Newswires reports, citing Chief Executive
Gerardo de Nicolas.  The report relates that Mr. Nicolas confirmed
the company's guidance for free cash flow of about MXN2 billion
(US$156 million) in 2010, compared with MXN302 million negative
free cash flow last year.

"We feel comfortable that measures we are applying are adequate
and we will be generating free cash flow in the future, and the
number we provided is a number we think is reasonable and we are
working to improve that number in the year," the report quoted Mr.
Nicolas as saying.  The report notes that the company is also
sticking to previous guidance of 12%-14% revenue growth and 21%-
22% Ebitda margin for 2010.

According to the report, the company has budgeted MXN1.2 billion
for land acquisitions this year and doesn't plan to enter new
cities in Mexico.  The report notes Mr. Nicolas said that the
company will only replace land inventories in markets where it has
less than two years of future sales, with the aim of reducing land
inventories of future sales to 3.5 years from five years.

The executive, the report points out, said that an expected
industrywide decline in housing production this year will also
make it easier to collect payments from the country's largest
mortgage lenders--government-run housing funds Infonavit and
Fovissste.

As reported in the Troubled Company Reporter-Latin America on
February 25, 2010, Desarrolladora Homex's 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.

                     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.


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


CORPORACION VENEZOLANA: Misses US$299MM Payment to Ternium SA
-------------------------------------------------------------
Venezuela-owned industrial holding company, Corp. Venezolana de
Guayana, hasn't made the payment of US$298.9 million plus interest
that was due February 8, 2010, for Siderurgica del Orinco (Sidor),
Steven Bodzin and Rodrigo Orihuela at Bloomberg News report,
citing Ternium SA.  The report relates that Ternium said it has
received US$953.6 million for Sidor in 2009.

Ternium's stock could drop as much as $5 a share in a "worst-case
scenario" of Venezuela deciding not to pay for Sidor, Christian
Reos, head of research at Allaria Ledesma, told Bloomberg News in
a telephone interview.  "Shares could lose US$2 or US$3 if
Venezuela attempts to open a new round of talks on the
compensation pay," he added.

According to the report, Ternium said that CVG had missed the
payment and that there was a 15-day grace period.  "As of now we
still have not received this payment," the report quoted Roberto
Philipps, Ternium's chief financial officer, as saying.  "We have
no indication that CVG will not pay these amounts owed to us.  We
also maintain an open line of communication with the Venezuelan
government in an effort to resolve this matter," he added.

                          About CVG

Corporac1ion Venezolana de Guayana is a Venezuela-based iron ore
company.


PETROLEOS DE VENEZUELA: To Increase Production at Power Plant
-------------------------------------------------------------
With the aim of contributing to the development plan for thermal
generation that promotes the national government to overcome the
country's energy emergency, Petroleos de Venezuela Exploration and
Production Division South Central, plans to incorporate some
additional 80 megawatts to the 160 MW currently produced by the
electricity generating plant Termobarrancas.

Francisco Jimenez, General Manager of South Central PDVSA,
announced that by 2011 Termobarrancas will increase its
electricity production by around 240 megawatts, with the
installation of a steam boiler that will turn the unit into a
combined cycle plant.  "Within the planned expansion plans there
is the addition of 80 MW to the electrical system of Barinas in
addition to those that the plant currently generates, in order to
ensure an energy balance in the region."

"Likewise, we have studied to further increase its production with
the addition of another unit, to generate another 240 megawatts
within 24 months, in this way Barinas by 2012 will be able to
count with about 480 MW.  However, this will depend on the study
of the exploratory wells in the oil field located in Sabaneta AX,
Portugal State, where it is estimated to be a withdraw of a volume
of 40 million cubic feet of natural gas, "said Jimenez

                         New Investments

To counter the national energy emergency, the state oil company
plans to release in the coming days, 15 megawatts used for oil
production in Barinas and replaced it by taking on the distributed
generation by diesel, with the intention of incorporate the
released megawatts to the electrical system to ease the rationing
and ensure the demand in the region.

In turn PDVSA, the governor of Barinas and Electric Corporation,
Corpoelec, will jointly invest in the acquisition of new
transformers that will significantly improve the over load on the
system and hence the distribution in the region to provide
reliable power to Barinas.

These new investments in 2010 will be accompanied by the energy
saving campaign launched by the national government, which has
been consciously undertaken by the Venezuelans.

                            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
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