TCRLA_Public/100319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, March 19, 2010, Vol. 11, No. 055

                            Headlines



A R G E N T I N A

* ARGENTINA: Cordoba Province Plans Overseas Bond Sale


B A R B A D O S

DIGICEL GROUP: Seeks Review of Reference Interconnection Offer


B E R M U D A

ATTICUS EM: Creditors' Proofs of Debt Due on March 26
ATTICUS EM: Members to Receive Wind-Up Report on April 15
ATTICUS EUROPEAN: Creditors' Proofs of Debt Due on March 26
ATTICUS EUROPEAN: Members to Receive Wind-Up Report on April 15
CYRUS REINSURANCE: Creditors' Proofs of Debt Due on March 26

CYRUS REINSURANCE: Members to Receive Wind-Up Report on April 22
ENERGY PLANT: Creditors' Proofs of Debt Due on March 26
ENERGY PLANT: Sole Member to Receive Wind-Up Report on April 13
NICHOLAS INSURANCE: Creditors' Proofs of Debt Due on March 26
NICHOLAS INSURANCE: Members to Receive Wind-Up Report on April 14

REAL TEAK: Creditors' Proofs of Debt Due on March 26
REAL TEAK: Members to Receive Wind-Up Report on April 14


B R A Z I L

BES INVESTIMENTO: Launches US$500 Million 5-Yr Bond at 5.875%
ENERGISA SA: Fitch Affirms Issuer Default Ratings at 'BB-'
GOL LINHAS: Inaugurates Maintenance Center Expansion
REARDEN G: S&P Assigns 'BB-' Rating on Senior Unsecured Notes
REARDEN G: Moody's Assigns 'B1' Rating on Senior Unsec. Notes

* BRAZIL: Foreigners May Get Bigger Airlines Stake
* BRAZIL: State of Minas Gerais Gets US$137 Million IDB Loan


C A Y M A N  I S L A N D S

AMERICAN GUARANTY: Commences Wind-Up Proceedings
CALEDON HOLDINGS: Commences Wind-Up Proceedings
CAYMAN LENDER: Shareholder Receives Wind-Up Report
CCP INVASOR: Commences Liquidation Proceedings
CCP SHIROCCO: Commences Liquidation Proceedings

CCP STORM: Commences Liquidation Proceedings
CCSF REINSURANCE: Commences Wind-Up Proceedings
DANGER INTERNATIONAL: Commences Wind-Up Proceedings
DEVELOPMENT PARTNERS: Commences Wind-Up Proceedings
EMERGING EUROPE: Commences Wind-Up Proceedings

FAIRHEADS INTERNATIONAL: Commences Liquidation Proceedings
FAIRHEADS INTERNATIONAL: Commences Liquidation Proceedings
GOLDENTREE CREDIT: Commences Wind-Up Proceedings
HOLLAND PARK: Commences Wind-Up Proceedings
JACKSON SQUARE: Commences Wind-Up Proceedings

LAUREL CAPITAL: Shareholder Receives Wind-Up Report
MARLIN INVESTMENTS: Commences Wind-Up Proceedings
MART INVESTMENT: Commences Liquidation Proceedings
OKATETE CORPORATION: Commences Wind-Up Proceedings
PICO FUND: Commences Liquidation Proceedings

PISBOL INTERNATIONAL: Commences Wind-Up Proceedings
PROMETHEAN I: Commences Liquidation Proceedings
QIF OFFSHORE: Commences Wind-Up Proceedings
QIF OFFSHORE: Commences Wind-Up Proceedings
SEVEN BRIDGES: Commences Wind-Up Proceedings

SEVEN BRIDGES: Commences Wind-Up Proceedings
SPIAGGIA INVESTMENT: Commences Wind-Up Proceedings
STANDARD INVESTMENT: Commences Wind-Up Proceedings
SURAKARTA LIMITED: Commences Wind-Up Proceedings


C H I L E

* CHILE: Last Year's GDP Shrinks 1.5% From 2008


C O L O M B I A

ECOPETROL SA: Increases Presence in Gulf of Mexico


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: CDEEE to Purchase 288 Gigawatts of Electricity


E C U A D O R

PETROECUADOR: President Luis Jaramillo Resigns From Post


E L  S A L V A D O R

* EL SALVADOR: IMF OKs US$790 Million Stand-by Arrangement


J A M A I C A

AIR JAMAICA: Airlift Handlers Worried on Effect of Divestment
AIR JAMAICA: Overseas Carriers Courting Pilots
DIGICEL GROUP: To Buy Digicel Pacific After US$775MM Bond Issue


M E X I C O

DESARROLLADORA HOMEX: Rated New "Buy" at Citigroup on Valuation


P A N A M A

CODERE SA: To Acquire Six Casinos From Thunderbird


P E R U

BANCO DE CREDITO: Accepts Sealed Dollars Despite Asbanc's Decision


P U E R T O  R I C O

EUROBANCSHARES INC: FDIC Looking for Buyer of Bank's Assets
FIRSTBANK PUERTO RICO: Shamrock Condominium Faces Foreclosure
R&G FINANCIAL: FDIC Looking for Buyer of Bank's Assets
W HOLDING CO: FDIC Looking for Buyer of Bank's Assets


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Establishes JV to Develop Gas Projects




                         - - - - -


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


* ARGENTINA: Cordoba Province Plans Overseas Bond Sale
------------------------------------------------------
Argentina's province of Cordoba plans to sell as much as US$350
million of bonds in international markets once the federal
government completes a restructuring of defaulted debt, Drew
Benson at Bloomberg News reports, citing Banco de Cordoba.
Cordoba officials will meet with U.S. bond investors as soon as
next month, Alejandro Henke, director of the state-run bank, told
Bloomberg News in a telephone interview.

According to the report, Argentina Finance Secretary Hernan
Lorenzino said that the country aims to carry out an exchange of
about US$20 billion of defaulted bonds by the end of this month.
The report relates that the swap would pave the way for Argentina
to return to overseas debt markets for the first time since it
defaulted on US$95 billion of debt in 2001.

Bloomberg News notes that Cordoba joins Argentine companies that
may sell overseas bonds after the government completes the swap.

Cordoba, the report recalls, sold US$150 million worth of 12%
dollar-linked notes due in 2017 in the local market in November.
The province plans to pay a yield that is "well below" 12 percent
on the overseas bonds, said Jose Simonella, Banco de Cordoba's
financial manager, the report says,  The debt issues are part of
the province's US$500 million bond program, he added.

                        *     *     *

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


===============
B A R B A D O S
===============


DIGICEL GROUP: Seeks Review of Reference Interconnection Offer
--------------------------------------------------------------
DIGICEL (Barbados) Limited is seeking a review of the new
Reference Interconnection Offer that the Fair Trading Commission
issued last month, Barbados Advocate News reports.

According to the report, the RIO will govern mobile, domestic and
international connection between Cable and Wireless (Barbados)
Limited and all telecommunications service providers.  "Digicel
(Barbados) Limited is alleging that the Commission failed to
follow the process as set out in the legislation and had submitted
an affidavit to support its grounds for review," the FTC said in a
press notice obtained by the news agency.

Barbados Advocate News notes that at the time the RIO was issued
to replace a previous set, the FTC disclosed a 15% reduction for
specified interconnection charges.  The report relates FTC
explained that interconnection charges form part of the costs that
are incurred by all telecommunications providers in supplying
certain services to the public.

                      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


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


ATTICUS EM: Creditors' Proofs of Debt Due on March 26
-----------------------------------------------------
The creditors of Atticus EM Management, Ltd. are required to file
their proofs of debt by March 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


ATTICUS EM: Members to Receive Wind-Up Report on April 15
---------------------------------------------------------
The members of Atticus EM Management, Ltd. will receive on
April 15, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


ATTICUS EUROPEAN: Creditors' Proofs of Debt Due on March 26
-----------------------------------------------------------
The creditors of Atticus European Management, Ltd. are required to
file their proofs of debt by March 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


ATTICUS EUROPEAN: Members to Receive Wind-Up Report on April 15
---------------------------------------------------------------
The members of Atticus European Management, Ltd. will receive on
April 15, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


CYRUS REINSURANCE: Creditors' Proofs of Debt Due on March 26
------------------------------------------------------------
The creditors of Cyrus Reinsurance II Limited are required to file
their proofs of debt by March 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 2, 2010.

The company's liquidator is:

         John C. McKenna
         CA of Finance & Risk Services Ltd.
         Suite 502, 26 Bermudiana Road
         Hamilton HM 11
         Bermuda


CYRUS REINSURANCE: Members to Receive Wind-Up Report on April 22
----------------------------------------------------------------
The members of Cyrus Reinsurance II Limited will receive on
April 22, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 2, 2010.

The company's liquidator is:

         John C. McKenna
         CA of Finance & Risk Services Ltd.
         Suite 502, 26 Bermudiana Road
         Hamilton HM 11
         Bermuda


ENERGY PLANT: Creditors' Proofs of Debt Due on March 26
-------------------------------------------------------
The creditors of Energy Plant Engineers International Ltd. are
required to file their proofs of debt by March 26, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Ernest A. Morrison
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


ENERGY PLANT: Sole Member to Receive Wind-Up Report on April 13
---------------------------------------------------------------
The sole member of Energy Plant Engineers International Ltd. will
receive on April 13, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Ernest A. Morrison
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


NICHOLAS INSURANCE: Creditors' Proofs of Debt Due on March 26
-------------------------------------------------------------
The creditors of Nicholas Insurance Company Ltd. are required to
file their proofs of debt by March 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


NICHOLAS INSURANCE: Members to Receive Wind-Up Report on April 14
-----------------------------------------------------------------
The members of Nicholas Insurance Company Ltd. will receive on
April 14, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


REAL TEAK: Creditors' Proofs of Debt Due on March 26
----------------------------------------------------
The creditors of Real Teak Limited are required to file their
proofs of debt by March 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 10, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


REAL TEAK: Members to Receive Wind-Up Report on April 14
--------------------------------------------------------
The members of Real Teak Limited will receive on April 14, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on March 10, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda



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


BES INVESTIMENTO: Launches US$500 Million 5-Yr Bond at 5.875%
-------------------------------------------------------------
BES Investimento do Brasil SA, the local unit of Portuguese bank
Banco Espirito Santo SA, launched a US$500 million, five-year bond
Thursday offering a yield of 5.875%, Kejal Vyas aT Dow Jones
Newswires reports, citing an unnamed source.  The report relates
that the deal is expected to price on March 25, and is being
managed by Deutsche Bank, Espirito Santo and Standard Bank.

According to the report, in early February, the company postponed
plans to tap the market due to volatile market conditions.  The
report relates that the company also looks set to walk away with
more money than it had originally planned.  The February offering
was slated to be US$350 million in five-year notes, the report
adds.

                       About BES Investimento

BES Investimento do Brasil S.A. is headquartered in Sao Paulo,
Brazil.  In June 2009, the bank had total assets of approximately
R$3.6 billion (US$1.8 billion) and equity of R$305 million
(US$156 million).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 5, 2009, Moody's ratings retained its D+ bank financial
strength rating on the bank.


ENERGISA SA: Fitch Affirms Issuer Default Ratings at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed its ratings on Energisa S.A. and its
subsidiaries:

Corporate Ratings:

Energisa S.A.

  -- Local and Foreign Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)'.

Energisa Paraiba Distribuidora de Energia S.A. (Energisa PB)

  -- Local and Foreign Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)'.

Energisa Sergipe Distribuidora de Energia S.A. (Energisa SE)

  -- Local and Foreign Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)'.

Energisa Minas Gerais Distribuidora de Energia S.A. (Energisa MG):

  -- Local and Foreign Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)'.

Debt Ratings:

Energisa:

  -- BRL150 million third debentures issuance due in 2014, long-
     term National Rating at 'A(bra)'.

Energisa PB and Energisa SE:

  -- US$250 million notes units due in 2013, long-term
     International Rating at 'BB-'.

Energisa SE:

  -- US$42 million first debentures issuance due in 2015, long-
     term International Rating at 'A(bra)'.

  -- BRL60 million second debentures issuance due in 2014, long-
     term National Rating at 'A(bra)'.

Energisa PB:

  -- BRL80 million first debentures issuance due in 2014, long-
     term National Rating at 'A(bra)'.

Energisa MG:

  -- BRL60 million seventh debentures issuance due in 2014, long-
     term National Rating at 'A(bra)'.

The Rating Outlook for all corporate ratings is Stable.

The ratings reflect Energisa Group's consolidated credit profile
with moderate leverage, adequate debt profile, robust liquidity,
resilient and predictable operating cash flow from its five
distribution subsidiaries that operate essentially as regulated
natural monopolies and benefit from a diversified and growing
client base.  The ratings further incorporate the expectation that
Energisa's consolidated leverage will increase through 2010 and
2011, driven by the full effects of the second cycle tariff
reviews and its continuing investments in distribution and
generation.  In 2012, before the effects of the third-cycle tariff
review, leverage is expected to decrease, remaining consistent
with the rating category.  Fitch considers the regulatory risk as
low to moderate and hydrology problems are not expected in the
short-term.  Exposure to foreign exchange movements and
derivatives was also factored in to the rating.

Credit profile slightly changed by tariff reviews; EBITDA recovery
by 2011:

Energisa's credit profile has not been materially changed despite
the negative effects in Ebitda margins of the second-cycle tariff
review process concluded in 2009.  This is a result of the
mitigating effects from increased power consumption in the group's
concession areas (5.1% in the captive market and 3.3% in the total
concession areas), the tariff readjustments occurred in 2009, and,
to a lesser extent, the continuous reduction of the group's energy
losses, which have reached 13.02% in 2009.  Consolidated EBITDA
margins in 2009 reduced to 28.5% as compared to 33.2% in 2008, and
are expected to further decrease in 2010 to around 25%, as this
will be the year in which the consolidated performance will
reflect the full effects of the second cycle tariff review,
concluded in August 2009 for Energisa PB.  Fitch expects margins
to initiate an improving trend in 2011, supported by the
continuing loss reduction program and the new higher-margin
generation projects that will become operational.

Negative free cash flow in 2010 and 2011; positive free cash flow
expected by 2012:

Despite the Ebitda reduction, consolidated Cash Flow from
Operations reached BRL 392 million in 2009, slightly above the BRL
390 million generated in 2008.  Free Cash Flow, which already
considers the effects of capex and dividends, was negative in BRL
60 million in 2009 due to the increased capex investments in the
year.  As these investments are expected to remain high in 2010
and 2011, FCF should stay negative in these years, but in case new
expansion investments (other than the current budgeted ones) do
not happen, the agency expects FCF to become positive and grow
again in 2012.  Once operational, Fitch believes the generation
segment will reduce Energisa's operational risk and provide more
stability to its operational cash flow.  Key issues to be
monitored are the funding strategy for the new investments,
construction and performance risks and the energy price obtained
in the future PPAs for these projects.

Constant leveraging in 2009 with expected increase in 2010 and
2011:

In 2009, Energisa's consolidated credit measures were slightly
worse than those of 2008.  Lower cash generation was offset by a
more moderate dividend distribution, so that the consolidated
adjusted net debt was constant at BRL1.27 billion in 2009 compared
to 2008.  Thus, Energisa's consolidated net leverage reached 2.5x
in 2009, slightly above the 2.3x recorded in 2008.  Fitch expects
that net leverage will increase to above 3.0x in 2010 and 2011,
driven by the stronger investments in generation.  In 2012 and
2013, as the group obtains efficiency gains, reduces losses and
start reaping the benefits of the generation projects, leverage
should start a decreasing trend.

Robust liquidity, adequate debt profile:

Energisa continues to efficiently manage its liquidity and
preserves a robust cash cushion.  Total debt has a long-term
profile, with average duration of 5.5 years as of December 2009.
Consolidated cash position of BRL692 million (not considering
BRL23 million in investments maintained until maturity) is strong
and sufficient to cover around 92% of debt amortizations over the
next three years,: BRL364 million in 2010; BRL173 million in 2011;
and BRL215 million in 2012.  Fitch expects the company to remain
disciplined in its financial strategy and use part of future
operating cash flow generation to reduce debt levels.

Exposure to market risk has been decreasing over time:

Even though Energisa has been substantially reducing its
derivatives exposure, the group remains exposed to the risk of a
sharp devaluation of the BRL against the US$.  Management's
foreign exchange hedging practices are characterized by the usage
of short call options to reduce its swap hedge costs and/or Non-
Deliverable Forwards.  The group's current exposure to foreign
exchange is limited to US$ 207 million (around 19% of total
adjusted debt), fully backed up by derivatives with embedded short
call options.  Around 80% of this notional comprise options with a
strike price of BRL/US$ 2.50 and 20% of BRL/US$ 3.00.  The
approval of a market risk management policy in May 2009 is seen as
positive, even though in Fitch's opinion its quantitative
parameters do not offer sufficient protection in high volatility
scenarios.  Fitch also considers positive the fact that Energisa
uses specialized financial risk management third-party consulting
services, and has managed to weather the 2009 F/X volatility with
no material financial events.


GOL LINHAS: Inaugurates Maintenance Center Expansion
----------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. concluded the expansion work
on its Aircraft Maintenance Center, in Confins (Minas Gerais),
where the company carries out heavy airframe maintenance,
preventive maintenance, aircraft painting and the internal
configuration of the entire GOL and VARIG combined fleet.  The
expansion, which began in 2008, added a hangar, offices, storage
areas, support areas and an expanded ramp area to the existing
maintenance facility.

"The first construction phase of our Maintenance Center began in
2005, when the facility was able to service 60 aircraft.  With the
end of the second phase we are now able to service up to 120
aircraft a year," said captain Fernando Rockert de Magalhaes,
GOL's Technical Vice-President.  "Today the center is a pinnacle
of technological excellence, the largest and most advanced in
Latin America."

GOL invested R$65 million in the expansion, which added 28,100 m2
to the already 17,500 m2 facility, raising the total area to
45,600 m2, dedicated solely to maintenance and support.  The ramp,
which originally measured 27,000 m2, was also expanded and now
covers 47,000 m2, while the usable area within the hangars is now
107,220 m2.

"We are seeking certification by the Federal Aviation
Administration (FAA), the agency responsible for civil aviation
regulation in the U.S.," declared Constantino de Oliveira Junior,
GOL's CEO, "With this certification, we will be able to serve
international airlines, which will generate significant additional
revenue for GOL."

In addition to benefiting GOL, the Maintenance Center has
contributed to the development of the Belo Horizonte metropolitan
area since its original inauguration.  Since 2005, 350 direct jobs
for technicians from various levels, as well as engineers and
supervisors, have been created, along with an additional 70
indirect jobs.  In addition, the Center is integrated into the
surrounding community; nearly 40 volunteer employees develop
sporting, artistic and cultural projects for 150 children at the
Espaco Crianca, located in the former Febem Feminina headquarters
in Lagoa Santa (Minas Gerais).

                     Environmental Responsibility

GOL's Maintenance Center meets all the required conditions for
environmental licensing and is in accordance with all current
legislation, thanks to a team made up of chemical engineers,
sanitation experts and chemists, among others.  All liquid
chemical and oil waste generated by aircraft maintenance or
painting is sent to specialized treatment facilities.

GOL also has an advanced Chemical Effluent Treatment Center that
receives all water from the washing of aircraft, parts, floors,
maintenance hand basins and the medical center.  After being
treated, the water is reused inside the Maintenance Center to wash
floors, equipment and non-metallic materials.  Effluents are
subjected to constant physical and chemical analysis, in order to
improve treatment and aid environmental groups in their monitoring
of the facility.

Due to the expansion of the Center, the treatment system has
tripled.  All dangerous and non-inert materials are sent for
incineration, in accordance with environmental legislation and
Brazilian Standard Institute (ABNT) norms (NBR 10004).  All other
waste is correctly disposed of with the approval of the
responsible environmental organization.

                          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.


REARDEN G: S&P Assigns 'BB-' Rating on Senior Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned a 'BB-' rating
to the senior unsecured notes issuance due 2020 proposed by
Rearden G Holdings Eins GmbH, a wholly owned subsidiary of
Magnesita Refratarios S.A. (BB-/Stable/--).  Magnesita and several
subsidiaries are to fully and unconditionally guarantee the notes.
The issuance should improve Magnesita's debt amortization schedule
because the company will likely use it to replace shorter debt
maturities.

The ratings on Magnesita reflect the company's sales exposure to
the cyclical steel and cement industries andreliance on relatively
few customers, especially in Brazil; sizable gross debt from its
acquisition strategy; and challenges to ramp up operations at
subsidiary LWB Refractories GmbH, especially amid the still
adverse economic conditions in Europe and North America.  These
risks are partly offset by Magnesita's leading business and market
position in the Brazilian refractory materials market, geographic
and product line diversification, and privileged cost position
arising from vertical integration into key raw materials.  And S&P
expects that the company will follow a prudent acquisition policy
in the long term, one that will not jeopardize its capital
structure.

The stable outlook on Magnesita reflects S&P's expectation that
its 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 believes these will bring its EBITDA-to-
total adjusted debt ratio to 3.5x -- more in line with the rating
category.  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 its debt doesn't increase, leading to an adjusted total debt-
to-EBITDA ratio of about 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 of more
than 4.5x by year-end 2010.

                           Ratings List

                    Magnesita Refratarios S.A.

      Corporate Credit Rating                   BB-/Stable/--

                            New Rating

                   Rearden G Holdings Eins GmbH

           Sr unsecd notes due 2020                 BB-


REARDEN G: Moody's Assigns 'B1' Rating on Senior Unsec. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a B1 foreign currency
rating to the senior unsecured notes due 2020 in the amount of
approximately US$300 million to be issued by Rearden G Holdings
Eins GmbH (Germany) and jointly, irrevocably and unconditionally
guaranteed by Magnesita Refrat rios S.A. and all its major
subsidiaries.  The net proceeds from the proposed issuance will be
used to prepay existing debt.  Simultaneously Moody's has affirmed
Magnesita's corporate family ratings of B1 on the global scale and
Baa2.br on the Brazilian national scale.  The outlook for all
ratings is stable.

Rating assigned is:

Issuer: Rearden G Holdings Eins GmbH (Germany)

  -- US$300 mililon senior unsecured guaranteed notes due 2020: B1
     (foreign currency)

Ratings affirmed are:

Issuer: Magnesita Refrat rios S.A.

  -- Corporate Family Rating: B1 (global scale); Baa2.br
     (Brazilian national scale)

The outlook for all ratings is stable.

The proposed notes issuance is part of Magnesita's liability
management to improve its debt maturity profile, and will not
affect its leverage metrics since the net proceeds will be used to
prepay existing secured debt.  Besides improving Magnesita's debt
maturity profile, the issuance should help improve the company's
financial flexibility by significantly reducing the level of
secured debt.  In February 2010, Magnesita renegotiated the terms
and conditions of some BRL 133 million unsecured loans, lowering
interests and extending final maturity from 2013 to 2015.

The B1 foreign currency rating of the senior unsecured notes also
incorporates Moody's view of the low level of secured debt pro-
forma for the proposed issuance and the fact that some 98% of
consolidated debt is either at Magnesita or at guaranteed
financial conduit subsidiaries.  A significant increase in the
level of consolidated secured debt and/or of indebtedness at
Magnesita's operating subsidiaries could place negative pressure
on the notes rating.

The B1 corporate family rating of Magnesita takes into
consideration its still high leverage, relatively small size when
compared to global mining companies and its high exposure to the
cyclical steel industry.  Also, Magnesita's high exposure to
foreign currency debt is a constraining factor as long as the weak
performance of its offshore operations persists.  As a positive
credit aspect, the rating incorporates the company's strong market
position as a leading supplier of refractories supported by long-
standing client relationships and significant import barriers in
Brazil.  The Brazilian operations have a high level of vertical
integration, including sizeable prime-quality mineral reserves,
substantial electricity self-sufficiency and efficient logistics.

The stable outlook reflects Moody's expectation that the Brazilian
steel sector will continue to grow in the near term, supporting
increasing sales and cash flows available for debt reduction, also
helped by its cost-focused management.  While LWB's (the company's
European subsidiary) results are expected to improve modestly
reflecting the slow recovery of the steel industry in Europe and
North America, the Brazilian operations should remain as the main
cash flow generator over the medium term.  Moody's believe that
the company will continue to prudently manage working capital and
capital spending in order to maximize free cash flow, while
maintaining adequate liquidity.

Magnesita's ratings or outlook could be upgraded in case its
performance continues to improve and leverage as measured by Total
Adjusted Debt to EBITDA declines to below 4x while maintaining
healthy liquidity with cash balance plus free cash flow exceeding
1.3x short term debt.  Also, an upgrade would require Free Cash
Flow to Total Adjusted Debt to improve towards the mid teen range
(-5.8% as of December 31, 2009).

The ratings or outlook of Magnesita could be downgraded if
recently improved operating margins are not sustainable over time,
particularly if free cash flows remain negative.  A weakened
liquidity position could also have negative implications to the
rating or outlook.

The last rating action on Magnesita was on January 14, 2010, when
Moody's upgraded Magnesita's corporate family ratings to B1 from
B2 on the global scale and to Baa2.br from Ba2.br on the Brazilian
national scale and changed the outlook to stable from negative.

Magnesita Refrat rios S.A. is the largest manufacturer of
refractories in Latin America and the third largest worldwide,
with operations in Brazil, U.S., Europe and Asia.  Magnesita
reported consolidated revenues of BRL 1,927 million
(US$959 million converted by the average exchange rate) in 2009.


* BRAZIL: Foreigners May Get Bigger Airlines Stake
--------------------------------------------------
Foreigners may take a bigger stake in Brazilian airlines under a
bill sent to Congress, Associated Press reports.  The report
relates that Brazil's government wants to revamp its air industry
before hosting the 2014 World Cup and the 2016 Olympics.

According to the report, foreigners could take a 49% stake in
companies if the Defense Ministry bill is passed.  At present,
foreign entities can only hold a 20% stake.  The report relates
that the government wants more competition in an industry
dominated by two companies, Gol Linhas Aereas Inteligentes SA and
TAM Linhas Aereas SA.

AP says that Brazil's aviation industry is strained as demand has
grown 14% a year for the last five years.  The report relates
Defense Minister Nelson Jobim told the Agencia Estado news agency
that the proposed changes will help meet demand and improve
infrastructure.

                           *     *     *

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


* BRAZIL: State of Minas Gerais Gets US$137 Million IDB Loan
------------------------------------------------------------
The Brazilian State of Minas Gerais will improve its transport
infrastructure and logistics to boost competitiveness and
accelerate development in depressed regions with a US$137 million
loan approved by the Inter-American Development Bank.

The program will finance a broad range of activities including
rehabilitation, upgrading and maintenance of existing roads,
paving of access roads to small municipalities, and road safety
measures.  The goal is to strengthen infrastructure, transport and
logistics in a way that stimulates economic activity in low-income
areas and boosts the state's competitiveness.

Roads are by far the most widely used mode of transportation in
Minas Gerais.  Despite significant investments in recent years to
improve the condition of its transport infrastructure, more than
24 percent of all roads in Minas Gerais are still classified as
being in poor condition.  To reverse this situation, the State
government will use the IDB loan to finance four areas of
activity:

    * Proacesso, a program to expand the access of municipalities
      with low human development indicators to the federal and
      state highway systems, by paving access roads;

    * PROMG, a program to rehabilitate and maintain existing
      paved roads;

    * PROSEG, a program to increase the capacity and safety of
      principal transport corridors; and

    * a program of institutional strengthening aimed at optimizing
      urban mobility in the Belo Horizonte Metropolitan Area.

Thanks to these efforts, the number of municipalities with paved
access roads is expected to increase from 86.2% to 93%, and the
percentage of Minas Gerais' paved roads that are covered by a
results-based rehabilitation and maintenance contracts is expected
to rise from 31% to 42%.

Because of the state's location, Minas Gerais' road network
integrates Brazil's southern and south-eastern regions with its
northern and center-north regions and plays a strategic role in
the nation's overall productive infrastructure.  As a result, the
program is also expected to enhance the competitiveness of
industries outside Minas Gerais.

The IDB loan is for 25 years, with a one year grace period and an
interest rate based on LIBOR.

                           *     *     *

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


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


AMERICAN GUARANTY: Commences Wind-Up Proceedings
------------------------------------------------
American Guaranty & Health Care Insurance Company commenced
wind-up proceedings on December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         James W. Ayers
         Telephone: 1-345-949-7966
         c/o Global Captive Management Ltd.
         Governor's Square, 2nd Floor, Building 3
         23 Lime Tree Bay Avenue
         P.O. Box 1363, Grand Cayman KY1-1108
         Cayman Islands


CALEDON HOLDINGS: Commences Wind-Up Proceedings
-----------------------------------------------
Caledon Holdings Ltd. commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CAYMAN LENDER: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Cayman Lender 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.


CCP INVASOR: Commences Liquidation Proceedings
----------------------------------------------
CCP Invasor Limited commenced liquidation proceedings on
December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: jchailler@deloitte.com


CCP SHIROCCO: Commences Liquidation Proceedings
-----------------------------------------------
CCP Shirocco Limited commenced liquidation proceedings on
December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: jchailler@deloitte.com


CCP STORM: Commences Liquidation Proceedings
--------------------------------------------
CCP Storm Cat Limited commenced liquidation proceedings on
December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: jchailler@deloitte.com


CCSF REINSURANCE: Commences Wind-Up Proceedings
-----------------------------------------------
CCSF Reinsurance, Ltd. commenced wind-up proceedings on
December 31, 2009.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Rodney Golden
         Telephone: (345) 949 7966
         c/o Global Captive Management Ltd.
         Governor's Square, 2nd Floor, Building 3
         23 Lime Tree Bay Avenue
         P.O. Box 1363, Grand Cayman KY1-1108
         Cayman Islands


DANGER INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Danger International Ltd. commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DEVELOPMENT PARTNERS: Commences Wind-Up Proceedings
---------------------------------------------------
Development Partners Fund commenced wind-up proceedings on
December 11, 2009.

Only creditors who were able to file their proofs of debt by
February 9, 2010, will be included in the company's dividend
distribution.

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


EMERGING EUROPE: Commences Wind-Up Proceedings
----------------------------------------------
Emerging Europe Alpha Fund commenced wind-up proceedings on
December 23, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FAIRHEADS INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
Fairheads International Trust Company (C.I.) Limited commenced
liquidation proceedings on December 29, 2009.

Only creditors who were able to file their proofs of debt by
February 17, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Gray
         c/o Lesli Schutte
         Telephone: (345) 949 6960
         Facsimile: (345) 949 6961
         PO Box 1814, Grand Cayman KY1-1109
         Cayman Islands


FAIRHEADS INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
Fairheads International Management Limited commenced liquidation
proceedings on December 29, 2009.

Only creditors who were able to file their proofs of debt by
February 17, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Gray
         c/o Lesli Schutte
         Telephone: (345) 949 6960
         Facsimile: (345) 949 6961
         PO Box 1814, Grand Cayman KY1-1109
         Cayman Islands


GOLDENTREE CREDIT: Commences Wind-Up Proceedings
------------------------------------------------
Goldentree Credit Opportunities Third Financing, Ltd. commenced
wind-up proceedings on December 24, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


HOLLAND PARK: Commences Wind-Up Proceedings
-------------------------------------------
Holland Park Ltd. commenced wind-up proceedings on December 21,
2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


JACKSON SQUARE: Commences Wind-Up Proceedings
---------------------------------------------
Jackson Square CLO Ltd. commenced wind-up proceedings on
January 5, 2010.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LAUREL CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Laurel Capital Limited received on January 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MARLIN INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Marlin Investments Ltd. commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MART INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
Mart Investment Holdings Ltd. commenced liquidation proceedings on
December 16, 2009.

Only creditors who were able to file their proofs of debt by
January 28, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Mosely
         PO Box 1569, George Town
         Grand Cayman KY1-1110, Cayman Islands
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891
         e-mail: general@caymanmanagement.ky


OKATETE CORPORATION: Commences Wind-Up Proceedings
--------------------------------------------------
Okatete Corporation Ltd. commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PICO FUND: Commences Liquidation Proceedings
--------------------------------------------
Pico Fund Limited commenced liquidation proceedings on
February 20, 2009.

Only creditors who were able to file their proofs of debt by
February 9, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Wilton McDonald
         Telephone: (345) 914-4601
         Facsimile: (345) 815-0570
         c/o Higgs Johnson Truman Bodden & Co.
         Anderson Square Building, 5th Floor
         Shedden Rd, P.O. Box 866
         Grand Cayman KY1-1103, Cayman Islands


PISBOL INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Pisbol International Ltd. commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PROMETHEAN I: Commences Liquidation Proceedings
-----------------------------------------------
Promethean I Master Ltd. commenced liquidation proceedings on
December 17, 2009.

The company's liquidator is:

         Maricorp Services Ltd.
         31 The Strand, P.O. Box 2075
         Grand Cayman, KY1-1105


QIF OFFSHORE: Commences Wind-Up Proceedings
-------------------------------------------
Qif Offshore Fund Ltd. commenced wind-up proceedings on
December 21, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


QIF OFFSHORE: Commences Wind-Up Proceedings
-------------------------------------------
Qif Offshore Fund II Ltd. commenced wind-up proceedings on
December 21, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SEVEN BRIDGES: Commences Wind-Up Proceedings
--------------------------------------------
Seven Bridges Offshore Fund Ltd. commenced wind-up proceedings on
December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SEVEN BRIDGES: Commences Wind-Up Proceedings
--------------------------------------------
Seven Bridges Master Fund Ltd. commenced wind-up proceedings on
December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SPIAGGIA INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Spiaggia Investment Ltd. commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


STANDARD INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Standard Investment Research Hedged Equity Sam Overseas Fund, Ltd.
commenced wind-up proceedings on December 31, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


SURAKARTA LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
Surakarta Limited commenced wind-up proceedings on
December 22, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


* CHILE: Last Year's GDP Shrinks 1.5% From 2008
------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Chile's gross
domestic product expanded 2.1% in the fourth quarter of 2009 from
the same period a year earlier, the first year-on-year quarterly
growth since the fourth quarter of 2008.  Economists expected
fourth-quarter growth of 2%, according to the median of 14
forecasts in a Bloomberg survey.

According to the report, for the year overall, GDP shrank 1.5% in
2009 compared to 2008.  The report relates that the annual
contraction was less than the central bank's forecast of negative
1.9% or the International Monetary Fund's estimate of negative
1.7%.

Chile, the report notes, posted a larger-than-expected current
account surplus of US$1.01 billion.  Bloomberg News says that
quarterly GDP expanded after three straight quarters of year-on-
year contractions triggered by a slump in exports and a slowdown
in consumer spending.

Bloomberg News discloses that economists trimmed forecasts for
growth in the first quarter of this year to 2.9% from 4.5%
following a magnitude-8.8 earthquake that struck Chile on
February 27.


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


ECOPETROL SA: Increases Presence in Gulf of Mexico
--------------------------------------------------
Ecopetrol S.A. submitted the most competitive bids for 19 blocks
in the "Oil & Gas Lease Sale 213" round held in New Orleans.  Bids
were submitted by Ecopetrol's U.S. subsidiary (Ecopetrol America
Inc).

The company's interest in five of the blocks is 100%, while in ten
blocks it placed bids in partnership with Repsol E&P USA Inc.,
with interests ranging between 40% and 60% for Ecopetrol.  In the
remaining four blocks bids were placed in partnership with Eni
Petroleum US LLC, with a 25% interest for Ecopetrol.

The results were released by the Mineral Management Services
(MMS), the US government agency in charge of conducting the
exploration block round in the central region of the Gulf of
Mexico.

Total bids submitted by Ecopetrol amount to approximately US$15
million

These blocks will allow deep sea hydrocarbon exploration at depths
of over 400 meters for a 5 to 10-year period.

The next step is the formal award of blocks by MMS, which will
take place between 60 and 90 days.

The company said 77 firms participated in the Gulf of Mexico (US)
offshore round, placing 642 bids on 468 blocks.  The total area
offered is 2.4 million acres.

The results are in line with the company's internationalization
process, being the Gulf of Mexico (U.S.) one of its focus
areas.The internationalization process makes part of the strategy
to reach a production of one million barrels of oil equivalent per
day in 2015.

                      About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


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


AES DOMINICANA: CDEEE to Purchase 288 Gigawatts of Electricity
--------------------------------------------------------------
The State-owned Power Companies agreed to purchase 288 gigawatts
of electricity from the Group AES Dominicana, for the distributors
Edenorte and Edesur, which CDEEE CEO Celso Marranzini said "may"
lead to lower light bills, The Dominican Today reports.  The
report relates AES Dominicana President Marco De La Rosa said that
it would save taxpayers US$17.8 million, as the energy will be
generated by using natural gas, which is a cheaper fuel than what
most of the country's power plants use.

Mr. Marranzini, the report notes, said that the pact will take
effect immediately and will save both distributors 3.6 cents per
kilowatt/hour on average, compared with the current prices on the
spot market.  The report relates Mr. De La Rosa said that the
contract would lower the cost of energy for Edesur and Edenorte
from 15 cents per kilowatt hour on average to nine cents.

The Dominican Today notes Mr. Marranzini said that the contract
stipulates strict payment terms for the CDEEE for the energy, "to
guarantee a continuous supply."

                       About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


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


PETROECUADOR: President Luis Jaramillo Resigns From Post
--------------------------------------------------------
Petroecuador's board named Manuel Zapater as the new president of
the company replacing Luis Jaramillo, who resigned after serving
in the post for 22 months, Mercedes Alvaro at Dow Jones Newswires
reports.  The report relates that the resignation of M. Jaramillo
is part of the elimination of Navy officers from the management of
Petroecuador.

According to the report, Leftist President Rafael Correa put the
Navy in charge of the company under an emergency decree in
November 2007 as part of an effort to raise production and root
out corruption in the company.  Mr. Jaramillo told Dow Jones
Newswires that the Navy's tenure was a success.  "I can say that
among the goals achieved we [the Navy] increased Petroecuador's
oil output, improved the price for Petroecuador oil exports,
increased oil reserves," the report quoted Mr. Jaramillo as
saying.

                           About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: IMF OKs US$790 Million Stand-by Arrangement
----------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
36-month, SDR 513.9 million (about US$790 million) Stand-By
Arrangement (SBA) for El Salvador to help the country mitigate the
adverse effects of the global crisis.  The new arrangement, which
the authorities intend to treat as precautionary, will succeed the
15-month SBA approved on January 16, 2009 (see Press Release No.
09/10).

The main objectives of El Salvador's economic program are to speed
up the economic recovery, reduce poverty, preserve financial
stability, and secure debt sustainability.  One of the immediate
priorities is to support domestic demand through a countercyclical
fiscal policy in 2010, which includes modernizing the country's
road network and bolstering electricity generation.

Another key priority is to increase the reach and efficiency of
social programs.  Following El Salvador's government focus on
reducing poverty, the Fund program embeds the government's general
anti-crisis program ("Programa General Anti-Crisis - PGA), which
will allow for almost 1% of GDP (or around US$200 million
annually) in social spending in 2010-11.  It includes an expansion
in the conditional cash transfer program (Comunidades Solidarias),
creation of a temporary employment program, and the launch of a
special public investment program concentrated on health,
education and infrastructure.  Water and electricity subsidies are
being redesigned to protect the most vulnerable.

The Fund arrangement is designed to maintain investor and
depositor confidence by supporting the authorities' commitment to
macroeconomic stability and official dollarization.  The
arrangement is expected to play a catalytic role for creditors,
including private investors and other international financial
institutions, by laying out the authorities' strategy to ensure
medium-term fiscal and debt sustainability.

Following the Executive Board discussion on the SBA, Mr. Murilo
Portugal, Deputy Managing Director and Acting Chair, made the
following statement:

"The global downturn of 2009 severely affected El Salvador,
despite the economy's strong fundamentals achieved through several
years of prudent macroeconomic policies and structural reforms.
Trade flows and remittances declined, foreign financing
contracted, while economic activity and tax collections were hit
hard.  Against this backdrop, the Stand-By Arrangement approved on
January 2009 served an important role in reducing uncertainty by
facilitating the dialogue between the outgoing and incoming
administrations.

"The authorities' Fund-supported economic program is appropriately
underpinned by the strategy of continuing to support domestic
demand in 2010, while safeguarding debt sustainability through a
medium-term fiscal consolidation plan.  In this context, the
fiscal deficit target agreed for 2010 should help support the
recovery and avoid a decline in key social spending and public
investment.

"The revenue package and budget approved by congress in December
2009 and the ongoing efforts on tax administration will help
increase the resources to address pressing social and
infrastructure needs, while allowing for a reduction in the fiscal
deficit over the medium term.  Securing a broad-based consensus on
a fiscal pact will be critical to solidify the fiscal
consolidation.

"The Salvadoran financial system has been resilient to the
domestic and global economic downturn. Nonetheless, it will be
important to continue with reforms that enhance the system's
ability to withstand shocks.  Key in this regard would be the
approval in the coming months of the Financial Sector Supervision
and Regulation Law, presently with congress.  Continued commitment
to the full dollarization regime will be paramount to maintaining
financial stability," Mr. Portugal said.

                    Recent Economic Developments

El Salvador's economy performed well in the years leading up to
the global financial and economic crisis. Sound macroeconomic
policies and structural reforms, anchored by full dollarization,
delivered buoyant economic growth, a declining public debt-to-GDP
ratio, and low and stable inflation.

The global slowdown, however, severely affected economic
performance, owing to El Salvador's close linkages with the United
States.  Economic activity in 2009 is estimated to have declined
by 3.3%, as exports, imports, and remittances fell sharply. Bank
deposits remained stable and the banking system is well-
capitalized with significant liquidity buffers.  Nevertheless,
total lending declined and asset quality deteriorated.

The economic slowdown weighed heavily on tax revenues.  Total net
tax revenue contracted strongly and was about US$600 million below
the levels envisaged in the 2009 SBA.  Despite the authorities'
efforts to adhere to austerity measures and restrain expenditure,
the 2009 fiscal deficit reached an estimated at 5.4% of GDP,
compared with 3.1% of GDP in 2008.

The nascent economic recovery is expected to be gradual, in line
with an improving external environment, and supported by the
authorities' anti-crisis plan (PGA).  Inflation should remain low,
and the external current account deficit is expected to widen
moderately, in line with the recovery in economic activity.

                        Program Summary

The authorities' economic program seeks to support domestic demand
in the short run, refocus public spending on social programs and
other high-priority sectors, strengthen the medium-term fiscal
position and place public debt on a firm downward path, and
bolster financial stability.

Fiscal policy for 2010: The approved budget is consistent with a
fiscal deficit of 4.7% of GDP and would provide an adequate fiscal
stimulus to support economic recovery.  In addition, the revenue
package approved in late 2009, improvements in tax administration,
strict control of current expenditure, and reforms of energy and
water subsidies would open space for increasing key social
spending and help mitigate the effects of the economic slowdown on
the most vulnerable.

Medium-term fiscal consolidation: The authorities' strategy
envisages the adoption of a multi-year budgeting framework and
reaching broad-based agreement on a fiscal pact that would
increase government revenue over the medium term.

Financial sector policies: The authorities intend to continue with
reforms aimed at enhancing the financial system's ability to
withstand shocks.  To this end, they are seeking congressional
approval of two key laws: the Financial Sector Supervision and
Regulation Law (to strengthen supervision by merging three
supervisory entities) and the Investment Funds Law (to enhance
intermediation by providing a legal framework for investment
funds).

El Salvador joined the IMF on March 14, 1946, and its quota is SDR
171.3 million (about US$261.3 million).  El Salvador has had no
outstanding IMF credits since 1991.


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


AIR JAMAICA: Airlift Handlers Worried on Effect of Divestment
-------------------------------------------------------------
The Union of Technical, Administrative and Supervisory Personnel,
the union representing Air Jamaica Limited's airlift handlers, is
seeking answers about the likely impact of the airline's
divestment on the handlers, Go-Jamaica reports.  The report
relates that the union said it has received little information on
the transition process and airlift handlers are getting anxious.

According to the report, the union is to return to the labour
ministry on March 31 to have the matters addressed.

Meanwhile, the report relates, the management of Airlift Handlers
Limited has committed to providing to workers by month end,
details about the remittance of their statutory deductions.
UTASP, the report notes, is claiming that the company has failed
to pay over the deductions.

The report discloses UTASP General Secretary St Patrice Ennis said
that in some instances from as far back as 2006, no statutory
deductions were paid to the National Insurance Scheme and the
National Housing Trust.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Gleaner Power 106 said that Air Jamaica Limited's
management has indicated a proposed date for the redundancy of all
employee positions at the airline.  The report related that in a
memorandum to the staff, Airline President Bruce Nobles told the
employees that the Air Jamaica management is working with
Caribbean Airlines towards a major schedule change on April 12.

                          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.


AIR JAMAICA: Overseas Carriers Courting Pilots
----------------------------------------------
Vernon Davidson at Jamaica Observer reports that Air Jamaica
Limited pilots are being wooed by at least eight overseas
airlines, mostly in the Middle East and Asia.  The report relates
that interest in Air Jamaica's pilots increased after it became
clear that the Jamaican Government had no interest in a bid by the
Jamaican Airline Pilots' Association to acquire Air Jamaica, which
the administration must divest or close down before June.

According to the report, citing an unnamed source, offers are
being made from airlines based in China, Dubai, Qatar, and Abu
Dhabi.  The report relates the source said that well over 50
former Air Jamaica pilots are now flying in the Gulf, and at least
two have already taken positions in India and Nigeria.

The report, citing an e-mail from Direct Personnel International,
a recruiting agency for Vietnam Airlines, notes that the carrier
has a number of positions available for Airbus A320 Captains, TREs
(supervisors) and First Officers.

The source told the Observer that a representative of a
headhunting firm from the United Arab Emirates was here in Jamaica
and met with about 27 pilots.  Virgin America was among the
carriers courting Air Jamaica pilots, the source added.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
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 Buy Digicel Pacific After US$775MM Bond Issue
---------------------------------------------------------------
Laura Slattery at Irish Times reports that Digicel Group completed
a bond issue to finance a planned acquisition of its sister
company, Digicel Pacific.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2010, Digicel Group disclosed its intention to launch a
private placement of US$775 million of senior notes due 2018.  The
balance of the purchase price not funded by the proposed debt
issuance will be funded by cash on hand at Digicel Group.

According to the Times, the finance raised from the eight-year
notes, which were priced at 10.5%, is required by Digicel to
complete its proposed acquisition of a 51% stake in DPL, set to
take place from April.  The report relates that the remainder of
the company may be purchased at a later date.  Digicel Group owner
Denis O'Brien is set to gain more than GBP500 million from the
sale, as he has an 84% shareholding in DPL.

The Times says that the sale will value the equity in the business
at US$825 million (GBP600 million).

                        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
===========


DESARROLLADORA HOMEX: Rated New "Buy" at Citigroup on Valuation
----------------------------------------------------------------
Stephen Kirkland at Bloomberg News reports that Desarrolladora
Homex SAB was initiated with a "buy" recommendation and price
estimate of MXN78.20 at Citigroup Inc. on March 18, 2010.

According to the report, Citigroup Inc. cited the stock's
underperformance, a valuation discount to peers, an expectation
working capital trends will improve, and "superior" overall
profitability.

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

                           *      *     *

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


===========
P A N A M A
===========


CODERE SA: To Acquire Six Casinos From Thunderbird
--------------------------------------------------
Paul Tobin at Bloomberg News reports that Codere SA said in a
regulatory filing that it agreed to buy Thunderbird Resorts Inc.'s
63.6% stake in six casinos in Panama.  The report relates that the
financial details of the accord were not provided.

Codero SA operates gaming businesses.  The company owns slot
machines in bars and restaurants, and operates bingo halls,
casinos, horse racetracks, and sports betting businesses.  The
company operates in Spain, Italy and Latin America.

                           *     *     *

As of March 18, 2010, the company continues to carry Moody's "B1"
Long term rating, LT Corp Family rating and probability of default
rating.  The company also continues to carry Standard and Poor's
"B" LT Issuer Credit ratings.


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


BANCO DE CREDITO: Accepts Sealed Dollars Despite Asbanc's Decision
------------------------------------------------------------------
Banco de Credito del Peru would continue to accept bills with
marks and seals from money-changing houses despite Association of
Banks's pronouncement against accepting the bills, Page One Daily
News reports.

According to the report, the bank said that it they would continue
accepting the U.S. currency submitted in that condition since this
is a normal practice in the country.   The report relates the bank
said that the only bills that won't be accepted at its windows are
those showing defects which impede verifying their authenticity,
such as tears, scratches, patches or stains.

The report notes that the position maintained the bank, which goes
against what was proposed by Asbanc, was announced after the
Peruvian Association of Consumers and Users (Aspec) complained of
a possible agreement between all of the banks to not accept the
sealed bills.

                  About Banco de Credito del Peru

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 10, 2009, Standard & Poor's Ratings Services said that it
affirmed its 'BB' subordinated debt rating on Banco de Credito del
Peru's US$250 million noncumulative fixed/floating-rate step-up
junior subordinated notes due 2069.  Proceeds from the issuance
will be used for general corporate purposes.


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


EUROBANCSHARES INC: FDIC Looking for Buyer of Bank's Assets
-----------------------------------------------------------
Matthias Rieker at Dow Jones Newswires reports that the Federal
Deposit Insurance Corp. is seeking buyers for three banks in
Puerto Rico -- W Holding Co. Inc., R&G Financial Corp. and
Eurobancshares Inc.  Two people familiar with the matter told Dow
Jones the FDIC has hired an investment bank to try to find capital
or outright purchasers for the banks.

The banks, Dow Jones says, have almost $21 billion in combined
assets.  The three banks hold almost 30% of Puerto Rico's
US$62 billion of deposits, and their bank subsidiaries are
operating under enhanced FDIC scrutiny.

According to Dow Jones, people familiar with the matter said the
three weak banks will likely struggle to file their first-quarter
earnings to regulators.  Dow Jones recalls the FDIC slapped W
Holding, R&G and Eurobancshares with sharp enforcement actions
last year, disclosing a laundry list of deficiencies, including
"insufficient" or "unsatisfactory" earnings, "inadequate"
management, too little capital and "excessive" levels of troubled
loans.

Dow Jones relates that, according to Federal Reserve data,
W Holding, the island's third-largest bank by deposits, posted a
loss of US$14 million last year, R&G US$62.8 million and
Eurobancshares US$72 million.

Dow Jones further notes R&G had to restate earnings from 2002 to
2004 because of the derivative and loan issues, shaving between
30% and 70% off its profits for those years.  It has yet to file
subsequent earnings reports with the Securities and Exchange
Commission.  In late 2007, it hired KBW Inc. and Sandler O'Neill &
Partners LP to explore "its strategic options."

Dow Jones says possible local bidders for the troubled banks
include:

     -- Doral Financial Corp.  Dow Jones notes a group of private-
        equity investors bought a majority stake in Doral to
        prevent the bank's default in 2007, hoping they could
        expand Doral through acquisition.

     -- Popular Inc., the island's largest bank by assets and
        deposits, which has long said it would be interested in
        consolidating.

     -- Oriental Financial Group Inc., one of the island's
        smallest banks, which said Tuesday morning it raised
        $86.6 million in a public offering, in part for "possible
        participation in government-assisted transactions in
        Puerto Rico."

Dow Jones, citing investment bankers, also relates Bank of Nova
Scotia, which owns about 10% of First Bancorp Puerto Rico and
which has a large Caribbean banking network, might also be a
buyer.

According to Dow Jones, the three banks didn't respond to requests
for comment.  A spokesman for the FDIC declined to comment.


FIRSTBANK PUERTO RICO: Shamrock Condominium Faces Foreclosure
-------------------------------------------------------------
Thirty-six units in the Shamrock Condominium conversion project in
southern Miami-Dade County's Kendall area face default, Brian
Bandell at South Florida Business Journal reports.

According to the report, FirstBank Florida, which is part of
FirstBank Puerto Rico, filed a foreclosure lawsuit March 11
against C&R Properties at Kendall and managing member Carlos
Chuman, according to Miami-Dade County Circuit Court records.  The
report relates that the bank seeks US$5.9 million outstanding from
a 2007 mortgage, plus interest and fees.

The Journal notes that the lawsuit also names PNC Bank, which
filed a $250,000 foreclosure lawsuit against C&R Properties in
October based on a second mortgage.  The report says that
foreclosure actions target the 36 units in the Shamrock project,
at 12605 S.W. 91st St.  The complex has five buildings, but no
sales were recorded since it obtained the FirstBank Florida
mortgage, the report adds.

                   About FirstBank Puerto Rico

FirstBank Puerto Rico is a full-service bank.  The bak accepts
deposits, make loans and provides other servies for the public.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1).  Following the downgrade, the
rating outlook is negative.


R&G FINANCIAL: FDIC Looking for Buyer of Bank's Assets
------------------------------------------------------
Matthias Rieker at Dow Jones Newswires reports that the Federal
Deposit Insurance Corp. is seeking buyers for three banks in
Puerto Rico -- W Holding Co. Inc., R&G Financial Corp. and
Eurobancshares Inc.  Two people familiar with the matter told Dow
Jones the FDIC has hired an investment bank to try to find capital
or outright purchasers for the banks.

The banks, Dow Jones says, have almost US$21 billion in combined
assets.  The three banks hold almost 30% of Puerto Rico's
US$62 billion of deposits, and their bank subsidiaries are
operating under enhanced FDIC scrutiny.

According to Dow Jones, people familiar with the matter said the
three weak banks will likely struggle to file their first-quarter
earnings to regulators.  Dow Jones recalls the FDIC slapped W
Holding, R&G and Eurobancshares with sharp enforcement actions
last year, disclosing a laundry list of deficiencies, including
"insufficient" or "unsatisfactory" earnings, "inadequate"
management, too little capital and "excessive" levels of troubled
loans.

Dow Jones relates that, according to Federal Reserve data,
W Holding, the island's third-largest bank by deposits, posted a
loss of US$14 million last year, R&G US$62.8 million and
Eurobancshares US$72 million.

Dow Jones further notes R&G had to restate earnings from 2002 to
2004 because of the derivative and loan issues, shaving between
30% and 70% off its profits for those years.  It has yet to file
subsequent earnings reports with the Securities and Exchange
Commission.  In late 2007, it hired KBW Inc. and Sandler O'Neill &
Partners LP to explore "its strategic options."

Dow Jones says possible local bidders for the troubled banks
include:

     -- Doral Financial Corp.  Dow Jones notes a group of private-
        equity investors bought a majority stake in Doral to
        prevent the bank's default in 2007, hoping they could
        expand Doral through acquisition.

     -- Popular Inc., the island's largest bank by assets and
        deposits, which has long said it would be interested in
        consolidating.

     -- Oriental Financial Group Inc., one of the island's
        smallest banks, which said Tuesday morning it raised
        $86.6 million in a public offering, in part for "possible
        participation in government-assisted transactions in
        Puerto Rico."

Dow Jones, citing investment bankers, also relates Bank of Nova
Scotia, which owns about 10% of First Bancorp Puerto Rico and
which has a large Caribbean banking network, might also be a
buyer.

According to Dow Jones, the three banks didn't respond to requests
for comment.  A spokesman for the FDIC declined to comment.


W HOLDING CO: FDIC Looking for Buyer of Bank's Assets
-----------------------------------------------------
Matthias Rieker at Dow Jones Newswires reports that the Federal
Deposit Insurance Corp. is seeking buyers for three banks in
Puerto Rico -- W Holding Co. Inc., R&G Financial Corp. and
Eurobancshares Inc.  Two people familiar with the matter told Dow
Jones the FDIC has hired an investment bank to try to find capital
or outright purchasers for the banks.

The banks, Dow Jones says, have almost US$21 billion in combined
assets.  The three banks hold almost 30% of Puerto Rico's
US$62 billion of deposits, and their bank subsidiaries are
operating under enhanced FDIC scrutiny.

According to Dow Jones, people familiar with the matter said the
three weak banks will likely struggle to file their first-quarter
earnings to regulators.  Dow Jones recalls the FDIC slapped W
Holding, R&G and Eurobancshares with sharp enforcement actions
last year, disclosing a laundry list of deficiencies, including
"insufficient" or "unsatisfactory" earnings, "inadequate"
management, too little capital and "excessive" levels of troubled
loans.

Dow Jones relates that, according to Federal Reserve data,
W Holding, the island's third-largest bank by deposits, posted a
loss of $14 million last year, R&G US$62.8 million and
Eurobancshares US$72 million.

Dow Jones further notes R&G had to restate earnings from 2002 to
2004 because of the derivative and loan issues, shaving between
30% and 70% off its profits for those years.  It has yet to file
subsequent earnings reports with the Securities and Exchange
Commission.  In late 2007, it hired KBW Inc. and Sandler O'Neill &
Partners LP to explore "its strategic options."

Dow Jones says possible local bidders for the troubled banks
include:

     -- Doral Financial Corp.  Dow Jones notes a group of private-
        equity investors bought a majority stake in Doral to
        prevent the bank's default in 2007, hoping they could
        expand Doral through acquisition.

     -- Popular Inc., the island's largest bank by assets and
        deposits, which has long said it would be interested in
        consolidating.

     -- Oriental Financial Group Inc., one of the island's
        smallest banks, which said Tuesday morning it raised
        $86.6 million in a public offering, in part for "possible
        participation in government-assisted transactions in
        Puerto Rico."

Dow Jones, citing investment bankers, also relates Bank of Nova
Scotia, which owns about 10% of First Bancorp Puerto Rico and
which has a large Caribbean banking network, might also be a
buyer.

According to Dow Jones, the three banks didn't respond to requests
for comment.  A spokesman for the FDIC declined to comment.


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


PETROLEOS DE VENEZUELA: Establishes JV to Develop Gas Projects
--------------------------------------------------------------
The Venezuelan government licensed a joint venture comprising
Petroleos de Venezuela and Belarusian companies to develop three
natural gas fields in eastern Venezuela, El Universal News
reports.

According to the report, upon initialing a number of agreements
with Belarus President Alexander Lukashenko, Venezuela's Hugo
Chavez said that the joint venture would produce 40 million cubic
feet of natural gas in a first stage.  The report relates
President Chavez added that the goal is to increase output to 200
million cubic feet per day in 2012.  "This will allow a
significant increase in Venezuela's natural gas production.  It is
worthwhile to point out that we have about 200 billion cubic feet
of proven reserves of natural gas," the report quoted President
Chavez as saying.

Further, the report adds, both rulers confirmed that Venezuela
would export 80,000 bpd of crude oil to a Belarus refinery.

                            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.


                            ***********

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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