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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, March 9, 2010, Vol. 11, No. 047

                            Headlines



A R G E N T I N A

ECO PRODUCCIONES: Creditors' Proofs of Debt Due on May 11
PLUS COMPUTERS: Creditors' Proofs of Debt Due on April 23


B E R M U D A

CENTRAL EUROPEAN MEDIA: Aims to Report Better Earnings in 2010


B R A Z I L

AUTOVIAS SA: Moody's Assigns 'Ba1' Rating on Senior Debentures
BANCO SANTANDER BRASIL: Sees 2010 Loans to Grow 22%
CENTROVIAS SISTEMAS: Moody's Assigns 'Ba2' Rating on Debentures
COMPANHIA SIDERURGICA: Itau Boosts Rating on Ore Outlook
ELETROBRAS: Fund Manager Raises Stake on Profit Outlook

LUPATECH SA: S&P Downgrades Corporate Credit Rating to 'B+'
TAM SA: Gets Certification From Argentine Aeronautical Authority
TAM SA: International Investors Buy 82% of Multiplus SA's IPO
VIANORTE SA: Moody's Assigns 'Ba2' Rating on Senior Debentures
* BRAZIL: Economists Forecast 2010 CPI at 4.99%, Up From 4.91%


C A Y M A N  I S L A N D S

BROOKLANDS EURO: Moody's Takes Rating Actions on Two Classes
CAMBRIDGE CAPITAL: Shareholders Receive Wind-Up Report
CITI TRELLUS: Shareholders Receive Wind-Up Report
FORE CONVERTIBLE: Members Receive Wind-Up Report
IZARA INTERNATIONAL: Members Receive Wind-Up Report

LEO VENTURES: Members Receive Wind-Up Report
PUMA CAPITAL: Members Receive Wind-Up Report
QVT FINANCIAL: Members Receive Wind-Up Report
RANEK LEASING: Members Receive Wind-Up Report
REDWOOD SPC: Members Receive Wind-Up Report

RENDITE FINANCE: Members Receive Wind-Up Report
RONAN STREET: Members Receive Wind-Up Report
SPECTRUM SPC: Members Receive Wind-Up Report
SPECTRUM SPC: Members Receive Wind-Up Report
SPG INV: Members Receive Wind-Up Report

SR BOONE: Shareholders Receive Wind-Up Report
SR BOONE: Shareholders Receive Wind-Up Report
SR CRITERION: Shareholders Receive Wind-Up Report
SR EDINBURGH: Shareholders Receive Wind-Up Report
SR LOEB: Shareholders Receive Wind-Up Report

SR LUCERNE: Shareholders Receive Wind-Up Report
SR MW: Shareholders Receive Wind-Up Report
STRUCTURED FINANCE: Shareholders Receive Wind-Up Report
SUNSHINE FUNDING: Members Receive Wind-Up Report
TABS 2006-5: Members Receive Wind-Up Report

TABS 2006-6: Members Receive Wind-Up Report
TELOS CLO 2007-3: Members Receive Wind-Up Report
TOUTE VERTE: Members Receive Wind-Up Report
TRICADIA CDO: Members Receive Wind-Up Report
TRICADIA CDO: Members Receive Wind-Up Report

WESTERN ASSET: Members Receive Wind-Up Report


C O L O M B I A

ISAGEN SA: Net Income Up 48% to COP386 Billion


E C U A D O R

* ECUADOR: January Oil Export Revenue Down 11% From December


J A M A I C A

AIR JAMAICA: Flights to Continue Under Caribbean Airlines
DIGICEL GROUP: Plans to Acquire Digicel Pacific for US$500 Million
* JAMAICA: IDB Plans to Approve US$600MM Loans in 2010


M E X I C O

FORD CREDIT: Moody's Upgrades National Scale Debt Rating to 'Ba1'


P E R U

* PERU: Economy Grew by 5.5% in January


P U E R T O  R I C O

CARABEL EXPORT: Plan of Reorganization Wins Court Approval


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Lascelles Sale "Not on the Agenda"


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Refining Office Activates Fuel Systems


X X X X X X X X

LATAM: Remittances Stabilizing After 15% Drop in 2009, FOMIN Says
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


ECO PRODUCCIONES: Creditors' Proofs of Debt Due on May 11
---------------------------------------------------------
Marcos Gonzalez, the court-appointed trustee for Eco Producciones
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of debt until May 11, 2010.

Mr. Gonzalez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

         Marcos Gonzalez
         Lavalle 1537
         Argentina


PLUS COMPUTERS: Creditors' Proofs of Debt Due on April 23
---------------------------------------------------------
Vilma Vaello, the court-appointed trustee for Plus Computers SA's
reorganization proceedings, will be verifying creditors' proofs of
debt until April 23, 2010.

Ms. Vaello 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 29, 2010.

The Trustee can be reached at:

         Vilma Vaello
         Tucuman 1455
         Argentina


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


CENTRAL EUROPEAN MEDIA: Aims to Report Better Earnings in 2010
--------------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Central European
Media Enterprises Limited aims to report "better" earnings in 2010
as it sold its Ukrainian operations and relies on a regional
recovery.  The report relates Chief Executive Officer Adrian Sarbu
said that the company will strive to post higher earnings before
interest, taxes, depreciation and amortization across its
operations.

"Assuming that we'll close the deals in Ukraine and Bulgaria,
which we're aiming to do, all our operations will post positive
full-year Ebitda," Mr. Sarbu told Bloomberg News in an interview.
"It is also a target for us to deliver better Ebitda than last
year; we will do our best but everything depends on the markets,"
he added.

According to the report, CME has been trying to offset a 30%
decline in advertising spending in its markets during east
Europe's recession by divesting the unprofitable Ukrainian unit,
moving its main operations from London to Prague and adjusting
programming costs.  The report relates that the company expects a
market rebound in the second half of 2010.

Meanwhile, Bloomberg News notes that the International Monetary
Fund forecasts emerging Europe to crawl out of recession this
year, posting a combined 1.8% growth rate.

Mr. Sarbu, the report says, said that CME plans to focus on
"expanding its footprint" in the region by creating and
distributing its own content and adding channels. U.S. programming
generates a third of the audience share it generated five years
ago.  The company will also expand its content distribution on
mobile and fixed Internet by offering a mix of paid and ad-driven
streams, Mr. Sarbu added.  Bloomberg News adds that Mr. Sarbu is
also keen to bring 3D broadcasting to viewers in the region.

As reported in the Troubled Company Reporter-Latin America on
February 25, 2010, CME's net revenues for the fourth quarter of
2009 decreased 14% to US$252.1 million, compared to the fourth
quarter of 2008.  EBITDA for the quarter decreased 45% to US$44.1
million.  Operating income for the quarter increased US$302.2
million to US$23.0 million.  Net revenues for the year ended
December 31, 2009 decreased 30% to US$714.0 million, compared to
the year ended December 31, 2008.  EBITDA for the year decreased
75% to US$74.9 million.

                    About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service has affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.


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


AUTOVIAS SA: Moody's Assigns 'Ba1' Rating on Senior Debentures
--------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba1 rating on the global
scale and Aa2.br rating on the Brazilian National scale to the 5
to 7-year BRL300 million senior secured debentures to be issued by
Autovias S.A. At the same time, Moody's withdrew Autovias'
corporate family ratings of Ba1 on the global scale and Aa2.br on
the Brazilian national scale and assigned to Autovias issuer
ratings of Ba1 on the global scale and Aa2.br on the Brazilian
national scale.  The outlook is stable for all ratings.

The current debentures are guaranteed by a security package that
includes the pledge of the concessionaire's common stocks, future
receivables of its tolled revenues and the indemnification rights
over the concession assets.  The regulator ARTESP approved the
guarantee package but an eventual change of control would be
subject to further approval of the concession authority in
accordance with the current legislation.

The proceeds of the debentures will be mostly used to pay off the
BRL195 million promissory notes issued last November and to
strengthen its cash position to help meet the payment of existing
short-term debt by the end of the year estimated at BRL70 million.

The Ba1 and Aa2.br issuer ratings of Autovias reflect the mature
and essential nature of the concession, as evidenced by its solid
performance serving a relatively small but wealthy region with
virtually no comparable competition from alternative routes
foreseen during the remaining life of the concession.  The rating
is further supported by relatively strong credit metrics for the
rating category and growth in vehicular traffic over the past
three years following the concession's poor traffic track record
from 2000 through 2006.

The risks associated with the huge cash needs of Autovias'
controlling shareholder, Obrascon Huarte Lain Brasil S.A. (OHL
Brasil), constrain the rating.  OHL Brasil is forecasted to demand
sizeable dividends and inter-company loans from its well-
performing state concession subsidiaries in order to meet the
large capital expenditure requirements of its other concession
subsidiaries.

The Ba1 issuer rating is lower than the toll roads methodology
outcome to reflect the implied corporate family rating of OHL
Brasil on a consolidated basis.

The existing early maturity clauses in the debentures comprise a
cross default provision with the parent company.  In the event
that OHL Brasil goes bankrupt or files for reorganization under
the Brazilian bankruptcy law, the debenture holders could call an
early maturity event and execute their rights derived from the
debentures' guarantees.

Further credit enhancements include a sinking fund provision to
meet interest and principal payments of the debentures that will
be kept on an escrow account at Itau bank, and restrictive
financial covenants that limit the maximum amount of net debt to
3.5 times EBITDA over the preceding twelve months and require cash
coverage of short term debt obligations higher than 1.2x.
According to Moody's projections these covenant levels should be
comfortably achievable throughout the duration of the debentures.

The stable outlook reflects Moody's opinion that Autovias'
operational performance will be satisfactory during the remaining
life of the concession in light of strong credit fundamentals
boosted by expected growth in the Brazilian GDP.  Moody's expects
that the payment of dividends and extension of inter-company loans
are likely to continue for the next years but are expected to be
prudently managed so that credit metrics remain within the
proposed financial covenants.

The rating or the outlook could be upgraded if the company were to
steadily improve its liquidity profile and produce sustained
credit metrics in line with historical performance so that FFO to
debt ratio remains in the high twenties and interest coverage
stays above 3.5x on a consistent basis.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 20% and interest coverage ratio
remains below 2.5 x on a consistent basis.  A deterioration in the
credit quality of OHL Brasil could also prompt a downgrade rating
action

The last rating action for Autovias was on December 15, 2009, when
Moody's assigned a Ba1 global scale corporate family rating and
Aa2.br corporate family rating on the Brazilian National Scale to
Autovias, and a BR-1 rating to Autovias' 150- day BRL 195 million
promissory notes issued on November 30, 2009.

Autovias is a full subsidiary of OHL Brasil, which is a holding
company with interests in the toll roads business, as it has four
state and five federal toll road concessions.

Autovias has a 20-year concession to operate the toll road
services of five small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998.  The five roads consist of 316
kilometers and 5 toll plazas and have an estimated annual traffic
of 37 million of equivalent vehicles.  The region covered by the
concession comprises eighteen cities with an estimated population
of around 1.6 million people.


BANCO SANTANDER BRASIL: Sees 2010 Loans to Grow 22%
---------------------------------------------------
Banco Santander Brasil SA forecasts loans could grow as much as
22% this year as small and mid-sized businesses and individuals
take on more credit, Guillermo Parra-Bernal at Reuters reports,
citing Chief Financial Officer Carlos Lopez Galan.  The report
relates Mr. Galan said that based on an assumption of economic
growth of about 5.5% for 2010 and inflation-adjusted interest
rates of about 5% to 6%, growth in the bank's loan portfolio
should reach "close to 20% to 22%, more or less.  "That number is
a reference for the year," the report quoted Mr. Galan as saying.
"We expect to grow in line with the system and be able to capture
some sources of growth in the system," he added.

Reuters notes that Santander Brasil's pro forma net income jumped
41% in 2009 from 2008, on revenue growth of 13%.

Mr. Galan, the report relates, said that the bank needs to grow in
insurance to diversify the source of revenues and risk.  Another
area of growth is private banking, he added.

                  About Banco Santander Brasil

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                           *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


CENTROVIAS SISTEMAS: Moody's Assigns 'Ba2' Rating on Debentures
---------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba2 rating on the global
scale and Aa3.br rating on the Brazilian National scale to the 5
to 7-year BRL 350 million senior secured debentures to be issued
by Centrovias Sistemas Rodoviarios S.A.  At the same time, Moody's
withdrew Centrovias' corporate family ratings of Ba2 on the global
scale and Aa3.br on the Brazilian national scale and assigned to
Centrovias issuer ratings of Ba2 on the global scale and Aa3.br on
the Brazilian national scale.  The outlook is stable for all
ratings.

The current debentures are guaranteed by a security package that
includes the pledge of the concessionaire's common stocks, future
receivables of its tolled revenues and the indemnification rights
over the concession assets.  The regulator ARTESP approved the
guarantee package but an eventual change of control would be
subject to further approval of the concession authority in
accordance with the current legislation.

The proceeds of the debentures will be mostly used to pay off the
BRL260 million promissory notes issued last November and
strengthen its cash position to help meet other cash outlays,
which Moody's forecasts to mostly consist either of dividend
payments or inter-company loans.

The Ba2 and Aa3.br issuer ratings of Centrovias reflect the mature
nature of its concession, as evidenced by its solid historic
performance.  Centrovias serves a small region with supportive
demographics but a relatively small and undiversified economic
base.  Virtually no comparable competition from alternative routes
is foreseen during the remaining life of the concession.  The
rating is supported by solid credit metrics for the rating
category and the relatively strong track record of operating
performance since 1998 in the stable regulatory environment of the
State of Sao Paulo.  The rating is pressured by the relatively
short remaining life of the concession, which expires in nine and
a half years and has no likely prospects for renewal or extension.

The risks associated with the huge cash needs of Centrovias'
controlling shareholder, Obrascon Huarte Lain Brasil S.A.,
constrain the rating.  OHL Brasil is forecasted to demand sizeable
dividends and inter-company loans from its well-performing state
concession subsidiaries in order to meet the large capital
expenditure requirements of its other concession subsidiaries.

The Ba2 issuer rating is lower than the toll roads methodology
model outcome to reflect the implied corporate family rating of
OHL Brasil on a consolidated basis.

The existing early maturity clauses in the debentures comprise a
cross default provision with the parent company.  In the event
that OHL Brasil goes bankrupt or files for reorganization under
the Brazilian bankruptcy law, the debenture holders could call an
early maturity event and execute their rights derived from the
debentures' guarantees.

Credit enhancements include a sinking fund provision to meet
interest and principal payments of the debentures that will be
kept on an escrow account at Itau bank, and restrictive financial
covenants that limit the maximum amount of net debt to 3.5 times
EBITDA over the preceding twelve months and require cash coverage
of short term debt obligations higher than 1.2x.  According to
Moody's projections these covenant levels should be comfortably
achievable throughout the duration of the debentures.

The stable outlook reflects Moody's opinion that Centrovias'
operational performance will be satisfactory during the remaining
life of the concession in light of supportive credit fundamentals
boosted by expected growth in the Brazilian GDP.  Moody's expects
that the payment of dividends and extension of inter-company loans
are likely to continue for the next few years but are expected to
be prudently managed so that credit metrics remain within the
proposed financial covenants.

The rating or the outlook could be upgraded if the company were to
steadily improve its liquidity profile and produce sustained
credit metrics in line with or exceed historical performance so
that FFO to debt ratio remains in the high twenties and interest
coverage stays above 3.5x on a consistent basis.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 20% and interest coverage ratio
remains below 2.5x on a consistent basis.  Deterioration in the
credit quality of OHL Brasil could also exert downward rating
pressures.

The last rating action for Centrovias was on December 15, 2009,
when Moody's assigned a Ba2 global scale corporate family rating
and Aa3.br corporate family rating on the Brazilian National Scale
to Centrovias, and a BR-1 rating to Centrovias' 150- day
BRL260 million promissory notes issued on November 30, 2009.

Centrovias is a full subsidiary of OHL Brasil, which is a holding
company with interests in the toll roads business, as it has four
state and five federal toll road concessions.

Centrovias has a 21-year concession to operate the toll road
services of two small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998.  The two roads consist of 218
kilometers and 5 toll plazas and have an estimated annual traffic
of 22 million of equivalent vehicles.  The region covered by the
concession comprises twelve cities with an estimated population of
around 1.0 million people.


COMPANHIA SIDERURGICA: Itau Boosts Rating on Ore Outlook
--------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Itau Unibanco
Holding SA recommended investors to buy Cia. Siderurgica Nacional
SA as saying its mining assets is worth more than investors
estimate.

According to the report, analyst Marcos Assumpcao said that iron-
ore prices will jump 70% this year.  The report relates Mr.
Assumpcao said that CSN will climb to BRL82 by the end of the
year, a 32% advance from the March 5 close and 21% higher than his
previous forecast.  Itau estimates CSN's mining assets are worth
US$22.4 billion, more than the US$17.2 billion that investors
"price in," Mr. Assumpcao added.

Mr. Assumpcao, Bloomberg News notes, said that after CSN made an
unsuccessful attempt to buy Cimpor-Cimentos de Portugal SA, it
"will likely focus its efforts on the much awaited IPO of its
mining assets."  The initial public offering will likely take
place in the second half and "unlock" about US$5 billion, he
added.

As reported in the Troubled Company Reporter-Latin America on
February 24, 2010, Bloomberg News said that the EUR4.15 billion
(US$5.7 billion) takeover bid of CSN for Cimpor-Cimentos de
Portugal failed to entice enough Cimpor shareholders even after
sweetening its bid for Cimpor by 7.5% to EUR6.18 a share.  The
report related that the company raised its proposal after
Brazilian cement makers Camargo Correa SA and Votorantim Cimentos
SA announced agreements to acquire stakes in Cimpor.

                            About CSN

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

                           *     *     *

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


ELETROBRAS: Fund Manager Raises Stake on Profit Outlook
-------------------------------------------------------
Fund manager Sydinvest has increased its stake in Centrais
Eletricas Brasileiras (Eletrobras) by 1.7% in February on hopes
the state-run Brazilian power company will be given freedom to
operate, Peter Starck at Reuters reports, citing Sydinvest's
monthly report received on March 5.  "We have increased our
investment in Eletrobras.  We expect that the state-controlled
company will get permission to operate on more free-market
resembling terms, which will lead to far better earnings
prospects," the report quoted Sydinvest as saying.

According to the report, Eletrobras had said it would pay on
February 26 the first installment of a dividend dating back three
decades, as part of a government plan to increase transparency at
Eletrobras.

                        About Eletrobras

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates in
the electric power sector in Brazil.  The objective of Eletrobras
is to perform activities involving studies, projects, construction
and operation of electric power plants, transmission and
distribution lines as well as underlying trade operations arising
therefrom.  Eletrobras is tasked with the preparation of studies
and with drawing up construction projects for hydroelectric
generation, transmission lines and substations to supply Brazil.
It engages areas involving granting loans and financing, providing
guarantees, locally or abroad, and acquiring debentures of
companies and holders of public electric power services under
their control; providing loans and guarantees, locally or abroad,
for technical and scientific research institutions; and promoting
and supporting researches relating to the power sector, linked to
the generation, transmission and distribution of electric power.

                           *     *     *

This concludes the Troubled Company Reporter's coverage
of Eletrobras until facts and circumstances, if any
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


LUPATECH SA: S&P Downgrades Corporate Credit Rating to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term global scale corporate credit rating on Brazil-based
industrial and oil and gas valves producer Lupatech S.A. to 'B+'
from 'BB-', and its Brazilian national scale rating to 'brBBB+'
from 'brA-', and removed them from CreditWatch negative, where
they were placed with negative implications on Nov. 13, 2009.
At the same time, S&P lowered its rating on the company's
$275 million perpetual notes to 'B-' from 'BB-'.  The outlook is
negative.

"The downgrade reflects Lupatech's weak results arising from order
postponements and sluggish demand, which led to working capital
pressures, high fixed costs, and high idle capacity," said
Standard & Poor's credit analyst Piero Parolin.  "Its credit
metrics have been consistently weaker than expectations, and S&P
believes recovery will be only gradual.  Therefore, the negative
outlook reflects challenges for Lupatech to improve its sales
performance and reduce leverage throughout 2010."

The ratings were removed from CreditWatch following S&P's review
of the company's trends for 2010.

The ratings on the perpetual notes are now two notches lower than
the corporate credit rating reflecting their subordination to
secured debt raised by Lupatech.  In December 2009, the company
raised loans with the Brazilian Development Bank (BNDES) totaling
Brazilian reais (R$) 441 million, which are secured by assets and
thus rank senior to noteholders.  As a result, Lupatech started
reporting priority debt exceeding 30% of adjusted total assets
(excluding intangibles), which warrants the two-notch
differentiation according to S&P's criteria.

The ratings on Lupatech reflect the company's aggressive financial
profile reflecting its historically acquisitive strategy and heavy
interest burden and exposure to currency fluctuation on interest.
The ratings also incorporate Lupatech's concentrated customer base
-- Brazil's national oil company, Petroleo Brasileiro S.A.
(Petrobras), is its main client.

These negative factors are partly offset by: Lupatech's favorable
market position in valves, particularly for the oil industry,; its
long-term debt profile that mitigates liquidity issues in the
medium term, and product mix and working capital management
improvements, which will likely lead to stronger cash flows in
2010.

The negative outlook reflects Lupatech's leveraged credit measures
and S&P's critical assumption that sales and cash flows will
improve through 2010.  "S&P could lower the rating if Lupatech
doesn't show signs of improvement in the next quarter, pointing
towards a debt-to-EBITDA ratio permanently lower than 6.0x, if its
interest burden affects liquidity, or if market conditions remain
weaker than S&P expect.  S&P could stabilize the ratings if
Lupatech consistently improves its leverage ratios, for instance,
to a debt-to-EBITDA ratio lower than 5.0x.  S&P believes a rating
upgrade is unlikely due to Lupatech's high financial leverage,"
Mr. Parolin added.


TAM SA: Gets Certification From Argentine Aeronautical Authority
----------------------------------------------------------------
TAM S.A.s' technological center, a maintenance, repair and
overhaul facility, has been certified by the Argentine National
Civil Aviation Administration for the rendering of maintenance
services on Airbus A318, A319 and A320 aircraft registered in that
country, along with their components.  With this new
authorization, the company is strengthening its strategy of
consolidating the MRO unit as an effective third-party service
supplier.

The company is already certified by:

   -- Federal Aviation Administration,
   -- European Aviation Safety Agency,
   -- National Civil Aviation Agency, and
   -- a number of countries in South America to carry out large
      scheduled maintenance operations on Airbus
      A318/319/A320/A321/A330 and Boeing 767

The airline also has DIRMAB certification to conduct the checks on
presidential aircraft, the Airbus ACJ (Airbus Corporate Jetliner).
Moreover, it has approval for revision of more than 3,000
aeronautical components.

                      About TAM Technological

TAM Technological Center was established in the city of Sao Carlos
in the interior of the State of Sao Paulo.  The facility occupies
its own area of 4.6 million square meters.  In addition to
maintenance hangars, the complex houses workshops for maintenance
in aeronautical components, with equipment ranging from
navigational computers to complete landing gears.

                         About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


TAM SA: International Investors Buy 82% of Multiplus SA's IPO
-------------------------------------------------------------
Multiplus SA, a unit of TAM SA, said that international investors
bought 82% of the shares in its initial public offering on the
Brazilian Stock Exchange (BMFBovespa), Rogerio Jelmayer at Dow
Jones Newswires reports.

According to the report, the company raised a total BRL692.38
million (US$386.3 million) from the IPO.  The report relates that
Multiplus sold 43.27 million shares, priced at BRL16.00 a share.
Foreign investors acquired 35.5 million shares, the report notes.

BTG Pactual, Credit Suisse Group (CS) and BB Investimentos
coordinated the offer.

                         About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


VIANORTE SA: Moody's Assigns 'Ba2' Rating on Senior Debentures
--------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba2 rating on the global
scale and Aa3.br rating on the Brazilian National scale to the 5
to 7-year BRL200 million senior secured debentures to be issued by
Vianorte S.A. At the same time, Moody's assigned to Vianorte
issuer ratings of Ba2 on the global scale and Aa3.br on the
Brazilian national scale.  The outlook is stable for all ratings.
This is the first time Moody's has assigned ratings to debt issued
by Vianorte.

The current debentures are guaranteed by a security package that
includes the pledge of the concessionaire's common stocks, future
receivables of its tolled revenues and the indemnification rights
over the concession assets.  The regulator ARTESP approved the
guarantee package but an eventual change of control would be
subject to further approval of the concession authority in
accordance with the current legislation.

The proceeds of the debentures will be used to pay off existing
short-term debt and strengthen its cash position to help meet
other cash outlays, which Moody's forecast to mostly consist
either of dividend payments or inter-company loans.

The Ba2 and Aa3.br issuer ratings of Vianorte reflect the mature
nature of its concession, as evidenced by its solid historic
performance.  Vianorte serves a relatively small but wealthy
region with virtually no comparable competition from alternative
routes foreseen during the remaining life of the concession.  The
rating is supported by solid credit metrics for the rating
category and the relatively strong track record of operating
performance since 1998 in the stable regulatory environment of the
State of Sao Paulo.  The rating is pressured by the relatively
short remaining life of the concession, which expires in eight
years and has no likely prospects for renewal or extension.

The risks associated with the huge cash needs of Vianorte's
controlling shareholder, Obrascon Huarte Lain Brasil S.A. (OHL
Brasil), constrain the rating.  OHL Brasil is forecasted to demand
sizeable dividends and inter-company loans from its well-
performing state concession subsidiaries in order to meet the
large capital expenditure requirements of its other concession
subsidiaries.

The Ba2 issuer rating is in line with the toll roads methodology
model outcome and reflects the implied corporate family rating of
OHL Brasil on a consolidated basis.

The existing early maturity clauses in the debentures comprise a
cross default provision with the parent company.  In the event
that OHL Brasil goes bankrupt or files for reorganization under
the Brazilian bankruptcy law, the debenture holders could call an
early maturity event and execute their rights derived from the
debentures' guarantees.

Further credit enhancements include a sinking fund provision to
meet interest and principal payments of the debentures that will
be kept on an escrow account at Itau bank, and restrictive
financial covenants that limit the maximum amount of net debt to
3.5 times EBITDA over the preceding twelve months and require cash
coverage of short term debt obligations higher than 1.2x.
According to Moody's projections these covenant levels should be
comfortably achievable throughout the duration of the debentures.

The stable outlook reflects Moody's opinion that Vianorte'
operational performance will be satisfactory during the remaining
life of the concession in light of supportive credit fundamentals
boosted by expected growth in the Brazilian GDP.  Moody's expects
that the payment of dividends and extension of inter-company loans
are likely to continue for the next few years but are expected to
be prudently managed so that credit metrics remain within the
proposed financial covenants.

The rating or the outlook could be upgraded if the company were to
steadily improve its liquidity profile and produce sustained
credit metrics in line with or exceed historical performance so
that FFO to debt ratio remains in the high twenties and interest
coverage stays above 3.5x on a consistent basis.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 20% and interest coverage ratio
remains below 2.5x on a consistent basis.  Deterioration in the
credit quality of OHL Brasil could also exert negative rating
pressures.

Vianorte is a full subsidiary of OHL Brasil, which is a holding
company with interests in the toll roads business, as it has four
state and five federal toll road concessions.

Vianorte has a 20-year concession to operate the toll road
services of four small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998.  The four roads consist of 237
kilometers and 4 toll plazas and have an estimated annual traffic
of 29 million of equivalent vehicles.  The region covered by the
concession comprises fourteen cities with an estimated population
of around 1.1 million people.


* BRAZIL: Economists Forecast 2010 CPI at 4.99%, Up From 4.91%
--------------------------------------------------------------
Brazil's consumer inflation will quicken to 4.99% in 2010, up from
a week-earlier forecast of 4.91&, Andre Soliani Costa at Bloomberg
News reports, citing the median forecast in a March 5 central bank
survey of about 100 economists

                          *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


BROOKLANDS EURO: Moody's Takes Rating Actions on Two Classes
------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Brooklands Euro Referenced Linked Notes 2004-1 Limited.
The notes affected by the rating action are:

Issuer: Brooklands Euro Referenced Linked Notes 2004-1 Limited

  -- EUR37.5M Class A1-a Floating Rate Notes due 2054, Downgraded
     to Caa2; previously on Jun 22, 2009 Downgraded to B2

  -- EUR37.5M Class A1-b Floating Rate Notes due 2054, Downgraded
     to Caa2; previously on Jun 22, 2009 Downgraded to B2

The transaction is a lightly managed synthetic CDO referencing a
portfolio of corporate entities (45% of the total pool) and global
ABS securities (55% of the total pool), the majority of which are
CLOs and RMBS assets.

The rating downgrade action reflects a general deterioration in
the credit quality of the underlying corporate portfolio.  This
credit deterioration can be observed through a decline in the
average credit rating (as measured by an increase in the weighted
average rating factor).  The current WARF is 1884 versus 1169 at
the time of the previous rating action, equivalent to a weak Ba3
pool.  Since the last rating action, credit events on 2 ABS assets
have been called and 21% of the pool has been subject to a
downgrade rating action, resulting in a total of 101 downward
notches.  A significant number of downgrades were evident in the
ABS pool, whereby 5.5% were attributed to RMBS, 4.8% to CMBS, 4.4%
to CLOs and the remaining to corporate entities.  Nearly 6% of the
portfolio consists of Ca/C rated assets, which covers almost half
of the subordination of the above tranches.


CAMBRIDGE CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Cambridge Capital Products Limited received,
on January 25, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CITI TRELLUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Citi Trellus 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:

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


FORE CONVERTIBLE: Members Receive Wind-Up Report
------------------------------------------------
The members of Fore Convertible SPV Holdings Offshore, Ltd.
received, on January 22, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IZARA INTERNATIONAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Izara International, 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 Khatidja McLean
         Telephone: (349) 815 1760
         Facsimile: (345) 949-9876


LEO VENTURES: Members Receive Wind-Up Report
--------------------------------------------
The members of Leo Ventures Fund SPC received, on January 19,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         J. Andrew Murray
         Telephone: 345 949 9710
         Facsimile: 345 945 2188
         31 The Strand, P O Box 2075
         Grand Cayman KY1-1105


PUMA CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
The members of Puma Capital 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


QVT FINANCIAL: Members Receive Wind-Up Report
---------------------------------------------
The members of QVT Financial 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


RANEK LEASING: Members Receive Wind-Up Report
---------------------------------------------
The members of Ranek Leasing 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


REDWOOD SPC: Members Receive Wind-Up Report
-------------------------------------------
The members of Redwood 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


RENDITE FINANCE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Rendite Finance No. 1 Inc. 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


RONAN STREET: Members Receive Wind-Up Report
--------------------------------------------
The members of Ronan Street CLO, 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


SPECTRUM SPC: Members Receive Wind-Up Report
--------------------------------------------
The members of Spectrum 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


SPECTRUM SPC: Members Receive Wind-Up Report
--------------------------------------------
The members of Spectrum SPC II 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


SPG INV: Members Receive Wind-Up Report
---------------------------------------
The members of SPG INV, 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


SR BOONE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of SR Boone Capital Master MA Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


SR BOONE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of SR Boone Capital Offshore Feeder MA Ltd.
received, on January 21, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


SR CRITERION: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of SR Criterion Master Ma Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


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

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


SR LOEB: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of SR Loeb Arbitrage Master MA Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


SR LUCERNE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of SR Lucerne Mid Cap Master MA Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


SR MW: Shareholders Receive Wind-Up Report
------------------------------------------
The shareholders of SR MW Eureka Master MA Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Swiss RE Services Limited
         30 St Mary's Axe, London


STRUCTURED FINANCE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Structured Finance, Inc. received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SUNSHINE FUNDING: Members Receive Wind-Up Report
------------------------------------------------
The members of Sunshine Funding Corporation 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


TABS 2006-5: Members Receive Wind-Up Report
-------------------------------------------
The members of Tabs 2006-5, 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:

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


TABS 2006-6: Members Receive Wind-Up Report
-------------------------------------------
The members of Tabs 2006-6, 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:

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


TELOS CLO 2007-3: Members Receive Wind-Up Report
------------------------------------------------
The members of Telos CLO 2007-3, 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


TOUTE VERTE: Members Receive Wind-Up Report
-------------------------------------------
The members of Toute Verte 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


TRICADIA CDO: Members Receive Wind-Up Report
-------------------------------------------
The members of Tricadia CDO 2006-7, 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


TRICADIA CDO: Members Receive Wind-Up Report
--------------------------------------------
The members of Tricadia CDO 2007-8, 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


WESTERN ASSET: Members Receive Wind-Up Report
---------------------------------------------
The members of Western Asset / Citi Institutional Enhanced Income
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


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


ISAGEN SA: Net Income Up 48% to COP386 Billion
----------------------------------------------
Isagen SA's net income for 2009 rose 48% to COP386 billion (US$202
million) from COP260 billion in the same period a year ago, Inti
Landauro at Dow Jones Newswires reports.  The report relates that
the profit was higher than the COP326 billion expected by the
country's largest brokerage, Interbolsa, which recommends buying
the shares.

According to the report, Isagen's board recommended the company's
shareholders approve an annual dividend of COP55 per share.

The government, the report notes, plans to sell its majority stake
in Isagen to finance part of its budget deficit.

                          About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency
Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the
company's foreign currency IDR at 'BB+'.  The Rating Outlook is
Stable.


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


* ECUADOR: January Oil Export Revenue Down 11% From December
------------------------------------------------------------
Ecuador's oil export revenue totaled US$692 million in January,
down 11% from US$777 million in December, Mercedes Alvaro at Dow
Jones Newswires reports, citing the central bank.  The report
relates that in terms of volume, Ecuador exported 9.5 million
barrels in January down 17% from 11.45 million barrels a month
before.

According to the report, the average price of crude in January
increased 7% to US$72.50 a barrel from US$67.80 a barrel.  The
central bank, the report relates, said that of the total exported
by the country in January, 7.24 million barrels, or 76%, were sold
by state-run Petroecuador; while the remainder was exported by
private companies operating in Ecuador.

In January 2009, the report recalls, Ecuador exported 10.78
million barrels.

                           *     *     *

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-'.


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


AIR JAMAICA: Flights to Continue Under Caribbean Airlines
---------------------------------------------------------
South Florida Caribbean News reports that Air Jamaica Limited has
revealed important points to note as the airline will begin the
transition to Caribbean Airlines:

   -- The transition to Caribbean Airlines will be phased over
      a period of up to one year, in order to ensure that
      customers will continue to be provided with the best
      possible travel experience.

   -- Air Jamaica aircraft will continue to be utilized during the
      transition period.

   -- Current Air Jamaica pilots, flight crews and ground staff
      will operate the aircraft for the schedule already
      published.

   -- All customer services, including reservations, Web site and
      sales, will continue to operate for a period of time.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Air Jamaica's management is working with
Caribbean Airlines towards a major schedule change on April 12.
According to the report, Mr. Nobles confirmed that a proposed
transaction date has been set but emphasized that the date is only
a target and could change.

According to South Florida Caribbean News, as of April 12, the
airline offers a superior schedule between Jamaica and its core
destinations - namely four daily flights from Fort Lauderdale,
three daily flights from New York and daily flights from
Philadelphia, Baltimore and Toronto.

                         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.


DIGICEL GROUP: Plans to Acquire Digicel Pacific for US$500 Million
------------------------------------------------------------------
Digicel Group is in talks with Digicel Pacific Limited to acquire
its sister company's stakes for US$500 million (F$1.3billion),
Timoci Vula at Fiji Times reports.

"Over the past 18 months, Digicel Group has evaluated numerous
acquisition opportunities to continue its growth, reinforce its
business, and capitalize on its management talent and resources,"
the report quoted Digicel Pacific's head of public relations and
sponsorship, John Corcoran, as saying.  "We believe this
acquisition will provide Digicel Group with a dynamic growth
engine in exciting under-penetrated markets where the Digicel
business model is thriving, and will facilitate further expansion
by Digicel Pacific within the region," he added.

According to the report, Mr. Corcoran said that the acquisition
was subject to customary closing conditions, and Digicel Group
would acquire at least 51% of DPL.

Mr. Corcoran, the report notes, assured the 1,000 workers from its
six operations that it would be business as usual for Digicel
Pacific.

                         About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets.  By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1


* JAMAICA: IDB Plans to Approve US$600MM Loans in 2010
------------------------------------------------------
The Inter-American Development Bank stands ready to support
Jamaica with an exceptional program of US$600 million in loans
during 2010, IDB Executive Vice President Daniel Zelikow

Mr. Zelikow met with Jamaican Prime Minister Bruce Golding and the
Minister of Finance and the Public Service Audley Shaw to
congratulate them for actions taken to deal decisively with the
country's fiscal challenges.  Jamaica has executed a voluntary
debt swap, reached a Stand-By Arrangement with the International
Monetary Fund, and obtained support from the principal
multilateral institutions for its economic reform program.

"The success of this debt swap is a testament to the investment
community's confidence in Jamaica's plan for improving debt
dynamics," said Zelikow.  "Jamaica is now in a position to
stabilize its finances, accelerate its economic recovery, attract
increased investment and generate more jobs.  The IDB is committed
to support this new chapter in Jamaica's development with one of
the largest lending programs we have ever approved, relative to a
country's GDP."

Jamaica's voluntary debt swap registered a participation rate of
more than 99 percent and resulted in a significant reduction in
interest rates and extension of debt maturities.  Fiscal savings
resulting from the swap will exceed over 3% of Jamaica's GDP in
the first year.

The IDB is supporting several aspects of Jamaica's reform agenda,
including improvements in fiscal management and the introduction
of fiscal responsibility legislation, initiatives to enhance
information in credit markets and remove distortions in the tax
system, and support for social programs such as the PATH cash-
transfer mechanism.

The IDB has already approved some US$200 million in new loans to
Jamaica this year, in programs that will also support reforms in
education and boost economic competitiveness.  The Bank plans to
approve an additional US$400 million in financing this year as
Jamaica continues to progress with the reform agenda and meets the
targets set out in the IMF Stand-By Arrangement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 18, 2010, Moody's Investors Service disclosed that it
considers Jamaica's debt exchange proposal for domestic creditors
as an event of default.  As reflected in the nation's current
sovereign ratings of Caa1, with a negative outlook, on both
domestic and foreign currency debt, Moody's had anticipated that
Jamaica's long-standing commitment to honor its obligations in
full and on schedule might finally break this year.

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating
to 'C' from 'CCC'.  In addition, Fitch has affirmed Jamaica's
long-term and short-term foreign currency ratings at 'CCC' and 'C'
respectively, and affirmed the Country Ceiling at 'B-'.  Jamaica's
sovereign ratings Outlook remains Negative


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


FORD CREDIT: Moody's Upgrades National Scale Debt Rating to 'Ba1'
-----------------------------------------------------------------
Moody's de Mexico upgraded Ford Credit de Mexico S.A. de C.V.,
SOFOM E.N.R.'s long-term Mexican National Scale debt rating to
Ba1.mx from B1.mx.  At the same time, Moody's affirmed the short-
term Mexican National Scale debt rating of MX-4.  The outlook is
now stable.  The action concludes the review for possible upgrade
initiated on November 3, 2009.

The rating upgrade follows Moody's rating action on parent company
Ford Motor Credit Company LLC's rating -- senior unsecured rating
upgraded to B2 from B3, with a stable outlook.  For further detail
on this rating action refer to Moody's press release "Moody's
upgrades Ford Credit to B2 with a stable outlook ", dated March 4,
2010.

Ford Credit de Mexico's debt ratings are based on an irrevocable
and unconditional guarantee provided by Ford Motor Credit Company
LLC.

The last rating action taken on Ford Credit de Mexico was on
November 3, 2009, when Moody's de Mexico upgraded Ford Credit de
Mexico's long-term Mexican National Scale debt rating to B1.mx
from Caa1.mx, and was placed on review for further possible
upgrade.

The long-term Mexican National Scale rating of Ba1.mx indicates
issuers or issues are below average and demonstrate very weak
creditworthiness relative to other domestic issuers.  The short-
term Mexican National Scale rating of MX-4 indicates that issuer
has a below average ability to repay short-term senior unsecured
debt obligations relative to other domestic issuers.

These ratings actions were taken on Ford Credit de Mexico, S.A. de
C.V. SOFOM E.N.R.:

* Mexican National Scale long-term debt rating: Upgraded to Ba1.mx
  from B1.mx, stable outlook.

* Mexican National Scale short-term debt rating of MX-4: Affirmed


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


* PERU: Economy Grew by 5.5% in January
---------------------------------------
Banco de Credito del Peru (Credibank) said that Peru's economy
grew by 5.5% in January, Isabel Guerra at LivinginPeru.com
reports, citing Semana Economica.  The report relates Creditbank
estimated that private investments may accelerate the demand.

According to the report, Malls Peru said that sales by shopping
malls registered a growth of 15% during the first two months of
2010.  The report relates that the districts reporting more sales
in Lima are San Miguel, Surco and Cono Norte (Northern Lima),
while, regarding Peru provinces, the majority of sales are
registered in Chiclayo, Lambayeque region, and Trujillo, La
Libertad region.

More than 50% of the sales are paid with credit cards, and the
rest are paid in cash, the report adds.


====================
P U E R T O  R I C O
====================


CARABEL EXPORT: Plan of Reorganization Wins Court Approval
----------------------------------------------------------
Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the
District of Puerto Rico confirmed the Chapter 11 Plan of
Reorganization of Carabel Export and Import, Inc.

As reported in the Troubled Company Reporter on Oct. 30, 2009,
under the Plan, retained professionals and the U.S. trustee fees
will be paid in full.  Other holders of administrative expense
claims would only recover 45% of their claims and will be paid
from the US$300,000 carve out established by Continental Tiles
Inc. and Westernbank Puerto Rico.

Secured lender Westernbank Puerto Rico will receive the proceeds
of the sale of Debtor's assets to Continental Tiles, Inc.,
amounting to US$6,500,000, plus any funds arising from Debtor's
accounts receivable and Debtor's balance of available cash, for an
estimated 35% recovery.  The balance of Westernbank's claim for
US$18,541,094 is dealt with under Class 5 as a General Unsecured
Claim.

As per the settlement agreement between Debtor and Firstbank
Puerto Rico dated Aug. 13, 2009, Debtor agreed to surrender
Firstbank's collateral thereto.  Any deficiency in Firstbank's
claim will be dealt with under Class 5 as a General Unsecured
Claim.

On or before the effective date, Debtor will surrender Popular
Auto's collateral thereto.  Any deficiency in Popular Auto's Claim
will be dealt with under Class 5 as a General Unsecured Claim.

Priority tax claims estimated to total US$8,863,569 won't be paid.
The holders of allowed general unsecured claims against Debtor
also won't receive distributions and are deemed to reject the
Plan.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/CARABELEXPORT_DS.pdf

               About Carabel Export and Import Inc.

Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba
ItalCeramica, and its affiliates filed separate Chapter 11
petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No.
08-08956).  The Hon. Enrique S. Lamoutte Inclan oversees the case.
Charles Alfred Cuprill, Esq., at Charles A Curpill, PSC Law
Office, in San Juan, Puerto Rico, represents the Debtors.
When it filed for bankruptcy, Carabel disclosed US$14,544,289 in
total assets, and US$26,957,250 in total debts.


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


CL FINANCIAL: Lascelles Sale "Not on the Agenda"
------------------------------------------------
Trinidad-appointed Chairman Dr Shafeek Sultan-Khan has assured
Lascelles deMercado and its shareholders that there was no threat
of the company's shares being sold off, a year after the collapse
of parent company CL Financial Group and its flagship company
CLICO, Jamaica Gleaner reports.  "We can assure you that we have
not met with anyone or have taken any decision that will adversely
affect the operation of the company," the report quoted Dr.
Sultan-Khan as saying.  CL Financial Limited owns 87% of Lascelles
and commands 92% voting rights in the firm.

According to the report, Dr. Sultan-Khan said that there are
ongoing discussions with Lascelles deMercado's management to
ensure its stability and continued capacity to deliver shareholder
value.  The report relates that Dr. Sultan-Khan also told
shareholders the board was pleased with Lascelles' management,
which is run by Group Managing Director William McConnell.

The Glenaer notes that Lascelles remains a highly profitable
company, reporting net income of JM$2.6 billion at year end
September 2009.  This result, however, marked a fallback to its
2006 profit position, and was half a billion dollars off its peak
profit of JM$3 billion reported in September 2008, the report
says.

                        About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


PETROLEOS DE VENEZUELA: Refining Office Activates Fuel Systems
--------------------------------------------------------------
Petroleos de Venezuela Refining East office activated the fuel
system through pipes from the springs, which ensures the timely
distribution of vessels arriving at Storage and Shipment Terminal
Guaraguao, located in Anzoategui State.

The launch of the fuel supply system pipeline began in February
with the tanker "Luisa Caceres de Arismendi" and "Negra Matea",
for which it was supplied 2,500 and 1,800 barrels of Marine diesel
(MGO) respectively, positioning the terminal as the second
nationwide that dispatches fuel by pipeline, by considering the
Paraguana Refining Center as the first to make use of this system.

This technique ensures greater reliability in marine operations,
increasing the responsiveness of the dispatch system and it focus
on a higher number of vessels to meet demand in the east.

Before reactivation was released only through the use of barges
from which fuel was delivered to larger vessels moored in the
bays.

These improvement actions are part of the plan that anticipates
the field of fuel supply in accordance with the guidelines issued
by the General Manager East Refining and according to the
instruction of the Ministry of Popular Power for Energy and
Petroleum, giving faithful compliance the guidelines issued by the
ultimate ruler of the State Oil, Rafael Ramirez.

In this way, PDVSA Refining East as one of the main guarantors of
the protection of ships and port facilities, running through the
articulation of new mechanisms for further improving the fuel
supply process, a role that offers you more benefit the Venezuelan
people.

                            About PDVSA

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

                           *     *     *

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

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


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


LATAM: Remittances Stabilizing After 15% Drop in 2009, FOMIN Says
-----------------------------------------------------------------
Money transfers from Latin American and Caribbean migrants to
their families back home are likely to stabilize in 2010 after
suffering a 15% drop in 2009, according to a new report issued by
the Inter-American Development Bank's Multilateral Investment Fund
(FOMIN).  Remittances to this region fell to US$58.8 billion last
year, below the level reached in 2006.

Last year marked the first time in which the volume of remittances
was lower than the amount sent the year before since the FOMIN
started tracking these flows in the year 2000.  Until 2009 the
average annual growth had been 17%, although it started to slow in
2006 and diminished considerably in 2008, as the global economic
crisis hit migrant employment and income levels in countries such
as the United States, Spain and Japan.

Notwithstanding last year's decrease, remittances continue to be
an indispensable lifeline for millions of families in Latin
America and the Caribbean, helping them cover basic expenses such
as food, shelter, clothing and healthcare.  In countries like
Haiti, Guatemala, Honduras, Nicaragua and El Salvador these flows
still represent more than 10% of their gross domestic product.

The FOMIN's report noted that remittance flows to Latin America
and the Caribbean, taken as a whole, started to stabilize in the
last quarter of 2009.  Coupled with data on employment in
traditional sending countries, this suggests a bottoming-out of
the decline.

"In the short term, significant recovery in the volume of
remittance flows is unlikely, largely due to the uncertain outlook
for economic growth in traditional remittances sending countries,"
the report said.  "But the signs of stability of the last months
could provide a basis for an estimate of stabilized remittance
levels, or event the beginning of a new period of single-digit
growth in the near future."

Mexico, the largest recipient of remittances in this region, saw a
sharp drop last year, 16%, down to US$21.1 billion.  Unlike South
American and Caribbean countries that receive money transfers from
their expatriates in different regions of the world, almost all of
Mexico's remittances come from the United States, which was the
first country hit by the global economic crisis.

Although it also has millions of migrants in the United States,
Central America registered a 9% decrease in remittances, as it
also has sizeable flows within its borders, such as Nicaraguans
sending money home from Costa Rica or Hondurans sending money home
from El Salvador.

The biggest decline took place in Brazil, a 34% drop, extending a
trend that had started well before the global crisis. Brazilian
migrants have tended to return home, encouraged by their country's
improving economic performance and their dwindling prospects in
host countries such as Japan.

Remittance flows are also affected by other factors, some of which
are seasonal and occur every year.  For example, many Latin
American migrants tend to send larger amounts of money home for
Christmas and for Mother's Day.  In 2009 migrants sent less money
for such special occasions than in 2008.  Mexico also saw a
decrease in the number of year-end visits from migrants living in
the United States, who usually hand-carry funds to their families.

Other factors affecting remittances are irregular, such as
fluctuations in exchange rates in sending and recipient countries,
which played a particularly influential role last year.  South
American countries that have large numbers of migrants in Europe,
such as Ecuador and Peru, saw the dollar value of recorded
remittance receipts buffered by changes in the euro/dollar
exchange rate, which offset some of the volume drop.

Migrants also appear to take into account the value of the dollar
with respect to their local currencies when making money
transfers.  For instance, although remittances to Mexico fell in
dollar terms, when expressed in pesos and adjusted by inflation,
the value of the flows increased and remained positive from the
fourth quarter of 2008 through the end of 2009.

Future estimates for remittances to Latin America and the
Caribbean will have to take into consideration such factors, as
well as the fact that over the past year many migrants resorted to
tactics such as dipping into savings or cutting back on expenses
to continue sending money home.  Even if their employment and
income levels improve in the coming months, migrants may have to
meet their own needs before boosting their regular transfers.

The FOMIN, an autonomous fund managed by the Washington, DC-based
IDB, promotes private sector development in Latin America and the
Caribbean, with an emphasis on microenterprises and small
businesses.  In the year 2000 it began to study remittances to
gauge their economic impact in this region.


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

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


ARGENTINA

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

BRAZIL

DOC IMBITUBA-RTC   IMBI1 BZ           114896167.4      -16783228.4
DOC IMBITUBA-RTP   IMBI2 BZ           114896167.4      -16783228.4
TELECOMUNICA-ADR   81370Z BZ          248609064.5      -9345005.13
FABRICA TECID-RT   FTRX1 BZ           66779266.69      -50394386.1
PROMAN             PRMN3B BZ          13403496.63      -173711.308
TEKA-ADR           TEKAY US           237436193.6       -360484910
BOMBRIL            BMBBF US           289000173.9       -166589140
TELEBRAS-PF RCPT   CBRZF US           248609064.5      -9345005.13
TEKA               TKTQF US           237436193.6       -360484910
TEKA-PREF          TKTPF US           237436193.6       -360484910
REII INC           REIC US               16631180         -1448544
PET MANG-RIGHTS    RPMG1 BZ           97015785.16       -251755220
PET MANG-RIGHTS    RPMG2 BZ           97015785.16       -251755220
PET MANG-RECEIPT   RPMG9 BZ           97015785.16       -251755220
PET MANG-RECEIPT   RPMG10 BZ          97015785.16       -251755220
MMX MINERACAO      TRES3 BZ            1018389001       -160218401
MMX MINERACA-GDR   MMXMY US            1018389001       -160218401
SANESALTO          SNST3 BZ           27381496.74       -870175.96
B&D FOOD CORP      BDFCE US              16631180         -1448544
BOMBRIL-RGTS PRE   BOBR2 BZ           289000173.9       -166589140
BOMBRIL-RIGHTS     BOBR1 BZ           289000173.9       -166589140
MMX MINERACA-GDR   XMM CN              1018389001       -160218401
TELEBRAS/W-I-ADR   TBH-W US           248609064.5      -9345005.13
MMX MINERACA-GDR   3M11 GR             1018389001       -160218401
LAEP-BDR           MILK11 BZ          446499199.2      -70952298.9
LAEP INVESTMENTS   LEAP LX            446499199.2      -70952298.9
MMX MINERACAO      MMXCF US            1018389001       -160218401
BALADARE           BLDR3 BZ           144928980.8      -33970462.8
TEXTEIS RENAU-RT   TXRX1 BZ           58969047.84      -91550951.9
TEXTEIS RENAU-RT   TXRX2 BZ           58969047.84      -91550951.9
TEXTEIS RENA-RCT   TXRX9 BZ           58969047.84      -91550951.9
TEXTEIS RENA-RCT   TXRX10 BZ          58969047.84      -91550951.9
TELEBRAS SA-RT     TELB9 BZ           248609064.5      -9345005.13
GASCOIGNE EMP-PF   GASC4 BZ            1123596482       -536003486
ALL MALHA PAULIS   GASC3 BZ            1123596482       -536003486
CIA PETROLIF-PRF   MRLM4 BZ           377602195.2      -3014291.72
CIA PETROLIFERA    MRLM3 BZ           377602195.2      -3014291.72
NOVA AMERICA SA    NOVA3 BZ              21287489       -183535527
NOVA AMERICA-PRF   NOVA4 BZ              21287489       -183535527
PROMAN             PRMN3 BZ           13403496.63      -173711.308
B&D FOOD CORP      BDFC US               16631180         -1448544
MMX MINERACAO-RT   MMXM1 BZ            1018389001       -160218401
MMX MINERACA-RCT   MMXM9 BZ            1018389001       -160218401
TELEBRAS SA        TELB3 BZ           248609064.5      -9345005.13
TELEBRAS SA        TLBRON BZ          248609064.5      -9345005.13
TELEBRAS SA        TBASF US           248609064.5      -9345005.13
TELEBRAS SA-PREF   TELB4 BZ           248609064.5      -9345005.13
TELEBRAS SA-PREF   TLBRPN BZ          248609064.5      -9345005.13
TELEBRAS-ADR       TBAPY US           248609064.5      -9345005.13
TELEBRAS-ADR       TBRAY GR           248609064.5      -9345005.13
TELEBRAS-CEDE PF   RCTB4 AR           248609064.5      -9345005.13
TELEBRAS-CED C/E   RCT4C AR           248609064.5      -9345005.13
TELEBRAS-CEDEA $   RCT4D AR           248609064.5      -9345005.13
TELEBRAS-CEDE BL   RCT4B AR           248609064.5      -9345005.13
TELEBRAS-ADR       TBH US             248609064.5      -9345005.13
TELEBRAS-ADR       TBX GR             248609064.5      -9345005.13
TELEBRAS-ADR       RTB US             248609064.5      -9345005.13
TELEBRAS-ADR       TBASY US           248609064.5      -9345005.13
TELEBRAS-RCT PRF   TELB10 BZ          248609064.5      -9345005.13
TELEBRAS-RTS CMN   RCTB1 BZ           248609064.5      -9345005.13
TELEBRAS-RTS PRF   RCTB2 BZ           248609064.5      -9345005.13
TELEBRAS-RTS CMN   TCLP1 BZ           248609064.5      -9345005.13
TELEBRAS-RTS PRF   TLCP2 BZ           248609064.5      -9345005.13
TELEBRAS-COM RT    TELB1 BZ           248609064.5      -9345005.13
TELEBRAS-CM RCPT   RCTB31 BZ          248609064.5      -9345005.13
TELEBRAS-CM RCPT   TELE31 BZ          248609064.5      -9345005.13
TELEBRAS-RCT       RCTB33 BZ          248609064.5      -9345005.13
TELEBRAS-CM RCPT   TBRTF US           248609064.5      -9345005.13
TELEBRAS-CM RCPT   RCTB32 BZ          248609064.5      -9345005.13
TELEBRAS-PF RCPT   RCTB41 BZ          248609064.5      -9345005.13
TELEBRAS-PF RCPT   TELE41 BZ          248609064.5      -9345005.13
TELEBRAS-PF RCPT   RCTB42 BZ          248609064.5      -9345005.13
TELEBRAS-CEDE PF   TELB4 AR           248609064.5      -9345005.13
TELEBRAS-CED C/E   TEL4C AR           248609064.5      -9345005.13
TELEBRAS-CM RCPT   RCTB30 BZ          248609064.5      -9345005.13
TELEBRAS-PF RCPT   RCTB40 BZ          248609064.5      -9345005.13
TELEBRAS-PF RCPT   TBAPF US           248609064.5      -9345005.13
TELEBRAS-RECEIPT   TLBRUO BZ          248609064.5      -9345005.13
TELEBRAS-PF RCPT   TLBRUP BZ          248609064.5      -9345005.13
TELEBRAS-BLOCK     TELB30 BZ          248609064.5      -9345005.13
TELEBRAS-PF BLCK   TELB40 BZ          248609064.5      -9345005.13
TELEBRAS-CEDEA $   TEL4D AR           248609064.5      -9345005.13
ARTHUR LANGE       ARLA3 BZ           11642255.92      -17154461.9
ARTHUR LANGE SA    ALICON BZ          11642255.92      -17154461.9
ARTHUR LANGE-PRF   ARLA4 BZ           11642255.92      -17154461.9
ARTHUR LANGE-PRF   ALICPN BZ          11642255.92      -17154461.9
ARTHUR LANG-RT C   ARLA1 BZ           11642255.92      -17154461.9
ARTHUR LANG-RT P   ARLA2 BZ           11642255.92      -17154461.9
ARTHUR LANG-RC C   ARLA9 BZ           11642255.92      -17154461.9
ARTHUR LANG-RC P   ARLA10 BZ          11642255.92      -17154461.9
ARTHUR LAN-DVD C   ARLA11 BZ          11642255.92      -17154461.9
ARTHUR LAN-DVD P   ARLA12 BZ          11642255.92      -17154461.9
BOMBRIL            BOBR3 BZ           289000173.9       -166589140
BOMBRIL CIRIO SA   BOBRON BZ          289000173.9       -166589140
BOMBRIL-PREF       BOBR4 BZ           289000173.9       -166589140
BOMBRIL CIRIO-PF   BOBRPN BZ          289000173.9       -166589140
BOMBRIL SA-ADR     BMBPY US           289000173.9       -166589140
BOMBRIL SA-ADR     BMBBY US           289000173.9       -166589140
BUETTNER           BUET3 BZ            97710630.4      -46681943.4
BUETTNER SA        BUETON BZ           97710630.4      -46681943.4
BUETTNER-PREF      BUET4 BZ            97710630.4      -46681943.4
BUETTNER SA-PRF    BUETPN BZ           97710630.4      -46681943.4
BUETTNER SA-RTS    BUET1 BZ            97710630.4      -46681943.4
BUETTNER SA-RT P   BUET2 BZ            97710630.4      -46681943.4
CAF BRASILIA       CAFE3 BZ           20168618.46       -728730286
CAFE BRASILIA SA   CSBRON BZ          20168618.46       -728730286
CAF BRASILIA-PRF   CAFE4 BZ           20168618.46       -728730286
CAFE BRASILIA-PR   CSBRPN BZ          20168618.46       -728730286
CAMBUCI SA         CAMB3 BZ           91527757.19        -26705143
CAMBUCI SA         CAMBON BZ          91527757.19        -26705143
CAMBUCI SA-PREF    CAMB4 BZ           91527757.19        -26705143
CAMBUCI SA-PREF    CAMBPN BZ          91527757.19        -26705143
CAMBUCI SA-PREF    CXDOF US           91527757.19        -26705143
CHIARELLI SA       CCHI3 BZ           22274026.77      -44537138.2
CHIARELLI SA       CCHON BZ           22274026.77      -44537138.2
CHIARELLI SA-PRF   CCHI4 BZ           22274026.77      -44537138.2
CHIARELLI SA-PRF   CCHPN BZ           22274026.77      -44537138.2
DOC IMBITUBA       IMBI3 BZ           114896167.4      -16783228.4
DOCAS IMBITUBA     IMBION BZ          114896167.4      -16783228.4
DOC IMBITUB-PREF   IMBI4 BZ           114896167.4      -16783228.4
DOCAS IMBITUB-PR   IMBIPN BZ          114896167.4      -16783228.4
SCHLOSSER          SCLO3 BZ           11745600.44      -75930514.2
SCHLOSSER SA       SCHON BZ           11745600.44      -75930514.2
SCHLOSSER-PREF     SCLO4 BZ           11745600.44      -75930514.2
SCHLOSSER SA-PRF   SCHPN BZ           11745600.44      -75930514.2
CONST A LINDEN     CALI3 BZ           11147512.97        -15979177
CONST A LINDEN     LINDON BZ          11147512.97        -15979177
CONST A LIND-PRF   CALI4 BZ           11147512.97        -15979177
CONST A LIND-PRF   LINDPN BZ          11147512.97        -15979177
D H B              DHBI3 BZ           124060999.4       -405125353
DHB IND E COM      DHBON BZ           124060999.4       -405125353
D H B-PREF         DHBI4 BZ           124060999.4       -405125353
DHB IND E COM-PR   DHBPN BZ           124060999.4       -405125353
DOCA INVESTIMENT   DOCA3 BZ           88417960.92      -18059127.9
DOCAS SA           DOCAON BZ          88417960.92      -18059127.9
DOCA INVESTI-PFD   DOCA4 BZ           88417960.92      -18059127.9
DOCAS SA-PREF      DOCAPN BZ          88417960.92      -18059127.9
DOCAS SA-RTS PRF   DOCA2 BZ           88417960.92      -18059127.9
ACO ALTONA         EALT3 BZ           84614947.94      -14270921.5
ACO ALTONA SA      EAAON BZ           84614947.94      -14270921.5
ACO ALTONA-PREF    EALT4 BZ           84614947.94      -14270921.5
ACO ALTONA-PREF    EAAPN BZ           84614947.94      -14270921.5
FABRICA RENAUX     FTRX3 BZ           66779266.69      -50394386.1
FABRICA RENAUX     FRNXON BZ          66779266.69      -50394386.1
FABRICA RENAUX-P   FTRX4 BZ           66779266.69      -50394386.1
FABRICA RENAUX-P   FRNXPN BZ          66779266.69      -50394386.1
HAGA               HAGA3 BZ           16483114.08        -62923102
FERRAGENS HAGA     HAGAON BZ          16483114.08        -62923102
FER HAGA-PREF      HAGA4 BZ           16483114.08        -62923102
FERRAGENS HAGA-P   HAGAPN BZ          16483114.08        -62923102
TECEL S JOSE       SJOS3 BZ           17924946.14      -18569451.2
TECEL S JOSE       FTSJON BZ          17924946.14      -18569451.2
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14      -18569451.2
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14      -18569451.2
CIMOB PARTIC SA    GAFP3 BZ           36817394.78      -33083086.5
CIMOB PARTIC SA    GAFON BZ           36817394.78      -33083086.5
CIMOB PART-PREF    GAFP4 BZ           36817394.78      -33083086.5
CIMOB PART-PREF    GAFPN BZ           36817394.78      -33083086.5
GAZOLA             GAZO3 BZ           12452143.07      -40298506.3
GAZOLA SA          GAZON BZ           12452143.07      -40298506.3
GAZOLA-PREF        GAZO4 BZ           12452143.07      -40298506.3
GAZOLA SA-PREF     GAZPN BZ           12452143.07      -40298506.3
GAZOLA-RCPTS CMN   GAZO9 BZ           12452143.07      -40298506.3
GAZOLA-RCPT PREF   GAZO10 BZ          12452143.07      -40298506.3
GAZOLA SA-DVD CM   GAZO11 BZ          12452143.07      -40298506.3
GAZOLA SA-DVD PF   GAZO12 BZ          12452143.07      -40298506.3
IGB ELETRONICA     IGBR3 BZ           145256033.3       -273857292
GRADIENTE ELETR    IGBON BZ           145256033.3       -273857292
GRADIENTE-PREF A   IGBR5 BZ           145256033.3       -273857292
GRADIENTE EL-PRA   IGBAN BZ           145256033.3       -273857292
GRADIENTE-PREF B   IGBR6 BZ           145256033.3       -273857292
GRADIENTE EL-PRB   IGBBN BZ           145256033.3       -273857292
GRADIENTE-PREF C   IGBR7 BZ           145256033.3       -273857292
GRADIENTE EL-PRC   IGBCN BZ           145256033.3       -273857292
HERCULES           HETA3 BZ            11597351.7       -168514681
HERCULES SA        HERTON BZ           11597351.7       -168514681
HERCULES-PREF      HETA4 BZ            11597351.7       -168514681
HERCULES SA-PREF   HERTPN BZ           11597351.7       -168514681
RENAUXVIEW SA      TXRX3 BZ           58969047.84      -91550951.9
TEXTEIS RENAUX     RENXON BZ          58969047.84      -91550951.9
RENAUXVIEW SA-PF   TXRX4 BZ           58969047.84      -91550951.9
TEXTEIS RENAUX     RENXPN BZ          58969047.84      -91550951.9
PARMALAT           LCSA3 BZ           388720052.3       -213641144
PARMALAT BRASIL    LCSAON BZ          388720052.3       -213641144
PARMALAT-PREF      LCSA4 BZ           388720052.3       -213641144
PARMALAT BRAS-PF   LCSAPN BZ          388720052.3       -213641144
PARMALAT BR-RT C   LCSA5 BZ           388720052.3       -213641144
PARMALAT BR-RT P   LCSA6 BZ           388720052.3       -213641144
ESTRELA SA         ESTR3 BZ           61011893.59      -54580283.6
ESTRELA SA         ESTRON BZ          61011893.59      -54580283.6
ESTRELA SA-PREF    ESTR4 BZ           61011893.59      -54580283.6
ESTRELA SA-PREF    ESTRPN BZ          61011893.59      -54580283.6
RIOSULENSE SA      RSUL3 BZ           61902901.69      -11292932.5
RIOSULENSE SA      RSULON BZ          61902901.69      -11292932.5
RIOSULENSE SA-PR   RSUL4 BZ           61902901.69      -11292932.5
RIOSULENSE SA-PR   RSULPN BZ          61902901.69      -11292932.5
WETZEL SA          MWET3 BZ           79756128.35      -6350930.69
WETZEL SA          MWELON BZ          79756128.35      -6350930.69
WETZEL SA-PREF     MWET4 BZ           79756128.35      -6350930.69
WETZEL SA-PREF     MWELPN BZ          79756128.35      -6350930.69
MINUPAR            MNPR3 BZ           64999715.99       -103795048
MINUPAR SA         MNPRON BZ          64999715.99       -103795048
MINUPAR-PREF       MNPR4 BZ           64999715.99       -103795048
MINUPAR SA-PREF    MNPRPN BZ          64999715.99       -103795048
NORDON MET         NORD3 BZ           15498217.36      -20133536.7
NORDON METAL       NORDON BZ          15498217.36      -20133536.7
NORDON MET-RTS     NORD1 BZ           15498217.36      -20133536.7
NOVA AMERICA SA    NOVA3B BZ             21287489       -183535527
NOVA AMERICA SA    NOVAON BZ             21287489       -183535527
NOVA AMERICA-PRF   NOVA4B BZ             21287489       -183535527
NOVA AMERICA-PRF   NOVAPN BZ             21287489       -183535527
NOVA AMERICA-PRF   1NOVPN BZ             21287489       -183535527
NOVA AMERICA SA    1NOVON BZ             21287489       -183535527
PETRO MANGUINHOS   RPMG3 BZ           97015785.16       -251755220
PETRO MANGUINHOS   MANGON BZ          97015785.16       -251755220
PET MANGUINH-PRF   RPMG4 BZ           97015785.16       -251755220
PETRO MANGUIN-PF   MANGPN BZ          97015785.16       -251755220
RIMET              REEM3 BZ           63757621.65       -107162240
RIMET              REEMON BZ          63757621.65       -107162240
RIMET-PREF         REEM4 BZ           63757621.65       -107162240
RIMET-PREF         REEMPN BZ          63757621.65       -107162240
SANSUY             SNSY3 BZ           100279114.9      -45812488.8
SANSUY SA          SNSYON BZ          100279114.9      -45812488.8
SANSUY-PREF A      SNSY5 BZ           100279114.9      -45812488.8
SANSUY SA-PREF A   SNSYAN BZ          100279114.9      -45812488.8
SANSUY-PREF B      SNSY6 BZ           100279114.9      -45812488.8
SANSUY SA-PREF B   SNSYBN BZ          100279114.9      -45812488.8
BOTUCATU TEXTIL    STRP3 BZ           35101566.77      -13482713.5
STAROUP SA         STARON BZ          35101566.77      -13482713.5
BOTUCATU-PREF      STRP4 BZ           35101566.77      -13482713.5
STAROUP SA-PREF    STARPN BZ          35101566.77      -13482713.5
TEKA               TEKA3 BZ           237436193.6       -360484910
TEKA               TEKAON BZ          237436193.6       -360484910
TEKA-PREF          TEKA4 BZ           237436193.6       -360484910
TEKA-PREF          TEKAPN BZ          237436193.6       -360484910
TEKA-ADR           TKTPY US           237436193.6       -360484910
TEKA-ADR           TKTQY US           237436193.6       -360484910
VARIG SA           VAGV3 BZ           966298025.5      -4695211316
VARIG SA           VARGON BZ          966298025.5      -4695211316
VARIG SA-PREF      VAGV4 BZ           966298025.5      -4695211316
VARIG SA-PREF      VARGPN BZ          966298025.5      -4695211316
WIEST              WISA3 BZ           39838113.86      -93371563.1
WIEST SA           WISAON BZ          39838113.86      -93371563.1
WIEST-PREF         WISA4 BZ           39838113.86      -93371563.1
WIEST SA-PREF      WISAPN BZ          39838113.86      -93371563.1
FER C ATLANT       VSPT3 BZ            1212489621      -38389781.7
FER C ATLANT-PRF   VSPT4 BZ            1212489621      -38389781.7
FERROVIA CEN-DVD   VSPT11 BZ           1212489621      -38389781.7
FERROVIA CEN-DVD   VSPT12 BZ           1212489621      -38389781.7
FER C ATL-RCT CM   VSPT9 BZ            1212489621      -38389781.7
FER C ATL-RCT PF   VSPT10 BZ           1212489621      -38389781.7
HOPI HARI SA       PQTM3 BZ           62168844.09      -55189836.7
HOPI HARI-PREF     PQTM4 BZ           62168844.09      -55189836.7
PARQUE TEM-DV CM   PQT5 BZ            62168844.09      -55189836.7
PARQUE TEM-DV PF   PQT6 BZ            62168844.09      -55189836.7
PARQUE TEM-RT CM   PQTM1 BZ           62168844.09      -55189836.7
PARQUE TEM-RT PF   PQTM2 BZ           62168844.09      -55189836.7
PARQUE TEM-RCT C   PQTM9 BZ           62168844.09      -55189836.7
PARQUE TEM-RCT P   PQTM10 BZ          62168844.09      -55189836.7
MMX MINERACAO      MMXM3 BZ            1018389001       -160218401
TRESSEM PART SA    1TSSON BZ           1018389001       -160218401
ALL MALHA PAULIS   GASC3B BZ           1123596482       -536003486
GASCOIGNE EMP-PF   GASC4B BZ           1123596482       -536003486
GASCOIGNE EMPREE   1GASON BZ           1123596482       -536003486
GASCOIGNE EMP-PF   1GASPN BZ           1123596482       -536003486
CIA PETROLIFERA    MRLM3B BZ          377602195.2      -3014291.72
CIA PETROLIF-PRF   MRLM4B BZ          377602195.2      -3014291.72
CIA PETROLIFERA    1CPMON BZ          377602195.2      -3014291.72
CIA PETROLIF-PRF   1CPMPN BZ          377602195.2      -3014291.72
LATTENO FOOD COR   LATF US               16631180         -1448544
VARIG PART EM TR   VPTA3 BZ           49432124.18       -399290426
VARIG PART EM-PR   VPTA4 BZ           49432124.18       -399290426
VARIG PART EM SE   VPSC3 BZ           84848504.58       -430964848
VARIG PART EM-PR   VPSC4 BZ           84848504.58       -430964848


CHILE

CHILESAT CO-ADR    TL US              506644998.8      -60450603.1
CHILESAT CORP SA   TELEX CI           506644998.8      -60450603.1
CHILESAT CO-RTS    CHISATOS CI        506644998.8      -60450603.1
TELMEX CORP SA     CHILESAT CI        506644998.8      -60450603.1
TELEX-A            TELEXA CI          506644998.8      -60450603.1
TELMEX CORP-ADR    CSAOY US           506644998.8      -60450603.1
TELEX-RTS          TELEXO CI          506644998.8      -60450603.1


                            ***********

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 * * *