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

              Wednesday, March 17, 2010, Vol. 11, No. 053

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Lloyd's Must Pay Owner's Defense for Now


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Global Scale Rating
HONESTIDAD SRL: Asks for Opening of Preventive Contest
RAF L SUDAMERICA: Creditors' Proofs of Debt Due on April 23
YAMIL SRL: Creditors' Proofs of Debt Due on May 3


B E R M U D A

CENTRAL EUROPEAN MEDIA: Bulgarian TV Station Sale Faces Obstacle
NEW CASTLE: Delisted From Bermuda Stock Exchange


B R A Z I L

BANCO BRADESCO: To Sell Benchmark Dollar Bond Overseas
BRASKEM SA: Inks US$2.5-Billion Polymer Plant Deal With Pemex
GOL LINHAS: Elects Claudia Pagnano as Vice-President of Marketing
MARFRIG ALIMENTOS: May Acquire Minerva SA for BRL1 Billion
MINERVA SA: Opens New Cattle-Raising Branch in Araguina

MINERVA SA: Fourth Qtr. Revenue Up 48% to R$689.1 Million
MINERVA SA: Marfrig Alimentos May Acquire Firm for BRL1 Billion


C A Y M A N  I S L A N D S

ALBION FUND: Members Receive Wind-Up Report
ALBION MASTER: Members Receive Wind-Up Report
ARAGOSTA FUND: Shareholder Receives Wind-Up Report
ASTERION (GP) II: Members Receive Wind-Up Report
FRONTEER CAPITAL: Members Receive Wind-Up Report

GALLIANT OPPORTUNITIES: Shareholder Receives Wind-Up Report
GENNAKER I: S&P Downgrades Ratings on Four Classes of Notes
GREENTECH 21ST: Shareholders Receive Wind-Up Report
GREENTECH 21ST: Shareholders Receive Wind-Up Report
GREY K: Shareholder Receives Wind-Up Report

HARBOUR DIRECTORS I: Shareholders Receive Wind-Up Report
HARBOUR DIRECTORS II: Shareholders Receive Wind-Up Report
HARBOUR NOMINEES: Shareholders Receive Wind-Up Report
HARBOUR SECRETARIES I: Shareholders Receive Wind-Up Report
ION US: Members Receive Wind-Up Report

ION US: Members Receive Wind-Up Report
ISLAND GLOBAL: Members Receive Wind-Up Report
J.F. INTERNATIONAL: Shareholder Receives Wind-Up Report
KINGDOM 5-KR-2: Shareholder Receives Wind-Up Report
M & S INVESTMENTS: Members Receive Wind-Up Report

NEO OVERSEAS: Shareholder Receives Wind-Up Report
NEWTON CAPTIAL: Members Receive Wind-Up Report
PRESTON CAPITAL: Members Receive Wind-Up Report
PRESTON CAPITAL: Members Receive Wind-Up Report
RIVERVIEW FOCUS: Shareholder Receives Wind-Up Report

SR LATIGO: Shareholders Receive Wind-Up Report
SWISS CAPITAL: Members Receive Wind-Up Report
SWISS CAPITAL: Members Receive Wind-Up Report
TE BALIOS: Shareholders Receive Wind-Up Report
TE BALIOS: Shareholders Receive Wind-Up Report

TRANSPARENT LTD: Members Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: Jamaicans to Protest Sale Of Airline in New York
DIGICEL GROUP: To Launch Private Placement of 2018 Notes


M E X I C O

DIGICEL GROUP: Fitch Assigns 'CCC+/RR5' Rating on Senior Notes


P E R U

DOE RUN PERU: La Oroya Smelter Might Open in Six Weeks


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Isla Refinery Down Until at Least April
* VENEZUELA: To Ship Crude to Belarusian Refineries




                         - - - - -


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


STANFORD INT'L: Lloyd's Must Pay Owner's Defense for Now
--------------------------------------------------------
A federal appeals court in New Orleans ruled that Lloyd's of
London underwriters must advance payment to lawyers defending
indicted Robert Allen Stanford for now, Laurel Brubaker Calkins
and Andrew M. Harris at Bloomberg News reports.  The report
relates that the court rejected the London-based insurers'
arguments.  As reported in the Troubled Company Reporter-Latin
America on November 26, 2009, Bloomberg News said Lloyd's of
London said that the admission made by former Stanford
International Bank Limited Chief Financial Officer, James "Jim"
Davis when he pleaded guilty relieves the insurance syndicate of
the obligation to pay defense costs for Mr. Stanford and his
codefendants.  The report related that Lloyd's lawyers told Judge
Hittner that the statements reveal criminal activity that takes
the defendants actions outside the terms of their directors' and
officers' insurance coverage.

According to Bloomberg News, a three-judge panel said only a judge
could decide if the coverage was voided by those events and
ordered Lloyd's to continue paying Stanford's lawyers until a
lower court can formally decide the matter.  "The underwriters are
contractually bound to reimburse reasonable defense costs until
that merits decision is reached," U.S. Appeals Court Judge Patrick
E. Higginbotham wrote in a ruling posted on the New Orleans
court's Web site, Bloomberg News relates.  "This conclusion in no
way controls the ultimate coverage decision," Judge Higginbotham
added.

Meanwhile, the report says that Mr. Stanford's lawyers had urged
the panel to uphold a trial court order requiring Lloyd's to
advance defense costs to the financier and three colleagues, who
are fighting civil and criminal.  The report relates lawyers for
Lloyd's have said the coverage could be worth as much as US$100
million.  Without those proceeds, Stanford and Laura Pendergest-
Holt, the Stanford Group's chief investment officer, said they
couldn't afford to hire lawyers, Bloomberg News points out.

Moreover, Bloomberg News discloses the New Orleans judges also
ruled that U.S. District Judge David Hittner, who is overseeing
Stanford's criminal case in Houston, ordered Lloyd's to pay
without the benefit of full arguments from both sides.  As a
result, the report points out, the panel required Lloyd's to
continue paying until a different lower-court judge has a chance
to fully hear the issues and rule on the coverage matter.

Judge Higginbotham, the report notes, said that Judge Hittner
shouldn't decide the matter because he also presides over
Stanford's criminal case.  It would be "awkward" for Hittner to
have to assess "the strength of the government's criminal case" in
deciding if insurance coverage was warranted, and then later sit
in judgment over those same facts in a criminal trial, Judge
Higginbotham added.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009 before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Global Scale Rating
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Cr‚ditos Banex XXXII issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale) and
Caa3 (Global Scale, Local Currency) to the subordinated
Certificates.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 20,305 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 80,001,826.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

                            Structure

Deutsche Bank S.A. (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class C Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 266 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 19% or lower
than 12%.  The Class C Fixed Rate Securities will bear a fixed
interest rate of 19%.

Overall credit enhancement is comprised of subordination: 62% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

                         Rating Rationale

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for losses centered around the most likely
scenario of 10%.  Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 20%.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. (Argentina) will be appointed as the back-up
servicer.

                          Rating Action

Originator: Banco Supervielle S.A.

  -- ARS30,400,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XXXII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS37,600,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XXXII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS8,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XXXII",
     rated Ba1.ar (Argentine National Scale) and Caa1 (Global
     Scale, Local Currency)

  -- ARS4,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Cr‚ditos Banex XXXII", rated Caa2.ar (Argentine
     National Scale) and Caa3 (Global Scale, Local Currency)


HONESTIDAD SRL: Asks for Opening of Preventive Contest
------------------------------------------------------
Honestidad SRL asked for the opening of preventive contest.

The company stopped making payments last December 23, 2009.


RAF L SUDAMERICA: Creditors' Proofs of Debt Due on April 23
-----------------------------------------------------------
Hector Spagnuolo, the court-appointed trustee for Raf L Sudamerica
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of debt until April 23, 2010.

Mr. Spagnuolo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, 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:

         Hector Spagnuolo
         Chaco 159
         Argentina


YAMIL SRL: Creditors' Proofs of Debt Due on May 3
-------------------------------------------------
Alicia Rita Romeo, the court-appointed trustee for Yamil SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
debt until May 3, 2010.

Ms. Romeo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 27, 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:

         Alicia Rita Romeo
         Parana 26
         Argentina


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


CENTRAL EUROPEAN MEDIA: Bulgarian TV Station Sale Faces Obstacle
----------------------------------------------------------------
Central European Media Enterprises Limited's planned acquisition
of Bulgaria's television company bTV may face an obstacle along
the way, Noinvite.com reports.  The report relates that Cabletel,
one of Bulgaria's largest cable TV operators, plans to approach
the anti-monopoly watchdog, the Commission for Competition
Protection, in a step that may delay the finalization of bTV sale
deal.

According to the report, the conflict dates started when Cabletel
refused to air bTV recently launched theme channels without an
increase in the subscription fees.  The report relates that the
media wants its two theme channels -- bTV Cinema and bTV Comedy to
be aired free of charge for the subscribes, but the Cabletel said
that this is impossible due to the high price that bTV wants to
charge.

The report notes that the price in question is seven-digit for a
period of two years.

As reported in the Troubled Company Reporter-Latin America on
February 23, 2010, Central European Media entered into an
agreement with News Corporation to acquire bTV, the free-to-air
commercial television channel in Bulgaria, as well as the bTV
Cinema and bTV Comedy cable channels and 74% of Radio Company C.J.
OOD which operates several radio stations.   Total consideration,
which is payable in cash, is US$400 million on a cash-free and
debt-free basis.  The consideration is subject to adjustment in
the event that actual working capital at completion differs from
an agreed level of target working capital.  The transaction is
subject to the approval of the Bulgarian Commission for the
Protection of Competition and other customary closing conditions
and is expected to complete in the second quarter of 2010.

                     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.


NEW CASTLE: Delisted From Bermuda Stock Exchange
------------------------------------------------
New Castle Market Neutral Offshore Fund Ltd. was delisted from the
Bermuda Stock Exchange, following a redemption of its shares, The
Royal Gazette reports.

According to the report, in October 2009, two directors -- John
Eager and Robert Steinberg -- resigned from the board of the fund,
whose listing was suspended by the BSX after another board member
was charged in an insider trading case.  The report relates that
days earlier, Mark Kurland, the co-founder of New Castle Funds
LLC, and a fellow board member of the Bermuda-listed fund, was
arrested.


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


BANCO BRADESCO: To Sell Benchmark Dollar Bond Overseas
------------------------------------------------------
Banco Bradesco SA plans to sell benchmark dollar bonds in its
second overseas debt issue since September, Gabrielle Coppola at
Bloomberg News reports, citing an unnamed source.  The report
relates the source said that Goldman Sachs Group Inc., Banco
Bradesco and Banco Votorantim will arrange the five-year bond
offering.

Banco Bradesco, the report notes, sold US$750 million of 10-year
notes in September.

According to Bloombeg News, Banco Bradesco is returning to
international bond markets after the company's borrowing costs
tumbled.   The yield on Banco Bradesco's 6.75% bonds due in 2019
sank 44 basis points since September to 5.94%, the lowest since
the securities were issued, according to data compiled by
Bloomberg.

"It's a really strong bank with a following both in Brazil and
abroad," the report quoted Bevan Rosenbloom, an emerging-market
debt strategist with RBS Securities Inc. in Stamford, Connecticut,
as saying.  "The macro situation is very strong in Brazil.
Consumption is increasing, credit is increasing, unemployment is
down," he added.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


BRASKEM SA: Inks US$2.5-Billion Polymer Plant Deal With Pemex
-------------------------------------------------------------
Braskem SA and Grupo Idesa SA de CV have formalized an agreement
with Pemex Gas y Petroquimica Basica to build a US$2.5 billion
petrochemical complex in Coatzacoalcos, Mexico, to include an
ethylene cracker and three polymerization plants, Stephen Downer
at Plastic News reports.  The report relates that Braskem SA's
participation in the joint venture is 65% while Grupo Idesa's is
35%.

According to the report, Grupo Idesa said that "The participation
of Pemex as a minority partner in the project is still being
studied."

As reported in the Troubled Company Reporter-Latin America on
February 22, 2010, Reuters said that Braskem S.A. has approved a
joint venture with privately held Idesa amid plans to expand
operations into North America.   A TCRLA report on November 23,
2009, related that Braskem SA and Idesa won the auction promoted
by Pemex Gas for the acquisition of raw materials with the
objective of developing a large integrated petrochemical project
in that country.  The agreement will involve the supply of natural
gas for 20 years in competitive conditions to be used as raw
material in a cracker with the capacity for 1 million tons of
ethylene per year, integrated with three polymerization units for
producing 450,000 tons of HDPE per year, 350,000 tons of LLDPE per
year and 200 thousand tons of LDPE per year.

                         About Braskem S.A.

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

                           *     *     *

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


GOL LINHAS: Elects Claudia Pagnano as Vice-President of Marketing
-----------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
Board of Directors has elected Claudia Pagnano as the Company's
new Vice-President of Marketing.  The election took place at a
meeting held on March 11, 2010.

The executive Claudia Pagnano has a bachelor's degree in Marketing
from Escola Superior de Propaganda e Marketing and specialization
in Finance from Fundacao Getulio Vargas.

With 20 years of professional experience, the executive held
positions in large consumer, financial services and retail
companies, such as Colgate/Palmolive, Kodak, Unibanco, BankBoston,
Pao de Acucar Group and Brazil Foods.

Founded in November 2009, the Vice-Presidency of Marketing
includes the following departments: Commercial Director, Marketing
Director, Department of Communication, Cargo Director, and Yield &
Alliances Director.  Since its creation, the Vice-Presidency was
led by Constantino de Oliveira Junior, the Company's President.

For Constantino de Oliveira Junior, the arrival of Claudia Pagnano
strengthens the company to face the challenges arising in the
coming years.  "Claudia's professional background is extremely
important for a moment marked by the constant search for growth.
I'm sure that the market view of the new Vice-President will bring
benefits to the Company," said de Oliveira.

                       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.


MARFRIG ALIMENTOS: May Acquire Minerva SA for BRL1 Billion
----------------------------------------------------------
Paulo Winterstein at Bloomberg news reports that rumors have
emerged that Marfrig Alimentos SA may acquire Minerva SA for as
much as BRL1 billion (US$567 million).

According to the report, citing Relatorio Reservado newsletter,
Marfrig Alimentos is in talks to buy Minerva SA.  There is no
agreement or talks to buy Minerva SA, Marfrig Alimentos said in an
e-mailed statement obtained by Bloomberg News.  The company isn't
involved in takeover talks with any competitor, Minerva SA added.
"It's one of the remaining big beef companies and the market
believes it could be a takeover target," the report quoted Caue
Pinheiro, an analyst at SLW Corretora in Sao Paulo.  "It's on the
mind of a lot of investors that Minerva could be a target," Mr.
Pinheiro added.

                       About Minerva S.A.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly-owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch
also maintains these ratings on Minerva, which remain on Rating
Watch Negative:

Minerva S.A.

  -- Local currency Issuer Default Rating 'B';
  -- Foreign currency IDR 'B';
  -- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

  -- US$200 million senior unsecured notes due 2017 'B/RR4'.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


MINERVA SA: Opens New Cattle-Raising Branch in Araguina
-------------------------------------------------------
Minerva S.A. has opened a new company branch that will raise
cattle for termination in the city of Araguaina, state of
Tocantins.

The purpose of this unit will be to ensure the stability of raw
materials supply chain for the Company's plants located in the
north and mid-west regions of Brazil, having the same technology
employed at Barretos' feedlot unit.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly-owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch
also maintains these ratings on Minerva, which remain on Rating
Watch Negative:

Minerva S.A.

  -- Local currency Issuer Default Rating 'B';
  -- Foreign currency IDR 'B';
  -- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

  -- US$200 million senior unsecured notes due 2017 'B/RR4'.


MINERVA SA: Fourth Qtr. Revenue Up 48% to R$689.1 Million
---------------------------------------------------------
Minerva S.A.'s fourth quarter consolidated net revenue increased
48.0% to R$689.1 million from the same quarter a year earlier.
In 2009, Net Revenue grew by 22.7% on the previous year to R$2.6
billion.

The company's fourth quarter gross income increased 61.6% to
R$131.4 million from the same quarter last year and it increased
2.1% from third quarter.  In 2009, gross income grew 24.1% to
close the year at R$470.3 million.

The company's net income in the quarter was R$17.5 million, with
net margin of 2.5%.  In the year, net income recovered from a net
loss of R$244.9 million in 2008 to R$81.4 million, with net margin
expanding by 14.6 p.p. to 3.1%.

EBITDA was R$52.9 million in 4Q09, growing 79.5% from 4Q08, with
EBITDA margin expanding 1.3 p.p. to 7.7%.  In 2009, EBITDA was
R$181.7 million, increasing 18.4% from the previous year, with
EBITDA margin of 7.0%, in line with the margin in 2008, despite
the adverse affects on margins from the financial crisis in late
2008 and the first half of 2009.  The company attributed the
stability to the investments made in 2008 and 2009, the company's
commercial strategy of effectively managing the product mix and
its focus on risk management.

A full-text copy of the company's financial result is available
free at http://ResearchArchives.com/t/s?595b

                        About Minerva S.A.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly-owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch
also maintains these ratings on Minerva, which remain on Rating
Watch Negative:

Minerva S.A.

  -- Local currency Issuer Default Rating 'B';
  -- Foreign currency IDR 'B';
  -- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

  -- US$200 million senior unsecured notes due 2017 'B/RR4'.



MINERVA SA: Marfrig Alimentos May Acquire Firm for BRL1 Billion
---------------------------------------------------------------
Paulo Winterstein at Bloomberg news reports that rumors have
emerged that Marfrig Alimentos SA may acquire Minerva SA for as
much as BRL1 billion (US$567 million).

According to the report, citing Relatorio Reservado newsletter,
Marfrig Alimentos is in talks to buy Minerva SA.  There is no
agreement or talks to buy Minerva SA, Marfrig Alimentos said in an
e-mailed statement obtained by Bloomberg News.  The company isn't
involved in takeover talks with any competitor, Minerva SA added.
"It's one of the remaining big beef companies and the market
believes it could be a takeover target," the report quoted Caue
Pinheiro, an analyst at SLW Corretora in Sao Paulo.  "It's on the
mind of a lot of investors that Minerva could be a target," Mr.
Pinheiro added.

                       About Minerva S.A.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly-owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch
also maintains these ratings on Minerva, which remain on Rating
Watch Negative:

Minerva S.A.

  -- Local currency Issuer Default Rating 'B';
  -- Foreign currency IDR 'B';
  -- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

  -- US$200 million senior unsecured notes due 2017 'B/RR4'.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


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


ALBION FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of The Albion Fund received, on February 3, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Alan Turner
         c/o Turner & Roulstone
         P.O. Box 2636
         Strathvale House, 3rd Floor
         90 North Church Street
         Grand Cayman KY1-1102, Cayman Islands
         Telephone: +345 943 5555


ALBION MASTER: Members Receive Wind-Up Report
---------------------------------------------
The members of The Albion Master Fund received, on February 3,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alan Turner
         c/o Turner & Roulstone
         P.O. Box 2636
         Strathvale House, 3rd Floor
         90 North Church Street
         Grand Cayman KY1-1102, Cayman Islands
         Telephone: +345 943 5555


ARAGOSTA FUND: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Aragosta Fund, Ltd. received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 815 1760
         Facsimile: (345) 949-9876


ASTERION (GP) II: Members Receive Wind-Up Report
------------------------------------------------
The members of Asterion (GP) II, 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:

         Richard L. Finlay
         c/o Noel Webb
         Telephone: (345) 945 3901
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


FRONTEER CAPITAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Fronteer Capital Holdings Inc. received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

Russell Smith is the company's liquidator.


GALLIANT OPPORTUNITIES: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Galliant Opportunities Fund 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:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9876


GENNAKER I: S&P Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
four classes of notes issued by co-issuers Gennaker I CDO Ltd. and
Gennaker I CDO Inc. At the same time, S&P affirmed its ratings on
two classes from these issuers.

The rating actions follow confirmation from the transaction's
trustee that the issuer failed to pay due interest on the
nondeferrable notes on the March 8, 2010, payment date.

The trustee published the transaction's March 2010 payment date
report shortly before the March payment date.  This report
indicates that the issuer would not pay interest on the notes for
the March date.  In addition, the portfolio information in the
report shows that principal cash plus the par value of the
remaining portfolio assets is materially less than the outstanding
balance of class A-1A notes.  Therefore, in S&P's opinion it is
unlikely that the issuer will be able to fully repay any class of
notes.

As the nondeferrable notes are in interest payment default, S&P
has lowered its ratings on the notes to 'D'.  S&P affirmed its
'CC' ratings on the deferrable notes, indicating that they are
highly vulnerable to nonpayment of interest and principal.

                           Ratings List

                        Gennaker I CDO Ltd.
        $1.122 Billion Floating- And Deferrable-Rate Notes

                          Ratings Lowered

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

                         Ratings Affirmed

                       Class         Rating
                       -----         ------
                       C             CC
                       D             CC


GREENTECH 21ST: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Greentech 21st Century Master Fund Ltd
received, on February 8, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ramona Bowry
         Telephone: 1-345-769-3401
         Facsimile: 1-345-769-3404
         A.R.C. Directors Ltd
         P.O. Box 10250
         Grand Pavilion Commercial Centre
         Suite #7, 802 West Bay Road
         Grand Cayman KY1-1003, Cayman Islands


GREENTECH 21ST: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Greentech 21st Century Fund Ltd received, on
February 8, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ramona Bowry
         Telephone: 1-345-769-3401
         Facsimile: 1-345-769-3404
         A.R.C. Directors Ltd
         P.O. Box 10250
         Grand Pavilion Commercial Centre
         Suite #7, 802 West Bay Road
         Grand Cayman KY1-1003, Cayman Islands


GREY K: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of Grey K Offshore Leveraged 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:

         Ogier
         c/o Susan Taber
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9876


HARBOUR DIRECTORS I: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Harbour Directors I Ltd. received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HARBOUR DIRECTORS II: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Harbour Directors II Ltd. received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HARBOUR NOMINEES: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Harbour Nominees Ltd. received, on January 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


HARBOUR SECRETARIES I: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Harbour Secretaries I Ltd. received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ION US: Members Receive Wind-Up Report
--------------------------------------
The members of Ion US Quant Feeder Fund Ltd. received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

Russell Smith is the company's liquidator.


ION US: Members Receive Wind-Up Report
--------------------------------------
The members of Ion US Quant Fund Ltd. received, on January 25,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

Russell Smith is the company's liquidator.


ISLAND GLOBAL: Members Receive Wind-Up Report
---------------------------------------------
The members of Island Global Yachting - Dubai 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:

         Marc W. Levy
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


J.F. INTERNATIONAL: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of J.F. International received, on January 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Giorgio G. Subiotto
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


KINGDOM 5-KR-2: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Kingdom 5-KR-2, 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:

         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 (ext. 1211)
         e-mail: alwaleed@kingdom.net


M & S INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of M & S Investments 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


NEO OVERSEAS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Neo Overseas Fund SPC received, on January 28,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Patrick Rosenfeld
         Telephone: (345) 815 1851
         Facsimile: (345) 949 1986


NEWTON CAPTIAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Newton Captial 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:

         Kevin Butler
         c/o Richard Barton
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PRESTON CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Preston 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 can be reached at:

         Maples and Calder
         PO Box 309, Ugland House
         Grand Cayman KY1-1104


PRESTON CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Preston Capital (GP) Limited received, on
January 26, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

         Maples and Calder
         PO Box 309, Ugland House
         Grand Cayman KY1-1104


RIVERVIEW FOCUS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Riverview Focus Fund (Cayman) Ltd received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Patrick Rosenfeld
         Telephone: (345) 815 1851
         Facsimile: (345) 949 1986


SR LATIGO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SR Latigo Offshore Feeder MA Ltd. received, on
February 3, 2010, the liquidators' 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


SWISS CAPITAL: Members Receive Wind-Up Report
---------------------------------------------
The members of Swiss Capital (Cayman) Limited received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

Russell Smith is the company's liquidator.


SWISS CAPITAL: Members Receive Wind-Up Report
---------------------------------------------
The members of Swiss Capital Alternative Investments Limited
received, on January 25, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

Russell Smith is the company's liquidator.


TE BALIOS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Te Balios Portfolio, Ltd. received, on
February 5, 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


TE BALIOS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Te Balios Investors, Ltd. received, on
February 5, 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


TRANSPARENT LTD: Members Receive Wind-Up Report
-----------------------------------------------
The members of Transparent Ltd received, on February 3, 2010, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Lorna Kemp
         Margaret Tatem-Gilbert
         c/o EFG Bank & Trust (Bahamas) Ltd.
         Centre of Commerce, 2nd Floor
         1 Bay Street, P.O. Box SS 6289
         Nassau, Bahamas
         Telephone: + (242) 502-5415
         Facsimile: + (242) 502-5494


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


AIR JAMAICA: Jamaicans to Protest Sale Of Airline in New York
-------------------------------------------------------------
Several members of the Jamaican Diaspora in New York are set to
protest the sale of Air Jamaica Limited, CaribWorldNews reports.

According to the report, the group, led by Sons and Daughters of
Jamaica founder, Jose Richards, plan to stage a demonstration
outside the Jamaican Consulate in New York at 767 Third Avenue on
March 18th from 5-7 p.m.  The report relates that the group aim is
to protest the sale of Air Jamaica.

CaribWorldNews notes that Mr. Richards and his group said the sale
should be stopped and Prime Minister Bruce Golding should consider
the proposal of the Jamaican Pilots Association.

As reported in the Troubled Company Reporter-Latin America on
February 5, 2010, RadioJamica said that JALPA is to make a last
ditch bid for control of Air Jamaica.  The report related that
JALPA is to select an equity partner who will provide it with
funding in the event that it gets the nod from the government to
acquire the national airline.  According to the report, JALPA said
that three local and foreign equity partners are jostling for
selection.

                         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: To Launch Private Placement of 2018 Notes
--------------------------------------------------------
Digicel Group Limited disclosed its intention to launch a private
placement of US$775 million of senior notes due 2018.  DGL is a
Bermuda incorporated company owned by Mr. Denis O'Brien.

The net proceeds of this issue will be used to fund DGL's
anticipated purchase of Digicel Pacific Limited, a sister company
that operates in 6 markets in the South Pacific.  The balance of
the purchase price not funded by the proposed debt issuance will
be funded by cash on hand at Digicel Group Limited.

DPL operates in Samoa, Tonga, Vanuatu, Papua New Guinea, Fiji and
Nauru.

The notes have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable
exemption from registration requirements.

                        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 January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


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


DIGICEL GROUP: Fitch Assigns 'CCC+/RR5' Rating on Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'CCC+/RR5' rating to Digicel Group
Limited's proposed US$775 million senior unsecured notes due 2018.
All proceeds from the issuance are expected to be used to fund the
Digicel Pacific Limited acquisition.

Fitch has affirmed the ratings of DGL, Digicel Limited and Digicel
International Finance Limited, collectively referred as Digicel,:

DGL

  -- US$1 billion 8.875% senior subordinated notes due 2015 at
     'CCC+/RR5';

  -- US$415 million 9.125/9.875% senior subordinated toggle notes
     due 2015 at 'CCC+/RR5'.

DL

  -- Foreign currency Issuer Default Rating at 'B-';
  -- US$500 million 8.25% senior notes due 2017 at 'B-/RR4';
  -- US$510 million 12% senior notes due 2014 at 'B-/RR4';

DIFL

  -- US$1.15 billion senior secured credit facility, of which
     US$913 million is outstanding, at 'B/RR3'.

In addition, Fitch assigned this rating:

  -- DIFL US$608 million, including US$533 million extension,
     senior secured credit facility 'B/RR3'.

The Rating Outlook is Stable.

Digicel's ratings are supported by its solid operating
performance, its position as the leading provider of wireless
services in most of its markets, strong brand recognition,
increasingly diversified revenue and cash flow, a manageable debt
maturity profile and positive free cash flow generation.  The
ratings are tempered by continued high leverage and exposure to
politically unstable countries and economies.

DGL plans to acquire DPL -- a sister company -- in its entirety
for approximately US$825 million.  The proposed transaction should
increase the geographic revenue diversification of the company
despite having a moderate increase in indebtedness relative to the
cash flow.  On an annualized basis, for the last two quarters
ending Dec. 30, 2009, DPL generated approximately US$83 million in
EBITDA.  DPL operations consist of 1.6 million users with a
presence in six markets in the Pacific with Papua New Guinea (PNG)
the most important in terms of revenues, cash flow and
subscribers.  PNG is expected to remain the main contributor to
cash flow for DPL and, more importantly, to grow over the next few
years.  With the incorporation of DPL, consolidated revenues will
be further diversified.

Pro forma for the acquisition of DPL, Fitch estimates that the
most important contributors to EBITDA generation should be
Jamaica, Haiti, Trinidad & Tobago, Eastern Caribbean operations
and PNG.  This group of countries is expected to contribute
approximately the same proportion to consolidated EBITDA in the
next few years; however, the mix should be increasingly weighted
toward PNG as it has more room for growth than the other countries
mentioned above.  Over the past few years, growing EBITDA from
newer operations, such as Haiti and Trinidad and Tobago, has
reduced the proportion of cash flow generation coming from
Jamaica.  Nevertheless, Digicel's cash flow generation still shows
concentration particularly in Jamaica and Haiti, which in Fitch's
view are more economically vulnerable than other countries in
which Digicel operates.

Digicel's diversified asset base and cash flow generation in
conjunction with insurance coverage should temper pressure on
credit quality associated with the Haiti earthquake of last
January.  The reconstruction efforts taking place in Haiti should
fuel the economy in the short to medium term; however, the long-
term effects to the economy for this natural disaster remains to
be seen.  Prior to this event and without including DPL, Haiti
accounted for approximately 16% of consolidated revenues and 20%
of EBITDA.  Digicel has a property and network insurance policy
which will allow it to replenish costs incurred to repair the
assets and network after paying the customary deductibles.
However, the difference in the timing between receiving the
insurance proceeds from the claims and the use of cash to rebuild
the infrastructure may have an effect on Digicel's short-term
liquidity, which, however, should be immaterial, as US$20 million
has been paid out of a US$40 million claim.

Liquidity is satisfactory for Digicel even after considering DPL,
due to free cash flow generation and the recent efforts made by
the company to extend its debt maturity profile.  As of Dec. 31,
2009, total pro forma cash is slightly higher than US$500 million
which compares to maturities within the next three years of
approximately US$540 million.  Over the past few months Digicel
has successfully refinanced its 2012 notes and more recently has
extended US$533 million of the US$795 million DIFL secured
facility into a new facility and in addition has upsized the
facility by US$75 million.  The most significant bullet maturities
consist of US$510 million due in April of 2014 and US$1.4 billion
in notes maturing January of 2015.

Pro forma for the financing and acquisition of DPL, total debt-to-
EBITDA is expected to approximate to 5.3 times before starting to
decline in the next few years, as EBITDA is expected to grow
moderately and assuming debt from the secured credit facilities is
paid.  Fitch expects that slightly growing EBITDA, stable capital
expenditures and dividend payments of US$40 million per year
should result in higher free cash flow in the coming years, which
can be used to reduce debt, absent acquisitions.  Dicigel has
mentioned that for the near future the company does not intend to
raise its 43.4% stake in Digicel Holdings (Central America)
Limited.

With regard to Digicel's capital structure and the associated
ratings, debt at DIFL is rated one notch higher than the group's
IDR reflecting its above-average recovery prospects.  DL's IDR
reflects the increased burden the DGL subordinated notes place on
the operating assets and the loss of financial flexibility.  The
ratings of DGL's 2015 notes and the proposed notes incorporate
their subordination to debt at DIFL and DL, as well as the
subordinated notes' below-average recovery prospects in the event
of default.

DL's outstanding notes are guaranteed by all existing wholly owned
subsidiaries that are guarantors of DL's US$500 million notes due
2017 and US$510 million notes due 2014.  T&T and Haiti are not
included among these guarantors; however, the cash flows from
these subsidiaries are available to DIFL to pay its obligations,
including its guarantee of the DL notes.  The secured DIFL
facility has a US$167 million revolving facility of which
US$123 million is undrawn, adding flexibility to the company's
liquidity position.  The DIFL facility is secured by a first
priority lien by all shares and assets of Digicel.


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


DOE RUN PERU: La Oroya Smelter Might Open in Six Weeks
------------------------------------------------------
Doe Run Peru could restart its La Oroya smelter in six weeks,
after being inactive since June due to financial problems, Teresa
Cespedes at Reuters reports, citing Luis Castillo, head of the
country's largest mine workers' federation.

"The company told us that in six weeks they could restart
operations at La Oroya; they think it could be as early as April
20," Mr. Castillo told Reuters in an interview.

As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, LivinginPeru.com said that Doe Run Peru signed a
Letter of Intent with Glencore, in order to support the resumption
of its metallurgic operations in La Oroya.  The report related
that the Letter of Intent stated that Glencore will give Doe Run
Peru a credit that has also the possibility of being used as
working capital, to contribute with the operations restart.  The
report noted that it will also be part of the necessary financing
of Doe Run's environmental adjustment and management.

According to a TCRLA report on January 26, 2010, Bloomberg News
said that Doe Run Peru is "close" to reaching an agreement on
US$156 million of debt to reopen its zinc and lead smelter.  The
report recalled that Doe Run Peru filed for a government-monitored
financial restructuring because it was worried creditors might try
to freeze its assets or operations.  Reuters related that Doe Run
Peru owes some US$100 million to its suppliers and needs to spend
another US$150 million to clean up La Oroya.

                      About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


PETROLEOS DE VENEZUELA: Isla Refinery Down Until at Least April
---------------------------------------------------------------
Petroleos de Venezuela's Isla refinery entered its third week
without production and it will be at least until April before
production returns, Dan Molinski at Dow Jones Newswires reports.
"When it will re-start, I can't tell you because I don't know,"
the report quoted an unnamed official as saying.  "But it
definitely won't be until at least April.  For March, there will
be no production," he added.

As reported in the Troubled Company Reporter-Latin America on
March 15, 2010, Dow Jones Newswires said that PDVSA 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.  The report
related 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.

                           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.


* VENEZUELA: To Ship Crude to Belarusian Refineries
---------------------------------------------------
Venezuela agreed to supply crude to Belarusian refineries and
jointly produce and sell oil products on the European market, Anna
Shiryaevskaya at Bloomberg News reports, citing Interfax News
service.

According to the report, Interfax News said that Belarus and
Venezuela pump about 1 million tons of crude a year (20,000
barrels a day) at a joint venture in the South American country.

                          *     *     *

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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