TCRLA_Public/100302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, March 2, 2010, Vol. 11, No. 042

                            Headlines



A R G E N T I N A

JOSE CARTELLONE: Moody's Assigns 'B2' Corporate Family Rating


B A R B A D O S

* BARBADOS: Economy Severely Affected by Global Economic Crisis


B R A Z I L

CAMARGO CORREA: Fitch Assigns National Short-Term Ratings


C A Y M A N  I S L A N D S

ABSOLUTE V: Shareholders Receive Wind-Up Report
BEAR STEARNS: Shareholders Receive Wind-Up Report
CARINA CDO: Shareholders Receive Wind-Up Report
CHINA FUND: Shareholders Receive Wind-Up Report
CONTEXT/TQA: Shareholders Receive Wind-Up Report

CONTEXT OPPORTUNISTIC: Shareholders Receive Wind-Up Report
CREDIT LINKED: Shareholders Receive Wind-Up Report
DUAL DEAL: Shareholders Receive Wind-Up Report
FUKO DEAL: Shareholders Receive Wind-Up Report
FUKO DEAL: Shareholders Receive Wind-Up Report

HIMEJI X2: Shareholders Receive Wind-Up Report
INTEGRATED FINANCIAL: Shareholders Receive Wind-Up Report
JANA COMPOSITE: Shareholders Receive Wind-Up Report
KLEINWORT BENSON: Members Receive Wind-Up Report
LOTUS LIBERATOR: Shareholders Receive Wind-Up Report

MOGAMI COMPANY: Shareholders Receive Wind-Up Report
MUNICIPAL OPPORTUNITIES: Shareholders Receive Wind-Up Report
MUTUAL FUND: Shareholders Receive Wind-Up Report
MUTUAL FUND: Shareholders Receive Wind-Up Report
NMT LTD: Shareholders Receive Wind-Up Report

PERCIPIO APEX: Shareholders Receive Wind-Up Report
PERCIPIO APEX: Shareholders Receive Wind-Up Report
PORT ROYAL: Shareholders Receive Wind-Up Report
R3 CAPITAL: Shareholders Receive Wind-Up Report
REACHCAPITAL SHARI'A: Shareholders Receive Wind-Up Report

RUWAFU DEAL: Shareholders Receive Wind-Up Report
SENTINEL MASTER: Shareholders Receive Wind-Up Report
SOURCECAP PRIMARY: Members Receive Wind-Up Report
STORMBRIDGE CAPITAL: Shareholders Receive Wind-Up Report
TAKE, INC: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: 4Q Net Seen Up As Consumer Credit Recovers


J A M A I C A

AIR JAMAICA: Fallout From Impending Divestment is Minimal
AIR JAMAICA: Trinidadian Opposition Groups Could Jeopardize Sale
* JAMAICA: IDB Approves US$45 Million Financing
* JAMAICA: Cabinet Appoints Commission to Review Sugar Industry


M E X I C O

AXTEL SAB: Sees 2010 Capex at US$200 Million
AXTEL SAB: Cut to "Underweight" at JPMorgan
TV AZTECA: To Contest Government Fine, Ban On Hi-TV
URBI DESARROLLOS: Inks Cross-Currency Morgan Stanley Swap Deal


P E R U

* PERU: IDB Finances First Waterways Development Plant


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Gasification Project Moves Forward
PETROLEOS DE VENEZUELA: May Acquire Stake in ONGC-MRPL
PETROLEOS DE VENEZUELA: Sues ConocoPhillips Over US Refinery Stake


X X X X X X X X
* Large Companies With Insolvent Balance Sheets





                         - - - - -


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


JOSE CARTELLONE: Moody's Assigns 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Latin America assigned a B2 local currency corporate
family rating and an A2.ar Argentina national scale rating to Jose
Cartellone Construcciones Civiles S.A.  At the same time, Moody's
assigned a B2 local currency rating and an A2.ar national scale
rating to Cartellone's bank credit lines with Banco de la Nacion
Argentina (not rated).  The outlook for all ratings is stable.
This is the first time that Moody's has assigned a rating to
Cartellone.

The B2 global scale rating primarily reflects Cartellone's solid
track record and reputation in the Argentine construction
industry, the sustained growth of its operations supported by a
sound business model and the business diversification provided by
the minority interests Cartellone holds in a diverse range of
public concessions in Argentina and Brazil that generate
relatively predictable earnings and cash flows.  While Cartellone
has benefited from dividends distributed by its non-consolidated
affiliates, Moody's notes that Cartellone has limited control over
the dividend payout at its non-consolidated affiliates.  In
addition, a significant portion of dividends are received from
regulated utilities in Argentina, which are subject to a high
degree of regulatory uncertainty.  Nevertheless, in recent years
Cartellone has demonstrated ability to cash-in substantial
earnings from its non-consolidated subsidiaries, overcoming the
considerable losses of its fully-controlled subsidiaries in the
food and beverage industry.

The B2 global scale rating also incorporates Cartellone's small
size relative to regional and global peers, the low geographic
diversity of its operations, its high dependence on the Argentine
public sector for its construction business and the company's
volatile margins and cash flows.

Cartellone's total revenues for 2009 are estimated at
ARS775 million (approximately US$200 million), which is very low
when compared to its international and regional peers.  On a
consolidated basis, Cartellone's revenues are substantially higher
at ARS1.2 billion (US$315 million) although still low in relation
to industry peers.  However, Cartellone's expertise and project
development in Argentina and in the region is extensive, and the
company has had a good track record in the industry's bidding
process.

The ratings also consider Cartellone's consolidated low debt
levels and above-average margins for the B2 rating category.  For
the last twelve months ending September 2009, the consolidated
debt to capitalization ratio was at 27.5%, consolidated debt to
EBITDA less than 2.0x and the EBITA margin was in the 15% range.

Moody's views Cartellone's lack of access to capital markets and
other alternate liquidity sources as a credit negative,
particularly when considering narrow, uncommitted credit
facilities availability.  To offset those negatives, Cartellone
has improved its cash position, which in Moody's view is a credit
positive.  In addition, advance payments from customers are
another source of liquidity that provides the company with
additional flexibility.

Cartellone's B2 local currency rating reflects its global default
and loss expectation, while the A2.ar national scale rating
reflects the standing of Cartellone's credit quality relative to
its domestic peers.  Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate between relative risks.  NSRs in Argentina are
designated by the ".ar" suffix.  Issuers or issues rated A2.ar
present above-average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The stable outlook considers Moody's expectation of continued
growth in Cartellone's revenues, supported by public works under
development in Argentina and the company`s current order backlog.
The outlook also reflects Moody's expectation of cost-efficient
operations and moderate leverage.  Moody's expects that Cartellone
will be able to continue benefiting from dividends upstream from
its non-consolidated subsidiaries.

Although an upgrade of the ratings is unlikely in the near term, a
positive pressure could result if Cartellone is able to diversify
its business and reduce its dependence on public sector
construction revenues.  Continued ability to receiving cash flows
upstream from subsidiaries where Cartellone does not have full
control while stabilizing revenues and profits from its
construction business segment in a more adverse business
environment could also add positive pressure to the ratings.

The rating could be negatively affected by a substantial increase
in leverage or by deterioration in liquidity.  Quantitatively, a
debt-to-capitalization ratio of more than 50% and consistently
negative retained cash flow could add negative pressure on the
ratings.  In addition, the ratings could come under downward
pressure by a decrease in public works in Argentina or by the
deterioration of the terms of payments from its main clients.

Headquartered in Buenos Aires, Argentina, Cartellone is one of the
main construction companies in the local market.  With total
revenues of ARS688 million (approximately US$180 million) for the
last twelve months ending September, 2009 at the operating entity
level and ARS1.212 million (US$315 million) on a consolidated
basis, Cartellone is a family-owned company with an extensive
track-record and widely known name in the construction market in
Argentina.


===============
B A R B A D O S
===============


* BARBADOS: Economy Severely Affected by Global Economic Crisis
---------------------------------------------------------------
Marcello Estevao, chief of an International Monetary Fund Mission
to Barbados, said, "Barbados has been severely affected by the
global economic crisis. In particular, the deep global recession
has curbed tourism, affecting related activities such as
construction and trade which, in turn, depressed aggregate demand
and raised unemployment.  As a result, economic activity
contracted significantly in 2009 after remaining broadly stagnant
in 2008.

"Despite these hardships, policy moves and other developments have
limited the adverse effects of the crisis.  International reserves
are at comfortable levels, among other things thanks to a
successful foreign debt placement last year and the SDR
allocation.  In addition, authorities implemented measures to
alleviate the impact of the crisis on the population.  However, as
a result of these measures and, more importantly, of the economic
cycle, the fiscal deficit surged, and the public debt now stands
above 100 percent of GDP.

"Looking forward, while economic activity in Barbados will improve
as the world economy gradually expands, the recovery's timing is
quite uncertain.  In particular, significant improvements in labor
market conditions in major developed countries will likely lag the
rebound in economic activity and curb international travel.
Despite this uncertain outlook, the high level of public debt
limits the room for further government spending.  Moreover, the
high degree of openness of the Barbadian economy limits the impact
of changes in government spending on domestic economic activity.

"Against this backdrop, fiscal consolidation seems to be the
appropriate strategy. Reducing government spending, increasing tax
collection efficiency, and broadening the tax base would support
the exchange rate regime and improve the government's balance
sheet. Moreover, credible and sustainable measures can actually
raise medium-term growth, as better debt dynamics and lower
pressure on external reserves would raise the private sector's
willingness to invest in Barbados.  Thus, the authorities'
intention to push forward a medium-term fiscal consolidation
strategy is very welcome."

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, The Executive Board of the International
Monetary Fund noted that Barbados is facing a severe
economic recession.  Output is contracting, as the global
financial crisis has depressed tourism, brought Foreign Direct
Investment (FDI) to a sudden stop, and weakened public finances.
Consequently, unemployment has risen to double-digit level.  While
the underlying balance of payments is expected to remain weak,
international reserves are expected to increase marginally in
2009, on account of the SDR allocations and the large government
bond issue abroad.


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


CAMARGO CORREA: Fitch Assigns National Short-Term Ratings
---------------------------------------------------------
Fitch Ratings has assigned a national scale short-term credit
rating of 'F1(bra)' to Camargo Correa S.A.'s.  Fitch has also
assigned a 'F1(bra)' national scale short-term rating to Camargo's
proposed BRL3 billion commercial paper first issuance (Notas
Promissorias Comerciais da Primeira Emissao).  Proceeds from this
commercial paper, which would mature in six months, would be used
to finance the company's acquisition of a minority stake in
Cimentos de Portugal S.A.

The issuance structure is supported by a guarantee comprised by a
pool of shares of companies directly or indirectly related to
Camargo.  The guarantee would include shares to be chosen from
these companies -- Investimentos Itau S.A., VBC Energia S.A.,
Camargo Correa Desenvolvimento Imobiliario, Companhia de
Concessoes Rodoviarias, Alcoa Inc., Cimpor, and Sao Paulo
Alpargatas S.A.  The inclusion of shares of Itausa in the
guarantee is mandatory.  The shares of CCR refers only to shares
that are not locked into CCR controlling group's shareholders
agreement.  Also incorporated in the issuance structure is
Camargo's commitment to maintain a market value for the pool of
shares, included in the guarantee, equivalent to 120% of the
issuance amount.  This issuance is part of a three-year debt
program, up to BRL3 billion, which also considers the sequential
refinancing of the current transaction with a second commercial
paper issuance, which should be finally refinanced by a debenture
issuance maturating in 2013.

Fitch's maintains these ratings of Camargo and its special-purpose
vehicle CCSA Finance Limited:

Camargo

  -- Foreign currency Issuer Default Rating at 'BB-';
  -- Local currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- BR400 million Debentures Series 1 (due 2012) at 'A+(bra)';
  -- BR700 million Debentures Series 2 (due 2014) at 'A+(bra)'.

CCSA Finance Limited

  -- US$250 million senior unsecured bonds due 2016 at 'BB-'.

CCSA Finance Limited is wholly owned by Camargo and incorporated
in the Cayman Islands.  Camargo unconditionally guarantees CCSA
Finance Limited's debt.

The Rating Outlook is Stable.

Camargo's credit ratings are supported by the company's
diversified portfolio of operations, solid market position in the
industries in which it participates and positive outlook for its
core businesses.  The ratings are constrained at the current level
by high leverage, declining liquidity and an aggressive growth
strategy.  The Stable Outlook reflects Fitch's expectations that
Camargo will continue managing its balance sheet to a targeted
ratio of net-debt-to-EBITDA in the 3.0 times to 3.5x range.  An
increase in equity and/or the sale of non-core assets would be
viewed as a positive by Fitch and could result in a positive
rating action, depending upon the size and timing.

Despite a challenging operating environment during the first half
of 2009, Camargo's results indicated resilience to the economic
slowdown.  During the last twelve months ended June 30, 2009,
Camargo's revenues grew by 20% to BR14.1 billion, while its EBITDA
increased by 12% to BRL2.8 billion.  The company's dividends
received from subsidiaries also increased during the LTM, growing
to BRL409 million from BRL265 million during the LTM ended
June 30, 2008.

Camargo's total debt grew to BRL9.9 billion as of June 30, 2009,
from BRL5.6 billion as of Dec. 31, 2007, due to a number of
acquisitions.  Within the past month, the company reached
agreements to acquire a 31.12% stake in Portuguese cement maker
Cimpor, for a total amount of approximately BRL3.5 billion.
Camargo's net debt -- including Camargo's 31.12% participation in
Cimpor -- is expected to increase to approximately BRL12.5 billion
from BRL7.7.billion as of June 30, 2009, on a pro forma basis,
while its pro forma net leverage ratio would climb to
approximately 3.4x from 2.7x.

Strategically, Fitch views the acquisition positively.  It will
allow Camargo to increase its presence in the global cement
market, and it should result in synergies with Camargo's highly
correlated core businesses (cement, engineering and construction).
Cimpor's presence in 13 countries, including Brazil where it
operates six cement plants and 32 ready mix units, would further
improve Camargo's geographic diversification.

Camargo has a history of maintaining large cash balances to
facilitate acquisitions and mitigate market volatility.  The
company's liquidity position measured by the ratio of cash to
short-term debt was 0.9x at the end of June 2009.  With the Cimpor
transaction, this ratio is expected to weaken to around 0.6x, with
total short-term debt portion being approximately BRL5.5 billion.
The company's intends to refinance the BRL3 billion commercial-
paper issuance with long-term financing during the next couple of
quarters.

Camargo Correa is one of the largest private industrial
conglomerates in Brazil.  As a holding company, Camargo has full
ownership interests in cement, engineering and construction
companies and controlling positions in homebuilding, textiles,
footwear and sportswear manufacturing companies.  Camargo also has
equity interests in energy, transportation (highway concessions)
and steel businesses.  A large proportion of the company's equity
investments are in companies that are publicly traded and liquid.
The company is controlled by the Camargo family through their
direct holdings in Participacoes Morro Vermelho, which in turn
owns 100% of Camargo.


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


ABSOLUTE V: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Absolute V 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


BEAR STEARNS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Bear Stearns Global Products, 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


CARINA CDO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Carina CDO 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


CHINA FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of The China Fund received, on January 15, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 814-2238
         Facsimile: (345) 949-8258


CONTEXT/TQA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Context/TQA Global Convertible Offshore Fund,
Ltd. received, on January 22, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CONTEXT OPPORTUNISTIC: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Context Opportunistic Offshore, Ltd. received,
on January 22, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CREDIT LINKED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Credit Linked Notes Ltd. 2004-1 received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


DUAL DEAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Dual Deal Limited received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


FUKO DEAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Fuko Deal II Limited received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


FUKO DEAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Fuko Deal Limited received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


HIMEJI X2: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Himeji X2 Liquidfund Inc. received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INTEGRATED FINANCIAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Integrated Financial Products Corp. received,
on January 22, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


JANA COMPOSITE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Jana Composite Offshore 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


KLEINWORT BENSON: Members Receive Wind-Up Report
------------------------------------------------
The members of Kleinwort Benson Capital Return Strategy Master
Fund, Ltd. received, on January 21, 2010, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LOTUS LIBERATOR: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lotus Liberator 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


MOGAMI COMPANY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Mogami Company Limited received, on January
22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


MUNICIPAL OPPORTUNITIES: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Municipal Opportunities Fund Offshore Feeder
GP 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


MUTUAL FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-P)
Limited received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, One Capital Place
         George Town, Grand Cayman KY1-1103
         Cayman Islands


MUTUAL FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (6-B)
Limited received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, One Capital Place
         George Town, Grand Cayman KY1-1103
         Cayman Islands


NMT LTD: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of NMT, 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


PERCIPIO APEX: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Percipio Apex Master Fund, Ltd. received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PERCIPIO APEX: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Percipio Apex Fund (Overseas), 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


PORT ROYAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Port Royal Synthetic CDO, 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


R3 CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of R3 Capital SLP MGP, 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


REACHCAPITAL SHARI'A: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Reachcapital Shari'a Istithmar 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


RUWAFU DEAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Ruwafu Deal Limited received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


SENTINEL MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sentinel Master Fund, Ltd. received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SOURCECAP PRIMARY: Members Receive Wind-Up Report
-------------------------------------------------
The members of Sourcecap Primary Research Fund 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:

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


STORMBRIDGE CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Stormbridge Capital Funds SPC Ltd received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TAKE, INC: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Take Inc. received, on January 22, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


BANCOLOMBIA SA: 4Q Net Seen Up As Consumer Credit Recovers
----------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that Bancolombia SA
will probably report a slightly higher profit in the fourth
quarter as recovering consumer demand encouraged retail borrowing.
The median estimate of five analysts polled by Dow Jones Newswires
points to a net profit of COP311 billion (US$160 million) in the
fourth quarter, 5.8% more than in the same period a year ago.

According to the report, profits had fallen in both the second and
third quarters as Colombia continued to feel the effects of the
global financial crisis, but Jorge Londono, the bank's chief
executive, recently told reporters that the fourth quarter had
been better.  "In the fourth quarter, unconsolidated figures were
better proportionally than during the intermediary quarters of the
year," the report quoted Mr. Londono as saying.  "This reflects a
better growth and better behavior of the economy mainly in the
field of consumption," he added.

Dow Jones Newswires notes Johanna Castro, a market analyst with
local brokerage Corredores Asociados, said that the lending
business was grim in 2009 as consumers stopped borrowing as a
result of the crisis, while large companies took advantage of
lower interest rates and strong investor demand to sell bonds
instead of taking out bank loans.  The report relates that other
companies used the cash from the bonds to pre-pay outstanding
debts further reducing Bancolombia's revenues.

In late 2009, however, consumer demand improved as retail sales
measured by the government's statistics department in November and
December rose 2% and 2.7% respectively, expansions not seen since
early 2008, the report says.

Dow Jones Newswires adds that the bank partly offset some of the
bad operating results with the appreciation of its investment
portfolio, which is loaded with government peso-denominated
government bonds and mortgage-backed local bonds.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


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


AIR JAMAICA: Fallout From Impending Divestment is Minimal
---------------------------------------------------------
Jamaica Tourism Minister Edmund Bartlett sought to reassure
members of the international business community that the fallout
from the impending divestment of Air Jamaica Limited is
anticipated to be minimal, Jamaica Gleaner reports.

"We have been taking steps to ensure that other United States (US)
carriers are increasing their rotations to Jamaica," the report
quoted Mr. Bartlett as saying.  "The sale of Air Jamaica is not
expected to leave existing gateways without service, as Caribbean
Airlines will provide the necessary continuity," he added.

According to the report, Mr. Bartlett said that the cost of the
national airline to the Government is unsustainable.  The report
relates that Mr. Barett said that financials as of the end of June
2009 showed an accumulated deficit of US$1.4 billion.

"Our objective is to ensure that there is adequate coverage of the
gateways that are important to our tourism," the report quoted Mr.
Bartlett as saying.  "We have been successful in attracting 12 new
gateways during the past 12 months, and there is every indication
that more carriers will be flying to Jamaica," he added.

The report notes that Mr. Bartlett credited the growth in Canadian
visitors for the increase in arrivals to Jamaica.  The report
relates that statistics indicate that total stopovers from Canada
increased by 22.9% from 236,193 in 2008, to 290,307 last year.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


AIR JAMAICA: Trinidadian Opposition Groups Could Jeopardize Sale
---------------------------------------------------------------
New questions are being raised about the Jamaican government's
plan to divest Air Jamaica Limited following reports that
opposition groups in Trinidad are planning to seek an injunction
barring Caribbean Airlines from taking over the entity,
RadioJamaica reports.  The report relates that legal proceedings
could begin as early as next week.

According to the report, Attorney-at-law, Bert Samuels, said that
if an injunction is indeed sought, it will have implications for
the Jamaican Government's timetable to place Air Jamaica in
private hands.  "One has to bear in mind that an injunction is for
normally 14 to 21 days.  What would happen to our negotiations, it
is better we put them on hold because if the purchaser is being
prohibited then it means that we may be blown out of the field
which could impact negatively on us wanting to sell them this
airline," the report quoted Mr. Samuels as saying.

The report also notes that Air Jamaica's ticket office in New
Kingston ceased its operation on February 26, 2010.  The report
relates Air Jamaica's President and CEO Bruce Nobles said that the
closure of the New Kingston office will not cause much dislocation
as most airline tickets are purchased at AirJamaica.com or through
travel agencies.

The report notes that the National Workers Union expects that the
Air Jamaica employees displaced by the ticket office closure will
be transferred to other departments at the airline.  The report
relates NWU Vice President, Granville Valentine, said that the
union will not accept any proposal from the management for the
workers to be laid off.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


* JAMAICA: IDB Approves US$45 Million Financing
-----------------------------------------------
The Inter-American Development Bank has approved US$45 million in
financing to improve Jamaica's education system and expand
compulsory schooling from 16 years to 18 years of age.

The operation sector has two components:

    * A US$30 million Policy Based Loan (PBL) to support education
      policy formation and the implementation of institutional
      changes needed to improve the quality of education, and to
      increase the system's efficiency and accountability.  These
      changes include curriculum reform, teacher training, and the
      decentralization of the Education Ministry to Autonomous
      Agencies and Regional Education Entities, as well as
      improving school management and relationships with
      stakeholders.

    * A US$15 million investment to expand compulsory education;
      build two secondary schools for up to 2,100 new students;
      and upgrade information technology systems within the
      Education Ministry to improve use of data for policy and
      decision making.

The program is intended to help increase school attendance from 79
percent to 85 percent and improve students' reading, writing, and
math skills.  It will also help to establish a maintenance fund
for school infrastructure, introduce administrative software in
most schools, and finance a nationwide literacy survey.

Additionally, the program will seek to improve teaching skills
through the creation of a Teaching Council that will define
standards, registration and licensing procedures, and implement a
code of ethics.  The Jamaican Government will continue to
replenish the revolving fund for continued education for teachers.
As a result, the proportion of teachers with bachelor degrees is
expected to increase from 20 percent in 2008 to 40 percent in
2012.

The program will also support the creation of a Parent Teacher
Association to raise parental awareness and involvement, and will
help put into operation a manual for security and safety expected
to contribute to reduce disruptive and violent behavior among
students.

This is the second education PBL the IDB approves for Jamaica. The
first, for $30 million, was approved in 2008, while a third and
last, also for $30 million, is expected to be approved in 2012.
Both the PBL and the investment operation are for 20-year terms,
with variable interest rates based on LIBOR.  The PBL has a five-
year grace period and the investment component a three-year grace
period.

                          *     *     *

As reported in the Troubled Company Latin America on February 8,
2010, Moody's Investors Service disclosed that it considers
Jamaica's debt exchange proposal for domestic creditors as an
event of default.  As reflected in the nation's current sovereign
ratings of Caa1, with a negative outlook, on both domestic and
foreign currency debt, Moody's had anticipated that Jamaica's
long-standing commitment to honor its obligations in full and on
schedule might finally break this year.


* JAMAICA: Cabinet Appoints Commission to Review Sugar Industry
---------------------------------------------------------------
The Bruce Golding Cabinet has approved the appointment of a
Commission to review, inquire and make recommendations as to
changes, if any, to the current regulatory, institutional and
pricing arrangements in the sugar sector, Caribbean360.com
reports.  The report relates that Minister of Agriculture and
Fisheries, Dr. Christopher Tufton, said the overall objective of
the review is to establish the relevance of the current
regulatory, institutional and pricing arrangements in the sugar
industry, given the changes in the domestic and international
environment.

"Given the prospect of a sugar cane industry dominated by private
players and the changing sugar market situation in Europe, which
has resulted from the ending of the sugar protocol, it is now
critical that a review of the industry's regulatory, institutional
and cane pricing arrangements is undertaken," the report quoted
Dr. Tufton as saying.  "In fact, under the European Union
Accompanying Measures for Sugar (AMS) Programme, the Government of
Jamaica has undertaken to restructure the regulatory and
institutional framework of the sector," he added.

Dr. Tufton, the report notes, said that the review of the
relevance of the current regulatory and pricing arrangements in
the sector is part of the specific conditions for the release of
EUR17 million (US$23 million or J$2.2 billion) of European Union
grant funds.  The report adds that Dr. Tufton said the government
remains optimistic about the future of the sugar industry.

                          *     *     *

As reported in the Troubled Company Latin America on February 8,
2010, Moody's Investors Service disclosed that it considers
Jamaica's debt exchange proposal for domestic creditors as an
event of default.  As reflected in the nation's current sovereign
ratings of Caa1, with a negative outlook, on both domestic and
foreign currency debt, Moody's had anticipated that Jamaica's
long-standing commitment to honor its obligations in full and on
schedule might finally break this year.


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


AXTEL SAB: Sees 2010 Capex at US$200 Million
--------------------------------------------
Axtel, S.A.B. de C.V. plans to make capital expenditures for about
US$200 million this year, including up to US$35 million in a
fiber-optic project, Ken Parks at Dow Jones Newswires reports,
citing Chief Financial Officer Felipe Canales.  The report relates
that the company will deploy fiber-optic cabling in Mexico City,
Monterrey, Guadalajara, and Puebla with a view to providing high-
speed data services to a potential market of 300,000 customers.

According to the report, the company is also looking at different
options, including a commercial agreement with a third party, to
sell satellite TV services starting in the second half of the
year.  The report relates that Axtel faces stiff competition from
cable companies selling packages of pay-TV, broadband and phone
services.

Dow Jones Newswires notes that Axtel SAB made capital expenditures
of MXN2.67 billion last year, down from MXN4 billion in 2008 when
the company spent heavily to deploy its WiMax wireless broadband
network.  Mr. Canales, the report discloses, forecast 100,000 to
120,000 net line additions this year, as well as 20,000 to 25,000
new broadband accounts each quarter.

Axtel SAB, the report says, said its lines in service rose 3% last
year to 962,000 at the end of December, while the number of
broadband subscribers rose 75% to 162,000.

Dow Jones Newswires notes Andres Coello, a telecom analyst at BBVA
Bancomer, said the shares could fall to around MXN8.00 in the
medium term given the weak report and the gradual loss of traffic
from mobile operator Nextel Mexico.  "In our opinion, the 18%
decline in adjusted ebitda for Axtel will cause investors to
question the company's long-term viability," the report quoted Mr.
Coello as saying.

Meanwhile, Dow Jones relates, Grupo Televisa SAB (TV) said that it
would invest US$1.44 billion in cash for a 30% stake in Nextel
Mexico if the two companies are able to obtain enough wireless
spectrum at an upcoming government auction.  The report relates
that deal could see Nextel migrate traffic from Axtel's network to
Televisa's fiber-optic network.

Mr. Canales, the report points out, estimated the loss of Nextel
traffic could reduce Axtel's ebitda by MXN250 million to MXN350
million this year.

                            About Axtel

Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. 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 reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior
Unsecured Notes due January 2017.  It also affirmed its 'BB-'
long-term corporate credit rating on Axtel.  S&P said the
outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.


AXTEL SAB: Cut to "Underweight" at JPMorgan
--------------------------------------------
Axtel, S.A.B. de C.V.  was cut to "underweight" from "neutral" on
March 1, 2010, at JPMorgan, which revised its earnings estimates
for the company, Bloomberg News reports.

According to the report, Rajneesh Jhawar, a JPMorgan analyst in
New York, wrote in a report that Axtel forecast "flat" earnings
before interest, taxes, depreciation and amortization in 2010
during a conference call.

Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. 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 reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior
Unsecured Notes due January 2017.  It also affirmed its 'BB-'
long-term corporate credit rating on Axtel.  S&P said the
outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.


TV AZTECA: To Contest Government Fine, Ban On Hi-TV
---------------------------------------------------
TV Azteca SA de CV plans to contest a government fine and ban on
its digital television service Hi-TV, arguing that the service has
been authorized by the telecommunications regulator, Anthony
Harrup at Dow Jones Newswires reports.  The report relates that
the Communications and Transport Ministry (SCT) fined TV Azteca
about MXN4.5 million (US$350,000) for offering the Hi-TV service
without the proper concession, and ordered the transmissions to be
halted.

Hi-TV is a "legal and legitimate" service, and that the company
plans to use all available legal resources to obtain that
recognition, TV Azteca said in an emailed statement obtained by
Dow Jones Newswires.

According to the report, the launch last year of Hi-TV prompted
protests from the cable-TV industry and, in May, the Federal
Telecommunications Commission (Cofetel) recommended that the
ministry initiate proceedings against TV Azteca for possibly
violating terms of its broadcast concession.  However, the report
relates, in December, Cofetel issued a finding that Hi-TV was a
free broadcast service and doesn't violate the concession.

Dow Jones Newswires notes that TV Azteca said that SCT's
resolution "opens a great debate on the future of this kind of
services in our country.  Should authorities continue artificially
regulating markets that are converging all over the world, for the
benefit of a few, or promote and grant incentives for convergence
to benefit everyone?"

TV Azteca, the report adds, also referred to a 2009 Supreme Court
ruling against the SCT granting broadcast concessions and permits,
which the court said was exclusively up to Cofetel.

                          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


URBI DESARROLLOS: Inks Cross-Currency Morgan Stanley Swap Deal
--------------------------------------------------------------
Urbi Desarrollos Urbanos SAB de CV signed a cross-currency swap
agreement with Morgan Stanley to extend the coverage of its hedge
to also include the interest coupons of its US$ bond due 2016 for
the period April 2011 to April 2016, which were not previously
covered.  Both principal and interest coupons of this bond are now
hedged until maturity.

After this transaction, the interest rate is now fixed at 10.5% in
Mexican pesos until the bond's maturity in April 2016. The
exchange rate is fixed at MX$13.75.

In April 2006, Urbi issued 10-year (non-call 5) US$150 million
senior guaranteed notes due in 2016. At that time, the Company
signed an agreement to hedge both the principal until maturity and
the first 5 years of interest coupons, to eliminate cross-currency
risk and uncertainty on its financial expenses. As of December 31,
2009, Urbi had a positive asset currency swap position of MX$165.6
million included in its balance.

About this transaction, Selene Avalos, Urbi's CFO, said: "With
this step, the Company finalizes its two-stage hedge strategy for
such long-dated instrument as the Urbi2016 bond, resting our
decisions on well documented technical analysis. As we resume our
growth strategy with free cash flow generation in 2010, the basis
of it continues to be prudence and a higher liquidity position for
the Company, which is backed with a track record of profitable and
consistent operational performance."

For 2010, Urbi is planning to grow its revenues by 10%, and --
thanks to additional SG&A and financial expenses reductions --
increase its net income by 12-15%, with a strong free cash flow
generation.

                      About Urbi Desarrollos

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

                           *     *     *

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


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


* PERU: IDB Finances First Waterways Development Plant
------------------------------------------------------
The Inter-American Development Bank approved an US$850,000 grant
to help the design of the first National Plan for Waterways
Development in Peru, which will allow sustainable development and
operation of the fluvial network in the country.

This technical cooperation will pave the way for a sustainable
commercial use to Peru's rivers, having a significant impact on
the Amazon Rivers integration.  The Amazon River and its
tributaries are the axis of the internal and external fluvial
integration in Peru.  The total length of the Peruvian Amazonian
rivers is 14,000 km, of which just over 4,000 make up the Main
Network of Commercial Waterways of Peru.

The National Plan for Waterways Development will consist of four
activities:

    * preparing an economic and environmental diagnosis of the
      existing Main Network of Commercial Waterways;

    * analyzing the development opportunities of the current
      network in the short and long term based on other successful
      international experiences;

    * detailing an Action Plan for the current network (that will
      include institutional modernization and a portfolio of
      investment projects and a financing plan);

    * and developing a social and environmental conceptual
      framework for the new waterways development projects based
      on the application of the Strategic Environmental and Social
      Assessment Methodology (EASE).

This work will represent an important step in designing strategies
to integrate Peru with its neighbors and the world through
efficient and safe means of transportation in a sustainable and
rational way.

This technical cooperation is the first plan of this type in Peru
under the Bank's support activities to the Initiative for
Integration of Regional Infrastructure in South America (IIRSA).
It is also the first in the region that will be developed in
parallel to the implementation of the Methodology EASE as part of
IIRSA's Planning Process.  This methodology will provide a
framework of environmental and social references to the group of
projects included in the waterways network.  The Plan will
incorporate these recommendations.

The IDB's Fund for the Financing of Technical Cooperation for
Initiatives for Regional Infrastructure Integration (FIRII) will
provide the grant. Studies for the Plan will be conducted by the
Ministry of Transport and Communications of Peru through its
General Directorate for Aquatic Transport.

The extension of this network represents almost half of the total
length of navigable rivers in the Project Group 6 of the Amazon
Hub of IIRSA: "Amazon Waterways Network ".


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


PETROLEOS DE VENEZUELA: Gasification Project Moves Forward
----------------------------------------------------------
The first phase of the National Gasification Project in Los
Cortijos de Sarria area was inspected by the President of the
Republic, Hugo Chavez, and the Peoples Minister for Energy and
Petroleum and President of Petroleos de Venezuela SA, Rafael
Ramirez.

The President of the Republic, Hugo Chavez, said: "The National
Gasification Project is strategic for the country's development
and the Bolivarian Revolution."  The national leader urged the
community to shape the people to continue with the social
development and the revolutionary process.

The event was attended by the land committees, the Bolivarian
Community Front of Sarria, Mothers Committees of Barrio Manuelita
Saenz and Luisa Caceres de Arismendi, among others.

Daniel Aponte, a neighbor of the area and member of the PSUV,
explained: "With this first phase of direct gasification the
community of Sarria will have a safe and economical service to all
residents so we thank President Chavez for his commitment to
social and human quality."

It should be noted that in Los Cortijos de Sarria were installed
1.6 kilometers of pipeline to supply gas in order to benefit more
than 600 families.  The goal is to place 2.4 kilometers of network
infrastructure for gas distribution and 31.75 miles for internal
lines.

President Hugo Chavez said that with the launch of the National
Gasification Project families achieve substantial savings by using
gas stoves instead of electric devices, contributing to the
rational use of electricity.

The National Gasification Project since its creation in 2006, has
favored 3 million 600 thousand families across the country,
supplying domestic direct gas, safe and cheap, involving a total
of 48.95 kilometers of infrastructure, distribution networks and
68,000 460 kilometers of internal lines.  The objective is to
provide direct gas to homes across the country, which will
increase the quality of life of the population.

The Bolivarian government and the new PDVSA drive the National
Gasification Project and reaffirm the commitment of the oil
working class in building the Socialist Homeland.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: May Acquire Stake in ONGC-MRPL
------------------------------------------------------
Petroleos De Venezuela is likely to buy stake in ONGC Mangalore
Petrochemicals, which is promoted by ONGC and MRPL for setting up
an aromatic unit in Mangalore SEZ, Economic Times reports.

"Discussions are already on.  The Venezuelan company, which is the
fifth-largest oil producer in the world, is looking for a
controlling stake in the project," the report quoted an unnamed
source as saying.

According to the report, AcOMPL project is expected to be
commissioned by this year-end.  The report relates that OMPL will
produce 920 TMT (thousand metric tonnes) of paraxylene and 140 TMT
of benzene per annum.

The report notes that ONGC has a 46% stake in OMPL while its
subsidiary, Mangalore Refinery and Petrochemicals Ltd, has a 3%
stake, together amounting to 49%.  The balance of 51% is proposed
to be offered to the public or strategic partners, the report
adds.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Sues ConocoPhillips Over US Refinery Stake
------------------------------------------------------------------
Petroleos de Venezuela is suing ConocoPhillips over the latter's
bid to acquire its stake in a U.S. refinery, EFE News reports,
citing Oil Minister Rafael Ramirez.  "PDVSA has filed suit against
ConocoPhillips over its attempt to purchase PDVSA's stake in Merey
Sweeny, located in Texas," a Venezuelan Energy and Oil Ministry
press release quoted Mr. Ramirez as saying, the report relates.

According to the report, ConocoPhillips in September 2009
"exercised an option to acquire Venezuela's 50% stake in the
(Merey Sweeny) coker project at the Sweeny refinery, alleging that
its partner (PDVSA) was not complying with its contractual
obligation to supply the plant."  The report notes that Merey
Sweeny is one of PDVSA's five U.S.-based refineries, which have a
combined processing capacity of approximately 1.08 million barrels
per day.  PDVSA and Conoco each own 50% stakes in the 70,000-
barrel-per-day Merey Sweeny delayed coker.

The report points out that Venezuela's move to take Conoco to
court in the United States are part of a larger dispute.  In 2007,
the report recalls, Conoco filed for arbitration against Venezuela
after President Hugo Chavez's leftist government forced foreign
oil companies to convert their existing operating agreements into
contracts that made them minority partners in joint ventures with
PDVSA.

                            About PDVSA

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

                           *     *     *

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

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


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


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

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


ARGENTINA

SOC COMERCIAL PL      SCDPF US        113091441.2     -254639574
SNIAFA SA-B           SDAGF US        11229696.22    -2670544.88
AUTOPISTAS SOL        APDSF US        351681166.9     -2858782.1
SOC COMERCIAL PL      CAD IX          113091441.2     -254639574
SOC COMERCIAL PL      CVVIF US        113091441.2     -254639574
SOC COMERCIAL PL      CADN EO         113091441.2     -254639574
COMERCIAL PL-ADR      SCPDS LI        113091441.2     -254639574
SOC COMERCIAL PL      COME AR         113091441.2     -254639574
SOC COMERCIAL PL      CADN SW         113091441.2     -254639574
COMERCIAL PLA-BL      COMEB AR        113091441.2     -254639574
COMERCIAL PL-C/E      COMEC AR        113091441.2     -254639574
COMERCIAL PLAT-$      COMED AR        113091441.2     -254639574
SNIAFA SA             SNIA AR         11229696.22    -2670544.88
SNIAFA SA-B           SNIA5 AR        11229696.22    -2670544.88
AUTOPISTAS SOL        AUSO AR         351681166.9     -2858782.1
IMPSAT FIBER NET      IMPTQ US          535007008      -17165000
IMPSAT FIBER NET      330902Q GR        535007008      -17165000
IMPSAT FIBER NET      XIMPT SM          535007008      -17165000
IMPSAT FIBER-CED      IMPT AR           535007008      -17165000
IMPSAT FIBER-C/E      IMPTC AR          535007008      -17165000
IMPSAT FIBER-$US      IMPTD AR          535007008      -17165000
IMPSAT FIBER-BLK      IMPTB AR          535007008      -17165000


BRAZIL

DOC IMBITUBA-RTC      IMBI1 BZ        114896167.4    -16783228.4
DOC IMBITUBA-RTP      IMBI2 BZ        114896167.4    -16783228.4
TELECOMUNICA-ADR      81370Z BZ       244018546.2    -6054999.05
FABRICA TECID-RT      FTRX1 BZ        66779266.69    -50394386.1
PROMAN                PRMN3B BZ       13403496.63    -173711.308
TEKA-ADR              TEKAY US        237436193.6     -360484910
BOMBRIL               BMBBF US        289000173.9     -166589140
TELEBRAS-PF RCPT      CBRZF US        244018546.2    -6054999.05
TEKA                  TKTQF US        237436193.6     -360484910
TEKA-PREF             TKTPF US        237436193.6     -360484910
REII INC              REIC US            16631180       -1448544
PET MANG-RIGHTS       RPMG1 BZ        97015785.16     -251755220
PET MANG-RIGHTS       RPMG2 BZ        97015785.16     -251755220
PET MANG-RECEIPT      RPMG9 BZ        97015785.16     -251755220
PET MANG-RECEIPT      RPMG10 BZ       97015785.16     -251755220
MMX MINERACAO         TRES3 BZ         1018389001     -160218401
MMX MINERACA-GDR      MMXMY US         1018389001     -160218401
SANESALTO             SNST3 BZ        27381496.74     -870175.96
CEEE-D                CEED3B BZ        1090886627    -15249815.8
CEEE-D-PREF           CEED4B BZ        1090886627    -15249815.8
B&D FOOD CORP         BDFCE US           16631180       -1448544
BOMBRIL-RGTS PRE      BOBR2 BZ        289000173.9     -166589140
BOMBRIL-RIGHTS        BOBR1 BZ        289000173.9     -166589140
MMX MINERACA-GDR      XMM CN           1018389001     -160218401
TELEBRAS/W-I-ADR      TBH-W US        244018546.2    -6054999.05
MMX MINERACA-GDR      3M11 GR          1018389001     -160218401
LAEP-BDR              MILK11 BZ       446499199.2    -70952298.9
LAEP INVESTMENTS      LEAP LX         446499199.2    -70952298.9
MMX MINERACAO         MMXCF US         1018389001     -160218401
BALADARE              BLDR3 BZ        144928980.8    -33970462.8
TEXTEIS RENAU-RT      TXRX1 BZ        58969047.84    -91550951.9
TEXTEIS RENAU-RT      TXRX2 BZ        58969047.84    -91550951.9
TEXTEIS RENA-RCT      TXRX9 BZ        58969047.84    -91550951.9
TEXTEIS RENA-RCT      TXRX10 BZ       58969047.84    -91550951.9
TELEBRAS SA-RT        TELB9 BZ        244018546.2    -6054999.05
GASCOIGNE EMP-PF      GASC4 BZ         1123596482     -536003486
ALL MALHA PAULIS      GASC3 BZ         1123596482     -536003486
CIA PETROLIF-PRF      MRLM4 BZ        377602195.2    -3014291.72
CIA PETROLIFERA       MRLM3 BZ        377602195.2    -3014291.72
CEEE-D                CEED3 BZ         1090886627    -15249815.8
NOVA AMERICA SA       NOVA3 BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ           21287489     -183535527
PROMAN                PRMN3 BZ        13403496.63    -173711.308
B&D FOOD CORP         BDFC US            16631180       -1448544
CEEE-D-PREF           CEED4 BZ         1090886627    -15249815.8
MMX MINERACAO-RT      MMXM1 BZ         1018389001     -160218401
MMX MINERACA-RCT      MMXM9 BZ         1018389001     -160218401
TELEBRAS SA           TELB3 BZ        244018546.2    -6054999.05
TELEBRAS SA           TLBRON BZ       244018546.2    -6054999.05
TELEBRAS SA           TBASF US        244018546.2    -6054999.05
TELEBRAS SA-PREF      TELB4 BZ        244018546.2    -6054999.05
TELEBRAS SA-PREF      TLBRPN BZ       244018546.2    -6054999.05
TELEBRAS-ADR          TBAPY US        244018546.2    -6054999.05
TELEBRAS-ADR          TBRAY GR        244018546.2    -6054999.05
TELEBRAS-CEDE PF      RCTB4 AR        244018546.2    -6054999.05
TELEBRAS-CED C/E      RCT4C AR        244018546.2    -6054999.05
TELEBRAS-CEDEA $      RCT4D AR        244018546.2    -6054999.05
TELEBRAS-CEDE BL      RCT4B AR        244018546.2    -6054999.05
TELEBRAS-ADR          TBH US          244018546.2    -6054999.05
TELEBRAS-ADR          TBX GR          244018546.2    -6054999.05
TELEBRAS-ADR          RTB US          244018546.2    -6054999.05
TELEBRAS-ADR          TBASY US        244018546.2    -6054999.05
TELEBRAS-RCT PRF      TELB10 BZ       244018546.2    -6054999.05
TELEBRAS-RTS CMN      RCTB1 BZ        244018546.2    -6054999.05
TELEBRAS-RTS PRF      RCTB2 BZ        244018546.2    -6054999.05
TELEBRAS-RTS CMN      TCLP1 BZ        244018546.2    -6054999.05
TELEBRAS-RTS PRF      TLCP2 BZ        244018546.2    -6054999.05
TELEBRAS-COM RT       TELB1 BZ        244018546.2    -6054999.05
TELEBRAS-CM RCPT      RCTB31 BZ       244018546.2    -6054999.05
TELEBRAS-CM RCPT      TELE31 BZ       244018546.2    -6054999.05
TELEBRAS-RCT          RCTB33 BZ       244018546.2    -6054999.05
TELEBRAS-CM RCPT      TBRTF US        244018546.2    -6054999.05
TELEBRAS-CM RCPT      RCTB32 BZ       244018546.2    -6054999.05
TELEBRAS-PF RCPT      RCTB41 BZ       244018546.2    -6054999.05
TELEBRAS-PF RCPT      TELE41 BZ       244018546.2    -6054999.05
TELEBRAS-PF RCPT      RCTB42 BZ       244018546.2    -6054999.05
TELEBRAS-CEDE PF      TELB4 AR        244018546.2    -6054999.05
TELEBRAS-CED C/E      TEL4C AR        244018546.2    -6054999.05
TELEBRAS-CM RCPT      RCTB30 BZ       244018546.2    -6054999.05
TELEBRAS-PF RCPT      RCTB40 BZ       244018546.2    -6054999.05
TELEBRAS-PF RCPT      TBAPF US        244018546.2    -6054999.05
TELEBRAS-RECEIPT      TLBRUO BZ       244018546.2    -6054999.05
TELEBRAS-PF RCPT      TLBRUP BZ       244018546.2    -6054999.05
TELEBRAS-BLOCK        TELB30 BZ       244018546.2    -6054999.05
TELEBRAS-PF BLCK      TELB40 BZ       244018546.2    -6054999.05
TELEBRAS-CEDEA $      TEL4D AR        244018546.2    -6054999.05
ARTHUR LANGE          ARLA3 BZ        11642255.92    -17154461.9
ARTHUR LANGE SA       ALICON BZ       11642255.92    -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ        11642255.92    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ       11642255.92    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ        11642255.92    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ        11642255.92    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ        11642255.92    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ       11642255.92    -17154461.9
ARTHUR LAN-DVD C      ARLA11 BZ       11642255.92    -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ       11642255.92    -17154461.9
BOMBRIL               BOBR3 BZ        289000173.9     -166589140
BOMBRIL CIRIO SA      BOBRON BZ       289000173.9     -166589140
BOMBRIL-PREF          BOBR4 BZ        289000173.9     -166589140
BOMBRIL CIRIO-PF      BOBRPN BZ       289000173.9     -166589140
BOMBRIL SA-ADR        BMBPY US        289000173.9     -166589140
BOMBRIL SA-ADR        BMBBY US        289000173.9     -166589140
BUETTNER              BUET3 BZ         97710630.4    -46681943.4
BUETTNER SA           BUETON BZ        97710630.4    -46681943.4
BUETTNER-PREF         BUET4 BZ         97710630.4    -46681943.4
BUETTNER SA-PRF       BUETPN BZ        97710630.4    -46681943.4
BUETTNER SA-RTS       BUET1 BZ         97710630.4    -46681943.4
BUETTNER SA-RT P      BUET2 BZ         97710630.4    -46681943.4
CAF BRASILIA          CAFE3 BZ        20168618.46     -728730286
CAFE BRASILIA SA      CSBRON BZ       20168618.46     -728730286
CAF BRASILIA-PRF      CAFE4 BZ        20168618.46     -728730286
CAFE BRASILIA-PR      CSBRPN BZ       20168618.46     -728730286
CAMBUCI SA            CAMB3 BZ        91527757.19      -26705143
CAMBUCI SA            CAMBON BZ       91527757.19      -26705143
CAMBUCI SA-PREF       CAMB4 BZ        91527757.19      -26705143
CAMBUCI SA-PREF       CAMBPN BZ       91527757.19      -26705143
CAMBUCI SA-PREF       CXDOF US        91527757.19      -26705143
CHIARELLI SA          CCHI3 BZ        22274026.77    -44537138.2
CHIARELLI SA          CCHON BZ        22274026.77    -44537138.2
CHIARELLI SA-PRF      CCHI4 BZ        22274026.77    -44537138.2
CHIARELLI SA-PRF      CCHPN BZ        22274026.77    -44537138.2
DOC IMBITUBA          IMBI3 BZ        114896167.4    -16783228.4
DOCAS IMBITUBA        IMBION BZ       114896167.4    -16783228.4
DOC IMBITUB-PREF      IMBI4 BZ        114896167.4    -16783228.4
DOCAS IMBITUB-PR      IMBIPN BZ       114896167.4    -16783228.4
SCHLOSSER             SCLO3 BZ        11745600.44    -75930514.2
SCHLOSSER SA          SCHON BZ        11745600.44    -75930514.2
SCHLOSSER-PREF        SCLO4 BZ        11745600.44    -75930514.2
SCHLOSSER SA-PRF      SCHPN BZ        11745600.44    -75930514.2
CONST A LINDEN        CALI3 BZ        11147512.97      -15979177
CONST A LINDEN        LINDON BZ       11147512.97      -15979177
CONST A LIND-PRF      CALI4 BZ        11147512.97      -15979177
CONST A LIND-PRF      LINDPN BZ       11147512.97      -15979177
D H B                 DHBI3 BZ        124060999.4     -405125353
DHB IND E COM         DHBON BZ        124060999.4     -405125353
D H B-PREF            DHBI4 BZ        124060999.4     -405125353
DHB IND E COM-PR      DHBPN BZ        124060999.4     -405125353
DOCA INVESTIMENT      DOCA3 BZ        88417960.92    -18059127.9
DOCAS SA              DOCAON BZ       88417960.92    -18059127.9
DOCA INVESTI-PFD      DOCA4 BZ        88417960.92    -18059127.9
DOCAS SA-PREF         DOCAPN BZ       88417960.92    -18059127.9
DOCAS SA-RTS PRF      DOCA2 BZ        88417960.92    -18059127.9
ACO ALTONA            EALT3 BZ        84614947.94    -14270921.5
ACO ALTONA SA         EAAON BZ        84614947.94    -14270921.5
ACO ALTONA-PREF       EALT4 BZ        84614947.94    -14270921.5
ACO ALTONA-PREF       EAAPN BZ        84614947.94    -14270921.5
FABRICA RENAUX        FTRX3 BZ        66779266.69    -50394386.1
FABRICA RENAUX        FRNXON BZ       66779266.69    -50394386.1
FABRICA RENAUX-P      FTRX4 BZ        66779266.69    -50394386.1
FABRICA RENAUX-P      FRNXPN BZ       66779266.69    -50394386.1
HAGA                  HAGA3 BZ        16483114.08      -62923102
FERRAGENS HAGA        HAGAON BZ       16483114.08      -62923102
FER HAGA-PREF         HAGA4 BZ        16483114.08      -62923102
FERRAGENS HAGA-P      HAGAPN BZ       16483114.08      -62923102
TECEL S JOSE          SJOS3 BZ        17924946.14    -18569451.2
TECEL S JOSE          FTSJON BZ       17924946.14    -18569451.2
TECEL S JOSE-PRF      SJOS4 BZ        17924946.14    -18569451.2
TECEL S JOSE-PRF      FTSJPN BZ       17924946.14    -18569451.2
CIMOB PARTIC SA       GAFP3 BZ        36817394.78    -33083086.5
CIMOB PARTIC SA       GAFON BZ        36817394.78    -33083086.5
CIMOB PART-PREF       GAFP4 BZ        36817394.78    -33083086.5
CIMOB PART-PREF       GAFPN BZ        36817394.78    -33083086.5
GAZOLA                GAZO3 BZ        12452143.07    -40298506.3
GAZOLA SA             GAZON BZ        12452143.07    -40298506.3
GAZOLA-PREF           GAZO4 BZ        12452143.07    -40298506.3
GAZOLA SA-PREF        GAZPN BZ        12452143.07    -40298506.3
GAZOLA-RCPTS CMN      GAZO9 BZ        12452143.07    -40298506.3
GAZOLA-RCPT PREF      GAZO10 BZ       12452143.07    -40298506.3
GAZOLA SA-DVD CM      GAZO11 BZ       12452143.07    -40298506.3
GAZOLA SA-DVD PF      GAZO12 BZ       12452143.07    -40298506.3
IGB ELETRONICA        IGBR3 BZ        145256033.3     -273857292
GRADIENTE ELETR       IGBON BZ        145256033.3     -273857292
GRADIENTE-PREF A      IGBR5 BZ        145256033.3     -273857292
GRADIENTE EL-PRA      IGBAN BZ        145256033.3     -273857292
GRADIENTE-PREF B      IGBR6 BZ        145256033.3     -273857292
GRADIENTE EL-PRB      IGBBN BZ        145256033.3     -273857292
GRADIENTE-PREF C      IGBR7 BZ        145256033.3     -273857292
GRADIENTE EL-PRC      IGBCN BZ        145256033.3     -273857292
HERCULES              HETA3 BZ         11597351.7     -168514681
HERCULES SA           HERTON BZ        11597351.7     -168514681
HERCULES-PREF         HETA4 BZ         11597351.7     -168514681
HERCULES SA-PREF      HERTPN BZ        11597351.7     -168514681
RENAUXVIEW SA         TXRX3 BZ        58969047.84    -91550951.9
TEXTEIS RENAUX        RENXON BZ       58969047.84    -91550951.9
RENAUXVIEW SA-PF      TXRX4 BZ        58969047.84    -91550951.9
TEXTEIS RENAUX        RENXPN BZ       58969047.84    -91550951.9
PARMALAT              LCSA3 BZ        388720052.3     -213641144
PARMALAT BRASIL       LCSAON BZ       388720052.3     -213641144
PARMALAT-PREF         LCSA4 BZ        388720052.3     -213641144
PARMALAT BRAS-PF      LCSAPN BZ       388720052.3     -213641144
PARMALAT BR-RT C      LCSA5 BZ        388720052.3     -213641144
PARMALAT BR-RT P      LCSA6 BZ        388720052.3     -213641144
ESTRELA SA            ESTR3 BZ        61011893.59    -54580283.6
ESTRELA SA            ESTRON BZ       61011893.59    -54580283.6
ESTRELA SA-PREF       ESTR4 BZ        61011893.59    -54580283.6
ESTRELA SA-PREF       ESTRPN BZ       61011893.59    -54580283.6
RIOSULENSE SA         RSUL3 BZ        61902901.69    -11292932.5
RIOSULENSE SA         RSULON BZ       61902901.69    -11292932.5
RIOSULENSE SA-PR      RSUL4 BZ        61902901.69    -11292932.5
RIOSULENSE SA-PR      RSULPN BZ       61902901.69    -11292932.5
WETZEL SA             MWET3 BZ        79756128.35    -6350930.69
WETZEL SA             MWELON BZ       79756128.35    -6350930.69
WETZEL SA-PREF        MWET4 BZ        79756128.35    -6350930.69
WETZEL SA-PREF        MWELPN BZ       79756128.35    -6350930.69
MINUPAR               MNPR3 BZ        64999715.99     -103795048
MINUPAR SA            MNPRON BZ       64999715.99     -103795048
MINUPAR-PREF          MNPR4 BZ        64999715.99     -103795048
MINUPAR SA-PREF       MNPRPN BZ       64999715.99     -103795048
NORDON MET            NORD3 BZ        15498217.36    -20133536.7
NORDON METAL          NORDON BZ       15498217.36    -20133536.7
NORDON MET-RTS        NORD1 BZ        15498217.36    -20133536.7
NOVA AMERICA SA       NOVA3B BZ          21287489     -183535527
NOVA AMERICA SA       NOVAON BZ          21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ          21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ          21287489     -183535527
NOVA AMERICA-PRF      1NOVPN BZ          21287489     -183535527
NOVA AMERICA SA       1NOVON BZ          21287489     -183535527
PETRO MANGUINHOS      RPMG3 BZ        97015785.16     -251755220
PETRO MANGUINHOS      MANGON BZ       97015785.16     -251755220
PET MANGUINH-PRF      RPMG4 BZ        97015785.16     -251755220
PETRO MANGUIN-PF      MANGPN BZ       97015785.16     -251755220
RIMET                 REEM3 BZ        63757621.65     -107162240
RIMET                 REEMON BZ       63757621.65     -107162240
RIMET-PREF            REEM4 BZ        63757621.65     -107162240
RIMET-PREF            REEMPN BZ       63757621.65     -107162240
SANSUY                SNSY3 BZ        100279114.9    -45812488.8
SANSUY SA             SNSYON BZ       100279114.9    -45812488.8
SANSUY-PREF A         SNSY5 BZ        100279114.9    -45812488.8
SANSUY SA-PREF A      SNSYAN BZ       100279114.9    -45812488.8
SANSUY-PREF B         SNSY6 BZ        100279114.9    -45812488.8
SANSUY SA-PREF B      SNSYBN BZ       100279114.9    -45812488.8
BOTUCATU TEXTIL       STRP3 BZ        35101566.77    -13482713.5
STAROUP SA            STARON BZ       35101566.77    -13482713.5
BOTUCATU-PREF         STRP4 BZ        35101566.77    -13482713.5
STAROUP SA-PREF       STARPN BZ       35101566.77    -13482713.5
TEKA                  TEKA3 BZ        237436193.6     -360484910
TEKA                  TEKAON BZ       237436193.6     -360484910
TEKA-PREF             TEKA4 BZ        237436193.6     -360484910
TEKA-PREF             TEKAPN BZ       237436193.6     -360484910
TEKA-ADR              TKTPY US        237436193.6     -360484910
TEKA-ADR              TKTQY US        237436193.6     -360484910
VARIG SA              VAGV3 BZ        966298025.5    -4695211316
VARIG SA              VARGON BZ       966298025.5    -4695211316
VARIG SA-PREF         VAGV4 BZ        966298025.5    -4695211316
VARIG SA-PREF         VARGPN BZ       966298025.5    -4695211316
WIEST                 WISA3 BZ        39838113.86    -93371563.1
WIEST SA              WISAON BZ       39838113.86    -93371563.1
WIEST-PREF            WISA4 BZ        39838113.86    -93371563.1
WIEST SA-PREF         WISAPN BZ       39838113.86    -93371563.1
FER C ATLANT          VSPT3 BZ         1212489621    -38389781.7
FER C ATLANT-PRF      VSPT4 BZ         1212489621    -38389781.7
FERROVIA CEN-DVD      VSPT11 BZ        1212489621    -38389781.7
FERROVIA CEN-DVD      VSPT12 BZ        1212489621    -38389781.7
FER C ATL-RCT CM      VSPT9 BZ         1212489621    -38389781.7
FER C ATL-RCT PF      VSPT10 BZ        1212489621    -38389781.7
HOPI HARI SA          PQTM3 BZ        62168844.09    -55189836.7
HOPI HARI-PREF        PQTM4 BZ        62168844.09    -55189836.7
PARQUE TEM-DV CM      PQT5 BZ         62168844.09    -55189836.7
PARQUE TEM-DV PF      PQT6 BZ         62168844.09    -55189836.7
PARQUE TEM-RT CM      PQTM1 BZ        62168844.09    -55189836.7
PARQUE TEM-RT PF      PQTM2 BZ        62168844.09    -55189836.7
PARQUE TEM-RCT C      PQTM9 BZ        62168844.09    -55189836.7
PARQUE TEM-RCT P      PQTM10 BZ       62168844.09    -55189836.7
MMX MINERACAO         MMXM3 BZ         1018389001     -160218401
TRESSEM PART SA       1TSSON BZ        1018389001     -160218401
ALL MALHA PAULIS      GASC3B BZ        1123596482     -536003486
GASCOIGNE EMP-PF      GASC4B BZ        1123596482     -536003486
GASCOIGNE EMPREE      1GASON BZ        1123596482     -536003486
GASCOIGNE EMP-PF      1GASPN BZ        1123596482     -536003486
CIA PETROLIFERA       MRLM3B BZ       377602195.2    -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ       377602195.2    -3014291.72
CIA PETROLIFERA       1CPMON BZ       377602195.2    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ       377602195.2    -3014291.72
LATTENO FOOD COR      LATF US            16631180       -1448544
VARIG PART EM TR      VPTA3 BZ        49432124.18     -399290426
VARIG PART EM-PR      VPTA4 BZ        49432124.18     -399290426
VARIG PART EM SE      VPSC3 BZ        84848504.58     -430964848
VARIG PART EM-PR      VPSC4 BZ        84848504.58     -430964848


CHILE

CHILESAT CO-ADR       TL US           450943844.7    -52392581.3
CHILESAT CORP SA      TELEX CI        450943844.7    -52392581.3
CHILESAT CO-RTS       CHISATOS CI     450943844.7    -52392581.3
TELMEX CORP SA        CHILESAT CI     450943844.7    -52392581.3
TELEX-A               TELEXA CI       450943844.7    -52392581.3
TELMEX CORP-ADR       CSAOY US        450943844.7    -52392581.3
TELEX-RTS             TELEXO CI       450943844.7    -52392581.3



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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