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

              Thursday, March 18, 2010, Vol. 11, No. 054

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Sues Texas Lobbyist Ben Barnes
* ANTIGUA & BARBUDA: Reaches Deal W/ IMF Mission on US$125MM Loan


A R G E N T I N A

APOLLO INSURANCE: Creditors' Proofs of Debt Due on March 24
PAN AMERICAN: CNOOC Ltd. Deal Won't Affect S&P 's 'B+' Rating
SEA CONTAINERS: Creditors' Meeting Set for March 22
SPC HOLDINGS: Creditors' Meeting Set for March 22
SUPERSEACAT 2: Creditors' Meeting Set for March 22


B E R M U D A

XL CAPITAL: Chief Executive McGavick Earned US$6.2MM Package
VALIDUS HOLDINGS: To Release 1Q 2010 Financial Results on May 6


B R A Z I L

MAGNESITA REFRATARIOS: S&P Affirms 'BB-' Corporate Credit Rating
MARFRIG ALIMENTOS: Commences Consent Solicitation of 2016 Notes
SADIA SA: Brazil Probes Firm for Illegal Money Transfers


C A Y M A N  I S L A N D S

ALLIANCE & LEICESTER: Members Receive Wind-Up Report
BOJOS GROUP: Shareholders Receive Wind-Up Report
GIRO INVESTMENTS: Members Receive Wind-Up Report
KINGDOM 5-KR-16: Members Receive Wind-Up Report
KINGDOM 5-KR-22: Members Receive Wind-Up Report

KINGDOM 5-KR-41: Members Receive Wind-Up Report
KINGDOM 5-KR-44: Members Receive Wind-Up Report
KINGDOM 5-KR-52: Members Receive Wind-Up Report
KINGDOM 5-KR-53: Members Receive Wind-Up Report
KINGDOM 5-KR-67: Members Receive Wind-Up Report

KINGDOM 5-KR-72: Members Receive Wind-Up Report
KINGDOM 5-KR-73: Members Receive Wind-Up Report
KINGDOM 5-KR-75: Members Receive Wind-Up Report
KINGDOM 5-KR-80: Members Receive Wind-Up Report
KINGDOM 5-KR-81: Members Receive Wind-Up Report

KINGDOM 5-KR-84: Members Receive Wind-Up Report
KINGDOM 5-KR-105: Members Receive Wind-Up Report
KINGDOM 5-KR-140: Members Receive Wind-Up Report
KINGDOM 5-KR-165: Members Receive Wind-Up Report
KINGDOM 5-KR-173: Members Receive Wind-Up Report

KRUNG SIAM: Members Receive Wind-Up Report
LATITUDE CAPITAL: Shareholders Receive Wind-Up Report
OLD MUTUAL: Shareholders Receive Wind-Up Report
OLD MUTUAL: Shareholders Receive Wind-Up Report
PANTON ALTERNATIVE: Shareholders Receive Wind-Up Report

PROVALUE GLOBAL: Shareholders Receive Wind-Up Report
THETA CAPTURE: Members Receive Wind-Up Report
THETA CAPTURE: Members Receive Wind-Up Report
WHITE SEAS: Shareholders Receive Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: CDEEE to Pay US$287 Million to Generators


J A M A I C A

ALPART: NEPA Serves Enforcement Notice


M E X I C O

SATMEX SA: EchoStar Won't Pursue Deal Amid Bondholders' Objections
URBI DESARROLLOS: Inks Cross-Currency Swap Deal W/ Morgan Stanley
* MEXICO: Hires Citigroup, HSBC to Manage Peso Bond Sale
* MEXICO: Economy Starts to Recover Following Contraction


T R I N I D A D  &  T O B A G O

CL FIN'L: Insurance Firms Barred From Writing New Business


X X X X X X X X

* LATAM: IDB Fund Expands Training & Employment Program in Region
* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


STANFORD INT'L: SFG Receiver Sues Texas Lobbyist Ben Barnes
-----------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Stanford
Financial Group receiver, Ralph Janvey, sued former Texas
Lieutenant Governor Ben Barnes to recover consulting and lobbying
fees he got from the indicted financier during the past five
years.  The report relates Mr. Janvey seeks a court order
requiring Mr. Barnes to return more than US$5 million that he was
paid by Mr. Stanford or his companies from 2005 to 2009.

According to the report, Mr. Janvey said that the funds should be
used to repay investors allegedly defrauded through a multi-
billion Ponzi scheme.  Mr. Barnes "did not perform services of
reasonably equivalent value in exchange for those payments, and in
many instances performed services that simply furthered the Ponzi
scheme," Kevin Sadler, Janvey's lawyer, said in a complaint filed
in Dallas federal court that was obtained by Bloomberg News.

Mr. Janvey, the report notes, said that Mr. Barnes's payments
constituted fraudulent transfers.  Payments to the lobbyist, who
has offices in Austin, Texas and Washington, were made with "funds
taken from unwitting CD investors" at a time when Mr. Stanford's
businesses were technically insolvent, Mr. Janvey added.

Bloomberg News relates Mr. Janvey said that Mr. Barnes's firm
received a total of US$5 million for lobbying and consulting that
included such varied tasks as advising Stanford on tax law in the
U.S. Virgin Islands and consulting for Stanford's annual "20/20"
cricket tournament in Antigua.

Mr. Barnes, Bloomberg News says, also advised Mr. Stanford on
contributions to U.S. politicians, many of whom have been asked by
Mr. Janvey to return donations they received from Mr. Stanford.
Mr. Barnes also consulted on Stanford investments including
Caribbean airlines, alternative energy and development plans for a
private Antiguan island, Mr. Janvey addded.

The case is Janvey v. Barnes, 3:10-cv-00527, U.S. District Court,
Northern District of Texas (Dallas).

                 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).


* ANTIGUA & BARBUDA: Reaches Deal W/ IMF Mission on US$125MM Loan
-----------------------------------------------------------------
Wendell Samuel, chief of the International Monetary Fund mission
to Antigua and Barbuda, issued the following statement in St.
John's:

"The Antiguan authorities and an IMF staff mission have reached
agreement on a program that the mission will recommend the IMF
support through a Stand-By Arrangement for SDR81 million (about
US$124 million) over 36 months.  Following review by staff in
Washington and management approval, the IMF's Executive Board
would consider Antigua and Barbuda's request for an SBA, which is
envisaged for May.

"Antigua and Barbuda is addressing the most severe economic crisis
in the country's history.  The global economic crisis has
compounded longstanding fiscal imbalances and drastically reduced
tourism, foreign direct investment and remittances.  The program's
main goal is to restore fiscal sustainability and put Antigua and
Barbuda back on path of sustainable growth.  The authorities'
program is expected to benefit from, in addition to IMF financing,
significant additional financing from other international
institutions.

"The fiscal position will be strengthened under the program
through a range of policy measures, including more efficient tax
collection, a reduction in the interest bill on both domestic and
external debt, and actions to streamline government expenditure
and raise revenue, while protecting targeted social spending.  The
fiscal program and debt-management strategy are geared to both
eliminate debt arrears and reduce the debt-to-GDP ratio over the
coming years.

"This fiscal strategy will be supported by reforms to: (i)
strengthen public financial management; (ii) improve the
collection of revenues at the Customs and Inland Revenue
Department; and (iii) ensure the long term sustainability of the
pension system.

"A key consideration in the design of the program has been to
maintain social safety net spending, to protect the most
vulnerable, in particular the school meals program and allowances
for the elderly.  In addition, the government's plan will
introduce unemployment benefits and many basic commodities will
continue to be exempted from the Antigua and Barbuda Sales Tax
(ABST).

"Additional reforms will strengthen the financial sector,
including legislation to transform the Financial Sector Regulatory
Commission into a single regulatory unit for offshore banks and
nonbanks."

Antigua and Barbuda, which became a member of the IMF on
February 25, 1982, has a current IMF quota of SDR13.5 million
(about US$20.6 million).


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


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

The company's liquidators are:

         Mike Morrison
         Charles Thresh
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton, HM 08, Bermuda


PAN AMERICAN: CNOOC Ltd. Deal Won't Affect S&P 's 'B+' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Argentinean oil and gas producer Pan American Energy
LLC (B+/Stable/--) are not affected by the recent announcement of
China-based CNOOC Ltd.'s proposed $3.1 billion investment in 50%
of Bridas Corp. Bridas owns 40% of PAE, while the remaining 60% is
owned by BP PLC.

The transaction is still subject to regulatory approvals.  S&P's
ratings on PAE do not incorporate any credit enhancement derived
from potential parent support.  At this point, S&P is not
expecting the new ownership structure to result in any major shift
in PAE's financial policies.


SEA CONTAINERS: Creditors' Meeting Set for March 22
---------------------------------------------------
The creditors of Sea Containers Ports and Ferries Limited will
hold their meeting on March 22, 2010, at 9:15 a.m., to receive the
full statement of the position of the company's affairs, together
with the company's list of creditors and the estimated amount of
their claims.


SPC HOLDINGS: Creditors' Meeting Set for March 22
-------------------------------------------------
The creditors of SPC Holdings Ltd. will hold their meeting on
March 22, 2010, at 9:45 a.m., to receive the full statement of the
position of the company's affairs, together with the company's
list of creditors and the estimated amount of their claims.


SUPERSEACAT 2: Creditors' Meeting Set for March 22
--------------------------------------------------
The creditors of Superseacat 2 Ltd. will hold their meeting on
March 22, 2010, at 10:15 a.m., to receive the full statement of
the position of the company's affairs, together with the company's
list of creditors and the estimated amount of their claims.


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


XL CAPITAL: Chief Executive McGavick Earned US$6.2MM Package
--------------------------------------------------------------
XL Capital Limited Michael McGavick received a pay package valued
at US$6.2 million in 2009, Associated Press reports, citing an
analysis of a regulatory filing.  The report relates that the
compensation figure is down 17% from the previous year, when
Michael McGavick worked eight months at XL Capital after joining
the company as CEO on May 1, 2008, because he received a one-time
bonus of US$1.5 million in 2008 when he replaced Brian O'Hara as
CEO.  That year, the report says, XL Capital paid out a total
US$16 million to Mr. McGavick and Mr. O'Hara.

According to the report, Mr. McGavick's US$1.5 million signing
bonus in 2008 was in addition to a US$2 million annual bonus he
received that year.  In 2009, the report relates, Mr. McGavick's
annual cash bonus rose to US$3 million, 50% higher than his annual
bonus target, in a year when XL's board found McGavick's
performance to be "outstanding."

AP notes that Mr. McGavick's base salary last year was US$1
million, up from the US$666,667 in 2008 when he served eight
months as the new CEO.  The report relates that Mr. McGavick was
awarded cash incentive compensation of US$933,333 in 2009, based
on meeting performance goals during the year.

Mr. McGavick, AP says, was also awarded stock options last year
that were valued at US$889,831 when they were granted on
February 27, 2009.  The report relates Mr. McGavick saw other
compensation drop nearly 56% last year to US$389,273 from
US$881,956 in 2008.  Last year, the report adds, the biggest
pieces of Mr. McGavick's other compensation were a US$276,000
housing allowance and US$52,589 travel allowance.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


VALIDUS HOLDINGS: To Release 1Q 2010 Financial Results on May 6
---------------------------------------------------------------
Validus Holdings, Ltd. plans to release its financial results for
the quarter ended March 31, 2010, after the close of trading on
the New York Stock Exchange on Thursday, May 6, 2010.  The Company
will hold a conference call for analysts and investors at 9:00
a.m. (Eastern) on Friday, May 7, 2010 to discuss these results.

The conference call may be accessed by dialing 1-800-299-8538
(U.S. callers) or 1-617-786-2902 (International callers) and
entering the passcode 15506711#.  Those who intend to participate
in the call should dial in at least 10 minutes in advance.  A live
webcast of the call will be available online at the "Investor
Relations" section of the Company's website located at
http://www.validusholdings.com. A replay of the call will be
available through May 21, 2010 by dialing 1-888-286-8010 (U.S.
callers) or 1-617-801-6888 (International callers) and entering
the passcode 93595570#.  A replay of the webcast will be available
at the "Investor Relations" section of the Company's website
through May 21, 2010.

                      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
===========


MAGNESITA REFRATARIOS: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB-' corporate credit rating on Brazilian refractory producer
Magnesita Refratarios S.A. and revised the outlook to stable from
negative.

"The outlook revision reflects S&P's expectation that Magnesita
will continue to improve its profitability and cash generation
thanks to a better refractory market (especially in Brazil) and
its own cost-cutting measures.  S&P believes these will bring
credit measures to levels more consistent with Magnesita's rating
category.  The company's initiatives to reduce refinancing risk by
extending bank debt tenors and its ability to sustain adequate
liquidity are also relevant rating factors," said Standard &
Poor's credit analyst Marcelo Schwarz.

The stable outlook reflects S&P's expectation that Magnesita's
cash flow generation will continue to improve in 2010 as a result
of improved market conditions and the positive effects of the
cost-cutting initiatives it took during the peak of the economic
crisis.  "S&P could raise the ratings if demand, especially in
North America and Europe, and operating profitability improve more
than S&P anticipate, provided that its liquidity remains adequate
and indebtedness does not increase, leading to an adjusted total
debt-to-EBITDA ratio of around 2.5x.  On the other hand, S&P could
lower the ratings if deterioration in market conditions combined
with an aggressive debt-financed growth strategy result in
increased financial leverage, with total adjusted debt to EBITDA
higher than 4.5x by year-end 2010," Mr. Schwarz added.


MARFRIG ALIMENTOS: Commences Consent Solicitation of 2016 Notes
---------------------------------------------------------------
Marfrig Overseas Limited and Marfrig Alimentos S.A. disclosed that
they are soliciting consents from the holders of Marfrig Overseas'
US$375,000,000 9.625% Senior Notes due 2016, guaranteed by
Marfrig, to:

    (i) amend certain of the restrictive covenants and
        definitions relating thereto of the indenture
        governing the Notes; and

   (ii) waive any past non-compliance by Marfrig Overseas, Marfrig
        SA and its restricted subsidiaries with certain covenants
        under the indenture that would otherwise be permitted by
        the Proposed Amendments, as such Proposed Amendments and
        Waiver are more fully described in Attachment A to the
        Consent Solicitation Statement, dated March 16, 2010.

Since the date the Notes were issued, Marfrig has completed
numerous acquisitions in Brazil and internationally that have been
funded primarily by the incurrence of debt and by equity capital
increases.  These acquisitions have resulted in a significant
expansion of Marfrig's operations in Brazil and internationally.
As a result of these acquisitions, Marfrig has significantly
diversified its operations and enhanced its portfolio of products
and revenues.  Given this substantial shift in its business,
compliance by Marfrig with the restrictive covenants set forth in
the indenture has become burdensome, in addition to representing a
disadvantage to Marfrig in an increasingly competitive market.
Consequently, Marfrig is seeking the Consents primarily to gain
additional operating flexibility, in order to finance its
operations in Brazil and internationally and to better compete
with its principal competitors.

Holders of the Notes are referred to the Consent Solicitation
Statement, dated March 16, 2010, and the related Consent Letter
for the detailed terms and conditions of the Consent Solicitation.
The Consent Solicitation commenced today and will expire at 5:00
pm on March 25, 2010, unless extended or earlier terminated.

Only holders of the Notes as shown in the records maintained by
The Bank of New York Mellon, as Trustee, at 5:00 p.m., New York
City time, on March 15, 2010 are entitled to consent to the
Proposed Amendments and the Waiver.

If a supplement to the indenture is executed, Holders of the Notes
as of the Record Date that validly deliver their Consent Letters
and grant the Consents prior to the Expiration Time will receive a
cash payment within five business days of the Expiration Time
equal to US$30.00 per US$1,000 principal amount of Notes in
respect of which such Consent Letters and Consents have been
validly delivered and not validly revoked.  Holders will be
permitted to revoke Consents until the Supplemental Indenture has
been executed, which execution may occur prior to the Expiration
Time.  Holders will be permitted to submit Consent Letters until
the Expiration Time, even if the Effective Time precedes the
Expiration Time.

To execute the Supplemental Indenture as contemplated by the
Proposed Amendments and the Waiver, the Issuer must receive
Consents from Holders as of the Record Date representing at least
a majority of the aggregate outstanding principal amount of the
Notes.  The Supplemental Indenture will become operative only when
the Issuer has paid in full all of the Consent Fees.

The Issuer reserves the right, in its sole discretion, to
terminate the Consent Solicitation at any time.  The Issuer
intends to issue a press release promptly after the Effective Time
announcing the results of the Consent Solicitation.

                       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


SADIA SA: Brazil Probes Firm for Illegal Money Transfers
--------------------------------------------------------
Brazil's Federal Police are investigating whether Sadia SA
manipulated export contracts to make illegal money transfers to
and from offshore units, Helder Marinho at Bloomberg News reports,
citing Folha de S. Paulo Newspaper.

According to the report, the local news paper said that Sadia SA
is suspected of having shipped more goods to foreign units than
stated to Brazilian authorities to generate undeclared revenue
abroad.  Sadia may also have shipped less merchandise than stated
when it sought to transfer money back from offshore units, Folha
News added, the report relates.

Folha Newspaper, Bloomberg News discloses, said that the export
contracts being investigated are previous to the global credit
crisis at the end of 2008 and to Perdigao SA's acquisition of the
company last year to form BRF Brasil Foods SA.

Sadia SA said that all the transactions were legal, Folha News
reported, Bloomberg News adds.

                        About Sadia SA

Headquartered in Sao Paulo, Brazil, Sadia S. A. --
http://www.sadia.com-- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                           *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.


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


ALLIANCE & LEICESTER: Members Receive Wind-Up Report
----------------------------------------------------
The members of Alliance & Leicester Finance Company Limited
received, on February 4, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BOJOS GROUP: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of The Bojos Group 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:

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


GIRO INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Giro Investments Limited received, on February 4,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


KINGDOM 5-KR-16: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-16, 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


KINGDOM 5-KR-22: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-22, 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


KINGDOM 5-KR-41: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-41, 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


KINGDOM 5-KR-44: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-44, 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


KINGDOM 5-KR-52: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-52, 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


KINGDOM 5-KR-53: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-53, 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


KINGDOM 5-KR-67: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-67, 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


KINGDOM 5-KR-72: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-72, 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


KINGDOM 5-KR-73: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-73, 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


KINGDOM 5-KR-75: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-75, 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


KINGDOM 5-KR-80: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-80, 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


KINGDOM 5-KR-81: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-81, 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


KINGDOM 5-KR-84: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kingdom 5-KR-84, 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


KINGDOM 5-KR-105: Members Receive Wind-Up Report
------------------------------------------------
The members of Kingdom 5-KR-105, 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


KINGDOM 5-KR-140: Members Receive Wind-Up Report
------------------------------------------------
The members of Kingdom 5-KR-140, 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


KINGDOM 5-KR-165: Members Receive Wind-Up Report
------------------------------------------------
The members of Kingdom 5-KR-165, 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


KINGDOM 5-KR-173: Members Receive Wind-Up Report
------------------------------------------------
The members of Kingdom 5-KR-173, 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


KRUNG SIAM: Members Receive Wind-Up Report
------------------------------------------
The members of Krung Siam Fund received, on February 8, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Choedchu Sophonpanich
         52/56 Sukhumvit Soi 3
         Bangkok, 10110, Thailand
         Telephone: +44 (0) 1481 745368
         Facsimile: + 44 (0) 1481 745077


LATITUDE CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Latitude Capital Group 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


OLD MUTUAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Old Mutual Currency Master Fund Limited
received, on January 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OLD MUTUAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Old Mutual Currency Fund Limited received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PANTON ALTERNATIVE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Panton Alternative Fund, 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:

         Ogier
         Jonathan McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


PROVALUE GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Provalue Global Diverisified received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


THETA CAPTURE: Members Receive Wind-Up Report
---------------------------------------------
The members of Theta Capture Fund Offshore, 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:

         DMS Corporate Services Ltd
         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: Members Receive Wind-Up Report
---------------------------------------------
The members of Theta Capture Fund Master, 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:

         DMS Corporate Services Ltd
         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: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of White Seas Compay received, on January 28,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

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



==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REPUBLIC: CDEEE to Pay US$287 Million to Generators
---------------------------------------------------------------
State-owned Power Companies Chief Executive Officer Celso
Marranzini said that CDEEE will pay US$287 million to the
generators on March 31, thus reaching the goal agreed in the
stand-by agreement with the International Monetary Fund, The
Dominican Today reports.

According to the report, as agreed with IMF, the US$287 million
would for pay for the invoices February and March pending.  "Our
invoice is approximately US$124 million per month," the report
quoted Mr. Marranzini reports.

Mr. Marranzini, the report notes, said that the entity must remain
up to date in the payments otherwise it fails to meet the IMF's
requirements and then the country doesn't receive the funds agreed
with international organisms.  The report relates Mr. Marranzini
said the CDEEE collected RD$2.4 billion in January last year and
3.7 billion in January this year.  The output will again return to
normal within three weeks with the reentry of some power plants
and the resumption to full capacity of others, he added.


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


ALPART: NEPA Serves Enforcement Notice
--------------------------------------
The National Environment and Planning Agency has served an
Enforcement Notice on Alumina Partners of Jamaica over the
emission of hazardous dust from its mud lake in Nain, St
Elizabeth, Go-Jamaica News reports.  The report relates that the
notice is to take effect March 17, 2010.

According to the report, NEPA's decision came follows a meeting
this afternoon to discuss the impact of the dust from the 300-
hectare lake on communities.  The report relates that NEPA said
Alpart is to provide the agency with weekly reports of its
monitoring and sprinkling activities for the next three weeks.

Go-Jamaica News notes that Alpart has also been instructed to
install additional sprinklers and expand its network of Dust
Monitoring Stations at the mud lake.  The report says that Alpart
reported that it had taken steps to mitigate the dust nuisance and
expressed its commitment to work closer with the St Elizabeth
health department to coordinate the response to community health
needs.

Meanwhile, the report adds, NEPA said it will be reviewing
Alpart's 1998 permit issued under the Natural Resources
Conservation Act, with the aim of stipulating additional
conditions for how it operates.

                          About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica Alpart's mining and refinery operations
officially came to a halt on May 15.  The report related Alpart
said it will send home 900 permanent employees in the process amid
a 60% decline in alumina product prices since July 2008.  Mr.
Fabrini, as cited by Radio Jamaica News, said the temporary
shutdown will allow the plant to prepare for future developments.
Although the company took steps to maintain the operations even at
reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
Radio Jamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


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


SATMEX SA: EchoStar Won't Pursue Deal Amid Bondholders' Objections
------------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that EchoStar Corp. and
MVS Comunicaciones SA ended their agreement to buy Satelites
Mexicanos SA for US$267 million after the Mexican satellite
operator's bondholders objected to the deal.  The report relates
that the termination leaves Satmex SA empty-handed after searching
for more than a year for a buyer or way to restructure debt.

According to the report, Chief Financial Officer Luis Stein said
in an August interview that Satmex SA needs to restructure its
debt to make the business sustainable.  The Mexico City-based
company needs funding to replace a satellite launched in 1994 with
a newer one that could expand the services it offers, he added.

Bloomberg News, citing the company's annual report filed June 29,
notes that without a sales boost from a new satellite, Satmex
might be unable to make interest payments to bondholders.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Dow Jones Newswires said that Satmex SA said that a
group of creditors opposes the sale of the company to a group of
U.S. and Mexican investors in a transaction worth up to US$374
million.  The report relates that Satmex SA said that an ad hoc
group representing more than 50% of holders of its Second Priority
Senior Secured Notes has refused to back the transaction.
According to the report, the deal is conditioned on Satmex SA
buying back all of its US$424.3 million of Senior Secured Notes
with a portion of the proceeds from the sale.

                            About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America.  Satmex's fleet offers
hemispheric and regional coverage throughout the Americas.

                           *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.



URBI DESARROLLOS: Inks Cross-Currency Swap Deal W/ Morgan Stanley
-----------------------------------------------------------------
Urbi Desarrollos Urbanos SAB de CV has signed a cross-currency
swap agreement with Morgan Stanley to extend the coverage of its
hedge to also include the interest coupons of its US$ bond due
2016 for the period April 2011 to April 2016, which were not
previously covered.  Both principal and interest coupons of this
bond are now hedged until maturity.

After this transaction, the interest rate is now fixed at 10.5% in
Mexican pesos until the bond's maturity in April 2016.  The
exchange rate is fixed at MX$13.75.

In April 2006, Urbi issued 10-year (non-call 5) US$150 million
senior guaranteed notes due in 2016.  At that time, the Company
signed an agreement to hedge both the principal until maturity and
the first 5 years of interest coupons, to eliminate cross-currency
risk and uncertainty on its financial expenses.  As of
December 31, 2009, Urbi had a positive asset currency swap
position of MX$165.6 million included in its balance.

About this transaction, Selene Avalos, Urbi's CFO, said: "With
this step, the Company finalizes its two-stage hedge strategy for
such long-dated instrument as the Urbi2016 bond, resting our
decisions on well documented technical analysis.  As we resume our
growth strategy with free cash flow generation in 2010, the basis
of it continues to be prudence and a higher liquidity position for
the Company, which is backed with a track record of profitable and
consistent operational performance."

For 2010, Urbi is planning to grow its revenues by 10%,
and -- thanks to additional SG&A and financial expenses
reductions -- increase its net income by 12-15%, with a strong
free cash flow generation.

                      About Urbi Desarrollos

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


* MEXICO: Hires Citigroup, HSBC to Manage Peso Bond Sale
--------------------------------------------------------
Andres R. Martinez at Bloomberg News reports that Mexico hired
Bank of America Corp., HSBC Holdings Plc, ING Groep NV and
Citigroup Inc.'s Banamex unit to manage a sale of 30-year
inflation-linked peso bonds in the local market.

According to the report, the Finance Ministry said that the
government will offer the bonds at a rate of 4 percentage points
above inflation.  The report relates that the offering is the
second local sale that Mexico is doing through investment banks
this year as part of a push to reach more investors, boost trading
of its debt and lower borrowing costs.

In February, the report notes, the government sold MXN25 billion
(US$2 billion) of 10-year bonds through a syndicate of banks to
yield 7.66 percent.

Subsequent sales of the securities will be done through the
central bank, as all issues were previously done, Deputy Finance
Minister Alejandro Werner told Bloomberg News in an interview in
February.


* MEXICO: Economy Starts to Recover Following Contraction
---------------------------------------------------------
IMF Executive Board Concludes 2010 Article IV Consultation with
Mexico.

According to the Board, Mexico had significantly strengthened
policy credibility and public and private sector balance sheets
before the onset of the crisis.  Strong economic performance, with
growth averaging over 3.5 percent in 2003-07, was underpinned by
robust macro policy frameworks along with the flexible exchange
rate regime. Considerable progress was made in improving debt
profiles, and the strong regulatory framework gave rise to a sound
banking sector.

Nevertheless, Mexico's resilience was severely tested during the
global crisis.  The surge in risk aversion following the collapse
of Lehman Brothers in September 2008 triggered a sharp
retrenchment of financial flows from emerging markets, including
Mexico, resulting in liquidity strains and marked currency
depreciation.  Meanwhile, reflecting close U.S. linkages, Mexico
experienced a rapid decline in manufacturing exports in the first
half of 2009.  Unanticipated large losses on corporate foreign
exchange derivate positions disclosed in late 2008 further weighed
on confidence, while the H1N1 virus outbreak in mid-2009 put an
additional drag on activity.  Against this background, output
contracted by 61/2% in 2009, while the peso fell 25 percent
against the dollar in the nine months to mid-2009.

Prompt and effective policy measures were adopted in response to
the crisis.  Macroeconomic policies were eased significantly,
providing a fiscal impulse of 2.5% of GDP in 2009 and reducing
policy rates by a total of 375 bps, to 4.5%, since mid-2008.
Targeted assistance was also extended to financial intermediaries
to address funding shortages.  At the same time, Mexico's Central
Bank (Banxico) made substantial interventions (US$31.4 billion in
total) to maintain orderly liquidity conditions in the foreign
exchange market, and secured contingent financing through the
Federal Reserve swap line (US$30 billion, expired in February
2010) and the Fund Flexible Credit Line (US$47 billion, effective
till mid-April 2010) to further support confidence.  On the back
of these strong policy measures, growth has resumed since mid-
2009, the peso exchange rate has rebounded, while domestic
financial stability has been maintained.

Building on the recent momentum, activity is expected to
accelerate in the near term, leading to projected growth of 4
percent for 2010.  Inflation was pushed up to 41/2% in January
2010 by one-off increases in taxes and administered prices, but is
expected to return to the 3% target by end-2011 reflecting the
considerable economic slack.  With domestic demand gradually
strengthening, the current account deficit is projected to widen
slightly to 1-1/2%of GDP in 2010.

The authorities have also undertaken a series of measures to
further bolster fundamentals and rebuild buffers.  The FY2010
budget included a substantive tax reform, designed to offset the
revenue losses from lower oil production, while allowing for a
temporary easing of the balanced budget rule in response to the
cyclical downturn.  Requirements on corporate disclosure of
derivative exposures has been tightened, while structural reforms
to enhance growth potential-most recently reforms of the
electricity sector-are being advanced.  In addition, the
authorities have announced plans to increase foreign exchange
reserves gradually through a combination of retaining public
sector foreign exchange cash flows and the use of an options-based
mechanism.

                     Executive Board Assessment

Executive Directors commended the authorities for their sound
policy frameworks and progress in strengthening public and private
sector balance sheets, which had enabled an effective counter-
cyclical policy response and helped preserve stability during the
crisis.  Their swift action to secure contingency credit lines-
from the U.S. Federal Reserve and the Fund-has also helped
maintain external confidence.  The economy is starting to recover,
following the deep output contraction in the first half of 2009.
However, the uncertain global outlook could pose downside risks,
underscoring the need to increase room for policy maneuver and
strengthen efforts to address medium-term fiscal and growth
challenges.

Directors considered that the 2010 budget is appropriate.  The tax
package represents an important step toward achieving medium-term
fiscal sustainability, while the temporary easing of the balanced
budget, in accordance with the exceptional clause of the fiscal
rule, would help cushion the impact of the withdrawal of fiscal
support. Directors welcomed the progress in fiscal reforms over
the past three years.  Given the expected structural declines in
oil revenues and rising current spending pressures, they welcomed
plans to seek expenditure savings and further strengthen tax
administration.  Further efforts would be needed to advance on oil
sector reforms, broaden the tax base, and simplify the tax system.
Moving to a structural budget rule would help reduce
procyclicality and spending volatility, further strengthening
policy credibility. Directors saw the removal of the caps on
savings in the oil stabilization funds as a step in the right
direction.

In light of the still weak demand conditions, Directors agreed
that monetary policy should remain supportive until the recovery
is firmly established.  The central bank's effective communication
has helped limit the effects on inflation of the recent changes in
taxes and administered prices.  Nevertheless, second-round effects
would need to be carefully monitored.

Directors agreed that the flexible exchange rate has played an
important role in the adjustment process, and welcomed the
transparent, rules-based intervention mechanisms.  Noting
persistent market concerns about Mexico's low reserve coverage
relative to balance sheet indicators, many Directors saw merit in
the authorities' plan to explore options for further strengthening
foreign exchange buffers.  A number of other Directors pointed to
the need to take due account of the costs and externalities of
reserve accumulation.

Directors noted that the financial system remains resilient,
underpinned by strong regulation and supervision.  They welcomed
the authorities' prompt action to address emerging issues in some
small nonbank institutions, and encouraged continued close
monitoring of developments in this sector.  Directors supported
the intentions to broaden the regulatory perimeter, set up a
committee for assessing systemic risks, and reform the financial
sector resolution framework.

Directors emphasized that the challenge of reinvigorating growth
has gained new urgency in a weak global environment.  They
encouraged the authorities to expedite structural reforms to boost
growth, building on recent important steps to improve productivity
in the electricity sector.  Key priorities include advancing on
strengthening the competition framework, streamlining the
regulatory framework, and enhancing labor market flexibility.

It is expected that the next Article IV consultation with Mexico
will be held on the standard 12-month cycle.


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


CL FIN'L: Insurance Firms Barred From Writing New Business
----------------------------------------------------------
CLICO International Life and British American Insurance Company,
units of CL Financial Limited, have been prohibited from writing
new business by Barbados' Supervisor of Insurance, Trinidad
Express reports.  The report relates Barbados Prime Minister David
Thompson said that CLICO International and British American in
Barbados will both be placed under judicial management-but for
different reasons.

According to the report, the Oversight Committee in Barbados was
experiencing difficulty in selling CLICO Life because of the large
number of Executive Flexible Premium Annuities, which carried high
interest rates and were short-term deposits.  The Committee was
set up by the Ministry of Finance and parent company CLICO
Holdings Barbados Ltd to oversee the sale of three of CLICO's
subsidiaries.  The report relates Mr. Thompson said that potential
bidders expressed concern about this liability, which was in
excess of Bds$300 million-most of which matured in 2012.

The Express notes that a restructuring process might involve
having to place the company under judicial management if there was
no policyholder agreement to the proposed restructuring of the
company.  In the meantime, the report points out, the company has
been prohibited from writing new business until it satisfies
conditions pertaining to its Statutory Fund.

Meanwhile, the report relates, Mr. Thompson said that the
Solicitor General was preparing the necessary paper- work to
request the court to place British American Insurance under
judicial management to protect policyholders.

                         About CL Financial

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

                           *     *     *

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

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


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


* LATAM: IDB Fund Expands Training & Employment Program in Region
-----------------------------------------------------------------
The Multilateral Investment Fund's Donors Committee approved on
March 10, 2010, a US$3.6 million technical assistance program to
support training and employment programs in Mexico, Argentina,
Colombia, Dominican Republic, Jamaica and Haiti.  Moreover, the
funds will expand the existing programs in Brazil, Uruguay and
Ecuador.  About 5,400 low-income or at-risk youth aged 16 to 24
are expected to benefit during this new phase of the project.

Under the program, FOMIN and the executing agency, Partners of the
Americas (POA), work closely with the private sector, non-
governmental organizations and, in several cases, local
governments, to design and provide the soccer-based and inspired
training that will meet demand from local employers.  POA, working
through a network of affiliate organizations, will be the
executing agency for all the countries except Argentina.  Virreyes
Rugby Club will execute the project in that country.

The project has three training phases.  The first phase uses
soccer to teach participants important skills and values.
Communication, cooperation and teamwork are learned through
exercises in the field such as having the players work in pairs by
holding hands as they play soccer.

In the second phase, technical courses are offered to participants
in areas such as mechanics, sewing, hotel and restaurant services,
refereeing and telemarketing.  The courses are selected based on
market demand and the economic reality of each country.  In the
third phase of the project, the participants have the opportunity
to participate in internships through contracts with universities,
non-governmental organizations and the private sector.

In Ciudad Juarez, the program is expected to help participating
young people to stay away from organized crime and, more
importantly, to develop their full potential as community leaders,
said Salvador de Anda, who works for the government of Ciudad
Juarez and will help coordinate the training program.

FOMIN is an autonomous fund administered by the Inter-American
Development Bank (IDB) that promotes private sector development
and poverty reduction, with an emphasis on micro-enterprises and
small businesses.  Government and private sector partners in this
youth training project are expected to provide US$4.4 million in
counterpart funds.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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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