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

        Monday, March 1, 2010, Vol. 11, No. 041

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Liquidators Provide Update on Appeal Hearings


A R G E N T I N A

ALTO PALERMO: Fitch Affirms Issuer Default Rating at 'B'
BANCO COLUMBIA: Moody's Assigns 'B2' Global Debt Rating
IRSA INVERSIONES: Fitch Affirms 'B' Issuer Default Rating


B R A Z I L

BRASIL FOODS: Posts R$360-Million Adjusted Net Income in 2009
BANCO GMAC: Moody's Raises Bank Financial Strength Rating to 'E+'
BANCO NACIONAL: Sabesp to Obtain US$163M Financing From Bank
COMPANHIA DE SANEAMENTO: BNDES to Provide US$163 Mil. Financing
COMPANHIA SIDERURGICA: Sees 2010 Steel Sales Up by a Third

COMPANHIA SIDERURGICA: Net Income Falls 81% to BRL745.4 Million
GERDAU SA: Posts BRL746.6 Million Net Income in Fourth Quarter
LUPATECH SA: SensorTran Selects Firm as Brazilian Distributor
MARFRIG ALIMENTOS: May Purchase Two Small-Sized Plants
COMPANHIA SIDERURGICA: Moody's Confirms 'Ba1' Corp. Family Ratings


C A Y M A N  I S L A N D S

ABSOLUTE III: Shareholders Receive Wind-Up Report
ASHTON BRIC: Shareholders Receive Wind-Up Report
AVLAVAS CAPITAL: Shareholder Receives Wind-Up Report
BATABANO LIMITED: Shareholders Receive Wind-Up Report
BGI ALPEX: Shareholders Receive Wind-Up Report

BGI ALPEX: Shareholders Receive Wind-Up Report
BGI ALPEX: Shareholders Receive Wind-Up Report
BGI ALPEX: Shareholders Receive Wind-Up Report
BGI ALPEX: Shareholders Receive Wind-Up Report
BGI ALPEX: Shareholders Receive Wind-Up Report

CAT-MEX LTD: Shareholder Receives Wind-Up Report
CONTEXT OFFSHORE: Shareholders Receive Wind-Up Report
COTTON HALL: Shareholder Receives Wind-Up Report
DACANA LIMITED: Shareholders Receive Wind-Up Report
DURANGO CAPITAL: Shareholders Receive Wind-Up Report

EDUARDOS INVESTMENTS: Members Receive Wind-Up Report
FOLLY LIMITED: Members Receive Wind-Up Report
FRIEDBERG TOTAL: Shareholders Receive Wind-Up Report
MACCHIAIOLI LIMITED: Members Receive Wind-Up Report
MALACLA FINANCE: Members Receive Wind-Up Report

NEW STAR: Shareholders Receive Wind-Up Report
NEW STAR: Shareholders Receive Wind-Up Report
NEW STAR: Shareholders Receive Wind-Up Report
PARROTS LANDING: Shareholders Receive Wind-Up Report
PETALIA INVESTMENTS: Members Receive Wind-Up Report

ROYCE SMALLER: Shareholders Receive Wind-Up Report
SECURED AIRCRAFT: Shareholder Receives Wind-Up Report
THOROUGHBRED LEASING: Shareholder Receives Wind-Up Report
TURNBERRY, LTD: Shareholders Receive Wind-Up Report


C O L O M B I A

ECOPETROL SA: Publishes Dividend Distribution Policy for FY 2009


J A M A I C A

AIR JAMAICA: Former BWI Exec Warns T&T Against Airline Acquisition
NATIONAL COMMERCIAL: Fitch Upgrades Issuer Default Rating to 'B-'
SUGAR COMPANY OF JAMAICA: Opposition Questions Hill's Appointment


M E X I C O

AXTEL SAB: Posts Ps. 2,697 Million Revenues in Fourth Quarter
SATMEX: EchoStar to Acquire Mexican Satellite Operator Firm
TV AZTECA: Net Sales Up 6% to Ps.3,097 Million


P E R U

DOE RUN PERU: Copper Miners in Peru Strike for Bonuses


X X X X X X X X

* BOND PRICING: For the Week February 22, to February 26, 2010




                         - - - - -


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


STANFORD INT'L: Liquidators Provide Update on Appeal Hearings
-------------------------------------------------------------
The Joint Liquidators of Stanford International Bank Ltd., Nigel
Hamilton-Smith and Peter Wastell of Vantis Business Recovery
Services, provided an update in respect of the Antigua-based bank.

Following the appointment of the Joint Liquidators of SIBL in
April 2009, SIB assets of roughly US$100 million have since been
located in the UK.  To gain control of these assets, the Joint
Liquidators sought formal recognition of their appointment and, on
July 3, 2009, the High Court of Justice in England & Wales issued
a judgment in their favor that the Centre of Main Interest of SIBL
is Antigua and Barbuda and that the Joint Liquidators should be
recognized as the office holders to whom the assets of SIB in the
UK should be entrusted.

The Joint Liquidators also issued a further appeal to seek
discharge of the Criminal Restraint Order obtained by the UK
Serious Fraud Office on behalf of the US Department of Justice.
They requested the control of the funds so that they can be
distributed to depositors and creditors, rather than retained with
a view to making them available to the DOJ.

The appeal hearing, which also included a hearing to deal with the
US receiver's appeal against the order of the High Court of
July 3, 2009, took place between November 16 to 20, 2009, and
judgment in respect of the two appeals was made on February 25,
2010:

     -- The first appeal was made by the U.S. Receiver, Ralph
        Janvey, against the decision of the UK High Court which
        found that the Centre of Main Interest of SIB was Antigua,
        and not the United States of America.  Mr. Janvey also
        appealed the decision that the Joint Liquidators should be
        recognized as the office holders to whom assets of SIB in
        the UK should be entrusted.

        The UK Court of Appeal upheld both decisions made on
        July 3, 2009 and denied Mr. Janvey his appeal.

     -- The second appeal dealt with the Joint Liquidators'
        application to discharge the Criminal Restraint Order
        which had been obtained by the UK SFO on behalf of the
        DOJ.  The Court of Appeal has decided that the restraint
        order should remain in place.

The Joint Liquidators have concluded that a decision to keep the
restraint in place should be appealed to the Supreme Court, as the
restraint will only further delay the release of funds to
depositors and creditors.  This is due to the restraint requiring
the funds to remain frozen until the criminal proceedings in the
US have been concluded, which may not occur until 2011 at the
earliest.

The Joint Liquidators further consider that the remittance of
funds to the DOJ will only provide further confusion and concern
for SIB depositors and creditors particularly given circa 9,000
investors who have registered their claims with the Joint
Liquidators.

Separately, a decision from the financial regulator in Switzerland
is awaited on whether the Joint Liquidators or the US receiver
should have control of SIB assets located in Switzerland.

The Group said it remains confident that outstanding time costs
will be recovered in due course but the various legal actions
means that timing is uncertain.

Commenting on the judgment, Mr. Hamilton-Smith said, "We are
pleased that the UK Court of Appeal has found in our favour that
the Centre of Main Interest of SIB is Antigua, and therefore the
Joint Liquidators should be recognized as the office holders to
whom assets of SIB in the UK should be entrusted.

"In respect of assets in Antigua and Barbuda, substantial land
assets have been identified and are therefore under the control of
the Joint Liquidators.  We are working closely with the Antiguan
Government to gain the requisite planning and environmental
consents to enable these properties to be fully marketed and sold.

It is disappointing that the second appeal decision found that the
Criminal Restraint Order should remain in place in respect of the
cash assets of SIB and that the decision will have to be appealed
at the Supreme Court."

                 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
=================


ALTO PALERMO: Fitch Affirms Issuer Default Rating at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of Alto Palermo S.A.:

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

  -- Local currency IDR at 'B+';

  -- $120 million notes due in 2017 at 'B/RR4';

  -- $50 million argentine peso-linked notes due in 2012 at
     'B/RR4';

  -- National Scale Ratings at 'AA-(arg)'.

The Rating Outlook is Stable.

APSA's 'B+' local currency IDR reflects the company's strong
business position in the Argentine shopping center industry, its
property revenue diversification and positive operating trends.
The ratings also take into consideration the cyclicality of the
shopping mall industry in Argentina, as well as APSA's exposure to
devaluation risk and its declining liquidity.  Further factored
into APSA's 'B+' LC IDR is the company's aggressive growth
strategy, which is partially mitigated by its large pool of
unencumbered assets.  The company's foreign currency IDR continues
to be constrained at 'B' by the 'B' Country Ceiling assigned to
Argentina by Fitch.

Strong Business Position and High Margins:

APSA has a strong business position within the Argentine shopping
center industry, operating 11 shopping centers with a gross
leasable space of 287,542 square meters.  The company maintains a
leading market share in Buenos Aires and the Greater Buenos Aires
region.  The high quality and strategic location of APSA's
shopping centers result in sales per square meter that exceed the
market average by about 59%.

Further factored in the LC IDR is APSA's high operating margins,
occupancy rates in excess of 97%, and improving leasing
conditions.  The company's shopping centers have historically
presented margins above 70% of rent income.  This is possible
because of the company's leases with tenants, which result in the
tenants paying direct expenses and a percentage of the common
expenses.  Tenants also must contribute to promotional and
marketing activities.  APSA's revenues are partially hedged
against consumer inflation, as the company receives a percentage
of the sales made by tenants of its malls.

Improving Trend in Operating Results:

For the latest 12 month period ended December 2009, APSA generated
revenues and EBITDA of US$182 million and US$97 million,
respectively.  These figures represent improvements from
US$188 million and US$54 million, respectively, for the LTM ended
June 30, 2009.  The improvement in the company's cash flow
generation was due to the stabilization of APSA's consumer
financing subsidiary, Tarshop S.A.

During the first semester of the fiscal year ended in June 2009,
Tarshop's results had suffered from the high volatility of
interest rates, increasing delinquency rates, and difficulties in
issuing asset backed debt.  These factors resulted in a liquidity
crisis at Tarshop that resulted in APSA injecting AR$ 165 million
(US$43.5 million) of capital into the company.  During December
2009, APSA agreed to sell 80% of Tarshop to Banco Hipotecario for
US$26.8 million.  This transaction is subject to the Central
Bank's approval.  From a credit perspective, Fitch views APSA's
decision to sell Tarshop as a positive since it will allow the
company to stabilize its cash flow generation and focus on its
core business.  This transaction is aligned with the Group's
strategy to reorganize and rationalize its operations.  During the
last months, IRSA has taken several actions oriented to strengthen
its position in the real estate business.

Adequate Leverage and Weak Liquidity:

APSA's leverage metrics are adequate for the rating category.  For
this industry, the emphasis of Fitch's methodology is on portfolio
quality and diversity, and size of the asset base.  APSA portfolio
of assets is strong with US$652 million of undepreciated book
capital as of Dec. 31, 2009.  These assets are mostly
unencumbered, as secured debt accounted for only US$4.45 million
of the company's US$193 million total debt load.  Consequently,
APSA' large pool of unencumbered assets provides financial
flexibility in a stress case scenario.  The company's leverage
measured by total debt as a percentage of undepreciated book
capital was 30% at the end of December 2009.  On a market value
basis, these ratios would be even lower.

The company maintains adequate leverage and interest coverage.
For 2009, the company's total debt-to-EBITDA ratio was 2.0 times
(x), while its EBITDA-to-interest ratio was 5.4x.  At the end of
December 2009, APSA had US$193 million of total debt, excluding
US$47 million of convertible notes that are expected to fully
convert at maturity given current stock price.  Only 18% of the
company's debt is short-term.  Nevertheless, liquidity remains
below average as the company had only US$11.5 million of cash and
marketable securities as of Dec. 31, 2009.  The weakening of the
company's liquidity in relation to short-term debt is a result of
high capital expenses and recapitalizing Tarshop.

Main Credit Concerns:

APSA's operating results are closely correlated with the
performance of its shopping center tenants' sales, which in turn
are a function of the volatile local economy.  The ratings also
incorporate concern about the short-term concentration of the
company's lease-contract maturity profile.  Approximately 32% of
the company's lease contracts expire before the end of 2010.
While this ratio is high for the industry, the quality of the
company's shopping centers, which have sales per square meter
exceeding market average by 59%, somewhat mitigate this risk.
Ratings incorporate Fitch's expectations that APSA's occupancy
rates will remain above 97% in the medium term.

Also factored in the ratings is the company's exposure to
devaluation risk due to the currency mismatch between its dollar-
denominated debt and peso-denominated cash flow generation.  The
ratings also incorporate APSA's high dividend payout ratio, which
represents one of the main sources of funds of its main
shareholder, IRSA Inversiones y Representaciones S.A. (IRSA).

Rating Drivers:

The Stable Outlook reflects Fitch's expectations that APSA will
manage its balance sheet to a targeted ratio of debt-to-EBITDA
below to 2.5x and that the sale of Tarshop will contribute to
stabilize the company's cash flow generation.  Fitch expects the
company's EBITDA margins to stabilize above 70% and for it to
maintain high occupancy rates in the near- to medium-term.  Under
a conservative scenario, Fitch estimates the company's interest
coverage to be above 3.5x.

Any significant increase in APSA's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action.  Conversely, the LC IDR could be positively impacted by a
better than expected cash flow generation during 2010.  APSA's FC
IDR could also be affected by an upgrade or downgrade of the
Argentine Country Ceiling of 'B' during 2010.

The main activities of APSA are the development or acquisition of
shopping centers and their subsequent management.  The company's
main shareholders are IRSA (63.3%) and the Chilean company, Parque
Arauco (29.55%).  As part of the reorganization of the corporate
structure engaged by IRSA, in January 2010, IRSA announced the
purchase of Parque Arauco's stake on APSA for US$126 million.
US$6 million had already been disbursed, while US$120 million
should be paid before August 2010 (extendable until November
2010).


BANCO COLUMBIA: Moody's Assigns 'B2' Global Debt Rating
-------------------------------------------------------
Moody's Latin America assigned A2.ar National Scale local and
foreign currency debt ratings to Banco Columbia's multi-currency
senior unsecured debt program amounting to ARS100 million, or its
equivalent in other currencies.

The A2.ar National Scale local currency debt rating was also
assigned to the first expected issuance of the program worth up to
ARS30 million, with a maturity of 270 days.

At the same time, Moody's Investors Service assigned B2 global
local-and foreign currency debt ratings to the program and to the
first expected issuance.

The outlook on all ratings is stable.

Banco Columbia is headquartered in Buenos Aires, Argentina, and it
had assets of ARS1.252 million, deposits of ARS858 million and
equity of ARS119 as of December 31, 2009.

These ratings were assigned to Banco Columbia's ARS100 million
multi-currency senior debt program:

  -- Global Local-Currency Debt Rating: B2
  -- Global Foreign-Currency Debt Rating: B2
  -- National Scale Local-Currency Debt Rating: A2.ar
  -- National Scale Foreign-Currency Debt Rating: A2.ar

These ratings were assigned to Banco Columbia's ARS30 million
issuance:

  -- Global Local-Currency Debt Rating: B2
  -- National Scale Local-Currency Debt Rating: A2.ar


IRSA INVERSIONES: Fitch Affirms 'B' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of IRSA Inversiones y
Representaciones:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B+';
  -- US$150 million notes due in 2017 at 'B/RR4';
  -- National Scale Ratings at 'AA-(arg)'.

The Rating Outlook for all ratings is Stable.

IRSA's 'B+' local currency IDR reflects the company's strong
market position and diversified portfolio of real estate assets in
Argentina.  The 'B+' rating also factors in the company's positive
operating trends, the positive improvement in the company's
corporate structure, and relatively low leverage levels.  The 'B+'
LC IDR rating is constrained by the company's exposure to market
cyclicality due to the heavy concentration of its assets in the
Greater Buenos Aires region.  The rating also reflects the
company's exposure to a devaluation of the Argentina pesos due to
its peso revenues and U.S. dollar denominated debt.  IRSA's
foreign currency IDR continues to be constrained at the level of
'B' due to the 'B' Country Ceiling assigned to Argentina by Fitch.

The Stable Outlook reflects Fitch's expectations that IRSA will
manage its balance sheet to a targeted ratio of debt-to-EBITDA
around 3.0 times (x).  The company's cash flow from operations is
expected to become more stable and predictable as a result of
recent actions taken by the company.  These actions include the
sale of 80% of its consumer financing subsidiary, Tarshop, and the
increase in its stake in Alto Palermo S.A. to 93% from 63%.

Strong Market Position and Diversified Portfolio:

Through its subsidiary APSA, IRSA has a leading market share in
the shopping center segment of the market within the city of
Buenos Aires City and the Great Buenos Aires area.  The shopping
centers segment accounted for about 42% of IRSA's consolidated
EBITDA for the fiscal year ended June 30, 2009 (49% at Dec. 31,
2009).

IRSA's second most important business division is its office-
building segment, which accounts for about 23% of the company's
EBITDA.  IRSA is the clear leader in the development and
management of office buildings in Buenos Aires, with a market
share of approximately 20% in the premium segment.  The balance of
IRSA's EBITDA is derived from three premium hotels, as well as its
residential property development division.  Importantly, both IRSA
and APSA own key parcels of land in strategic areas of Buenos
Aires, which could be sold to improve the company's liquidity, or
used in new developments.  The book value of this undeveloped land
exceeds US$100 million.

Improving Trend in Operating Results:

For the lastest 12 months ended Dec. 31, 2009, IRSA recorded sales
and EBITDA of US$358 million and US$197 million, respectively.
These figures compare to US$358 million and US$127 million for the
fiscal year ended in June 2009.  IRSA's cash flow generation
during the LTM allowed it to finance capital expenditures of
US$69 million and distribute US$14 million of dividends.  Free
cash flow (FCF) totaled US$66 million.

The improvement in IRSA's cash flow generation was due to the
positive performance of IRSA's office rental and residential real
estate development business units.  The company also benefited
from the strong performance of APSA's shopping malls and the
stabilization of its consumer financing subsidiary, Tarshop S.A.

Reorganization of Corporate Structure a Positive:

IRSA has taken several steps to rationalize its businesses during
the past year.  Fitch views these actions as positive as they
should make the company's cash flow more stable and predictable.
During January 2010, the company reached an agreement with Parque
Arauco to acquire a 29.55% stake the later has in APSA.  This
transaction will increase IRSA's control on APSA to 93%.  IRSA has
already paid US$6 million to Parque Arauco, and is expected to pay
an additional US$120 million to Parque Arauco by November 2010.
IRSA is studying several financing alternatives for this
transaction that include additional leverage, use of cash flow
generation and cash on hand.

In December 2009 APSA agreed to sell 80% of its consumer credit
card subsidiary, Tarshop, to Banco Hipotecario for
US$26.8 million.  The transaction is subject to Central Bank's
approval.  From a credit perspective, Fitch views APSA's decision
to sell Tarshop as a positive since it will allow the company to
focus on its core business, real estate.

Adequate Leverage But Below Average Liquidity:

IRSA had US$369 million of debt as of Dec. 31, 2009.  It is
comprised primarily of IRSA's US$150 million notes maturing during
2017 and the APSA's US$120 million notes and US$50 million peso
linked notes, maturating 2017 and 2012, respectively.  IRSA's
leverage, as measured by net debt/EBITDA, was 1.6x for 2009, a
reduction from the average net debt ratio of 2.2x maintained by
the company between 2007 and 2009.  IRSA's ratings incorporate the
expectation that the company's leverage would increase to between
3.3x and 3.5x by the end of 2010 due to its payment to Parque
Arauco.  Nevertheless, the leverage ratio remains comfortable
within the rating category.

For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, and size of the asset base.  IRSA
portfolio of assets is strong with US$1.1 billion of undepreciated
book capital at Dec. 31, 2009.  These assets are mostly
unencumbered, as secured debt accounted for only US$4.5 million of
the company's US$369 million total debt load.  Leverage measured
by total debt as a percentage of undepreciated book capital was
35% at the end of December 2009.  On a market value basis, these
ratios would be even lower.

IRSA's cash position has been trending negative during the last
two years, as cash has decreased to US$51 million as of Dec. 31,
2009 from US$135 million as of June 30, 2008.  The company's
liquidity position, measured by the ratio of cash to short-term
debt, was below average at 0.5x as of Dec. 31, 2009.  The
declining trend in the company's liquidity over the past year is
attributable to the resources oriented to support APSA's financial
consumer business (Tarshop).  The company maintains a large pool
of unencumbered assets that could provide alternative sources of
financing if required.  During 2009, the company sold non-
strategic properties for US$52 million.

Rating Drivers:

Any significant increase in IRSA's leverage beyond expectations
could pressure ratings.  A downturn in the Argentine economy would
hurt the company's results and could also lead to a negative
rating action.  IRSA's FC IDR is constrained by the 'B' Country
Ceiling of Argentina.  An upgrade or downgrade of the Argentine
Country Ceiling would impact IRSA's FC IDR.

IRSA is a leading real estate company in the Argentine market
founded 1943.  IRSA's diversified business portfolio splits among
office rental, real estate & hotel developments and shopping
centers.  The company's stock is listed in the Buenos Aires Stock
Exchange and in the NYSE.  The company's main shareholder is
Cresud S.A., with a 57% stake.  The company's strategy focuses on
the enhancement of its real estate asset portfolio, within its
different business units.  To this end, IRSA maintains a
substantial amount of land reserves for future projects.


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


BRASIL FOODS: Posts R$360-Million Adjusted Net Income in 2009
-------------------------------------------------------------
BRF Brasil Foods posted sales of R$ 24.4 billion and a market
capitalization of US$11.4 billion in 2009.

The public offering concluded during the year for supporting the
operations of the new company exceeded expectations, raising R$5.3
billion.  The success of this operation, together with the recent
bond issue of US$750 million, has been instrumental in Brasil
Foods beginning 2010 with a solid cash position.

          Balance Sheet Records R$360 Million Profit

In 2009, Brasil Foods' net sales surpassed the R$20.9 billion
mark.  Adjusted net income was R$360 million considering pro-forma
results, that is the fully consolidated figures for wholly owned
subsidiary, Sadia, and its controlled companies shown as if the
merger of shares had taken place on January 1 2008.

The domestic market reported an excellent operating result,
accounting for 58% of net sales and equivalent to revenues of
approximately R$15.3 billion.  The processed/elaborated meats
business registered the best performance with net sales of
R$8 billion, corresponding to a growth of 9.5% in relation to the
preceding fiscal year.

The results for Brasil Foods' exports reflect the adverse
international scenario which triggered a sharp decline in prices
and volume.  The situation was further aggravated by an extremely
volatile foreign exchange market as well as cost and expense
pressures along the entire production chain, among other factors
impacting this segment.  During the year, company exports reached
about R$9.2 billion.

                      About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.



BANCO GMAC: Moody's Raises Bank Financial Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Banco GMAC S.A. to E+ from E.  Moody's also raised Banco
GMAC's long-term local and foreign currency deposit ratings to B2
from Caa2, as well as the long-term national scale deposit rating
to Ba1.br from B2.br.  In addition, the agency affirmed Banco
GMAC's short-term local and foreign currency deposit ratings at
Not Prime and short-term national scale deposit rating at BR-4.
The outlook on all ratings is now stable.

The upgrade of Banco GMAC's BFSR reflected the upgrade of the
parent company GMAC Inc.'s long-term senior unsecured rating to B3
from Ca, announced February 5, 2010, due to improvement in the
firm's capital position and the US Treasury's substantial stake in
the company.  The rating action on the Brazilian subsidiary's
ratings also acknowledged the resilience of its auto financing
franchise, as well as its solid adequate asset quality management.

Moody's noted that the bank continued to generate positive
operating earnings during the past 18 months, despite a
significant slowdown in economic activity.  During this period,
Banco GMAC also bolstered its capital base through retained
earnings, which in turn supported loan origination.

The rating agency noted that GMAC Inc.'s funding contribution to
Banco GMAC is indicative of the importance of the Brazilian
operation within the group, while at the same time highlights its
dependence on non-core funding that is also highly concentrated
and wholesale in nature.  Moody's noted that Banco GMAC has begun
diversifying its funding by accessing funding sources in the local
market through loan sales to banks and by temporarily issuing time
deposits guaranteed by the deposit insurance fund.  Moody's said
that growth in Banco GMAC's credit activities could potentially
increase the risk profile of the firm's balance sheet under an
anticipated scenario of increased competition.

Moody's also indicated that the bank's financial strength is also
limited by its role as a captive finance company, which ties
earnings generation to a monoline niche activity.  Banco GMAC's
debt and deposit ratings are therefore inherently linked to the
financial condition of both GM and GMAC.

Moody's last rating action on Banco GMAC was on June 19, 2009,
when Moody's Investors Service changed to positive from negative
the outlook on Banco GMAC's long-term local and foreign currency
deposit ratings of Caa2, and on the long-term national scale
deposit rating of B2.br.  The outlook on the BFSR of E remained
stable.  Moody's also affirmed all ratings of Banco GMAC.

Banco GMAC is headquartered in Sao Paulo, Brazil.  As of
September 2009, Banco GMAC had total assets of R$8.6 billion
(US$4.9 billion) and shareholders' equity of R$1.1 billion
(US$599 million).

These ratings of Banco GMAC S.A.  were upgraded:

  -- Bank financial strength rating: to E+ from E, stable outlook

  -- Long-term global local-currency deposit rating: to B2 from
     Caa2, stable outlook

  -- Long-term foreign-currency deposit rating: to B2 from Caa2,
     stable outlook

  -- Long-term Brazilian national scale deposit ratings: to Ba1.br
     from B2.br, stable outlook

These ratings of Banco GMAC S.A. were affirmed:

  -- Short-term global local-currency deposit rating: Not Prime
  -- Short-term foreign-currency deposit rating: Not Prime
  -- Short-term Brazilian national scale deposit ratings: BR-4


BANCO NACIONAL: Sabesp to Obtain US$163M Financing From Bank
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA approved
financing worth BRL294 million ($US163 million) to Companhia de
Saneamento Basico do Estado de Sao Paulo SA, Dow Jones Newswires
reports.  The report relates that Sabesp will use the loan to
finance part of its investments program.
According to the report, BNDES loans are offered at lower interest
rates than private banks.  The report notes that the loans are
calculated in accordance with the government's long-term interest
rate, known as the TJLP, which is 6%, plus an average spread of
2%.

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.

                           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';


COMPANHIA DE SANEAMENTO: BNDES to Provide US$163 Mil. Financing
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA approved
financing worth BRL294 million ($US163 million) to Companhia de
Saneamento Basico do Estado de Sao Paulo SA, Dow Jones Newswires
reports.  The report relates that Sabesp will use the loan to
finance part of its investments program.
According to the report, BNDES loans are offered at lower interest
rates than private banks.  The report notes that the loans are
calculated in accordance with the government's long-term interest
rate, known as the TJLP, which is 6%, plus an average spread of
2%.

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.

                           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';


COMPANHIA SIDERURGICA: Sees 2010 Steel Sales Up by a Third
----------------------------------------------------------
Companhia Siderurgica Nacional S.A. aims to increase sales in 2010
by one third to 5.5 million tonnes, up from last year's 4.1
million tonnes, Alberto Alerigi at Reuters reports, citing Company
Commercial Director Luis Fernando Martinez.

According to the report, Mr. Alerigi said that CSN was holding to
its estimate of 37 million tonnes of iron ore exports this year,
up sharply from 21.8 million tonnes in 2009.  The supply and
demand balance for steel would help prop up the selling price, the
company added.

Reuters notes that steel imports into Brazil were holding down
local prices but Martinez said higher prices on the international
market would slow this inward flow.  The report says that CSN
expects to sell about 85% of its steel in 2010 on the domestic
market.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


COMPANHIA SIDERURGICA: Net Income Falls 81% to BRL745.4 Million
---------------------------------------------------------------
Helder Marinho at Bloomberg News reports that Companhia
Siderurgica Nacional S.A.'s fourth-quarter net income fell 81% to
BRL745.4 million because a year-earlier gain wasn't repeated.  The
report relates that net income fell to BRL745.4 million (US$408.7
million) from BRL3.94 billion in the year-earlier period.
Earnings per share of BRL1.02 beat the mean estimate of six
analysts for 90.2 centavos, according to data compiled by
Bloomberg.

According to the report, CSN said that the sale of a US$3.08
billion stake in iron-ore mining unit Nacional Minerios SA
(Namisa), inflated profit a year earlier.  The report relates that
the steelmaker said it expects demand to recover this year after
sales increased 2.4% from the third quarter.  "The Brazilian steel
industry ended the year of 2009 with consistent evidence of a
recovery," the report quoted CSN as saying.

The report notes that CSN was upgraded to "outperform" from
"neutral" at Credit Suisse on February 4 because of its "focus" on
mining and prospects for higher iron-ore prices.  The report
relates that the company said December 16 it plans to group its
iron-ore mining and transportation assets into a single unit and
may sell shares to finance an expansion.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


GERDAU SA: Posts BRL746.6 Million Net Income in Fourth Quarter
--------------------------------------------------------------
Peter Millard and Helder Marinho at Bloomberg News report that
Gerdau SA posted a net income of BRL746.6 million in the fourth
quarter from BRL235.4 million net income last year because of a
stronger currency.  The report relates that fourth quarter net
sales fell 32% to BRL6.36 billion.

Brazil's real rallied 33% last year, the best performer of the 16
most-traded currencies tracked by Bloomberg.   According to the
report, Chief Financial Officer Osvaldo Schirmer said that the
stronger real reduced the value of Gerdau's dollar-denominated
debt payments.  The report relates that the effect of currency
fluctuations on debt is posted as a gain under local accounting
rules.

Gerdau is still recovering from slumping demand in the U.S. and
Canada, Raphael Biderman, an analyst at Banco Bradesco in Sao
Paulo, told Bloomberg in a telephone interview.  Gerdau will
benefit this year from growth in homebuilding, vehicle sales and
construction in Brazil, Mr. Biderman added.

                         About Gerdau SA

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


LUPATECH SA: SensorTran Selects Firm as Brazilian Distributor
-------------------------------------------------------------
SensorTran has selected Lupatech S.A. as the exclusive distributor
for SensorTran in Brazil.  The addition of Lupatech as
distribution partner significantly increases SensorTran's global
reach and allows SensorTran to better serve DTS customers in South
America.

Lupatech is viewed as an ideal channel partner for SensorTran's
technology-leading products.  Distributed monitoring solutions are
complementary to Lupatech's current offerings and allow Lupatech
to better serve their customers by providing a complete line of
fiber optic-based distributed sensing products.  Lupatech believes
that the market for distributed sensing in Brazil is poised for
growth, citing recent advances in Smart Grid utilities and the
upstream energy market.  "There is increased focus in assisting
Brazil in its quest to efficiently develop its wealth of natural
resources and better manage its growing infrastructure," said
Eduardo A.A. da Costa, Business Development Director leader of
Lupatech's Energy Products, Monitoring Systems Division in Brazil.

Commenting on the agreement, SensorTran's CEO Sandy Esslemont
stated, "We are continually searching for well-run technology
distributors that meet our strict requirements.  We believe
Lupatech is an excellent fit given its geographical proximity to
our other regional operations and the outstanding job Mr. Costa
and his team has done building their sensor business.  The ability
to leverage Lupatech's established position in Brazil will prove
to be a tremendous asset to SensorTran."

Lupatech will have access to SensorTran's full line of DTS
products and ancillaries, giving customers in Brazil better access
to SensorTran's award-winning technology.  SensorTran is looking
forward to both parties fully realizing the benefits of this
partnership.

                        About SensorTran Inc.

SensorTran is today a global supplier of fiber optic-based
Distributed Temperature Sensing (DTS) systems. Customers
benefiting from SensorTran's technology include many of the
world's largest energy providers. DTS systems have applications in
downhole oil & gas, transmission and distribution power cable
monitoring, pipeline flow assurance and leak monitoring, linear
heat detection, process vessel hot spot detection, storage tank
leak detection and environmental and geothermal monitoring. For
more information, visit www.sensortran.com.

                         About Lupatech SA

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments:
Energy Products, Flow Control and Metallurgy.  In the Energy
Products segment, the company provides such products as deepwater
platform anchoring ropes, valves, tools for oil exploration and
tube coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA?s
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 11, 2010, Moody's Investors Service has downgraded the
ratings of Lupatech S.A., concluding the review process initiated
on November 12, 2009.  The ratings outlook is stable

Ratings downgraded are:

Issuer: Lupatech S.A.

  -- Corporate Family Rating: to B2 from B1 (global scale); to
     Ba1.br from Baa3.br (Brazil national scale)

Issuer: Lupatech Finance Ltd.  (Cayman Islands)

  -- US$ 275 million Senior Unsecured Guaranteed Perpetual Notes:
     to B3 from B2 (foreign currency)

The outlook for all ratings is stable.


MARFRIG ALIMENTOS: May Purchase Two Small-Sized Plants
------------------------------------------------------
Marfrig Alimentos S.A., is negotiating with the Grupo Globoaves
for purchasing or leasing 2 small-sized plants suitable for free-
range chicken and duck slaughtering, World Poultry News reports.
The report relates that the deal closing still depends on the due
diligence process and does not have vinculating effects.

According to the report, the company emphasizes its strategy of
protein and products diversification, and this acquisition will
include free-range chicken and duck products in the New Seara
division, which concentrates its activities in chicken, pork and
industrialized food in Brazil.

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




COMPANHIA SIDERURGICA: Moody's Confirms 'Ba1' Corp. Family Ratings
------------------------------------------------------------------
Moody's Investors Service has confirmed Companhia Siderurgica
Nacional's corporate family ratings of Ba1 on the global scale and
Aa1.br on the Brazilian national scale, and revised the rating
outlook to stable.  This action follows the announcement that CSN
failed in its attempt to acquire a controlling stake in Cimpor --
Cimentos de Portugal SGPS S.A. (unrated).  The launch of the
takeover for Cimpor in December 2009 had prompted Moody's review
for possible downgrade.

Ratings confirmed are:

Issuer: Companhia Siderurgica Nacional -- CSN

  -- Corporate Family Rating: Ba1 (global scale), Aa1.br
     (Brazilian National Scale)

Issuer: CSN Islands VIII Corporation

  -- US$ 550 million 9.750% Guaranteed Senior Unsecured Notes Due
     2013: Ba1 Foreign Currency Rating

Issuer: CSN Islands IX Corporation

  -- US$ 400 million 10.500% Guaranteed Senior Unsecured Notes Due
     2015: Ba1 Foreign Currency Rating

Issuer: CSN Islands XI Corporation

  -- US$ 750 million 6.875% Guaranteed Senior Unsecured Notes Due
     2019: Ba1 Foreign Currency Rating

The outlook for all ratings is stable.

CSN's Ba1 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products.  Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the 40%
range, supported by its solid domestic market position and
globally competitive production costs.  CSN's operational
efficiency and low costs reflect the large scale of its integrated
steel mill, its own captive iron ore mine and its self-sufficiency
in electricity and 75% self-sufficiency in coke.  Also supporting
CSN's high margins are the company's strategic location in the
most industrialized region of Brazil and its proximity to high-
grade iron ore reserves and port terminals, as well as its
efficient logistics.  While Moody's believe that the company is
better-positioned than most of its global peers to face the ups
and downs of the cyclical steel industry from an operational
standpoint, as demonstrated by its EBITDA margin in the low 30%
range during the first half of 2009 under extremely unfavorable
market conditions, CSN's ratings are primarily constrained by its
track record of aggressive shareholder return, low operational
diversity, with the concentration of its steel production in a
single site, and by the event risk from its large capex program to
expand iron ore mining, cement and logistics operations.

Moody's last rating action on CSN occurred on December 22, 2009,
when all ratings related to CSN were placed under review for
possible downgrade after the announcement of the launch of a
public offer for the acquisition of up to 100% of the outstanding
shares of Cimpor for a total consideration of some
EUR3.86 billion in cash in addition to the assumption of some
EUR1.8 billion in net debt.

Companhia Siderurgica Nacional is a vertically integrated, low-
cost producer of flat-rolled steel, with an annual capacity of
5.6 million tons of crude steel and 5.1 million tons of rolled
products.  CSN also produces and sells iron ore and cement.  In
the twelve months ended on September 30, 2009, CSN recorded
consolidated net revenues of BRL11.3 billion (US$5.3 billion
converted by the average exchange rate).


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


ABSOLUTE III: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Absolute III Synthetic CDO 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:

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


ASHTON BRIC: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Ashton Bric 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


AVLAVAS CAPITAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Avlavas Capital Corporation received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


BATABANO LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Batabano Limited received, on January 19,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Gregory E. Merren
         Telephone: 345 916 1760
         P O Box 31013, Grand Cayman KY1-1205
         Cayman Islands


BGI ALPEX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The BGI Alpex Fund (Japan I) 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:

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


BGI ALPEX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The BGI Alpex Fund (Australia I) 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:

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


BGI ALPEX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The BGI Alpex Fund (UK I) 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:

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


BGI ALPEX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The BGI Alpex Fund (US I) 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:

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


BGI ALPEX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The BGI Alpex Fund (Europe I) 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:

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


BGI ALPEX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of BGI Alpex US II 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


CAT-MEX LTD: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Cat-Mex Ltd. 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


CONTEXT OFFSHORE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Context Offshore Advantage 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


COTTON HALL: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Cotton Hall Global Small Companies Fund, Ltd.
received, on January 13, 2010, the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


DACANA LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Dacana Limited received, on February 1, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert E. Gibb
         Fordsar (Cayman) Limited
         Centennial Towers, Suite 204,
         2454 West Bay Road, West Bay
         Box 335, Grand Cayman KY1-1301
         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


EDUARDOS INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Eduardos Investments 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


FOLLY LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Folly 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:

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


FRIEDBERG TOTAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Friedberg Total Return Fixed Income 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:

         Enrique Z. Fenig
         Brookfield Place
         181 Bay Street, Suite 250
         Toronto, ON M5J 2T3, Canada


MACCHIAIOLI LIMITED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Macchiaioli 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:

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


MALACLA FINANCE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Malacla Finance 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:

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


NEW STAR: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of New Star Credit Hedge Fund Limited received,
on January 29, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of New Star European Opportunities Hedge Fund
Limited received, on January 29, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEW STAR: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of New Star Real Estate Hedge Fund Limited
received, on January 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PARROTS LANDING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Parrots Landing Watersports Park Ltd.
received, on January 19, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Gregory E. Merren
         Telephone: 345 916 1760
         P O Box 31013, Grand Cayman KY1-1205
         Cayman Islands


PETALIA INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Petalia Investments 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


ROYCE SMALLER: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Royce Smaller Companies Value 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


SECURED AIRCRAFT: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Secured Aircraft Loan Company 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


THOROUGHBRED LEASING: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Thoroughbred Leasing Limited received, on
January 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Isabel Mason
         Telephone: 345 949-7755
         Facsimile: 345 949-7634


TURNBERRY, LTD: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Turnberry, 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
===============


ECOPETROL SA: Publishes Dividend Distribution Policy for FY 2009
----------------------------------------------------------------
Ecopetrol S.A. published its dividend distribution policy for
fiscal year 2009, which will be submitted for consideration by the
Company's Shareholders at the General Shareholders Meeting to be
held on March 25, 2010.  The filing was made in accordance with
Resolution 400 of 1995, as subrogated by Decree 3139 of 2006, and
External Circular No. 003 of 2007 issued by the Superintendence of
Finance.

                        DIVIDEND DISTRIBUTION POLICY
                                  YEAR 2009
    Net profit                                         $5,256,231,880,530.00
    Less: Appropriation for Legal Reserve (10%)         -$525,623,188,053.00
    Less: Reserve due to unrealized profit
     from Ecopetrol S.A. subsidiaries*                  -$438,276,525,181.00
    Profit available for the General
     Shareholders Meeting                              $4,292,332,167,296.00

    Distribution is proposed as follows:
    Occasional reserve for new exploration projects      $609,290,488,643.00
    Dividend to be paid                                $3,683,041,678,653.00

    Total Dividend to be paid per share                               $91.00

The ordinary dividend will be distributed in three installments as
follows: COP$31 per share to be paid from April 25, 2010, COP$30
per share to be paid from August 25, 2010 and COP$30 per share to
be paid from December 15, 2010.

Ex-dividend Period

Pursuant to External Circular No. 13 of 1998, issued by the
Superintendence of Securities, the ex-dividend period corresponds
to 10 stock market business days prior to the date of the
corresponding dividend payment.  Therefore, those persons who buy
stock during this period will not be entitled to receive dividends
on the relevant dividend payment date.

The stockholders who are registered as holders of shares prior to
each ex-dividend period will be entitled to receive dividends on
the relevant dividend payment date.

                       About Ecopetrol S.A

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

                           *     *     *

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

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

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

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


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


AIR JAMAICA: Former BWI Exec Warns T&T Against Airline Acquisition
------------------------------------------------------------------
Former Chief Executive Officer of defunct British West Indies
Airlines Conrad Aleong believes the Trinidad and Tobago Government
should stay clear of Air Jamaica Limited as the deal could have
serious financial repercussions for the twin island republic,
RadioJamaica reports.  The report relates Mr. Aleong said that
among other things the industry is still in deep trouble because
of the global slowdown and the resulting decrease in travelers.

According to the report, Mr. Aleong believes Trinidad should focus
on effectively managing Caribbean Airlines instead of taking on
the financially troubled Air Jamaica which has racked up billions
of dollars in losses.  The report points out that Mr. Aleong has
warned that even if Air Jamaica's debts are written off it would
still be a huge risk to acquire the entity as Caribbean Airlines
will be required to take on other burdensome obligations including
its reservation system.

The former airline chief, the report adds, has also raised
concerns about Air Jamaica aircraft lease agreement which he says
might be too expensive to cancel.

                         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.


NATIONAL COMMERCIAL: Fitch Upgrades Issuer Default Rating to 'B-'
-----------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Jamaica-based National
Commercial Bank Jamaica Limited:

  -- Long-term foreign and local currency Issuer Default Rating to
     'B-' from 'CCC';

  -- Short-term foreign and local currency IDR to 'B' from 'C';

  -- Support floor to 'B-' from 'CCC';

In addition, Fitch has affirmed these ratings for NCBJ:

  -- Support Rating at '5';

  -- Individual Rating at 'D/E'; removed from Rating Watch
     Negative.

The Outlook on all the ratings is Stable and in line with Fitch's
view of the sovereign's creditworthiness.  Future rating movement
will be highly contingent upon a change in this view, given the
bank's sizeable sovereign exposure.

On Feb. 16, 2010, Fitch upgraded Jamaica's sovereign long-term IDR
to 'B-' from 'CCC' and the country ceiling was upgraded to 'B'
from 'B-'.  The upgrade takes into account the recent approval of
a US$1.27 billion IMF Stand-By Arrangement which mitigates near-
term external liquidity concerns.  The successful outcome of the
domestic debt exchange also supports the upgrade.  The Jamaican
authorities estimate that the exchange achieved a 97%
participation rate, which could result in interest savings of at
least 3% of GDP in FY 2010/11.  The rating is also underpinned by
the government's commitment to maintain macroeconomic stability
and implement reforms as envisioned in the IMF program, as well as
stronger per capita income and governance indicators than the
corresponding 'B' medians (for further information please see
'Fitch Upgrades Jamaica's Ratings to 'B-'; Outlook Stable'
released on Feb. 16, 2010).

The removal of the Rating Watch Negative on NCBJ's Individual
Rating reflects the return of the sovereign rating to a Stable
Outlook.  Given the still unsettled operating environment and the
challenges outlined by the Stand-By Arrangement agreed with the
IMF and the bank's significant direct and indirect exposure to the
government, Fitch plans to discuss in detail the effects that
current and potential future developments undertaken to address
Jamaica's public finances may have on the integrity of the bank's
balance sheet and, therefore, its Individual rating.  Given the
low level of the current Individual rating, there is negligible
downside risk to that rating; the Individual rating could improve
moderately in the future as the operating environment settles and
if it becomes clearer that the restructuring of public finances
will not further damage balance sheet integrity.

NCBJ's ratings reflect its strong domestic franchise, adequate
profitability, good asset quality and capital levels.  But NCBJ's
high exposure to sovereign and large corporate loans as well as
the negative effects of a volatile operating environment limit the
bank's ratings.  For a number of years total government exposure
represented roughly half of total assets and more than four times
its equity.  While the bank's Support rating is constrained by the
sovereign's rating, the Support floor of 'B-' indicates Fitch's
view that NCBJ's systemic importance makes the government's
propensity to support the bank quite strong.  NCBJ is the largest
bank in the system in terms of assets with more than 30% of market
share in the last years.  In 2002, the Jamaican government sold a
majority stake in the bank to Advantage Investment Corporation
(AIC), one of Canada's largest privately held mutual fund
management companies.


SUGAR COMPANY OF JAMAICA: Opposition Questions Hill's Appointment
-----------------------------------------------------------------
The Parliamentary Opposition is raising eyebrows concerning Aubyn
Hill's new role in the Sugar Company of Jamaica Limited,
RadioJamaica reports.

According to the report, former Agriculture Minister Roger Clarke
is a little uncomfortable with the new arrangement.  The report
relates that Mr. Clarke said that based on Mr. Hill's prior role
in the sale of the factories there are questions surrounding his
new appointment.

"I don't know of his expertise in that but I give them the benefit
of the doubt that they can continue.  The situation is that having
failed at the divestment, he is now made CEO and on top of it, it
seems that he is continuing in the process of the divestment
because it is said that if they are divested he will get one
percent of the proceeds so he has a dual purpose in that regard,"
the report quoted Mr. Clarke as saying.

As reported in the Troubled Company Reporter-Latin America on
February 25, 2010, Go-Jamaica said that the lead negotiator in the
divestment of SCJ, Aubyn Hill, will be given a bonus by the
government if he finds a buyer for the three remaining sugar
entities.  The report related that 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 pointed out 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.

                              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.


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


AXTEL SAB: Posts Ps. 2,697 Million Revenues in Fourth Quarter
-------------------------------------------------------------
Axtel, S.A.B. de C.V. posted unaudited third quarter results ended
December 31, 2009.

                                Highlights

  -- During the fourth quarter, AXTEL increased lines in service
     by 22,000, which combined with the 26,000 net additions in
     the third quarter, represented 48,000 net-adds in the second
     half of 2009, compared to a decrease of 36,000 in the second
     half of 2008.

   -- WiMAX subscribers totaled 177,000 at year-end, an increase
      of 147,000 for 2009. During 2009, broadband penetration
      increased from 10% to 17%.

   -- During the fourth quarter, AXTEL hedged coupon payments
      until call date on the 2019 Senior Notes.

   -- During 2009, AXTELCPO's liquidity continued to improve,
      advancing from 27th to 24th place among the most active
      stocks on the Bolsa Mexicana de Valores.  This progress
      allowed AXTEL to maintain its position in the BMV's IPC
      Index.  In January 2010, AXTELCPO was the 20th most active
      stock on the Mexican Stock Exchange

                       Revenues from operations

Revenues from operations totaled Ps. 2,697 million in the fourth
quarter of year 2009 from Ps. 2,933 million for the same period in
2008, a decrease of Ps. 236 million, or 8%.

Revenues from operations totaled Ps. 10,969 million in the twelve-
month period ended December 31, 2009, compared to Ps. 11,572
million in the same period in 2008, a decrease of Ps. 604 million,
or 5%.

                         Sources of Revenues

Local services.  Local service revenues totaled Ps. 1,120 million
for the three-month period ending on December 31, 2009,
representing a decrease of Ps. 127 million, or 10%, compared to
the same quarter in 2008.  The effect of the company's largest
wholesale customer explains Ps. 110 million of this figure.
Excluding this customer, the Ps. 17 million decline is mostly
explained by reduced unit prices of cellular revenues partially
offset by an increase in monthly rent in absolute and per line
basis.  For the twelve month period ended December 31, 2009, local
revenues totaled Ps. 4,649 million compared to Ps. 5,243 million
registered in the same period in 2008, a Ps. 593 million reduction
of which Ps. 378 million, or 64%. is attributable to the effect of
the company's largest wholesale customer.  Monthly rents, measured
service and value-added services revenues represented 71% of local
revenues during the twelve-month period ended December 31, 2009.

Long distance services.  Long distance service revenues totaled
Ps. 279 million in the quarter ending December 31, 2009, compared
to Ps. 293 million for the same quarter in 2008.  The reduction is
mostly explained by a decline in long-distance revenues per minute
from Ps. 0.72 to Ps. 0.65 year-over-year, which is attributable to
an increase in wholesale traffic and commercial offers including
national and international minutes within a monthly rent.  For the
twelve month period ended December 31, 2009, long distance
revenues declined to Ps. 1,189 million from Ps. 1,286 million
registered in the same period in 2008.

Data & Network.  Data and network revenues amounted to Ps. 593
million in the fourth quarter of 2009, compared to Ps. 646 million
in the same period in 2008, a decrease of Ps. 53 million explained
by price and volume pressures on dedicated Internet and VPN
services to business customers.  Dedicated Internet and VPNs
represented 90% of data & network revenues during the quarter. For
the twelve month period ended December 31, 2009, data and network
services revenues totaled Ps. 2,452 million from Ps. 2,500 million
registered in the same period in 2008, an decrease of Ps. 48
million.

International traffic.  In the fourth quarter of 2009,
International traffic revenues totaled Ps. 346 million, increasing
Ps. 12 million or 4% versus same quarter of previous year.  This
is explained by 6% increase in traffic and a change in the mix of
on- and off-net traffic.  For the twelve month period ended
December 31, 2009, international traffic revenues totaled Ps.
1,324 million from Ps. 983 million registered in the same period
in 2008, an increase of Ps. 341 million or 35% explained by a 3%
increase in traffic, an increase in peso revenues due to the
Mexican peso devaluation and by a change in the mix of on- and
off-net traffic.

Other services.  Revenue from other services recorded Ps. 359 or
13% of total revenues in the fourth quarter of 2009, compared to
Ps. 413 million registered in the same period in 2008.  This is
mostly explained by a decrease in equipment sales, interconnection
revenues and activation fees.  For the twelve month period ended
December 31, 2009, other services revenues totaled Ps. 1,355
million from Ps. 1,560 million registered in the same period in
2008, a decrease of a Ps. 205 million of which Ps. 75 million is
attributable to the effect of our largest wholesale customer.

                           Consumption

Local Calls.  Local calls totaled 505 million in the three-month
period ended December 31, 2009, a decrease of 40 million, or 7%,
from 544 million recorded in the same period in 2008.  Calls from
our largest wholesale customer declined 48 million, partially
compensated by an increase of 8 million calls from the rest of the
customers.  For the twelve month period ended December 31, 2009,
local calls decreased to 2,107 million from 2,383 million
registered in the same period in 2008, a decrease of 276 million
calls or 12% of which 83% is explained by the decline of our
largest wholesale customer .

Cellular.  Minutes of use of calls completed to a cellular line
amounted to 253 million in the three-month period ended
December 31, 2009, compared to 305 million in the same period in
2008, a decrease of 17% equivalent to 52 million minutes.  Lower
cellular traffic from one of our largest wholesale customers
explains this reduction.  Cellular traffic from the rest of the
customers increased 10 million minutes in the fourth-quarter 2009
compared to fourth-quarter 2008 due to further penetration of
commercial offers including cellular minutes within the monthly
rent. For the twelve month period ended December 31, 2009,
cellular minutes decrease 189 million, or 15%, from 1,293 million
registered in the twelve-month period ended December 31, 2008, to
1,105 million in the same period in 2009.  Cellular traffic from
our largest wholesale customer declined 207 million minutes while
cellular traffic from the rest of the customers increased 18
million minutes.

Long distance.  Outgoing long distance minutes amounted to 430
million for the three-month period ended December 31, 2009 from
409 million in the same period in 2008, a 21 million minute
increase, mostly explained by growth in wholesale traffic and
further penetration of residential offers including national and
international minutes within a monthly rent.  Domestic long
distance minutes represented 95% of total traffic during the
quarter.  For the twelve month period ended December 31, 2009,
outgoing long distance minutes amounted 1,797 million, compared to
1,668 million registered in the same period in 2008, an increase
of 128 million of minutes, or 8%.

                           Operating Data

Lines in Service.  As of December 31, 2009, lines in service
totaled 962,000, an increase of 26,000 from the same date in 2008,
compared to an increase of 3,000 lines in 2008. During the fourth
quarter of 2009, gross additional lines totaled 84,000 compared to
46,000 in the fourth quarter of 2008. Disconnections in the fourth
quarter of 2009 were 5% lower than the disconnections recorded in
the fourth quarter of 2008.  The number of line disconnections in
the fourth quarter of 2009 represented the lowest number since
second-quarter 2008.  Net adds for the quarter totaled 22,000.  As
of December 31, 2009, residential lines represented 66% of total
lines in service, and bundled offers represented 44% of total
lines in service, compared to 29% on the same date in 2008.

Line equivalents (E0 equivalents).  The company offer from 64
kilobytes per second ("kbps") up to 100 megabytes per second
("Mbps") dedicated data links in all of our thirty-nine existing
cities.  It account for data links by converting them to E0
equivalents in order to standardize our comparisons versus the
industry.  As of December 31, 2009, line equivalents totaled
452,000, an decrease of 23,000 from the same date in 2008.

Internet subscribers.  As of December 31, 2009, Internet
subscribers totaled 174,000, an increase of 55%, from 112,000
recorded on the same date in 2008.  Broadband subscribers
increased 75%, totaling 162,000 as of December 31, 2009. During
the fourth quarter of 2009, broadband subscribers increased 15,000
compared to 3,000 in the same period of 2008. This growth is
explained by the commercial efforts of the Company and the
capacity available in our WiMAX network.  The increase in
broadband subscribers comes from new customers as well as up-
selling existing subscribers from non-data or dial-up service to
broadband access solutions.

                Cost of Revenues and Operating Expenses

Cost of Revenues.  For the three-month period ended December 31,
2009, the cost of revenues represented Ps. 726 million, a decline
of Ps. 149 million, compared with the same period of year 2008,
due to lower long distance termination rates and reduction in
fixed-to-mobile interconnection costs.  For the twelve month
period ended December 31, 2009, the cost of revenues reached Ps.
2,987 million, a reduction of Ps. 718 million in comparison with
the same period in year 2008 due primarily to a reduction in
fixed-to-mobile interconnection costs and also to lower long
distance termination rates.

Gross Profit.  Gross profit is defined as revenues minus cost of
revenues.  For the fourth quarter of 2009, the gross profit
accounted for Ps. 1,970 million, a decrease of Ps. 88 million
compared with the same period in year 2008.  The gross profit
margin increase from 70.2% to 73.1% year-over-year is mostly due
to improved cellular margins and domestic long distance costs.
For the twelve month period ended December 31, 2009, our gross
profit totaled Ps. 7,982 million, compared to Ps. 7,868 million
recorded in the same period of year 2008, a gain of Ps. 114
million or 1%.

Operating expenses.  For the fourth quarter of year 2009,
operating expenses totaled Ps. 1,062 million compared to Ps. 820
million for the same period in year 2008. Operating expenses for
the fourth quarter 2008 reflect a non-cash Ps. 135 million benefit
due to a change in the uncollectible reserves accounting method
for corporate customers recorded in the fourth quarter of 2008;
otherwise, expenses would have been Ps. 955 million.  The Ps. 107
million increase is explained by sales commissions generated by
the 83% larger gross additional lines acquired in the fourth
quarter of 2009 compared to 2008, by increased advertizing
expenses and by uncollectable provisions.  For the twelve month
period ended December 31, 2009, operating expenses totaled Ps.
4,143 million, coming from Ps. 3,657 million in the same period in
2008, an increase of Ps. 351 million excluding the non-cash Ps.
135 million benefit recorded in the fourth quarter of 2008.
Personnel represented 47% of total operating expenses in year
2009.

Adjusted EBITDA.  The Adjusted EBITDA totaled Ps. 908 million for
the three-month period ended December 31, 2009, compared to Ps.
1,103 million for the same period in 2008. As a percentage of
total revenues, Adjusted EBITDA represented 33.7% of revenues in
the fourth quarter of 2009, 391 bps lower than the margin recorded
in the year-earlier quarter. For the twelve-month period ended
December 31, 2009, Adjusted EBITDA amounted to Ps. 3,839 million,
compared to Ps. 4,075 million in the same period in year 2008.

Depreciation and Amortization.  Depreciation and amortization
totaled Ps. 734 million in the three-month period ending on
December 31, 2009 compared to Ps. 715 million for the same period
in year 2008, an increase of Ps. 19 million or 3%.  The increased
quarterly depreciation is mostly explained by the significant
capital expenditures incurred in recent years.  Depreciation and
amortization for the twelve-month period ended December 31, 2009
reached Ps. 3,066 million, from Ps. 2,856 million in the same
period in year 2008, an increase of Ps. 210 million, or 7%.

Operating Income (loss).  Operating income totaled Ps. 174 million
in the three-month period ended December 31, 2009 compared to an
operating income of Ps. 523 million registered in the same period
in year 2008, a decrease of Ps. 348 million or 67%.  For the
twelve month period ended December 31, 2009 our operating income
reached Ps. 773 million when compared to the result registered in
the same period of year 2008 of Ps. 1,355 million, a decline of
Ps. 582 million.

Comprehensive financial result.  The comprehensive financial gain
was Ps. 72 million for the three-month period ended December 31,
2009, compared to a loss of Ps. 1,733 million for the same period
in 2008.  Net interest expense in fourth quarter 2009 contains a
non-recurring Ps. 18 million charge for the premium paid on the
2013 Senior Notes early redemption.  The Ps. 266 million FX gain
recorded in the fourth quarter of 2009 is explained by the 3% peso
appreciation against the U.S. dollar compared to a 25%
depreciation recorded in the fourth quarter of 2008 that generated
the Ps. 1,595 FX loss.  The Ps. 31 million result in the change in
fair value of derivative instruments in fourth-quarter 2009 is
mostly explained by the accounting effect of the hedging
instrument on the dollar-tranche of its term loan and by an Ps. 47
million increase in the valuation of the zero-strike-calls.  Net
interest expense in year 2009 contains a non-recurring Ps. 120
million charge for the premium paid on the tender offer and early
redemption of the 2013 Senior Notes.  The reduced comprehensive
financial loss for full-year 2009 compared to 2008 is mostly
explained by the 25% Mexican peso depreciation against the U.S.
dollar in 2008 compared to a 4% peso appreciation registered in
2009.

Debt.  The increase in total debt is explained by (i) Ps. 3,918
million from the US$300 million 2019 bond issuance, (ii) Ps. 199
million in net incremental lease obligations, (iii) a Ps. 233
million decrease in notes premium and change in the fair value of
the syndicated loan, (iv) Ps. 3,363 million decrease from the
prepayments of the US$85 million and $162.5 million Term Loan and
2013 Senior Notes, respectively, and (v) Ps. 238 million decreased
due to the non-cash effect of the Mexican peso appreciation
against the US dollar affecting favorably the valuation of our
debt denominated in foreign-currency.

Capital Investments.  In the fourth-quarter of 2009, capital
investments totaled Ps. 830 million, compared to Ps. 1,024 million
in the year-earlier quarter.  Accumulated for the twelve-month
period ended December 31, 2009, capital investments totaled Ps.
2,674 million.  Access represented close to 60% of this figure.

Other Investments.  The Company maintained an economic position
equivalent to 26.1 million AXTELCPOs in fully-funded "zero-strike-
calls" (ZSC), settlement in cash, with a strike price of 1 cent,
during the fourth quarter of 2009.  AXTEL paid an average option
premium of $8.53 pesos for the 26.1 million zero-strike-call
options.

Cash.  As of the end of the fourth quarter of 2009, the company's
cash and equivalents balance totaled Ps. 1,402 million, compared
to Ps. 1,106 million a year ago.  Sixty-four percent of the cash
balance is maintained in dollars, the rest in pesos.

                       Financial Statements

For the three Months Ended December 31, 2009 Compared with Three
Months Ended December 31, 2008

                                  Assets

As of December 31, 2009, total assets sum Ps.21,603 million
compared to Ps.21,569 as of December 31,2008, an increase of
Ps. 34 million.

Cash and equivalents.  As of December 31, 2009, the company had
cash and cash equivalents of Ps. 1,402 million compared to Ps.
1,106 million in the same date of year 2008, an increase of Ps.
297 million or 27%.  The increase is mainly due to the senior note
for US$300.0 million issued on September 22, 2009.

Accounts Receivable.  As of December 31, 2009, the accounts
receivable were Ps. 2,052 million compared with Ps.2,591 million
in the same date of 2008, a decrease of Ps. 538 million.

Property, plant and equipment, net.  As of December 31, 2009,
property, plant and equipment, net, were Ps.15,211 million
compared with Ps.15,306 million as of December 31, 2008, a
decrease of Ps. 96 million.  The property, plant and equipment,
net, without discounting the accumulated depreciation, was Ps.
29,074 million and Ps. 26,452 million as of December 31, 2009 and
December 31, 2008, respectively.  The increase in property, plant
and equipment is due to a higher investment during this period.

                            Liabilities

Total liabilities was Ps.13,402 million as of December 31, 2009
compared to Ps.13,638 million as of December 31, 2008, a decrease
of Ps.236 million or -2 %.

Accounts payable & accrued expenses.  On December 31, 2009, the
accounts payable and accrued expenses were Ps.2,052 million
compared with Ps.2,591 million on December 31, 2008, a decrease of
Ps.538 million or-21 %.

                         Stockholders Equity

On December 31, 2009, the stockholders equity of the Company was
Ps.8,201 million compared with Ps.7,931 million as of December 31,
2008, an increase of Ps.270 million or 3 %.  The capital stock
remained unchanged at Ps.7,562 million as of December 31, 2009 and
December 31, 2008.

                    Liquidity and Capital Resources

Historically the company has relied primarily on vendor financing,
the proceeds of the sale of securities, internal cash from
operations and the proceeds from bank debt to fund its operations,
capital expenditures and working capital requirements.  Although
the company believes that it would be able to meet its debt
service obligations and fund the company's operating requirements
in the future with cash flow from operations, it may seek
additional financing in the capital markets from time to time
depending on market conditions and the company's financial
requirements.  the company will continue to focus on investments
in property, systems and equipment (fixed assets) and working
capital management, including the collection of accounts
receivable and management of accounts payable.

Net resources provided by operating activities were Ps.1,193
million for the three-month period ended on December 31, 2009
compared to Ps.63 million recorded in the same period of year
2008.

Net resources used in investing activities were Ps. (1,074)
million for the three-month period ended on December 31, 2009
compared to Ps. (1,006) million recorded in the same period of
year 2008.  These flows primarily reflect investments in fixed
assets of Ps. 830 million and Ps. 1,024 million, respectively.

Net resources (used in) provided by financing activities were Ps.
(644) million and Ps. (56) million for the three-month period
ended on December 31, 2009 and 2008, respectively.

As of December 31, 2009, the ratio of net debt to Adjusted EBITDA
and the ratio of interest coverage of the company was placing in
2.3x and 4.1x, respectively.  As December 31, 2008 the ratio of
net debt to Adjusted EBITDA and interest coverage, was 2.1x and
5.1x, respectively.

Since the beginning of operations of the Company, AXTEL has
invested Ps.29,074 million in infrastructure.  The Company expects
to do more investments in the future, according to the expansion
of the network in other geographical areas of Mexico in order to
gain market and to maintain its current infrastructure and
network.

                    Liquidity and Capital Resources

For the Twelve Months Ended December 31, 2009 Compared with Twelve
Months Ended December 31, 2008

Net resources provided by operating activities were Ps.3,450
million for the twelve-month period ended on December 31, 2009
compared to Ps.2,841 million recorded in the same period of year
2008.

Net resources used in investing activities were Ps.3,004 million
for the twelve-month period ended on December 31, 2009 compared to
Ps.4,020 million recorded in the same period of year 2008.  These
flows primarily reflect investments in fixed assets of Ps.2,674
million and Ps.4,001 million, respectively.

Net resources (used in) provided by financing activities were
Ps.131 million and Ps.(891) million for the twelve-month period
ended on December 30, 2009 and 2008, respectively.

                          About Axtel

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                        *     *     *

As of March 1, 2010, the company continues to carry Moody's Ba2 LT
Corp family rating and Senior
Unsecured Debt rating.  The company also carries Standard and
Poor's BB- Issuer Credit ratings.


SATMEX: EchoStar to Acquire Mexican Satellite Operator Firm
-----------------------------------------------------------
EchoStar Satellite Services, L.L.C., disclosed an agreement
pursuant to which EchoStar will acquire an ownership interest in
Satmex.  Satmex is Mexico's leading satellite operator and
delivers video, audio and data services to the Americas.  MVS
Comunicaciones, one of the largest media and telecommunications
companies in Mexico and EchoStar's partner in the fast growing
Mexican direct-to-home TV service Dish Mexico, will also
participate in the ownership of Satmex through a joint venture
with EchoStar.  Together, EchoStar and MVS Comunicaciones will
acquire all of the outstanding stock of Satmex.

Satmex will be acquired for approximately US$267 million in cash,
plus up to US$107 million in cash on Satmex's balance sheet at
closing, resulting in total cash of up to US$374 million available
for distribution to Satmex's stakeholders.  The transaction is
expected to close early in the third quarter 2010.

Established in the mid 1980s as part of a government operation
before becoming a commercial organization, Satmex owns and
operates three satellites and two satellite uplink facilities, and
has approximately 200 employees, which are all included as part of
the transaction.

"We are pleased to make this announcement with EchoStar, a major
provider of satellite services in the United States with a
significant and growing presence in Mexico," said Satmex CEO
Patricio Northland.  "Our companies have common goals in
delivering satellite communications services across the Americas,
and EchoStar has the dedication and expertise for continued
growth."

"The Satmex acquisition provides us with a footprint over Mexico
and South America and presents us the opportunity to serve a
growing global demand for satellite services," said Dean Olmstead,
president of EchoStar Satellite Services L.L.C.  "We look forward
to leveraging our satellite operations and uplink expertise in
North America to expand our fixed satellite services throughout
the Americas, including the delivery of satellite Internet to
rural communities."

In connection with the sale, Satmex intends to offer to purchase
all of its outstanding Senior Secured Notes for cash upon the
closing of the sale of the Satmex shares.  The offer to purchase
the Senior Secured Notes and the sale of the shares are subject to
the receipt of certain consents from the holders of the Senior
Secured Notes, including consents to modify or eliminate most of
the covenants in the indentures under which the Senior Secured
Notes have been issued, and various corporate approvals.  The
consummation of the sale of the Satmex shares is conditioned upon
successful completion of the offer to purchase the Senior Secured
Notes.

The transaction is also contingent upon other closing conditions,
including actions with respect to the construction of a
replacement satellite for Satmex 5, verification of the
operational capabilities of Satmex's in-orbit satellites,
approvals under applicable U.S. export laws, and completion of
regulatory review and receipt of regulatory approvals.

There can be no assurance that the transaction will receive the
requisite corporate approvals or approvals from the Satmex
bondholders, some of which have indicated that they are opposed to
the transaction.  EchoStar may terminate the agreement under
certain circumstances, including the failure to obtain the
requisite approval by the Satmex bondholders.

EchoStar's financial advisors are Deutsche Bank Securities and
Peter J. Solomon Company.  The financial advisor for Satmex is
Perella Weinberg Partners LP.

                    About EchoStar Satellite

EchoStar Satellite Services L.L.C. -- http://www.echostar.com/--
is a wholly owned subsidiary of EchoStar Corporation and provides
a reliable network for aggregation and distribution of video,
audio and data domestically and internationally, including a joint
venture to deliver Dish Mexico direct-to-home satellite TV
services.  EchoStar also offers IPTV solutions through its ViP-TV
platform.  EchoStar represents a significant source of Ku-band and
Ka-band satellite capacity and spacecraft operation services with
nine satellites, ground-based teleport facilities, and an
expansive terrestrial backhaul network along with 24-hour
Satellite Access Centers.

                          About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America. Our fleet offers hemispheric
and regional coverage throughout the Americas.

                        *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


TV AZTECA: Net Sales Up 6% to Ps.3,097 Million
----------------------------------------------
TV Azteca, S.A. de C.V. posted financial results for the fourth
quarter and yearly results for 2009.

"We were capable of further strengthening our successful full-day
programming, which attracted large quality audiences and helped
increase income," commented Mario San Roman, Chief Executive
Officer of TV Azteca.  "The increased sales were combined with
strategies of solid costs and expenses control, which resulted in
the highest level of fourth-quarter EBITDA in our company's
history."

"For 2009, we were able to increase commercial audience share to
40%, we obtained a historic sales record, and expanded EBITDA
margin a full percentage point," added Mr. San Roman.

                      Fourth Quarter Results

Net sales were Ps.3,097 million, 6% above the Ps.2,909 million of
the same quarter of 2008. Total costs and expenses were Ps.1,527
million, compared to Ps.1,508 million in the same period of the
previous year.

As a result, TV Azteca reported EBITDA of Ps.1,570 million, 12%
superior to Ps.1,401 million in the fourth quarter of 2008.  The
EBITDA margin in the period was 51%, three percentage points above
the 48% of the year-ago quarter.  The company registered net
majority income of Ps.949 million, 10% higher than the Ps.863
million a year ago.



    ----------------------------------------------------------------
                          4Q 2008      4Q 2009            Change
                                                      Ps.         %
    ----------------------------------------------------------------

    Net Sales              $2,909       $3,097       $188         6%

    EBITDA                 $1,401       $1,570       $169        12%

    Net Majority Income      $863         $949        $86        10%

    Net Income per CPO      $0.30        $0.32      $0.02        10%
    ----------------------------------------------------------------
       Figures in millions of pesos.

EBITDA: Operating Profit Before Depreciation and Amortization.
The number of CPOs outstanding as of December 31, 2008 was 2,916
million and as of December 31, 2009 was 2,922 million.

                              Net Sales

"The popularity of our programming in Mexico grew in all day parts
during the quarter, which translated to a full-day commercial
audience share of 41%, two percentage points above that of the
previous year," said San Roman.  "A very wide range of brands were
able to target their markets with our successful content, which
stimulated advertising and sales."

The fourth quarter revenue includes sales from Azteca America --
the company's wholly owned broadcast television network focused on
the U.S. Hispanic market -- of Ps.221 million this period, 14%
higher than the Ps.194 million from last year.

Revenue from barter sales was Ps.85 million, compared to Ps.112
million from the previous year.

                       Costs and Expenses

The 1% growth in total costs and expenses resulted from an
increase of 1% in production, programming and transmission
costs -- to Ps.1,234 million, from Ps.1,219 million in the same
period of the previous year -- and from a 2% increase in sales and
administrative expenses -- to Ps.293 million, from Ps.288 million
in the same quarter of 2008.

The relative cost stability is principally a result of strategies
to further increase the efficiency of content production. The
increased efficiency is especially noteworthy since it was
accompanied by increases in audience levels.

The performance of sales and administration expenses resulted from
higher consultant and travel expenses, partially compensated by
reductions in personnel, services and operation expenses.

                      EBITDA and Net Income

EBITDA was Ps.1,570 million, 12% superior to Ps.1,401 million in
the same period of the prior year.

The main changes below EBITDA were i) a Ps.94 million reduction of
other expenses and ii) a Ps.242 million increase in tax provision
from a positive fiscal balance from one year ago.

Net majority income for the period was Ps.949 million, 10% higher
than the Ps.863 million a year ago.

The company anticipates that the recent income tax law changes,
referent to fiscal consolidation, will not have material effects
on its income statement.

                         Advertising Advances

The balance of advertising advances as of December 31, 2009 was
Ps.4,605 million, compared to Ps.3,971 million in the prior year.

The company considers that growth in advertising advances reflects
a growing success in its programming and represents a vote of
client confidence regarding the effectiveness of TV Azteca content
to reach target markets.

                            Debt

As of December 31, 2009, TV Azteca's debt -- excluding Ps.1,564
million of debt due in 2069 -- was Ps.7,607 million, 5% lower than
the Ps.8,044 million a year ago.

The cash balance was Ps.3,594 million, which resulted in net debt
of Ps.4,013 million.  Debt to last twelve months (LTM) EBITDA
ratio was 1.8 times, and net debt to LTM EBITDA was one time.

                     12 Months Results

Net sales for the full year were Ps.9,968 million, 2% above the
Ps.9,815 million of the same period of 2008.  Total costs and
expenses were Ps.5,845 million, 1% below the Ps.5,923 million in
the same period a year ago.  As a result, TV Azteca recorded
EBITDA of Ps.4,122 million, 6% higher than Ps.3,893 million in
2008.   EBITDA margin for 2009 was 41%, one percentage point above
that of the previous year. The company recorded majority net
income of Ps.1,401 million, 33% higher than the Ps.1,054 million
of 2008



    ----------------------------------------------------------------
                             2008         2009            Change
                                                      Ps.         %
    ----------------------------------------------------------------
    Net Sales              $9,815       $9,968       $153         2%

    EBITDA                 $3,893       $4,122       $230         6%

    Net Majority Result    $1,054       $1,401       $347        33%

    Net Result per CPO      $0.36        $0.48      $0.12        33%

                           About TV Azteca

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7 -
- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating


=======
P E R U
=======


DOE RUN PERU: Copper Miners in Peru Strike for Bonuses
------------------------------------------------------
Doe Run Peru's copper miners began a strike to push for a bonus,
as the company seeks to reopen a shuttered smelter and exit
bankruptcy-court protection, Alex Emery at Bloomberg News reports,
citing Cobriza union leader Jorge Montes.  The report relates Mr.
Montes said that about 700 workers at the Cobriza mine in Peru,
which is operating while the company's zinc smelter remains
closed, walked off the job.

"Mine operations have completely shut down as the company hasn't
replied to our demands," Mr. Montes told Bloomberg in a telephone
interview.  "We've been helping to pay the smelter workers all
this time and want some recognition for it," he added.

According to the report, Doe Run and union officials were
scheduled to meet for government-brokered talks.  The report
relates Chief Financial Officer Carlos Galvez said that Cia. de
Minas Buenaventura SAA's contract workers at Antapite, the
smallest of its four gold and silver mines, also began a strike.

As reported in the Troubled Company Reporter-Latin America on
January 26, 2010, Bloomberg News said that Doe Run Peru is "close"
to reaching an agreement on US$156 million of debt to reopen its
zinc and lead smelter.  According to the TCRLA on October 1, 2009,
AMM News said that a Doe Run Peru spokesman said that the company
will delay the reopening of its smelter following reports that
Peru's congress voted to give the company a 30-month extension on
its environmental cleanup deadline, which expired on October.  The
report recalled that Doe Run Peru filed for a government-monitored
financial restructuring because it was worried creditors might try
to freeze its assets or operations.  Reuters related that Doe Run
Peru owes some US$100 million to its suppliers and needs to spend
another US$150 million to clean up La Oroya.

                        About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


* BOND PRICING: For the Week February 22, to February 26, 2010
--------------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS          8.28   12/31/2033    USD           65.03654
ARGENT-$DIS          8.28   12/31/2033    USD             61.485
ARGENT-PAR           1.18   12/31/2038    ARS           32.83056
ARGENT-=DIS          7.82   12/31/2033    EUR         54.4181247
ARGNT-BOCON PR13        2   3/15/2024     ARS           65.68115
BOGAR 2018              2   2/4/2018      ARS            106.785
BUENOS AIRE PROV    9.625   4/18/2028     USD         61.7813298
BUENOS AIRE PROV    9.375   9/14/2018     USD         63.6043608
BUENOS-$DIS          9.25   4/15/2017     USD         70.4212422
MASTELLONE HERMA        8   6/30/2012     USD                 70
MENDOZA PROVINCE      5.5   9/4/2018      USD         74.5530169

BRAZIL


CESP                 9.75   1/15/2015     BRL          67.383959


CAYMAN ISLAND

Cayman Island
BANIF FIN LTD           3   12/31/2019    EUR             69.849
BARION FUNDING       1.44   12/20/2056    GBP         29.5170975
BARION FUNDING       0.63   12/20/2056    GBP         16.4915794
BCP FINANCE CO      4.239   #N/A N Ap     EUR         68.1121819
BCP FINANCE CO      5.543   #N/A N Ap     EUR         68.1558088
BES FINANCE LTD     6.984   2/7/2035      EUR         70.2422504
BISHOPSGATE ASSE    4.808   8/14/2044     GBP           68.24719
CHINA MED TECH          4   8/15/2013     USD               60.5
CHINA PROPERTIES    9.125   5/4/2014      USD         84.0551899
CHINA SUNERGY        4.75   6/15/2013     USD             66.509
DUBAI HLDNG COMM     4.75   1/30/2014     EUR         65.0417108
DUBAI HLDNG COMM        6   2/1/2017      GBP           59.93722
ESFG INTERNATION    5.753   #N/A N Ap     EUR         74.4376249
FERTINITRO FIN       8.29   4/1/2020      USD              65.75
LDK SOLAR CO LTD     4.75   4/15/2013     USD            71.1925
LDK SOLAR CO LTD     4.75   4/15/2013     USD                 71
MAZARIN FDG LTD      1.44   9/20/2068     GBP         27.1124655
PANAMA CANAL RAI        7   11/1/2026     USD                 80
PUBMASTER FIN       6.962   6/30/2028     GBP           68.89275
PUBMASTER FIN        8.44   6/30/2025     GBP           73.33051
SHINSEI FIN CAYM    6.418   #N/A N Ap     USD               58.3
SHINSEI FIN CAYM    6.418   #N/A N Ap     USD         55.3668002
SHINSEI FINANCE      7.16   #N/A N Ap     USD               56.8
SHINSEI FINANCE      7.16   #N/A N Ap     USD               60.5
SOLARFUN POWER H      3.5   1/15/2018     USD                 56

JAMAICA

AIR JAMAICA LTD     8.125   6/14/2027     USD              67.75
JAMAICA GOVT LRS      2.5   2/23/2024     JMD         33.7019939
JAMAICA GOVT LRS      2.5   2/24/2040     JMD         20.4505755
JAMAICA GOVT LRS      2.5   2/24/2016     JMD         58.6426004
JAMAICA GOVT LRS      2.5   2/24/2014     JMD         69.1164894
JAMAICA GOVT LRS      2.5   2/22/2019     JMD         46.3861891


PUERTO RICO

PUERTO RICO CONS      6.2   5/1/2017      USD              54.85
PUERTO RICO CONS      6.5   4/1/2016      USD                 55


VENEZUELA

PETROLEOS DE VEN     5.25   4/12/2017     USD         61.0160532
PETROLEOS DE VEN    5.375   4/12/2027     USD         48.6794198
PETROLEOS DE VEN      5.5   4/12/2037     USD         46.4626632
PETROLEOS DE VEN      4.9   10/28/2014    USD         65.9387466
PETROLEOS DE VEN        5   10/28/2015    USD         62.2483582
PETROLEOS DE VEN    5.125   10/28/2016    USD         58.2695177
SIDETUR FINANCE        10   4/20/2016     USD                 68
VENEZUELA            9.25   9/15/2027     USD           74.57909
VENEZUELA            9.25   9/15/2027     USD         72.1918876
VENEZUELA            7.75   10/13/2019    USD           68.52045
VENEZUELA               7   3/31/2038     USD             56.625
VENEZUELA            5.75   2/26/2016     USD           69.44772
VENEZUELA               7   12/1/2018     USD              67.85
VENEZUELA               6   12/9/2020     USD             58.825
VENEZUELA               9   5/7/2023      USD           70.29773
VENEZUELA            8.25   10/13/2024    USD            66.3975
VENEZUELA            7.65   4/21/2025     USD           63.08036
VENEZUELA            9.25   5/7/2028      USD           70.32708
VENZOD - 189000     9.375   1/13/2034     USD           70.64933


                            ***********

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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