TCRLA_Public/100308.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

              Monday, March 8, 2010, Vol. 11, No. 046

                            Headlines



A R G E N T I N A

* ARGENTINA: Court Suspends Central Bank's Use of Reserves
* ARGENTINA: Sub-Nat'l Govts. Credit Quality Surpasses Nat'l Govt.


B R A Z I L

BRASKEM SA: Eurocontrol Signs Petrochemical Marking Deal With Firm
GOL LINHAS: Reveals February 2010 Traffic Figures
EMPRESA NACIONAL: Refineries Have One Week of Diesel Stocks Left
LUPATECH SA: Offers Shareholders the Option to Vote Remotely


C A Y M A N  I S L A N D S

ABRIA SELECT: Shareholders Receive Wind-Up Report
ARCA FUNDING: Shareholders Receive Wind-Up Report
AREV CAPITAL: Shareholder Receives Wind-Up Report
AXIOM MARKET:  Shareholders Receive Wind-Up Report
BANCHO HOLDINGS: Shareholders Receive Wind-Up Report

BLUEMOUNTAIN DEFENSIVE: Shareholders Receive Wind-Up Report
BRENTWOOD CLO II: Shareholders Receive Wind-Up Report
CEVAL INTERNATIONAL: Shareholders Receive Wind-Up Report
CFIP FUNDING: Shareholders Receive Wind-Up Report
CHAMBERLIN SPV: Shareholders Receive Wind-Up Report

CONCORDIA (F) MANAGED: Shareholders Receive Wind-Up Report
DALLAGLIO CDO: Shareholders Receive Wind-Up Report
DALLAGLIO CDO: Shareholders Receive Wind-Up Report
DISCOVER CARD: Shareholders Receive Wind-Up Report
DMR STRUCTURED: Shareholders Receive Wind-Up Report

DRY BROOK: Shareholders Receive Wind-Up Report
ECO GAM: Shareholders Receive Wind-Up Report
EPIRUS HIGH: Shareholders Receive Wind-Up Report
FEROX BF: Shareholders Receive Wind-Up Report
GREENACRE I SPC: Shareholders Receive Wind-Up Report

GREENACRE II: Shareholders Receive Wind-Up Report
NAUTILUS RMBS: Shareholders Receive Wind-Up Report
NAUTILUS RMBS: Shareholders Receive Wind-Up Report
NAUTILUS RMBS: Shareholders Receive Wind-Up Report
NORMANDY INTERNATIONAL: Shareholders Receive Wind-Up Report

NORMANDY INTERNATIONAL: Shareholders Receive Wind-Up Report
PALLAS IV CDO: Shareholders Receive Wind-Up Report
PARMALAT CAPITAL FINANCE: Settles EUR1 Bil. Claims
PERELLA WEINBERG: Shareholders Receive Wind-Up Report
SKYGATE CAPITAL: Shareholders Receive Wind-Up Report

SKYGATE CAPITAL: Shareholders Receive Wind-Up Report


E C U A D O R

* ECUADOR: To Meet Global 2015 Payments, Finance Minister Says


H A I T I

AES CORP: Restores Power to Important Sector of Port-au-Prince


J A M A I C A

AIR JAMAICA: Government May Keep Airline's Maintenance Unit
AIR JAMAICA: T&T Gov't Only Wants Airline's Profitable Routes
JAMAICA RAILWAY: Government to Divest Idle Lands for JM$445.6MM
NATIONAL COMMERCIAL BANK: To Cut 100 Jobs to Manage Costs
NATIONAL COMMERCIAL BANK: Investment Adviser Convicted for Scam

SUGAR COMPANY OF JAMAICA: Cabinet OKs Commission of Enquiry
WINDALCO: To Make 762 Jobs Redundant on March 31


M E X I C O

CEMEX SAB: Court Rules Against Firm's Venezuela Bid
DESARROLLADORA HOMEX: To Apply Accounting Rule INIF 14 Starting 1Q
DEUTSCHE BANK: Moody's Affirms 'D' Bank Financial Strength Rating
MBIA MEXICO: S&P Affirms 'BB+' Global Financial Strength Rating


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Conoco Gets Notice of Int'l Lawsuit
PETROLEOS DE VENEZUELA: Unit Invests US$100MM to Meet Demands


X X X X X X X X

LATAM: High Taxes and Evasion Eroding Economic Growth, IDB Says
* BOND PRICING: For the Week March 1, to March 6, 2010




                         - - - - -


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


* ARGENTINA: Court Suspends Central Bank's Use of Reserves
----------------------------------------------------------
Taos Turner at Dow Jones Newswires reports that Argentine bonds
ended mixed after a federal court suspended a decree issued by
President Cristina Fernandez ordering Central Bank reserves to be
used to make debt payments this year.

The report relates that on March 4, 2010, the dollar-denominated
Boden 2012 bond fell 0.28% in price terms to ARS346 to yield
8.69%, while the benchmark peso-denominated bond rose 0.49% in
price terms to ARS91.95, yielding 13.77%.

According to the report, the government's use of the reserves, and
the surreptitious way it went about getting them, behind
Congress's back on March 1, angered opposition parties.  The
report notes that a Senate committee rejected the appointment of
Central Bank President Mercedes Marco del Pont and could lead to
her removal in a broader Senate vote.

"That's going to add a lot of uncertainty to the market," the
report quoted Adrian Mayoral, a trader at Mayoral brokerage, as
saying.  "It'd be nice it were a bit more boring around here once
in a while," he added.  The report relates that Mr. Mayoral is not
alone in his observations.

RBS analyst Boris Segura said in a research note obtained by Dow
Jones Newswires that "Expect more noise going forward, especially
if authorities keep insisting on pushing through radical policy
initiatives.  A new, assertive Congress is here to stay."

Meanwhile, the report notes, an unnamed official at the presidency
said that despite the court's suspension, President Fernandez
plans to continue using the reserves to pay debt.

As reported in the Troubled Company Reporter-Latin America on
February 26, 2010, Reuters said that President Cristina Fernandez
de Kirchner's government filed a motion asking judges to send a
case to the Supreme Court for final ruling after an Argentine
federal court kept a hold on the government's plan to use US$6.6
billion in reserves to pay debt.  The report related that the
judges ruled against freeing the reserves while the case
proceeded.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


* ARGENTINA: Sub-Nat'l Govts. Credit Quality Surpasses Nat'l Govt.
------------------------------------------------------------------
The credit quality of a few sub-national governments in Argentina
surpasses that of the national government, reflecting recovery
rates higher than those of the sovereign following the 2001-2002
crisis and Moody's expectation of a similar outcome in the event
of another sovereign debt restructuring following a default, says
Moody's Investors Service in a new report.

While four provinces are rated in line with the Argentine
sovereign bond rating of B3, three subnational governments-the
City of Buenos Aires, the Municipality of Ro Cuarto and the
Province of Mendoza-are rated B1, two notches above the sovereign
rating.

"The B1 ratings, underpinned by an expectation of higher recovery
rates, recognize that these Argentine sub-national governments
display lower debt burdens and higher own-source revenues compared
to national peers, which indicate a higher degree of financial
flexibility and enhanced capacity to withstand, at least at the
margins, potential future economic and revenue side shocks," says
Moody's Associate Analyst Patricio Esnaola, co-author of the
report.

Looking to the past, empirical evidence on recovery rates also
underpins local currency rating levels higher than that of the
sovereign.  "Based on empirical evidence on debt restructuring
following the 2001-2002 crisis, Moody's estimates that bondholders
of the City of Buenos Aires and the Province of Mendoza suffered
haircuts of approximately 36% and 43%, respectively, on a net
present value basis, compared to 70%, on average, for sovereign
bondholders," said Esnaola.


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


BRASKEM SA: Eurocontrol Signs Petrochemical Marking Deal With Firm
------------------------------------------------------------------
Eurocontrol Technics Inc., through its wholly owned subsidiary
Global Fluids International S.A., has signed its first Petro
chemical marking contract in Brazil with Braskem SA.  Braskem is
the largest Latin American petrochemical company with a market
capitalization US$3.6 Billion.

"Brazil is an important and large potential market with an
impressive annual growth rate and a need for our products,"
commented Bruce Rowlands, President and CEO, Eurocontrol Technics.
"We are very pleased to have received this important Petro
chemical marking project with our large Brazilian customer,
Braskem.  This contract is the result of the marketing approval
granted to GFI and its Petromark(TM) technology by ANP (Agencia
Nacional do Petroleo, Gas Natural e Biocombustiveis), the
Brazilian National Oil Agency, in 2009," added Mr. Rowlands.

                    About Eurocontrol Technics

Eurocontrol Technics Inc., through its wholly owned subsidiary
Global Fluids International S.A., is one of the world's pioneers
in developing and implementing innovative molecular marking
systems for the oil industry. Through its proprietary
Petromark(TM) integral system, GFI has developed a 4-part solution
consisting of a molecular marker, injection, monitoring and
control components. Such oil industry cost realities along with
GFI's 5-year R&D efforts to create its industry-leading marking
solutions, along with access to capital provided by Eurocontrol
Technics Inc. allows management to pursue numerous anticipated oil
marking opportunities in fiscal 2010 and in years to come.

                         About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


GOL LINHAS: Reveals February 2010 Traffic Figures
-------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. posted its preliminary traffic
figures for February 2010.

                        Management Comments

In February 2010, demand on GOL's route network grew by 46.9% over
the same period last year (47.9% in the domestic market and 40.3%
in the international market), pushed by economic growth in Brazil
and Latin America and the expansion of GOL's competitive
advantages, especially its cost structure, exemplary service,
dynamic fare management and the revitalization of the SMILES
program.  These factors also contributed to the 47.9% domestic
demand growth.

Thanks to fleet renewal and strong demand, aircraft utilization
exceeded 12.5 block hours/day, above the 11 block hours/day
recorded in February 2009.  These two factors helped increase
GOL's cost advantages in its operational markets.

Another February highlight was the Company's dynamic fare
management, which fueled demand among Brazil's emerging middle
class by ensuring attractive prices for people booking their
tickets in advance.  At the same time, the share of business and
high-income passengers moved up, thanks to the revitalization of
SMILES, Latin America's largest mileage program with more than 6.6
million participants and over 160 commercial partners, and high
punctuality, regularity and safety levels.

In comparison with the previous month, demand fell by 11.9% given
that January marks the peak of the high summer season.  In
addition, there were a smaller number of calendar days (31 in
January and 28 in February -- the daily average decline was only
6.6%) and Carnival.  Although the holiday generates heavy air
traffic, load factors are highest at the beginning and end of the
period (February 13 and 17 this year), with demand falling off in
between.

    Operating Data       Feb      Feb      Chg. %   January   Chg. %
                        2010*    2009*      (YoY)    2010*    (YoY)
    Total System        -----    -----     ------   -------   ------
     ASK (mm) (1)      3,467.6  2,932.8     18.2%   3,936.7   -11.9%
     RPK (mm) (2)      2,523.1  1,718.0     46.9%   3,066.0   -17.7%
     Load Factor (3)     72.8%    58.6%   +14.2pp     77.9%   -5.1pp
    Domestic Market
     ASK (mm) (1)      3,026.4  2,469.0     22.6%   3,443.2   -12.1%
     RPK (mm) (2)      2,192.4  1,482.3     47.9%   2,662.3   -17.6%
     Load Factor (3)     72.4%    60.0%   +12.4pp     77.3%   -4.9pp
    International Market
     ASK (mm) (1)        441.2    463.7     -4.9%     493.5   -10.6%
     RPK (mm) (2)        330.6    235.7     40.3%     403.7   -18.1%
     Load Factor (3)     74.9%    50.8%   +24.1pp     81.8%   -6.9pp

( * ) February 2010 -- preliminary figures; February 2009 and
January 2010 -- figures from the National Civil Aviation Agency
(Anac).

Demand on GOL's international route network increased by 40.3%
over February 2009, thanks to the following additional factors:

    (i) the appreciation of the Real against the Dollar;
   (ii) adjustments to the international route network,
        including frequencies;
  (iii) the launch of new routes between Brazil and the
        Caribbean, such as those to Aruba and Curacao; and
   (iv) the more favorable macroeconomic scenario.

As a result, the Company delivered a total load factor of 72.8% in
February 2010 -- 72.4% in the domestic market and 74.9% in the
international market, the latter increase being 24.1 percentage
points above the 50.8% recorded in February 2009, while the
domestic ratio climbed by 12.4 p.p. over the 60.0% registered in
the same month last year.

In accordance with the Company's disciplined capacity growth
strategy, while demand grew by 47.9% year-on-year, capacity only
moved up by 22.6%, less than half the demand figure.  This
strategy was equally apparent in the international market, where
the Company reduced its capacity by 4.9%, versus a 40.3% upturn in
demand, improving the quality of the consolidated load factor.

Yields averaged around 19 cents (R$), very close to January's
ratio.  The Company believes that current yield and load factor
levels are in accordance with its future prospects and financial
projections.

(1) Available seat kilometers (ASK) is the sum of the products
    obtained by multiplying the number of seats available on each
    flight stage by the distance of the average flight stage.

(2) Revenue passenger kilometers (RPK) is the sum of the products
    obtained by multiplying the number of revenue passengers
    carried on each flight stage by the average stage distance.

(3) Load factor is the percentage of aircraft seating capacity
    effectively used, which is calculated by dividing the number
    of passenger-kilometers flown by the number of seat-kilometers
    available.

                         About GOL Linhas

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

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


EMPRESA NACIONAL: Refineries Have One Week of Diesel Stocks Left
----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Chile's national
oil company, Empresa Nacional de Petroleo, has about one week of
diesel stocks remaining and 10 days of gasoline at its Bio Bio and
Aconcagua refineries after the February 27 earthquake.  Company
spokeswoman Patricia Silva told Bloomberg News in a telephone
interview that fuel is being dispatched from both refineries,
which are closed while they are repaired following the earthquake.
Additional fuel demand will be covered by imports, she added.

According to the report, JPMorgan Chase & Co. said that Chile may
have to import 4 million barrels of oil products to cover demand
while the two refineries are closed.  The report points out that
the Bio Bio and Aconcagua refineries each have a capacity of about
104,000 barrels a day and produce more than 90% of the company's
total output of about 220,000 barrels a day.

                            About ENAP

Empresa Nacional de Petroleo explores for and produces oil and
natural gas and provides refining, logistics, and
commercialization of fuels and other petroleum by products.  The
company also provides services related to the oil industry such as
the construction and maintenance of oil infrastructure in the land
at sea; and logistic services.


LUPATECH SA: Offers Shareholders the Option to Vote Remotely
------------------------------------------------------------
Lupatech SA signed up for Assembleias Online, the electronic
voting platform developed by MZ.  By joining Assembleias Online,
the Companies have further improved their corporate governance
practices by offering their shareholders the option to vote
remotely, which should increase quorum at general meetings.

According to Thiago Alonso de Oliveira, the Chief Financial and
Investor Relations Officer of Lupatech, "Assembleias Online
perfectly matches Lupatech's determination to constantly operate
in accordance with the best corporate governance practices.  We
expect an increase in the participation of minority shareholders
at our general meetings."

Assembleias Online is a pioneering initiative of MZ together with
Brazil's leading law firms, which resulted in an official request
to the Board of the Brazilian Securities and Exchange Commission
(CVM) in February 2008.  In June of the same year, the request was
approved, the CVM Board having found no impediments to the use of
digital certification and other details provided by MZ.

By joining Assembleias Online, Lupatech also complied with CVM
Instruction 481 of December 17, 2009, which rules on the exercise
of electronic voting rights and other matters related to the
shareholders' meetings of publicly-held companies.

                        About Lupatech SA

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 11, 2010, Moody's Investors Service downgraded the
ratings of Lupatech S.A. Corporate Family Rating to "B2" from "B1"
(global scale); to "Ba1.br" from "Baa3.br" (Brazil national
scale).


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


ABRIA SELECT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Abria Select Alternatives 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


ARCA FUNDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Arca Funding 2006-I, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


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

The company's liquidator is:

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


AXIOM MARKET:  Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Axiom Market Neutral Fund received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Pinalkumar Shah
         Habibsons Bank Limited
         9 Portman Street, London, W1H 6DZ
         United Kingdom
         c/o Victor Murray
         Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BANCHO HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Bancho Holdings Limited received, on
January 26, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BLUEMOUNTAIN DEFENSIVE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Bluemountain Defensive Credit Fund 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BRENTWOOD CLO II: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Brentwood CLO II, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CEVAL INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ceval International Participation II Ltd.
received, on January 28, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CFIP FUNDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CFIP Funding SPC received, on January 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CHAMBERLIN SPV: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Chamberlin SPV 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CONCORDIA (F) MANAGED: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Concordia (F) Managed Account (1) 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


DALLAGLIO CDO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Dallaglio CDO 2005-3 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DALLAGLIO CDO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Dallaglio CDO 2005-4 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DISCOVER CARD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Discover Card Offerings Limited No. 1
received, on January 27, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DMR STRUCTURED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of DMR Structured Arbitrage Fund 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DRY BROOK: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Dry Brook Capital SPC received, on January 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


ECO GAM: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Eco Gam Fund, Ltd. received, on January 28,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


EPIRUS HIGH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Epirus High Grade CDO 2007-1, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


FEROX BF: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Ferox BF Assets Limited received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


GREENACRE I SPC: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Greenacre I SPC received, on January 26, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


GREENACRE II: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Greenacre II SPC received, on January 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


NAUTILUS RMBS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Nautilus RMBS CDO III, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


NAUTILUS RMBS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Nautilus RMBS CDO IV, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


NAUTILUS RMBS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Nautilus RMBS CDO V, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


NORMANDY INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Normandy International Absolute Return Fund
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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


NORMANDY INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Normandy International Master Fund 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


PALLAS IV CDO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Pallas IV CDO 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:

         Steven O'Connor
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


PARMALAT CAPITAL FINANCE: Settles EUR1 Bil. Claims
------------------------------------------
Parmalat has settled over EUR1 billion in claims made
against it by Parmalat Capital Finance (presently in liquidation
in the Cayman Islands).  Pursuant to the terms of the settlement,
Parmalat will allocate 5.6 million shares of stock already issued
to PCF and currently frozen by order of the Parma court.  Parmalat
will also issue 12.4 million new shares of stock to PCF and
release claims it had asserted against PCF in the Cayman Islands.

PCF will, in turn, release all of its claims against Parmalat and
assign to Parmalat its rights in a $45 million debt from Parmalat
de Venezuela, together with certain other claims.

The assignment of the Parmalat de Venezuela debt means that
Parmalat now owns all debt and equity interests in Parmalat de
Venezuela.

The settlement is subject to approval by the Cayman Court
supervising the liquidation of PCF.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


PERELLA WEINBERG: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Perella Weinberg Partners Alpha Large Cap
Offshore Fund 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SKYGATE CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Skygate Capital Partners, 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:

         DMS Corporate Services Ltd.
         dms House, 20 Genesis Close
         P.O. Box 1344, George Town
         Grand Cayman KY1-1108, Cayman Islands


SKYGATE CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Skygate Capital Partners 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:

         DMS Corporate Services Ltd.
         dms House, 20 Genesis Close
         P.O. Box 1344, George Town
         Grand Cayman KY1-1108, Cayman Islands


=============
E C U A D O R
=============


* ECUADOR: To Meet Global 2015 Payments, Finance Minister Says
--------------------------------------------------------------
The Ecuadorian government will meet payments on its global 2015
bonds, Mercedes Alvaro at Dow Jones Newswires reports, citing
Finance Minister Maria Elsa Viteri.  The report relates that
Ecuador has US$650 million in bonds that are due in 2015.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2009, Bloomberg News said that President Correa skipped
a US$30.6 million payment for the country's 12% bonds due in 2012,
calling the debt "illegal" and "illegitimate."  The move also sent
its bonds due 2015 and 2030 into default, the same report noted.
Argentina, the report noted, has relied largely on multilateral
lending since the 2008 default.

According to Dow Jones Newswires, Mr. Viteri said that "It was
Ecuador's sovereign decision to not recognize the illegitimacy of
a part of the commercial debt, not a lack of liquidity."

The report relates analysts have said Ecuador may default again
due a lack of financing.

Mr. Viteri, the report notes, said that Ecuador received about
$857 million from multilateral lenders last year.

For 2010, the report discloses, Ecuador has signed loan contracts
with the Inter-American Development Bank and the Andean
Development Corp. (CAF) worth US$550 million.  Last year, the
report recalls, the Ecuadorian government said it had bought back
more than 90% of its defaulted bonds through a modified Dutch
auction.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-term
foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC'
following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


=========
H A I T I
=========


AES CORP: Restores Power to Important Sector of Port-au-Prince
--------------------------------------------------------------
AES Corporation restored the energy service to an area of the
capital Port-au-Prince, where they concluding the installation of
the substation in Verraux, to supply electricity to one Haiti's
most important industrial and residential zones, Dominican Today
reports.

According to the report, the work will provide energy for the
first time since the January 12 quake for around 10,000 customers,
or 60% of the billing by Haiti's electricity provider (EDH.

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 of March 8, 2010, the company continues to carry Moody's B1 LT
Corp Family and Senior Subordinate ratings, "Ba3" LT COrp family
rating, "B3" Preferred Stock rating, and "B1" Probability of
default rating.  The company also continues to carry Standard and
Poor's "BB-" Issuer credit ratings.


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


AIR JAMAICA: Government May Keep Airline's Maintenance Unit
-----------------------------------------------------------
Ingrid Brown at Jamaica Observer reports that the Jamaican
government may opt to keep Air Jamaica Limited's maintenance unit
after it would divest the airline to Trinidad-owned Caribbean
Airlines.  "It is my understanding that the maintenance unit is
not a part of the current negotiations," the report quoted
Transport Minister Mike Henry as saying.  "The operation is being
looked at as a separate entity and I would not be able to give any
more information than that because it is a continuous exercise
which is being re-examined and looked at," he added.

According to the report, Mr. Henry said that he has raised the
option to Prime Minister Bruce Golding, who has advised that the
possibility of establishing the maintenance department as an
independent maintenance and repair organization is being examined.

The report notes that Mr. Henry's idea to retain the maintenance
unit as a separate entity has the support of Colonel Oscar Derby,
director general of the Jamaica Civil Aviation Authority.

An unnamed airports authority official told the Observer that the
maintenance unit, with its large hangar and over 100 certified
mechanics, constitutes a major asset for the country.

                        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
March 4, 2010, Moody's Investors Service raised its ratings of Air
Jamaica Limited; corporate family and senior unsecured notes each
to B3 from Caa1.  The outlook is stable.  The upgrades follow the
March 2, 2010 upgrade of the foreign currency bond rating of The
Government of Jamaica to B3 from Caa1.

According to 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: T&T Gov't Only Wants Airline's Profitable Routes
-------------------------------------------------------------
The Trinidadian government said that its national carrier,
Caribbean Airlines, will not be taking over Air Jamaica Limited's
debts, RadioJamaica reports.  The report relates Colm Imbert,
Trinidad's Transport Minister, said that Caribbean Airlines will
only acquire Air Jamaica's profitable routes.

According to the report, citing Trinidad's Express newspaper, Mr.
Imbert said that there is value attached to the routes.  The
report relates that Mr. Imbert said Caribbean Airlines will be
replacing the airlift that would be required when Air Jamaica
stops flying.

The report notes Mr. Imbert confirmed that all employees'
positions will be made redundant on April 12 and Caribbean
Airlines would be financially responsible for the transition
operation after that date.  The transition proposal is to continue
operating the airline, using its existing fleet under contract to
Caribbean Airlines, for perhaps as long as one year, he added.

                        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
March 4, 2010, Moody's Investors Service raised its ratings of Air
Jamaica Limited; corporate family and senior unsecured notes each
to B3 from Caa1.  The outlook is stable.  The upgrades follow the
March 2, 2010 upgrade of the foreign currency bond rating of The
Government of Jamaica to B3 from Caa1.

According to 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 RAILWAY: Government to Divest Idle Lands for JM$445.6MM
---------------------------------------------------------------
The Jamaican government has given the Ministry of Transport and
Works the go ahead signal to sell lands owned by the Jamaica
Railway Corporation, which are not required for the operation of
the railway, for an estimated value of JM$445.6 million, Jamaica
Observer reports.

According to the report, the minister with responsibility for
Information, Daryl Vaz, said that the provision of railway
facilities and other services to West Indies Alumina Company and
the bauxite sector in general, have been the key revenue-earning
activities for the JRCO since the closure of the railway in
October 1992.  The report relates that Mr. Vaz said the present
crisis in the bauxite sector has crippled the ability of the JRC
to operate as a self-financing entity and the corporation has been
further affected by the decision of WINDALCO to suspend its
operations for 18 to 24 months with effect from March 1, last
year.

Mr. Vaz, the report adds, said that the transport and works
ministry is empowered under the JRC Act to dispose of the
property.


NATIONAL COMMERCIAL BANK: To Cut 100 Jobs to Manage Costs
---------------------------------------------------------
Julian Richardson at Jamaica Observer reports that the National
Commercial Bank it will cut over 100 jobs in a move to manage
costs.  The report relates Sheree Martin, NCB senior assistant
general manager, Group Marketing & Communications Division, said
that challenges of the current economic environment played a role
in the decision.

According to the report, the company had made several senior staff
cuts to consolidate operations and scale back on expenses.  The
report relates that last month, two of the company's top brass
were made redundant -- group chief compliance officer and company
secretary, Jennifer Dewdney Kelly and group chief information
officer, Peter Quinn.  The report notes that the bank elected not
to hire a new managing director for NCB Capital Markets after the
resignation of ex-boss Christopher Williams, instead opting to
have NCB Group deputy managing director, Dennis Cohen, assume the
position on an interim basis.

"We made the decision to centralize key divisions thereby
capitalising on expertise that could readily span across divisions
for the benefit of the Group," the report quoted Ms. Martin as
saying.  "We began by centralizing Marketing, IT and HR functions;
more recently, IT functions have been further absorbed into the
Network Operations Division, and the Group Compliance Division has
been absorbed into the Group General Council Division," she added.

                         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-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NATIONAL COMMERCIAL BANK: Investment Adviser Convicted for Scam
---------------------------------------------------------------
Former Victoria investment adviser Ian Thow, a Canadian national,
has been convicted in a Vancouver Court on fraud charges, which
involved him selling fake shares in National Commercial Bank,
Jamaica, RadioJamaica reports.  The report relates that Mr. Thow
has been sentenced to nine years in prison for 25 counts of fraud
totaling US$8 million.

According to the report, Mr. Thow had been charged with 25 counts
of fraud stemming from allegations he stole more than US$32
million from clients and friends by persuading them to invest in a
variety of schemes, ranging from shares in NCB to short-term loans
for developers.  The report notes that Mr. Thow will spend seven
years in prison, getting double time off for the year he has
already served behind bars.

                         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-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


SUGAR COMPANY OF JAMAICA: Cabinet OKs Commission of Enquiry
-----------------------------------------------------------
The Jamaican government has approved the mandate for the Sugar
Company of Jamaica Holdings Limited to conduct negotiations with
interested parties who had submitted unsolicited proposals for the
divestment of the company's Frome, Monymusk and Bernard Lodge
Sugar estates, Jamaica Information Service reports, citing
Minister with responsibility for Information, Daryl Vaz.  The
report relates that a Commission of Enquiry has also been approved
that will review the current institutional and regulatory pricing
arrangements in the sugar industry.

According to the report, Mr. Vaz said that approval had been
granted for the SCJH to negotiate a medium-term pre-financing
agreement with Eridania Suisse in exchange for supplies of sugar
to Eridania and that the funds from them are earmarked to support
the continual restructuring and operation of the sugar estates
pending divestment.  "The Cabinet had also previously approved the
discontinuation of the Sugar Negotiating Team and the transfer of
its functions and mandate to a strengthened board of the SCJH
which is responsible for the operations of the three estates as
well as their divestment" the report quoted Minister Vaz as
saying.

                             About SCJ

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

                           *     *     *

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


WINDALCO: To Make 762 Jobs Redundant on March 31
------------------------------------------------
West Indies Alumina Company will end its bauxite production in
Jamaica and make 762 permanent jobs redundant on March 31, Carl
Gilchrist at Jamaica Gleaner reports.  The report relates that the
redundancy exercise comes a year after the company suspended
production at its Kirkvine, Manchester, and Ewarton, St Catherine,
refineries because of reduced demand for aluminium on the world
market.  The company is 93% owned by Russian entity, UC Rusal.

According to the report, Acting Managing Director Andrew Currie
explained that the company's management felt it would also be in
the best interest of Windalco to make the positions redundant.

The report notes that the decrease in demand for alumina on the
world market because of the recession dealt a severe blow to the
Jamaican economy, which is heavily dependent on foreign-exchange
inflows from sectors such as bauxite and tourism.

The Gleaner discloses that Kayon Wallace, Windalco's senior
communications officer, said that, as of April 1, a 'take-care'
organization comprising a small complement of contract workers
will be responsible for preserving the company's assets and
meeting legal and community obligations.  The report relates that
Mr. Wallace said that the company will still be involved in
agricultural activities that formed part of its original mandate.
The tenant farm program, two cattle farms in St Ann and
Manchester, and its third party business at Port Esquivel will
still continue, he added.

                         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
===========


CEMEX SAB: Court Rules Against Firm's Venezuela Bid
---------------------------------------------------
The Washington-based International Center for Settlement of
Investment Disputes rejected a request by CEMEX, S.A.B. de C.V. to
protect the company from further expropriations by Venezuela after
a 2008 nationalization of its Venezuelan assets, Robin Emmott and
Marianna Parraga at Reuters report.

According to the report, Cemex SAB had asked ICSID to stop
Venezuela from taking control of three Panama-based cement vessels
that were under the control of Cemex's Venezuela operations before
the August 2008 nationalization.  The report relates that the
demand is part of a wider court case in which Cemex SAB is seeking
US$1.3 billion in compensation for the seizure of its assets.
Venezuela has offered about a third of that.

An unnamed Cemex spokesman said that Panama's Supreme Court
recently gave Cemex control of the boats, which he considered as
"irrelevant."  "This is something that could complicate Cemex's
overall bid for compensation.  It is going to take a long time,"
the report quoted Francisco Chavez, an analyst at BBVA Bancomer,
as saying.

Venezuela President Hugo Chavez, the report recalls, nationalized
Cemex's Venezuelan assets, accusing the company of pollution that
was harming local residents.  The report points out that Cemex SAB
denied any wrongdoing, arguing it had invested heavily in its
plants in recent years, switched its sales focus to the domestic
market, cut exports, and increased its social program to help low-
income families build homes.

Reuters notes that Cemex SAB had hoped to use compensation from
Venezuela to help reduce its US$15 billion debt load as it
struggles with slumping U.S. and European cement volumes due to
the global recession.  As reported in the Troubled Company
Reporter-Latin America on March 11, 2009, Reuters said that Cemex
SAB has been slammed by debt problems after its ambitious Rinker
takeover in 2007, slumping sales, and losses on derivatives amid
turmoil caused by the global credit crisis.

                           About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.


DESARROLLADORA HOMEX: To Apply Accounting Rule INIF 14 Starting 1Q
------------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. will begin applying the
accounting rule INIF 14 starting with the First Quarter of 2010.
Under this accounting standard, the company will recognize its
revenues, costs and expenses when the Company has transferred
title of the property to the homebuyer. Prior to 2010, the company
recognized these items under a percentage of completion method.

In addition, the Company is preparing for the 2012 compliance and
adoption of IFRS, pursuant to the requirements of the Mexican
Council for the Investigation and Development of Accounting Rules
(CINIF).

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

                           *      *     *

As of March 8, 2010, the company continues to carry Moody's "Ba3"
LC Curr Issuer and Senior Usecured Debt ratings.  The company also
continues to carry Standard and Poor's "BB-" LT Issuer Credit
ratings.


DEUTSCHE BANK: Moody's Affirms 'D' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service downgraded Deutsche Bank (Mexico),
S.A.'s global local currency, long term deposit rating to A3 from
A2.  The bank's D bank financial strength rating and the long- and
short-term foreign currency deposit ratings of Baa1 / Prime-2, as
well as the short-term Prime-2 local currency deposit ratings were
affirmed.  The Mexican National Scale ratings of Aaa.mx and MX-1
were also affirmed.  All these ratings have stable outlooks.

Moody's also downgraded to A3 from A2 the long-term global local
currency issuer rating assigned to Deutsche Securities, S.A de
C.V. Casa de Bolsa.  The outlook is stable.  The actions conclude
the reviews for possible downgrade on the global local currency
ratings of both entities initiated on November 23, 2009.

The rating actions on DB Mexico and DSMexico follow a similar
rating action taken on the BFSR assigned to their ultimate parent
Deutsche Bank A.G.  For details on this latter action, please
refer to Moody's press release "Moody's downgrades Deutsche Bank
to Aa3/C+ from Aa1/B; outlook stable", dated March 4, 2010.

Moody's said that DB Mexico's GLC deposit rating to a great extent
incorporates Moody's assessment of the probability of very high
support that could be received from its parent company DB.
Moody's notes that an integral part of the parental support
received takes the form of transferring of a significant portion
of risks inherent to the Mexican subsidiary to other entities of
the DB network.  Moody's also indicated that the ratings on
DSMexico are aligned to those of its bank sister company to
reflect the full integration between these two entities, and with
DB.

The last rating actions on DB Mexico and DSMexico were on
November 23, 2009, when Moody's placed on review for possible
downgrade the bank's local currency deposit rating and the
securities firm's GLC issuer rating.

The long-term Mexican National Scale rating of Aaa.mx indicates
issuers or issues with the strongest creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-1 indicates that the issuer has the strongest ability
to repay short-term senior unsecured debt obligations relative to
other domestic issuers.

These ratings actions were taken on Deutsche Bank (Mxico), S.A.:

  -- Global local currency deposit rating: Downgrade A3, with
     stable outlook, from A2

These ratings actions were taken on Deutsche Securities Casa de
Bolsa, S.A.:

  -- Global local currency issuer rating: Downgrade A3, with
     stable outlook, from A2


MBIA MEXICO: S&P Affirms 'BB+' Global Financial Strength Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
global scale financial strength rating on MBIA Mexico S.A. de C.V.

At the same time, S&P affirmed its national scale financial
strength rating on MBIA Mexico at 'mxA'.  The outlooks remain
negative.

The ratings on MBIA Mexico reflect those on its U.S.-based parent,
MBIA Insurance Corp. (BB+/Negative/--).  The rating on the Mexican
subsidiary is based on the comprehensive support MBIA Insurance
provides to it, in the form of a reinsurance agreement that calls
for MBIA Mexico to cede 100% of its net exposure to MBIA, and a
net worth maintenance agreement from MBIA Insurance.

"S&P believes this agreement guarantees that the Mexican
subsidiary will maintain adequate capitalization for the size of
its operations," said Standard & Poor's credit analyst Barbara
Carreon.  "Based on both agreements, S&P view MBIA Mexico as a
fundamental subsidiary of MBIA Insurance."

The ratings on MBIA Insurance and its holding company, MBIA Inc.
(BB-/Negative/--), reflect the contribution of economic conditions
to losses in the group's structured-finance business.  In
September 2009, S&P downgraded both of these companies because S&P
now believes that losses on MBIA Insurance's 2005-2007 vintage
direct residential mortgage-backed securities and collateralized
debt obligations on asset-backed securities could be higher than
S&P had previously expected.  The downgrades also reflect the
potential for increased losses in other asset classes --
including, but not limited to, commercial mortgage-backed
securities -- and, for years prior to 2005, in RMBS.


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


PETROLEOS DE VENEZUELA: Conoco Gets Notice of Int'l Lawsuit
-----------------------------------------------------------
Susan Daker and Isabel Ordonez at Bloomberg News report that
Petroleos de Venezuela has told Houston-based ConocoPhillips that
it was initiating arbitration proceedings with the International
Chamber of Commerce, challenging Conoco's attempt to buy PDVSA's
interest in their jointly owned Merey Sweeney LP unit.

The report recalls that PDVSA announced its plan to take Conoco to
court as early as 2008, after the U.S. oil company said it wanted
to buy out PDVSA's 50% stake in Merey Sweeny.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2010, EFE News said that 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 related that Merey
Sweeny is one of PDVSA's five U.S.-based refineries, which is 50%
owned by Conoco.  The report noted that Venezuela's move to take
Conoco to court in the United States is part of a larger dispute.
In 2007, the report disclosed, 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 ICC

The ICC is a network of international corporations that can settle
commercial disputes through closed arbitration.  The organization
has offices around the world.

                           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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


PETROLEOS DE VENEZUELA: Unit Invests US$100MM to Meet Demands
-------------------------------------------------------------
The Board of Directors of Venezuelan Petroleum Corporation, a
subsidiary of Petroleos de Venezuela SA, toured the Industrial
Complex Jose Antonio Anzoategui to evaluate the proposed
installation of an electric generation breeders plant of the Oil
Belt joint ventures, allowing these facilities wean the national
electricity system.

The tour was conducted by the president and vice president of
PDVSA VPC, Eulogio Del Pino, the director of the VPC, Pedro Leon,
and the Improvement Manager, Luis Marquez.

Del Pino said that the project includes the installation of 100
megawatts to meet electricity demands Petrocedeno, Petropiar,
Sinovensa Petromonagas and Petroleum's breeders, with an initial
investment of US$100 million.

The plant will comprise four turbo-generators of 25 megawatts
each.  This is a new gas system for easy installation.  It
consists of two trailers, one of power and one for the control
system.  The launch of this plant is estimated in about six
months.

PDVSA's unit planned to start working with land, located on the
outskirts of Petrocedeno Breeder.  This self-financed by the
Venezuelan Petroleum will provide the necessary energy required
for production processes and improvement of oil extracted in the
Orinoco Oil Belt.

PDVSA's vice president called for joint ventures operating in the
Jose complex to avoid repeating the disastrous model.  "None of
the plants that are in Jose, an electrode must take nor the
communities or the Venezuelan people," said Del Pino.

He also congratulated the socialist workers, for their
unconditional contribution in the struggle for the recovery of our
oil sovereignty.  He said now "we are in a process of expansion"
and he announced that the next six years the national production
of the FPO, will increase from 30% to 70%.

                          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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


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


LATAM: High Taxes and Evasion Eroding Economic Growth, IDB Says
---------------------------------------------------------------
Complex tax systems and widespread evasion are distorting
investment decisions by companies in Latin America and the
Caribbean, reducing the efficiency of markets and preventing
governments from investing in infrastructure, education and other
key public goods.  This hinders the productive possibilities of
the region's economies, according to a newly released study by the
Inter-American Development Bank.

According to IDB, Latin America and the Caribbean have low tax
collection by international standards, with collection
concentrated on large corporations.  Tax rates as percentage of
profits are high, reaching an average of 48% compared with 41
percent in high-income countries.

Moreover, taxes are also associated with high transaction costs.
IDB said that Latin Americans spend on average 320 hours a year to
prepare, file and pay (or withhold) their taxes, almost twice as
much as high-income countries.  Processing taxes takes 2,600 hours
in Brazil.  Firms spent less time processing taxes in Grenada,
Dominica and St. Lucia.

IDB disclosed that high taxes can reduce the firms' incentives to
invest in technology and other productivity-enhancing strategies
because taxes reduce the potential profits generated by those
investments.  As a result, productivity is reduced in the formal
sector, hurting the overall long-term economic growth, the study
concludes.

IDB noted that by shifting to smarter tax programs, governments
can increase their revenue intake to finance much-needed social
and investment programs without hurting productivity and growth.
The region needs to ensure its tax systems to promote a better
allocation of resources that will pave the way for increased
productivity, the study says.  This means not only simplifying
taxes but also reducing taxes for corporations, in general, to
reduce the level of informality.

Currently, 61% of the region's tax revenues come from corporations
while in the industrial world that accounts for only 25% of total
revenues.  Despite the high taxes on companies, tax revenues in
the region, excluding social contributions, are only about 17% of
gross domestic product, compared with 27% in the United States and
36% in industrial countries, according to the study.

             High Taxes Triggers Widespread Evasion

Since tax rates and transaction costs are high, it is not
surprising that tax evasion is widespread in Latin America.  Tax
evasion among both small and large companies is rampant, with the
great majority of small and micro companies paying no taxes and
formal companies underreporting as a much as 40% of sales in some
countries, such as Brazil and Panama, according to the study.

According to a survey by Mckinsey & Company, nearly 70% of
microenterprises (firms with 10 or fewer employees) in Mexico
report that they are not registered and hence do not pay any
taxes.  Among small and medium-sized firms, the largest share,
63%, are registered but report not paying taxes. In the case of
large firms, 48% do not pay taxes.

The situation is even more dramatic in El Salvador.  Only 1% of
all microenterprises and 3% of all non-microenterprises are
registered.  While tax evasion is much lower in Chile, it is not
negligible for some types of taxes.  An estimated 66% of
establishments with 10 or more workers pay less than they should
in value added taxes (VAT), 58% underpay profit taxes and 34
percent social security contributions.

                    Evasion Hurts Productivity

"The high level of evasion hurts productivity," said Carmen Pages,
coordinator of the study, "because it prevents the government from
investing in productivity-enhancing public goods like
infrastructure and education.  In addition, it gives informal
firms, which are usually less productive, an unfair advantage in
the marketplace against those companies that pay taxes".

If governments target larger, more productive firms, tax evasion
becomes a subsidy for less productive companies and an additional
burden for the most productive ones.  From this point of view, tax
evasion may be lowering average productivity, as the competition
from tax-evading firms and informal firms reduces the market share
of tax abiding companies, according to the study.

Anti-competitive practices from the informal sector rank as the
third most important constraint to formal firms' growth in Latin
America, after corruption and macro instability.  Other restraints
to growth include inefficient regulations, high tax rates, the
economic cost of crime, low access and high cost of financing,
high electricity costs and inefficient tax administration,
according to data from the World Bank Enterprise Survey, cited in
the study.

                   Special Tax Regimes Can Also
                      Undermine Productivity

In order to reduce the level of informality and increase the tax
base, several countries in the region have adopted special tax
regimes for micro and small companies.  These regimes also seek to
reduce labor contributions by employers and expand labor benefits
for low-income workers and reduce costs for the government in
administering taxes on small companies so they can devote
resources in fighting evasion among large corporations.

However, despite their good intentions, these regimes can have
harmful effects on productivity and, therefore, may erode long-
term economic growth.  The main problem with these regimes is that
they can deter growth of small companies because they lose the
special tax treatment if they grow beyond a certain point,
according to the IDB study.

"At the end, these regimes create incentives for firms not to grow
beyond a certain point,'' said Pages.  "If they invest and grow,
they will not be entitled for such a special treatment and their
taxes will increase dramatically.  The additional taxes they will
have to pay will, many times, not pay for the investments they
make. So they simply don't invest."

The study urges governments in the region to simplify their tax
regimes, reducing the hurdles and the time required to comply with
them.  In addition, countries in the region should establish
gradual increases in tax rates among the different regimes to
reduce the barriers for micro and small companies to invest and
expand their businesses.


* BOND PRICING: For the Week March 1, to March 6, 2010
------------------------------------------------------

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

ARGENTINA

ARG-QUASI PAR     3.31  12/31/2045    ARS          49.875
ARGENT-$DIS       8.28  12/31/2033    USD         65.7775
ARGENT-$DIS       8.28  12/31/2033    USD        68.96336
ARGENT-PAR        1.18  12/31/2038    ARS        33.57708
ARGENT-=DIS       7.82  12/31/2033    EUR     58.44562507
ARGNT-BOCON PR13     2  3/15/2024     ARS        67.78522
BOGAR 2018           2  2/4/2018      ARS        109.6296
BUENOS AIRE PROV 9.625  4/18/2028     USD     62.27882421
BUENOS AIRE PROV 9.375  9/14/2018     USD     63.90200753
BUENOS-$DIS       9.25  4/15/2017     USD     71.08143786
BUENOS-=DIS        8.5  4/15/2017     EUR     71.16666667
MASTELLONE HERMA     8  6/30/2012     USD              70
MENDOZA PROVINCE   5.5  9/4/2018      USD     74.55380638


BRAZIL

CESP              9.75  1/15/2015     BRL        70.41665

CAYMAN ISLAND

BANIF FIN LTD        3  12/31/2019    EUR          71.015
BARION FUNDING    0.63  12/20/2056    GBP      16.6091638
BARION FUNDING    1.44  12/20/2056    GBP     29.67503029
BCP FINANCE CO   5.543  #N/A N Ap     EUR     72.60714286
BCP FINANCE CO   4.239  #N/A N Ap     EUR     72.06193781
BES FINANCE LTD  6.984  2/7/2035      EUR     71.52083778
BISHOPSGATE ASSE 4.808  8/14/2044     GBP        68.31044
CHINA MED TECH       4  8/15/2013     USD            58.5
CHINA PROPERTIES 9.125  5/4/2014      USD     84.30845019
CHINA SUNERGY     4.75  6/15/2013     USD          66.509
DUBAI HLDNG COMM  4.75  1/30/2014     EUR     66.51077924
DUBAI HLDNG COMM     6  2/1/2017      GBP        60.72944
FERTINITRO FIN    8.29  4/1/2020      USD           65.75
GOL FINANCE       8.75  #N/A N Ap     USD           86.42
LDK SOLAR CO LTD  4.75  4/15/2013     USD        71.32249
LDK SOLAR CO LTD  4.75  4/15/2013     USD              71
MAZARIN FDG LTD   1.44  9/20/2068     GBP     27.24892371
PANAMA CANAL RAI     7  11/1/2026     USD              80
PUBMASTER FIN    6.962  6/30/2028     GBP        69.09198
SHINSEI FIN CAYM 6.418  #N/A N Ap     USD     56.04152934
SHINSEI FIN CAYM 6.418  #N/A N Ap     USD     56.53065433
SHINSEI FINANCE   7.16  #N/A N Ap     USD           55.75
SHINSEI FINANCE   7.16  #N/A N Ap     USD           55.25
SOLARFUN POWER H   3.5  1/15/2018     USD          59.731
AIR JAMAICA LTD  8.125  6/14/2027     USD           67.75


   JAMAICA

JAMAICA GOVT LRS   2.5  2/24/2016     JMD     58.75573683


PUERTO RICO

PUERTO RICO CONS   6.5  4/1/2016      USD          63.375


VENEZUELA

PETROLEOS DE VEN   5.5  4/12/2037     USD     48.52993955
PETROLEOS DE VEN 5.375  4/12/2027     USD     50.24555383
PETROLEOS DE VEN  5.25  4/12/2017     USD      61.9803447
PETROLEOS DE VEN 5.125  10/28/2016    USD     58.86334288
PETROLEOS DE VEN     5  10/28/2015    USD      62.5483948
PETROLEOS DE VEN   4.9  10/28/2014    USD     66.70904898
SIDETUR FINANCE     10  4/20/2016     USD              68
VENEZUELA            7  12/1/2018     USD        68.62334
VENEZUELA         7.75  10/13/2019    USD        70.57708
VENEZUELA            6  12/9/2020     USD        60.98077
VENEZUELA            9  5/7/2023      USD        71.60056
VENEZUELA         7.65  4/21/2025     USD        64.01179
VENEZUELA         8.25  10/13/2024    USD        67.67273
VENEZUELA         9.25  5/7/2028      USD        71.43079
VENEZUELA         5.75  2/26/2016     USD        70.98986
VENEZUELA         9.25  9/15/2027     USD     71.64420876
VENEZUELA            7  3/31/2038     USD        57.82911
VENZOD - 189000  9.375  1/13/2034     USD        71.71046


                            ***********

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.


           * * * End of Transmission * * *