TCRLA_Public/100315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, March 15, 2010, Vol. 11, No. 051

                            Headlines



A R G E N T I N A

BANCO PATAGONIA: Banco do Brasil May Take Over Bank
BEAR BERRY: Asks for Preventive Contest
DINKEL SA: Creditors' Proofs of Debt Due on April 14
FASAX SA: Creditors' Proofs of Debt Due on April 23
LA FLOTA: Requests the Opening of Preventive Contest

SATELLITAL CONTROL: Creditors' Proofs of Debt Due on April 19


B E R M U D A

VALIDUS HOLDINGS: Sees US$300-Mil. in Losses Due to Disasters


B R A Z I L

AES CORP: AES Eletropaulo 4Q Profit Drops 1.1% to BRL525.6 Million
BANCO DAYCOVAL: Fitch Assigns 'BB' Rating on US$300 Mil. Notes
ELETROPAULO METROPOLITAN: To Sell BRL800 Million Bonds
GOL LINHAS: Returns to Profit With BRL397.8 Million Net Income
GOL LINHAS: Shareholders to Get R$185.8MM in Dividends


C A Y M A N  I S L A N D S

ALLIANCE & LEICESTER: Commences Liquidation Proceedings
CECIL LTD: Members Receive Wind-Up Report
CENTENNIAL ABSOLUTE: Commences Liquidation Proceedings
CENTENNIAL OPPORTUNITIES: Commences Liquidation Proceedings
FAR EAST: S&P Downgrades Rating on US$10 Mil. Notes to 'D'

GIRO INVESTMENTS: Commences Liquidation Proceedings
GOLDEN EAGLE: Commences Wind-Up Proceedings
GREAT HARBOUR: Commences Liquidation Proceedings
HERITAGE HEDGED: Commences Liquidation Proceedings
KALLISTA CREDIT: Commences Liquidation Proceedings

KALLISTA CREDIT: Commences Liquidation Proceedings
KALLISTA CREDIT: Commences Liquidation Proceedings
KINGDOM 5-KR-173: Commences Liquidation Proceedings
LATITUDE CAPITAL: Commences Liquidation Proceedings
LAUREL CAPITAL: Commences Wind-Up Proceedings

LIBERATION INVESTMENTS: Members Receive Wind-Up Report
MONTBLANC OPPORTUNITIES: Members Receive Wind-Up Report
OAKWOOD PARTNERS: Commences Liquidation Proceedings
OLD MUTUAL: Commences Liquidation Proceedings
OLD MUTUAL: Commences Liquidation Proceedings

PLATINUM EQUITY: Commences Liquidation Proceedings
PLATINUM PORTFOLIO: Commences Liquidation Proceedings
PLATINUM PREMIER: Commences Liquidation Proceedings
PROVALUE GLOBAL: Commences Wind-Up Proceedings
SR BOONE: Shareholders Receive Wind-Up Report

SR EDINBURGH: Shareholders Receive Wind-Up Report
SR LUCERNE: Shareholders Receive Wind-Up Report
STARTS LTD: S&P Withdraws 'B+/Watch Neg' Rating on US$135MM Notes
SUPREMO INTERNATIONAL: Members Receive Wind-Up Report
THETA CAPTURE: Commences Liquidation Proceedings

THETA CAPTURE: Commences Liquidation Proceedings
WHITE SEAS: Commences Wind-Up Proceedings


C H I L E

CELULOSA ARAUCO: Says Quake Was "Force Majeure Event"


C O L O M B I A

BANCOLOMBIA SA: Buys Mitsubishi's Stake in Rental Co. for US$18MM


E C U A D O R

* ECUADOR: IDB OKs US$14 Million to Improve Marine Conservation


J A M A I C A

SUGAR COMPANY OF JAMAICA: PM to Hold Talks With Possible Investor
WINDALCO: UC Rusal Facing More Problems


M E X I C O

AXTEL SAB: Moody's Assigns 'Ba3' Rating on US$190 Mil. Notes
AXTEL'S SAB: Fitch Assigns 'BB' Rating on US$190 Mil. Notes
GMAC MEXICO: Moody's Confirms Banco Invex's Class A Certs. Rating
* MEXICO: Seeks to Renew Deal Under IMF's Flexible Credit Line


N I C A R A G U A

* NICARAGUA: Affected by Global Crisis; GDP Contracted 1.5%


P U E R T O  R I C O

INYX USA: Wins Reorganization Plan Approval


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Still Committed to Isla Refinery


X X X X X X X X

* BOND PRICING: For the Week March 8, to March 12, 2010





                         - - - - -


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


BANCO PATAGONIA: Banco do Brasil May Take Over Bank
---------------------------------------------------
A negotiation that will allow state-owned Banco do Brasil to
takeover Banco Patagonia SA could be wrapped up later this month,
Rogerio Jelmayer and Matthew Cowley at Dow Jones Newswires report,
citing an unnamed source.  Sources told Dow Jones that Banco do
Brasil is still determining whether it will take a majority stake
in the company, or a minority position.

According to the report, investors have been speculating about a
possible purchase since late last year, and that has increased in
recent days.  Late last year, the report recalls, Banco do Brasil
President Aldemir Bendine acknowledged that the bank was in talks
with the owners of Banco Patagonia.

Dow Jones Newswires, citing Agencia Estado, notes that Banco
Patagonia has been valued at around US$1 billion.  The report
relates Agencia Estado said that Banco do Brasil is close to an
agreement over the 49.94% stake held by two brothers, Jorge and
Ricardo Stuart Milne, as well as a 9.26% stake held by Emilio
Gonzalez Moreno.

The negotiations, the report said, are being held up by
fluctuations in the value of Argentine government bonds, of which
Banco Patagonia holds a large stock.  The bonds have been volatile
amid a political crisis over the use of central bank reserves to
pay down debts, the report adds.

                         About Banco Patagonia

Banco Patagonia SA is a commercial bank.  The bank attracts
deposits from the general public and uses those funds to originate
a variery of loans.

As of March 14, 2010, the bank continues to carry Moody's Caa1
Foreign LT Bank Deposits rating, Ba2 Local LT Bank deposits
rating, and B2 Subordinate Debt rating.  The bank also continues
to carry Standard & Poor's B- LT Issuer Credit ratings.


BEAR BERRY: Asks for Preventive Contest
---------------------------------------
Bear Berry SRL asked for preventive contest.  The company stopped
making payments last February 12.


DINKEL SA: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------
Diego Maximiliano Martinez, the court-appointed trustee for Dinkel
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 14, 2010.

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Diego Maximiliano Martinez
         Tucuman 1650
         Argentina


FASAX SA: Creditors' Proofs of Debt Due on April 23
---------------------------------------------------
Mario Gustavo Doctorovich, the court-appointed trustee for Fasax
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 23, 2010.

Mr. Doctorovich will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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.


LA FLOTA: Requests the Opening of Preventive Contest
----------------------------------------------------
La Flota SRL requested the opening of preventive contest.  The
company stopped making payments on September 2009.


SATELLITAL CONTROL: Creditors' Proofs of Debt Due on April 19
-------------------------------------------------------------
Mario Jasatsky, the court-appointed trustee for Satellital Control
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until April 19, 2010.

Mr. Jasatsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 6, 2010.


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


VALIDUS HOLDINGS: Sees US$300-Mil. in Losses Due to Disasters
-------------------------------------------------------------
Validus Holdings Limited provided an initial estimate of losses
from the recent Chilean Earthquake and European Windstorm Xynthia.

Validus expects that the Chilean Earthquake will result in total
insured industry losses between US$4.0 billion and US$8.0 billion.
Based on these estimates, Validus expects its loss to be in the
range of US$170 million to US$270 million, net of reinstatement
premiums and reinsurance, retrocessional and other recoveries.

Validus Chairman and CEO Ed Noonan commented: "Based on current
estimates, the Chilean Earthquake is one of the largest non-US
events in the history of the global reinsurance market.  As one of
the world's leading catastrophe reinsurers, Validus is committed
to supporting our clients in Chile and around the world in the
aftermath of this devastating event."

Validus also provided an initial estimate of losses from European
Windstorm Xynthia.  The Company expects its loss to be in the
range of US$20 million to US$30 million, net of reinstatement
premiums and reinsurance, retrocessional, and other recoveries.

The estimates are based on Validus' current evaluation of impacted
contracts and information provided by customers and
intermediaries.  Validus' actual losses from these events may vary
materially from these estimates due to the uncertainties inherent
in this preliminary information.

                     About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


AES CORP: AES Eletropaulo 4Q Profit Drops 1.1% to BRL525.6 Million
------------------------------------------------------------------
AES Eletropaulo, a unit of The AES Corporation, posted a 1.1% drop
in fourth-quarter net profit to BRL525.6 million (US$297 million),
Rogerio Jelmayer at Dow Jones Newswires reports, citing a company
statement.  The report relates that the company attributed the
reduction of its net profit in the period to an increase of its
operational expenses.

According to the report, Eletropaulo's operational expenses
totaled BRL1.74 billion in the fourth quarter, up from BRL1.5
billion in the year-earlier period.  The report notes that the
company's net revenue was BRL2.19 billion in the fourth quarter,
up from BRL1.9 billion in the fourth quarter of 2008.  EBITDA
dropped 22.5% to BRL431 million, the report says.

Dow Jones Newswires adds that for the full year of 2009,
Eletropaulo reported a net profit of BRL1.06 billion, up from
BRL1.03 billion in 2008.

                       About AES Corporation

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

                           *     *     *

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


BANCO DAYCOVAL: Fitch Assigns 'BB' Rating on US$300 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned a final 'BB' Foreign Currency Long-Term
Rating to US$300 million of senior notes of Banco Daycoval S.A.,
with interest payable semi annually and principal due at maturity
in March 2015.

The final rating assigned to Daycoval's issuance reflects Daycoval
Issuer Default Ratings and ranks equal as other senior unsecured
debts.  This issuance is part of a Euro medium-term notes program
of up to US$1 billion and its proceeds shall be used to extend the
bank's funding structure and to enable new business generation.

Daycoval's Long-term IDR (rated 'BB' with a Stable Outlook)
reflect its consistent track record of profitability, which
compares it well regionally, despite operating with low leverage;
the satisfactory local and international funding structure relied
on longer tenors, good efficiency ratios and adequate liquidity
management, even in stressful scenarios.  The ratings also
consider management's ability to adjust during downturns, adopting
a more conservative approach towards provisioning with
satisfactory loss coverage, for example.  On the other hand, the
ratings consider the bank's medium size, its concentration of
assets and liabilities, and the challenge of seeking more
diversified and longer-term funding channels on top of higher
diversification of its revenue sources.

Daycoval started operations in 1968 with the creation of Daycoval
DTVM and Valco Corretora de Valores.  It is controlled by the
Dayan family and, since 2007, its shares are traded at the Sao
Paulo Stock Exchange (BMF&Bovespa).


ELETROPAULO METROPOLITAN: To Sell BRL800 Million Bonds
------------------------------------------------------
Laura Price at Bloomberg News reports that Eletropaulo
Metropolitana SA, a unit of Cia. Brasiliana de Energia, plans
to sell BRL400 million of four-year bonds and BRL400 million of
10-year bonds.  Cia. Brasiliana de Energia is owned by Brazil's
state development bank (BNDES), and AES Corp.

According to the report, Eletropaulo said it will use part of its
local bonds to finance its 2010 investment plan and part to repay
its bonds due in 2010.

Eletropaulo Metropolitana SA generates, transmits, distributes,
and markets electric power to the city of SA paulo and surrounding
metropolitan regions.

                           *     *     *

As of March 14, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings.  The company also continues
to carry Fitch rating's "BB" LT Issuer default ratings and Senior
Unsecured debt ratings.


GOL LINHAS: Returns to Profit With BRL397.8 Million Net Income
--------------------------------------------------------------
Fabiola Moura at Bloomberg News reports that GOL Intelligent
Airlines aka GOL Linhas Areas Inteligentes S.A. posted of BRL397.8
million (US$225.5 million) net income in the fourth quarter from a
restated loss of BRL541.6 million a year earlier helped by one-
time gains and an economic rebound.  The earnings reported follow
International Financial Reporting Standards and beat
analysts'estimates.

According to the report, Chief Executive Officer Constantino de
Oliveira Jr. said that the carrier's profit included one-time
gains from foreign exchange and tax credits.   The report notes
the national statistics agency said that Air travel also rebounded
as Brazil's economy expanded 2% in the quarter from the previous
three months, the fastest pace in two years.  "The combination of
an economic upturn, favorable seasonal factors and a price war
marked the air transport sector" last quarter, Banco Fator
Corretora analysts Jacqueline Lison and Gustavo Mendes Lbo said
in an e-mail obtained by Bloomberg News.

Bloomberg News adds that Gol Linhas' sales rose 4.5% to BRL1.6
billion.

                         About GOL Linhas

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

                           *     *     *

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


GOL LINHAS: Shareholders to Get R$185.8MM in Dividends
------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A.'s board of directors approved
the payment of dividends followed by a capital increase in the
same amount as the dividends declared.

Dividends in the amount of R$185.8 million (R$0.70/share) will be
paid based on net profits for fiscal year 2009, pursuant to BR
GAAP (Law 11,638), including deduction of legal reserves and
accumulated losses.

                         Dividend Payment

   1. Amount: R$185,838,589.23, equivalent to R$0.701581 per
      common or preferred share
   2. Record Date: April 1, 2010 for ADRs traded in the United
      States
   3. Ex-Dividends Date: March 30, 2010
   4. Dividend Payment Date: April 16, 2010

                          Capital Increase

   1. Number of Shares: 7,622,584 shares, of which 3,833,077 are
      preferred shares and 3,789,507 are common shares
   2. Record Date: April 2, 2010 for ADRs traded in the United
      States
   3. Ex-Preemptive Rights Date: March 31, 2010
   4. Subscription Price: the price per common or preferred share
      is R$24.38
   5. Rationale for Issuance Price: the price per share was set
      based on the closing price of the Company's shares at
      BM&FBovespa on March 11, 2010
   6. Share Proportion: holders of common or preferred shares may
      subscribe shares equivalent to 2.877693% of their common or
      preferred shares, respectively
   7. Share Rights: we will issue book entry common and preferred
      shares with no par value that, as of the date of
      confirmation of this capital increase, will bear the same
      rights, including the right to dividends, as currently
      existing common or preferred shares, as the case may be.
   8. Payment in: paid for in cash at the time of subscription.
   9. Term for Exercise of Preemptive Rights: GOL expects that for
      ADRs traded in the United States this term will start in
      early April.  Further information will be provided at a
      later date.
  10. Assignment of Preemptive Rights: rights attached to the ADRs
      traded in the United States are not transferable.  If these
      rights are not exercised they will expire, unless the
      depositary sells them, but they are not under an obligation
      to do so.
  11. Remaining Shares: holders of ADRs traded in the United
      States may not elect to subscribe remaining shares.

                         About GOL Linhas

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

                           *     *     *

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


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


ALLIANCE & LEICESTER: Commences Liquidation Proceedings
-------------------------------------------------------
Alliance & Leicester Finance Company Limited commenced liquidation
proceedings on December 21, 2009.

Creditors are required to file their proofs of debt by February 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


CECIL LTD: Members Receive Wind-Up Report
-----------------------------------------
The members of Cecil Ltd. received, on January 15, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


CENTENNIAL ABSOLUTE: Commences Liquidation Proceedings
------------------------------------------------------
Centennial Absolute Return Master Fund, Ltd. commenced liquidation
proceedings on December 24, 2009.

Creditors are required to file their proofs of debt by January 20,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


CENTENNIAL OPPORTUNITIES: Commences Liquidation Proceedings
-----------------------------------------------------------
Centennial Opportunities Master Fund, Ltd. commenced liquidation
proceedings on December 24, 2009.

Creditors are required to file their proofs of debt by January 20,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


FAR EAST: S&P Downgrades Rating on US$10 Mil. Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating to
'D' from 'CC' on Far East Funding I SPC Ltd.'s US$10 million
deferrable notes series 2007-07.  S&P then withdrew the rating on
these notes.

The downgrade to 'D' follows confirmation from the arranger that
losses from credit events in the underlying portfolio exceeded the
available credit enhancement.  This means that on the early
termination date, the noteholders suffered a principal loss.


S&P subsequently withdrew the rating assigned to these notes,
having recently received confirmation that the transaction
redeemed early.


GIRO INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
Giro Investments Limited commenced liquidation proceedings on
December 21, 2009.

Creditors are required to file their proofs of debt by February 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


GOLDEN EAGLE: Commences Wind-Up Proceedings
-------------------------------------------
Golden Eagle Portfolio Ltd. commenced wind-up proceedings on
November 26, 2009.

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


GREAT HARBOUR: Commences Liquidation Proceedings
------------------------------------------------
Great Harbour Insurance (SPC) Limited commenced liquidation
proceedings on December 23, 2009.

Creditors are required to file their proofs of debt by February 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Krissa Jeffers
         Telephone: 345-914-4398
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


HERITAGE HEDGED: Commences Liquidation Proceedings
--------------------------------------------------
Heritage Hedged Equity Master Fund, Ltd. commenced liquidation
proceedings on December 24, 2009.

Creditors are required to file their proofs of debt by January 20,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


KALLISTA CREDIT: Commences Liquidation Proceedings
--------------------------------------------------
Kallista Credit Arbitrage Fund Limited commenced liquidation
proceedings on December 21, 2009.

Creditors are required to file their proofs of debt by January 25,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


KALLISTA CREDIT: Commences Liquidation Proceedings
--------------------------------------------------
Kallista Credit Arbitrage Master Fund Limited commenced
liquidation proceedings on December 21, 2009.

Creditors are required to file their proofs of debt by January 25,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


KALLISTA CREDIT: Commences Liquidation Proceedings
--------------------------------------------------
Kallista Credit Opportunities Fund Limited commenced liquidation
proceedings on December 18, 2009.

Creditors are required to file their proofs of debt by January 25,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


KINGDOM 5-KR-173: Commences Liquidation Proceedings
---------------------------------------------------
Kingdom 5-KR-173, Ltd. commenced liquidation proceedings on
December 18, 2009.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66, PO Box 1
         Riyadh 11321, Saudi Arabia
         Telephone: +966 1 211 1111


LATITUDE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
Latitude Capital Group commenced wind-up proceedings on
December 10, 2009.

Creditors are required to file their proofs of debt by February 3,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


LAUREL CAPITAL: Commences Wind-Up Proceedings
---------------------------------------------
Laurel Capital Limited commenced wind-up proceedings on
December 24, 2009.

Creditors are required to file their proofs of debt by January 26,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Intertrust (Cayman) Limited
         c/o Kanika Green
         Telephone: (345)-946-2230
         Facsimile: (345)-946-2681
         c/o Intertrust (Cayman) Limited
         Mirco Centre, Unit 215
         P.O. Box 10185, North Sound Road
         Grand Cayman KY1-1002, Cayman Islands


LIBERATION INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Liberation Investments, Ltd. received, on
February 18, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MONTBLANC OPPORTUNITIES: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Montblanc Opportunities Ltd. received, on
January 15, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


OAKWOOD PARTNERS: Commences Liquidation Proceedings
---------------------------------------------------
Oakwood Partners Master Fund Ltd. commenced liquidation
proceedings on December 24, 2009.

Creditors are required to file their proofs of debt by January 20,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
Old Mutual Currency Master Fund Limited commenced liquidation
proceedings on December 24, 2009.

Creditors are required to file their proofs of debt by January 26,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102


OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
Old Mutual Currency Fund Limited commenced liquidation proceedings
on December 24, 2009.

Creditors are required to file their proofs of debt by January 26,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102


PLATINUM EQUITY: Commences Liquidation Proceedings
--------------------------------------------------
Platinum Equity Plus Fund Limited commenced liquidation
proceedings on December 23, 2009.

Creditors are required to file their proofs of debt by February 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Krissa Jeffers
         Telephone: 345-914-4398
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PLATINUM PORTFOLIO: Commences Liquidation Proceedings
-----------------------------------------------------
Platinum Portfolio Limited commenced liquidation proceedings on
December 23, 2009.

Creditors are required to file their proofs of debt by February 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Krissa Jeffers
         Telephone: 345-914-4398
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PLATINUM PREMIER: Commences Liquidation Proceedings
---------------------------------------------------
Platinum Premier Fund Limited commenced liquidation proceedings on
December 23, 2009.

Creditors are required to file their proofs of debt by February 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Krissa Jeffers
         Telephone: 345-914-4398
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


PROVALUE GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
Provalue Global Diverisified commenced wind-up proceedings on
December 23, 2009.

Creditors are required to file their proofs of debt by January 27,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Hans Jorgen Chidekel
         Baarerstrasse 80
         P.O. Box 2545, CH-6302
         Zug, Switzerland
         Telephone: +41 (41) -7279262
         Facsimile: + 41 (41) -7278260


SR BOONE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of SR Boone Capital Offshore Feeder Ma Ltd.
received, on February 3, 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 February 3,
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 MA Ltd. received, on
February 3, 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


STARTS LTD: S&P Withdraws 'B+/Watch Neg' Rating on US$135MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+/Watch Neg'
credit rating on STARTS (Cayman) Ltd.'s US$135 million leveraged
super senior credit-linked fixed-rate notes series 2007-36.

The rating remained on CreditWatch negative at the time S&P
withdrew it.

The withdrawal follows HSBC Bank PLC's -- the arranger's -- recent
notification to S&P that the issuer had fully repurchased the
notes.

STARTS (Cayman) series 2007-36 is a leveraged super senior loss
transaction


SUPREMO INTERNATIONAL: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Supremo International Ltd. received, on
January 15, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


THETA CAPTURE: Commences Liquidation Proceedings
------------------------------------------------
Theta Capture Fund Offshore, Ltd. commenced liquidation
proceedings on December 23, 2009.

Creditors are required to file their proofs of debt by January 29,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


THETA CAPTURE: Commences Liquidation Proceedings
------------------------------------------------
Theta Capture Fund Master, Ltd. commenced liquidation proceedings
on December 23, 2009.

Creditors are required to file their proofs of debt by January 29,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


WHITE SEAS: Commences Wind-Up Proceedings
-----------------------------------------
White Seas Company commenced liquidation proceedings on
December 23, 2009.

Creditors are required to file their proofs of debt by January 27,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Robert M. Hopson
         Telephone: 713 654 4484
         Facsimile: 713 308 2991
         Two Houston Centre, Suite 2907
         Houston, Texas 77010-1015, USA


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


CELULOSA ARAUCO: Says Quake Was "Force Majeure Event"
-----------------------------------------------------
Heather Walsh at Bloomberg News reports that Celulosa Arauco y
Constitucion SA said that the February 27 earthquake and tsunami
that damaged its factories in Chile were a "force majeure event."
The company is contacting its customers and suppliers to discuss
arrangements and the status of its operations, Chief Financial
Officer Gianfranco Truffello said in an e-mail to Bloomberg News.

According to the report, the temblor halted production at Celulosa
Arauco pulp factories in southern Chile.  The report relates
Andres Moran, the company's deputy corporate affairs director for
the region, said that the company is assessing damage at factories
including its plant in Constitucion, near the epicenter of the
quake, where flood waters covered machinery with debris.  The
company's Mutrun mill was swept away by waves, the report adds.

Celulosa Arauco y Constitucion SA is an integrated foerst company.
The company manages forests and the prodcution of sawn timber,
bleached and ubleached pulp, and other wood products such as
plywood and fiberbloard.  Arauco produces in Chile and Argentina,
and markes and sell its producs in South and North America,
Europe, and Asia.


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


BANCOLOMBIA SA: Buys Mitsubishi's Stake in Rental Co. for US$18MM
-----------------------------------------------------------------
Bancolombia S.A. has signed an agreement with Mitsubishi
Corporation to buy its 14% stake in the Colombian vehicle rental
firm Renting Colombia, Matthew Bristow at Dow Jones Newswires
reports.

According to the report, Bancolombia Chief Executive Luis Fernando
Perez agreed to pay COP32.4 billion (US$18 million) for the
shares, which will take its stake in the company to 94.5%.  The
report relates Bancolombia has total assets of COP6.9 trillion,
mainly in the property, equipment, machinery and vehicle sectors.

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

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" LT Issuer default ratings and Subordinate debt rating.  The
company also continues to carry ST FC Issuer Default ratings.


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


* ECUADOR: IDB OKs US$14 Million to Improve Marine Conservation
---------------------------------------------------------------
The Inter-American Development Bank approved a US$4 million grant
from the IDB-Global Environment Facility to advance marine and
coastal biodiversity conservation in Ecuador by supporting a
protected areas network and helping implement a national action
plan for the protection of sharks.

The Government of Ecuador will provide an additional US$4.3
million in local counterpart funds, taking total funding for the
project to US$8.3 million.  These funds will be complemented by
US$13 million in associated financing from the U.S. Agency for
International Development's project "Partnerships for Biodiversity
Conservation in Ecuador's Pacific Lowlands and Coast."

Ecuador's Environment Ministry will use the funds to strengthen 13
existing Marine Protected Areas and create two new ones, and to
shore up the National Plan of Action for the Conservation and
Management of Sharks.  The Plan was adopted in 2006 in order to
address the problem of declining shark populations, which is
particularly evident among hammerhead sharks.

The project is expected to cut the total annual landings of
endangered sharks from the current 39,000 to 31,000 and to
substantially reduce the incidence of accidental shark by- catch.
Ecuador's nearly 60,000 artisanal fishermen, operating from 138
localities distributed along the coast, will be active
participants in the conservation effort.

In order to help achieve these goals, 50 scientists and managers
will be trained, while data will be compiled and guidelines for
conservation and management of endangered species will be
published.

The two new MPAs will take the total area under protection from
332,000 ha to 400,000 ha.  Under the project, all MPAs are
expected to produce management plans and maps showing their
precise limits, up from only four that have do so until now.

The MPAs will also be integrated into a nationwide network, and
their scope will be expanded from the prevailing focus, which
emphasizes mangrove conservation, to include other ecosystems such
as rocky reefs, estuaries, sandy bottoms and sea mounts.
Additionally, in order to improve onsite surveillance and
enforcement, the MPAs will be included in the Coast Guard's vessel
monitoring system and regulations will be updated to ensure that
sanctions are applied to infractions.

                           *     *     *

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
=============


SUGAR COMPANY OF JAMAICA: PM to Hold Talks With Possible Investor
-----------------------------------------------------------------
Finance Minister Audley Shaw is to hold talks with representatives
of the sugar processing and marketing company Tate and Lyle, which
is said to have shown interest in the Sugar Company of Jamaica
Limited, RadioJamaica reports.

According to the report, Mr. Shaw said that with two of the five
divested government sugar estates showing strong improvement, he
is confident that with interest being shown by Tate and Lyle and
other entities, the sugar industry will return to profitability.
The report relates Mr. Shaw said that any partnership struck with
Tate and Lyle, which has been involved in the processing and
marketing of sugar for over 200 years, will have significant
benefits for Jamaica.

Meanwhile, the report says, cane farmers are keeping their fingers
crossed that a deal is hammered out between the government and
Tate and Lyle.  The report relates Allan Rickards, Chairman of the
All-Island Jamaica Cane Farmers Association, said that he has been
informed that while the conglomerate is not interested in
purchasing state-run factories it is looking at other areas of
opportunity.

                            About SCJ

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

                           *     *     *

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


WINDALCO: UC Rusal Facing More Problems
---------------------------------------
West Indies Alumina Company's parent company UC Rusal is facing
more challenges amid cutback in local mining activities,
RadioJamaica reports.  The report relates the Russian firm is
seeking to renegotiate alumina sales contracts for 2009 and 2010
with smelters and traders.

According to the report, the Russian aluminium producer has not
yet delivered on some contracts from last year and there are
concerns about the delivery of material on contract for this year.
The report notes that the total value of the alumina involved is
said to be in the region of US$2.5 billion.

RaioJamaica, citing a report carried by a metals website, says
that the main issue is that Rusal is over-committed since it
stopped its refineries in Jamaica and Italy.  The report relates
that UC Rusal has also been facing financial difficulties and
problems with the Russian government.

                           About WINDALCO

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


AXTEL SAB: Moody's Assigns 'Ba3' Rating on US$190 Mil. Notes
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Axtel, S.A.B.
de C.V.'s US$190 million in notes due in 2019.  The new notes will
be an add-on to the US$300 million senior unsecured notes (rated
Ba3, stable)issued in September 2009 and due in 2019.  Proceeds
from the reopening will be used to repay debt, including
US$105 million in syndicated loans maturing from 2010 to 2012,
besides certain short term debt.  Any remainder will be used for
general corporate purposes.  The outlook on the rating is stable.

Axtel's Ba3 ratings reflect the company's small revenue size and
lack of free cash flow generation, which Moody's expects will
continue mainly due to large growth capital expenditures.  In
addition, Axtel's ratings reflect the operating challenges arising
from strong competition from incumbent Telmex and Cable TV
operators as well as wireless substitution.  Balancing these
credit negatives is Axtel's solid EBITDA margin and management's
largely prudent financial policies.  Also, the competitive risk is
somewhat mitigated by Axtel's stronger customer mix: as of
December 2009, business customers represented 35% of lines in
service but a high 79% of total revenues, which reduces the threat
from triple-play cable voice offerings.  The reopening of the 2019
notes should not significantly increase the company's debt since
the majority of the respective net proceeds will be used to
refinance existing debt.

While Moody's recognize that Axtel's management has followed
prudent financial practices and that the company's current
liquidity position and debt maturity profile are adequate, the
intense competitive environment is expected to continue to place
pressure on the company's operating margins and cash generation,
making it a challenge to sustain its leverage tolerance level of 3
times debt to EBITDA, if capital expenditure requirements remain
elevated.  The stable ratings outlook is based on Moody's
expectations that Axtel will be able to improve operating results
as the initial WiMax problems have been resolved and that the
company will maintain its conservative financial policies and
strong liquidity.

The WiMax technology should provide the basis for Axtel's revenue
growth as it offers mobility and higher bandwidth for data
services, thus improving its competitiveness against both fixed
line and mobile operators.  However, strong competitive pressures
to offer new services and bundles, including wireless and video
services, has forced the company to carry on higher than expected
operating and capital expenditures, placing continued negative
pressure on FCF generation.

Going forward, to the extent that Axtel is successful at lowering
subscriber disconnections as well as increasing revenues and
margins to the point that FCF generation improves and becomes
sustainable, its ratings could be upgraded.  Conversely, should
Axtel take longer to achieve adequate and sustainable levels of
free cash flow, its ratings could undergo further negative rating
actions.  Specific factors that could trigger a ratings downgrade
include weak operating results and continuous negative free cash
flow generation with limited prospects of a recovery.  Moody's
will closely monitor the company's interest coverage ratio, as
measured by EBITDA minus capex to interest expenses, and
debt/EBITDA ratio.  An underperformance of the company's business
or a major acquisition/capital investment that drive adjusted
debt/EBITDA above 3 times would put negative pressure on Axtel's
ratings.

Axtel's liquidity is adequate as cash on hand plus short term
investments cover debt maturing in the next 12 months.  The
proposed increase in the size of the 2019 notes should improve
Axtel's liquidity position even further since proceeds will be
used mostly to refinance upcoming debt maturities.  Axtel's
ratings assume that the final legal decision about interconnection
rates, whenever reached, as well a possible acquisition of
wireless spectrum, will not jeopardize Axtel's liquidity position
or debt repayment capacity given management's prudent financial
policies.

Before the action, last action on Axtel's ratings was on March 8,
2010, when Moody's downgraded Axtel's ratings to Ba3 from Ba2 and
changed the outlook on the ratings to stable from negative.

Based in Monterrey, Mexico, Axtel is a competitive local telephone
company providing bundled products including voice, data and
Internet services to business and residential users within Mexico.
Axtel provides telecommunications services using a suite of
technologies including FWA, WiMAX, copper, fiber-optic, point to
multipoint radios and traditional point to point microwave access,
among others.  Axtel is the second-largest fixed line telecom in
Mexico with an 8% revenues market share as of December 2009.  At
present, Axtel serves 39 cities.  In 2009, revenues reached
US$810 million with a 39.8% adjusted EBITDA margin.


AXTEL'S SAB: Fitch Assigns 'BB' Rating on US$190 Mil. Notes
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to the up to
US$190 million proposed reopening of Axtel's, S.A.B. de C.V. 2019
senior notes.  Proceeds from the reopening are expected to be used
primarily for refinancing purposes and to a lesser extent for
general corporate uses.  The 2019 notes rank pari passu with
existing 2017 notes and other indebtedness and will be guaranteed
by all subsidiaries with the exception of Telecom Networks Inc.

Axtel ratings are supported by its business position as the
largest competitive local exchange carrier in Mexico, moderate
financial profile, adequate liquidity and the expectation of
positive free cash flow in the next few years.  The ratings are
tempered by increased competition, particularly in the residential
market, mobile substitution and modest regulatory risk.

Leverage is expected to remain stable or decline slightly during
2010.

Total debt to EBITDA weakened during 2009 to 2.6 times (x) due to
increased indebtedness and lower than expected EBITDA.
Incorporated in Axtel ratings is that total debt to EBITDA should
be approximately 2.0x over the long term; however, credit quality
will be pressured if this ratio does not meet Fitch's 2010
expectation and the company does not show a clear path to lowering
the ratio in the short term, which would likely to result in a one
notch downgrade.

Liquidity remains adequate, and the debt maturity schedule should
improve with the proposed transaction.

As of Dec. 31, 2009 the company registered cash of
MXN1,402 million compared to short-term maturities of
MXN944 million and the last 12 months of funds from operations
of approximately MXN2,909 million.  Adjusting for a cash
disbursement to Telmex during January 2010, cash is close to
MXN1 billion.  Pro forma for the bond reopening, Axtel should face
US$74 million in maturities over the next three years before it
faces the US$275 million maturity in 2017 and US$300 million plus
the proposed issuance in 2019.  Assuming the proposed transaction
is successful, total debt should be composed of US$275 million in
senior notes due 2017, up to US$490 million in senior notes due
2019 and US$74 million in other loans and capital leases.  Axtel
has exchanged the debt service of its 2017 and existing 2019
senior notes to MXNs; however, the principal amount remains
exposed to the US Dollar, adding currency risk.

Axtel's solid business position is underpinned by an integrated
voice and data offering in 39 cities in Mexico; however, the
absence of a pay-tv offering limits its competitive position in
the residential segment.  Fitch expects Axtel to pursue a pay-tv
alternative by the second half of 2010 to enhance its
competitiveness in this segment.  Fitch takes into account that
cash outflows for this project should not be material whether
Axtel elects to offer the service on its own or end with an
agreement with a direct to home provider.  Balanced EBITDA
generation between the residential and the corporate segment
partially compensates for intense competition in the residential
market.  The ratings continue to incorporate the gradual
termination of the agreement with Nextel that should reduce
contribution to consolidated revenues from 10.8% in 2008 to about
5% in 2010 and 2% by 2011.  Fitch's previous expectation that in
the medium term, margin growth from data and local services should
compensate for cash flow loss related to Nextel was not completely
offset during the second half of 2009, resulting in lower
operating results.

The introduction of Wimax services in 2009 helped Axtel to
stabilize the negative trend of lines in service.  Fitch expects
Axtel to post moderate growth in LIS during 2010.  The delay of
Wimax introduction during 2008 in conjunction with number
portability and the termination of the agreement with Cablemas
affected LIS, which in turn resulted in disconnections; however,
the company has been able to stabilize and moderately grow its LIS
since the second half of 2009.  Number portability balance for
Axtel has remained neutral since September of 2009.

Fitch believes that a Wimax-based offering should increase Axtel's
competitive position within the residential market as it offers
broadband services at competitive speeds and VoIP services.  In
addition, as customers migrate to Wimax, capacity in older access
technologies will be released allowing the company to offer voice-
only services to users with lower demand for the released
capacity.  Pay television or 3G projects should not alter credit
quality.

Fitch believes it is economically more reasonable for Axtel to
offer mobile services through Wimax than deploying a 3G network.
Axtel has indicated that if it elects to participate in the 3G
spectrum auctions, the necessary funds for this project would be
financed with new equity without increasing leverage.  Fitch
considers that a pay-tv offering will enhance the competitive
position in the residential market.  Axtel current fixed wireless
Wimax service has the potential to develop mobility over the next
few years and may eventually lead Axtel to offer mobile services,
initially oriented toward data.

Axtel's ratings incorporate a relatively stable operating
performance.  During 2009, the company posted weaker than expected
operating results.  Failure to stabilize operating performance
should negatively affect credit quality.  Free cash flow should be
null for 2010, but should turn positive in coming years as capital
expenditures stabilize.  Potential expansion to new cities seems
limited and should not materially affect the cash flow of the
company as potential new cities are smaller and less populated
than cities where it currently has presence.

Fitch currently rates Axtel:

  -- Local currency Issuer Default Ratings at 'BB';
  -- Foreign currency IDR at 'BB';
  -- US$300 million senior notes due 2019 at 'BB';
  -- National scale rating at 'A+(mex)'.

The Rating Outlook is Stable.


GMAC MEXICO: Moody's Confirms Banco Invex's Class A Certs. Rating
------------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has confirmed the Baa1 rating
(Global Scale, Local Currency) and the Aaa.mx rating (Mexican
National Scale) of the Class A certificates FAMACB 08 of GMAC
Mexicana, Sociedad Financiera de Objeto Limitado Filial issued by
Banco Invex, S.A., Institucion de Banca Multiple, Invex Grupo
Financiero, Fiduciario, acting solely in its capacity as trustee.
The certificates are backed by dealer floorplan loans originated
by GMAC Mexicana and assigned to the trust.  This rating action
concludes Moody's review of FAMACB 08 ratings initiated on
November 28, 2008.

On February 5, 2010, Moody's upgraded the senior unsecured rating
of GMAC Inc. and GMAC-supported subsidiaries to B3 from Ca (stable
outlook).  The upgrade of GMAC's rating reflects the improvement
in the firm's capital position resulting from its December 2009
issuance of trust preferred securities and mandatory convertible
preferred securities to the U.S. Treasury.  The U.S. Treasury now
owns 56% of GMAC.  The improved capital position of GMAC Inc.
reduces the potential pressures on GMAC Mexicana's business that
could lead, in turn, to higher dealer default rates and lower
collateral recovery rates.

The rating action also reflects GMAC Mexicana's ability to
properly service the transaction and monitor dealer performance
throughout the economic recession despite the adverse situation of
GM and GMAC in the U.S.  The performance of the underlying
receivables in the FAMACB 08 transaction is characterized by a
solid payment rate that is in line with historical averages and
Moody's expectations.  As of January 2010, the monthly payment
rate was 67.5% with a 3-month average of 64.4%.  As of the same
date, the transaction showed low delinquency levels with 120+
delinquencies at 2.8% of the outstanding balance of the pool.  In
addition, the transaction has a reserve of MXP36.6 million which
is equivalent to 2% of the outstanding balance of the
certificates.

Given the historical monthly payment rate behavior, the slower
than anticipated economy recovery, and the 26% decline in retail
sales during 2009 in the Mexican automotive industry Moody's
current range of expectations for the payment rate is 55% to 65%.
The performance expectations for a given variable indicate Moody's
forward-looking view of the likely performance over the medium
term.  From time to time, Moody's may, if warranted, change these
expectations.  Performance that significantly deviates from these
estimates may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated when the related
securities ratings were issued.  Even so, a deviation from the
expected levels will not necessarily result in a rating action nor
does performance within expectations preclude such actions.  The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics.

Future performance of this dealer floorplan ABS is linked to the
related manufacturer and can be affected negatively with an
insolvent manufacturer in the U.S. that could pressure GM's
Mexican business.  Moody's believes that the transaction
performance could also be affected as a result of decreased dealer
profitability in a low sales volume scenario caused by an economic
slowdown that could pressure dealer default rates.  The primary
source of assumption uncertainty is the decreased sales volume
scenario in which car sales in the domestic market have fallen
substantially over the last year as a result of the weak
macroeconomic environment.

The rating confirmation of FAMACB 08 reflects an analysis that
evaluates the protection available to note holders under stressed
scenarios.  These scenarios incorporate, among other factors,
stresses that could be realized in bankruptcy scenarios that
differ from the recent orderly bankruptcy experience of General
Motors.  The stresses address the level of dealer defaults,
monthly payment rate decline, and recovery rates in a future
bankruptcy that might be more disruptive than recent bankruptcy
experience.

The complete rating action is:

Issuer: Banco Invex, S.A., Institucion de Banca Multiple, Invex
Grupo Financiero, Fiduciario, acting solely in its capacity as
trustee.

  -- FAMACB 08 Class A - ratings of Baa1 (Global Scale, Local
     Currency) and Aaa.mx (National Scale Rating) confirmed.  Last
     rating action was on November 28, 2008, when the ratings were
     placed under review for possible downgrade.


* MEXICO: Seeks to Renew Deal Under IMF's Flexible Credit Line
--------------------------------------------------------------
John Lipsky, First Deputy Managing Director of the International
Monetary Fund, made the following statement in Washington:

"I welcome the authorities' indication that Mexico is interested
in renewing its one-year precautionary arrangement under the IMF's
Flexible Credit Line (FCL) for 1,000 percent of quota (SDR 32
billion or about US$48 billion).

"Mexico has a sustained record of sound economic policies, and has
very strong economic fundamentals, and institutional and policy
frameworks.  While Mexico has been hit hard by the global
financial crisis, the Mexican authorities have responded strongly
and effectively, and there are clear signs that a recovery is
underway.

"Given the uncertainties that remain in the global environment,
and noting the success of the current FCL arrangement, I share the
authorities' view that a successor FCL arrangement can play an
important role in continuing to support Mexico's policy strategy
and in maintaining external confidence.  The IMF's Management
therefore intends to move ahead rapidly in seeking approval by the
Fund's Executive Board of Mexico's request for an FCL
arrangement."

The FCL is an instrument established on March 24, 2009 that is
available to Fund member countries deemed to possess very strong
fundamentals, policies, and track records of policy
implementation.  Access to FCL resources is based on the
requesting country having met these criteria, rather than on
fulfilling ex-post performance criteria.  Mexico's Flexible Credit
Line was approved on April 17, 2009. For more information, please
see Press Release No. 09/130


=================
N I C A R A G U A
=================


* NICARAGUA: Affected by Global Crisis; GDP Contracted 1.5%
-----------------------------------------------------------
An International Monetary Fund mission visited Managua from
February 22 to March 5 to begin discussions in the context of the
fourth review under the Extended Credit Facility, as well as to
conduct the Article IV consultation Mr. Luis Cubeddu, mission
chief for Nicaragua, made the following statement in Managua:

"As anticipated, the Nicaraguan economy has been affected by the
global economic crisis, and real GDP growth is expected to have
contracted by about 1.5 percent during 2009.  At the same time,
inflation fell below 1 percent, due to weak domestic demand and
lower world commodity prices.  Recent data appears to indicate
that the economy has begun recovering, consistent with a
resumption of positive real GDP growth during 2010.

"Discussions focused in evaluating the economic program agreed in
the context of the ECF.  Preliminary data through December 2009
indicates that all quantitative targets at end-2009 were met with
some margins, in part reflecting the prudent implementation of
fiscal and monetary policies.  The mission discussed the economic
outlook for 2010, as well as the policies needed to maintain
macroeconomic stability, as well as to ensure the sustainability
of public finances and sound development of the financial system.
The mission also evaluated progress in implementing longer-term
reforms.  In this regard, the mission highlighted the need to make
progress towards:

   (i) evaluating the options to improve the financial situation
       of the Social Security Institute;
  (ii) consolidating the reforms in the electricity sector;
(iii) improving public financial management; and (iv)
       strengthening the policy instruments of the Central
       Bank.

"The discussions between Fund staff and Nicaraguan authorities
will continue in the coming weeks, with the objective of reaching
an understanding about a set of policies that could be presented
for the consideration


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


INYX USA: Wins Reorganization Plan Approval
-------------------------------------------
Law360 reports that a bankruptcy judge has signed off on Inyx USA
Ltd.'s Chapter 11 plan now that it has reached a settlement with
its litigious prepetition secured lender.

Uunder the proposed plan, the Debtor's assets will be sold to
controlling shareholder Jack Kachkar in exchange for a waiver of
the US$1.2 million postpetition financing the Debtor's owe him.
The plan, however, proposes that an auction for the Debtor's
assets be held to see whether a higher offer than that of
Mr. Kachkar will surface.  Mr. Kachkar, pursuant to the plan, will
also pay the Debtor's US$420,000.

Unsecured creditors with US$5.5 million in claims will divide
what cash is left, Bloomberg relates.  The disclosure statement
doesn't say how much creditors can expect to receive.

In January 2008, the Hon. Kevin Gross rejected Mr. Kachkar's offer
to buy the Debtor's assets for 337,500 and to forgive any claims
against him and parent company Inyx Inc., which Mr. Kachkar
controls.  Judge Gross determined that the sale might not benefit
the creditors and might not be in good faith.  The judge noted the
lack of evidence about the value of the assets being sold and the
claims being waived.

The Chapter 11 trustee for affiliate Inyx USA Inc. determined that
Inyx Inc. and Mr. Kachkar cheated secured lender Westernbank
Puerto Rico out of US$142.8 million. Westernbank said that Inyx
Inc. obtained loans through false and fraudulent invoices.

                          About Inyx USA

Based in Manati, Puerto Rico, Inyx USA Ltd. operates a
pharmaceuticals production center that encompasses five buildings
totaling 140,000 square feet and extending over 9.5 acres.
Exaeris, Inc., located in Exton, Pennsylvania, focuses on the
strategic commercialization of niche or enhanced pharmaceutical
products, marketing and promotion activities.  Inyx USA and
Exaeris are wholly owned subsidiaries of Inyx, Inc. (OTC:IYXI) --
http://www.inyxinc.com/-- a specialty pharmaceutical company.

Inyx USA and Exaeris filed for chapter 11 protection on July 2,
2007 (Bankr. D. Del. Case Nos. 07-10887 and 07-10888).  Anthony M.
Saccullo, Esq., at Fox Rothschild, L.L.P., represents the Debtors.
When Inyx USA filed for protection from its creditors, it listed
estimated assets and debts between US$1 million and US$100
million.  Exaeris estimated its assets were less than US$10,000
but debts were between US$1 million and US$100 million.

In Court documents filed by Jack Kachkar, CEO of Inyx, Inc., Inyx
USA is indebted to Westernbank Puerto Rico in the approximate
amount of US$35 million and secured by a first-priority lien in
substantially all of Inyx USA's assets.  Exaeris has in excess of
$5 million in prepetition unsecured obligations outstanding to
various creditors.

Ashton Pharmaceuticals and Inyx Pharma, the Debtors' UK
affiliates, were placed into an involuntary administration on
June 29, 2007.  Ernst & Young was appointed by the UK court as
administrators.


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


PETROLEOS DE VENEZUELA: Still Committed to Isla Refinery
--------------------------------------------------------
Petroleos de Venezuela President Rafael Ramirez said that although
there are "many problems" at a 320,000-barrel-a-day refinery it
operates on the Caribbean island of Curacao, the company remains
committed to it, Dan Molinski at Dow Jones Newswires reports.  The
report relates that the Isla refinery has been completely shut
down for nearly two weeks after a power outage caused serious
damage to air compressors used at the plant.  No restart date has
been announced.

According to the report, Mr. Ramirez said Friday discussions that
began last year about PDVSA possibly buying the refinery from its
owner, the Curacao government, are ongoing, and he said a deal
remains possible.

As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, Reuters said that PDVSA may withdraw from the
320,000 barrel-per-day Isla refinery it operates in Curacao to
protest U.S. military operations on the Caribbean island.  The
report related Oil Minister Rafael said that Venezuela may order
PDVSA to abandon its lease of the Isla refinery because the U.S.
military has been staging "provocations" on Venezuela from
Curacao.

                           About PDVSA

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

                           *     *     *

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


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


* BOND PRICING: For the Week March 8, to March 12, 2010
-------------------------------------------------------

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


ANTIGUA

NOBEL BIOCARE IN           1    11/8/2011    CHF         99.40189
SCHLUMBERGER           2.125    6/1/2023     USD              162
TEVA PHARM FIN          1.75    2/1/2026     USD          125.875

ARGENTINA

ARG-QUASI PAR           3.31    12/31/2045   ARS          38.8555
ARGENT-$DIS             8.28    12/31/2033   USD         70.64664
ARGENT-PAR              1.18    12/31/2038   ARS         35.35167
ARGENT-=DIS             7.82    12/31/2033   EUR         60.21125
ARGNT-BOCON PR11           2    12/3/2010    ARS         18.89184
ARGNT-BOCON PR13           2    3/15/2024    ARS         69.22811
BOGAR 2018                 2    2/4/2018     ARS         114.0758
BUENOS AIRE PROV       9.375    9/14/2018    USD        69.515494
BUENOS AIRE PROV       9.625    4/18/2028    USD        66.506571
BUENOS-$DIS             9.25    4/15/2017    USD        73.411364
MASTELLONE HERMA           8    6/30/2012    USD        69.462926
MENDOZA PROVINCE         5.5    9/4/2018     USD        74.937341
XSTRATA CAPITAL            4    8/14/2017    USD        129.88448


BRAZIL

CESP                    9.75    1/15/2015    BRL        71.398732


CAYMAN ISLAND

BANIF FIN LTD              3    12/31/2019   EUR           71.591
BARION FUNDING          0.63    12/20/2056   GBP        16.370788
BARION FUNDING          1.44    12/20/2056   GBP        29.356623
BCP FINANCE CO         4.239    #N/A N Ap    EUR             72.7
BCP FINANCE CO         5.543    #N/A N Ap    EUR        72.951752
BES FINANCE LTD         1.25    2/26/2011    USD           99.064
BES FINANCE LTD        6.984    2/7/2035     EUR        72.133333
BISHOPSGATE ASSE       4.808    8/14/2044    GBP         68.95567
CHINA MED TECH           3.5    11/15/2011   USD           77.445
CHINA MED TECH             4    8/15/2013    USD               61
CHINA MED TECH           3.5    11/15/2011   USD             77.5
CHINA PROPERTIES       9.125    5/4/2014     USD        84.380804
CHINA SUNERGY           4.75    6/15/2013    USD           66.509
COUNTRY GARDEN           2.5    2/22/2013    CNY         107.6817
DUBAI HLDNG COMM        4.75    1/30/2014    EUR        68.882373
DUBAI HLDNG COMM           6    2/1/2017     GBP         65.03167
EFG ORA FUNDING          1.7    10/29/2014   EUR         83.06904
FAIR VANTAGE LTD           1    6/3/2013     HKD           114.87
FAR EAST CONSORT       3.625    3/5/2015     HKD            94.25
FERTINITRO FIN          8.29    4/1/2020     USD             68.5
GOL FINANCE             8.75    #N/A N Ap    USD            90.75
HIDILI INDUSTRY          1.5    1/19/2015    CNY         101.5112
JA SOLAR HOLD CO         4.5    5/15/2013    USD            82.75
KEYSTONE CAPITAL         0.1    4/4/2013     JPY         98.88125
KEYSTONE CAPITAL         0.1    4/4/2011     JPY          98.3825
LDK SOLAR CO LTD        4.75    4/15/2013    USD           74.375
M-SYSTEMS FINANC           1    3/15/2035    USD           99.938
MAZARIN FDG LTD         1.44    9/20/2068    GBP        26.971574
MELCO PBL SPV            2.4    9/10/2012    USD            98.97
PANAMA CANAL RAI           7    11/1/2026    USD               80
PUBMASTER FIN          6.962    6/30/2028    GBP         69.82684
SHANDA INTERACT            2    9/15/2011    USD            118.5
SHINSEI FIN CAYM       6.418    #N/A N Ap    USD        54.375175
SHINSEI FIN CAYM       6.418    #N/A N Ap    USD        57.937359
SHINSEI FINANCE         7.16    #N/A N Ap    USD           54.875
SHINSEI FINANCE         7.16    #N/A N Ap    USD            55.25
SOHO CHINA LTD          3.75    7/2/2014     HKD          100.305
SOLARFUN POWER H         3.5    1/15/2018    USD           59.731
SUBSEA 7 INC             3.5    10/13/2014   USD         133.5244
SUNTECH POWER           0.25    2/15/2012    USD            99.95
SUNTECH POWER              3    3/15/2013    USD               83
TRANSOCEAN INC         1.625    12/15/2037   USD             99.7
TRANSOCEAN INC           1.5    12/15/2037   USD            97.53
TRANSOCEAN INC           1.5    12/15/2037   USD           95.938
TRINA SOLAR LTD            4    7/15/2013    USD              150
AIR JAMAICA LTD        8.125    6/14/2027    USD            67.75
JAMAICA GOVT LRS         2.5    2/24/2016    JMD         59.46984


   PANAMA


CARNIVAL CORP              2    4/15/2021    USD          106.375


PUERTO RICO

PUERTO RICO CONS         6.5    4/1/2016     USD           63.375


VENEZUELA

PETROLEOS DE VEN           5    10/28/2015   USD        63.687961
PETROLEOS DE VEN        5.25    4/12/2017    USD        63.669269
PETROLEOS DE VEN         5.5    4/12/2037    USD         49.59881
PETROLEOS DE VEN       5.375    4/12/2027    USD        51.646354
PETROLEOS DE VEN       5.125    10/28/2016   USD        59.632797
PETROLEOS DE VEN         4.9    10/28/2014   USD        68.286795
SIDETUR FINANCE           10    4/20/2016    USD             71.5
VENEZUELA                  7    12/1/2018    USD         71.25246
VENEZUELA               7.75    10/13/2019   USD         73.59286
VENEZUELA                  6    12/9/2020    USD         63.39583
VENEZUELA                  9    5/7/2023     USD         75.28616
VENEZUELA               8.25    10/13/2024   USD         70.62708
VENEZUELA               7.65    4/21/2025    USD         66.68929
VENEZUELA               9.25    9/15/2027    USD        73.831286
VENEZUELA               9.25    5/7/2028     USD         74.68636
VENEZUELA               5.75    2/26/2016    USD         74.63333
VENEZUELA                  7    3/31/2038    USD         60.46591
VENZOD - 189000        9.375    1/13/2034    USD           74.735



                            ***********

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 * * *