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

              Friday, March 5, 2010, Vol. 11, No. 045

                            Headlines



A R G E N T I N A

AVENIDA JUAN: Creditors' Proofs of Debt Due on May 10
CUAMABRA SA: Asks for Opening of Preventive Contest
DISTRIBUIDORA DEL: Creditors' Proofs of Debt Due on May 10
GASPAR Y OCTORINO: Asks for Declaration of Bankruptcy
RESEARCH INTERNATIONAL: Creditors' Proofs of Debt Due on April 19


B E R M U D A

CAPTIVA LIMITED: Creditors' Proofs of Debt Due on March 24
CAPTIVA LIMITED: Members to Receive Wind-Up Report on April 5


B R A Z I L

BANCO DAYCOVAL: To Price US$100 Million Bond Issue Next Week
BANCO DAYCOVAL: S&P Assigns 'BB' Senior Unsecured Debt Rating
GOL LINHAS: Raised to 'Buy' From 'Hold' at Banco Santander


C A Y M A N  I S L A N D S

ACADIA FUND: Shareholders Receive Wind-Up Report
ARAGOSTA FUND: Shareholders Receive Wind-Up Report
BCI INVESTMENTS: Shareholders Receive Wind-Up Report
BULL PATH: Shareholders Receive Wind-Up Report
BULL PATH: Shareholders Receive Wind-Up Report

C1ME LIMITED: Shareholders Receive Wind-Up Report
CAMEL FUND: Shareholders Receive Wind-Up Report
CFS MULTI-STRATEGIES: Shareholders Receive Wind-Up Report
CHEYNE PAN: Shareholders Receive Wind-Up Report
DOLPHIN INTERNATIONAL: Shareholders Receive Wind-Up Report

DUKE FUNDING: S&P Withdraws Ratings on All Classes of Notes
FORMOSA GROWTH: Shareholders Receive Wind-Up Report
GOSER VENTURES: Shareholders Receive Wind-Up Report
HARBERT CAPITAL: Shareholders Receive Wind-Up Report
HARBERT STRATEGIC: Shareholders Receive Wind-Up Report

HARBERT STRATEGIC: Shareholders Receive Wind-Up Report
HELICON CAPITAL: Shareholders Receive Wind-Up Report
HELIOS STRATEGIC: Shareholders Receive Wind-Up Report
HELIOS STRATEGIC: Shareholders Receive Wind-Up Report
HELIOS STRATEGIC: Shareholders Receive Wind-Up Report

HEWETT LEASING: Shareholders Receive Wind-Up Report
KENMAR GLOBAL: Shareholders Receive Wind-Up Report
MFS FLOATING: Shareholders Receive Wind-Up Report
OLD MUTUAL: Shareholders Receive Wind-Up Report
OLD MUTUAL: Shareholders Receive Wind-Up Report

SAFE ? DRILL: Shareholders Receive Wind-Up Report
STEALTH OFFSHORE: Shareholders Receive Wind-Up Report
TARAWERA LIMITED: Shareholders Receive Wind-Up Report
TESSERACT CAPITAL: Shareholders Receive Wind-Up Report
WT INVESTMENTS: Shareholders Receive Wind-Up Report

XT INVESTMENTS: Shareholders Receive Wind-Up Report


C H I L E

AES CORP: Power Generation in Chile to Return Within 10 Days
* CHILE: May Need Loans to Defray 'Enormous' Quake Costs


C O L O M B I A

ECOPETROL SA: To Propose US$2.9 Billion Bond Issue


G U A T E M A L A

BANCO G&T: S&P Affirms 'BB-/B' Counterparty Credit Ratings


J A M A I C A

AIR JAMAICA: Sets Proposed Redundancy Date
NATIONAL COMMERCIAL BANK: To Focus on Loans Portfolio
NATIONAL COMMERCIAL BANK: Lowers Auto Loan Interest Rate Further
WINDALCO: To Restart Operations This Summer


M E X I C O

BANCO INDUSTRIAL: S&P Affirms 'BB-/B' Counterparty Credit Rating
CORPORACION GEO: Revenues Up 13.1% in 4Q; EBITDA Up 11.7%
SATMEX SA: Creditor Group Opposes Sale of Company
VITRO SAB: Delivers Revised Debt Proposal to Bondholders


P E R U

DOE RUN PERU: Strike at Copper Mine Ends


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Seeks to Advance Hydrocarbon Production
PETROLEOS DE VENEZUELA: Estimates 55% Growth in Sales Network
* VENEZUELA: Owes US$12 Billion on Seized Companies, Chamber Says




                         - - - - -


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


AVENIDA JUAN: Creditors' Proofs of Debt Due on May 10
-----------------------------------------------------
Alberto Samora, the court-appointed trustee for Avenida Juan
Bautista Alberdi 337 SA's reorganization proceedings, will be
verifying creditors' proofs of claim until May 10, 2010.

Mr. Samora will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 16, 2011.

The Trustee can be reached at:

         Alberto Samora
         Paraguay 435


CUAMABRA SA: Asks for Opening of Preventive Contest
---------------------------------------------------
Cuamabra SA asked for the opening of preventive contest.


DISTRIBUIDORA DEL: Creditors' Proofs of Debt Due on May 10
----------------------------------------------------------
Luis Riccardini, the court-appointed trustee for Distribuidora del
Sur SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 10, 2010.

Mr. Riccardini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis Riccardini
         Bartolome Mitre 1371
         Argentina


GASPAR Y OCTORINO: Asks for Declaration of Bankruptcy
-----------------------------------------------------
Gaspar y Octorino SRL asked for declaration of bankruptcy.  The
company stopped making payments last January 2009.


RESEARCH INTERNATIONAL: Creditors' Proofs of Debt Due on April 19
-----------------------------------------------------------------
Nestor Eduardo Palma, the court-appointed trustee for Research
International SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 19, 2010.

Mr. Palma will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 2, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.


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


CAPTIVA LIMITED: Creditors' Proofs of Debt Due on March 24
----------------------------------------------------------
The creditors of Captiva Limited are required to file their proofs
of debt by March 24, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton, Bermuda


CAPTIVA LIMITED: Members to Receive Wind-Up Report on April 5
-------------------------------------------------------------
The members of Captiva Limited will receive, on April 5, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton, Bermuda


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



BANCO DAYCOVAL: To Price US$100 Million Bond Issue Next Week
------------------------------------------------------------
Banco Daycoval SA plans to raise around US$100 million from an
overseas bond issue, Rogerio Jelmayer at Dow Jones Newswires
reports, citing an unnamed source.

According to the report, the bonds will mature in March 2015.  The
report relates that the bank will price the bonds next week.
Banco Itau BBA, Morgan Stanley and Banco Santander SA were hired
to coordinate the operation.

The report adds that the issue is part of a US$1 billion standby
facility.

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 10, 2009, Fitch Ratings upgraded these ratings of Banco
Daycoval S.A.:

  -- Long-term Foreign and Local Currency Issuer Default Ratings
     to 'BB' from 'BB-'; Outlook Stable;

  -- National Long-term Rating to 'A+(bra)' from 'A(bra)'; Outlook
     Stable.

At the same time, Fitch has affirmed the bank's following ratings:

  -- Short-term Foreign and Local Currency IDRs at 'B';
  -- Individual Rating at 'C/D';
  -- Support Rating at '5';
  -- Support Rating Floor at 'No Floor';
  -- National Short-term Rating at 'F1(bra)'.


BANCO DAYCOVAL: S&P Assigns 'BB' Senior Unsecured Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' senior unsecured long-term debt rating to Banco Daycoval
S.A.'s (Global scale: BB/Stable/B; Brazil national scale: brAA-
/Stable/brA-1) up to $150 million senior unsecured notes due in
2015.

The rating on the notes is the same as the counterparty credit
rating on Banco Daycoval reflecting S&P's view that the notes will
rank pari passu with other senior unsecured debt and that they
will be direct, unsecured, unsubordinated, and unconditional
obligations of Banco Daycoval.  The proceeds will be used for
funding diversification and expanding credit operations.

The ratings on Banco Daycoval reflect the bank's challenge to
expand its loan portfolio under adequate credit underwriting
procedures.  Strong capitalization and a consistent track record
in its core business in collateral-backed loans to small and
medium-sized enterprises--leading to asset quality and
profitability historically better than peers--partially offset
those risks.

Banco Daycoval is a midsized Brazilian bank with total reported
assets of Brazilian reais 7.1 billion as of Dec. 31, 2009.  The
bank has been diversifying toward the retail sector over the past
three years by focusing on payroll discount lending and auto loans
(26% and 15% of the total portfolio, respectively, at year-end
2009).  SMEs remain the bank's core business, representing 59% of
total loans.

                           Ratings List

                            New Rating

                        Banco Daycoval S.A.

             $150 Mil Sr Unsec Notes               BB


GOL LINHAS: Raised to 'Buy' From 'Hold' at Banco Santander
----------------------------------------------------------
Shiyin Chen at Bloomberg News reports that Gol Linhas Aereas
Inteligentes SA had its American depositary receipts upgraded to
?buy? from ?hold? at Banco Santander SA on March 3, 2010.  The
report relates Banco Santander said that it was ?bullish? on Latin
American airlines given an economic recovery, a lower impact from
the H1N1 flu virus and ?stable? jet fuel prices in coming years.

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

                           *     *     *

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

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

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

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

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


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


ACADIA FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Acadia Fund II 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:

         Peter Anderson
         c/o 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


ARAGOSTA FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Aragosta 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:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 815 1767
         Facsimile: (345) 949-9876


BCI INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of BCI Investments Ltd. received, on January 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Peter Anderson
         c/o 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


BULL PATH: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Bull Path Liquidfund GP received, on
January 26, 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


BULL PATH: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Bull Path 2X Fund Ltd received, on January 26,
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


C1ME LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of C1ME Limited received, on January 13, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Christopher Drew Dixon
         c/o Taylor Wessing (Middle East) LLP
         PO Box 33675
         Dubai, UAE
         Facsimile: 009714 332 3325
         e-mail: c.dixon@taylorwessing.com


CAMEL FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Camel Fund Ltd. received, on January 20, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


CFS MULTI-STRATEGIES: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of CFS Multi-Strategies Fund Limited received, on
January 12, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

Peggy Lee is the company's liquidator.


CHEYNE PAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Cheyne Pan Asia Long/Short Fund 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


DOLPHIN INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Dolphin International 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:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 815 1767
         Facsimile: (345) 949-9876


DUKE FUNDING: S&P Withdraws Ratings on All Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
all of Duke Funding High Grade II-S/EGAM I, Ltd.'s notes.  Before
withdrawing the ratings, S&P removed from CreditWatch negative the
class C and D notes.

This withdrawal follows a prolonged period of insufficient
information received on this vehicle.  Furthermore, S&P does not
expect to receive any future reports.

S&P lowered to 'D' the ratings on the class A-2, B-1, and B-2
notes in December 2007, following the nonpayment of interest due
on those notes.  At that time, S&P lowered the ratings on the
class C and D notes to 'CC' and kept them on CreditWatch negative.
The class C and D notes are deferrable.  S&P removed the
CreditWatch negative placements and withdrew its ratings on
classes C and D, since S&P has no new information on the status of
these tranches.  S&P is unable to confirm whether these notes
continue to defer interest as is permitted under the terms and
conditions on the notes.

                          Ratings List

             Duke Funding High Grade II-S/EGAM I, Ltd.
                 $332 Million Floating-Rate Notes

                        Ratings Withdrawn

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  A-2         NR            D
                  B-1         NR            D
                  B-2         NR            D

     Ratings Removed From CreditWatch Negative And Withdrawn

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  C           CC            CC/Watch Neg
                              NR            CC
                  D           CC            CC/Watch Neg
                              NR            CC


FORMOSA GROWTH: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of The Formosa Growth Fund 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


GOSER VENTURES: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Goser Ventures 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:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


HARBERT CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Harbert Capital Structure and Convertible
Arbitrage Master Fund, Ltd. received, on January 18, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 815 1767
         Facsimile: (345) 949-9876


HARBERT STRATEGIC: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Harbert Strategic Commodities Offshore Fund,
Ltd. received, on January 18, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 815 1767
         Facsimile: (345) 949-9876


HARBERT STRATEGIC: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Harbert Strategic Commodities Master Fund,
Ltd. received, on January 18, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Sailaja Alla
         Telephone: (345) 815 1767
         Facsimile: (345) 949-9876


HELICON CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Helicon Capital Management LDC received, on
January 20, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


HELIOS STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Helios Strategic Limited II 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


HELIOS STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Helios Strategic Fund II, LLC 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


HELIOS STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Helios Strategic Fund II 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


HEWETT LEASING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Hewett Leasing 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


KENMAR GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Kenmar Global Resource Fund II SPC 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


MFS FLOATING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of MFS Floating Rate Income Fund received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


OLD MUTUAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Old Mutual Multi-Strategy SPC received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


OLD MUTUAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Old Mutual Asset Managers (Cayman) Limited
received, on January 28, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


SAFE - DRILL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Safe - Drill Consultancy Services Ltd.
received, on January 20, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands


STEALTH OFFSHORE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of The Stealth Offshore 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


TARAWERA LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Tarawera 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


TESSERACT CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Tesseract Capital Trading, Ltd received, on
January 26, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


WT INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of WT Investments Ltd. received, on January 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Peter Anderson
         c/o 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


XT INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of XT Investments Ltd. received, on January 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Peter Anderson
         c/o 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


=========
C H I L E
=========


AES CORP: Power Generation in Chile to Return Within 10 Days
------------------------------------------------------------
AES Corp. said generation units in Chile that was shut down
following a massive earthquake in the South American country will
return to service within 10 days, Mark Peters at Dow Jones
Newswires reports.  The report relates that about 545 megawatts of
power generation, or about 17% of total capacity owned by AES and
other investors, shut down due to damage from the quake.

According to the report, the company is completing inspection of
the units and will return them to service progressively.

In the meantime, the report notes, AES said that it has enough
generation operating to meet its maximum contractual obligations
if electricity demand should return to pre-quake levels.  The
report relates the company added that it has insurance in place to
recover material losses from property damage or business
interruptions.

                        About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


* CHILE: May Need Loans to Defray 'Enormous' Quake Costs
--------------------------------------------------------
Chile may need international loans to help finance the rebuilding
of homes, roads and bridges destroyed by a February 27 earthquake,
Sebastian Boyd at Bloomberg News reports, citing President
Michelle Bachelet said in an interview with ADN Radio.

According to the report, Ms. Bachelet said that the cost of
rebuilding from the temblor, the fifth largest since the start of
the last century, may be ?of an enormous, enormous magnitude.?
The country may have to turn to multilateral lenders for
assistance, she added.

Bloomberg News notes Ms. Bachelet on March 11 will hand over the
government to President-elect Sebastian Pinera.


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


ECOPETROL SA: To Propose US$2.9 Billion Bond Issue
--------------------------------------------------
Ecopetrol SA's board will propose the issue of bonds worth COP5.5
trillion (US$2.9 billion) at an annual general assembly meeting in
Bogota on March 25, Matthew Bristow at Dow Jones Newswires
reports.  The report relates that the bonds could be sold locally
or on international markets, and may be sold in a single block or
in several issues.  The debt issue will finance long-term
investments, the company said in a statement obtained by Dow Jones
Newswires.

According to the report, shareholders will also vote on whether to
approve a dividend of COP91 (US$0.05) per share in 2010.  The
report notes that the dividend, which is less than half last
year's COP220, will be paid in three installments in April, in
August and in December, and will represent about COP3.68 trillion
(US$1.9 billion) for the company.

                        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+';


=================
G U A T E M A L A
=================


BANCO G&T: S&P Affirms 'BB-/B' Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'BB-/B' foreign currency counterparty
credit ratings, on Guatemala-based Banco G&T Continental S.A.  The
outlook is stable.

At the same time, S&P affirmed its 'BBB-' local currency
survivability assessment on the bank.

"The ratings on G&T Continental reflect a high concentration in
certain clients, low coverage of nonperforming assets, and high
exposure to foreign-currency risk on the balance sheet," said
Standard & Poor's credit analyst Alfredo Enrique Calvo.

"Deteriorating asset quality and persistent double leverage limit
the bank's adjusted capitalization and profitability, also
constraining the ratings," added Mr. Calvo.  "However, G&T
Continental's good market position, and long track record in the
Guatemalan banking industry, large and diversified deposit base,
and adequate access to long-term funding sources support its
financial profile and the ratings."

The stable outlook on G&T Continental reflects S&P's expectation
that the bank will maintain its adequate financial profile under
the prevailing economic challenges.  S&P expects it will adopt a
less aggressive growth strategy in the medium term.


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


AIR JAMAICA: Sets Proposed Redundancy Date
------------------------------------------
Air Jamaica Limited's management has indicated a proposed date for
the redundancy of all employee positions at the airline, The
Gleaner Power 106 reports.  The report relates that in a
memorandum to the staff, Airline President Bruce Nobles told the
employees that the Air Jamaica management is working with
Caribbean Airlines towards a major schedule change on April 12.

According to the report, citing the memo, Mr. Nobles told
employees that the divestment exercise has now evolved to a
position where certain decisions have been made and associated
timelines determined.

Mr. Nobles, the report relates, confirmed that a proposed
transaction date has been set but emphasized that the date is only
a target and could change.  The current transition proposal
provides for Air Jamaica to continue operations, utilizing the
existing fleet under contract to Caribbean Airlines, for perhaps
as long as one year, he added.

The Gleaner points out Caribbean Airlines will be financially
responsible for the transition operation after the April 12
transaction date.

Mr. Nobles, the report notes, said that in order to operate what
he calls the 'transition Jamaican operation,' a new company will
be formed to hire the personnel required.  The report says that
those employees will be hired under fixed term contracts.

Meanwhile, the report discloses, the two unions representing
workers at the airline are expressing concerns about the planned
redundancy exercise and the number of workers to be retained.  The
Gleaner relates Vice president of the National Workers Union,
Granville Valentine, said that the union is awaiting a meeting
with the management to ensure that the redundancy exercise adheres
to the provisions of the labor laws.  The report adds that the
president of the Bustamante Industrial Trade Union, Kavan Gayle,
says that union is currently reviewing the decisions made by the
airline's management.

                        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 BANK: To Focus on Loans Portfolio
-----------------------------------------------------
The National Commercial Bank Jamaica Limited planned to focus on
its loans portfolio to guide its strategy for shoring up income
lost from the financial fallout and the reduction in its interest
income earnings from Government of Jamaica securities, Alicia
Roache at Jamaica Observer reports.  The report relates that Group
Managing Director Patrick Hylton said that NCB would naturally
shift the way it operates following the effective conclusion of
the Jamaica Debt Exchange.

According to the report, JDX got the full participation of the
financial sector, including NCB.  The report relates Mr. Hylton
disclosed that NCB's total portfolio of government bonds amounted
to JM$160 billion, half of which was denominated in Jamaican
dollars and held by all three entities of the group --NCB, NCB
Capital Markets (NCBCM) and NCB Insurance Company (NCBIC).  "The
other half which is in US dollars will not be impacted
significantly," the report quoted Mr. Hylton as saying.

Mr. Hylton, the report notes, indicated one aspect by which the
group would continue to retain significant earnings.  "There will
admittedly be some immediate loss in revenue as a result of the
reduced yield on government securities.  However, we have taken
several steps to mitigate the impact.  In any event, as we all
recognize, banks typically do well in a low-interest rate
environment as credit is more affordable to borrowers.  We
therefore anticipate an increase in the take-up of our loans
portfolio some of which may not have been accessible to some
customers prior to the pending reduced interest rates
environment," Mr. Hylton added, the report relates.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter on March 3, 2010,
Standard & Poor's Ratings Services said it revised its CreditWatch
listing on its 'CCC/C' ratings on National Commercial Bank Jamaica
Ltd. to positive from developing.


NATIONAL COMMERCIAL BANK: Lowers Auto Loan Interest Rate Further
----------------------------------------------------------------
National Commercial Bank disclosed one low rate of 16.95% for both
new and used vehicles effective March 1, 2010.  NCB was the first
commercial bank to lower its rates on motor vehicles loans from
19.75% earlier this year to 16.95% for new and used vehicles up to
two years old. Other used vehicles attracted rates ranging from
17.25% - 17.95%.

"This further reduction to 16.95% for new and used vehicles up to
7 years old will allow a wider range of consumers to access more
affordable financing to meet their needs? said Mrs. Tugwell Henry,
Snr. General Manager, Retail Banking.

NCB works with more than 50 new and used dealers across the island
and provides up to 95% financing for the purchase of vehicles
through a special Auto Dealer Referral program.

NCB has also extended its maximum repayment period on new vehicles
to 7 years and used vehicles to 6 years, currently the longest
in the market.  Mrs. Tugwell Henry noted that ?consumers are very
mindful of their monthly payment amount and with a lower interest
rate and a longer repayment period, we are responding to these
needs as we continue to work at ensuring we have the best
automobile loan product in the market."

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter on March 3, 2010m
Standard & Poor's Ratings Services said it revised its CreditWatch
listing on its 'CCC/C' ratings on National Commercial Bank Jamaica
Ltd. to positive from developing.


WINDALCO: To Restart Operations This Summer
-------------------------------------------
Russian aluminium giant UC Rusal is planning to restart its West
Indies Alumina Company operations this summer, RadioJamaica News
reports, citing an unnamed source.  The report relates that the
Russian company will likely bring on-line just one of its
facilities.  UC Rusal owns 93% of WINDALCO.

However, the report notes, when contacted, James Robertson, Mining
Minister, said he was viewing Rusal's plan with some amount of
caution in light of the precarious state of the world aluminium
market.  "We are working towards a restart, retooling, re
building, new energy supply using liquefied natural gas.  We have
a job to do but we're not going to blow trumpets until we have
reached a position where's no turning back," the report quoted Mr.
Robertson as saying.

                        About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.


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


BANCO INDUSTRIAL: S&P Affirms 'BB-/B' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-
/B' counterparty credit and certificate of deposit ratings on
Banco Industrial S.A.  S&P also affirmed its 'BBB-' survivability
assessment on the bank.  The outlook is stable.

"Banco Industrial's below-average capitalization levels, its
double-leverage, loan concentrations, and the high dollarization
in its balance sheet limit the ratings.  On the contrary, Banco
Industrial's leading position in the Guatemalan banking industry
and a financial profile supported by adequate underwriting
policies and liquidity levels support the ratings," said Standard
& Poor's credit analyst Alfredo Enrique Calvo.

Despite Banco Industrial's improving capitalization levels
(adjusted capitalization of 7.3% at year-end 2009), its capital is
still limited by double-leverage.  S&P believes the bank requires
higher capital levels to mitigate its high loan concentration.

In S&P's opinion, Banco Industrial maintains adequate asset
quality.  However, diversification represents a challenge for the
bank.  Even though the bank has a well-diversified base of
products, its commercial portfolio represents more than 80% of
total loans, with a high client concentration.  Any economic
downturn that affects its largest customers could hurt the bank's
asset quality.  Loan concentrations are also present in terms of
currency.

In S&P's opinion, Banco Industrial's shareholders provide
additional financial flexibility.  In 2009, Banco Industrial's
holding company (Bicapital Corp.) replaced its outstanding debt
($150 million), with resources from a private issuance of
preferred shares placed with its shareholders, exclusively.
However, double-leverage is still present.

The stable outlook takes into account the bank's less-aggressive
growth strategy in 2010.  S&P believes the bank's efforts to
consolidate past mergers and acquisitions will continue.  Despite
the challenging economic environment, S&P expects the bank to rely
on its adequate underwriting practices and experience in the
system to maintain its adequate asset quality.  A significant
reduction of double leverage and improvements in adjusted
capitalization that covers asset concentrations could lead to an
upgrade.  A downturn in the economy that affects asset quality,
profitability, and liquidity could add pressure to the ratings.


CORPORACION GEO: Revenues Up 13.1% in 4Q; EBITDA Up 11.7%
---------------------------------------------------------
Corporacion GEO S.A.B de C.V. posted results for the fourth
quarter 2009.  Revenues and EBITDA increased 13.1% and 11.7%,
respectively, in the fourth quarter 2009.

FY2009 revenues increased 10.1% to Ps. 19.210 billion compared to
2008.  Revenues for the fourth quarter increased 13.1% year-on-
year to Ps. 5,776.5 million.

GEO obtained additional revenue in 2009 through the sale of 140
commercial properties, reaching Ps. 140.3 million.  GEO sold a
total of 66 commercial properties in the fourth quarter of 2009,
representing Ps. 43.9 million in revenues.

Net Profit for 2009 increased 3.8% to Ps. 1,528.6 million, while
net margin declined 48 bps to 8.0% during the same period.  For
the Last-Twelve-Month EPS, it decreased 2.5% to Ps. 2.81 from Ps.
2.74 a year ago.  In the fourth quarter of 2009, Net Profit
reached Ps. 331.6 million, a decrease of 0.04% compared with 4Q08,
while net margin declined 76 bps to 5.7% during the same period.
EPS for the quarter fell 1.3% from Ps. 0.62 in 4Q08 to Ps. 0.61.

At December 31, 2009, GEO had Ps. 30.227 billion in total assets
against Ps. 18.609 billion in total liabilities.  GEO?s cash
position as of December 31, 2009 was Ps. 3.393 billion, up 31.6%
from Ps. 2.578 billion as of December 31, 2008, and down 14.6%
from Ps. 3.975 billion on a sequential basis. The decrease was
driven by the issuance of a secured guaranteed note during 3Q09,
where the proceeds were applied to the pay off short-term debt
obligations.

Total Debt at the end of 4Q09 decreased by 14.8% or Ps. 1.436
billion to Ps. 8.246 billion compared to 3Q09.  During that same
period, the Net Debt to EBITDA ratio was of 1.1 times, an
improvement from previous quarters of 2009.  This decrease in debt
is primarily related to the issuance of the US$250 million secured
guaranteed note in the 3Q09 where the proceeds were totally
applied in the 4Q09 to refinance GEO?s debt.

"GEO affirmed its leadership position within the low-income
segments in 2009 with the largest number of titled mortgages and
greatest market share within INFONAVIT (8.1%) and FOVISSSTE
(13.8%); approximately 70% and 116% more titled mortgages,
respectively, than our closest peer.  We continue to fine-tune
each link in our value chain, improving efficiencies and quality
while lowering costs to ensure we most effectively serve the
lowest income segments," commented Luis Orvananos Lascurain,
Corporacion GEO's CEO.

"GEO's business model and execution also continue to be extremely
successful.  This quarter, substantial revenue and EBITDA
increases have helped us maintain our sound balance sheet.   In
2009, we titled 51,283 units, a 14.7% increase compared to the
44,729 units titled in 2008.  We improved overall debt levels, as
is reflected in lower leverage ratios, ending the year with the
most efficient working capital cycle in the Mexican homebuilding
industry. Finally, we generated substantial free cash flow in the
last quarter of the year, resulting in full year positive free
cash flow.  These strong results are a testament to the strength
of GEO's operations and our ability to prevail in a challenging
economic environment, as was witnessed in 2009," he concluded.

A full text copy of the company's earnings release is available
free at http://ResearchArchives.com/t/s?56ef

                      About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed-
rate notes.


SATMEX SA: Creditor Group Opposes Sale of Company
-------------------------------------------------
Satelites Mexicanos SA said that a group of creditors opposes the
sale of the company to a group of U.S. and Mexican investors in a
transaction worth up to US$374 million, Ken Parks at Dow Jones
Newswires reports.  The report relates that Satmex SA said that an
ad hoc group representing more than 50% of holders of its Second
Priority Senior Secured Notes has refused to back the transaction.

According to the report, the deal is conditioned on Satmex SA
buying back all of its $424.3 million of Senior Secured Notes with
a portion of the proceeds from the sale.  "The amount of cash
won't be enough to repurchase or amortize the Senior Secured Notes
in circulation at nominal value, independent of the amount that
would be assigned to Satmex shareholders," the report quoted the
company as saying.

Satmex SA, the report notes, said that it expects its shareholders
and creditors who hold First Priority Senior Secured Note and
Second Priority Senior Secured Notes will negotiate a cash
distribution agreement.  The Mexican government is a major
shareholder in Satmex.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, EchoStar Satellite Services, L.L.C., disclosed an
agreement pursuant to which EchoStar will acquire an ownership
interest in Satmex.  Satmex SA 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.

                         About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America.  Satmex's 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.


VITRO SAB: Delivers Revised Debt Proposal to Bondholders
--------------------------------------------------------
Vitro, S.A.B. de C.V. delivered a revised debt proposal to
bondholders, Thomas Black at Bloomberg News reports.  The report
relates that the debt plan was given to the bondholders'
representative, Chanin Capital Partners, a unit of Duff & Phelps
Corp., Albert Chico, a Vitro spokesman, confirmed in an e-mail.
Details of the plan can't be revealed because of confidentiality
agreements.

The report recalls that Vitro's initial restructuring proposal in
August, which sought a debt writedown of about US$1 billion, was
rejected by bondholders, who made a counteroffer in September.
The report relates that the August proposal showed Vitro's total
debt, including US$240 million of derivative losses less
collateral, of US$1.81 billion.  ?Creditors in general have been
pretty disappointed with this whole process,? the report quoted
Jim Harper, director of corporate research for BCP Securities LLC
in Greenwich, Connecticut, as saying.  ?It's been a year and, if
you look at it, there's not a lot to show for it,? he added.

Vitro reported earnings before interest, taxes, depreciation and
amortization dropped 28 percent to $237 million in 2009.

According to the report, the company also reduced its 2010 Ebitda
forecast to US$205 million to US$215 million.  Mr. Harper, the
report relates, said that the reduction raises ?red flags? that
the company may be trying to keep its cash-flow forecast low to
justify a large writedown on debt.  ?Most companies are expecting
2010 to be better than 2009, and here's a company that's not
expecting that,? the report quoted Mr. Harper as saying.  ?That's
interesting in and of itself,? he added.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


DOE RUN PERU: Strike at Copper Mine Ends
----------------------------------------
The nearly 630 workers at Doe Run Peru's Cobriza copper mine ended
the strike they declared at the start of the weekend, Latin
American Herald reports, citing Luis Castillo, head of the miners
and metalworkers union.

According to the report, the meetings between miners and Labor
Ministry officials will continue until an update on the state of
the negotiations will be released.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Bloomberg News said that 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.
"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.

                       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.


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



PETROLEOS DE VENEZUELA: Seeks to Advance Hydrocarbon Production
---------------------------------------------------------------
Petroleos de Venezuela teamed with partners in Belarus to explore
new areas of production in the Venezuelan plains, UPI News
reports.

According to the report, PDVSA would work through a joint
Belarusian venture, Bielovenezolana, to advance hydrocarbon
production in parts of the country.  The report relates that
experts from Belarus are recording drilling and surveying data in
the Llanos region of Venezuelan to ensure the terms of their
cooperative agreements with PDVSA are met.

PDVSA, the report notes, lauded the employment benefits of the
project, saying it would offer 600 direct and more than 2,000
indirect employment opportunities for the region.

                           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: Estimates 55% Growth in Sales Network
-------------------------------------------------------------
Petroleos de Venezuela estimated a growth of 55% across its
nationwide sales network with the addition of 74 new outlets to
the 78 already existing.  The company is also consolidating an
infrastructure that will also strengthen its marketability.

The company said that 21 of these facilities will have a daily
sales capacity of over seven thousand kilos of food items.

PDVAL President Ricardo Fong said that the network will increase
sales growth at 12.5%.  "To achieve this goal we have our direct
distribution network, the Communal PDVALitos and agreements with
Bolivarian mayors and governors."

In 2009 the subsidiary was able to sell 383 thousand 685 tonnes of
food, 15% more than it achieved in 2008.  "This year we will
progressively increase our sales to reach the goal of 36 thousand
tons a month," said Mr. Fong.

Mr. Fong said that PDVAL, through its subsidiaries in the oil
industry, is in its network to ensure the distribution of
margarine.  "We are currently developing a plan for increasing
production in 2011 of 30% and to reach 3 tons of margarine and 6
thousand of oil," he said.

PDVAL President also pointed out that this increase will ensure
the distribution outlets of the subsidiary of PDVSA, Mercal, and
also it will contribute to the provision of the new network
Bicentenarios Hyper Market.

                           About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: Owes US$12 Billion on Seized Companies, Chamber Says
-----------------------------------------------------------------
Venezuela owes US$12 billion to more than 20 companies that belong
to the Venezuela-U.S. Chamber of Commerce for assets the
government seized over the past three years, Corina Rodriguez Pons
and Daniel Cancel at Bloomberg News report, citing Chamber
President Carlos Henrique Blohm.  The report relates Mr. Blohm
said that the assets of 28 members of the chamber, including nine
companies that provided oil service work for state oil producer
Petroleos de Venezuela SA, have been nationalized.

According to the report, Mr. Blohm said that of the nationalized
companies, 22 have received no response from the government to
their requests for compensation; while four companies have been
paid, and two have received partial compensation.  ?PDVSA is very
behind in paying off debts to some of our members,? Mr. Blohm told
Bloomberg News in an interview.

Bloomberg News notes that the chamber of commerce, known as
Venamcham, has more than 1,100 members including Cargill Inc.,
Kraft Foods Inc., Nestle SA, Ford Motor Co. and General Motors Co.

Meanwhile, the report relates, Mr. Blohm said that members of the
chamber of commerce are also owed about US$7 billion in delayed
dollar sales at the official exchange rates.  The report notes
that the Foreign Exchange Administration Commission (Cadivi),
which approves dollars for importers as part of currency controls
established in 2003, has recently been assigning dollars approved
as long as a year ago.  The dollars at the official rate would be
used to repatriate as much as US$1 billion of dividends, he added.

                           *     *     *

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


                            ***********

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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