TCRLA_Public/100324.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

              Wednesday, March 24, 2010, Vol. 11, No. 058

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua & Barbuda Government Fights Back
* ANTIGUA & BARBUDA: Government Reveals Plans to Fight SVC


A R G E N T I N A

INSTALACIONES Y: Creditors' Proofs of Debt Due on May 26
LA LINDA: Creditors' Proofs of Debt Due on April 28
MAXI FLOR: Creditors' Proofs of Debt Due on May 10
MULTIVIDEO SA: Creditors' Proofs of Debt Due on May 7
PREVEZA SA: Requests the Opening of Preventive Contest

TELECOM ARGENTINA: Telecom Italia Gets Possible Stake Offer
* ARGENTINA: To Issue 9.5% Bonds in Debt Exchange, Ambito Reports


B R A Z I L

AES TIETE: Moody's Assigns 'Ba1' Rating to Unsec. Debentures
BANCO VOTORANTIM: Fitch Affirms Individual Rating at 'C/D'
BRASKEM SA: May Expand Green Plastics on Demand
CAMARGO CORREA: 72% of CCSA 2016 Notes Tendered
ELETROPAULO METROPOLITANA: Moody's Puts 'Ba1' Rating to Bonds

GAFISA SA: Raising US$598MM in Share Sale to Fund Acquisitions
GENERAL MOTORS: To Invest BRL1.4BB in Two Brazilian factories


C A Y M A N  I S L A N D S

A.M.P.-HRO FUND: Creditors' Proofs of Debt Due on April 1
AOIKAI 2008: Creditors' Proofs of Debt Due on April 1
AXEL INVESTMENT: Creditors' Proofs of Debt Due on March 31
AXEL MANAGEMENT: Creditors' Proofs of Debt Due on March 31
BALSAM FINANCE: Creditors' Proofs of Debt Due on April 1

BK STRATEGIC: Creditors' Proofs of Debt Due on April 1
CF OFFSHORE: Creditors' Proofs of Debt Due on April 2
CHEYNE MANAGED: Creditors' Proofs of Debt Due on April 1
CONTAINER FINANCE: Creditors' Proofs of Debt Due on April 1
CYCLADIC CATALYST: Creditors' Proofs of Debt Due on April 1

CYCLADIC CATALYST: Creditors' Proofs of Debt Due on April 1
DFG HEDGE: Appoints Varga and Longbottom as Liquidators
DIAPASON L/S: Creditors' Proofs of Debt Due on April 1
FAIRFIELD DEL: Creditors' Proofs of Debt Due on April 2
FAIRFIELD RENAISSANCE: Creditors' Proofs of Debt Due on April 2

FRONTIER X: Creditors' Proofs of Debt Due on April 1
HSH CAYMAN: Commences Wind-Up Proceedings
HSH CAYMAN: Commences Wind-Up Proceedings
HSH CAYMAN: Commences Wind-Up Proceedings
HSH COINVEST: Commences Wind-Up Proceedings

KED WORLDWIDE: Creditors' Proofs of Debt Due on March 26
LIBRARY ASSETS: Creditors' Proofs of Debt Due on March 31
NEMESIS INFLATION: Creditors' Proofs of Debt Due on April 1
OVERTURE ACQUISITION: Commences Liquidation Proceedings
POLYNESIAN PROPERTIES: Commences Liquidation Proceedings

PORT CAPITAL: Creditors' Proofs of Debt Due on April 1
PORT CAPITAL: Creditors' Proofs of Debt Due on April 1
SLATER EQUITY: Creditors' Proofs of Debt Due on April 1
STATION PLACE: Creditors' Proofs of Debt Due on April 1
ECURITIZED PRODUCT: Moody's Takes Various Rating Actions on Notes

WHITEHALL GROUP: Creditors' Proofs of Debt Due on April 1


C H I L E

AES CORP: AES Gener is 95% Operational Following Earthquakes


H A I T I

* HAITI: IDB OKs Historic Expansion of Capital, Financial Package


J A M A I C A

* JAMAICA: Sees Rise in Mortgage Delinquencies & Foreclosures


M E X I C O

FINANCEIRA INDEPENDENCIA: Sells US$200 Million of 5-Year Bonds


T R I N I D A D  &  T O B A G O

CL FIN'L: CGI Holdings Nears Completion of Clico Acquisition


V E N E Z U E L A

MITSUBISHI MOTORS: Auto Plant Seeks End to Labor Conflict
PETROLEOS DE VENEZUELA: PDVSA Gas Opens Center for Gas Storage
PETROLEOS DE VENEZUELA: Bielovenezolana JV to Operate Oil Fields




                         - - - - -


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


STANFORD INT'L: Antigua & Barbuda Government Fights Back
---------------------------------------------------------
Antigua and Barbuda Minister of State in the Ministry of Legal
Affairs Senator Joanne Massiah said that a New York-based
Portfolio Marketing Group has been hired to counter the Stanford
Victims Coalition's anti-Antigua campaign; and the government is
exploring its legal options as well, Caribbean360.com reports.

According to the report, Senator Massiah said that while that firm
comes up with a PR plan, lawyers acting on behalf of Antigua and
Barbuda are going into defense mode.  "We do not take lightly the
threats of the self-styled Stanford Victims Coalition . . . We are
in discussions with overseas counsel and intend to defend our
country, our treasury, our citizens' welfare and our patrimony,"
the report quoted Senator Massiah as saying.  "We cannot
countenance the attack these persons have begun to wage on our
country without first looking at other entities and organizations,
including the United States' regulatory authorities," she added.

Caribbean360.com notes that the SVC launched its campaign at the
New York Times Travel show, distributing 20,000 brochures that
claimed that crime and corruption in the Antiguan government led
to the financial devastation of people from 113 countries around
the world who invested in the Stanford International Bank Limited.
The report relates that since the launch by the US group, the
Latin American and European branches have announced their support
for the move.

The Stanford investors, the report notes, have also filed a
lawsuit seeking US$24 billion in compensation -- three times the
amount Robert Allen Stanford is alleged to have defrauded
customers out of -- from the government of Antigua and Barbuda.
The report says that SVC also filed another lawsuit, in which the
Eastern Caribbean Central Bank is named, accusing the ECCB of
unlawfully seizing Stanford's Bank of Antigua after the
businessman was charged and a run on the bank threatened its
stability.

Caribbean360.com adds that attorney-at-law Peter Morgenstern of
New York-firm Morgenstern & Blue has claimed that Antigua and
Barbuda has refused service of the lawsuit.

                 About Stanford International Bank

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

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

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

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

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


* ANTIGUA & BARBUDA: Government Reveals Plans to Fight SVC
----------------------------------------------------------
Antigua and Barbuda Minister of State in the Ministry of Legal
Affairs Senator Joanne Massiah said that a New York-based
Portfolio Marketing Group has been hired to counter the Stanford
Victims Coalition's anti-Antigua campaign; and the government is
exploring its legal options as well, Caribbean360.com reports.

According to the report, Senator Massiah said that while that firm
comes up with a PR plan, lawyers acting on behalf of Antigua and
Barbuda are going into defense mode.  "We do not take lightly the
threats of the self-styled Stanford Victims Coalition . . . We are
in discussions with overseas counsel and intend to defend our
country, our treasury, our citizens' welfare and our patrimony,"
the report quoted Senator Massiah as saying.  "We cannot
countenance the attack these persons have begun to wage on our
country without first looking at other entities and organizations,
including the United States' regulatory authorities," she added.

Caribbean360.com notes that the SVC launched its campaign at the
New York Times Travel show, distributing 20,000 brochures that
claimed that crime and corruption in the Antiguan government led
to the financial devastation of people from 113 countries around
the world who invested in the Stanford International Bank Limited.
The report relates that since the launch by the US group, the
Latin American and European branches have announced their support
for the move.

The Stanford investors, the report notes, have also filed a
lawsuit seeking US$24 billion in compensation -- three times the
amount Robert Allen Stanford is alleged to have defrauded
customers out of -- from the government of Antigua and Barbuda.
The report says that SVC also filed another lawsuit, in which the
Eastern Caribbean Central Bank is named, accusing the ECCB of
unlawfully seizing Stanford's Bank of Antigua after the
businessman was charged and a run on the bank threatened its
stability.

Caribbean360.com adds that attorney-at-law Peter Morgenstern of
New York-firm Morgenstern & Blue has claimed that Antigua and
Barbuda has refused service of the lawsuit.

                 About Stanford International Bank

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

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

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

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

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


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


INSTALACIONES Y: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
Rodolfo Del Potro, the court-appointed trustee for Instalaciones y
Construcciones SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 26, 2010.

Mr. Del Potro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Rodolfo Del Potro
         Parana 532
         Argentina


LA LINDA: Creditors' Proofs of Debt Due on April 28
---------------------------------------------------
Mariana Nadales, the court-appointed trustee for La Linda SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 28, 2010.

Ms. Nadales will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 11, 2011.

The Trustee can be reached at:

         Mariana Nadales
         Hipolito Yrigoyen 1349
         Argentina


MAXI FLOR: Creditors' Proofs of Debt Due on May 10
--------------------------------------------------
Juan Roque Treppo, the court-appointed trustee for Maxi Flor SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 10, 2010.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Roque Treppo
         Sarmiento 1183
         Argentina


MULTIVIDEO SA: Creditors' Proofs of Debt Due on May 7
-----------------------------------------------------
Eduardo Caggiano, the court-appointed trustee for Multivideo SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 7, 2010.

Mr. Caggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Eduardo Caggiano
         San Martin 66
         Argentina


PREVEZA SA: Requests the Opening of Preventive Contest
------------------------------------------------------
Preveza SA requested the opening of preventive contest.


TELECOM ARGENTINA: Telecom Italia Gets Possible Stake Offer
-----------------------------------------------------------
Gilles Castonguay at Dow Jones Newswires reports that business
tabloid MF published that Brazilian businessman Nelson Tanure held
talks with Telecom Italia SpA about a possible US$680 million
offer for the Italian telecommunications operator's stake in the
parent of Telecom Argentina SA.

According to Dow Jones Newswires, MF News reported that Nelson
Tanure met with Telecom Italia Chief Executive Franco Bernabe in
Milan to discuss the planned acquisition.  The report relates MF
News said that the value of Mr. Tanure's possible offer was the
highest Telecom Italia had received so far for the stake.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


* ARGENTINA: To Issue 9.5% Bonds in Debt Exchange, Ambito Reports
-----------------------------------------------------------------
Argentine President Cristina Fernandez de Kirchner's
administration will offer 9.5% dollar bonds due in 2017 in its
plan to restructure US$20 billion in defaulted debt, Drew Benson
at Bloomberg News reports, citing Ambito Financiero newspaper.

According to the report, the newspaper said that the bonds will be
issued to compensate for past-due interest and the most recent
past-due payment on warrants linked to economic growth.  The
report relates that the newspaper said that the country will also
be offered in a sale of some US$1 billion in debt that will be
held after the settlement.

Bloomberg News notes that Ambito Financiero said the sale was
originally set to coincide with the exchange.  Individual
investors will be offered bonds due in 2013, the newspaper 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 R A Z I L
===========


AES TIETE: Moody's Assigns 'Ba1' Rating to Unsec. Debentures
------------------------------------------------------------
Moody's America Latina Ltda. assigned a Baa3 issuer rating on the
global scale and Aa1.br issuer rating on the Brazilian national
scale to AES Tiete.  At the same time, Moody's assigned a Ba1
rating on the global scale and Aa2.br rating on the Brazilian
national scale to the five-year BRL900 million unsecured
subordinated debentures to be issued by AES Tiete.  The outlook
for all ratings is stable.

The proceeds of the debentures will be used to pay off existing
more expensive amortizing long-term debt that AES Tiete has to
Eletrobras in the same amount.  The debt the debenture's issuance
is to replace has a rather favorable debt profile but bears a
relatively high financial expense represented by IGP -- M (general
price index) plus interest of 10% per year.

The rating of the debentures is one notch lower than the AES
Tiete's issuer rating to reflect the subordination of the
debentures to any other debt.  In accordance with CVM's (Brazilian
securities exchange) guidelines any debt whose amount exceeds or
is higher than the company's equity capital is required to be
subordinated to any other existing or future debt.

The Baa3 issuer rating reflects AES Tiete's strong credit metrics
for the rating category, higher operating margins than those of
its peer group, strong liquidity position and the inherently
stable and predictable cash flow supported by a medium-term
electricity supply contract to its affiliate, the regulated
electricity distribution company Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A.

Risks associated with the contractual obligation to increase
installed generation capacity by 15% in the state of Sao Paulo
constrain the rating, as does the sales concentration on one
single client, the track record of high dividend distributions,
and the likelihood of lower electricity prices for the company
starting in 2015 with the expiration of the current supply
contract.

AES Tiete has a healthy capital structure characterized by low
leverage as measured by the three-year average Cash Flow from
Operations before changes in working capital (CFO pre-WC) to debt
ratio of 65.5% and strong liquidity as evidenced by its cash
position of BRL615 million as of December 31, 2009.  This compares
with total debt of BRL1.1 billion of which just BRL253 million
matures in the short term.

Moody's forecasts no material change in the company's capital
structure as strong cash flow should prevail for the next several
years.  This stems from the company's stable internal cash
generation boosted by relatively high electricity tariffs and low
capital expenditures but tempered by the high distribution level
of dividends.  Moody's expects this pattern will not change in the
foreseeable future.

The company relies heavily on a medium-term energy supply contract
to the regulated electricity distribution company Eletropaulo
(Baa3; stable), which expires in 2015.

Also a subsidiary of the holding company of Companhia Brasiliana
de Energia, Eletropaulo is the single off-taker of the energy
supplied by AES Tiete.  This contract has higher prices as it was
signed before the implementation of the new Brazilian regulatory
framework in 2004.  Under the previous regulatory environment, the
regulator allowed inter-company electricity supply contracts
provided that the electricity tariffs remained within certain
ceiling tariffs, the so-called reference value (VN).

The risks associated with the concentration in one single off-
taker is tempered by the creditworthiness of Eletropaulo and by
the contractual guarantees, which assure prompt access to the cash
flow generated by Eletropaulo's electricity bills.  Despite
sharing the same parent, Brasiliana, AES Tiete has different and
relevant minority shareholders, which would most likely prevent
the company from adopting non-market oriented practices.

This electricity supply contract with Eletropaulo expires in 2015.
The company is trying to obtain the regulatory approval to renew
this contract; however, Moody's believes that this renewal is
unlikely.  When the contract ends, AES Tiete will either sell this
available energy in the unregulated market to free consumers or in
the regulated market by participating in future energy auctions
organized by the regulator.

While AES Tiete is likely to obtain lower prices than the
prevailing contract prices which are high, Moody's foresees higher
electricity prices in Brazil because of the growing participation
of thermal plants in the Brazilian electricity matrix and the
renewal of a significant number of energy contracts entered into
2004 and 2005 that start to expire in 2013.

The rating also considers the company's outstanding requirement to
increase its installed generation capacity in the state of Sao
Paulo by 15%, as stated in its acquisition contract when AES Tiete
was privatized.  The company has had difficulty in meeting this
commitment because there are few sites for new hydroelectric
facilities in Sao Paulo and because the current natural gas
shortages make the construction of new thermoelectric facilities a
high risk investment.  In addition, AES Tiete has to obtain the
rights to construct a power plant by participating and winning an
auction to be organized by the regulator ANEEL and, of course,
there is no assurance that AES Tiete is going to win.

The outcome and/or eventual penalties are difficult to predict at
this stage of discussions, but Moody's does not believe that AES
Tiete's concession will be revoked, since neither the current
hydrology nor natural gas constraints are within management's
power to change.

Since the 15% expansion obligation is not part of the concession
contract, ANEEL can not rule on the issue.  Moody's view is that
the obligation will be eventually renegotiated between the company
and the Sao Paulo state government.  Nevertheless, the rating is
constrained by the potential for increased capital expenditures
related to the fulfillment of this commitment which could reach as
much as BRL1.5 billion over a three to four year period without
jeopardizing AES Tiete's ability to service its debt.  Moody's
believes that AES Tiete would most likely finance a part of these
investments with additional debt, thus causing some deterioration
in credit metrics, but Moody's expect that they would remain
appropriate for the rating category.

There is no indication that BNDES will resume the process of
selling or reducing its current 54% stake in Brasiliana which was
initiated in 2007.  Moody's sees the potential exit of BNDES from
its current position of controlling the capital of Brasiliana as
slightly credit negative given its rather conservative management
style.  A new shareholder or the take over of Brasiliana by the
AES group would not necessarily cause a change in the outlook or a
rating downgrade action; however, Moody's will closely follow-up
the potential impact of future deals on leverage and liquidity
going forward.

The Aa1.br issuer rating on the national scale rating reflects the
standing of the company's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issuances and issuers
within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  Issuers or issues rated Aa1.br demonstrate very
strong creditworthiness relative to other domestic issuers.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

The last rating action for AES Tiete was on August 31, 2007, when
Moody's withdrew the B1 global scale rating assigned to the senior
secured certificates issued by Tiete Certificates Grantor Trust.

AES Tiete is an electricity generation company controlled by the
holding company Brasiliana, which in turn is owned by the American
power company AES (50% plus one share of the voting capital and
the Brazilian Federal Development Bank -- BNDES (50% less one
share of the voting capital of Brasiliana).  AES Tiete is a hydro
power generation company with a 30 year concession granted in
December, 1999 to operate an installed capacity of 2,651 MW,
equivalent to around 2.5% of Brazil's electricity capacity, and
1,275 MW of assured energy, which is fully contracted with
Eletropaulo.  AES Tiete posted net sales of BRL1,670 million
(US$832 million) and net profit of BRL780 million
(US$388 million)in 2009.


BANCO VOTORANTIM: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------------
Fitch Ratings has affirmed these ratings for Banco Votorantim
S.A.:

  -- Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BBB-'; Outlook Stable;

  -- Short-term Foreign and Local Currency IDRs at 'F3';

  -- Individual Rating at 'C/D';

  -- Support Rating at '2';

  -- National Long-term Rating at 'AA+(bra)'; Outlook Stable

  -- Short-term National Rating at 'F1+(bra)'.

At the same time, the agency has affirmed National Long Term
Rating at 'AA+(bra)' for the issuances of BV Leasing Arrendamento
Mercantil S.A.:

Banco Votorantim S.A.'s IDRs and National ratings are driven by
the support from Banco do Brasil S.A. (Fitch IDR 'BBB-', with a
Stable Outlook) that Fitch believes it would receive in times of
stress.  BdB purchased a 49.99% share of BV on Dec. 4, 2009, has
provided a committed funding line of around BRL7bn, and has
committed to provide capital totaling BRL1.2 billion.  The
inclusion of BdB in BV's shareholder structure solidifies overall
support, given the important role BV will play in the expansion of
Banco do Brasil's consumer lending franchise, particularly
automobile financing.  The Individual rating reflects its growing
franchise, adequate asset quality, and continuing efforts to
diversify its asset, funding, and revenue base.  It also reflects
the potential weaknesses inherent to an aggressive treasury, some
vulnerablity to losses in times of stress, and the growing
leverage that pressures its capitalization ratios.  The ratings
for the issuances of BV Leasing rely on the support from BV, since
BV Leasing acts as the business unit of the bank and follows the
strategy defined by BV.

With the recovery of the Brazilian economy, BV should see a
similar recovery of its recurring revenues in 2010, driven by loan
growth concentrated in its vehicle financing portfolio.  At the
same time, the bank expects to maintain adequate asset quality as
its lending activities remain supported by efficient credit risk
controls, even with the expected widening of its client base
inherent in its association with BdB.  Fitch estimates that the
2010 delinquency ratios should improve to levels close to the pre-
crisis period and that reserves will follow the historical credit
coverage ratio (of around 70%).

Invigorated by the association with BdB including the associated
committed funding line, BV has significantly improved its funding
profile with the potential availability of increased funds, longer
tenors, and more competitive costs.  The bank's capital ratio,
historically weaker than its peers, has been fortified by
issuances of Tier 2 capital and also by capital contributions made
by BdB.  With the projected expansion of its activities in 2010,
the bank expects to close the year with a 14% ratio.  While growth
will pressure capital ratios, the bank estimates a capital
injection of BRL450 million in the first half of 2010; the
shareholders have agreed to maintain minimum regulatory capital at
13%.

With a lean structure, BV is active in wholesale, retail,
treasury, and asset management.  Overseas, it has a subsidiary and
a branch in Nassau, an office in London and a brokerage house in
New York.


BRASKEM SA: May Expand Green Plastics on Demand
------------------------------------------------
Braskem SA expect to become the first commercial-scale producer of
polyethylene made from a renewable source when a plant in Brazil
begins producing the building block resin used in plastics at the
Triunfo plant, Peter Murphy at Reuters reports, citing Leonora
Novaes, Braskem's commercial head for green polyethylene.  The
report relates that a second plant is likely to follow, if
manufacturers show sufficient interest in the plastic.  A new
plant would take around three years to build.

According to the report, the firm is studying possible locations
for a second plant, including real estate in the center-south's
sugar cane heartland to have ready access to ethanol, the
plastic's raw material.  The report notes that Ethanol will have
to be transported over a long distance to reach the Triunfo plant
in Rio Grande do Sul.

Reuters says that Braskem SA firm has committed to selling 50,000
tonnes of the green plastic to Toyota (8015.T), a quarter of the
200,000 tonnes the Triunfo plant will produce initially.  The
report notes that Mr. Novaes said that European firms had shown
keen interest in the product and Braskem expected to export to the
United States.

                        About Braskem S.A.

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

                           *     *     *

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


CAMARGO CORREA: 72% of CCSA 2016 Notes Tendered
-----------------------------------------------
CCSA Finance Ltd., a wholly owned subsidiary of Camargo Correa
S.A., revealed the results of its cash tender offer and consent
solicitation for any and all of its 7.875% Notes due 2016.  The
Offer was conducted pursuant to the Offer to Purchase and Consent
Solicitation Statement, dated February 23, 2010.  The Offer
expired at 11:59 p.m., New York City time, on March 22, 2010.

The company has been advised that, as of 11:59 p.m., New York City
time, on the Expiration Date, of the US$250,000,000 in aggregate
principal amount of Notes outstanding, US$181,923,000 in aggregate
principal amount had been validly tendered and not validly
withdrawn pursuant to the Offer, including US$180,648,000 in
aggregate principal amount, or approximately 72%, of the
outstanding Notes that were tendered and not withdrawn as of 5:00
p.m., New York City time, on March 9, 2010.  The Company has
accepted for purchase all Notes validly tendered and not validly
withdrawn pursuant to the Offer.

The Company received the requisite consents to execute a
supplemental indenture to the Indenture, dated as of May 17, 2006,
pursuant to which the Notes were issued, implementing the Super
Majority Consent Modifications relating to the Notes as described
in the Offer to Purchase.  The Company and the trustee have
executed the Supplemental Indenture, and the amendments became
operative on March 19, 2010.  As detailed in the Offer to
Purchase, the Supplemental Indenture eliminates substantially all
of the restrictive covenants and certain event of default
provisions contained in the Indenture, including those relating to
the change of control and asset sales.

Holders of Notes who tendered their Notes after the Consent
Payment Deadline, but at or prior to the Expiration Date, will
receiveUS$1,075 for each US$1,000 principal amount of Notes
validly tendered, plus accrued and unpaid interest to, but not
including, the day of payment for Notes accepted for purchase.
The company expects to make payment to the Holders of Notes who
tendered their Notes after the Consent Payment Deadline, but at or
prior to the Expiration Date, on or about March 25, 2010.

The company has retained J.P. Morgan Securities Inc. to serve as
sole Dealer Manager and Solicitation Agent and D.F. King & Co.,
Inc. to serve as Information Agent and Tender Agent for the Offer.
Requests for documents may be directed to D.F. King & Co., Inc. by
telephone at (800) 848-3416 (toll free) or (212) 269-5550
(collect), or in writing at 48 Wall Street, 22nd Floor, New York,
NY 10005.  Questions regarding the terms of the Offer should be
directed to J.P. Morgan Securities Inc. at (866) 446-5940 (toll
free) or (212) 834-4818 (collect), attention: EM Syndicate.

                      About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';


ELETROPAULO METROPOLITANA: Moody's Puts 'Ba1' Rating to Bonds
-------------------------------------------------------------
Moody's America Latina Ltda assigned a Baa3 issuer rating on the
global scale and Aa1.br issuer rating on the Brazilian national
scale to Eletropaulo Metropolitana de Eletricidade de Sao Paulo
S.A.  At the same time, Moody's assigned a Ba1 rating on the
global scale and Aa2.br rating on the Brazilian national scale to
the 4-year BRL400 million unsecured subordinated debentures to be
issued by Eletropaulo.  The outlook for all ratings is stable.

The proceeds from the debentures will be used to pay off the more
expensive existing BRL474 million Eurobond, which matures in June
2010.

The Baa3 issuer rating reflects Eletropaulo's adequate credit
metrics for the rating category, satisfactory liquidity position,
its inherently stable and predictable cash flow supported by a
long-term concession to distribute electricity in Brazil's richest
region as well as the company's proven resilient access to the
local banking and capital markets.  The high distribution level of
dividends and relatively high capital expenditures constrain the
rating, as do the uncertainties regarding contingent liabilities
and potential volatility on the existing pension fund liabilities.

The rating of the debentures is one notch lower than Eletropaulo's
issuer rating and reflects the subordination of the debentures to
any other debt.  In accordance with CVM's (Brazilian securities
exchange) guidelines, any debenture whose amount is higher than
the company's equity capital is required to be subordinated to any
other existing or future debt.

Eletropaulo's profitability has been satisfactory but erratic in
the past four years.  This stems from the recognition of
extraordinary events during this period.  During the 2006-2007
period, Eletropaulo's profitability was hurt by the recognition of
extraordinary expenses with pension fund liabilities
(BRL485 million in 2006) and asset write-offs along with
contingency provisions of around BRL400 million in 2007.
Conversely, Eletropaulo's profitability benefited from the
recognition of extraordinary gains with the favorable court ruling
on federal tax disputes in the amount of around BRL490 million in
2008.  Eletropaulo registered extraordinary revenues of
BRL275 million in the fourth quarter of 2009, due to a financial
discount over a debt settlement with the federal government, which
had been under negotiation for some years and was solved through
the company's adherence to the Federal Program of Fiscal Recovery
(REFIS).

Apart from these extraordinary events, Eletropaulo has been facing
lower operating margins since the middle of 2007 when the company
was subject to the second periodic tariff review.  As a result of
this revision process, conducted by the regulator ANEEL,
Eletropaulo had its tariffs reduced by 2.65% (Parcel B), which was
within expectations and in line with the revisions carried out for
the other Brazilian distribution companies.

Eletropaulo's performance in 2008, which already reflected the
lower electricity tariffs since July 2007, benefited from
significant growth in consumption in the first nine months of the
year; however, the economic recession dramatically affected
consumption by the industrial segment in the last quarter of the
year, which hurt the company's operating margins.

Despite lower electricity tariffs and below-expectation volume
sales because of the economic recession, Eletropaulo has been
generating satisfactory cash flows for the past three years.
Lower funds from operations have been offset by the release of
sizeable working capital funds from 2007 through 2008, either by
the pass-through of non-manageable costs to the tariffs or through
the use of extraordinary gains from tax disputes to pay off
existing tax liabilities.

In 2009, volume sales growth was virtually flat.  While industrial
consumption was down by 8%, this decline was tempered by higher
demand from the residential and commercial consumer classes, which
grew around 4.2%.  Nevertheless, internal cash generation as
measured by cash from operations was below the previous year's
level as a result of higher working capital needs.

Going forward, cash from operations is bound to improve through
July 2011 up to BRL1.6 billion per year but decrease thereafter,
when Moody's expect a further reduction in tariffs because of the
third periodic tariff review that will reflect productivity gains
to be transferred to consumers and the application of a lower WACC
in the face of lower borrowing costs.

Moody's foresees that the high dividend pay-out ratio of
approximately 100% will remain in place over the next several
years.  As a result, Moody's projects that total debt is prone to
be maintained at the current levels at around BRL4.5 billion (it
includes BRL2 billion pension fund liabilities) while the cash
position remains around BRL1 billion.  This rather conservative
liquidity position aims to position the company for any unexpected
cash disbursements since the company does not currently have any
committed banking facility.

Among potential cash outlays in the near term, the BRL1 billion
judicial dispute with the federal holding company, Eletrobras,
stands out.  To date, Eletropaulo has not made any provision for
this lawsuit as the company's lawyers believe that the company's
position will prevail in the end.  The major risk lies in the
potential for depositing guarantees or arranging a banking letter
of credit while the merit of the lawsuit is determined or settled.

There is no indication that BNDES will resume the process of
selling or reducing its current 54% stake in Brasiliana which was
initiated in 2007.  Moody's sees the potential exit of BNDES from
its current position of controlling the capital of Brasiliana as
slightly credit negative given its rather conservative management
style.  A new shareholder or the take over of Brasiliana by the
AES group would not necessarily cause a change in the outlook or a
rating downgrade action; however, Moody's will closely follow-up
the potential impact of future deals on leverage and liquidity
going forward.

The Aa1.br national scale issuer rating reflects the standing of
credit quality relative to domestic peers.  Moody's National Scale
Ratings are intended as relative measures of creditworthiness
among debt issuances and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

The last rating action on Eletropaulo was on September 3, 2003,
when Moody's withdrew the Caa1 issuer rating.

Eletropaulo distributes electricity in the city of Sao Paulo to
approximately 6 million consumers with an estimated market share
of around 9% in Brazil.  The company operates under a 30-year
concession contract granted by ANEEL in 1999.  Eletropaulo is
controlled by the holding company Brasiliana, which in turn is
jointly controlled by the American power company AES Corporation
(B1, stable) (50% plus one share of the voting capital) and the
Brazilian Federal Development Bank - BNDES (Baa2, stable) (50%
less one share of the voting capital).  Eletropaulo posted net
sales of BRL8,050 million (US$4,008 million) and net profit of
BRL1,063 million (US$529 million) in 2009.


GAFISA SA: Raising US$598MM in Share Sale to Fund Acquisitions
--------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Gafisa SA is
raising BRL1.06 billion (US$598 million) in an additional share
sale to fund acquisitions and buy land, bucking the trend of
Brazilian companies canceling and postponing offerings this year.
The report, citing a regulatory filing, relates that the company
is selling 85 million shares, including a possible supplementary
offering, for BRL12.50 each.

According to the report, about 20% of the proceeds from Gafisa's
sale will go to acquisitions and 35% will be used to buy land for
construction projects.  The report relates that the company said
that the projected sales value for new projects started in 2010
will climb to as much as BRL5 billion from BRL2.3 billion a year
earlier, following a "strong improvement in market conditions."

Bloomberg News notes that as much as 45% of the new work will
focus on lower-priced housing as Gafisa takes advantage of a
government plan to build 1 million homes for low-income families
by 2011.  The report adds that Brazil's economy is expected to
grow 5.5% in 2010, according to the median forecast of about 100
economists in a central bank survey published March 22.

                          About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, Moody's has assigned a Ba1 local currency and a
Aa2.br Brazil national scale rating to Gafisa S.A.'s proposed
issue of BRL600 million in secured debentures.  At the same time,
Moody's affirmed Gafisa's Ba2/A1.br corporate family ratings.  The
outlook for all ratings is negative.


GENERAL MOTORS: To Invest BRL1.4BB in Two Brazilian factories
-------------------------------------------------------------
Cecilia Tornaghi and Katie Merx at Bloomberg News report that
General Motors Co. will invest BRL1.4 billion (US$780 million) in
two Brazilian factories in the state of Sao Paulo to increase
production and broaden its vehicle lineup for the growing South
American market.

According to the report, President of General Motors do Brasil
Jaime Ardila said that the money will be used to add two models
and boost output by about 30% and upgrade the stamping facility at
Mogi das Cruzes.  The report relates that the investment, part of
a BRL5-billion plan for 2008 to 2012, uses money generated by
Brazilian operations.  GM has 630 million reais yet to be
committed, GM said in a statement obtained by Bloomberg News.

"The Brazilian market is booming," the report quoted Nelson
Silveira, a GM Brazil spokesman, as saying.  "We have had three
all-time consecutive years of record sales. We expect the industry
to increase at least 5% this year," he added.

Mr. Silveira, the report relates, said that GM is increasing
capacity at the Sao Caetano do Sul plant to 270,000 by the end of
2011.

                      About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


A.M.P.-HRO FUND: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------------
The creditors of A.M.P.-HRO Fund Limited are required to file
their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 18,
2010.

The company's liquidators are:

         Mufeed Rajab
         Janick Fierens
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


AOIKAI 2008: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------
The creditors of Aoikai 2008 Cayman Co. Ltd. are required to file
their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 31, 2010.

The company's liquidator is:

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


AXEL INVESTMENT: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------------
The creditors of Axel Investment Fund Ltd. are required to file
their proofs of debt by March 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 17, 2009.

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


AXEL MANAGEMENT: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------------
The creditors of The Axel Management Group are required to file
their proofs of debt by March 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 17, 2009.

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


BALSAM FINANCE: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------
The creditors of Balsam Finance B Limited are required to file
their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 9, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


BK STRATEGIC: Creditors' Proofs of Debt Due on April 1
------------------------------------------------------
The creditors of BK Strategic Investments, Inc. are required to
file their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

The company's liquidator is:

         Alexandria Bancorp Limited
         c/o Barbara Conolly
         Telephone: (345) 945-1111
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428, Grand Cayman KY1-1105
         Cayman Islands


CF OFFSHORE: Creditors' Proofs of Debt Due on April 2
-----------------------------------------------------
The creditors of CF Offshore Ltd. are required to file their
proofs of debt by April 2, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bernard McGrath
         c/o Caledonian House, 69 Dr. Roy's Drive
         P.O. Box 1043, Grand Cayman KY1-1102
         Cayman Islands


CHEYNE MANAGED: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------
The creditors of Cheyne Managed Credit Fund I Inc. are required to
file their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

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

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


CONTAINER FINANCE: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------------
The creditors of Container Finance 2006-1 Limited are required to
file their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 9, 2010.

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


CYCLADIC CATALYST: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------------
The creditors of Cycladic Catalyst Fund are required to file their
proofs of debt by April 1, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 4, 2010.

The company's liquidator is:

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


CYCLADIC CATALYST: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------------
The creditors of Cycladic Catalyst Master Fund are required to
file their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 4, 2010.

The company's liquidator is:

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


DFG HEDGE: Appoints Varga and Longbottom as Liquidators
-------------------------------------------------------
On February 11, 2010, the Grand Court of Cayman Islands appointed
Geoffrey Varga and Mark Longbottom as provisional liquidators of
DFG Hedge Fund Limited.

The Liquidators can be reached at:

         Geoffrey Varga
         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623-9904
         Facsimile: (345) 623-0007


DIAPASON L/S: Creditors' Proofs of Debt Due on April 1
------------------------------------------------------
The creditors of Diapason L/S Commodity Fund are required to file
their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 18, 2010.

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


FAIRFIELD DEL: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------
The creditors of Fairfield Del Mar Fund Ltd are required to file
their proofs of debt by April 2, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 10,
2010.

The company's liquidator is:

         David Walker
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FAIRFIELD RENAISSANCE: Creditors' Proofs of Debt Due on April 2
---------------------------------------------------------------
The creditors of Fairfield Renaissance Institutional Equities Fund
Ltd are required to file their proofs of debt by April 2, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on February 10,
2010.

The company's liquidator is:

         David Walker
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FRONTIER X: Creditors' Proofs of Debt Due on April 1
----------------------------------------------------
The creditors of Frontier X Limited are required to file their
proofs of debt by April 1, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 11, 2010.

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


HSH CAYMAN: Commences Wind-Up Proceedings
-----------------------------------------
On February 12, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of HSH Cayman I GP
Ltd.

The company's liquidators are:

         David Walker
         Ian Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         P.O. Box 258, Strathvale House
         Grand Cayman, KY1-1104, Cayman Islands


HSH CAYMAN: Commences Wind-Up Proceedings
-----------------------------------------
On February 12, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of HSH Cayman II GP
Ltd.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914-8686
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSH CAYMAN: Commences Wind-Up Proceedings
-----------------------------------------
On February 12, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of HSH Cayman V GP
Ltd.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914-8686
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSH COINVEST: Commences Wind-Up Proceedings
-------------------------------------------
On February 12, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of HSH Coinvest
(Cayman) GP Ltd.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914-8686
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


KED WORLDWIDE: Creditors' Proofs of Debt Due on March 26
--------------------------------------------------------
The creditors of Ked Worldwide Investments, 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 11, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949-3344
         Facsimile: (345) 949-2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


LIBRARY ASSETS: Creditors' Proofs of Debt Due on March 31
---------------------------------------------------------
The creditors of Library Assets Limited are required to file their
proofs of debt by March 31, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 30, 2009.

The company's liquidator is:

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


NEMESIS INFLATION: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------------
The creditors of Nemesis Inflation Preservation Fund are required
to file their proofs of debt by April 1, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 18, 2010.

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


OVERTURE ACQUISITION: Commences Liquidation Proceedings
-------------------------------------------------------
Overture Acquisition Corp commenced liquidation proceedings on
January 29, 2010.

The company's liquidators are:

         Lawton W. Fitt
         Andrew H. Lufkin
         Paul S. Pressler
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


POLYNESIAN PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------------
Polynesian Properties Limited commenced liquidation proceedings on
February 11, 2010.

The company's liquidator is:

         Vaughn Rose
         c/o Helen Ramnarine
         Telephone: (345) 914-6258
         e-mail: Helen.ramnarine@scotiatrust.com


PORT CAPITAL: Creditors' Proofs of Debt Due on April 1
------------------------------------------------------
The creditors of Port Capital Nordic Master Fund Limited are
required to file their proofs of debt by April 1, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 12,
2010.

The company's liquidator is:

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


PORT CAPITAL: Creditors' Proofs of Debt Due on April 1
------------------------------------------------------
The creditors of Port Capital Nordic Hedge Fund Limited are
required to file their proofs of debt by April 1, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 12,
2010.

The company's liquidator is:

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


SLATER EQUITY: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------------
The creditors of Slater Equity Partners Offshore Fund Ltd. are
required to file their proofs of debt by April 1, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 11, 2010.

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


STATION PLACE: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------------
The creditors of Station Place I Ltd. are required to file their
proofs of debt by April 1, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

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


ECURITIZED PRODUCT: Moody's Takes Various Rating Actions on Notes
-----------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Securitized Product of Restructured Collateral Ltd SPC -
Mustique Series 2007-1.

  -- EUR19.62M Class A2A Mustique 2007-1 Note Due December 2051
     Notes, Withdrawn; previously on Aug 11, 2008 Downgraded to C

  -- EUR19.62M Class A2B Mustique 2007-1 Note Due December 2051
     Notes, Withdrawn; previously on Aug 11, 2008 Downgraded to C

  -- EUR19.62M Class B Mustique 2007-1 Note Due December 2051
     Notes, Withdrawn; previously on Aug 11, 2008 Downgraded to C

  -- EUR13.08M Class C Mustique 2007-1 Note Due December 2051
     Notes, Withdrawn; previously on Aug 11, 2008 Downgraded to C

  -- EUR19.62M Class D Mustique 2007-1 Note Due December 2051
     Notes, Withdrawn; previously on Aug 11, 2008 Downgraded to C

  -- EUR8.175M Class E Mustique 2007-1 Note Due December 2051
     Notes, Withdrawn; previously on Aug 11, 2008 Downgraded to C

The rating actions follow the early redemption of the notes on
December 15, 2009, due to an event of default caused by an early
termination of the swap agreement which was entered into by the
Issuer with Lehman Brothers Special Financing Inc.  Since the
outstanding notional amounts of all classes of notes were
previously written down to zero, no payments were made in respect
of the notes.


WHITEHALL GROUP: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------------
The creditors of Whitehall Group Limited are required to file
their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


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


AES CORP: AES Gener is 95% Operational Following Earthquakes
------------------------------------------------------------
The AES Corporation provided an update on its operations in Chile
following the earthquake on February 27, 2010 and subsequent
aftershocks.  AES Gener SA, a 71 percent owned subsidiary of AES
Corporation, continues to meet 100% of its current energy
obligations in Chile.

AES Gener has inspected all facilities for damage from the
earthquake and repairs have been largely completed.  As of
March 22, 2010, 95%, or 2,975 MW of 3,129 MW, of AES Gener's total
capacity serving the Chilean market is operational.  At any given
time, certain facilities are not operational due to dispatch
priorities or regularly scheduled maintenance.  The 100 MW Renca
plant will continue to undergo repairs and is one of the
facilities that would not have otherwise been operational.  In
addition, the 55 MW Laguna Verde facility, which was not affected
by the earthquake, is undergoing scheduled maintenance.  AES
Gener's construction sites, the 518 MW Angamos, 152 MW Guacolda 4
and 270 MW Campiche facilities, were not affected by the
earthquake or subsequent aftershocks.

AES Gener has a total of 3,129 MW of capacity to serve the Chilean
market and an additional 1,000 MW of hydro capacity in Colombia.
Of the total 3,129 MW of capacity to serve Chile, 920 MW operate
in the northern interconnected grid (SING) which was not affected
by the earthquake.  This number includes the 643 MW Termoandes
facility, which is located in Argentina and provides a portion of
its power to the Chilean market.  AES Gener operates 2,209 MW in
the central interconnect grid (SIC), mainly in the central portion
of the country near Santiago.  AES and AES Gener will provide more
information on the changes in demand level when the companies
disclose their first quarter 2010 earnings.

                         About AES Corporation

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

                           *     *     *

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


=========
H A I T I
=========


* HAITI: IDB OKs Historic Expansion of Capital, Financial Package
-----------------------------------------------------------------
The Board of Governors of the Inter-American Development Bank
agreed to take the necessary steps to increase the Bank's ordinary
capital by US$70 billion, the largest expansion of resources in
the Bank's history, and provide an unprecedented package of
financial support to Haiti.

The capital increase will enable the Bank to double its pre-crisis
annual lending to US$12 billion per year.

This increase in resources will take the total capital of the Bank
to more than US$170 billion, maintaining the IDB as the largest
source of multilateral finance to Latin America and the Caribbean
and the largest of all the regional development banks.

The IDB will forgive all of Haiti's outstanding debt to support
the country's efforts to recover from the Jan. 12 earthquake. The
IDB also will provide Haiti more than $2 billion in grants over
the next decade.

Member countries committed themselves to provide $479 million to
cancel Haiti's debt, convert Haiti's undisbursed loans to grants
and ensure a full replenishment of the IDB's Fund for Special
Operations, allowing it to meet the needs of eligible member
countries and ensure its sustainability for the next decade.

"This is a tremendous vote of confidence in the direction and
vision of a reformed and renewed Bank," IDB President Luis Alberto
Moreno said.  "We are honored with this opportunity to make a
difference for Haiti at this critical time.  This capital increase
will allow us to redouble our efforts to help the neediest in our
region."

Of the US$70 billion capital increase, US$1.7 billion will be paid
in by the Bank's member countries over a five-year period.

The implementation of all these measures taken together will bring
US$2.2 billion in new cash contributions to the Bank.


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


* JAMAICA: Sees Rise in Mortgage Delinquencies & Foreclosures
-------------------------------------------------------------
There are more signs of a deterioration in the Jamaican economy
with reports emerging of a further rise in mortgage delinquencies
and foreclosures, RadioJamaica reports.  The report relates that
in recent weeks, there has been a noticeable increase in the
number of real estate properties advertised in the press after
their owners fell into arrears with their mortgages.

According to the report, most of the properties are located in
prime commercial and residential areas in Kingston and St.
Catherine.  The report relates that the rise in the number of
foreclosures was confirmed by Edwin Wint, President of the
Realtors Association of Jamaica.

Mr. Wint, the report says, linked the increase in foreclosures to
the deepening fallout in the Jamaican economy.  "I would think
that the inability to service the mortgages coming from the
economic fallout since early last year is now having some effect
on the market," the report quoted Mr. Wint as saying.

                           *     *     *

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



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


FINANCEIRA INDEPENDENCIA: Sells US$200 Million of 5-Year Bonds
--------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R
successfully placed US$200 million of senior guaranteed notes
pursuant to 144A / Reg S.

The Notes have a 5-year maturity and pay an annual interest rate
of 10%.  The Notes are rated BB- by both Standard & Poor's and
Fitch.  Net proceeds from the Notes Offering will be used mainly
to reduce the amounts of outstanding under certain of our
revolving credit lines and for general corporate purposes.

"This successful transaction, which constitutes the first
international debt offering by a Microfinance institution in Latin
America, will bring us one step closer to achieving our medium
term goal of diversifying our funding sources so that no single
institution represents more than 25% of the Company's funding,"
commented Noel Gonzalez, Financiera Independencia's Chief
Executive Officer.

Bank of America Merrill Lynch and Morgan Stanley acted as joint
bookrunners in this transaction.

                     About Financiera Independencia

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia) -- http://www.independencia.com.mx.-- is a
Mexican microfinance lender of personal loans to individuals and
working capital loans through group lending microfinance.
Independencia provides microcredit loans on an unsecured basis to
individuals in the low-income segments in Mexico in urban areas of
both the formal and informal economy. As of December 31, 2009,
Independencia had a total outstanding loan balance of Ps.4,812.3
million, operated 199 offices in 143 cities throughout 31 of
Mexico's 32 federal entities and had a total labor force of 9,643
people. The Company listed on the Mexican Stock Exchange on
November 1, 2007, where it trades under the symbol "FINDEP." On
November 30, 2009 Independencia launched a sponsored Level I
American Depositary Receipt (ADR) program in the United States.
Each ADR represents 15 shares of Independencia common stock and
trades over-the-counter (OTC).

                             *     *     *

As reported on March 23, 2010, Fitch Ratings assigned 'BB-' and
'B' long- and short-term Issuer Default Ratings (IDRs),
respectively, to Financiera Independencia (FINDEP). Fitch has also
assigned a 'BB-' rating to a pretended issue of global senior
unsecured debt for up to USD200 million. The full rating actions
are as follows:

  -- Long-term foreign currency IDR, assigned at 'BB-';
  -- Short-term foreign currency IDR, assigned at 'B';
  -- Long-term local currency IDR, assigned at 'BB-';
  -- Short-term local currency IDR, assigned at 'B';
  -- Senior unsecured debt for up to USD200 million, assigned at
     'BB-';
  -- Long-term national-scale rating, affirmed at 'A(mex)';
  -- Short-term national-scale rating, affirmed at 'F1(mex)';
  -- Long-term national-scale rating for local debt issues,
     affirmed at 'A(mex)'.


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


CL FIN'L: CGI Holdings Nears Completion of Clico Acquisition
------------------------------------------------------------
Insurance firm CGI Holdings said it is nearing a deal for the
purchase of CLICO International General Insurance Company
Limited's operations in Barbados and the Organization of Eastern
Caribbean States, Jamaica Gleaner reports.  The report relates
Chairman of CGI Holdings Bruce Bayley, in a statement issued at
the weekend, disclosed the purchase and sale agreement between the
two companies.

"On completion of this acquisition, CLICO International General
will become a wholly owned subsidiary of CGI Holdings Inc, as is
CGI Consumers' Guarantee Insurance Company Limited," the report
quoted Mr. Bayley as saying.  "Once all conditions have been
satisfied and all approvals have been obtained, we will complete
the acquisition and start the transition process," he added.

The Gleaner notes that CLICO International General Insurance is
expected to conduct business as usual while it closes the purchase
deal with CGI Holdings.

                         About CL Financial

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

                           *     *     *

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

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


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


MITSUBISHI MOTORS: Auto Plant Seeks End to Labor Conflict
---------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Venezuela's MMC
Automotriz SA called on local authorities to end a labor conflict
that has idled production since February 11.

According to the report, citing El Nacional newspaper, workers
continue protests outside the assembly plant in the city of
Barcelona, affecting production by threatening and insulting
workers and administrative staff.  "MMC calls on national and
regional authorities to seek an immediate end to this conflict,"
the company said in the statement obtained by Bloomberg News.
"Our plant will open soon and we will defeat the violent,
terrorist and anarchical actions of this group of workers and
former workers that for unknown reasons, has tried to bankrupt our
organization," the company added.

Bloomberg News, citing the company statement, says MMC failed to
assemble 1,495 vehicles since the conflict began last month and
has accumulated losses of VEB62.4 million (US$14.5 million),
according to the statement.  The company, the report notes, has
struggled with labor problems in recent years and was shut for the
first four months of last year.

                     About Mitsubishi Motors

Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new
vehicles, as well as the provision of automobile sales financing
and leasing services.

Mitsubishi Motors Corp. continues to carry Standard & Poor's Long
Term Foreign Issuer Credit and Long Term Local Issuer Credit
ratings of 'B+'.


PETROLEOS DE VENEZUELA: PDVSA Gas Opens Center for Gas Storage
--------------------------------------------------------------
As part of the process of incorporation of organized communities
in the distribution of Liquefied Petroleum Gas (GLP), PDVSA Gas
Communal opened the Bicentennial Collection Center with a storage
capacity of 800 thousand bottles.  The purpose is to facilitate
the supply of fuel to the families of Ocumare del Tuy, allowing
the supply of communal shelves belonging to 42 different parishes
of the municipality Tomas Lander, Miranda state.

The socially owned enterprise (EPS) Bicentennial, consisting of
forty Community Councils, is responsible for managing the
collection center and bring the cylinders to the various routes,
to benefit a total of 9 thousand 693 families in Miranda.

Also work is being done for the opening of 150 collection centers
nationwide, while running a progressive delivery with loaned
distribution trucks and gas cans to the Community Councils, with
the objective of strengthening the Social Network Distribution and
reach communities across the country.

Similarly, the Company operates in the reengineering of the 39
plants that are active and the installation of eight more, which
will increased by 40% the production capacity and responsiveness
to the people.

In this regard, PDVSA Gas Communal launches the creation of a new
socio-productive model for the country, including communities in
the planning of strategies to provide quality service to all
Venezuelans.

                           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.


PETROLEOS DE VENEZUELA: Bielovenezolana JV to Operate Oil Fields
----------------------------------------------------------------
Presidents Hugo Chavez and Alexander Lukashenko specified the
transfer of the fields Soto, La Ceibita and Mapire to the new
joint venture with Petroleos de Venezuela Oil Bielovenezolana, as
well as extending the Energy Cooperation Agreement between the
Bolivarian Republic of Venezuela and the Republic of Belarus,
countries that managed, for over two years, the aforementioned
strategic partnership.

During the event, held from the Ayacucho Hall of the Miraflores
Palace, both presidents were communicated via satellite with the
authorities of PDVSA and Belorusneft, who were in the Compressor
Plant Soto, to inquire about the work progress in the new
Bielovenezolana joint venture.

The president, Hugo Chavez, announced that for the re-launch of
these mature gas fields, the estimated investment is of a thousand
600 million dollars.  Additionally, he noted that Venezuela has
200 trillion cubic feet of proven reserves, which may be
duplicated in order to reach the fourth place worldwide in a few
years after Russia, Qatar and Iran.

For its part, the vice president of PDVSA, Eulogio Del Pino, said
that in that field there is a production of 40 million standard
cubic feet of free gas per day (MMCFD) and it is estimated that by
2012 this figure rises to 200 MMCFD.

The license for the production of not associated free gas by the
joint venture Bielovenezolana is published in the Venezuelan
Official Gazette dated March 17th 2010.

Thanks to these bi-national agreements, Belarus will offer
Venezuela important contributions in matters of technology,
training programs to strengthen the knowledge of the Venezuelan
specialists, due to the extensive and proven experience in the
management of hydrocarbon gas that this has nation.

                       Gas for the Plains
Similarly, during a communication via satellite to the town of La
Cinque¤a III, in Barinas State, the Heads of State commented on
the status of progress of PDVSA Gas in the gasification project in
the city, with the aim of providing more and better life quality
to the community, and minimize the risk from the traditional
cylinders of Liquefied Petroleum Gas.

In addition to La Cinque¤a, where the project is at 48% of
execution, there are 5 more areas where gasification works are in
development, with the support of the Government of Belarus.

The national president, Hugo Chavez, said that these works of
gasification are of great importance to the national economy
because it releases the use of GLP in the domestic market and
makes us able to export this product at the international price.

Chavez referred to the large revenue which could be generated by
the nation with the exportation of this hydrocarbon, which
translates into benefits for communities.  Adan Chavez, the
governor of Barinas state, reported that currently the
gasification project has advance 30% in the plains town.

These works are carried out in various sectors of the national
territory, working with the inclusion criteria of the majority
into this fuel system for domestic use.

                           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.


           * * * End of Transmission * * *